Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

BXP

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders	$	222,989	$	111,703	$	366,044	$	203,372
Add:
Preferred stock redemption charge	—		—		—		6,412
Preferred dividends	—		—		—		2,560
Noncontrolling interest—common units of the Operating Partnership	25,708		12,383		42,061		23,422
Noncontrolling interests in property partnerships	18,546		17,164		36,095		33,631
Interest expense	104,142		106,319		205,370		214,221
Losses from early extinguishment of debt	—		—		—		898
Net operating income from unconsolidated joint ventures	35,710		25,417		73,031		50,212
Depreciation and amortization expense	183,146		183,838		360,770		360,403
Transaction costs	496		751		496		1,082
Payroll and related costs from management services contracts	3,239		2,655		7,304		6,160
General and administrative expense	34,665		38,405		77,859		83,364
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,862		46,287		94,917		90,663
Gains (losses) from investments in securities	(4,716)		2,275		(6,978)		3,934
Other income - assignment fee	6,624		—		6,624		—
Interest and other income (loss)	1,195		1,452		2,423		2,620
Gains on sales of real estate	96,247		7,756		118,948		7,756
Income (loss) from unconsolidated joint ventures	(54)		(1,373)		2,135		3,852
Direct reimbursements of payroll and related costs from management services contracts	3,239		2,655		7,304		6,160
Development and management services revenue	6,354		7,284		12,185		14,087
Company’s share of Net Operating Income	$	471,890	$	432,299	$	931,472	$	856,665

BPLP

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	253,788	$	125,846	$	415,617	$	231,619
Add:
Preferred unit redemption charge	—		—		—		6,412
Preferred distributions	—		—		—		2,560
Noncontrolling interests in property partnerships	18,546		17,164		36,095		33,631
Interest expense	104,142		106,319		205,370		214,221
Losses from early extinguishment of debt	—		—		—		898
Net operating income from unconsolidated joint ventures	35,710		25,417		73,031		50,212
Depreciation and amortization expense	181,416		182,078		357,302		355,578
Transaction costs	496		751		496		1,082
Payroll and related costs from management services contracts	3,239		2,655		7,304		6,160
General and administrative expense	34,665		38,405		77,859		83,364
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,862		46,287		94,917		90,663
Gains (losses) from investments in securities	(4,716)		2,275		(6,978)		3,934
Other income - assignment fee	6,624		—		6,624		—
Interest and other income (loss)	1,195		1,452		2,423		2,620
Gains on sales of real estate	99,608		7,756		122,992		7,756
Income (loss) from unconsolidated joint ventures	(54)		(1,373)		2,135		3,852
Direct reimbursements of payroll and related costs from management services contracts	3,239		2,655		7,304		6,160
Development and management services revenue	6,354		7,284		12,185		14,087
Company’s share of Net Operating Income	$	471,890	$	432,299	$	931,472	$	856,665

Schedule Of Segment Information By Geographic Area And Property Type

Information by geographic area and property type (dollars in thousands):

For the three months ended June 30, 2022:

	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Office	$	244,936		$	—		$	254,264		$	133,707		$	6,472		$	95,954		$	735,333
Residential	3,748			—			—			5,850			—			7,314			16,912
Hotel	12,089			—			—			—			—			—			12,089
Total	260,773			—			254,264			139,557			6,472			103,268			764,334
% of Grand Totals	34.11		%	—		%	33.27		%	18.26		%	0.85		%	13.51		%	100.00		%
Rental Expenses:
Office	87,027			—			95,363			45,201			1,680			34,759			264,030
Residential	1,492			—			—			5,145			—			3,181			9,818
Hotel	6,444			—			—			—			—			—			6,444
Total	94,963			—			95,363			50,346			1,680			37,940			280,292
% of Grand Totals	33.88		%	—		%	34.02		%	17.96		%	0.60		%	13.54		%	100.00		%
Net operating income	$	165,810		$	—		$	158,901		$	89,211		$	4,792		$	65,328		$	484,042
% of Grand Totals	34.25		%	—		%	32.83		%	18.43		%	0.99		%	13.50		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,377)			—			(36,485)			—			—			—			(47,862)
Add: Company’s share of net operating income from unconsolidated joint ventures	8,134			13,247			18			3,183			1,944			9,184			35,710
Company’s share of net operating income	$	162,567		$	13,247		$	122,434		$	92,394		$	6,736		$	74,512		$	471,890
% of Grand Totals	34.44		%	2.81		%	25.95		%	19.58		%	1.43		%	15.79		%	100.00		%

  _______________

(1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.

For the three months ended June 30, 2021:

	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	229,571		$	—		$	252,182		$	126,181		$	84,610		$	692,544
Residential	3,131			—			—			690			5,942			9,763
Hotel	1,561			—			—			—			—			1,561
Total	234,263			—			252,182			126,871			90,552			703,868
% of Grand Totals	33.28		%	—		%	35.84		%	18.02		%	12.86		%	100.00		%
Rental Expenses:
Office	78,165			—			92,662			40,954			30,994			242,775
Residential	1,435			—			—			1,544			2,949			5,928
Hotel	1,996			—			—			—			—			1,996
Total	81,596			—			92,662			42,498			33,943			250,699
% of Grand Totals	32.55		%	—		%	36.96		%	16.95		%	13.54		%	100.00		%
Net operating income	$	152,667		$	—		$	159,520		$	84,373		$	56,609		$	453,169
% of Grand Totals	33.69		%	—		%	35.20		%	18.62		%	12.49		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,576)			—			(35,711)			—			—			(46,287)
Add: Company’s share of net operating income from unconsolidated joint ventures	3,624			12,265			172			3,580			5,776			25,417
Company’s share of net operating income	$	145,715		$	12,265		$	123,981		$	87,953		$	62,385		$	432,299
% of Grand Totals	33.70		%	2.84		%	28.68		%	20.35		%	14.43		%	100.00		%

  _______________

(1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.

Information by geographic area and property type (dollars in thousands):

For the six months ended June 30, 2022:

	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Office	$	487,014		$	—		$	511,134		$	266,082		$	6,472		$	191,519		$	1,462,221
Residential	7,344			—			—			8,241			—			14,293			29,878
Hotel	16,646			—			—			—			—			—			16,646
Total	511,004			—			511,134			274,323			6,472			205,812			1,508,745
% of Grand Totals	33.87		%	—		%	33.88		%	18.18		%	0.43		%	13.64		%	100.00		%
Rental Expenses:
Office	177,555			—			191,703			88,609			1,680			68,306			527,853
Residential	2,929			—			—			7,013			—			6,308			16,250
Hotel	11,284			—			—			—			—			—			11,284
Total	191,768			—			191,703			95,622			1,680			74,614			555,387
% of Grand Totals	34.53		%	—		%	34.52		%	17.22		%	0.30		%	13.43		%	100.00		%
Net operating income	$	319,236		$	—		$	319,431		$	178,701		$	4,792		$	131,198		$	953,358
% of Grand Totals	33.49		%	—		%	33.51		%	18.74		%	0.50		%	13.76		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(23,112)			—			(71,805)			—			—			—			(94,917)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	17,827			27,004			(138)			6,364			3,899			18,075			73,031
Company’s share of net operating income	$	313,951		$	27,004		$	247,488		$	185,065		$	8,691		$	149,273		$	931,472
% of Grand Totals	33.70		%	2.90		%	26.57		%	19.87		%	0.93		%	16.03		%	100.00		%

  _______________

(1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.

For the six months ended June 30, 2021:

	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	459,974		$	—		$	502,346		$	256,779		$	167,025		$	1,386,124
Residential	6,176			—			—			1,011			11,751			18,938
Hotel	2,193			—			—			—			—			2,193
Total	468,343			—			502,346			257,790			178,776			1,407,255
% of Grand Totals	33.28		%	—		%	35.70		%	18.32		%	12.70		%	100.00		%
Rental Expenses:
Office	158,046			—			192,047			81,203			62,741			494,037
Residential	2,890			—			—			3,230			5,935			12,055
Hotel	4,047			—			—			—			—			4,047
Total	164,983			—			192,047			84,433			68,676			510,139
% of Grand Totals	32.34		%	—		%	37.65		%	16.55		%	13.46		%	100.00		%
Net operating income	$	303,360		$	—		$	310,299		$	173,357		$	110,100		$	897,116
% of Grand Totals	33.82		%	—		%	34.59		%	19.32		%	12.27		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(20,800)			—			(69,863)			—			—			(90,663)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	5,905			26,457			(621)			7,060			11,411			50,212
Company’s share of net operating income	$	288,465		$	26,457		$	239,815		$	180,417		$	121,511		$	856,665
% of Grand Totals	33.68		%	3.09		%	27.99		%	21.06		%	14.18		%	100.00		%

  _______________

(1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.