QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Boston Properties, Inc. | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
Boston Properties Limited Partnership | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
Boston Properties, Inc. |
Boston Properties, Inc. | Common Stock, par value $0.01 per share | |||||||
(Registrant) | (Class) | (Outstanding on November 1, 2022) |
Page | ||||||||
ITEM 1. | ||||||||
Boston Properties, Inc. | ||||||||
Boston Properties Limited Partnership | ||||||||
Boston Properties, Inc. and Boston Properties Limited Partnership | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ | $ | $ | ||||||||||||
Right of use assets - finance leases (amounts related to VIEs of $ | ||||||||||||||
Right of use assets - operating leases | ||||||||||||||
Less: accumulated depreciation (amounts related to VIEs of $( | ( | ( | ||||||||||||
Total real estate | ||||||||||||||
Cash and cash equivalents (amounts related to VIEs of $ | ||||||||||||||
Cash held in escrows | ||||||||||||||
Investments in securities | ||||||||||||||
Tenant and other receivables, net (amounts related to VIEs of $ | ||||||||||||||
Related party note receivable, net | ||||||||||||||
Notes receivable, net | ||||||||||||||
Accrued rental income, net (amounts related to VIEs of $ | ||||||||||||||
Deferred charges, net (amounts related to VIEs of $ | ||||||||||||||
Prepaid expenses and other assets (amounts related to VIEs of $ | ||||||||||||||
Investments in unconsolidated joint ventures | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $ | $ | $ | ||||||||||||
Unsecured senior notes, net | ||||||||||||||
Unsecured line of credit | ||||||||||||||
Unsecured term loan, net | ||||||||||||||
Lease liabilities - finance leases (amounts related to VIEs of $ | ||||||||||||||
Lease liabilities - operating leases | ||||||||||||||
Accounts payable and accrued expenses (amounts related to VIEs of $ | ||||||||||||||
Dividends and distributions payable | ||||||||||||||
Accrued interest payable | ||||||||||||||
Other liabilities (amounts related to VIEs of $ | ||||||||||||||
Total liabilities |
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Commitments and contingencies (See Note 7) | ||||||||||||||
Redeemable deferred stock units— | ||||||||||||||
Equity: | ||||||||||||||
Stockholders’ equity attributable to Boston Properties, Inc.: | ||||||||||||||
Excess stock, $ | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Dividends in excess of earnings | ( | ( | ||||||||||||
Treasury common stock at cost, | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total stockholders’ equity attributable to Boston Properties, Inc. | ||||||||||||||
Noncontrolling interests: | ||||||||||||||
Common units of Boston Properties Limited Partnership | ||||||||||||||
Property partnerships | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Lease | $ | $ | $ | $ | |||||||||||||||||||
Parking and other | |||||||||||||||||||||||
Hotel | |||||||||||||||||||||||
Development and management services | |||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating | |||||||||||||||||||||||
Rental | |||||||||||||||||||||||
Hotel | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Payroll and related costs from management services contracts | |||||||||||||||||||||||
Transaction costs | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Loss from unconsolidated joint ventures | ( | ( | ( | ( | |||||||||||||||||||
Gains on sales of real estate | |||||||||||||||||||||||
Interest and other income (loss) | |||||||||||||||||||||||
Other income - assignment fee | |||||||||||||||||||||||
Gains (losses) from investments in securities | ( | ( | ( | ||||||||||||||||||||
Losses from early extinguishment of debt | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Noncontrolling interests in property partnerships | ( | ( | ( | ( | |||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to Boston Properties, Inc. | |||||||||||||||||||||||
Preferred dividends | ( | ||||||||||||||||||||||
Preferred stock redemption charge | ( | ||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||||||||
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common and common equivalent shares outstanding |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||
Effective portion of interest rate contracts | ||||||||||||||||||||||||||
Amortization of interest rate contracts (1) | ||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive income attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive income attributable to Boston Properties, Inc. | $ | $ | $ | $ |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF EQUITY (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Dividends in Excess of Earnings | Treasury Stock, at cost | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Common Units | Noncontrolling Interests - Property Partnerships | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity, September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity, September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF EQUITY (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Preferred Stock | Additional Paid-in Capital | Dividends in Excess of Earnings | Treasury Stock, at cost | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Common Units | Noncontrolling Interests - Property Partnerships | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity, September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock redemption | — | — | ( | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock redemption charge | — | — | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity, September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of right of use assets - operating leases | |||||||||||
Non-cash compensation expense | |||||||||||
Loss from unconsolidated joint ventures | |||||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | |||||||||||
Losses (gains) from investments in securities | ( | ||||||||||
Allowance for current expected credit losses | ( | ( | |||||||||
Non-cash portion of interest expense | |||||||||||
Settlement of accreted debt discount on redemption of unsecured senior notes | ( | ||||||||||
Losses from early extinguishments of debt | |||||||||||
Other income - assignment fee | ( | ||||||||||
Gains on sales of real estate | ( | ( | |||||||||
Change in assets and liabilities: | |||||||||||
Tenant and other receivables, net | |||||||||||
Notes receivable, net | ( | ( | |||||||||
Accrued rental income, net | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Lease liabilities - operating leases | ( | ||||||||||
Accounts payable and accrued expenses | |||||||||||
Accrued interest payable | ( | ( | |||||||||
Other liabilities | ( | ( | |||||||||
Tenant leasing costs | ( | ( | |||||||||
Total adjustments | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Acquisitions of real estate | ( | ( | |||||||||
Construction in progress | ( | ( | |||||||||
Building and other capital improvements | ( | ( | |||||||||
Tenant improvements | ( | ( | |||||||||
Proceeds from sales of real estate | |||||||||||
Proceeds from assignment fee | |||||||||||
Capital contributions to unconsolidated joint ventures | ( | ( | |||||||||
Capital distributions from unconsolidated joint ventures | |||||||||||
Proceeds from sale of investment in unconsolidated joint venture | |||||||||||
Proceeds from notes receivable | |||||||||||
Investments in securities, net | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Repayments of mortgage notes payable | ( | ||||||||||
Proceeds from unsecured senior notes | |||||||||||
Redemption of unsecured senior notes | ( |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Borrowings on unsecured line of credit | |||||||||||
Repayments of unsecured line of credit | ( | ( | |||||||||
Borrowings on unsecured term loan | |||||||||||
Redemption of preferred stock | ( | ||||||||||
Payments on finance lease obligations | |||||||||||
Repayment of unsecured term loan | ( | ||||||||||
Deferred financing costs | ( | ( | |||||||||
Debt prepayment and extinguishment costs | ( | ||||||||||
Net activity from equity transactions | ( | ||||||||||
Dividends and distributions | ( | ( | |||||||||
Contributions from noncontrolling interests in property partnerships | |||||||||||
Distributions to noncontrolling interests in property partnerships | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents and cash held in escrows | ( | ( | |||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | |||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | $ | |||||||||
Reconciliation of cash and cash equivalents and cash held in escrows: | |||||||||||
Cash and cash equivalents, beginning of period | $ | $ | |||||||||
Cash held in escrows, beginning of period | |||||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | $ | 501,158 | $ | 1,719,329 | |||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Cash held in escrows, end of period | |||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 448,886 | $ | 1,081,921 | |||||||
Supplemental disclosures: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Interest capitalized | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Write-off of fully depreciated real estate | $ | ( | $ | ( | |||||||
Change in real estate included in accounts payable and accrued expenses | $ | $ | ( | ||||||||
Construction in progress, net deconsolidated | $ | ( | $ | ||||||||
Investment in unconsolidated joint ventures recorded upon deconsolidation | $ | $ | |||||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | $ | |||||||||
Dividends and distributions declared but not paid | $ | $ | |||||||||
Conversions of noncontrolling interests to stockholders’ equity | $ | $ | |||||||||
Issuance of restricted securities to employees and non-employee directors | $ | $ |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts) | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ | $ | $ | ||||||||||||
Right of use assets - finance leases (amounts related to VIEs of $ | ||||||||||||||
Right of use assets - operating leases | ||||||||||||||
Less: accumulated depreciation (amounts related to VIEs of $( | ( | ( | ||||||||||||
Total real estate | ||||||||||||||
Cash and cash equivalents (amounts related to VIEs of $ | ||||||||||||||
Cash held in escrows | ||||||||||||||
Investments in securities | ||||||||||||||
Tenant and other receivables, net (amounts related to VIEs of $ | ||||||||||||||
Related party note receivable, net | ||||||||||||||
Notes receivable, net | ||||||||||||||
Accrued rental income, net (amounts related to VIEs of $ | ||||||||||||||
Deferred charges, net (amounts related to VIEs of $ | ||||||||||||||
Prepaid expenses and other assets (amounts related to VIEs of $ | ||||||||||||||
Investments in unconsolidated joint ventures | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND CAPITAL | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $ | $ | $ | ||||||||||||
Unsecured senior notes, net | ||||||||||||||
Unsecured line of credit | ||||||||||||||
Unsecured term loan, net | ||||||||||||||
Lease liabilities - finance leases (amounts related to VIEs of $ | ||||||||||||||
Lease liabilities - operating leases | ||||||||||||||
Accounts payable and accrued expenses (amounts related to VIEs of $ | ||||||||||||||
Dividends and distributions payable | ||||||||||||||
Accrued interest payable | ||||||||||||||
Other liabilities (amounts related to VIEs of $ | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (See Note 7) | ||||||||||||||
Redeemable deferred stock units— |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts) | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Noncontrolling interests: | ||||||||||||||
Redeemable partnership units— | ||||||||||||||
Capital: | ||||||||||||||
Boston Properties Limited Partnership partners’ capital— | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total partners’ capital | ||||||||||||||
Noncontrolling interests in property partnerships | ||||||||||||||
Total capital | ||||||||||||||
Total liabilities and capital | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Lease | $ | $ | $ | $ | |||||||||||||||||||
Parking and other | |||||||||||||||||||||||
Hotel | |||||||||||||||||||||||
Development and management services | |||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating | |||||||||||||||||||||||
Rental | |||||||||||||||||||||||
Hotel | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Payroll and related costs from management services contracts | |||||||||||||||||||||||
Transaction costs | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Loss from unconsolidated joint ventures | ( | ( | ( | ( | |||||||||||||||||||
Gains on sales of real estate | |||||||||||||||||||||||
Interest and other income (loss) | |||||||||||||||||||||||
Other income - assignment fee | |||||||||||||||||||||||
Gains (losses) from investments in securities | ( | ( | ( | ||||||||||||||||||||
Losses from early extinguishment of debt | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Noncontrolling interests in property partnerships | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | |||||||||||||||||||||||
Preferred distributions | ( | ||||||||||||||||||||||
Preferred unit redemption charge | ( | ||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per common unit attributable to Boston Properties Limited Partnership | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common units outstanding | |||||||||||||||||||||||
Diluted earnings per common unit attributable to Boston Properties Limited Partnership | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common and common equivalent units outstanding |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||
Effective portion of interest rate contracts | ||||||||||||||||||||||||||
Amortization of interest rate contracts (1) | ||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive income attributable to Boston Properties Limited Partnership | $ | $ | $ | $ |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||
Units | Capital | ||||||||||||||||||||||||||||||||||||||||
General Partner | Limited Partner | Partners’ Capital (General and Limited Partners) | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Property Partnerships | Total Capital | Noncontrolling Interests - Redeemable Partnership Units | |||||||||||||||||||||||||||||||||||
Equity, June 30, 2022 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | — | |||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||
Equity, September 30, 2022 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Equity, June 30, 2021 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | — | — | ||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | ||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||
Equity, September 30, 2021 | $ | $ | ( | $ | $ | $ |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Capital | ||||||||||||||||||||||||||||||||||||||||||||||
General Partner | Limited Partner | Partners’ Capital (General and Limited Partners) | Preferred Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Property Partnerships | Total Capital | Noncontrolling Interests - Redeemable Partnership Units | ||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2021 | $ | $ | — | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | ( | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | ( | ( | — | |||||||||||||||||||||||||||||||||||||||
Equity, September 30, 2022 | $ | $ | — | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2020 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | ( | ( | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Preferred unit redemption | — | — | — | ( | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||
Preferred unit redemption charge | — | — | ( | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | ( | ( | — | |||||||||||||||||||||||||||||||||||||||
Equity, September 30, 2021 | $ | $ | $ | ( | $ | $ | $ |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of right of use assets - operating leases | |||||||||||
Non-cash compensation expense | |||||||||||
Loss from unconsolidated joint ventures | |||||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | |||||||||||
Losses (gains) from investments in securities | ( | ||||||||||
Allowance for current expected credit losses | ( | ( | |||||||||
Non-cash portion of interest expense | |||||||||||
Settlement of accreted debt discount on redemption of unsecured senior notes | ( | ||||||||||
Losses from early extinguishments of debt | |||||||||||
Other income - assignment fee | ( | ||||||||||
Gains on sales of real estate | ( | ( | |||||||||
Change in assets and liabilities: | |||||||||||
Tenant and other receivables, net | |||||||||||
Notes receivable, net | ( | ( | |||||||||
Accrued rental income, net | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Lease liabilities - operating leases | ( | ||||||||||
Accounts payable and accrued expenses | |||||||||||
Accrued interest payable | ( | ( | |||||||||
Other liabilities | ( | ( | |||||||||
Tenant leasing costs | ( | ( | |||||||||
Total adjustments | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Acquisitions of real estate | ( | ( | |||||||||
Construction in progress | ( | ( | |||||||||
Building and other capital improvements | ( | ( | |||||||||
Tenant improvements | ( | ( | |||||||||
Proceeds from sales of real estate | |||||||||||
Proceeds from assignment fee | |||||||||||
Capital contributions to unconsolidated joint ventures | ( | ( | |||||||||
Capital distributions from unconsolidated joint ventures | |||||||||||
Proceeds from sale of investment in unconsolidated joint venture | |||||||||||
Proceeds from notes receivable | |||||||||||
Investments in securities, net | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Repayments of mortgage notes payable | ( | ||||||||||
Proceeds from unsecured senior notes | |||||||||||
Redemption of unsecured senior notes | ( |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Borrowings on unsecured line of credit | |||||||||||
Repayments of unsecured line of credit | ( | ( | |||||||||
Borrowings on unsecured term loan | |||||||||||
Repayment of unsecured term loan | ( | ||||||||||
Redemption of preferred units | ( | ||||||||||
Payments on finance lease obligations | |||||||||||
Deferred financing costs | ( | ( | |||||||||
Debt prepayment and extinguishment costs | ( | ||||||||||
Net activity from equity transactions | ( | ||||||||||
Distributions | ( | ( | |||||||||
Contributions from noncontrolling interests in property partnerships | |||||||||||
Distributions to noncontrolling interests in property partnerships | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents and cash held in escrows | ( | ( | |||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | |||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | $ | |||||||||
Reconciliation of cash and cash equivalents and cash held in escrows: | |||||||||||
Cash and cash equivalents, beginning of period | $ | $ | |||||||||
Cash held in escrows, beginning of period | |||||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | $ | 501,158 | $ | 1,719,329 | |||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Cash held in escrows, end of period | |||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 448,886 | $ | 1,081,921 | |||||||
Supplemental disclosures: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Interest capitalized | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Write-off of fully depreciated real estate | $ | ( | $ | ( | |||||||
Change in real estate included in accounts payable and accrued expenses | $ | $ | ( | ||||||||
Construction in progress, net deconsolidated | $ | ( | $ | ||||||||
Investment in unconsolidated joint ventures recorded upon deconsolidation | $ | $ | |||||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | $ | |||||||||
Distributions declared but not paid | $ | $ | |||||||||
Conversions of redeemable partnership units to partners’ capital | $ | $ | |||||||||
Issuance of restricted securities to employees and non-employee directors | $ | $ |
Financial Instrument | Level | ||||
Unsecured senior notes (1) | Level 1 | ||||
Related party note receivable | Level 3 | ||||
Notes receivable | Level 3 | ||||
Mortgage notes payable | Level 3 | ||||
Unsecured line of credit | Level 3 | ||||
Unsecured term loan | Level 3 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
Related party note receivable, net | $ | $ | $ | $ | |||||||||||||||||||
Notes receivable, net | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Mortgage notes payable, net | $ | $ | $ | $ | |||||||||||||||||||
Unsecured senior notes, net | |||||||||||||||||||||||
Unsecured line of credit | |||||||||||||||||||||||
Unsecured term loan, net | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Land | $ | $ | ||||||||||||
Right of use assets - finance leases | ||||||||||||||
Right of use assets - operating leases | ||||||||||||||
Land held for future development (1) | ||||||||||||||
Buildings and improvements | ||||||||||||||
Tenant improvements | ||||||||||||||
Furniture, fixtures and equipment | ||||||||||||||
Construction in progress | ||||||||||||||
Total | ||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||
$ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Land | $ | $ | ||||||||||||
Right of use assets - finance leases | ||||||||||||||
Right of use assets - operating leases | ||||||||||||||
Land held for future development (1) | ||||||||||||||
Buildings and improvements | ||||||||||||||
Tenant improvements | ||||||||||||||
Furniture, fixtures and equipment | ||||||||||||||
Construction in progress | ||||||||||||||
Total | ||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||
$ | $ |
Land | $ | |||||||
Building and improvements | ||||||||
Tenant improvements | ||||||||
In-place lease intangibles | ||||||||
Above-market lease intangibles | ||||||||
Below-market lease intangibles | ( | |||||||
Net assets acquired | $ |
Acquired In-Place Lease Intangibles | Acquired Above-Market Lease Intangibles | Acquired Below-Market Lease Intangibles | ||||||||||||||||||
Period from May 17, 2022 through December 31, 2022 | $ | $ | $ | |||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
2027 |
Land | $ | |||||||
Building and improvements | ||||||||
Tenant improvements | ||||||||
In-place lease intangibles | ||||||||
Below-market lease intangibles | ( | |||||||
Net assets acquired | $ |
Acquired In-Place Lease Intangibles | Acquired Below-Market Lease Intangible | |||||||||||||
Period from September 16, 2022 through December 31, 2022 | $ | $ | ||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Lease Revenue | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Fixed contractual payments | $ | $ | $ | $ | ||||||||||||||||||||||
Variable lease payments | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Carrying Value of Investment (1) | ||||||||||||||||||||||||||
Entity | Properties | Nominal % Ownership | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Square 407 Limited Partnership | % | $ | ( | $ | ( | |||||||||||||||||||||
BP/CRF Metropolitan Square LLC | % | ( | ( | |||||||||||||||||||||||
901 New York, LLC | % | (2) | ( | ( | ||||||||||||||||||||||
WP Project Developer LLC | % | (3) | ||||||||||||||||||||||||
500 North Capitol Venture LLC | % | ( | ( | |||||||||||||||||||||||
501 K Street LLC | % | (4) | ||||||||||||||||||||||||
Podium Developer LLC | % | |||||||||||||||||||||||||
Residential Tower Developer LLC | % | |||||||||||||||||||||||||
Hotel Tower Developer LLC | % | |||||||||||||||||||||||||
Office Tower Developer LLC | % | |||||||||||||||||||||||||
1265 Main Office JV LLC | % | |||||||||||||||||||||||||
BNY Tower Holdings LLC | % | |||||||||||||||||||||||||
BNYTA Amenity Operator LLC | % | |||||||||||||||||||||||||
CA-Colorado Center, LLC | % | |||||||||||||||||||||||||
7750 Wisconsin Avenue LLC | % | |||||||||||||||||||||||||
BP-M 3HB Venture LLC | % | |||||||||||||||||||||||||
SMBP Venture LP | % | |||||||||||||||||||||||||
Platform 16 Holdings LP | % | (5) | ||||||||||||||||||||||||
Gateway Portfolio Holdings LLC | % | (6) | ||||||||||||||||||||||||
Rosecrans-Sepulveda Partners 4, LLC | % | |||||||||||||||||||||||||
Safeco Plaza REIT LLC | % | (7) | ||||||||||||||||||||||||
360 PAS Holdco LLC | % | (8) | ||||||||||||||||||||||||
PR II/BXP Reston Gateway LLC | % | (9) | N/A | |||||||||||||||||||||||
751 Gateway Holdings LLC | % | (6) | N/A | |||||||||||||||||||||||
$ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Real estate and development in process, net (1) | $ | $ | |||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | |||||||||||
Mortgage and notes payable, net | $ | $ | |||||||||
Other liabilities (2) | |||||||||||
Members’/Partners’ equity | |||||||||||
Total liabilities and members’/partners’ equity | $ | $ | |||||||||
Company’s share of equity | $ | $ | |||||||||
Basis differentials (3) | |||||||||||
Carrying value of the Company’s investments in unconsolidated joint ventures (4) | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Property | (in thousands) | ||||||||||
Colorado Center | $ | $ | |||||||||
Gateway Commons | |||||||||||
Dock 72 | ( | ( |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Total revenue (1) | $ | $ | $ | $ | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating | |||||||||||||||||||||||
Transaction costs | ( | ||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Loss from early extinguishment of debt | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Company’s share of net income (loss) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Gain on sale of investment (2) | |||||||||||||||||||||||
Basis differential (3) | ( | ( | ( | ( | |||||||||||||||||||
Loss from unconsolidated joint ventures | $ | ( | $ | ( | $ | ( | $ | ( |
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||||||||||||
September 30, 2022 | October 31, 2022 | $ | $ | |||||||||||||||||
June 30, 2022 | July 29, 2022 | $ | $ | |||||||||||||||||
March 31, 2022 | April 29, 2022 | $ | $ | |||||||||||||||||
December 31, 2021 | January 28, 2022 | $ | $ |
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||||||||||||
September 30, 2021 | October 29, 2021 | $ | $ | |||||||||||||||||
June 30, 2021 | July 30, 2021 | $ | $ | |||||||||||||||||
March 31, 2021 | April 30, 2021 | $ | $ | |||||||||||||||||
December 31, 2020 | January 28, 2021 | $ | $ |
Record Date | Payment Date | Dividend (Per Share) | Distribution (Per Unit) | |||||||||||||||||
September 30, 2022 | October 31, 2022 | $ | $ | |||||||||||||||||
June 30, 2022 | July 29, 2022 | $ | $ | |||||||||||||||||
March 31, 2022 | April 29, 2022 | $ | $ | |||||||||||||||||
December 31, 2021 | January 28, 2022 | $ | $ | |||||||||||||||||
September 30, 2021 | October 29, 2021 | $ | $ | |||||||||||||||||
June 30, 2021 | July 30, 2021 | $ | $ | |||||||||||||||||
March 31, 2021 | April 30, 2021 | $ | $ | |||||||||||||||||
December 31, 2020 | January 28, 2021 | $ | $ |
Record Date | Payment Date | Dividend (Per Share) | ||||||||||||
February 5, 2021 | February 16, 2021 | $ | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Preferred stock redemption charge | ||||||||||||||||||||||||||
Preferred dividends | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Losses from early extinguishment of debt | ||||||||||||||||||||||||||
Net operating income from unconsolidated joint ventures | ||||||||||||||||||||||||||
Loss from unconsolidated joint ventures | ||||||||||||||||||||||||||
Depreciation and amortization expense | ||||||||||||||||||||||||||
Transaction costs | ||||||||||||||||||||||||||
Payroll and related costs from management services contracts | ||||||||||||||||||||||||||
General and administrative expense | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | ( | ( | ( | |||||||||||||||||||||||
Other income - assignment fee | ||||||||||||||||||||||||||
Interest and other income (loss) | ||||||||||||||||||||||||||
Gains on sales of real estate | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | ||||||||||||||||||||||||||
Development and management services revenue | ||||||||||||||||||||||||||
Company’s share of Net Operating Income | $ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | $ | $ | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Preferred unit redemption charge | ||||||||||||||||||||||||||
Preferred distributions | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Losses from early extinguishment of debt | ||||||||||||||||||||||||||
Net operating income from unconsolidated joint ventures | ||||||||||||||||||||||||||
Loss from unconsolidated joint ventures | ||||||||||||||||||||||||||
Depreciation and amortization expense | ||||||||||||||||||||||||||
Transaction costs | ||||||||||||||||||||||||||
Payroll and related costs from management services contracts | ||||||||||||||||||||||||||
General and administrative expense | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | ( | ( | ( | |||||||||||||||||||||||
Other income - assignment fee | ||||||||||||||||||||||||||
Interest and other income (loss) | ||||||||||||||||||||||||||
Gains on sales of real estate | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | ||||||||||||||||||||||||||
Development and management services revenue | ||||||||||||||||||||||||||
Company’s share of Net Operating Income | $ | $ | $ | $ |
Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||
Office | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures | ( | ||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % |
Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||
Office | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | |||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % |
Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||
Office | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures | ( | ||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % |
Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||
Office | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | — | ||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures | ( | ||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % |
Three months ended September 30, 2022 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Allocation of undistributed earnings to participating securities | ( | ||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | |||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | ( | ||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Allocation of undistributed earnings to participating securities | ( | ( | |||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | |||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | ( | ||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | ( | ||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Three months ended September 30, 2022 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Allocation of undistributed earnings to participating securities | ( | ||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | |||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | ( | ||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Allocation of undistributed earnings to participating securities | ( | ( | |||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | ( | ||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Three months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||
(Square Feet) | ||||||||||||||
Vacant space available at the beginning of the period | 5,019,936 | 5,340,029 | ||||||||||||
Property dispositions/properties taken out of service (1) | (123,177) | (403,655) | ||||||||||||
Vacant space in properties acquired (2) | — | 77,581 | ||||||||||||
Properties placed (and partially placed) in-service (3) | 62,933 | 894,176 | ||||||||||||
Leases expiring or terminated during the period | 2,038,565 | 5,055,329 | ||||||||||||
Total space available for lease | 6,998,257 | 10,963,460 | ||||||||||||
1st generation leases | 67,007 | 1,042,887 | ||||||||||||
2nd generation leases with new clients | 595,133 | 2,170,648 | ||||||||||||
2nd generation lease renewals | 1,085,208 | 2,499,016 | ||||||||||||
Total space leased (4) | 1,747,348 | 5,712,551 | ||||||||||||
Vacant space available for lease at the end of the period | 5,250,909 | 5,250,909 | ||||||||||||
Leases executed during the period, in square feet (5) | 1,446,284 | 4,558,755 | ||||||||||||
Second generation leasing information: (6) | ||||||||||||||
Leases commencing during the period, in square feet | 1,680,341 | 4,669,664 | ||||||||||||
Weighted Average Lease Term | 114 Months | 103 Months | ||||||||||||
Weighted Average Free Rent Period | 77 Days | 97 Days | ||||||||||||
Total Transaction Costs Per Square Foot (7) | $116.42 | $84.02 | ||||||||||||
Increase in Gross Rents (8) | 1.41 | % | 3.93 | % | ||||||||||
Increase in Net Rents (9) | 0.21 | % | 5.15 | % |
Nine months ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. Common Shareholders | $ | 727,144 | $ | 311,680 | $ | 415,464 | 133.30 | % | ||||||||||||||||||
Preferred stock redemption charge | — | 6,412 | (6,412) | (100.00) | % | |||||||||||||||||||||
Preferred dividends | — | 2,560 | (2,560) | (100.00) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. | 727,144 | 320,652 | 406,492 | 126.77 | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 82,821 | 35,393 | 47,428 | 134.00 | % | |||||||||||||||||||||
Noncontrolling interests in property partnerships | 54,896 | 52,602 | 2,294 | 4.36 | % | |||||||||||||||||||||
Net Income | 864,861 | 408,647 | 456,214 | 111.64 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 317,216 | 320,015 | (2,799) | (0.87) | % | |||||||||||||||||||||
Losses from early extinguishment of debt | — | 898 | (898) | (100.00) | % | |||||||||||||||||||||
Loss from unconsolidated joint ventures | 1,389 | 1,745 | (356) | (20.40) | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | (8,549) | 3,744 | (12,293) | (328.34) | % | |||||||||||||||||||||
Other income - assignment fee | 6,624 | — | 6,624 | 100.00 | % | |||||||||||||||||||||
Interest and other income (loss) | 6,151 | 4,140 | 2,011 | 48.57 | % | |||||||||||||||||||||
Gains on sales of real estate | 381,293 | 8,104 | 373,189 | 4,605.00 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 551,445 | 539,815 | 11,630 | 2.15 | % | |||||||||||||||||||||
Transaction costs | 2,146 | 2,970 | (824) | (27.74) | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 11,204 | 9,166 | 2,038 | 22.23 | % | |||||||||||||||||||||
General and administrative expense | 110,378 | 117,924 | (7,546) | (6.40) | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 11,204 | 9,166 | 2,038 | 22.23 | % | |||||||||||||||||||||
Development and management services revenue | 19,650 | 20,181 | (531) | (2.63) | % | |||||||||||||||||||||
Net Operating Income | $ | 1,442,266 | $ | 1,355,845 | $ | 86,421 | 6.37 | % |
Nine months ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership Common Unitholders | $ | 819,195 | $ | 353,633 | $ | 465,562 | 131.65 | % | ||||||||||||||||||
Preferred unit redemption charge | — | 6,412 | (6,412) | (100.00) | % | |||||||||||||||||||||
Preferred distributions | — | 2,560 | (2,560) | (100.00) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership | 819,195 | 362,605 | 456,590 | 125.92 | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 54,896 | 52,602 | 2,294 | 4.36 | % | |||||||||||||||||||||
Net Income | 874,091 | 415,207 | 458,884 | 110.52 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 317,216 | 320,015 | (2,799) | (0.87) | % | |||||||||||||||||||||
Losses from early extinguishment of debt | — | 898 | (898) | (100.00) | % | |||||||||||||||||||||
Loss from unconsolidated joint ventures | 1,389 | 1,745 | (356) | (20.40) | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | (8,549) | 3,744 | (12,293) | (328.34) | % | |||||||||||||||||||||
Other income - assignment fee | 6,624 | — | 6,624 | 100.00 | % | |||||||||||||||||||||
Interest and other income (loss) | 6,151 | 4,140 | 2,011 | 48.57 | % | |||||||||||||||||||||
Gains on sales of real estate | 385,349 | 8,104 | 377,245 | 4,655.05 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 546,271 | 533,255 | 13,016 | 2.44 | % | |||||||||||||||||||||
Transaction costs | 2,146 | 2,970 | (824) | (27.74) | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 11,204 | 9,166 | 2,038 | 22.23 | % | |||||||||||||||||||||
General and administrative expense | 110,378 | 117,924 | (7,546) | (6.40) | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 11,204 | 9,166 | 2,038 | 22.23 | % | |||||||||||||||||||||
Development and management services revenue | 19,650 | 20,181 | (531) | (2.63) | % | |||||||||||||||||||||
Net Operating Income | $ | 1,442,266 | $ | 1,355,845 | $ | 86,421 | 6.37 | % |
Same Property Portfolio | Properties Acquired Portfolio | Properties Placed In-Service Portfolio | Properties in Development or Redevelopment Portfolio | Properties Sold Portfolio | Total Property Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Increase/ (Decrease) | % Change | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue (Excluding Termination Income) | $ | 2,007,651 | $ | 1,939,988 | $ | 67,663 | 3.49 | % | $ | 28,430 | $ | 3,596 | $ | 61,026 | $ | 17,962 | $ | 2,876 | $ | 5,043 | $ | 33,357 | $ | 54,805 | $ | 2,133,340 | $ | 2,021,394 | $ | 111,946 | 5.54 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination Income | 5,579 | 11,499 | (5,920) | (51.48) | % | 402 | — | — | — | — | — | — | — | 5,981 | 11,499 | (5,518) | (47.99) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 2,013,230 | 1,951,487 | 61,743 | 3.16 | % | 28,832 | 3,596 | 61,026 | 17,962 | 2,876 | 5,043 | 33,357 | 54,805 | 2,139,321 | 2,032,893 | 106,428 | 5.24 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking and Other | 73,672 | 57,067 | 16,605 | 29.10 | % | 1,461 | — | 29 | 14 | — | 201 | 807 | 822 | 75,969 | 58,104 | 17,865 | 30.75 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 2,086,902 | 2,008,554 | 78,348 | 3.90 | % | 30,293 | 3,596 | 61,055 | 17,976 | 2,876 | 5,244 | 34,164 | 55,627 | 2,215,290 | 2,090,997 | 124,293 | 5.94 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 767,517 | 720,559 | 46,958 | 6.52 | % | 7,214 | 653 | 15,673 | 6,001 | 1,599 | 2,182 | 10,528 | 16,878 | 802,531 | 746,273 | 56,258 | 7.54 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income, Excluding Residential and Hotel | 1,319,385 | 1,287,995 | 31,390 | 2.44 | % | 23,079 | 2,943 | 45,382 | 11,975 | 1,277 | 3,062 | 23,636 | 38,749 | 1,412,759 | 1,344,724 | 68,035 | 5.06 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (2) | 20,944 | 11,732 | 9,212 | 78.52 | % | — | — | — | — | — | — | — | — | 20,944 | 11,732 | 9,212 | 78.52 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Income (Loss) (2) | 8,563 | (611) | 9,174 | 1,501.47 | % | — | — | — | — | — | — | — | — | 8,563 | (611) | 9,174 | 1,501.47 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income | $ | 1,348,892 | $ | 1,299,116 | $ | 49,776 | 3.83 | % | $ | 23,079 | $ | 2,943 | $ | 45,382 | $ | 11,975 | $ | 1,277 | $ | 3,062 | $ | 23,636 | $ | 38,749 | $ | 1,442,266 | $ | 1,355,845 | $ | 86,421 | 6.37 | % |
Square Feet | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date acquired | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
153 & 211 Second Avenue | June 2, 2021 | 136,882 | $ | 7,669 | $ | 3,101 | $ | 4,568 | $ | 840 | $ | 319 | $ | 521 | ||||||||||||||||||||||||||||||||||||
Shady Grove Innovation District | August 2, 2021 | 232,278 | 2,237 | 495 | 1,742 | 1,361 | 334 | 1,027 | ||||||||||||||||||||||||||||||||||||||||||
Madison Centre (1) | May 17, 2022 | 754,988 | 18,765 | — | 18,765 | 4,805 | — | 4,805 | ||||||||||||||||||||||||||||||||||||||||||
125 Broadway | September 16, 2022 | 271,000 | 1,622 | — | 1,622 | 208 | — | 208 | ||||||||||||||||||||||||||||||||||||||||||
1,395,148 | $ | 30,293 | $ | 3,596 | $ | 26,697 | $ | 7,214 | $ | 653 | $ | 6,561 |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Square Feet | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Five Nine East 53rd Street (1) | First Quarter, 2021 | First Quarter, 2021 | 220,000 | $ | 13,356 | $ | 10,600 | $ | 2,756 | $ | 2,078 | $ | 2,046 | $ | 32 | |||||||||||||||||||||||||||||||||||||||||
200 West Street (2) | Fourth Quarter, 2020 | Fourth Quarter, 2021 | 273,365 | 12,522 | 4,900 | 7,622 | 4,223 | 2,168 | 2,055 | |||||||||||||||||||||||||||||||||||||||||||||||
Reston Next | Fourth Quarter, 2021 | N/A | 1,062,000 | 24,029 | — | 24,029 | 7,861 | — | 7,861 | |||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street (3) | Second Quarter, 2022 | Second Quarter, 2022 | 414,008 | 10,295 | — | 10,295 | 830 | 278 | 552 | |||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | Second Quarter, 2022 | N/A | 480,000 | 169 | — | 169 | 305 | — | 305 | |||||||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (4) | Third Quarter, 2022 | N/A | 244,000 | 684 | 2,476 | (1,792) | 376 | 1,509 | (1,133) | |||||||||||||||||||||||||||||||||||||||||||||||
2,693,373 | $ | 61,055 | $ | 17,976 | $ | 43,079 | $ | 15,673 | $ | 6,001 | $ | 9,672 |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Commenced Development / Redevelopment | Square Feet | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
3625-3635 Peterson Way (1) | April 16, 2021 | 218,000 | $ | — | $ | 1,753 | $ | (1,753) | $ | — | $ | 459 | $ | (459) | ||||||||||||||||||||||||||||||||||||
140 Kendrick - Building A | July 1, 2022 | 104,000 | 2,876 | 3,244 | (368) | 991 | 889 | 102 | ||||||||||||||||||||||||||||||||||||||||||
760 Boylston Street | September 12, 2022 | 118,000 | — | 247 | (247) | 608 | 834 | (226) | ||||||||||||||||||||||||||||||||||||||||||
440,000 | $ | 2,876 | $ | 5,244 | $ | (2,368) | $ | 1,599 | $ | 2,182 | $ | (583) |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Sold | Property Type | Square Feet | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
181, 191 and 201 Spring Street | October 25, 2021 | Office | 333,000 | $ | — | $ | 11,588 | $ | (11,588) | $ | — | $ | 3,545 | $ | (3,545) | |||||||||||||||||||||||||||||||||||||||||
195 West Street | March 31, 2022 | Office | 63,500 | 749 | 849 | (100) | 242 | 466 | (224) | |||||||||||||||||||||||||||||||||||||||||||||||
Virginia 95 Office Park | June 15, 2022 | Office/Flex | 733,421 | 5,190 | 11,091 | (5,901) | 1,787 | 2,990 | (1,203) | |||||||||||||||||||||||||||||||||||||||||||||||
601 Massachusetts Avenue | August 30, 2022 | Office | 478,667 | 28,225 | 32,099 | (3,874) | 8,499 | 9,877 | (1,378) | |||||||||||||||||||||||||||||||||||||||||||||||
1,608,588 | $ | 34,164 | $ | 55,627 | $ | (21,463) | $ | 10,528 | $ | 16,878 | $ | (6,350) |
Average Monthly Rental Rate (1) | Average Rental Rate Per Occupied Square Foot | Average Physical Occupancy (2) | Average Economic Occupancy (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Name | 2022 | 2021 | Change (%) | 2022 | 2021 | Change (%) | 2022 | 2021 | Change (%) | 2022 | 2021 | Change (%) | ||||||||||||||||||||||||||||||||||||||
Proto Kendall Square | $ | 2,804 | $ | 2,577 | 8.8 | % | $ | 5.16 | $ | 4.73 | 9.1 | % | 94.8 | % | 92.2 | % | 2.8 | % | 94.1 | % | 91.0 | % | 3.4 | % | ||||||||||||||||||||||||||
The Lofts at Atlantic Wharf | $ | 4,089 | $ | 3,459 | 18.2 | % | $ | 4.55 | $ | 3.89 | 17.0 | % | 97.8 | % | 93.4 | % | 4.7 | % | 97.3 | % | 91.0 | % | 6.9 | % | ||||||||||||||||||||||||||
The Avant at Reston Town Center (4) | $ | 2,400 | $ | 2,225 | 7.9 | % | $ | 2.61 | $ | 2.46 | 6.1 | % | 95.2 | % | 94.2 | % | 1.1 | % | 95.3 | % | 93.6 | % | 1.8 | % | ||||||||||||||||||||||||||
Signature at Reston | $ | 2,644 | $ | 2,279 | 16.0 | % | $ | 2.73 | $ | 2.36 | 15.7 | % | 95.2 | % | 86.8 | % | 9.7 | % | 94.7 | % | 83.6 | % | 13.3 | % | ||||||||||||||||||||||||||
The Skylyne | $ | 3,378 | $ | 3,147 | 7.3 | % | $ | 4.15 | $ | 3.75 | 10.7 | % | 82.7 | % | 30.2 | % | 173.8 | % | 80.2 | % | 22.7 | % | 253.3 | % |
2022 | 2021 | Change (%) | ||||||||||||||||||
Occupancy | 63.4 | % | 27.8 | % | 128.1 | % | ||||||||||||||
Average daily rate | $ | 315.24 | $ | 192.67 | 63.6 | % | ||||||||||||||
REVPAR | $ | 199.83 | $ | 53.59 | 272.9 | % |
Portfolio | Depreciation and Amortization for the nine months ended September 30, | |||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio (1) | $ | 493,588 | $ | 498,760 | $ | (5,172) | ||||||||||||||
Properties Acquired Portfolio | 25,735 | 4,735 | 21,000 | |||||||||||||||||
Properties Placed In-Service Portfolio (2) | 22,655 | 24,050 | (1,395) | |||||||||||||||||
Properties in Development or Redevelopment Portfolio | 3,329 | 1,826 | 1,503 | |||||||||||||||||
Properties Sold Portfolio | 6,138 | 10,444 | (4,306) | |||||||||||||||||
$ | 551,445 | $ | 539,815 | $ | 11,630 |
Portfolio | Depreciation and Amortization for the nine months ended September 30, | |||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio (1) | $ | 488,414 | $ | 492,200 | $ | (3,786) | ||||||||||||||
Properties Acquired Portfolio | 25,735 | 4,735 | 21,000 | |||||||||||||||||
Properties Placed In-Service Portfolio (2) | 22,655 | 24,050 | (1,395) | |||||||||||||||||
Properties in Development or Redevelopment Portfolio | 3,329 | 1,826 | 1,503 | |||||||||||||||||
Properties Sold Portfolio | 6,138 | 10,444 | (4,306) | |||||||||||||||||
$ | 546,271 | $ | 533,255 | $ | 13,016 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
195 West Street | March 31, 2022 | Office | 63,500 | $ | 37.7 | $ | 35.4 | $ | 22.7 | ||||||||||||||||||||||||||||||||
Virginia 95 Office Park | June 15, 2022 | Office/Flex | 733,421 | 127.5 | 121.9 | 96.2 | |||||||||||||||||||||||||||||||||||
601 Massachusetts Avenue | August 30, 2022 | Office | 478,667 | 531.0 | 512.3 | 237.4 | |||||||||||||||||||||||||||||||||||
Broadrun Land Parcel | September 15, 2022 | Land | N/A | 27.0 | 25.6 | 24.4 | |||||||||||||||||||||||||||||||||||
$ | 723.2 | $ | 695.2 | $ | 380.7 | (1) | |||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 8.1 | (2) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 8.1 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
195 West Street | March 31, 2022 | Office | 63,500 | $ | 37.7 | $ | 35.4 | $ | 23.4 | ||||||||||||||||||||||||||||||||
Virginia 95 Office Park | June 15, 2022 | Office/Flex | 733,421 | 127.5 | 121.9 | 99.5 | |||||||||||||||||||||||||||||||||||
601 Massachusetts Avenue | August 30, 2022 | Office | 478,667 | 531.0 | 512.3 | 237.5 | |||||||||||||||||||||||||||||||||||
Broadrun Land Parcel | September 15, 2022 | Land | N/A | 27.0 | 25.6 | 24.4 | |||||||||||||||||||||||||||||||||||
$ | 723.2 | $ | 695.2 | $ | 384.8 | (1) | |||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 8.1 | (2) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 8.1 |
Component | Change in interest expense for the nine months ended September 30, 2022 compared to September 30, 2021 | |||||||
(in thousands) | ||||||||
Increases to interest expense due to: | ||||||||
Issuance of $850 million in aggregate principal of 2.450% senior notes due 2033 on September 29, 2021 | $ | 15,521 | ||||||
Increase in interest associated with unsecured credit facilities and term loans | 9,672 | |||||||
Issuance of $850 million in aggregate principal of 2.550% senior notes due 2032 on March 16, 2021 | 4,577 | |||||||
Amortization expense of financing fees primarily related to the unsecured term loan | 2,208 | |||||||
Total increases to interest expense | 31,978 | |||||||
Decreases to interest expense due to: | ||||||||
Redemption of $1.0 billion in aggregate principal of 3.85% senior notes due 2023 on October 15, 2021 | (29,051) | |||||||
Redemption of $850 million in aggregate principal of 4.125% senior notes due 2021 on February 14, 2021 | (4,279) | |||||||
Increase in capitalized interest related to development projects | (855) | |||||||
Other interest expense (excluding senior notes) | (592) | |||||||
Total decreases to interest expense | (34,777) | |||||||
Total change in interest expense | $ | (2,799) |
Property | Noncontrolling Interests in Property Partnerships for the nine months ended September 30, | |||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | $ | 9,338 | $ | 8,873 | $ | 465 | ||||||||||||||
Times Square Tower | 15,394 | 14,915 | 479 | |||||||||||||||||
601 Lexington Avenue (1) | 9,281 | 11,245 | (1,964) | |||||||||||||||||
100 Federal Street | 9,814 | 10,211 | (397) | |||||||||||||||||
Atlantic Wharf Office Building (2) | 11,069 | 7,358 | 3,711 | |||||||||||||||||
$ | 54,896 | $ | 52,602 | $ | 2,294 |
Three months ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. | $ | 360,977 | $ | 108,297 | $ | 252,680 | 233.32 | % | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 40,883 | 11,982 | 28,901 | 241.20 | % | |||||||||||||||||||||
Noncontrolling interests in property partnerships | 18,801 | 18,971 | (170) | (0.90) | % | |||||||||||||||||||||
Net Income | 420,661 | 139,250 | 281,411 | 202.09 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 111,846 | 105,794 | 6,052 | 5.72 | % | |||||||||||||||||||||
Losses from investments in securities | 1,571 | 190 | 1,381 | 726.84 | % | |||||||||||||||||||||
Loss from unconsolidated joint ventures | 3,524 | 5,597 | (2,073) | (37.04) | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Interest and other income (loss) | 3,728 | 1,520 | 2,208 | 145.26 | % | |||||||||||||||||||||
Gains on sales of real estate | 262,345 | 348 | 261,997 | 75,286.49 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 190,675 | 179,412 | 11,263 | 6.28 | % | |||||||||||||||||||||
Transaction costs | 1,650 | 1,888 | (238) | (12.61) | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 3,900 | 3,006 | 894 | 29.74 | % | |||||||||||||||||||||
General and administrative expense | 32,519 | 34,560 | (2,041) | (5.91) | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 3,900 | 3,006 | 894 | 29.74 | % | |||||||||||||||||||||
Development and management services revenue | 7,465 | 6,094 | 1,371 | 22.50 | % | |||||||||||||||||||||
Net Operating Income | $ | 488,908 | $ | 458,729 | $ | 30,179 | 6.58 | % |
Three months ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership | $ | 403,578 | $ | 122,014 | $ | 281,564 | 230.76 | % | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 18,801 | 18,971 | (170) | (0.90) | % | |||||||||||||||||||||
Net Income | 422,379 | 140,985 | 281,394 | 199.59 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 111,846 | 105,794 | 6,052 | 5.72 | % | |||||||||||||||||||||
Losses from investments in securities | 1,571 | 190 | 1,381 | 726.84 | % | |||||||||||||||||||||
Loss from unconsolidated joint ventures | 3,524 | 5,597 | (2,073) | (37.04) | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Interest and other income (loss) | 3,728 | 1,520 | 2,208 | 145.26 | % | |||||||||||||||||||||
Gains on sales of real estate | 262,357 | 348 | 262,009 | 75,289.94 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 188,969 | 177,677 | 11,292 | 6.36 | % | |||||||||||||||||||||
Transaction costs | 1,650 | 1,888 | (238) | (12.61) | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 3,900 | 3,006 | 894 | 29.74 | % | |||||||||||||||||||||
General and administrative expense | 32,519 | 34,560 | (2,041) | (5.91) | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 3,900 | 3,006 | 894 | 29.74 | % | |||||||||||||||||||||
Development and management services revenue | 7,465 | 6,094 | 1,371 | 22.50 | % | |||||||||||||||||||||
Net Operating Income | $ | 488,908 | $ | 458,729 | $ | 30,179 | 6.58 | % |
Same Property Portfolio | Properties Acquired Portfolio | Properties Placed In-Service Portfolio | Properties in Development or Redevelopment Portfolio | Properties Sold Portfolio | Total Property Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Increase/ (Decrease) | % Change | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue (Excluding Termination Income) | $ | 678,399 | $ | 657,377 | $ | 21,022 | 3.20 | % | $ | 13,444 | $ | 495 | $ | 24,744 | $ | 1,752 | $ | — | $ | 1,366 | $ | 6,855 | $ | 18,754 | $ | 723,442 | $ | 679,744 | $ | 43,698 | 6.43 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination Income | 1,711 | 1,874 | (163) | (8.70) | % | 269 | — | — | — | — | — | — | — | 1,980 | 1,874 | 106 | 5.66 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 680,110 | 659,251 | 20,859 | 3.16 | % | 13,713 | 495 | 24,744 | 1,752 | — | 1,366 | 6,855 | 18,754 | 725,422 | 681,618 | 43,804 | 6.43 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking and Other | 26,511 | 22,972 | 3,539 | 15.41 | % | 937 | — | — | — | — | — | 199 | 283 | 27,647 | 23,255 | 4,392 | 18.89 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 706,621 | 682,223 | 24,398 | 3.58 | % | 14,650 | 495 | 24,744 | 1,752 | — | 1,366 | 7,054 | 19,037 | 753,069 | 704,873 | 48,196 | 6.84 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 262,076 | 244,283 | 17,793 | 7.28 | % | 3,894 | 334 | 5,947 | 1,162 | 501 | 560 | 2,260 | 5,897 | 274,678 | 252,236 | 22,442 | 8.90 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss), Excluding Residential and Hotel | 444,545 | 437,940 | 6,605 | 1.51 | % | 10,756 | 161 | 18,797 | 590 | (501) | 806 | 4,794 | 13,140 | 478,391 | 452,637 | 25,754 | 5.69 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (2) | 7,316 | 4,849 | 2,467 | 50.88 | % | — | — | — | — | — | — | — | — | 7,316 | 4,849 | 2,467 | 50.88 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Income (2) | 3,201 | 1,243 | 1,958 | 157.52 | % | — | — | — | — | — | — | — | — | 3,201 | 1,243 | 1,958 | 157.52 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss) | $ | 455,062 | $ | 444,032 | $ | 11,030 | 2.48 | % | $ | 10,756 | $ | 161 | $ | 18,797 | $ | 590 | $ | (501) | $ | 806 | $ | 4,794 | $ | 13,140 | $ | 488,908 | $ | 458,729 | $ | 30,179 | 6.58 | % |
Square Feet | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date acquired | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shady Grove Innovation District | August 2, 2021 | 232,278 | $ | 735 | $ | 495 | $ | 240 | $ | 561 | $ | 334 | $ | 227 | ||||||||||||||||||||||||||||||||||||
Madison Centre (1) | May 17, 2022 | 754,988 | 12,293 | — | 12,293 | 3,125 | — | 3,125 | ||||||||||||||||||||||||||||||||||||||||||
125 Broadway | September 16, 2022 | 271,000 | 1,622 | — | 1,622 | 208 | — | 208 | ||||||||||||||||||||||||||||||||||||||||||
1,258,266 | $ | 14,650 | $ | 495 | $ | 14,155 | $ | 3,894 | $ | 334 | $ | 3,560 |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Square Feet | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 West Street (1) | Fourth Quarter, 2020 | Fourth Quarter, 2021 | 273,365 | $ | 4,767 | $ | 1,752 | $ | 3,015 | $ | 1,633 | $ | 932 | $ | 701 | |||||||||||||||||||||||||||||||||||||||||
Reston Next | Fourth Quarter, 2021 | N/A | 1,062,000 | 9,051 | — | 9,051 | 2,830 | — | 2,830 | |||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street (2) | Second Quarter, 2022 | Second Quarter, 2022 | 414,008 | 10,082 | — | 10,082 | 820 | 169 | 651 | |||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | Second Quarter, 2022 | N/A | 480,000 | 160 | — | 160 | 288 | — | 288 | |||||||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (3) | Third Quarter, 2022 | N/A | 244,000 | 684 | — | 684 | 376 | 61 | 315 | |||||||||||||||||||||||||||||||||||||||||||||||
2,473,373 | $ | 24,744 | $ | 1,752 | $ | 22,992 | $ | 5,947 | $ | 1,162 | $ | 4,785 |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Commenced Development / Redevelopment | Square Feet | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
140 Kendrick - Building A | July 1, 2022 | 104,000 | $ | — | $ | 1,119 | $ | (1,119) | $ | 321 | $ | 310 | $ | 11 | ||||||||||||||||||||||||||||||||||||
760 Boylston Street | September 12, 2022 | 118,000 | — | 247 | (247) | 180 | 250 | (70) | ||||||||||||||||||||||||||||||||||||||||||
222,000 | $ | — | $ | 1,366 | $ | (1,366) | $ | 501 | $ | 560 | $ | (59) |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Sold | Property Type | Square Feet | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
181, 191 and 201 Spring Street | October 25, 2021 | Office | 333,000 | $ | — | $ | 4,019 | $ | (4,019) | $ | — | $ | 1,368 | $ | (1,368) | |||||||||||||||||||||||||||||||||||||||||
195 West Street | March 31, 2022 | Office | 63,500 | — | 727 | (727) | — | 189 | (189) | |||||||||||||||||||||||||||||||||||||||||||||||
Virginia 95 Office Park | June 15, 2022 | Office/Flex | 733,421 | — | 3,397 | (3,397) | — | 925 | (925) | |||||||||||||||||||||||||||||||||||||||||||||||
601 Massachusetts Avenue | August 30, 2022 | Office | 478,667 | 7,054 | 10,894 | (3,840) | 2,260 | 3,415 | (1,155) | |||||||||||||||||||||||||||||||||||||||||||||||
1,608,588 | $ | 7,054 | $ | 19,037 | $ | (11,983) | $ | 2,260 | $ | 5,897 | $ | (3,637) |
Average Monthly Rental Rate (1) | Average Rental Rate Per Occupied Square Foot | Average Physical Occupancy (2) | Average Economic Occupancy (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Name | 2022 | 2021 | Change (%) | 2022 | 2021 | Change (%) | 2022 | 2021 | Change (%) | 2022 | 2021 | Change (%) | ||||||||||||||||||||||||||||||||||||||
Proto Kendall Square | $ | 2,895 | $ | 2,642 | 9.6 | % | $ | 5.32 | $ | 4.82 | 10.4 | % | 95.6 | % | 94.5 | % | 1.2 | % | 94.9 | % | 93.9 | % | 1.1 | % | ||||||||||||||||||||||||||
The Lofts at Atlantic Wharf | $ | 4,238 | $ | 3,747 | 13.1 | % | $ | 4.71 | $ | 4.17 | 12.9 | % | 99.6 | % | 96.5 | % | 3.2 | % | 99.3 | % | 95.4 | % | 4.1 | % | ||||||||||||||||||||||||||
The Avant at Reston Town Center (4) | $ | 2,450 | $ | 2,299 | 6.6 | % | $ | 2.67 | $ | 2.50 | 6.8 | % | 95.4 | % | 96.3 | % | (0.9) | % | 95.3 | % | 96.3 | % | (1.0) | % | ||||||||||||||||||||||||||
Signature at Reston | $ | 2,671 | $ | 2,429 | 10.0 | % | $ | 2.75 | $ | 2.51 | 9.6 | % | 96.3 | % | 93.2 | % | 3.3 | % | 95.9 | % | 92.0 | % | 4.2 | % | ||||||||||||||||||||||||||
The Skylyne | $ | 3,400 | $ | 3,307 | 2.8 | % | $ | 4.27 | $ | 3.92 | 8.9 | % | 92.8 | % | 48.3 | % | 92.1 | % | 90.2 | % | 41.0 | % | 120.0 | % |
2022 | 2021 | Change (%) | ||||||||||||||||||
Occupancy | 75.8 | % | 49.4 | % | 53.4 | % | ||||||||||||||
Average daily rate | $ | 328.40 | $ | 222.31 | 47.7 | % | ||||||||||||||
REVPAR | $ | 249.06 | $ | 109.86 | 126.7 | % |
Portfolio | Depreciation and Amortization for the three months ended September 30, | |||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 169,996 | $ | 174,548 | $ | (4,552) | ||||||||||||||
Properties Acquired Portfolio | 10,399 | 737 | 9,662 | |||||||||||||||||
Properties Placed In-Service Portfolio | 7,980 | 379 | 7,601 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio | 1,076 | 277 | 799 | |||||||||||||||||
Properties Sold Portfolio | 1,224 | 3,471 | (2,247) | |||||||||||||||||
$ | 190,675 | $ | 179,412 | $ | 11,263 |
Portfolio | Depreciation and Amortization for the three months ended September 30, | |||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 168,290 | $ | 172,813 | $ | (4,523) | ||||||||||||||
Properties Acquired Portfolio | 10,399 | 737 | 9,662 | |||||||||||||||||
Properties Placed In-Service Portfolio | 7,980 | 379 | 7,601 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio | 1,076 | 277 | 799 | |||||||||||||||||
Properties Sold Portfolio | 1,224 | 3,471 | (2,247) | |||||||||||||||||
$ | 188,969 | $ | 177,677 | $ | 11,292 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
601 Massachusetts Avenue | August 30, 2022 | Office | 478,667 | $ | 531.0 | $ | 512.3 | $ | 237.4 | ||||||||||||||||||||||||||||||||
Broadrun Land Parcel | September 15, 2022 | Land | N/A | 27.0 | 25.6 | 24.4 | |||||||||||||||||||||||||||||||||||
$ | 558.0 | $ | 537.9 | $ | 261.8 | (1) | |||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 0.3 | (2) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 0.3 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
601 Massachusetts Avenue | August 30, 2022 | Office | 478,667 | $ | 531 | $ | 512.3 | $ | 237.5 | ||||||||||||||||||||||||||||||||
Broadrun Land Parcel | September 15, 2022 | Land | N/A | 27.0 | 25.6 | 24.4 | |||||||||||||||||||||||||||||||||||
$ | 558.0 | $ | 537.9 | $ | 261.9 | (1) | |||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 0.3 | (2) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 0.3 |
Component | Change in interest expense for the three months ended September 30, 2022 compared to September 30, 2021 | |||||||
(in thousands) | ||||||||
Increases to interest expense due to: | ||||||||
Increase in interest associated with unsecured credit facilities and term loans | $ | 7,401 | ||||||
Issuance of $850 million in aggregate principal of 2.450% senior notes due 2033 on September 29, 2021 | 5,097 | |||||||
Decrease in capitalized interest related to development projects | 1,880 | |||||||
Amortization expense of financing fees primarily related to unsecured term loan | 1,407 | |||||||
Total increases to interest expense | 15,785 | |||||||
Decreases to interest expense due to: | ||||||||
Redemption of $1.0 billion in aggregate principal of 3.85% senior notes due 2023 on October 15, 2021 | (9,684) | |||||||
Other interest expense (excluding senior notes) | (49) | |||||||
Total decreases to interest expense | (9,733) | |||||||
Total change in interest expense | $ | 6,052 |
Property | Noncontrolling Interests in Property Partnerships for the three months ended September 30, | |||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | $ | 3,289 | $ | 3,406 | $ | (117) | ||||||||||||||
Times Square Tower | 4,911 | 4,995 | (84) | |||||||||||||||||
601 Lexington Avenue (1) | 3,630 | 4,436 | (806) | |||||||||||||||||
100 Federal Street | 3,393 | 3,421 | (28) | |||||||||||||||||
Atlantic Wharf Office Building (2) | 3,578 | 2,713 | 865 | |||||||||||||||||
$ | 18,801 | $ | 18,971 | $ | (170) |
Financings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Properties | Estimated Stabilization Date | Location | # of Buildings | Estimated Square Feet | Investment to Date (1)(2)(3) | Estimated Total Investment (1)(2) | Total Available (1) | Outstanding at September 30, 2022 (1) | Estimated Future Equity Requirement (1)(2)(4) | Percentage Leased (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
140 Kendrick - Building A (Redevelopment) | Third Quarter, 2023 | Needham, MA | 1 | 104,000 | $ | 4,163 | $ | 26,600 | $ | — | $ | — | $ | 22,437 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next | Fourth Quarter, 2023 | Reston, VA | 2 | 1,062,000 | 560,445 | 715,300 | — | — | 154,855 | 87 | % | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | Third Quarter, 2024 | Washington, DC | 1 | 480,000 | 301,118 | 356,100 | — | — | 54,982 | 61 | % | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
360 Park Avenue South (42% ownership) | First Quarter, 2025 | New York, NY | 1 | 450,000 | 200,474 | 219,000 | 92,774 | 87,299 | 13,051 | — | % | (8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next Office Phase II | Second Quarter, 2025 | Reston, VA | 1 | 90,000 | 15,321 | 61,000 | — | — | 45,679 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Platform 16 Building A (55% ownership) | Fourth Quarter, 2026 | San Jose, CA | 1 | 389,500 | 78,343 | 231,900 | — | — | 153,557 | — | % | (9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Office Properties under Construction | 7 | 2,575,500 | 1,159,864 | 1,609,900 | 92,774 | 87,299 | 444,561 | 51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laboratory/Life Sciences | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (Redevelopment) | First Quarter, 2023 | Waltham, MA | 1 | 244,000 | 100,112 | 108,000 | — | — | 7,888 | 97 | % | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
751 Gateway (49% ownership) | Second Quarter, 2024 | South San Francisco, CA | 1 | 231,000 | 81,235 | 127,600 | — | — | 46,365 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
103 CityPoint | Third Quarter, 2024 | Waltham, MA | 1 | 113,000 | 33,288 | 115,100 | — | — | 81,812 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
180 CityPoint | Fourth Quarter, 2024 | Waltham, MA | 1 | 329,000 | 119,190 | 274,700 | — | — | 155,510 | 43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
651 Gateway (50% ownership) (Redevelopment) | Fourth Quarter, 2025 | South San Francisco, CA | 1 | 327,000 | 33,738 | 146,500 | — | — | 112,762 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Laboratory/Life Sciences Properties under Construction | 5 | 1,244,000 | 367,563 | 771,900 | — | — | 404,337 | 49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next Residential (508 units) (20% ownership) | Second Quarter, 2026 | Reston, VA | 1 | 417,000 | 11,394 | 47,700 | 28,000 | 4,116 | 12,422 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Property under Construction | 1 | 417,000 | 11,394 | 47,700 | 28,000 | 4,116 | 12,422 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
760 Boylston Street (Redevelopment) | Second Quarter, 2024 | Boston, MA | 1 | 118,000 | 2,355 | 43,800 | — | — | 41,445 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Retail Property under Construction | 1 | 118,000 | 2,355 | 43,800 | — | — | 41,445 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
View Boston Observatory at The Prudential Center (Redevelopment) | N/A | Boston, MA | — | 59,000 | 136,896 | 182,300 | — | — | 45,404 | N/A | (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Properties under Construction | 14 | 4,413,500 | $ | 1,678,072 | $ | 2,655,600 | $ | 120,774 | $ | 91,415 | $ | 948,169 | 52 | % | (12) |
Nine months ended September 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
(in thousands) | |||||||||||||||||
Net cash provided by operating activities | $ | 912,403 | $ | 786,859 | $ | 125,544 | |||||||||||
Net cash used in investing activities | (1,313,220) | (998,368) | (314,852) | ||||||||||||||
Net cash provided by (used in) financing activities | 348,545 | (425,899) | 774,444 |
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Acquisitions of real estate (1) | $ | (1,320,273) | $ | (218,679) | |||||||
Construction in progress (2) | (384,083) | (381,104) | |||||||||
Building and other capital improvements | (112,755) | (103,840) | |||||||||
Tenant improvements | (139,986) | (218,878) | |||||||||
Proceeds from the sales of real estate (3) | 695,231 | — | |||||||||
Proceeds from assignment fee (4) | 6,624 | — | |||||||||
Capital contributions to unconsolidated joint ventures (5) | (109,643) | (95,462) | |||||||||
Capital distributions from unconsolidated joint ventures (6) | 36,622 | 122 | |||||||||
Proceeds from sale of investment in unconsolidated joint venture (7) | — | 17,789 | |||||||||
Proceeds from note receivable (8) | 10,000 | — | |||||||||
Investments in securities, net | 5,043 | 1,684 | |||||||||
Net cash used in investing activities | $ | (1,313,220) | $ | (998,368) |
September 30, 2022 | |||||||||||||||||||||||
Shares / Units Outstanding | Common Stock Equivalent | Equivalent Value (1) | |||||||||||||||||||||
Common Stock | 156,755 | 156,755 | $ | 11,751,922 | |||||||||||||||||||
Common Operating Partnership Units | 18,215 | 18,215 | 1,365,579 | (2) | |||||||||||||||||||
Total Equity | 174,970 | $ | 13,117,501 | ||||||||||||||||||||
Consolidated Debt | $ | 13,832,871 | |||||||||||||||||||||
Add: | |||||||||||||||||||||||
BXP’s share of unconsolidated joint venture debt (3) | 1,450,624 | ||||||||||||||||||||||
Subtract: | |||||||||||||||||||||||
Partners’ share of Consolidated Debt (4) | (1,357,896) | ||||||||||||||||||||||
BXP’s Share of Debt | $ | 13,925,599 | |||||||||||||||||||||
Consolidated Market Capitalization | $ | 26,950,372 | |||||||||||||||||||||
BXP’s Share of Market Capitalization | $ | 27,043,100 | |||||||||||||||||||||
Consolidated Debt/Consolidated Market Capitalization | 51.33 | % | |||||||||||||||||||||
BXP’s Share of Debt/BXP’s Share of Market Capitalization | 51.49 | % |
September 30, | |||||||||||
2022 | 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Debt Summary: | |||||||||||
Balance | |||||||||||
Fixed rate mortgage notes payable, net | $ | 3,271,157 | $ | 2,898,699 | |||||||
Unsecured senior notes, net | 9,491,714 | 10,479,651 | |||||||||
Unsecured line of credit | 340,000 | — | |||||||||
Unsecured term loan, net | 730,000 | — | |||||||||
Consolidated Debt | 13,832,871 | 13,378,350 | |||||||||
Add: | |||||||||||
BXP’s share of unconsolidated joint venture debt, net (1) | 1,450,624 | 1,289,582 | |||||||||
Subtract: | |||||||||||
Partners’ share of consolidated mortgage notes payable, net (2) | (1,357,896) | (1,190,479) | |||||||||
BXP’s Share of Debt | $ | 13,925,599 | $ | 13,477,453 | |||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Consolidated Debt Financing Statistics: | |||||||||||
Percent of total debt: | |||||||||||
Fixed rate | 92.26 | % | 100.00 | % | |||||||
Variable rate | 7.74 | % | — | % | |||||||
Total | 100.00 | % | 100.00 | % | |||||||
GAAP Weighted-average interest rate at end of period: | |||||||||||
Fixed rate | 3.43 | % | 3.57 | % | |||||||
Variable rate | 3.43 | % | — | % | |||||||
Total | 3.43 | % | 3.57 | % | |||||||
Coupon/Stated Weighted-average interest rate at end of period: | |||||||||||
Fixed rate | 3.32 | % | 3.47 | % | |||||||
Variable rate | 3.40 | % | — | % | |||||||
Total | 3.33 | % | 3.47 | % | |||||||
Weighted-average maturity at end of period (in years): | |||||||||||
Fixed rate | 5.9 | 5.9 | |||||||||
Variable rate | 1.6 | — | |||||||||
Total | 5.6 | 5.9 |
Coupon/Stated Rate | Effective Rate(1) | Principal Amount | Maturity Date(2) | |||||||||||||||||||||||
10.5 Year Unsecured Senior Notes | 3.125 | % | 3.279 | % | $ | 500,000 | September 1, 2023 | |||||||||||||||||||
10.5 Year Unsecured Senior Notes | 3.800 | % | 3.916 | % | 700,000 | February 1, 2024 | ||||||||||||||||||||
7 Year Unsecured Senior Notes | 3.200 | % | 3.350 | % | 850,000 | January 15, 2025 | ||||||||||||||||||||
10 Year Unsecured Senior Notes | 3.650 | % | 3.766 | % | 1,000,000 | February 1, 2026 | ||||||||||||||||||||
10 Year Unsecured Senior Notes | 2.750 | % | 3.495 | % | 1,000,000 | October 1, 2026 | ||||||||||||||||||||
10 Year Unsecured Senior Notes | 4.500 | % | 4.628 | % | 1,000,000 | December 1, 2028 | ||||||||||||||||||||
10 Year Unsecured Senior Notes | 3.400 | % | 3.505 | % | 850,000 | June 21, 2029 | ||||||||||||||||||||
10.5 Year Unsecured Senior Notes | 2.900 | % | 2.984 | % | 700,000 | March 15, 2030 | ||||||||||||||||||||
10.75 Year Unsecured Senior Notes | 3.250 | % | 3.343 | % | 1,250,000 | January 30, 2031 | ||||||||||||||||||||
11 Year Unsecured Senior Notes | 2.550 | % | 2.671 | % | 850,000 | April 1, 2032 | ||||||||||||||||||||
12 Year Unsecured Senior Notes | 2.450 | % | 2.524 | % | 850,000 | October 1, 2033 | ||||||||||||||||||||
Total principal | 9,550,000 | |||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Net unamortized discount | 14,391 | |||||||||||||||||||||||||
Deferred financing costs, net | 43,895 | |||||||||||||||||||||||||
Total | $ | 9,491,714 |
Properties | Stated Interest Rate | GAAP Interest Rate (1) | Stated Principal Amount | Deferred Financing Costs, Net | Carrying Amount | Carrying Amount (Partners’ Share) | Maturity Date | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Joint Ventures | ||||||||||||||||||||||||||||||||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | 3.43 | % | 3.64 | % | $ | 2,300,000 | $ | (16,363) | $ | 2,283,637 | $ | 913,512 | (2)(3)(4) | June 9, 2027 | ||||||||||||||||||||||||||||||||||||
601 Lexington Avenue | 2.79 | % | 2.93 | % | 1,000,000 | (12,480) | 987,520 | 444,384 | (2)(5) | January 9, 2032 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,300,000 | $ | (28,843) | $ | 3,271,157 | $ | 1,357,896 |
Properties | Nominal % Ownership | Stated Interest Rate | GAAP Interest Rate (1) | Stated Principal Amount | Deferred Financing Costs, Net | Carrying Amount | Carrying Amount (Our share) | Maturity Date | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Monica Business Park | 55.00 | % | 4.06 | % | 4.24 | % | $ | 300,000 | $ | (1,480) | $ | 298,520 | $ | 164,186 | (2)(3) | July 19, 2025 | ||||||||||||||||||||||||||||||||||||||||
Market Square North | 50.00 | % | 4.64 | % | 4.80 | % | 125,000 | (643) | 124,357 | 62,179 | (2)(4) | November 10, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
1265 Main Street | 50.00 | % | 3.77 | % | 3.84 | % | 35,811 | (257) | 35,554 | 17,777 | January 1, 2032 | |||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | 50.00 | % | 3.56 | % | 3.59 | % | 550,000 | (871) | 549,129 | 274,565 | (2) | August 9, 2027 | ||||||||||||||||||||||||||||||||||||||||||||
Dock 72 | 50.00 | % | 5.45 | % | 5.72 | % | 198,383 | (655) | 197,728 | 98,864 | (2)(5) | December 18, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
The Hub on Causeway - Podium | 50.00 | % | 4.78 | % | 4.94 | % | 174,329 | (269) | 174,060 | 87,030 | (2)(6) | September 6, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Hub50House | 50.00 | % | 4.43 | % | 4.51 | % | 185,000 | (1,325) | 183,675 | 91,837 | (2)(7) | June 17, 2032 | ||||||||||||||||||||||||||||||||||||||||||||
100 Causeway Street | 50.00 | % | 3.72 | % | 3.93 | % | 337,604 | (776) | 336,828 | 168,414 | (2)(8) | September 5, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) | 50.00 | % | 3.39 | % | 3.93 | % | 253,887 | (812) | 253,075 | 126,538 | (2)(9) | April 26, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
360 Park Avenue South | 42.21 | % | 4.87 | % | 5.33 | % | 207,030 | (2,208) | 204,823 | 86,456 | (2)(10) | December 14, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Safeco Plaza | 33.67 | % | 4.41 | % | 4.55 | % | 250,000 | (1,332) | 248,668 | 83,727 | (2)(11) | September 1, 2026 | ||||||||||||||||||||||||||||||||||||||||||||
500 North Capitol Street, NW | 30.00 | % | 4.15 | % | 4.20 | % | 105,000 | (39) | 104,961 | 31,488 | (2) | June 6, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
901 New York Avenue | 25.00 | % | 3.61 | % | 3.69 | % | 213,351 | (402) | 212,949 | 53,237 | January 5, 2025 | |||||||||||||||||||||||||||||||||||||||||||||
3 Hudson Boulevard | 25.00 | % | 5.80 | % | 5.88 | % | 80,000 | (48) | 79,952 | 19,988 | (2)(12) | July 13, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Metropolitan Square | 20.00 | % | 5.12 | % | 5.90 | % | 420,000 | (4,973) | 415,027 | 83,005 | (2)(13) | April 9, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Reston Next Residential | 20.00 | % | 4.75 | % | 5.06 | % | 8,231 | (1,566) | 6,666 | 1,333 | (2)(14) | May 13, 2026 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,443,626 | $ | (17,656) | $ | 3,425,972 | $ | 1,450,624 |
Three months ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties, Inc. | $ | 360,977 | $ | 108,297 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 40,883 | 11,982 | ||||||||||||
Noncontrolling interests in property partnerships | 18,801 | 18,971 | ||||||||||||
Net income | 420,661 | 139,250 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 190,675 | 179,412 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,706) | (16,773) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 21,485 | 17,803 | ||||||||||||
Corporate-related depreciation and amortization | (431) | (443) | ||||||||||||
Less: | ||||||||||||||
Gains on sales of real estate | 262,345 | 348 | ||||||||||||
Noncontrolling interests in property partnerships | 18,801 | 18,971 | ||||||||||||
Funds from Operations (FFO) attributable to the Operating Partnership | 333,538 | 299,930 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations | 33,787 | 29,453 | ||||||||||||
Funds from Operations attributable to Boston Properties, Inc. | $ | 299,751 | $ | 270,477 | ||||||||||
Our percentage share of Funds from Operations—basic | 89.87 | % | 90.18 | % | ||||||||||
Weighted average shares outstanding—basic | 156,754 | 156,183 |
Three months ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Basic Funds from Operations | $ | 333,538 | 174,416 | $ | 299,930 | 173,194 | ||||||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||||||
Stock based compensation | — | 379 | — | 415 | ||||||||||||||||||||||
Diluted Funds from Operations | $ | 333,538 | 174,795 | $ | 299,930 | 173,609 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of diluted Funds from Operations | 33,687 | 17,662 | 29,393 | 17,011 | ||||||||||||||||||||||
Diluted Funds from Operations attributable to Boston Properties, Inc. (1) | $ | 299,851 | 157,133 | $ | 270,537 | 156,598 |
Three months ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 403,578 | $ | 122,014 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interests in property partnerships | 18,801 | 18,971 | ||||||||||||
Net income | 422,379 | 140,985 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 188,969 | 177,677 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,706) | (16,773) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 21,485 | 17,803 | ||||||||||||
Corporate-related depreciation and amortization | (431) | (443) | ||||||||||||
Less: | ||||||||||||||
Gains on sales of real estate | 262,357 | 348 | ||||||||||||
Noncontrolling interests in property partnerships | 18,801 | 18,971 | ||||||||||||
Funds from Operations attributable to Boston Properties Limited Partnership (1) | $ | 333,538 | $ | 299,930 | ||||||||||
Weighted average shares outstanding—basic | 174,416 | 173,194 |
Three months ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Basic Funds from Operations | $ | 333,538 | 174,416 | $ | 299,930 | 173,194 | ||||||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||||||
Stock based compensation | — | 379 | — | 415 | ||||||||||||||||||||||
Diluted Funds from Operations | $ | 333,538 | 174,795 | $ | 299,930 | 173,609 |
2022 | 2023 | 2024 | 2025 | 2026 | 2027+ | Total | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Mortgage debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | (1,208) | $ | (4,840) | $ | (4,840) | $ | (4,840) | $ | (4,840) | $ | 3,291,725 | $ | 3,271,157 | $ | 2,788,779 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | — | % | — | % | — | % | — | % | — | % | 3.42 | % | 3.42 | % | |||||||||||||||||||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Unsecured debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | (2,690) | $ | 489,402 | $ | 690,581 | $ | 841,850 | $ | 1,993,259 | $ | 5,479,312 | $ | 9,491,714 | $ | 8,261,816 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | — | % | 3.28 | % | 3.92 | % | 3.35 | % | 3.63 | % | 3.33 | % | 3.43 | % | |||||||||||||||||||||||||||||||||
Variable Rate | — | 730,000 | — | — | 340,000 | — | 1,070,000 | 1,068,247 | |||||||||||||||||||||||||||||||||||||||
Total Debt | $ | (3,898) | $ | 1,214,562 | $ | 685,741 | $ | 837,010 | $ | 2,328,419 | $ | 8,771,037 | $ | 13,832,871 | $ | 12,118,842 |
Period | (a) Total Number of Shares of Common Stock Purchased | (b) Average Price Paid per Common Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased | |||||||||||||||||||||||||
July 1, 2022 – July 31, 2022 | 1,346 | (1) | $ | 27.10 | N/A | N/A | |||||||||||||||||||||||
August 1, 2022 – August 31, 2022 | 873 | (2) | $ | 0.01 | N/A | N/A | |||||||||||||||||||||||
September 1, 2022 – September 30, 2022 | 4,731 | (3) | $ | 82.87 | N/A | N/A | |||||||||||||||||||||||
Total | 6,950 | $ | 61.66 | N/A | N/A |
Period | (a) Total Number of Units Purchased | (b) Average Price Paid per Unit | (c) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Units that May Yet be Purchased | |||||||||||||
July 1, 2022 – July 31, 2022 | 3,001 | (1)(3) | $ | 12.29 | N/A | N/A | |||||||||||
August 1, 2022 – August 31, 2022 | 1,175 | (2)(3) | $ | 0.07 | N/A | N/A | |||||||||||
September 1, 2022 – September 30, 2022 | 4,731 | (4) | $ | 82.87 | N/A | N/A | |||||||||||
Total | 8,907 | $ | 48.17 | N/A | N/A |
31.1 | — | |||||||
31.2 | — | |||||||
31.3 | — | |||||||
31.4 | — | |||||||
32.1 | — | |||||||
32.2 | — | |||||||
32.3 | — | |||||||
32.4 | — | |||||||
101.SCH | — | Inline XBRL Taxonomy Extension Schema Document. (Filed herewith.) | ||||||
101.CAL | — | Inline XBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.) | ||||||
101.LAB | — | Inline XBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.) | ||||||
101.PRE | — | Inline XBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.) | ||||||
101.DEF | — | Inline XBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.) | ||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101*.). (Filed herewith.) | ||||||
BOSTON PROPERTIES, INC. | ||||||||
November 4, 2022 | /s/ MICHAEL R. WALSH | |||||||
Michael R. Walsh | ||||||||
Chief Accounting Officer (duly authorized officer and principal accounting officer) |
BOSTON PROPERTIES LIMITED PARTNERSHIP | ||||||||
By: Boston Properties, Inc., its General Partner | ||||||||
November 4, 2022 | /s/ MICHAEL R. WALSH | |||||||
Michael R. Walsh | ||||||||
Chief Accounting Officer (duly authorized officer and principal accounting officer) |
/s/ OWEN D. THOMAS | ||
Owen D. Thomas | ||
Chief Executive Officer |
/s/ MICHAEL E. LABELLE | ||
Michael E. LaBelle | ||
Chief Financial Officer |
/s/ OWEN D. THOMAS | ||
Owen D. Thomas Chief Executive Officer of Boston Properties, Inc. General Partner of Boston Properties Limited Partnership |
/s/ MICHAEL E. LABELLE | ||
Michael E. LaBelle Chief Financial Officer of Boston Properties, Inc. General Partner of Boston Properties Limited Partnership |
/s/ OWEN D. THOMAS | ||
Owen D. Thomas | ||
Chief Executive Officer |
/s/ MICHAEL E. LABELLE | ||
Michael E. LaBelle | ||
Chief Financial Officer |
/s/ OWEN D. THOMAS | ||
Owen D. Thomas Chief Executive Officer of Boston Properties, Inc. General Partner of Boston Properties Limited Partnership |
/s/ MICHAEL E. LABELLE | ||
Michael E. LaBelle Chief Financial Officer of Boston Properties, Inc. General Partner of Boston Properties Limited Partnership |
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||||
Net income | $ 420,661 | $ 139,250 | $ 864,861 | $ 408,647 | ||||
Other comprehensive income : | ||||||||
Effective portion of interest rate contracts | 10,800 | 1,088 | 18,400 | 5,482 | ||||
Amortization of interest rate contracts | [1] | 1,677 | 1,676 | 5,030 | 5,028 | |||
Other comprehensive income | 12,477 | 2,764 | 23,430 | 10,510 | ||||
Comprehensive Income | 433,138 | 142,014 | 888,291 | 419,157 | ||||
Net income attributable to noncontrolling interests | (59,684) | (30,953) | (137,717) | (87,995) | ||||
Other comprehensive income attributable to noncontrolling interests | (1,390) | (401) | (2,757) | (1,423) | ||||
Comprehensive income attributable to the Company | 372,064 | 110,660 | 747,817 | 329,739 | ||||
Boston Properties Limited Partnership | ||||||||
Net income | 422,379 | 140,985 | 874,091 | 415,207 | ||||
Other comprehensive income : | ||||||||
Effective portion of interest rate contracts | 10,800 | 1,088 | 18,400 | 5,482 | ||||
Amortization of interest rate contracts | [2] | 1,677 | 1,676 | 5,030 | 5,028 | |||
Other comprehensive income | 12,477 | 2,764 | 23,430 | 10,510 | ||||
Comprehensive Income | 434,856 | 143,749 | 897,521 | 425,717 | ||||
Net income attributable to noncontrolling interests | (18,945) | (19,115) | (55,328) | (53,034) | ||||
Comprehensive income attributable to the Company | $ 415,911 | $ 124,634 | $ 842,193 | $ 372,683 | ||||
|
Consolidated Statements Of Equity - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-In Capital [Member] |
Dividends In Excess Of Earnings [Member] |
Treasury Stock, at cost [Member] |
Accumulated Other Comprehensive Loss [Member] |
Noncontrolling Interests [Member] |
Noncontrolling interest - property partnerships [Member] |
---|---|---|---|---|---|---|---|---|---|
Equity, shares at Dec. 31, 2020 | 155,719,000 | ||||||||
Equity, value at Dec. 31, 2020 | $ 8,339,612 | $ 1,557 | $ 200,000 | $ 6,356,791 | $ (509,653) | $ (2,722) | $ (49,890) | $ 616,596 | $ 1,726,933 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemption of operating partnership units to common stock, shares | 227,000 | ||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 2 | 8,031 | (8,033) | |||||
Allocated net income for the period | 408,647 | 320,652 | 35,393 | 52,602 | |||||
Dividends declared | (513,351) | (461,608) | (51,743) | ||||||
Shares issued pursuant to stock purchase plan, shares | 9,000 | ||||||||
Shares issued pursuant to stock purchase plan, value | 1,004 | 1,004 | |||||||
Net activity from stock option and incentive plan, shares | 251,000 | ||||||||
Net activity from stock option and incentive plan, value | 60,228 | $ 3 | 20,893 | 39,332 | |||||
Preferred Stock, Redeemed | (193,623) | (200,000) | 6,377 | ||||||
Preferred Stock Redemption Charge | (6,412) | (6,412) | |||||||
Contributions from noncontrolling interests in property partnerships | 13,738 | 13,738 | |||||||
Distributions to noncontrolling interests in property partnerships | (65,604) | (65,604) | |||||||
Effective portion of interest rate contracts | 5,482 | 4,943 | 539 | ||||||
Amortization of interest rate contracts | 5,028 | 4,144 | 452 | 432 | |||||
Reallocation of noncontrolling interest | $ 0 | 22,706 | (22,706) | ||||||
Equity, shares at Sep. 30, 2021 | 156,206,000 | 156,206,000 | |||||||
Equity, value at Sep. 30, 2021 | $ 8,054,749 | $ 1,562 | 0 | 6,415,802 | (657,021) | (2,722) | (40,803) | 609,830 | 1,728,101 |
Equity, shares at Jun. 30, 2021 | 156,136,000 | ||||||||
Equity, value at Jun. 30, 2021 | 8,089,993 | $ 1,561 | 6,405,916 | (612,247) | (2,722) | (43,166) | 615,308 | 1,725,343 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemption of operating partnership units to common stock, shares | 50,000 | ||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 1 | 1,747 | (1,748) | |||||
Allocated net income for the period | 139,250 | 108,308 | 11,971 | 18,971 | |||||
Dividends declared | (170,285) | (153,082) | (17,203) | ||||||
Shares issued pursuant to stock purchase plan, shares | 4,000 | ||||||||
Shares issued pursuant to stock purchase plan, value | 520 | 520 | |||||||
Net activity from stock option and incentive plan, shares | 16,000 | ||||||||
Net activity from stock option and incentive plan, value | 8,864 | $ 0 | 1,185 | 7,679 | |||||
Preferred Stock Redemption Charge | 0 | ||||||||
Contributions from noncontrolling interests in property partnerships | 11,318 | 11,318 | |||||||
Distributions to noncontrolling interests in property partnerships | (27,675) | (27,675) | |||||||
Effective portion of interest rate contracts | 1,088 | 981 | 107 | ||||||
Amortization of interest rate contracts | 1,676 | 1,382 | 150 | 144 | |||||
Reallocation of noncontrolling interest | $ 0 | 6,434 | (6,434) | ||||||
Equity, shares at Sep. 30, 2021 | 156,206,000 | 156,206,000 | |||||||
Equity, value at Sep. 30, 2021 | $ 8,054,749 | $ 1,562 | 0 | 6,415,802 | (657,021) | (2,722) | (40,803) | 609,830 | 1,728,101 |
Equity, shares at Dec. 31, 2021 | 156,544,849 | 156,545,000 | |||||||
Equity, value at Dec. 31, 2021 | $ 8,033,228 | $ 1,565 | 0 | 6,497,730 | (625,891) | (2,722) | (36,662) | 642,655 | 1,556,553 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemption of operating partnership units to common stock, shares | 178,000 | ||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 3 | 6,385 | (6,388) | |||||
Allocated net income for the period | 864,861 | 727,144 | 82,821 | 54,896 | |||||
Dividends declared | (514,578) | (460,789) | (53,789) | ||||||
Shares issued pursuant to stock purchase plan, shares | 10,000 | ||||||||
Shares issued pursuant to stock purchase plan, value | 1,036 | 1,036 | |||||||
Net activity from stock option and incentive plan, shares | 22,000 | ||||||||
Net activity from stock option and incentive plan, value | 45,474 | 5,935 | 39,539 | ||||||
Preferred Stock Redemption Charge | 0 | ||||||||
Contributions from noncontrolling interests in property partnerships | 849 | 849 | |||||||
Distributions to noncontrolling interests in property partnerships | (61,229) | (61,229) | |||||||
Effective portion of interest rate contracts | 18,400 | 16,540 | 1,860 | ||||||
Amortization of interest rate contracts | 5,030 | 4,131 | 467 | 432 | |||||
Reallocation of noncontrolling interest | $ 0 | 21,213 | (21,213) | ||||||
Equity, shares at Sep. 30, 2022 | 156,754,712 | 156,755,000 | |||||||
Equity, value at Sep. 30, 2022 | $ 8,393,071 | $ 1,568 | 0 | 6,532,299 | (359,536) | (2,722) | (15,991) | 685,952 | 1,551,501 |
Equity, shares at Jun. 30, 2022 | 156,726,000 | ||||||||
Equity, value at Jun. 30, 2022 | 8,142,669 | $ 1,567 | 6,524,997 | (567,016) | (2,722) | (27,077) | 660,214 | 1,552,706 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemption of operating partnership units to common stock, shares | 26,000 | ||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 1 | 958 | (959) | |||||
Allocated net income for the period | 420,661 | 361,100 | 40,760 | 18,801 | |||||
Dividends declared | (171,550) | (153,620) | (17,930) | ||||||
Shares issued pursuant to stock purchase plan, shares | 5,000 | ||||||||
Shares issued pursuant to stock purchase plan, value | 436 | 436 | |||||||
Net activity from stock option and incentive plan, shares | (2,000) | ||||||||
Net activity from stock option and incentive plan, value | 8,528 | 1,648 | 6,880 | ||||||
Preferred Stock Redemption Charge | 0 | ||||||||
Contributions from noncontrolling interests in property partnerships | 0 | 0 | |||||||
Distributions to noncontrolling interests in property partnerships | (20,150) | (20,150) | |||||||
Effective portion of interest rate contracts | 10,800 | 9,709 | 1,091 | ||||||
Amortization of interest rate contracts | 1,677 | 1,377 | 156 | 144 | |||||
Reallocation of noncontrolling interest | $ 0 | 4,260 | (4,260) | ||||||
Equity, shares at Sep. 30, 2022 | 156,754,712 | 156,755,000 | |||||||
Equity, value at Sep. 30, 2022 | $ 8,393,071 | $ 1,568 | $ 0 | $ 6,532,299 | $ (359,536) | $ (2,722) | $ (15,991) | $ 685,952 | $ 1,551,501 |
Consolidated Statement of Capital and Noncontrolling Interests - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Common Stock, Shares, Outstanding | 156,754,712 | 156,206,000 | 156,754,712 | 156,206,000 | 156,544,849 | |||
Net activity from stock option and incentive plan, value | $ 8,528 | $ 8,864 | $ 45,474 | $ 60,228 | ||||
Preferred Stock Redemption Charge | 0 | 0 | 0 | (6,412) | ||||
Effective portion of interest rate contracts | 10,800 | 1,088 | 18,400 | 5,482 | ||||
Amortization of interest rate contracts | 1,677 | 1,676 | 5,030 | 5,028 | ||||
Contributions from noncontrolling interests in property partnerships | 0 | 11,318 | 849 | 13,738 | ||||
Distributions to noncontrolling interests in property partnerships | $ (20,150) | $ (27,675) | $ (61,229) | $ (65,604) | ||||
General Partner [Member] | ||||||||
Common Stock, Shares, Outstanding | 1,750,000 | 1,737,000 | 1,750,000 | 1,737,000 | 1,750,000 | 1,746,000 | 1,737,000 | 1,731,000 |
Net activity from contributions and unearned compensation | 0 | 1,000 | 4,000 | |||||
Conversion of redeemable partnership units | 3,000 | 2,000 | ||||||
Limited Partner [Member] | ||||||||
Common Stock, Shares, Outstanding | 155,005,000 | 154,470,000 | 155,005,000 | 154,470,000 | 154,977,000 | 154,799,000 | 154,399,000 | 153,988,000 |
Net activity from contributions and unearned compensation | 2,000 | 21,000 | 31,000 | 255,000 | ||||
Conversion of redeemable partnership units | 26,000 | 50,000 | 175,000 | 227,000 | ||||
Partners' Capital (General and Limited Partners)[Member] | ||||||||
Beginning Balance | $ 5,197,585 | $ 4,209,117 | $ 5,197,585 | $ 4,209,117 | $ 4,716,430 | $ 4,173,290 | $ 4,132,880 | $ 4,554,639 |
Net activity from contributions and unearned compensation, value | 2,082 | 1,705 | 6,967 | 21,900 | ||||
Allocated net income for the period | 362,818 | 110,043 | 736,374 | 324,652 | ||||
Distributions | (153,620) | (153,082) | (460,789) | (459,048) | ||||
Preferred Stock Redemption Charge | (6,412) | |||||||
Conversion of redeemable partnership units, value | 959 | 1,748 | 6,388 | 8,033 | ||||
Adjustment to reflect redeemable partnership units at redemption value | 268,916 | 115,823 | 735,355 | (234,647) | ||||
Preferred Units [Member] | ||||||||
Beginning Balance | 193,623 | |||||||
Allocated net income for the period | 2,560 | |||||||
Distributions | (2,560) | |||||||
Preferred Units [Member] | Boston Properties Limited Partnership | ||||||||
Beginning Balance | 0 | 0 | ||||||
Preferred Stock, Redemption Amount | (193,623) | (193,623) | ||||||
Accumulated Other Comprehensive Loss [Member] | ||||||||
Beginning Balance | (15,991) | (40,803) | (15,991) | (40,803) | (27,077) | (36,662) | (43,166) | (49,890) |
Effective portion of interest rate contracts | 9,709 | 981 | 16,540 | 4,943 | ||||
Amortization of interest rate contracts | 1,377 | 1,382 | 4,131 | 4,144 | ||||
Noncontrolling interest - property partnerships [Member] | ||||||||
Beginning Balance | 1,551,501 | 1,728,101 | 1,551,501 | 1,728,101 | 1,552,706 | 1,556,553 | 1,725,343 | 1,726,933 |
Allocated net income for the period | 18,801 | 18,971 | 54,896 | 52,602 | ||||
Amortization of interest rate contracts | 144 | 144 | 432 | 432 | ||||
Contributions from noncontrolling interests in property partnerships | 0 | 11,318 | 849 | 13,738 | ||||
Distributions to noncontrolling interests in property partnerships | (20,150) | (27,675) | (61,229) | (65,604) | ||||
Total Capital [Member] | ||||||||
Beginning Balance | 6,733,095 | 5,896,415 | 6,733,095 | 5,896,415 | 6,242,059 | 5,693,181 | 5,815,057 | 6,425,305 |
Net activity from contributions and unearned compensation, value | 2,082 | 1,705 | 6,967 | 21,900 | ||||
Allocated net income for the period | 381,619 | 129,014 | 791,270 | 379,814 | ||||
Distributions | (153,620) | (153,082) | (460,789) | (461,608) | ||||
Preferred Stock, Redemption Amount | (193,623) | (193,623) | ||||||
Preferred Stock Redemption Charge | (6,412) | |||||||
Conversion of redeemable partnership units, value | 959 | 1,748 | 6,388 | 8,033 | ||||
Adjustment to reflect redeemable partnership units at redemption value | 268,916 | 115,823 | 735,355 | (234,647) | ||||
Effective portion of interest rate contracts | 9,709 | 981 | 16,540 | 4,943 | ||||
Amortization of interest rate contracts | 1,521 | 1,526 | 4,563 | 4,576 | ||||
Contributions from noncontrolling interests in property partnerships | 11,318 | 849 | 13,738 | |||||
Distributions to noncontrolling interests in property partnerships | (20,150) | (27,675) | (61,229) | (65,604) | ||||
Noncontrolling interest - Redeemable partnership units [Member] | ||||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 1,407,762 | 1,893,611 | 1,407,762 | 1,893,611 | $ 1,646,678 | $ 2,078,603 | $ 2,008,478 | $ 1,643,024 |
Net activity from contributions and unearned compensation, value | 6,882 | 7,679 | 39,543 | 39,332 | ||||
Allocated net income for the period | 40,760 | 11,971 | 82,821 | 35,393 | ||||
Distributions | (17,930) | (17,203) | (53,789) | (51,743) | ||||
Conversion of redeemable partnership units, value | (959) | (1,748) | (6,388) | (8,033) | ||||
Adjustment to reflect redeemable partnership units at redemption value | (268,916) | (115,823) | (735,355) | 234,647 | ||||
Effective portion of interest rate contracts | 1,091 | 107 | 1,860 | 539 | ||||
Amortization of interest rate contracts | $ 156 | $ 150 | $ 467 | $ 452 |
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Net income | $ 864,861 | $ 408,647 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 551,445 | 539,815 |
Amortization of right of use assets - operating leases | 1,843 | 3,208 |
Non-cash compensation expense | 44,208 | 43,098 |
Loss from unconsolidated joint ventures | 1,389 | 1,745 |
Distributions of net cash flow from operations of unconsolidated joint ventures | 20,511 | 18,462 |
Losses (gains) from investments in securities | 8,549 | (3,744) |
Allowance for current expected credit losses | (476) | (758) |
Non-cash portion of interest expense | 19,704 | 17,584 |
Settlement of accreted debt discount on redemption of unsecured senior notes | 0 | (6,290) |
Loss from early extinguishment of debt | 0 | 898 |
Other Income - assignment fee | (6,624) | 0 |
Gains on sales of real estate | (381,293) | (8,104) |
Change in assets and liabilities: | ||
Tenant and other receivables, net | 4,133 | 13,738 |
Notes receivable, net | (152) | (419) |
Accrued rental income, net | (76,268) | (74,283) |
Prepaid expenses and other assets | (46,104) | (61,019) |
Operating Lease, Payments | 447 | (24,023) |
Accounts payable and accrued expenses | 3,167 | 26,097 |
Accrued interest payable | (2,900) | (18,237) |
Other liabilities | (35,490) | (51,938) |
Tenant leasing costs | (58,547) | (37,618) |
Total adjustments | 47,542 | 378,212 |
Net cash provided by operating activities | 912,403 | 786,859 |
Cash flows from investing activities: | ||
Acquisitions of real estate | (1,320,273) | (218,679) |
Construction in progress | (384,083) | (381,104) |
Building and other capital improvements | (112,755) | (103,840) |
Tenant improvements | (139,986) | (218,878) |
Proceeds from sales of real estate | 695,231 | 0 |
Proceeds from assignment fee | 6,624 | 0 |
Capital contributions to unconsolidated joint ventures | (109,643) | (95,462) |
Capital distributions from unconsolidated joint ventures | 36,622 | 122 |
Proceeds from note receivable | 10,000 | 0 |
Proceeds from sale of investment in unconsolidated joint venture | 0 | 17,789 |
Investments in securities, net | 5,043 | 1,684 |
Net cash used in investing activities | (1,313,220) | (998,368) |
Cash flows from financing activities: | ||
Repayments of mortgage notes payable | 0 | (13,261) |
Proceeds from unsecured senior notes | 0 | 1,695,996 |
Redemption of unsecured senior notes | 0 | (843,710) |
Borrowings on unsecured line of credit | 885,000 | 300,000 |
Repayments of unsecured line of credit | (690,000) | (300,000) |
Borrowings on unsecured term loan | 730,000 | 0 |
Repayments of unsecured term loan | 0 | (500,000) |
Redemption of preferred stock | 0 | (200,000) |
Payments on finance lease obligations | 0 | 1,250 |
Deferred financing costs | (2,230) | (20,770) |
Debt prepayment and extinguishment costs | 0 | (185) |
Net activity from equity transactions | (359) | 20,028 |
Dividends and distributions | (513,486) | (513,381) |
Contributions from noncontrolling interests in property partnerships | 849 | 13,738 |
Distributions to noncontrolling interests in property partnerships | (61,229) | (65,604) |
Net cash provided by (used in) financing activities | 348,545 | (425,899) |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | (52,272) | (637,408) |
Cash and cash equivalents and cash held in escrows, beginning of period | 501,158 | 1,719,329 |
Cash and cash equivalents and cash held in escrows, end of period | 448,886 | 1,081,921 |
Reconciliation of cash and cash equivalents and cash held in escrow | ||
Cash and cash equivalents, beginning of period | 452,692 | 1,668,742 |
Cash held in escrows, beginning of period | 48,466 | 50,587 |
Cash and cash equivalents, end of period | 375,774 | 1,002,728 |
Cash held in escrows,end of period | 73,112 | 79,193 |
Supplemental disclosures: | ||
Cash paid for interest | 339,067 | 358,015 |
Interest capitalized | 40,048 | 36,632 |
Non-cash investing and financing activities: | ||
Write-off of fully depreciated real estate | (95,996) | (159,108) |
Change in real estate included in accounts payable and accrued expenses | 29,290 | (22,104) |
Construction in progress, net deconsolidated | (11,316) | 0 |
Transfer to Investments | 11,316 | 0 |
Right-of-use assets obtained in exchange for operating lease liabilities | 0 | 26,887 |
Dividends and distributions declared but not paid | 170,952 | 169,739 |
Conversions of noncontrolling interests to stockholders’ equity | 6,388 | 8,033 |
Issuance of restricted securities to employees and non-employee directors | 48,605 | 44,257 |
Boston Properties Limited Partnership | ||
Net income | 874,091 | 415,207 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 546,271 | 533,255 |
Amortization of right of use assets - operating leases | 1,843 | 3,208 |
Non-cash compensation expense | 44,208 | 43,098 |
Loss from unconsolidated joint ventures | 1,389 | 1,745 |
Distributions of net cash flow from operations of unconsolidated joint ventures | 20,511 | 18,462 |
Losses (gains) from investments in securities | 8,549 | (3,744) |
Allowance for current expected credit losses | (476) | (758) |
Non-cash portion of interest expense | 19,704 | 17,584 |
Settlement of accreted debt discount on redemption of unsecured senior notes | 0 | (6,290) |
Loss from early extinguishment of debt | 0 | 898 |
Other Income - assignment fee | (6,624) | 0 |
Gains on sales of real estate | (385,349) | (8,104) |
Change in assets and liabilities: | ||
Tenant and other receivables, net | 4,133 | 13,738 |
Notes receivable, net | (152) | (419) |
Accrued rental income, net | (76,268) | (74,283) |
Prepaid expenses and other assets | (46,104) | (61,019) |
Operating Lease, Payments | 447 | (24,023) |
Accounts payable and accrued expenses | 3,167 | 26,097 |
Accrued interest payable | (2,900) | (18,237) |
Other liabilities | (35,490) | (51,938) |
Tenant leasing costs | (58,547) | (37,618) |
Total adjustments | 38,312 | 371,652 |
Net cash provided by operating activities | 912,403 | 786,859 |
Cash flows from investing activities: | ||
Acquisitions of real estate | (1,320,273) | (218,679) |
Construction in progress | (384,083) | (381,104) |
Building and other capital improvements | (112,755) | (103,840) |
Tenant improvements | (139,986) | (218,878) |
Proceeds from sales of real estate | 695,231 | 0 |
Proceeds from assignment fee | 6,624 | 0 |
Capital contributions to unconsolidated joint ventures | (109,643) | (95,462) |
Capital distributions from unconsolidated joint ventures | 36,622 | 122 |
Proceeds from note receivable | 10,000 | 0 |
Proceeds from sale of investment in unconsolidated joint venture | 0 | 17,789 |
Investments in securities, net | 5,043 | 1,684 |
Net cash used in investing activities | (1,313,220) | (998,368) |
Cash flows from financing activities: | ||
Repayments of mortgage notes payable | 0 | (13,261) |
Proceeds from unsecured senior notes | 0 | 1,695,996 |
Redemption of unsecured senior notes | 0 | (843,710) |
Borrowings on unsecured line of credit | 885,000 | 300,000 |
Repayments of unsecured line of credit | (690,000) | (300,000) |
Borrowings on unsecured term loan | 730,000 | 0 |
Repayments of unsecured term loan | 0 | (500,000) |
Redemption of preferred stock | 0 | (200,000) |
Payments on finance lease obligations | 0 | 1,250 |
Deferred financing costs | (2,230) | (20,770) |
Debt prepayment and extinguishment costs | 0 | (185) |
Net activity from equity transactions | (359) | 20,028 |
Dividends and distributions | (513,486) | (513,381) |
Contributions from noncontrolling interests in property partnerships | 849 | 13,738 |
Distributions to noncontrolling interests in property partnerships | (61,229) | (65,604) |
Net cash provided by (used in) financing activities | 348,545 | (425,899) |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | (52,272) | (637,408) |
Cash and cash equivalents and cash held in escrows, beginning of period | 501,158 | 1,719,329 |
Cash and cash equivalents and cash held in escrows, end of period | 448,886 | 1,081,921 |
Reconciliation of cash and cash equivalents and cash held in escrow | ||
Cash and cash equivalents, beginning of period | 452,692 | 1,668,742 |
Cash held in escrows, beginning of period | 48,466 | 50,587 |
Cash and cash equivalents, end of period | 375,774 | 1,002,728 |
Cash held in escrows,end of period | 73,112 | 79,193 |
Supplemental disclosures: | ||
Cash paid for interest | 339,067 | 358,015 |
Interest capitalized | 40,048 | 36,632 |
Non-cash investing and financing activities: | ||
Write-off of fully depreciated real estate | (95,996) | (157,794) |
Change in real estate included in accounts payable and accrued expenses | 29,290 | (22,104) |
Construction in progress, net deconsolidated | (11,316) | 0 |
Transfer to Investments | 11,316 | 0 |
Right-of-use assets obtained in exchange for operating lease liabilities | 0 | 26,887 |
Dividends and distributions declared but not paid | 170,952 | 169,739 |
Conversions of noncontrolling interests to stockholders’ equity | 6,388 | 8,033 |
Issuance of restricted securities to employees and non-employee directors | $ 48,605 | $ 44,257 |
Organization |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization BXP is a fully integrated, self-administered and self-managed REIT. BXP is the sole general partner of BPLP, its operating partnership, and at September 30, 2022 owned an approximate 89.6% (89.7% at December 31, 2021) general and limited partnership interest in BPLP. Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries. Partnership interests in BPLP include: •common units of partnership interest (also referred to as “OP Units”) and •long term incentive units of partnership interest (also referred to as “LTIP Units”). Unless specifically noted otherwise, all references to OP Units exclude units held by BXP. A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of BXP (“Common Stock”). In lieu of such cash redemption, BXP may elect to acquire the OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that BXP owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock. The Company uses LTIP Units as a form of time-based, restricted equity compensation and as a form of performance-based equity compensation for employees, and has previously granted LTIP Units in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013 - 2022 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance-based and time-based vesting conditions, is convertible into one OP Unit. The three-year measurement periods for the 2012 OPP Units and the 2013 - 2019 MYLTIP Units have ended and BXP’s total stockholder return (“TSR”) was sufficient for employees to earn and therefore become eligible to vest in a portion of the awards. Unless and until they are earned, the rights, preferences and privileges of the 2020 - 2022 MYLTIP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units and the 2013 - 2019 MYLTIP Units, which have been earned). Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2020 - 2022 MYLTIP Units. LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2019 MYLTIP Units), whether vested or not, will receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 8 and 12). Properties At September 30, 2022, the Company owned or had joint venture interests in a portfolio of 193 commercial real estate properties (the “Properties”) aggregating approximately 53.5 million net rentable square feet of primarily premier workplaces, including 14 properties under construction/redevelopment totaling approximately 4.4 million net rentable square feet. At September 30, 2022, the Properties consisted of: •173 office properties (including 12 properties under construction/redevelopment); •12 retail properties (including one property under redevelopment); •seven residential properties (including one property under construction); and •one hotel. The Company considers premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings and professionally managed and maintained. As such, these properties attract high-quality clients and command upper-tier rental rates.
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Summary Of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2021. The Company bases its estimates on historical experience and on various other assumptions that it considers to be reasonable under the circumstances, including the impact of extraordinary events such as the coronavirus (“COVID-19”) pandemic, the results of which form the basis for making significant judgments about the carrying values of assets and liabilities, assessments of future collectability, and other areas of the financial statements that are impacted by the use of estimates. Actual results may differ from these estimates under different assumptions or conditions. Variable Interest Entities (VIEs) Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that it is the primary beneficiary for six of the seven entities that are VIEs. Consolidated Variable Interest Entities As of September 30, 2022, BXP has identified six consolidated VIEs, including BPLP. Excluding BPLP, the VIEs consisted of the following five in-service properties: 767 Fifth Avenue (the General Motors Building), Times Square Tower, 601 Lexington Avenue, Atlantic Wharf Office Building and 100 Federal Street. The Company consolidates these VIEs because it is the primary beneficiary. The third parties’ interests in these consolidated entities (excluding BPLP’s interest) are reflected as noncontrolling interests in property partnerships in the accompanying consolidated financial statements (See Note 8). In addition, BXP’s only significant asset is its investment in BPLP and, consequently, substantially all of BXP’s assets and liabilities are the assets and liabilities of BPLP. Variable Interest Entities Not Consolidated The Company has determined that the Platform 16 Holdings LP joint venture is a VIE. The Company does not consolidate this entity as the Company does not have the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and, therefore, the Company is not considered to be the primary beneficiary. Fair Value of Financial Instruments The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized (as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”)).
_______________ (1)If trading value for the period is low, the valuation could be categorized as Level 2. Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates. The Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods. The following table presents the aggregate carrying value of the Company’s related party note receivable, net, notes receivable, net, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of September 30, 2022 and December 31, 2021 (in thousands):
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Real Estate |
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Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | 3. Real Estate BXP Real estate consisted of the following at September 30, 2022 and December 31, 2021 (in thousands):
_______________ (1)Includes pre-development costs. BPLP Real estate consisted of the following at September 30, 2022 and December 31, 2021 (in thousands):
_______________ (1)Includes pre-development costs. Acquisitions On May 17, 2022, the Company completed the acquisition of Madison Centre in Seattle, Washington for a net purchase price, including transaction costs, of approximately $724.3 million. The acquisition was completed using the proceeds from BPLP’s $730.0 million unsecured term loan (See Note 6). Madison Centre is an approximately 755,000 net rentable square foot, 37-story, LEED-Platinum certified, premier workplace. The following table summarizes the allocation of the purchase price, including transaction costs, of Madison Centre at the date of acquisition (in thousands):
The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles and the acquired above- and below-market lease intangibles for Madison Centre from May 17, 2022 through the remainder of 2022 and each of the five succeeding fiscal years (in thousands):
Madison Centre contributed approximately $18.8 million of revenue and approximately $1.3 million of net income to the Company for the period from May 17, 2022 through September 30, 2022. On September 16, 2022, the Company acquired 125 Broadway in Cambridge, Massachusetts for a net purchase price, including transaction costs, of approximately $592.4 million. The acquisition was completed with available cash and borrowings under BPLP’s unsecured credit facility. 125 Broadway is a 271,000 net rentable square foot, six-story, laboratory/life sciences property. The following table summarizes the allocation of the purchase price, including transaction costs, of 125 Broadway at the date of acquisition (in thousands):
The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles and the acquired below-market lease intangible for 125 Broadway from September 16, 2022 through the remainder of 2022 and each of the five succeeding fiscal years (in thousands):
125 Broadway contributed approximately $1.6 million of revenue and approximately $0.4 million of net income to the Company for the period from September 16, 2022 through September 30, 2022. Dispositions On March 31, 2022, the Company completed the sale of 195 West Street located in Waltham, Massachusetts for a gross sale price of $37.7 million. Net cash proceeds totaled approximately $35.4 million, resulting in a gain on sale of real estate totaling approximately $22.7 million for BXP and approximately $23.4 million for BPLP. 195 West Street is an approximately 63,500 net rentable square foot office property. 195 West Street contributed approximately $0.4 million of net income to the Company from January 1, 2022 through March 30, 2022 and contributed approximately $0.4 million and $0.2 million of net income to the Company for the three and nine months ended September 30, 2021, respectively. On April 19, 2021, the Company entered into an agreement to acquire 11251 Roger Bacon Drive in Reston, Virginia for an aggregate purchase price of approximately $5.6 million. On April 7, 2022, the Company executed an agreement to assign its right to acquire 11251 Roger Bacon Drive to a third party for an assignment fee of approximately $6.9 million. Net cash proceeds totaled approximately $6.6 million and is reflected as Other income - assignment fee in the Company's Consolidated Statements of Operations. 11251 Roger Bacon Drive is an approximately 65,000 square foot office building situated on approximately 2.6 acres. The property was 100% leased. On June 15, 2022, the Company completed the sale of its suburban Virginia 95 Office Park properties located in Springfield, Virginia for an aggregate gross sale price of $127.5 million. Net cash proceeds totaled approximately $121.9 million, resulting in a gain on sale of real estate totaling approximately $96.2 million for BXP and approximately $99.5 million for BPLP. Virginia 95 Office Park consists of eleven office/flex properties aggregating approximately 733,000 net rentable square feet. Virginia 95 Office Park contributed approximately $2.3 million of net income to the Company from January 1, 2022 through June 14, 2022 and contributed approximately $1.8 million and $5.9 million of net income to the Company for the three and nine months ended September 30, 2021, respectively. On August 30, 2022, the Company completed the sale of 601 Massachusetts Avenue located in Washington, DC for a gross sale price of $531.0 million. Net cash proceeds totaled approximately $512.3 million, resulting in a gain on sale of real estate of approximately $237.4 million for BXP and approximately $237.5 million for BPLP. 601 Massachusetts Avenue is an approximately 479,000 net rentable square foot premier workplace. 601 Massachusetts Avenue contributed approximately $3.6 million and $14.9 million of net income to the Company for the period from July 1, 2022 through August 29, 2022 and the period from January 1, 2022 through August 29, 2022, respectively, and contributed approximately $5.6 million and $16.7 million of net income to the Company for the three and nine months ended September 30, 2021, respectively. On September 15, 2022, the Company completed the sale of two parcels of land located in Loudoun County, Virginia for an aggregate gross sale price of $27.0 million. Net cash proceeds totaled approximately $25.6 million, resulting in a gain on sale of real estate totaling approximately $24.4 million for BXP and BPLP. Developments On April 27, 2022, the Company entered into a 15-year lease agreement with AstraZeneca for approximately 570,000 net rentable square feet at the Company’s 290 Binney Street future development project. 290 Binney Street is part of the initial phase of a future life sciences development project located in the heart of Kendall Square in Cambridge, Massachusetts. The full project will consist of two buildings aggregating approximately 1.1 million rentable square feet of life sciences space and an approximately 400,000 square foot residential building. The lease and commencement of construction are subject to various conditions, some of which are not within the Company’s control. There can be no assurance that the conditions will be satisfied or that the Company will commence the development on the terms and schedule currently contemplated or at all. On April 29, 2022, the Company partially placed in-service 2100 Pennsylvania Avenue, a premier workplace project with approximately 480,000 net rentable square feet located in Washington, DC. On May 13, 2022, the Company commenced the development of Reston Next Office Phase II, a premier workplace project located in Reston, Virginia. When completed, the building will consist of approximately 90,000 net rentable square feet. On June 29, 2022, the Company completed and fully placed in-service 325 Main Street, a premier workplace project with approximately 414,000 net rentable square feet located in Cambridge, Massachusetts. On July 1, 2022, the Company commenced the redevelopment of 140 Kendrick Street, a premier workplace that consists of three buildings aggregating approximately 388,000 net rentable square feet located in Needham, Massachusetts. The redevelopment is a repositioning of one building consisting of approximately 90,000 net rentable square feet into a net zero, carbon neutral premier workplace building, as defined by the LEED Zero Carbon Certification. When completed, the building will consist of approximately 104,000 net rentable square feet. On July 15, 2022, the Company partially placed in-service 880 Winter Street, an approximately 244,000 net rentable square foot laboratory/life sciences project located in Waltham, Massachusetts. On September 8, 2022, the Company terminated its existing lease agreement with its client at 300 Binney Street to facilitate the conversion and expansion of the property. 300 Binney Street is a premier workplace with approximately 195,000 net rentable square feet at Kendall Center in Cambridge, Massachusetts that will be redeveloped into approximately 240,000 net rentable square feet of laboratory/life sciences space. The commencement of construction is subject to various conditions. There can be no assurance that the Company will commence the redevelopment on the terms and schedule currently contemplated or at all. On September 12, 2022, the Company commenced the redevelopment of 760 Boylston Street, a retail project at the Prudential Center located in Boston, Massachusetts. The redevelopment is a modernization of the space consisting of approximately 118,000 net rentable square feet.
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Leases |
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Leases of Lessor Disclosure [Text Block] | 4. Leases The Company estimates the collectability of its accrued rent and accounts receivable balances related to lease revenue. When evaluating the collectability of these accrued rent and accounts receivable balances, management considers client creditworthiness, current economic trends, including the impact of the COVID-19 pandemic on clients’ businesses, and changes in clients’ payment patterns, on a lease-by-lease basis. During the nine months ended September 30, 2021, the Company wrote off approximately $1.3 million related to accrued rent, net balances and accounts receivable, net balances. There were no write-offs related to accrued rent, net balances and accounts receivable, net balances for the three months ended September 30, 2021. The write-offs were for clients, primarily in the retail sector, that either terminated their leases or for which the Company determined their accrued rent and/or accounts receivable balances were no longer probable of collection. During the nine months ended September 30, 2022, the Company determined it was probable of collecting substantially all of certain clients’ accrued rent and account receivable balances and, therefore, ceased recognizing revenue from such clients on a cash basis. As a result of returning these clients to accrual basis accounting, the Company reinstated approximately $1.5 million of accrued rent balances during the nine months ended September 30, 2022. There was no reinstatement of accrued rent balances during the three months ended September 30, 2022. For information related to write-offs of accrued rent, net balances and accounts receivable, net balances and reinstatements of accrued rent balances for the Company’s unconsolidated joint ventures, see Note 5. Lessor The following table summarizes the components of lease revenue recognized during the three and nine months ended September 30, 2022 and 2021 included within the Company's Consolidated Statements of Operations (in thousands):
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Investments in Unconsolidated Joint Ventures |
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Investments In Unconsolidated Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Unconsolidated Joint Ventures | 5. Investments in Unconsolidated Joint Ventures The investments in unconsolidated joint ventures consist of the following at September 30, 2022 and December 31, 2021:
_______________ (1)Investments with deficit balances aggregating approximately $67.0 million and $37.1 million at September 30, 2022 and December 31, 2021, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)The Company’s economic ownership has increased based on the achievement of certain return thresholds. At September 30, 2022 and December 31, 2021, the Company’s economic ownership was approximately 50%. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project in excess of 520,000 square feet and achieving certain project returns at stabilization. (5)This entity is a VIE (See Note 2). (6)On June 16, 2022, in accordance with the Gateway Commons joint venture agreement, 751 Gateway was segregated into a new single-purpose joint venture. (7)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (8)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. (9)The Company’s partner will fund required capital until its aggregate investment is approximately 80% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, the partners or the Company will be entitled to an additional promoted interest or payments. The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)At September 30, 2022 and December 31, 2021, this amount included right of use assets - finance leases totaling approximately $248.9 million. At September 30, 2022 and December 31, 2021, this amount included right of use assets - operating leases totaling approximately $21.4 million and $22.3 million, respectively. (2)At September 30, 2022 and December 31, 2021, this amount included lease liabilities - finance leases totaling approximately $383.0 million and $385.5 million, respectively. At September 30, 2022 and December 31, 2021, this amount included lease liabilities - operating leases totaling approximately $30.5 million and $30.4 million, respectively. (3)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows:
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (4)Investments with deficit balances aggregating approximately $67.0 million and $37.1 million at September 30, 2022 and December 31, 2021, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)Includes straight-line rent adjustments of approximately $9.6 million and $5.5 million for the three months ended September 30, 2022 and 2021, respectively, and approximately $54.9 million and $11.6 million for the nine months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022, reinstatement of accrued rent balances totaled approximately $2.5 million. (2)During the nine months ended September 30, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million. (3)Includes straight-line rent adjustments of approximately $0.1 million for each of the three months ended September 30, 2022 and 2021, and approximately $0.3 million and $0.7 million for the nine months ended September 30, 2022 and 2021, respectively. Also includes net above-/below-market rent adjustments of approximately $0.1 million for each of the three months ended September 30, 2022 and 2021, and approximately $0.3 million and $0.2 million for the nine months ended September 30, 2022 and 2021, respectively. On January 18, 2022, a joint venture in which the Company has a 50% interest commenced the redevelopment of 651 Gateway located in South San Francisco, California. 651 Gateway is a premier workplace that is being converted to approximately 327,000 net rentable square feet of life sciences space. On February 2, 2022, a joint venture in which the Company has a 55% interest commenced the development of the first phase of Platform 16, a premier workplace project located in San Jose, California, that is expected to contain approximately 1.1 million net rentable square feet upon completion. The first phase of the development projects includes the construction of an approximately 390,000 net rentable square foot premier workplace building and a below-grade parking garage. On March 28, 2022, a joint venture in which the Company has a 20% interest refinanced with a new lender the debt secured by its Metropolitan Square property located in Washington, DC. At the time of the refinancing, the loan had an outstanding balance of approximately $294.1 million, bore interest at a variable rate equal to (1) the greater of (x) LIBOR or (y) 0.65%, plus (2) 4.75% per annum and was scheduled to mature on July 7, 2022, with two, one-year extension options, subject to certain conditions. There was no prepayment penalty associated with the prepayment of the previous mortgage loan. The joint venture recognized a loss from early extinguishment of debt totaling approximately $1.3 million due to the write-off of unamortized deferred financing costs. In conjunction with the refinancing, the joint venture settled its interest rate cap agreement, entered into in 2020, to limit its exposure to increases in the LIBOR rate. The new mortgage and mezzanine loans have an aggregate principal balance of $420.0 million, bear interest at a weighted average variable rate equal to the Secured Overnight Financing Rate (“SOFR“) plus 2.75% per annum and mature on April 9, 2024, with three, one-year extension options, subject to certain conditions. The joint venture distributed excess loan proceeds from the new mortgage and mezzanine loans totaling approximately $100.5 million, of which the Company’s share totaled approximately $20.1 million. On September 1, 2022, the joint venture entered into an interest rate cap agreement that capped SOFR at 4.50% per annum on a notional amount of $420.0 million through April 15, 2024. Metropolitan Square is a premier workplace with approximately 657,000 net rentable square feet located in Washington, DC. On April 18, 2022, a joint venture in which the Company has a 50% ownership interest extended the maturity date of the construction loan collateralized by its Hub50House property to June 19, 2022. At the time of the extension, the outstanding balance of the loan totaled approximately $176.5 million, bore interest at a variable rate equal to LIBOR plus 2.00% per annum and was scheduled to mature on April 19, 2022. On June 17, 2022, the joint venture repaid the existing construction loan and obtained a new mortgage loan. The new mortgage loan has a principal balance of $185.0 million, bears interest at a variable rate equal to SOFR plus 1.35% per annum and matures on June 17, 2032. At closing, the joint venture entered into interest rate swap contracts with notional amounts aggregating $185.0 million through April 10, 2032, resulting in a fixed rate of approximately 4.432% per annum through the expiration of the interest rate swap contracts. In conjunction with the new mortgage loan, the joint venture paid off the existing construction loan. At the time of the payoff of the construction loan, the outstanding balance of the loan totaled approximately $176.7 million. The joint venture distributed excess loan proceeds from the new mortgage loan totaling approximately $6.8 million, of which the Company’s share totaled approximately $3.4 million. Hub50House is a residential property that consists of approximately 320,000 net rentable square feet and 440 residential units located in Boston, Massachusetts. On May 13, 2022, the Company entered into a joint venture with a third party to own, operate and develop Reston Next Residential located in Reston, Virginia. Reston Next Residential is expected to consist of 508 residential rental units upon completion. The Company contributed approximately $11.3 million of improvements at closing and will contribute cash totaling approximately $3.5 million in the future for its 20% ownership interest in the joint venture. The partner contributed approximately $0.5 million of cash at closing and will contribute cash totaling approximately $58.7 million in the future for its 80% ownership interest in the joint venture. As a result of the partner’s deferred contribution, as of the acquisition date, the Company owned an approximately 96% interest in the joint venture. On May 13, 2022, the joint venture commenced development and entered into a construction loan collateralized by the property. The construction loan has a principal amount of up to $140.0 million, bears interest at a variable rate equal to SOFR plus 2.00% per annum and matures on May 13, 2026, with two, one-year extension options, subject to certain conditions. On June 16, 2022, the Company entered into a joint venture with a third party to own, operate and develop 751 Gateway, a laboratory building located in South San Francisco, California, that is expected to be approximately 231,000 net rentable square feet upon completion. 751 Gateway was previously part of the Company’s Gateway Commons joint venture. The Company contributed assets with an agreed upon value aggregating approximately $53.9 million and cash totaling approximately $2.6 million for its 49% ownership interest in the joint venture. The partner contributed assets with an agreed upon value aggregating approximately $53.9 million and cash totaling approximately $4.9 million for its 51% ownership interest in the joint venture. On August 8, 2022, a joint venture in which the Company has a 50% interest modified the construction loan collateralized by its Dock 72 property located in Brooklyn, New York. At the time of the modification, the loan had an outstanding balance totaling approximately $198.4 million, a total commitment amount of $250.0 million, bore interest at a variable rate equal to LIBOR plus 3.35% per annum, and was scheduled to mature on December 18, 2023. The modified construction loan bears interest at a variable rate equal to (1) the greater of (x) SOFR or (y) 0.25% plus (2) 3.10% per annum, has a total commitment amount of approximately $198.4 million, and continues to mature on December 18, 2023. Dock 72 is a premier workplace with approximately 669,000 net rentable square feet. On September 9, 2022, a joint venture in which the Company has an approximate 33.67% interest modified the mortgage loan collateralized by its Safeco Plaza property located in Seattle, Washington. At the time of the modification, the loan’s outstanding balance totaled $250.0 million, bore interest at a variable rate equal to the greater of (x) 2.35% or (y) LIBOR plus 2.20% per annum, and was scheduled to mature on September 1, 2026. The modified mortgage loan bears interest at a variable rate equal to the greater of (x) 2.35% or (y) SOFR plus 2.32% per annum and continues to mature on September 1, 2026. In conjunction with the loan modification, the joint venture entered into an interest rate cap agreement that capped SOFR at 2.50% per annum on a notional amount of $250.0 million through September 1, 2023. Safeco Plaza is a premier workplace with approximately 765,000 net rentable square feet.
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Unsecured Term Loan |
9 Months Ended |
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Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Unsecured Term Loan | 6. Unsecured Term Loan On May 17, 2022, BPLP entered into an unsecured credit agreement (the “Unsecured Term Loan”) providing for a single borrowing of up to $730.0 million. The Unsecured Term Loan matures on May 16, 2023. At BPLP’s option, the Unsecured Term Loan will bear interest at a rate per annum equal to (A) (1) a base rate per annum equal to the greater of (a) the federal funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) term SOFR plus 1.00% and (d) 1.00%, or (2) a term SOFR rate per annum equal to the forward-looking SOFR term rate administered by CME Group Benchmark Administration (“CME”) two business days prior to the commencement of such interest period; or if the rate is unavailable, then the forward-looking SOFR term rate administered by CME on the first business day immediately prior thereto, in each case, plus 0.10%, and (B) a margin ranging from zero to 160 basis points based on BPLP’s credit rating. On May 17, 2022, BPLP exercised its option to draw $730.0 million under the Unsecured Term Loan (See Note 3). As of September 30, 2022, the Unsecured Term Loan bears interest at a variable rate equal to term SOFR plus 0.95% per annum based on BPLP’s credit rating at September 30, 2022. At September 30, 2022, BPLP had $730.0 million outstanding under the Unsecured Term Loan. The Unsecured Term Loan contains customary representations and warranties, affirmative and negative covenants and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay any outstanding amount under the Unsecured Term Loan. Among other covenants, the Unsecured Term Loan requires that BPLP maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. At September 30, 2022, BPLP was in compliance with each of these financial and other covenant requirements.
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Commitments And Contingencies |
9 Months Ended |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 7. Commitments and Contingencies General In the normal course of business, the Company guarantees its performance of services or indemnifies third parties against its negligence. In addition, in the normal course of business, the Company guarantees to certain clients the obligations of its subsidiaries for the payment of tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises. The Company had letter of credit and performance obligations related to lender and development requirements that total approximately $26.5 million at September 30, 2022. Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. From time to time, under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, either the Company or its partners may be entitled to an additional promoted interest or payments. From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and (3) provide guarantees to lenders, clients and other third parties for the completion of development projects. The Company has agreements with its outside or joint venture partners whereby the partners agree to reimburse the joint venture for their share of any payments made under the guarantee. In some cases, the Company earns a fee from the applicable joint venture for providing the guarantee. In connection with the refinancing of 767 Fifth Avenue’s (the General Motors Building) secured loan by the Company’s consolidated joint venture entity, 767 Venture, LLC, the Company guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits. As of September 30, 2022, the maximum funding obligation under the guarantee was approximately $14.9 million. The Company earns a fee from the joint venture for providing the guarantee and has an agreement with the outside partners to reimburse the joint venture for their share of any payments made under the guarantee. As of September 30, 2022, no amounts related to the guarantee were recorded as liabilities in the Company’s consolidated financial statements. In connection with the development of the 7750 Wisconsin Avenue office property located in Bethesda, Maryland, the Company entered into agreements with affiliates of The Bernstein Companies (the Company’s partner in the 7750 Wisconsin Avenue joint venture) under which the Company could be required to act as a mezzanine and/or mortgage lender and finance the construction of the hotel property being developed by an affiliate of The Bernstein Companies adjacent to the office property. An affiliate of The Bernstein Companies exercised its option to borrow $10.0 million from the Company under such agreements, and the Company provided the financing on June 1, 2020. The financing bore interest at a fixed rate of 8.00% per annum, compounded monthly, and was scheduled to mature on the fifth anniversary of the date on which the base building of the affiliate of The Bernstein Companies’ hotel property was substantially completed. On June 27, 2022, the borrower repaid the loan in full, including approximately $1.6 million of accrued interest. The financing was recorded as Note Receivable, Net in the Company’s Consolidated Balance Sheets. In connection with the redevelopment of the Company’s 325 Main Street property located in Cambridge, Massachusetts, the Company was required pursuant to the local zoning ordinance and urban renewal plan to commence construction of a residential building of at least 200,000 square feet with 25% of the project designated as income-restricted (with a minimum of 20% of the square footage devoted to home ownership units) prior to the occupancy of the 325 Main Street property. Each of the zoning ordinance and urban renewal plan was amended to decouple the residential requirement from the occupancy of the 325 Main Street property. 325 Main Street consisted of an approximately 115,000 net rentable square foot premier workplace that was demolished and redeveloped into an approximately 414,000 net rentable square foot premier workplace. While the amendment to the urban renewal plan is subject to completion of administrative processes, the City of Cambridge issued a temporary certificate of occupancy in the second quarter of 2022 (See Note 3). Insurance The Company’s property insurance program per occurrence limits are $1.0 billion for its portfolio insurance program, including coverage for acts of terrorism other than nuclear, biological, chemical or radiological terrorism (“Terrorism Coverage”). The Company also carries $1.35 billion of property insurance in excess of the $1.0 billion of coverage in the Company’s property insurance program for 601 Lexington Avenue, New York, New York, consisting of $750 million of property and Terrorism Coverage in excess of the Company’s property insurance program and $600 million of Terrorism Coverage only in excess of the $1.75 billion of coverage. Certain properties, including the General Motors Building located at 767 Fifth Avenue in New York, New York (“767 Fifth Avenue”), are currently insured in separate insurance programs. The property insurance program per occurrence limits for 767 Fifth Avenue are $1.625 billion, including Terrorism Coverage. The Company also currently carries nuclear, biological, chemical and radiological terrorism insurance coverage for acts of terrorism certified under the Federal Terrorism Risk Insurance Act (as amended, “TRIA”) (“NBCR Coverage”), which is provided by IXP as a direct insurer, for the properties in the Company’s portfolio, including 767 Fifth Avenue, but excluding certain other properties owned in joint ventures with third parties or which the Company manages. The per occurrence limit for NBCR Coverage is $1.0 billion. Under TRIA, after the payment of the required deductible and coinsurance, the NBCR Coverage provided by IXP is backstopped by the Federal Government if the aggregate industry insured losses resulting from a certified act of terrorism exceed a “program trigger.” The program trigger is $200 million, the coinsurance is 20% and the deductible is 20% of the premiums earned by the insurer for the year prior to a claim. If the Federal Government pays out for a loss under TRIA, it is mandatory that the Federal Government recoup the full amount of the loss from insurers offering TRIA coverage after the payment of the loss pursuant to a formula in TRIA. The Company may elect to terminate the NBCR Coverage if the Federal Government seeks recoupment for losses paid under TRIA, if TRIA is not extended after its expiration on December 31, 2027, if there is a change in its portfolio or for any other reason. The Company intends to continue to monitor the scope, nature and cost of available terrorism insurance. The Company also currently carries earthquake insurance on its properties located in areas known to be subject to earthquakes. Specifically, the Company currently carries earthquake insurance which covers its San Francisco and Los Angeles regions with a $330 million per occurrence limit, and a $330 million annual aggregate limit, $30 million of which is provided by IXP, as a direct insurer. This insurance is subject to a deductible in the amount of 3% of the value of the affected property. In addition, the Company currently carries earthquake insurance which covers its Seattle region with a $110 million per occurrence limit, and a $110 million annual aggregate limit. This insurance is subject to a deductible in the amount of 2% of the value of the affected property. The amount of the Company’s earthquake insurance coverage may not be sufficient to cover losses from earthquakes. In addition, the amount of earthquake coverage could impact the Company’s ability to finance properties subject to earthquake risk. The Company may discontinue earthquake insurance or change the structure of its earthquake insurance program on some or all of its properties in the future if the premiums exceed the Company’s estimation of the value of the coverage. IXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acts as a direct insurer with respect to a portion of the Company’s earthquake insurance coverage for its Greater San Francisco and Los Angeles properties and the Company’s NBCR Coverage. Insofar as the Company owns IXP, it is responsible for its liquidity and capital resources, and the accounts of IXP are part of the Company’s consolidated financial statements. In particular, if a loss occurs which is covered by the Company’s NBCR Coverage but is less than the applicable program trigger under TRIA, IXP would be responsible for the full amount of the loss without any backstop by the Federal Government. IXP would also be responsible for any recoupment charges by the Federal Government in the event losses are paid out and its insurance policy is maintained after the payout by the Federal Government. If the Company experiences a loss and IXP is required to pay under its insurance policy, the Company would ultimately record the loss to the extent of the required payment. Therefore, insurance coverage provided by IXP should not be considered as the equivalent of third-party insurance, but rather as a modified form of self-insurance. In addition, BPLP has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million. The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism, earthquakes and pandemics, in particular, but the Company cannot anticipate what coverage will be available on commercially reasonable terms in future policy years. There are other types of losses, such as from wars, for which the Company cannot obtain insurance at all or at a reasonable cost. With respect to such losses and losses from acts of terrorism, earthquakes, pandemics or other catastrophic events, if the Company experiences a loss that is uninsured or that exceeds policy limits, the Company could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties. Depending on the specific circumstances of each affected property, it is possible that the Company could be liable for mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect the Company’s business and financial condition and results of operations.
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Noncontrolling Interests |
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Noncontrolling Interests | 8. Noncontrolling Interests Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company. As of September 30, 2022, the noncontrolling interests in BPLP consisted of 16,535,172 OP Units, 1,680,123 LTIP Units (including 464,036 LTIP Units earned by employees under the Company’s multi-year long-term incentive awards granted between 2012 and 2019 (i.e., 2012 OPP and 2013 - 2019 MYLTIP awards)), 203,278 2020 MYLTIP Units, 351,218 2021 MYLTIP Units and 253,627 2022 MYLTIP Units held by parties other than BXP. Noncontrolling Interest—Common Units During the nine months ended September 30, 2022, 178,929 OP Units were presented by the holders for redemption (including an aggregate of 74,249 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock. At September 30, 2022, BPLP had outstanding 203,278 2020 MYLTIP Units, 351,218 2021 MYLTIP Units and 253,627 2022 MYLTIP Units. Prior to the end of the respective -year performance period for each plan, holders of MYLTIP Units are entitled to receive per unit distributions equal to one-tenth (10%) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions. After the three-year performance period for each plan has ended, (1) the number of MYLTIP Units, both vested and unvested, that MYLTIP award recipients have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an OP Unit and (2) with respect to the 2021 MYLTIP and 2022 MYLTIP only, the Company will make a “catch-up” cash payment on the MYLTIP Units that are ultimately earned in an amount equal to the regular and special dividends, if any, declared during the performance period on Common Stock, less the distributions actually paid during the performance period on all of the awarded 2021 MYLTIP Units and 2022 MYLTIP Units. On February 4, 2022, the measurement period for the Company’s 2019 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 69.0% of target, or an aggregate of approximately $8.6 million (after giving effect to employee separations). As a result, an aggregate of 144,043 2019 MYLTIP Units that had been previously granted were automatically forfeited. The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2018 MYLTIP Units and, after the February 4, 2022 measurement date, the 2019 MYLTIP Units) and its distributions on the 2019 MYLTIP Units (prior to the February 4, 2022 measurement date) and 2020 - 2022 MYLTIP Units (after the February 1, 2022 issuance date of the 2022 MYLTIP Units) that occurred during the nine months ended September 30, 2022:
The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2017 MYLTIP Units and, after the February 5, 2021 measurement date, the 2018 MYLTIP Units) and its distributions on the 2018 MYLTIP Units (prior to the February 5, 2021 measurement date) and 2019 - 2021 MYLTIP Units (after the February 2, 2021 issuance date of the 2021 MYLTIP Units) that occurred during the nine months ended September 30, 2021:
A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP must redeem the OP Unit for cash equal to the then value of a share of Common Stock of BXP. BXP may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock. The value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2019 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at September 30, 2022 was approximately $1.4 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $74.97 per share on September 30, 2022. Noncontrolling Interests—Property Partnerships The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties. The equity interests in these ventures that are not owned by the Company, totaling approximately $1.6 billion at each of September 30, 2022 and December 31, 2021, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.
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Stockholders' Equity / Partners' Capital |
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Stockholders' Equity / Partners' Capital | 9. Stockholders’ Equity / Partners’ Capital BXP As of September 30, 2022, BXP had 156,754,712 shares of Common Stock outstanding. As of September 30, 2022, BXP owned 1,749,700 general partnership units and 155,005,012 limited partnership units in BPLP. On May 22, 2020, BXP renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its Common Stock through sales agents over a three-year period. Under the ATM stock offering program, BXP may also engage in forward sale transactions with affiliates of certain sales agents for the sale of its Common Stock on a forward basis. This program replaced BXP’s prior $600.0 million ATM stock offering program that was scheduled to expire on June 2, 2020. BXP intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction. No shares of Common Stock have been issued under this ATM stock offering program. During the nine months ended September 30, 2022, BXP did not issue any shares of Common Stock upon the exercise of options to purchase Common Stock. During the nine months ended September 30, 2022, BXP issued 178,929 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners. The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2022 and during the nine months ended September 30, 2021:
Preferred Stock On March 2, 2021, BXP issued a redemption notice for 80,000 shares of its 5.25% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”), which constituted all of the outstanding Series B Preferred Stock, and the corresponding depositary shares, each representing 1/100th of a share of Series B Preferred Stock. The redemption price per share of Series B Preferred Stock was $2,500, plus all accrued and unpaid dividends to, but not including, the redemption date, totaling $2,516.41 per share. On March 31, 2021, the Company transferred the full redemption price for all outstanding shares of Series B Preferred Stock, including accrued and unpaid dividends to, but not including, the redemption date, to the redemption agent. The excess of the redemption price over the carrying value of the Series B Preferred Stock and Series B Preferred Units of approximately $6.4 million relates to the original issuance costs and is reflected as a reduction to Net Income Attributable to Boston Properties, Inc. Common Shareholders and Net Income Attributable to Boston Properties Limited Partnership Common Unitholders on the Consolidated Income Statements. On April 1, 2021, BXP redeemed all of the outstanding shares of Series B Preferred Stock and all of the outstanding Depositary Shares. In connection with the redemption of the Series B Preferred Stock, all of the Series B Preferred Units, which had terms and preferences generally mirroring those of the Series B Preferred Stock, were redeemed by BPLP. The following table presents BXP’s dividend per share on its Series B Preferred Stock paid during the nine months ended September 30, 2021:
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Segment Information |
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Segment Reporting Disclosure [Text Block] | 10. Segment Information The following tables present reconciliations of Net Income Attributable to Boston Properties, Inc. Common Shareholders to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership Common Unitholders to the Company’s share of Net Operating Income for the three and nine months ended September 30, 2022 and 2021. BXP
BPLP
Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders, as applicable, the most directly comparable GAAP financial measures, plus (1) preferred stock/unit redemption charge, preferred dividends/distributions, net income attributable to noncontrolling interests, interest expense, losses from early extinguishment of debt, loss from unconsolidated joint ventures, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) gains (losses) from investments in securities, other income - assignment fee, interest and other income (loss), gains on sales of real estate, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue. The Company believes NOI is useful to investors as a performance measure and believes it provides useful information to investors regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently. The Company’s internal reporting utilizes its share of NOI, which includes its share of NOI from consolidated and unconsolidated joint ventures, which is a non-GAAP financial measure that is calculated as the consolidated amount, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s economic percentage ownership interest and, in some cases, after priority allocations), less the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ economic percentage ownership interests and, in some cases, after priority allocations, income allocation to private REIT shareholders and their share of fees due to the Company). The Company’s share of NOI from unconsolidated joint ventures does not include its share of losses from early extinguishment of debt from unconsolidated joint ventures, gains on sales of real estate from unconsolidated joint ventures and gain on sale of investment from unconsolidated joint ventures, both of which are included within Income (Loss) From Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. Management utilizes its share of NOI in assessing its performance as the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, the presentations of the Company’s share of NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Preferred stock/unit redemption charge, preferred dividends/distributions, interest expense, losses from early extinguishment of debt, loss from unconsolidated joint ventures, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, gains (losses) from investments in securities, other income - assignment fee, interest and other income (loss), gains on sales of real estate, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue are not included in NOI and are provided as reconciling items to the Company’s reconciliations of its share of NOI to net income attributable to common shareholders/unitholders. The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. On September 1, 2021, the Company invested in a joint venture that acquired Safeco Plaza located in Seattle, Washington. As such, the Seattle region was identified as a segment during the third quarter of 2021. The Company also presents information for each segment by property type, including Office, Residential and Hotel. Parking and other revenue for the three months ended September 30, 2022 increased by approximately $4.6 million compared to the three months ended September 30, 2021. Parking and other revenue for the nine months ended September 30, 2022 increased by approximately $21.5 million compared to 2021. These increases were primarily in transient and monthly parking revenue. Information by geographic area and property type (dollars in thousands): For the three months ended September 30, 2022:
_______________ (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 September 30, 2021:
_______________ (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 nine months ended September 30, 2022:
_______________ (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 nine months ended September 30, 2021:
_______________ (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.
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share / Common Unit | 11. Earnings Per Share / Common Unit BXP The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. common shareholders and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to Boston Properties, Inc. common shareholders by the weighted-average number of common shares outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of BXP using the two-class method. Participating securities are included in the computation of diluted EPS of BXP using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2019 MYLTIP Units required, and the 2020 - 2022 MYLTIP Units require, BXP to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, BXP excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.
BPLP The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership common unitholders and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership common unitholders by the weighted-average number of common units outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic earnings per common unit using the two-class method. Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2019 MYLTIP Units required, and the 2020 - 2022 MYLTIP Units require, BXP to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, BPLP excludes such units from the diluted earnings per common unit calculation. Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit. Included in the number of units (the denominator) below are approximately 17,662,000 and 17,011,000 redeemable common units for the three months ended September 30, 2022 and 2021, respectively, and 17,631,000 and 17,016,000 redeemable common units for the nine months ended September 30, 2022 and 2021, respectively.
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Stock Option and Incentive Plan |
9 Months Ended |
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Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option and Incentive Plan | 12. Stock Option and Incentive Plan On February 1, 2022, BXP’s Compensation Committee approved the 2022 MYLTIP awards under the Boston Properties, Inc. 2021 Stock Incentive Plan (the “2021 Plan”) to certain officers and employees of BXP. The 2022 MYLTIP awards consist of two, equally weighted (50% each) components that utilize BXP’s TSR over a three-year measurement period as the performance metric. The first component of the 2022 MYLTIP represents one-half (50%) of the target grant-date value of the award. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on BXP’s three-year, annualized relative TSR performance compared to a custom index of peer companies. Under this component, 100% of the target number of LTIP Units will be earned if BXP’s TSR equals the custom index TSR; for relative TSR performance between -1,000 basis points and +1,000 basis points, the number of LTIP Units earned will be determined using linear interpolation. The second component represents the remaining one-half (50%) of the target grant-date value of the 2022 MYLTIP. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on BXP’s non-annualized, cumulative absolute TSR during the three-year performance period. Under this component, 100% of the target number of LTIP Units will be earned if BXP achieves an absolute TSR equal to +1,000 basis points; if BXP’s absolute TSR is greater than -4,000 basis points but less than +6,000 basis points, then the number of LTIP Units earned will be determined using linear interpolation. Total earned awards under the 2022 MYLTIP, if any, will equal the sum of the number of LTIP Units earned under the first and second components and will range from zero to a maximum of 254,061 LTIP Units with a target of approximately 127,031 LTIP Units and linear interpolation between zero and maximum. Earned awards (if any) will vest 100% on January 31, 2025, but may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. Vesting will be accelerated in the event of a change in control, termination of employment by BXP without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to January 31, 2025, earned awards will be calculated based on TSR performance up to the date of the change of control. The 2022 MYLTIP awards are in the form of LTIP Units issued on the grant date, and they are subject to forfeiture to the extent awards are not earned. Prior to the performance measurement date holders of the 2022 MYLTIP Units are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. Following the completion of the -year performance period, the Company will also make a “catch-up” cash payment on the 2022 MYLTIP Units that are ultimately earned in an amount equal to the regular and special distributions, if any, declared during the performance period on BXP’s Common Stock, less the distributions actually paid to holders of 2022 MYLTIP Units during the performance period on all of the awarded 2022 MYLTIP Units. Under ASC 718 “Compensation - Stock Compensation,” the 2022 MYLTIP awards have an aggregate value of approximately $17.3 million, which amount will generally be amortized into earnings under the graded vesting method. On February 4, 2022, the measurement period for the Company’s 2019 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 69.0% of target, or an aggregate of approximately $8.6 million (after giving effect to employee separations). As a result, an aggregate of 144,043 2019 MYLTIP Units that had been previously granted were automatically forfeited. During the nine months ended September 30, 2022, BXP issued 41,818 shares of restricted common stock and BPLP issued 280,616 LTIP Units and 254,061 2022 MYLTIP Units to employees and non-employee directors under the 2021 Plan. Employees and non-employee directors paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit and 2022 MYLTIP Unit. When issued, LTIP Units are not economically equivalent in value to a share of Common Stock, but over time can increase in value to one-for-one parity with Common Stock if there is sufficient appreciation in the value of the Company’s assets. The aggregate value of the LTIP Units is included in noncontrolling interests in the Consolidated Balance Sheets of BXP and BPLP. A substantial majority of the grants of restricted common stock and LTIP Units to employees vest in four equal annual installments. Restricted common stock is measured at fair value on the date of grant based on the number of shares granted and the closing price of BXP’s Common Stock on the date of grant as quoted on the New York Stock Exchange. Such value is recognized as an expense ratably over the corresponding employee service period. The shares of restricted common stock granted during the nine months ended September 30, 2022 were valued at approximately $4.7 million ($111.47 per share weighted-average). The LTIP Units granted were valued at approximately $29.9 million (approximately $106.46 per unit weighted-average fair value) using a Monte Carlo simulation method model. The per unit fair values of the LTIP Units granted were estimated on the dates of grant and for a substantial majority of such units were valued using the following assumptions: an expected life of 5.7 years, a risk-free interest rate of 1.71% and an expected price volatility of 31.0%. Because the 2012 OPP Units and 2013 - 2022 MYLTIP Units are subject to both a service condition and a market condition, the Company recognizes the related compensation expense under the graded vesting attribution method. Under the graded vesting attribution method, each portion of the award that vests at a different date is accounted for as a separate award and recognized over the period appropriate to that portion so that the compensation cost for each portion should be recognized in full by the time that portion vests. The Company recognizes forfeitures as they occur on its awards of stock-based compensation. Dividends paid on both vested and unvested shares of restricted stock are charged directly to Dividends in Excess of Earnings in Boston Properties, Inc.’s Consolidated Balance Sheets and Partners’ Capital in Boston Properties Limited Partnership’s Consolidated Balance Sheets. Aggregate stock-based compensation expense associated with restricted stock, LTIP Units and MYLTIP Units was approximately $7.7 million and $8.4 million for the three months ended September 30, 2022 and 2021, respectively, and $43.2 million and $42.2 million for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, there was (1) an aggregate of approximately $25.9 million of unrecognized compensation expense related to unvested restricted stock, LTIP Units and 2019 MYLTIP Units and (2) an aggregate of approximately $7.3 million of unrecognized compensation expense related to unvested 2020 - 2022 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.0 years.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On October 6, 2022, the Company entered into an agreement to sell the residential component of The Avant at Reston Town Center, located in Reston, Virginia, for a gross sale price of $141 million. The Avant is a 15-story, approximately 329,000 square foot, excluding retail space, 359-unit, luxury multifamily building. The Company will retain ownership of the approximately 26,000 square foot ground-level retail space. There can be no assurance that the Company will complete the sale on the terms currently contemplated or at all. On October 25, 2022, the Company entered into an agreement to acquire an approximate 27% interest in the joint venture that owns 200 Fifth Avenue located in New York City, for a gross purchase price of approximately $280.2 million, which includes $120.1 million of cash and the Company’s pro rata share of the outstanding loan secured by the property of $160.1 million. The mortgage loan bears interest at 4.34% per annum and matures in November 2028. 200 Fifth Avenue is a 14-story, approximately 870,000 square-foot, LEED Gold certified, premier workplace located in the Midtown South submarket. There can be no assurance that the Company will complete the acquisition on the terms currently contemplated or at all.
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Comprehensive Text Block List (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income.The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2021. |
Consolidation, Variable Interest Entity, Policy | Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. |
Summary Of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income.The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2021. |
Use of Estimates in the Preparation of Financial Statements | The Company bases its estimates on historical experience and on various other assumptions that it considers to be reasonable under the circumstances, including the impact of extraordinary events such as the coronavirus (“COVID-19”) pandemic, the results of which form the basis for making significant judgments about the carrying values of assets and liabilities, assessments of future collectability, and other areas of the financial statements that are impacted by the use of estimates. Actual results may differ from these estimates under different assumptions or conditions. |
Consolidation, Variable Interest Entity, Policy | Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. |
Summary Of Significant Accounting Policies (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized (as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”)).
_______________ (1)If trading value for the period is low, the valuation could be categorized as Level 2. Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates.
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the aggregate carrying value of the Company’s related party note receivable, net, notes receivable, net, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of September 30, 2022 and December 31, 2021 (in thousands):
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Real Estate (Tables) |
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Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | BXP Real estate consisted of the following at September 30, 2022 and December 31, 2021 (in thousands):
_______________ (1)Includes pre-development costs.
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Madison Centre | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Acquisition [Table Text Block] | The following table summarizes the allocation of the purchase price, including transaction costs, of Madison Centre at the date of acquisition (in thousands):
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Schedule of Finite-Lived Intangible Assets Acquired | The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles and the acquired above- and below-market lease intangibles for Madison Centre from May 17, 2022 through the remainder of 2022 and each of the five succeeding fiscal years (in thousands):
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125 Broadway | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Acquisition [Table Text Block] | The following table summarizes the allocation of the purchase price, including transaction costs, of 125 Broadway at the date of acquisition (in thousands):
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Schedule of Finite-Lived Intangible Assets Acquired | The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles and the acquired below-market lease intangible for 125 Broadway from September 16, 2022 through the remainder of 2022 and each of the five succeeding fiscal years (in thousands):
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Boston Properties Limited Partnership | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | BPLP Real estate consisted of the following at September 30, 2022 and December 31, 2021 (in thousands):
_______________ (1)Includes pre-development costs.
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Leases (Tables) |
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Operating Lease, Lease Income [Table Text Block] | The following table summarizes the components of lease revenue recognized during the three and nine months ended September 30, 2022 and 2021 included within the Company's Consolidated Statements of Operations (in thousands):
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Investments in Unconsolidated Joint Ventures (Tables) |
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Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Unconsolidated Joint Ventures | The investments in unconsolidated joint ventures consist of the following at September 30, 2022 and December 31, 2021:
_______________ (1)Investments with deficit balances aggregating approximately $67.0 million and $37.1 million at September 30, 2022 and December 31, 2021, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)The Company’s economic ownership has increased based on the achievement of certain return thresholds. At September 30, 2022 and December 31, 2021, the Company’s economic ownership was approximately 50%. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project in excess of 520,000 square feet and achieving certain project returns at stabilization. (5)This entity is a VIE (See Note 2). (6)On June 16, 2022, in accordance with the Gateway Commons joint venture agreement, 751 Gateway was segregated into a new single-purpose joint venture. (7)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (8)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. (9)The Company’s partner will fund required capital until its aggregate investment is approximately 80% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.
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Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block] | The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)At September 30, 2022 and December 31, 2021, this amount included right of use assets - finance leases totaling approximately $248.9 million. At September 30, 2022 and December 31, 2021, this amount included right of use assets - operating leases totaling approximately $21.4 million and $22.3 million, respectively. (2)At September 30, 2022 and December 31, 2021, this amount included lease liabilities - finance leases totaling approximately $383.0 million and $385.5 million, respectively. At September 30, 2022 and December 31, 2021, this amount included lease liabilities - operating leases totaling approximately $30.5 million and $30.4 million, respectively. (3)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows:
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (4)Investments with deficit balances aggregating approximately $67.0 million and $37.1 million at September 30, 2022 and December 31, 2021, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
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Statements Of Operations Of The Joint Ventures | The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)Includes straight-line rent adjustments of approximately $9.6 million and $5.5 million for the three months ended September 30, 2022 and 2021, respectively, and approximately $54.9 million and $11.6 million for the nine months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022, reinstatement of accrued rent balances totaled approximately $2.5 million. (2)During the nine months ended September 30, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million. (3)Includes straight-line rent adjustments of approximately $0.1 million for each of the three months ended September 30, 2022 and 2021, and approximately $0.3 million and $0.7 million for the nine months ended September 30, 2022 and 2021, respectively. Also includes net above-/below-market rent adjustments of approximately $0.1 million for each of the three months ended September 30, 2022 and 2021, and approximately $0.3 million and $0.2 million for the nine months ended September 30, 2022 and 2021, respectively.
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Noncontrolling Interests (Tables) |
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Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2022 and during the nine months ended September 30, 2021:
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Noncontrolling Interests [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2018 MYLTIP Units and, after the February 4, 2022 measurement date, the 2019 MYLTIP Units) and its distributions on the 2019 MYLTIP Units (prior to the February 4, 2022 measurement date) and 2020 - 2022 MYLTIP Units (after the February 1, 2022 issuance date of the 2022 MYLTIP Units) that occurred during the nine months ended September 30, 2022:
The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2017 MYLTIP Units and, after the February 5, 2021 measurement date, the 2018 MYLTIP Units) and its distributions on the 2018 MYLTIP Units (prior to the February 5, 2021 measurement date) and 2019 - 2021 MYLTIP Units (after the February 2, 2021 issuance date of the 2021 MYLTIP Units) that occurred during the nine months ended September 30, 2021:
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Stockholders' Equity / Partners' Capital (Tables) |
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2022 and during the nine months ended September 30, 2021:
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Series B Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | The following table presents BXP’s dividend per share on its Series B Preferred Stock paid during the nine months ended September 30, 2021:
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Reconciliation Of Net Operating Income To Net Income | BXP
BPLP
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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 September 30, 2022:
_______________ (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 September 30, 2021:
_______________ (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 nine months ended September 30, 2022:
_______________ (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 nine months ended September 30, 2021:
_______________ (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.
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Earnings Per Share / Common Unit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share / Unit |
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Boston Properties Limited Partnership | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share / Unit | Included in the number of units (the denominator) below are approximately 17,662,000 and 17,011,000 redeemable common units for the three months ended September 30, 2022 and 2021, respectively, and 17,631,000 and 17,016,000 redeemable common units for the nine months ended September 30, 2022 and 2021, respectively.
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Organization (Details) ft² in Millions |
9 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Sep. 30, 2022
ft²
Real_Estate_Properties
yr
shares
|
|
Real Estate Properties [Line Items] | ||
Restriction on redemption of OP units from date of issuance (years) | yr | 1 | |
One OP unit is equivalent to one share of Common Stock (in shares) | shares | 1 | |
OP unit conversion rate (in shares) | shares | 1 | |
Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 14 | |
Net Rentable Area (in sf) | ft² | 4.4 | |
Commercial Real Estate Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 193 | |
Net Rentable Area (in sf) | ft² | 53.5 | |
Office Building [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 173 | |
Office Building [Member] | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 12 | |
Retail Site [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 12 | |
Retail Site [Member] | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Residential Building | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 7 | |
Residential Building | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Hotel [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Boston Properties Limited Partnership | ||
Real Estate Properties [Line Items] | ||
General and limited partnership interest in the operating partnership (percent) | 89.70% | 89.60% |
Summary Of Significant Accounting Policies (Narrative) (Details) |
Sep. 30, 2022 |
---|---|
Summary Of Significant Accounting Policies [Line Items] | |
Number of VIEs | 7 |
Variable Interest Entity, Primary Beneficiary [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of VIEs | 6 |
Commercial Real Estate Properties [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of VIEs | 5 |
Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
May 17, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Summary Of Significant Accounting Policies [Line Items] | |||
Related party note receivable, net | $ 78,592 | $ 78,336 | |
Notes receivable, net | 0 | 9,641 | |
Mortgage notes payable, net | 3,271,157 | 3,267,914 | |
Unsecured senior notes, net | 9,491,714 | 9,483,695 | |
Unsecured line of credit | 340,000 | 145,000 | |
Unsecured term loan, net | 730,000 | $ 730,000 | 0 |
Carrying Amount [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Related party note receivable, net | 78,592 | 78,336 | |
Notes receivable, net | 0 | 9,641 | |
Total | 78,592 | 87,977 | |
Mortgage notes payable, net | 3,271,157 | 3,267,914 | |
Unsecured senior notes, net | 9,491,714 | 9,483,695 | |
Unsecured line of credit | 340,000 | 145,000 | |
Unsecured term loan, net | 730,000 | 0 | |
Total | 13,832,871 | 12,896,609 | |
Estimated Fair Value [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Related party note receivable, net | 79,614 | 82,867 | |
Notes receivable, net | 0 | 10,000 | |
Total | 79,614 | 92,867 | |
Mortgage notes payable, net | 2,788,779 | 3,395,569 | |
Unsecured senior notes, net | 8,261,816 | 9,966,591 | |
Unsecured line of credit | 338,247 | 145,317 | |
Unsecured term loan, net | 730,000 | 0 | |
Total | $ 12,118,842 | $ 13,507,477 |
Real Estate Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Real Estate Properties [Line Items] | ||||
Land | $ 5,208,688 | $ 5,061,169 | ||
Right-of-use assets - finance leases | 237,505 | 237,507 | ||
Right of use assets - operating leases | 167,935 | 169,778 | ||
Land held for future development | [1] | 601,676 | 560,355 | |
Buildings and improvements | 15,598,033 | 14,291,214 | ||
Tenant improvements | 3,061,686 | 2,894,025 | ||
Furniture, Fixtures and Equipment | 52,126 | 51,695 | ||
Construction in progress | 670,167 | 894,172 | ||
Total | 25,597,816 | 24,159,915 | ||
Less: accumulated depreciation | (6,170,472) | (5,883,961) | ||
Total real estate | 19,427,344 | 18,275,954 | ||
Boston Properties Limited Partnership | ||||
Real Estate Properties [Line Items] | ||||
Land | 5,113,979 | 4,964,986 | ||
Right-of-use assets - finance leases | 237,505 | 237,507 | ||
Right of use assets - operating leases | 167,935 | 169,778 | ||
Land held for future development | [1] | 601,676 | 560,355 | |
Buildings and improvements | 15,325,228 | 14,014,010 | ||
Tenant improvements | 3,061,686 | 2,894,025 | ||
Furniture, Fixtures and Equipment | 52,126 | 51,695 | ||
Construction in progress | 670,167 | 894,172 | ||
Total | 25,230,302 | 23,786,528 | ||
Less: accumulated depreciation | (6,055,172) | (5,772,018) | ||
Total real estate | $ 19,175,130 | $ 18,014,510 | ||
|
Real Estate (Narrative) (Details) $ in Thousands |
1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 16, 2022
USD ($)
ft²
|
Sep. 15, 2022
USD ($)
land_parcel
|
Aug. 30, 2022
USD ($)
ft²
|
Jul. 01, 2022
ft²
Building
|
Jun. 15, 2022
USD ($)
ft²
Building
|
May 17, 2022
USD ($)
ft²
|
Apr. 27, 2022
ft²
Building
|
Apr. 07, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
ft²
|
Apr. 19, 2021
USD ($)
a
ft²
|
Sep. 30, 2022
USD ($)
ft²
|
Aug. 30, 2022
USD ($)
ft²
|
Sep. 30, 2022
USD ($)
ft²
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
ft²
|
Aug. 30, 2022
USD ($)
ft²
|
Sep. 30, 2022
USD ($)
ft²
|
Sep. 30, 2021
USD ($)
|
Sep. 12, 2022
ft²
|
Jul. 15, 2022
ft²
|
Jun. 29, 2022
ft²
|
May 13, 2022
ft²
|
Apr. 29, 2022
ft²
|
Dec. 31, 2021
USD ($)
|
May 09, 2019
ft²
|
|
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Total revenue | $ 790,523 | $ 730,056 | $ 2,318,757 | $ 2,157,558 | |||||||||||||||||||||
Net income | 420,661 | 139,250 | 864,861 | 408,647 | |||||||||||||||||||||
Proceeds from sales of real estate | 695,231 | 0 | |||||||||||||||||||||||
Interest and Other Income | 3,728 | 1,520 | 6,151 | 4,140 | |||||||||||||||||||||
Unsecured term loan | $ 730,000 | $ 730,000 | $ 730,000 | $ 730,000 | 730,000 | $ 0 | |||||||||||||||||||
Other income - assignment fee | $ 6,624 | 0 | |||||||||||||||||||||||
Construction in Progress | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | |||||||||||||||||||||
Boston Properties Limited Partnership | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Total revenue | $ 790,523 | 730,056 | $ 2,318,757 | 2,157,558 | |||||||||||||||||||||
Net income | 422,379 | 140,985 | 874,091 | 415,207 | |||||||||||||||||||||
Proceeds from sales of real estate | 695,231 | 0 | |||||||||||||||||||||||
Interest and Other Income | 3,728 | 1,520 | 6,151 | 4,140 | |||||||||||||||||||||
Unsecured term loan | $ 730,000 | $ 730,000 | $ 730,000 | 730,000 | $ 0 | ||||||||||||||||||||
Other income - assignment fee | 6,624 | 0 | |||||||||||||||||||||||
Madison Centre | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 724,300 | ||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 755,000 | ||||||||||||||||||||||||
Number of floors | 37 | ||||||||||||||||||||||||
Total revenue | 18,800 | ||||||||||||||||||||||||
Net income | $ 1,300 | ||||||||||||||||||||||||
125 Broadway | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 592,400 | ||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 271,000 | ||||||||||||||||||||||||
Total revenue | 1,600 | ||||||||||||||||||||||||
Net income | $ 400 | ||||||||||||||||||||||||
195 West Street | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 63,500 | ||||||||||||||||||||||||
Net income | 400 | 400 | 200 | ||||||||||||||||||||||
Contractual Sales Price | $ 37,700 | ||||||||||||||||||||||||
Proceeds from sales of real estate | 35,400 | ||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | 22,700 | ||||||||||||||||||||||||
195 West Street | Boston Properties Limited Partnership | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 23,400 | ||||||||||||||||||||||||
11251 Roger Bacon Drive | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 65,000 | ||||||||||||||||||||||||
Asset Acquisition, Price of Acquisition, Expected | $ 5,600 | ||||||||||||||||||||||||
Interest and Other Income | $ 6,900 | ||||||||||||||||||||||||
Area of Land | a | 2.6 | ||||||||||||||||||||||||
Leased percentage | 100.00% | ||||||||||||||||||||||||
Other income - assignment fee | $ 6,600 | ||||||||||||||||||||||||
Virginia 95 Office Park | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 733,000 | ||||||||||||||||||||||||
Net income | 1,800 | $ 2,300 | 5,900 | ||||||||||||||||||||||
Contractual Sales Price | $ 127,500 | ||||||||||||||||||||||||
Proceeds from sales of real estate | 121,900 | ||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 96,200 | ||||||||||||||||||||||||
Number of buildings | Building | 11 | ||||||||||||||||||||||||
Virginia 95 Office Park | Boston Properties Limited Partnership | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 99,500 | ||||||||||||||||||||||||
601 Massachusetts Avenue | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 479,000 | 479,000 | 479,000 | ||||||||||||||||||||||
Net income | $ 3,600 | $ 5,600 | $ 14,900 | $ 16,700 | |||||||||||||||||||||
Contractual Sales Price | $ 531,000 | $ 531,000 | $ 531,000 | ||||||||||||||||||||||
Proceeds from sales of real estate | 512,300 | ||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | 237,400 | ||||||||||||||||||||||||
601 Massachusetts Avenue | Boston Properties Limited Partnership | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 237,500 | ||||||||||||||||||||||||
Loudoun County Land | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Contractual Sales Price | $ 27,000 | ||||||||||||||||||||||||
Proceeds from sales of real estate | 25,600 | ||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 24,400 | ||||||||||||||||||||||||
Parcels of undeveloped land | land_parcel | 2 | ||||||||||||||||||||||||
290 Binney Street | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 570,000 | ||||||||||||||||||||||||
Lessor, Operating Lease, Lease Not yet Commenced, Description | 15-year | ||||||||||||||||||||||||
Kendall Center future development | Scenario, Plan | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 1,100,000 | ||||||||||||||||||||||||
Number of buildings | Building | 2 | ||||||||||||||||||||||||
Kendall Center future development | Scenario, Plan | Residential Building | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 400,000 | ||||||||||||||||||||||||
2100 Pennsylvania Avenue | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 480,000 | ||||||||||||||||||||||||
Reston Next Office Phase II | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 90,000 | ||||||||||||||||||||||||
325 Main Street | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 414,000 | 115,000 | |||||||||||||||||||||||
140 Kendrick Street | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 388,000 | ||||||||||||||||||||||||
Number of buildings | Building | 3 | ||||||||||||||||||||||||
300 Binney Street | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 195,000 | ||||||||||||||||||||||||
300 Binney Street | Construction in Progress | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 240,000 | ||||||||||||||||||||||||
140 Kendrick - Building A | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 90,000 | ||||||||||||||||||||||||
Number of buildings | Building | 1 | ||||||||||||||||||||||||
140 Kendrick - Building A | Construction in Progress | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 104,000 | ||||||||||||||||||||||||
880 Winter Street [Member] | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 244,000 | ||||||||||||||||||||||||
760 Boylston Street [Member] | Construction in Progress | |||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 118,000 |
Real Estate Asset Acquisition (Details) - USD ($) $ in Thousands |
Sep. 16, 2022 |
May 17, 2022 |
---|---|---|
Madison Centre | ||
Asset Acquisition [Line Items] | ||
Land | $ 104,641 | |
Building and improvements | 505,766 | |
Tenant Improvements | 58,570 | |
Net Assets Acquired | 724,255 | |
Madison Centre | In-Place Lease Intangibles | ||
Asset Acquisition [Line Items] | ||
Lease Intangibles | 74,598 | |
Madison Centre | Above Market Lease Intangibles [Member] | ||
Asset Acquisition [Line Items] | ||
Lease Intangibles | 3,794 | |
Madison Centre | Below Market Lease Intangible [Member] | ||
Asset Acquisition [Line Items] | ||
Lease Intangibles | $ (23,114) | |
125 Broadway | ||
Asset Acquisition [Line Items] | ||
Land | $ 126,364 | |
Building and improvements | 403,588 | |
Tenant Improvements | 30,074 | |
Net Assets Acquired | 592,438 | |
125 Broadway | In-Place Lease Intangibles | ||
Asset Acquisition [Line Items] | ||
Lease Intangibles | 49,137 | |
125 Broadway | Below Market Lease Intangible [Member] | ||
Asset Acquisition [Line Items] | ||
Lease Intangibles | $ (16,725) |
Real Estate Amortization of Finite Lived Intangible Assets by Major Class (Details) - USD ($) $ in Thousands |
Sep. 16, 2022 |
May 17, 2022 |
---|---|---|
Madison Centre | In-Place Lease Intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Period from acquisition through December 31, 2022 | $ 7,266 | |
2023 | 12,200 | |
2024 | 10,842 | |
2025 | 10,770 | |
2026 | 10,306 | |
2027 | 9,161 | |
Madison Centre | Above Market Lease Intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Period from acquisition through December 31, 2022 | 640 | |
2023 | 1,098 | |
2024 | 254 | |
2025 | 254 | |
2026 | 254 | |
2027 | 254 | |
Madison Centre | Below Market Lease Intangible [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Period from acquisition through December 31, 2022 | 2,011 | |
2023 | 3,442 | |
2024 | 3,411 | |
2025 | 3,398 | |
2026 | 3,210 | |
2027 | $ 2,805 | |
125 Broadway | In-Place Lease Intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Period from acquisition through December 31, 2022 | $ 2,185 | |
2023 | 8,740 | |
2024 | 8,740 | |
2025 | 8,740 | |
2026 | 8,740 | |
2027 | 8,740 | |
125 Broadway | Below Market Lease Intangible [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Period from acquisition through December 31, 2022 | 744 | |
2023 | 2,975 | |
2024 | 2,975 | |
2025 | 2,975 | |
2026 | 2,975 | |
2027 | $ 2,975 |
Leases Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Lessor, Lease, Description [Line Items] | ||||
Write-off (reinstatement) for accrued rent and accounts receivables | $ 0 | $ 0 | $ (1,500) | $ 1,300 |
Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||||
Fixed contractual payments | $ 610,878 | $ 581,393 | $ 1,811,836 | $ 1,732,930 |
Variable lease payments | 128,377 | 110,867 | 367,438 | 329,172 |
Lease | $ 739,255 | $ 692,260 | $ 2,179,274 | $ 2,062,102 |
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands |
9 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
ft²
payments
|
Dec. 31, 2021
USD ($)
|
|||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Other Liabilities | $ (417,255) | $ (391,441) | ||||||||||||||||||
Investments in unconsolidated joint ventures | 1,593,834 | 1,482,997 | ||||||||||||||||||
Investments In Affiliates Subsidiaries Associates And Joint Ventures net | [1] | 1,526,819 | 1,445,926 | |||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Other Liabilities | $ (67,000) | (37,100) | ||||||||||||||||||
Square 407 Limited Partnership [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Market Square North | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Other Liabilities | [1] | $ (5,759) | (1,205) | |||||||||||||||||
BP/CRF Metropolitan Square LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Metropolitan Square | |||||||||||||||||||
Ownership Percentage | 20.00% | |||||||||||||||||||
Other Liabilities | [1] | $ (39,318) | (15,356) | |||||||||||||||||
901 New York Avenue LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 901 New York Avenue | |||||||||||||||||||
Ownership Percentage | [2] | 25.00% | ||||||||||||||||||
Other Liabilities | [1] | $ (12,506) | $ (12,597) | |||||||||||||||||
901 New York Avenue LLC (economic ownership) [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||
WP Project Developer LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Wisconsin Place Land and Infrastructure | |||||||||||||||||||
Ownership Percentage | [3] | 33.33% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 32,638 | $ 33,732 | |||||||||||||||||
500 North Capitol Venture LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 500 North Capitol Street, NW | |||||||||||||||||||
Ownership Percentage | 30.00% | |||||||||||||||||||
Other Liabilities | [1] | $ (9,432) | (7,913) | |||||||||||||||||
501 K Street LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 1001 6th Street | |||||||||||||||||||
Ownership Percentage | [4] | 50.00% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 42,922 | 42,576 | |||||||||||||||||
Potential additonal payments to joint venture partner | payments | 2 | |||||||||||||||||||
Minimum square footage to make a potential additional payment to joint venture partner (in sqft) | ft² | 520,000 | |||||||||||||||||||
Podium Developer LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | The Hub on Causeway - Podium | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 48,571 | 48,980 | |||||||||||||||||
Residential Tower Developer LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Hub50House | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 45,662 | 47,774 | |||||||||||||||||
Hotel Tower Developer LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | The Hub on Causeway - Hotel Air Rights | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 12,165 | 11,505 | |||||||||||||||||
Office Tower Developer LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 100 Causeway Street | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 59,379 | 57,687 | |||||||||||||||||
1265 Main Office JV LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 1265 Main Street | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 3,358 | 3,541 | |||||||||||||||||
BNY Tower Holdings LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Dock 72 | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 26,947 | 27,343 | |||||||||||||||||
BNYA Amenity Operator LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Dock 72 | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 825 | 1,069 | |||||||||||||||||
CA-Colorado Center LLC[Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Colorado Center | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 234,271 | 231,479 | |||||||||||||||||
7750 Wisconsin Avenue LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 7750 Wisconsin Avenue | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 52,656 | 61,626 | |||||||||||||||||
BP-M 3HB Venture LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 3 Hudson Boulevard | |||||||||||||||||||
Ownership Percentage | 25.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 116,678 | 116,306 | |||||||||||||||||
SMBP Venture LP [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Santa Monica Business Park | |||||||||||||||||||
Ownership Percentage | 55.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 166,302 | 156,639 | |||||||||||||||||
Platform 16 Holdings LP [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Platform 16 | |||||||||||||||||||
Ownership Percentage | [5] | 55.00% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 143,558 | 109,086 | |||||||||||||||||
Gateway Portfolio Holdings LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Gateway Commons | |||||||||||||||||||
Ownership Percentage | [6] | 50.00% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 314,137 | 327,148 | |||||||||||||||||
Rosecrans-Sepulveda Partners 4, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Beach Cities Media Campus | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 27,017 | 27,106 | |||||||||||||||||
Entity Owning Land And Infrastructure Of Project [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 33.33% | |||||||||||||||||||
Safeco Plaza REIT LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Safeco Plaza | |||||||||||||||||||
Ownership Percentage | [7] | 33.67% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 70,889 | 72,545 | |||||||||||||||||
Safeco Plaza REIT LLC | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 33.00% | |||||||||||||||||||
360 PAS Holdco LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 360 Park Avenue South | |||||||||||||||||||
Ownership Percentage | [8] | 42.21% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 112,772 | $ 106,855 | |||||||||||||||||
360 PAS Holdco LLC | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 35.79% | |||||||||||||||||||
360 PAS Holdco LLC | Joint Venture Partner [Member] | Scenario, Plan | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 58.00% | |||||||||||||||||||
Safeco Partner Entity One [Member] | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 1.00% | |||||||||||||||||||
Safeco Partner Entity Two | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 1.00% | |||||||||||||||||||
360 PAS Holdco LLC (indirect ownership) | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 5.837% | |||||||||||||||||||
360 Park Avenue South Partners Entity | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 1.00% | |||||||||||||||||||
360 Park Avenue South Partners Entity Two | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 1.00% | |||||||||||||||||||
PR II BXP Reston Gateway LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Reston Next Residential | |||||||||||||||||||
Ownership Percentage | [9] | 20.00% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 11,267 | ||||||||||||||||||
PR II BXP Reston Gateway LLC | Joint Venture Partner [Member] | Scenario, Plan | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 80.00% | |||||||||||||||||||
751 Gateway Holdings LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 751 Gateway | |||||||||||||||||||
Ownership Percentage | [6] | 49.00% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 71,820 | ||||||||||||||||||
|
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate and development in process, net | $ 19,427,344 | $ 18,275,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 23,726,691 | 22,365,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and notes payable, net | 3,271,157 | 3,267,914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 417,255 | 391,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members’/Partners’ equity | 6,155,618 | 5,834,020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity / capital | 23,726,691 | 22,365,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | 1,593,834 | 1,482,997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use assets - finance leases | 237,505 | 237,507 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use assets - operating leases | 167,935 | 169,778 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - finance leases | 248,092 | 244,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - operating leases | 205,008 | 204,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate and development in process, net | [1] | 5,858,271 | 5,579,218 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 655,549 | 586,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 6,513,820 | 6,165,688 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and notes payable, net | 3,425,972 | 3,214,961 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | [2] | 681,228 | 652,135 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members’/Partners’ equity | 2,406,620 | 2,298,592 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity / capital | 6,513,820 | 6,165,688 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's share of equity | 1,180,507 | 1,104,175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | [3] | 346,312 | 341,751 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [4] | 1,526,819 | 1,445,926 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use assets - finance leases | 248,900 | 248,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use assets - operating leases | 21,400 | 22,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - finance leases | 383,000 | 385,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - operating leases | 30,500 | 30,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 67,000 | 37,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | 302,539 | 304,776 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [5] | 234,271 | 231,479 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Commons Complex [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | 51,188 | 51,009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [5] | 314,137 | 327,148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dock 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | (48,753) | (50,051) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [5] | $ 26,947 | $ 27,343 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Mar. 30, 2021 |
||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Total revenue | $ 790,523 | $ 730,056 | $ 2,318,757 | $ 2,157,558 | ||||||||
Expenses | ||||||||||||
Transaction costs | 1,650 | 1,888 | 2,146 | 2,970 | ||||||||
Depreciation and amortization | 190,675 | 179,412 | 551,445 | 539,815 | ||||||||
Total expenses | 518,994 | 481,093 | 1,520,810 | 1,442,241 | ||||||||
Other income (expense) | ||||||||||||
Loss from early extinguishment of debt | 0 | 0 | 0 | (898) | ||||||||
Interest expense | (111,846) | (105,794) | (317,216) | (320,015) | ||||||||
Gains on sales of real estate | 262,345 | 348 | 381,293 | 8,104 | ||||||||
Net income | 420,661 | 139,250 | 864,861 | 408,647 | ||||||||
Income (Loss) from Equity Method Investments | (3,524) | (5,597) | (1,389) | (1,745) | ||||||||
Write-off (reinstatement) for accrued rent and accounts receivables | 0 | 0 | (1,500) | 1,300 | ||||||||
Above and below market rent adjustments, net | 4,200 | |||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Total revenue | [1] | 127,996 | 90,009 | 373,358 | 268,501 | |||||||
Expenses | ||||||||||||
Operating | 52,886 | 40,378 | 143,880 | 114,299 | ||||||||
Transaction costs | (65) | 0 | 746 | 7 | ||||||||
Depreciation and amortization | 44,132 | 36,036 | 132,089 | 103,766 | ||||||||
Total expenses | 96,953 | 76,414 | 276,715 | 218,072 | ||||||||
Other income (expense) | ||||||||||||
Loss from early extinguishment of debt | 0 | 0 | (1,327) | 0 | ||||||||
Interest expense | (40,678) | (27,519) | (103,270) | (78,711) | ||||||||
Net income | (9,635) | (13,924) | (7,954) | (28,282) | ||||||||
Company's share of net income | (2,251) | (4,491) | 2,225 | (10,268) | ||||||||
Gain on Sale of Investments | 0 | 0 | 0 | 10,257 | [2] | |||||||
Basis differential | [3] | (1,273) | (1,106) | (3,614) | (1,734) | |||||||
Income (Loss) from Equity Method Investments | (3,524) | (5,597) | (1,389) | (1,745) | ||||||||
Straight Line Rent Adjustments | (9,600) | (5,500) | (54,900) | (11,600) | ||||||||
Write-off (reinstatement) for accrued rent and accounts receivables | (2,500) | |||||||||||
Annapolis Junction NFM, LLC [Member] | ||||||||||||
Other income (expense) | ||||||||||||
Gain on Sale of Investments | 10,300 | |||||||||||
Ownership Percentage | 50.00% | |||||||||||
Colorado Center [Member] | ||||||||||||
Other income (expense) | ||||||||||||
Straight Line Rent Adjustments | 100 | 100 | 300 | 700 | ||||||||
Above and below market rent adjustments, net | $ 100 | $ 100 | $ 300 | $ 200 | ||||||||
|
Investment in Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 09, 2022
USD ($)
ft²
|
Sep. 08, 2022
USD ($)
|
Sep. 01, 2022
USD ($)
ft²
|
Aug. 08, 2022
USD ($)
ft²
|
Aug. 07, 2022
USD ($)
|
Jun. 17, 2022
USD ($)
|
Jun. 16, 2022
USD ($)
ft²
|
May 13, 2022
USD ($)
loanExtension
years
|
Apr. 18, 2022
USD ($)
ft²
|
Mar. 28, 2022
USD ($)
loanExtension
years
|
Mar. 27, 2022
USD ($)
loanExtension
years
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Feb. 02, 2022
ft²
|
Jan. 18, 2022
ft²
|
Dec. 31, 2021
USD ($)
|
|||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively) | $ 3,271,157 | $ 3,271,157 | $ 3,267,914 | |||||||||||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | $ 185 | ||||||||||||||||||||||||
Loss from early extinguishment of debt | $ 0 | $ 0 | $ 0 | (898) | ||||||||||||||||||||||
Gateway Commons Complex [Member] | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | [1] | 50.00% | 50.00% | |||||||||||||||||||||||
Gateway Commons Complex [Member] | 651 Gateway | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||||||||
Platform 16 | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | [2] | 55.00% | 55.00% | |||||||||||||||||||||||
Platform 16 | Platform 16 | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 55.00% | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 1,100,000 | |||||||||||||||||||||||||
BP/CRF Metropolitan Square LLC [Member] | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 20.00% | 20.00% | ||||||||||||||||||||||||
BP/CRF Metropolitan Square LLC [Member] | Metropolitan Square | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 20.00% | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 657,000 | |||||||||||||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively) | $ 420,000 | $ 294,100 | ||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | the greater of (x) LIBOR or (y) 0.65% | |||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | 4.75% | ||||||||||||||||||||||||
Number of extensions | loanExtension | 3 | 2 | ||||||||||||||||||||||||
Extension Option (in years) | years | 1 | 1 | ||||||||||||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 0 | |||||||||||||||||||||||||
Loss from early extinguishment of debt | (1,300) | |||||||||||||||||||||||||
Proceeds from mortgage notes payable | 100,500 | |||||||||||||||||||||||||
BP/CRF Metropolitan Square LLC [Member] | Metropolitan Square | Unconsolidated Properties | Interest Rate Cap | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | SOFR | |||||||||||||||||||||||||
Derivative, Notional Amount | $ 420,000 | |||||||||||||||||||||||||
Derivative, Cap Interest Rate | 4.50% | |||||||||||||||||||||||||
Residential Tower Developer LLC [Member] | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||||||||
Residential Tower Developer LLC [Member] | Hub50House [Member] | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||||||||
Proceeds from mortgage notes payable | $ 6,800 | |||||||||||||||||||||||||
Residential Tower Developer LLC [Member] | Hub50House [Member] | Unconsolidated Properties | Interest Rate Swap | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Derivative, Notional Amount | $ 185,000 | |||||||||||||||||||||||||
Derivative, Forward Interest Rate | 4.432% | |||||||||||||||||||||||||
Residential Tower Developer LLC [Member] | Hub50House [Member] | Unconsolidated Properties | Adjustable Rate Loans | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively) | $ 185,000 | $ 176,700 | $ 176,500 | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | 2.00% | ||||||||||||||||||||||||
PR II BXP Reston Gateway LLC | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | [3] | 20.00% | 20.00% | |||||||||||||||||||||||
751 Gateway Holdings LLC | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | [1] | 49.00% | 49.00% | |||||||||||||||||||||||
BNY Tower Holdings LLC [Member] | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||||||||
BNY Tower Holdings LLC [Member] | Dock 72 [Member] | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 669,000 | |||||||||||||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively) | $ 198,400 | $ 198,400 | ||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | the greater of (x) SOFR or (y) 0.25% | LIBOR | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | 3.35% | ||||||||||||||||||||||||
Debt instrument, borrowing capacity | $ 250,000 | |||||||||||||||||||||||||
Safeco Plaza REIT LLC | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | [4] | 33.67% | 33.67% | |||||||||||||||||||||||
Safeco Plaza REIT LLC | Safeco Plaza | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 33.67% | |||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 765,000 | |||||||||||||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively) | $ 250,000 | |||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | the greater of (x) 2.35% or (y) SOFR | the greater of (x) 2.35% or (y) LIBOR | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.32% | 2.20% | ||||||||||||||||||||||||
Safeco Plaza REIT LLC | Safeco Plaza | Unconsolidated Properties | Minimum [Member] | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.35% | 2.35% | ||||||||||||||||||||||||
Safeco Plaza REIT LLC | Safeco Plaza | Unconsolidated Properties | Interest Rate Cap | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | SOFR | |||||||||||||||||||||||||
Derivative, Notional Amount | $ 250,000 | |||||||||||||||||||||||||
Derivative, Cap Interest Rate | 2.50% | |||||||||||||||||||||||||
Joint Venture Partner [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 500 | |||||||||||||||||||||||||
Joint Venture Partner [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | Scenario, Plan | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 80.00% | |||||||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 58,700 | |||||||||||||||||||||||||
Joint Venture Partner [Member] | 751 Gateway Holdings LLC | 751 Gateway | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 51.00% | |||||||||||||||||||||||||
Contribution of Property | $ 53,900 | |||||||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 4,900 | |||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively) | $ 3,425,972 | $ 3,425,972 | $ 3,214,961 | |||||||||||||||||||||||
Loss from early extinguishment of debt | $ 0 | $ 0 | $ (1,327) | $ 0 | ||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Contribution of Property | 11,300 | |||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | Scenario, Plan | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 3,500 | |||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | Adjustable Rate Loans | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | SOFR | |||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||||||||||||||||
Number of extensions | loanExtension | 2 | |||||||||||||||||||||||||
Extension Option (in years) | years | 1 | |||||||||||||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 140,000 | |||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | 751 Gateway Holdings LLC | 751 Gateway | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 49.00% | |||||||||||||||||||||||||
Contribution of Property | $ 53,900 | |||||||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 2,600 | |||||||||||||||||||||||||
Company's Share [Member] | BP/CRF Metropolitan Square LLC [Member] | Metropolitan Square | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from mortgage notes payable | $ 20,100 | |||||||||||||||||||||||||
Company's Share [Member] | Residential Tower Developer LLC [Member] | Hub50House [Member] | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from mortgage notes payable | $ 3,400 | |||||||||||||||||||||||||
Company's Share [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 96.00% | |||||||||||||||||||||||||
Company's Share [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | Scenario, Plan | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Ownership Percentage | 20.00% | |||||||||||||||||||||||||
Construction | Gateway Commons Complex [Member] | 651 Gateway | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 327,000 | |||||||||||||||||||||||||
Construction | Platform 16 | Platform 16 | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 390,000 | |||||||||||||||||||||||||
Construction | 751 Gateway Holdings LLC | 751 Gateway | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 231,000 | |||||||||||||||||||||||||
Construction | Unconsolidated Joint Ventures [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | Scenario, Plan | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Number of Units in Real Estate Property | 508 | |||||||||||||||||||||||||
Residential Building | Residential Tower Developer LLC [Member] | Hub50House [Member] | Unconsolidated Properties | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 320,000 | |||||||||||||||||||||||||
Number of Units in Real Estate Property | 440 | |||||||||||||||||||||||||
|
Unsecured Term Loan (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022 |
May 17, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | ||||
Unsecured term loan | $ 730,000 | $ 730,000 | $ 730,000 | $ 0 |
Unsecured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 730,000 | |||
Debt Instrument, Interest Rate Terms | At BPLP’s option, the Unsecured Term Loan will bear interest at a rate per annum equal to (A) (1) a base rate per annum equal to the greater of (a) the federal funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) term SOFR plus 1.00% and (d) 1.00%, or (2) a term SOFR rate per annum equal to the forward-looking SOFR term rate administered by CME Group Benchmark Administration (“CME”) two business days prior to the commencement of such interest period; or if the rate is unavailable, then the forward-looking SOFR term rate administered by CME on the first business day immediately prior thereto, in each case, plus 0.10%, and (B) a margin ranging from zero to 160 basis points based on BPLP’s credit rating. | |||
Unsecured term loan | $ 730,000 | $ 730,000 | $ 730,000 | |
Debt Instrument, Covenant Description | The Unsecured Term Loan contains customary representations and warranties, affirmative and negative covenants and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay any outstanding amount under the Unsecured Term Loan. Among other covenants, the Unsecured Term Loan requires that BPLP maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. | |||
Debt Instrument, Covenant Compliance | At September 30, 2022, BPLP was in compliance with each of these financial and other covenant requirements. | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Debt Instrument, Maturity Date | May 16, 2023 | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | |||
Leverage ratio | 60.00% | |||
Leverage ratio - maximum | 65.00% | |||
Secured debt leverage ratio - maximum | 55.00% | |||
Fixed charge coverage - minimum | 1.40 | |||
Unsecured debt leverage ratio | 60.00% | |||
Unsecured debt leverage ratio - maximum | 65.00% | |||
Unsecured debt interest coverage ratio | 1.75 | |||
Unsecured Term Loan | Fed Funds Effective Rate Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | 1.00% | ||
Unsecured Term Loan | Margin based on borrower's credit rating | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.60% | |||
Unsecured Term Loan | Margin based on borrower's credit rating | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.00% |
Commitments And Contingencies (Details) $ in Thousands |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 27, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
ft²
|
Sep. 30, 2021
USD ($)
|
Jun. 29, 2022
ft²
|
Jun. 26, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
May 09, 2019
ft²
|
|
Commitments And Contingencies [Line Items] | |||||||
Letter of credit and performance obligations | $ 26,500 | ||||||
Notes receivable, net | 0 | $ 9,641 | |||||
Proceeds from note receivable | 10,000 | $ 0 | |||||
Property insurance program per occurrence limits | 1,000,000 | ||||||
Per occurrence limit for NBCR Coverage | 1,000,000 | ||||||
Value of program trigger | $ 200,000 | ||||||
Coinsurance of program trigger | 20.00% | ||||||
Program trigger deductible | 20.00% | ||||||
Per occurrence limit of the earthquake insurance which covers San Francisco and Los Angeles regions | $ 330,000 | ||||||
Annual aggregate limit of the earthquake insurance which covers San Francisco and Los Angeles regions | 330,000 | ||||||
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco and Los Angeles | $ 30,000 | ||||||
Deductible in insurance as a percentage of the value of the affected property, San Francisco and Los Angeles | 3.00% | ||||||
Per Occurrence Limit of Earthquake Insurance Seattle | $ 110,000 | ||||||
Annual Aggregate Limit of Earthquake Insurance Seattle | $ 110,000 | ||||||
Earthquake Deductible Insurance Percentage of Value of the Affected Property Seattle | 2.00% | ||||||
Affiliate of Bernstein Companies [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Notes receivable, net | $ 10,000 | ||||||
Proceeds from note receivable | $ 10,000 | ||||||
Note receivable fixed interest rate | 8.00% | ||||||
Proceeds from Interest Received | $ 1,600 | ||||||
Boston Properties Limited Partnership | |||||||
Commitments And Contingencies [Line Items] | |||||||
Notes receivable, net | $ 0 | $ 9,641 | |||||
Proceeds from note receivable | 10,000 | $ 0 | |||||
Operating partnership guarantee to cover liabilities of IXP | 20,000 | ||||||
767 Venture, LLC [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Maximum funding obligation | 14,900 | ||||||
Property insurance program per occurrence limits | 1,625,000 | ||||||
325 Main Street | |||||||
Commitments And Contingencies [Line Items] | |||||||
Net Rentable Area (in sf) | ft² | 414,000 | 115,000 | |||||
601 Lexington Avenue | |||||||
Commitments And Contingencies [Line Items] | |||||||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP | 1,350,000 | ||||||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Property and Terrorism | 750,000 | ||||||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Terrorism | 600,000 | ||||||
Sum of Coverage Covered by IXP and Excess Coverage for Property and Terrorism | $ 1,750,000 | ||||||
Future Residential Building [Member] | 325 Main Street | |||||||
Commitments And Contingencies [Line Items] | |||||||
Net Rentable Area (in sf) | ft² | 200,000 | ||||||
Affordable Housing requirement | 25.00% | ||||||
Home Ownership Units [Member] | Future Residential Building [Member] | 325 Main Street | |||||||
Commitments And Contingencies [Line Items] | |||||||
Affordable Housing requirement | 20.00% |
Noncontrolling Interests (Narrative) (Details) - Boston Properties Limited Partnership |
Sep. 30, 2022
shares
|
---|---|
OP Units [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 16,535,172 |
LTIP Units [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 1,680,123 |
2012 OPP and 2013-2019 MYLTIP | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 464,036 |
MYLTIP 2020 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 203,278 |
MYLTIP 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 351,218 |
MYLTIP 2022 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 253,627 |
(Common Units) (Narrative) (Details) $ / shares in Units, $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Feb. 04, 2022
USD ($)
shares
|
Feb. 01, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
yr
$ / shares
shares
|
Dec. 31, 2021
USD ($)
|
|
Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ | $ 1,407,762 | $ 2,078,603 | ||
MYLTIP | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Vesting Period | 3 years | |||
Unvested MYLTIP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
unvested MYLTIP distributions as compared to total distributions (percentage) | 10.00% | |||
MYLTIP 2019 [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Final awards percentage of target | 69.00% | |||
Value of MYLTIP Awards | $ | $ 8,600 | |||
Forfeitures, in units | 144,043 | |||
MYLTIP 2020 [Member] | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 203,278 | |||
MYLTIP 2021 | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 351,218 | |||
MYLTIP 2022 | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Value of MYLTIP Awards | $ | $ 17,300 | |||
Vesting Period | 3 years | |||
MYLTIP 2022 | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 253,627 | |||
OP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
OP Units for redemption (in shares) | 178,929 | |||
Restriction on redemption of OP Unit to Common Stock (in years) | yr | 1 | |||
Redemption of OP Unit equivalent to Common Stock (in shares) | 1 | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ | $ 1,400,000 | |||
Closing price of common stock (in dollars per share) | $ / shares | $ 74.97 | |||
Vested 2012 OPP units and MYLTIPS | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
OP Units for redemption (in shares) | 74,249 |
Noncontrolling Interests Common Units Distributions (Details) - $ / shares |
Jul. 29, 2022 |
Apr. 29, 2022 |
Jan. 28, 2022 |
Oct. 29, 2021 |
Jul. 30, 2021 |
Apr. 30, 2021 |
Jan. 28, 2021 |
Sep. 16, 2022 |
---|---|---|---|---|---|---|---|---|
Dividends Payable [Line Items] | ||||||||
Distributions Payable, Amount Per Unit | $ 0.98 | |||||||
Dividends, Per Unit, Cash Paid | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | |
Boston Properties Limited Partnership | ||||||||
Dividends Payable [Line Items] | ||||||||
Distributions Payable, Amount Per Unit | 0.98 | |||||||
Dividends, Per Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Op units and LTIP units | ||||||||
Dividends Payable [Line Items] | ||||||||
Distributions Payable, Amount Per Unit | 0.98 | |||||||
Dividends, Per Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Unvested MYLTIP Units [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Distributions Payable, Amount Per Unit | $ 0.098 | |||||||
Dividends, Per Unit, Cash Paid | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 |
Noncontrolling Interests (Property Partnerships) (Narrative) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest in Limited Partnerships | $ 1,551,501 | $ 1,556,553 |
Stockholders' Equity / Partners' Capital Narrative (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Apr. 01, 2021 |
Mar. 31, 2021
USD ($)
|
Mar. 02, 2021
$ / shares
shares
|
May 22, 2020
USD ($)
yr
|
Sep. 30, 2022
USD ($)
shares
|
Sep. 30, 2021
USD ($)
shares
|
Sep. 30, 2022
USD ($)
shares
|
Sep. 30, 2021
USD ($)
shares
|
Dec. 31, 2021
shares
|
Jun. 02, 2017
USD ($)
|
|
Class of Stock [Line Items] | ||||||||||
Common Stock, Shares, Outstanding | 156,754,712 | 156,206,000 | 156,754,712 | 156,206,000 | 156,544,849 | |||||
General Partners' Capital Account, Units Outstanding (in units) | 1,749,700 | 1,749,700 | ||||||||
Limited Partners' Capital Account, Units Outstanding (in units) | 155,005,012 | 155,005,012 | ||||||||
Options exercised | 0 | |||||||||
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares) | 178,929 | |||||||||
Preferred Stock Redemption Premium | $ | $ 0 | $ 0 | $ 0 | $ 6,412 | ||||||
ATM Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
At The Market Stock Offering Program Aggregate Value Of Common Stock | $ | $ 600,000 | $ 600,000 | ||||||||
At Market Stock Offering Program Maximum Length Of Sale (in years) | yr | 3 | |||||||||
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Series B, Shares Outstanding (in shares) | 80,000 | |||||||||
Series B, Dividend Rate, Percentage | 5.25% | |||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 2,500 | |||||||||
Preferred Stock Redemption Price Per Share, plus accrued and unpaid dividends | $ / shares | $ 2,516.41 | |||||||||
Preferred Stock Redemption Premium | $ | $ 6,400 | |||||||||
Preferred Stock, Redemption Date | Apr. 01, 2021 |
Stockholders' Equity / Partners' Capital Dividends / Distributions (Details) - $ / shares |
Jul. 29, 2022 |
Apr. 29, 2022 |
Jan. 28, 2022 |
Oct. 29, 2021 |
Jul. 30, 2021 |
Apr. 30, 2021 |
Feb. 16, 2021 |
Jan. 28, 2021 |
Sep. 16, 2022 |
---|---|---|---|---|---|---|---|---|---|
Dividends / Distributions [Line Items] | |||||||||
Dividends Payable, Amount Per Share / Unit | $ 0.98 | ||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | ||
Boston Properties Limited Partnership | |||||||||
Dividends / Distributions [Line Items] | |||||||||
Dividends Payable, Amount Per Share / Unit | 0.98 | ||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | ||
Boston Properties Limited Partnership | Op units and LTIP units | |||||||||
Dividends / Distributions [Line Items] | |||||||||
Dividends Payable, Amount Per Share / Unit | 0.98 | ||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | ||
Boston Properties Limited Partnership | Unvested MYLTIP Units [Member] | |||||||||
Dividends / Distributions [Line Items] | |||||||||
Dividends Payable, Amount Per Share / Unit | $ 0.098 | ||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | ||
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | |||||||||
Dividends / Distributions [Line Items] | |||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 32.8125 |
Segment Information Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2022 |
|
Parking and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Increase (decrease) in parking and other revenue primarily related to COVID-19 | $ 4,600 | $ 21,500 |
Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the company's common shareholders / unitholders | $ 360,977,000 | $ 108,297,000 | $ 727,144,000 | $ 311,680,000 |
Preferred Stock Redemption Charge | 0 | 0 | 0 | (6,412,000) |
Preferred dividends / distributions | 0 | 0 | 0 | (2,560,000) |
Noncontrolling interest-common units of the Operating Partnership | (40,883,000) | (11,982,000) | (82,821,000) | (35,393,000) |
Noncontrolling interest in property partnerships | (18,801,000) | (18,971,000) | (54,896,000) | (52,602,000) |
Interest expense | (111,846,000) | (105,794,000) | (317,216,000) | (320,015,000) |
Loss from early extinguishment of debt | 0 | 0 | 0 | 898,000 |
Company's share of net operating income from joint ventures | (488,908,000) | (458,729,000) | (1,442,266,000) | (1,355,845,000) |
Loss from unconsolidated joint ventures | 3,524,000 | 5,597,000 | 1,389,000 | 1,745,000 |
Depreciation and amortization expense | (190,675,000) | (179,412,000) | (551,445,000) | (539,815,000) |
Transaction costs | (1,650,000) | (1,888,000) | (2,146,000) | (2,970,000) |
General and administrative expense | (32,519,000) | (34,560,000) | (110,378,000) | (117,924,000) |
Gains (losses) from investments in securities | 1,571,000 | 190,000 | 8,549,000 | (3,744,000) |
Other Income - assignment fee | 0 | 0 | (6,624,000) | 0 |
Interest and other income (loss) | (3,728,000) | (1,520,000) | (6,151,000) | (4,140,000) |
Gains on sales of real estate | (262,345,000) | (348,000) | (381,293,000) | (8,104,000) |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the company's common shareholders / unitholders | 360,977,000 | 108,297,000 | 727,144,000 | 311,680,000 |
Preferred Stock Redemption Charge | 0 | 0 | 0 | 6,412,000 |
Preferred dividends / distributions | 0 | 0 | 0 | 2,560,000 |
Noncontrolling interest-common units of the Operating Partnership | 40,883,000 | 11,982,000 | 82,821,000 | 35,393,000 |
Noncontrolling interest in property partnerships | 18,801,000 | 18,971,000 | 54,896,000 | 52,602,000 |
Interest expense | 111,846,000 | 105,794,000 | 317,216,000 | 320,015,000 |
Loss from early extinguishment of debt | 0 | 0 | 0 | 898,000 |
Loss from unconsolidated joint ventures | (3,524,000) | (5,597,000) | (1,389,000) | (1,745,000) |
Depreciation and amortization expense | 190,675,000 | 179,412,000 | 551,445,000 | 539,815,000 |
Transaction costs | 1,650,000 | 1,888,000 | 2,146,000 | 2,970,000 |
Operating expense | 3,900,000 | 3,006,000 | 11,204,000 | 9,166,000 |
General and administrative expense | 32,519,000 | 34,560,000 | 110,378,000 | 117,924,000 |
Gains (losses) from investments in securities | (1,571,000) | (190,000) | (8,549,000) | 3,744,000 |
Other Income - assignment fee | 0 | 0 | 6,624,000 | 0 |
Interest and other income (loss) | 3,728,000 | 1,520,000 | 6,151,000 | 4,140,000 |
Gains on sales of real estate | 262,345,000 | 348,000 | 381,293,000 | 8,104,000 |
Other revenue | 3,900,000 | 3,006,000 | 11,204,000 | 9,166,000 |
Company's share of Net Operating Income | 475,918,000 | 435,195,000 | 1,407,390,000 | 1,291,860,000 |
Unconsolidated Joint Ventures [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Interest expense | (40,678,000) | (27,519,000) | (103,270,000) | (78,711,000) |
Loss from early extinguishment of debt | 0 | 0 | 1,327,000 | 0 |
Loss from unconsolidated joint ventures | 3,524,000 | 5,597,000 | 1,389,000 | 1,745,000 |
Depreciation and amortization expense | (44,132,000) | (36,036,000) | (132,089,000) | (103,766,000) |
Transaction costs | 65,000 | 0 | (746,000) | (7,000) |
Unconsolidated Joint Ventures [Member] | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | 35,316,000 | 24,266,000 | 108,347,000 | 74,478,000 |
Boston Properties Limited Partnership | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the company's common shareholders / unitholders | 403,578,000 | 122,014,000 | 819,195,000 | 353,633,000 |
Preferred Stock Redemption Charge | 0 | 0 | 0 | (6,412,000) |
Preferred dividends / distributions | 0 | 0 | 0 | (2,560,000) |
Noncontrolling interest in property partnerships | (18,801,000) | (18,971,000) | (54,896,000) | (52,602,000) |
Interest expense | (111,846,000) | (105,794,000) | (317,216,000) | (320,015,000) |
Loss from early extinguishment of debt | 0 | 0 | 0 | 898,000 |
Loss from unconsolidated joint ventures | 3,524,000 | 5,597,000 | 1,389,000 | 1,745,000 |
Depreciation and amortization expense | (188,969,000) | (177,677,000) | (546,271,000) | (533,255,000) |
Transaction costs | (1,650,000) | (1,888,000) | (2,146,000) | (2,970,000) |
General and administrative expense | (32,519,000) | (34,560,000) | (110,378,000) | (117,924,000) |
Gains (losses) from investments in securities | 1,571,000 | 190,000 | 8,549,000 | (3,744,000) |
Other Income - assignment fee | 0 | 0 | (6,624,000) | 0 |
Interest and other income (loss) | (3,728,000) | (1,520,000) | (6,151,000) | (4,140,000) |
Gains on sales of real estate | (262,357,000) | (348,000) | (385,349,000) | (8,104,000) |
Boston Properties Limited Partnership | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the company's common shareholders / unitholders | 403,578,000 | 122,014,000 | 819,195,000 | 353,633,000 |
Preferred Stock Redemption Charge | 0 | 0 | 6,412,000 | |
Preferred dividends / distributions | 0 | 0 | 0 | 2,560,000 |
Noncontrolling interest in property partnerships | 18,801,000 | 18,971,000 | 54,896,000 | 52,602,000 |
Interest expense | 111,846,000 | 105,794,000 | 317,216,000 | 320,015,000 |
Loss from early extinguishment of debt | 0 | 0 | 0 | 898,000 |
Loss from unconsolidated joint ventures | (3,524,000) | (5,597,000) | (1,389,000) | (1,745,000) |
Depreciation and amortization expense | 188,969,000 | 177,677,000 | 546,271,000 | 533,255,000 |
Transaction costs | 1,650,000 | 1,888,000 | 2,146,000 | 2,970,000 |
Operating expense | 3,900,000 | 3,006,000 | 11,204,000 | 9,166,000 |
General and administrative expense | 32,519,000 | 34,560,000 | 110,378,000 | 117,924,000 |
Gains (losses) from investments in securities | (1,571,000) | (190,000) | (8,549,000) | 3,744,000 |
Other Income - assignment fee | 0 | 0 | 6,624,000 | 0 |
Interest and other income (loss) | 3,728,000 | 1,520,000 | 6,151,000 | 4,140,000 |
Gains on sales of real estate | 262,357,000 | 348,000 | 385,349,000 | 8,104,000 |
Other revenue | 3,900,000 | 3,006,000 | 11,204,000 | 9,166,000 |
Company's share of Net Operating Income | 475,918,000 | 435,195,000 | 1,407,390,000 | 1,291,860,000 |
Management Service [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | (7,465,000) | (6,094,000) | (19,650,000) | (20,181,000) |
Management Service [Member] | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | 7,465,000 | 6,094,000 | 19,650,000 | 20,181,000 |
Management Service [Member] | Boston Properties Limited Partnership | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | (7,465,000) | (6,094,000) | (19,650,000) | (20,181,000) |
Management Service [Member] | Boston Properties Limited Partnership | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | 7,465,000 | 6,094,000 | 19,650,000 | 20,181,000 |
Noncontrolling interest - property partnerships [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | 48,306,000 | 47,800,000 | 143,223,000 | 138,463,000 |
Noncontrolling interest - property partnerships [Member] | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | 48,306,000 | 47,800,000 | 143,223,000 | 138,463,000 |
Noncontrolling interest - property partnerships [Member] | Boston Properties Limited Partnership | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | $ 48,306,000 | $ 47,800,000 | $ 143,223,000 | $ 138,463,000 |
Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | [1] | $ 753,069 | $ 704,873 | $ 2,215,290 | $ 2,090,997 | |||
Rental Revenue: Residential | [1] | 14,340 | 10,894 | 44,218 | 29,832 | |||
Rental Revenue Total | [1] | $ 779,158 | $ 720,956 | $ 2,287,903 | $ 2,128,211 | |||
Rental Revenue: % of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Rental Expenses: Class A Office | $ 274,678 | $ 252,236 | $ 802,531 | $ 746,273 | ||||
Rental Expenses: Residential | 7,024 | 6,045 | 23,274 | 18,100 | ||||
Rental Expenses: Total | $ 290,250 | $ 262,227 | $ 845,637 | $ 772,366 | ||||
Rental Expenses: % Of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Net Operating Income | $ 488,908 | $ 458,729 | $ 1,442,266 | $ 1,355,845 | ||||
Net Operating Income: % of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Boston [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | [1] | $ 255,958 | $ 236,080 | $ 742,972 | $ 696,054 | |||
Rental Revenue: Residential | [1] | 3,837 | 3,418 | 11,181 | 9,594 | |||
Rental Revenue Total | [1] | $ 271,544 | $ 244,687 | $ 782,548 | $ 713,030 | |||
Rental Revenue: % of Grand Totals | 34.85% | 33.93% | 34.20% | 33.50% | ||||
Rental Expenses: Class A Office | $ 91,226 | $ 82,697 | $ 268,781 | $ 240,743 | ||||
Rental Expenses: Residential | 1,552 | 1,396 | 4,481 | 4,286 | ||||
Rental Expenses: Total | $ 101,326 | $ 88,039 | $ 293,094 | $ 253,022 | ||||
Rental Expenses: % Of Grand Totals | 34.91% | 33.57% | 34.66% | 32.76% | ||||
Net Operating Income | $ 170,218 | $ 156,648 | $ 489,454 | $ 460,008 | ||||
Net Operating Income: % of Grand Totals | 34.81% | 34.15% | 33.94% | 33.93% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 35.12% | 34.30% | 34.18% | 33.88% | ||||
Los Angeles [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||
Rental Revenue: Residential | [1] | 0 | 0 | 0 | 0 | |||
Rental Revenue Total | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||
Rental Revenue: % of Grand Totals | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Rental Expenses: Class A Office | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||
Rental Expenses: Total | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Rental Expenses: % Of Grand Totals | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Net Operating Income | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Net Operating Income: % of Grand Totals | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 2.76% | 2.78% | 2.85% | 2.98% | ||||
New York [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | [1] | $ 260,926 | $ 257,656 | $ 772,060 | $ 760,002 | |||
Rental Revenue: Residential | [1] | 0 | 0 | 0 | 0 | |||
Rental Revenue Total | [1] | $ 260,926 | $ 257,656 | $ 772,060 | $ 760,002 | |||
Rental Revenue: % of Grand Totals | 33.49% | 35.74% | 33.75% | 35.71% | ||||
Rental Expenses: Class A Office | $ 99,942 | $ 94,338 | $ 291,645 | $ 286,385 | ||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||
Rental Expenses: Total | $ 99,942 | $ 94,338 | $ 291,645 | $ 286,385 | ||||
Rental Expenses: % Of Grand Totals | 34.43% | 35.98% | 34.49% | 37.08% | ||||
Net Operating Income | $ 160,984 | $ 163,318 | $ 480,415 | $ 473,617 | ||||
Net Operating Income: % of Grand Totals | 32.93% | 35.60% | 33.31% | 34.93% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 25.99% | 29.06% | 26.38% | 28.35% | ||||
San Francisco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | [1] | $ 134,938 | $ 125,340 | $ 401,020 | $ 382,119 | |||
Rental Revenue: Residential | [1] | 3,133 | 806 | 11,374 | 1,817 | |||
Rental Revenue Total | [1] | $ 138,071 | $ 126,146 | $ 412,394 | $ 383,936 | |||
Rental Revenue: % of Grand Totals | 17.72% | 17.50% | 18.02% | 18.04% | ||||
Rental Expenses: Class A Office | $ 47,068 | $ 43,582 | $ 135,677 | $ 124,785 | ||||
Rental Expenses: Residential | 2,125 | 1,688 | 9,138 | 4,918 | ||||
Rental Expenses: Total | $ 49,193 | $ 45,270 | $ 144,815 | $ 129,703 | ||||
Rental Expenses: % Of Grand Totals | 16.95% | 17.26% | 17.12% | 16.79% | ||||
Net Operating Income | $ 88,878 | $ 80,876 | $ 267,579 | $ 254,233 | ||||
Net Operating Income: % of Grand Totals | 18.18% | 17.63% | 18.55% | 18.75% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 19.35% | 19.39% | 19.69% | 20.50% | ||||
Seattle | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | $ 12,293 | [1] | $ 0 | $ 18,765 | [1] | $ 0 | ||
Rental Revenue: Residential | 0 | [1] | 0 | 0 | [1] | 0 | ||
Rental Revenue Total | $ 12,293 | [1] | $ 0 | $ 18,765 | [1] | $ 0 | ||
Rental Revenue: % of Grand Totals | 1.58% | 0.00% | 0.82% | 0.00% | ||||
Rental Expenses: Class A Office | $ 3,125 | $ 0 | $ 4,805 | $ 0 | ||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||
Rental Expenses: Total | $ 3,125 | $ 0 | $ 4,805 | $ 0 | ||||
Rental Expenses: % Of Grand Totals | 1.08% | 0.00% | 0.57% | 0.00% | ||||
Net Operating Income | $ 9,168 | $ 0 | $ 13,960 | $ 0 | ||||
Net Operating Income: % of Grand Totals | 1.88% | 0.00% | 0.97% | 0.00% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 2.34% | 0.15% | 1.41% | 0.05% | ||||
Washington, DC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | [1] | $ 88,954 | $ 85,797 | $ 280,473 | $ 252,822 | |||
Rental Revenue: Residential | [1] | 7,370 | 6,670 | 21,663 | 18,421 | |||
Rental Revenue Total | [1] | $ 96,324 | $ 92,467 | $ 302,136 | $ 271,243 | |||
Rental Revenue: % of Grand Totals | 12.36% | 12.83% | 13.21% | 12.75% | ||||
Rental Expenses: Class A Office | $ 33,317 | $ 31,619 | $ 101,623 | $ 94,360 | ||||
Rental Expenses: Residential | 3,347 | 2,961 | 9,655 | 8,896 | ||||
Rental Expenses: Total | $ 36,664 | $ 34,580 | $ 111,278 | $ 103,256 | ||||
Rental Expenses: % Of Grand Totals | 12.63% | 13.19% | 13.16% | 13.37% | ||||
Net Operating Income | $ 59,660 | $ 57,887 | $ 190,858 | $ 167,987 | ||||
Net Operating Income: % of Grand Totals | 12.20% | 12.62% | 13.23% | 12.39% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 14.44% | 14.32% | 15.49% | 14.24% | ||||
Hotel [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | [1] | $ 11,749 | $ 5,189 | $ 28,395 | $ 7,382 | |||
Operating expense | 8,548 | 3,946 | 19,832 | 7,993 | ||||
Hotel [Member] | Boston [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | [1] | 11,749 | 5,189 | 28,395 | 7,382 | |||
Operating expense | 8,548 | 3,946 | 19,832 | 7,993 | ||||
Hotel [Member] | Los Angeles [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | [1] | 0 | 0 | 0 | 0 | |||
Operating expense | 0 | 0 | 0 | 0 | ||||
Hotel [Member] | New York [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | [1] | 0 | 0 | 0 | 0 | |||
Operating expense | 0 | 0 | 0 | 0 | ||||
Hotel [Member] | San Francisco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | [1] | 0 | 0 | 0 | 0 | |||
Operating expense | 0 | 0 | 0 | 0 | ||||
Hotel [Member] | Seattle | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | 0 | [1] | 0 | 0 | [1] | 0 | ||
Operating expense | 0 | 0 | 0 | 0 | ||||
Hotel [Member] | Washington, DC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | [1] | 0 | 0 | 0 | 0 | |||
Operating expense | 0 | 0 | 0 | 0 | ||||
Noncontrolling interest - property partnerships [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | (48,306) | (47,800) | (143,223) | (138,463) | ||||
Noncontrolling interest - property partnerships [Member] | Boston [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | (11,293) | (10,841) | (34,405) | (31,641) | ||||
Noncontrolling interest - property partnerships [Member] | Los Angeles [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||
Noncontrolling interest - property partnerships [Member] | New York [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | (37,013) | (36,959) | (108,818) | (106,822) | ||||
Noncontrolling interest - property partnerships [Member] | San Francisco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||
Noncontrolling interest - property partnerships [Member] | Seattle | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||
Noncontrolling interest - property partnerships [Member] | Washington, DC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||
Unconsolidated Joint Ventures [Member] | Boston [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 8,169 | 3,464 | 25,996 | 9,369 | ||||
Unconsolidated Joint Ventures [Member] | Los Angeles [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 13,143 | 12,078 | 40,147 | 38,535 | ||||
Unconsolidated Joint Ventures [Member] | New York [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | (259) | 104 | (397) | (517) | ||||
Unconsolidated Joint Ventures [Member] | San Francisco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 3,233 | 3,502 | 9,597 | 10,562 | ||||
Unconsolidated Joint Ventures [Member] | Seattle | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 1,978 | 671 | 5,877 | 671 | ||||
Unconsolidated Joint Ventures [Member] | Washington, DC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 9,052 | 4,447 | 27,127 | 15,858 | ||||
Company's Share [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 475,918 | 435,195 | 1,407,390 | 1,291,860 | ||||
Company's Share [Member] | Boston [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 167,094 | 149,271 | 481,045 | 437,736 | ||||
Company's Share [Member] | Los Angeles [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 13,143 | 12,078 | 40,147 | 38,535 | ||||
Company's Share [Member] | New York [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 123,712 | 126,463 | 371,200 | 366,278 | ||||
Company's Share [Member] | San Francisco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 92,111 | 84,378 | 277,176 | 264,795 | ||||
Company's Share [Member] | Seattle | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 11,146 | 671 | 19,837 | 671 | ||||
Company's Share [Member] | Washington, DC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | $ 68,712 | $ 62,334 | $ 217,985 | $ 183,845 | ||||
|
Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Basic Earnings: | ||||
Net income attributable to the company's common shareholders / unitholders | $ 360,977 | $ 108,297 | $ 727,144 | $ 311,680 |
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 156,754,000 | 156,183,000 | 156,708,000 | 156,062,000 |
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 2.30 | $ 4.64 | ||
Allocation of undistributed earnings to participating securities | $ (762) | $ (1,002) | ||
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | 0 | ||
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 0 | $ (0.01) | ||
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic | $ 360,215 | $ 108,297 | $ 726,142 | $ 311,680 |
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares) | 156,754,000 | 156,183,000 | 156,708,000 | 156,062,000 |
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 2.30 | $ 0.69 | $ 4.63 | $ 2.00 |
Effect of Dilutive Securities: | ||||
Stock Based Compensation | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 379,000 | 415,000 | 436,000 | 332,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
Diluted Earnings: | ||||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 360,215 | $ 108,297 | $ 726,142 | $ 311,680 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 157,133,000 | 156,598,000 | 157,144,000 | 156,394,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 2.29 | $ 0.69 | $ 4.62 | $ 1.99 |
Boston Properties Limited Partnership | ||||
Redeemable Common Units | 17,662,000 | 17,011,000 | 17,631,000 | 17,016,000 |
Basic Earnings: | ||||
Net income attributable to the company's common shareholders / unitholders | $ 403,578 | $ 122,014 | $ 819,195 | $ 353,633 |
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 174,416,000 | 173,194,000 | 174,339,000 | 173,078,000 |
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 2.31 | $ 4.70 | $ 2.04 | |
Allocation of undistributed earnings to participating securities | $ (848) | $ (1,115) | ||
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | 0 | ||
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 0 | $ (0.01) | ||
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic | $ 402,730 | $ 122,014 | $ 818,080 | $ 353,633 |
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares) | 174,416,000 | 173,194,000 | 174,339,000 | 173,078,000 |
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 2.31 | $ 0.70 | $ 4.69 | $ 2.04 |
Effect of Dilutive Securities: | ||||
Stock Based Compensation | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 379,000 | 415,000 | 436,000 | 332,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ (0.01) | $ 0 | $ (0.01) | $ 0 |
Diluted Earnings: | ||||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 402,730 | $ 122,014 | $ 818,080 | $ 353,633 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 174,795,000 | 173,609,000 | 174,775,000 | 173,410,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 2.30 | $ 0.70 | $ 4.68 | $ 2.04 |
Stock Option and Incentive Plan (Narrative) (Details) - MYLTIP 2022 $ in Millions |
Feb. 01, 2022
USD ($)
shares
|
---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The 2022 MYLTIP awards consist of two, equally weighted (50% each) components that utilize BXP’s TSR over a three-year measurement period as the performance metric. The first component of the 2022 MYLTIP represents one-half (50%) of the target grant-date value of the award. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on BXP’s three-year, annualized relative TSR performance compared to a custom index of peer companies. Under this component, 100% of the target number of LTIP Units will be earned if BXP’s TSR equals the custom index TSR; for relative TSR performance between -1,000 basis points and +1,000 basis points, the number of LTIP Units earned will be determined using linear interpolation.The second component represents the remaining one-half (50%) of the target grant-date value of the 2022 MYLTIP. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on BXP’s non-annualized, cumulative absolute TSR during the three-year performance period. Under this component, 100% of the target number of LTIP Units will be earned if BXP achieves an absolute TSR equal to +1,000 basis points; if BXP’s absolute TSR is greater than -4,000 basis points but less than +6,000 basis points, then the number of LTIP Units earned will be determined using linear interpolation. |
Distributions percent before measurement date | 10.00% |
Vesting Period | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Earned awards (if any) will vest 100% on January 31, 2025, but may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. Vesting will be accelerated in the event of a change in control, termination of employment by BXP without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to January 31, 2025, earned awards will be calculated based on TSR performance up to the date of the change of control. |
Value of MYLTIP Awards | $ | $ 17.3 |
Minimum [Member] | Boston Properties Limited Partnership | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock available for issuance | 0 |
Maximum [Member] | Boston Properties Limited Partnership | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock available for issuance | 254,061 |
Target | Boston Properties Limited Partnership | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock available for issuance | 127,031 |
Stock Option and Incentive Plan Stock and Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Feb. 04, 2022 |
Feb. 01, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued | 156,833,612 | 156,833,612 | 156,623,749 | ||||
Stock based compensation expense | $ 7,700 | $ 8,400 | $ 43,200 | $ 42,200 | |||
Common Stock, Value, Issued | $ 1,568 | $ 1,568 | $ 1,565 | ||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued | 41,818 | 41,818 | |||||
LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Value Of LTIP Units Issued | $ 29,900 | ||||||
Weighted average price (per unit) | $ 106.46 | $ 106.46 | |||||
Expected life assumed to calculate per unit fair value per LTIP unit (in years) | 5 years 8 months 12 days | ||||||
Risk-free rate | 1.71% | ||||||
Expected price volatility | 31.00% | ||||||
MYLTIP 2019 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Final awards percentage of target | 69.00% | ||||||
Value of MYLTIP Awards | $ 8,600 | ||||||
Forfeitures, in units | 144,043 | ||||||
MYLTIP 2022 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Value of MYLTIP Awards | $ 17,300 | ||||||
Vesting Period | 3 years | ||||||
Boston Properties Limited Partnership | LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
LTIP units issued (in shares) | 280,616 | 280,616 | |||||
Boston Properties Limited Partnership | MYLTIP 2022 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares issued | 254,061 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee and director payment per share (in dollars per share) | $ 0.01 | ||||||
Common Stock, Value, Issued | $ 4,700 | $ 4,700 | |||||
Common Stock Weighted Average Price (in dollars per share) | $ 111.47 | $ 111.47 | |||||
LTIP and MYLTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee and director payment per share (in dollars per share) | $ 0.25 | ||||||
Ltips (including vested MYLTIPS) And Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expenses | $ 25,900 | $ 25,900 | |||||
Unvested MYLTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expenses | $ 7,300 | $ 7,300 | |||||
Weighted-average period (years) | 2 years |
Subsequent Events (Details) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Oct. 25, 2022
USD ($)
ft²
floor
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Oct. 06, 2022
USD ($)
ft²
floor
apartment
|
|
Subsequent Event [Line Items] | ||||
Payments to Acquire Equity Method Investments | $ 109,643 | $ 95,462 | ||
Subsequent Event [Member] | 200 Fifth Avenue | Scenario, Plan | Unconsolidated Properties | ||||
Subsequent Event [Line Items] | ||||
Net Rentable Area (in sf) | ft² | 870,000 | |||
Ownership Percentage | 27.00% | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.34% | |||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 280,200 | |||
Assumption of mortgage notes payable | 160,100 | |||
Payments to Acquire Equity Method Investments | $ 120,100 | |||
Number of floors | floor | 14 | |||
Subsequent Event [Member] | The Avant at Reston Town Center | Residential Building | ||||
Subsequent Event [Line Items] | ||||
Net Rentable Area (in sf) | ft² | 329,000 | |||
Number of Units in Real Estate Property | apartment | 359 | |||
Number of floors | floor | 15 | |||
Contractual Sales Price | $ 141,000 | |||
Subsequent Event [Member] | The Avant at Reston Town Center | Retail Site [Member] | ||||
Subsequent Event [Line Items] | ||||
Net Rentable Area (in sf) | ft² | 26,000 |
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