Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

BXP

	Year ended December 31,
	2022		2021		2020
	(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders	$	848,947	$	496,223	$	862,227
Add:
Preferred stock redemption charge	—		6,412		—
Preferred dividends	—		2,560		10,500
Noncontrolling interest—common units of the Operating Partnership	96,780		55,931		97,704
Noncontrolling interests in property partnerships	74,857		70,806		48,260
Interest expense	437,139		423,346		431,717
Losses from early extinguishment of debt	—		45,182		—
Unrealized loss on non-real estate investment	150		—		—
Net operating income from unconsolidated joint ventures	146,081		107,756		94,943
Loss from unconsolidated joint ventures	59,840		2,570		85,110
Depreciation and amortization expense	749,775		717,336		683,751
Transaction costs	2,905		5,036		1,531
Payroll and related costs from management services contracts	15,450		12,487		11,626
General and administrative expense	146,378		151,573		133,112
Less:
Net operating income attributable to noncontrolling interests in property partnerships	191,812		186,304		162,887
Gains (losses) from investments in securities	(6,453)		5,626		5,261
Other income - assignment fee	6,624		—		—
Interest and other income (loss)	11,940		5,704		5,953
Gain on sales-type lease	10,058		—		—
Gains on sales of real estate	437,019		123,660		618,982
Direct reimbursements of payroll and related costs from management services contracts	15,450		12,487		11,626
Development and management services revenue	28,056		27,697		29,641
Company’s share of Net Operating Income	$	1,883,796	$	1,735,740	$	1,626,131

BPLP

	Year ended December 31,
	2022		2021		2020
	(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	957,265	$	561,993	$	979,979
Add:
Preferred unit redemption charge	—		6,412		—
Preferred distributions	—		2,560		10,500
Noncontrolling interests in property partnerships	74,857		70,806		48,260
Interest expense	437,139		423,346		431,717
Losses from early extinguishment of debt	—		45,182		—
Unrealized loss on non-real estate investment	150		—		—
Net operating income from unconsolidated joint ventures	146,081		107,756		94,943
Loss from unconsolidated joint ventures	59,840		2,570		85,110
Depreciation and amortization expense	742,293		709,035		676,666
Transaction costs	2,905		5,036		1,531
Payroll and related costs from management services contracts	15,450		12,487		11,626
General and administrative expense	146,378		151,573		133,112
Less:
Net operating income attributable to noncontrolling interests in property partnerships	191,812		186,304		162,887
Gains (losses) from investments in securities	(6,453)		5,626		5,261
Other income - assignment fee	6,624		—		—
Interest and other income (loss)	11,940		5,704		5,953
Gain on sales-type lease	10,058		—		—
Gains on sales of real estate	441,075		125,198		631,945
Direct reimbursements of payroll and related costs from management services contracts	15,450		12,487		11,626
Development and management services revenue	28,056		27,697		29,641
Company’s share of Net Operating Income	$	1,883,796	$	1,735,740	$	1,626,131

Schedule Of Segment Information By Geographic Area And Property Type

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

For the year ended December 31, 2022:

	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	1,005,156		$	—		$	1,031,479		$	534,397		$	31,978		$	365,402		$	2,968,412
Residential	15,086			—			—			14,769			—			27,326			57,181
Hotel	39,482			—			—			—			—			—			39,482
Total	1,059,724			—			1,031,479			549,166			31,978			392,728			3,065,075
% of Grand Totals	34.58		%	—		%	33.65		%	17.92		%	1.04		%	12.81		%	100.00		%
Rental Expenses:
Premier Workplace	360,218			—			391,293			183,353			8,386			135,237			1,078,487
Residential	5,961			—			—			11,371			—			12,251			29,583
Hotel	27,478			—			—			—			—			—			27,478
Total	393,657			—			391,293			194,724			8,386			147,488			1,135,548
% of Grand Totals	34.66		%	—		%	34.46		%	17.15		%	0.74		%	12.99		%	100.00		%
Net operating income	$	666,067		$	—		$	640,186		$	354,442		$	23,592		$	245,240		$	1,929,527
% of Grand Totals	34.52		%	—		%	33.18		%	18.37		%	1.22		%	12.71		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(45,822)			—			(145,990)			—			—			—			(191,812)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	34,233			53,023			1,594			12,785			7,690			36,756			146,081
Company’s share of net operating income	$	654,478		$	53,023		$	495,790		$	367,227		$	31,282		$	281,996		$	1,883,796
% of Grand Totals	34.75		%	2.81		%	26.32		%	19.49		%	1.66		%	14.97		%	100.00		%

  _______________

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

For the year ended December 31, 2021:

	Boston			Los Angeles			New York			San Francisco			Seattle				Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	930,560		$	—		$	1,012,172		$	508,620		$	—			$	340,808		$	2,792,160
Residential	13,397			—			—			3,892			—				25,379			42,668
Hotel	13,609			—			—			—			—				—			13,609
Total	957,566			—			1,012,172			512,512			—				366,187			2,848,437
% of Grand Totals	33.62		%	—		%	35.53		%	17.99		%	—		%		12.86		%	100.00		%
Rental Expenses:
Premier Workplace	322,298			—			379,267			168,040			—				127,102			996,707
Residential	5,811			—			—			6,717			—				11,916			24,444
Hotel	12,998			—			—			—			—				—			12,998
Total	341,107			—			379,267			174,757			—			—	139,018			1,034,149
% of Grand Totals	32.98		%	—		%	36.67		%	16.90		%	—		%		13.45		%	100.00		%
Net operating income	$	616,459		$	—		$	632,905		$	337,755		$	—			$	227,169		$	1,814,288
% of Grand Totals	33.98		%	—		%	34.88		%	18.62		%	—		%		12.52		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(43,232)			—			(143,072)			—			—				—			(186,304)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	16,551			51,641			(664)			14,152			2,498				23,578			107,756
Company’s share of net operating income	$	589,778		$	51,641		$	489,169		$	351,907		$	2,498			$	250,747		$	1,735,740
% of Grand Totals	33.98		%	2.98		%	28.18		%	20.27		%	0.14		%		14.45		%	100.00		%

  _______________

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

For the year ended December 31, 2020:

	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	897,915		$	—		$	935,966		$	508,327		$	336,587		$	2,678,795
Residential	13,616			—			—			155			24,375			38,146
Hotel	7,478			—			—			—			—			7,478
Total	919,009			—			935,966			508,482			360,962			2,724,419
% of Grand Totals	33.73		%	—		%	34.36		%	18.66		%	13.25		%	100.00		%
Rental Expenses:
Premier Workplace	318,509			—			384,753			163,156			132,051			998,469
Residential	5,378			—			—			2,261			11,100			18,739
Hotel	13,136			—			—			—			—			13,136
Total	337,023			—			384,753			165,417			143,151			1,030,344
% of Grand Totals	32.71		%	—		%	37.35		%	16.05		%	13.89		%	100.00		%
Net operating income	$	581,986		$	—		$	551,213		$	343,065		$	217,811		$	1,694,075
% of Grand Totals	34.35		%	—		%	32.54		%	20.25		%	12.86		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(41,849)			—			(121,038)			—			—			(162,887)
Add: Company’s share of net operating income from unconsolidated joint ventures	10,765			57,907			(5,326)			14,928			16,669			94,943
Company’s share of net operating income	$	550,902		$	57,907		$	424,849		$	357,993		$	234,480		$	1,626,131
% of Grand Totals	33.88		%	3.56		%	26.12		%	22.02		%	14.42		%	100.00		%

  _______________

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