Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

BXP

	Three months ended March 31,
	2023		2022
	(in thousands)
Net income attributable to Boston Properties, Inc.	$	77,890	$	143,047
Add:
Noncontrolling interest—common units of the Operating Partnership	9,078		16,361
Noncontrolling interests in property partnerships	18,660		17,549
Interest expense	134,207		101,228
Net operating income from unconsolidated joint ventures	40,756		37,321
Depreciation and amortization expense	208,734		177,624
Transaction costs	911		—
Payroll and related costs from management services contracts	5,235		4,065
General and administrative expense	55,802		43,194
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,097		47,055
Unrealized gain on non-real estate investment	259		—
Gains (losses) from investments in securities	1,665		(2,262)
Interest and other income (loss)	10,941		1,228
Gains on sales of real estate	—		22,701
Income (loss) from unconsolidated joint ventures	(7,569)		2,189
Direct reimbursements of payroll and related costs from management services contracts	5,235		4,065
Development and management services revenue	8,980		5,831
Company’s share of Net Operating Income	$	484,665	$	459,582

BPLP

	Three months ended March 31,
	2023		2022
	(in thousands)
Net income attributable to Boston Properties Limited Partnership	$	88,830	$	161,829
Add:
Noncontrolling interests in property partnerships	18,660		17,549
Interest expense	134,207		101,228
Net operating income from unconsolidated joint ventures	40,756		37,321
Depreciation and amortization expense	206,872		175,886
Transaction costs	911		—
Payroll and related costs from management services contracts	5,235		4,065
General and administrative expense	55,802		43,194
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,097		47,055
Unrealized gain on non-real estate investment	259		—
Gains (losses) from investments in securities	1,665		(2,262)
Interest and other income (loss)	10,941		1,228
Gains on sales of real estate	—		23,384
Income (loss) from unconsolidated joint ventures	(7,569)		2,189
Direct reimbursements of payroll and related costs from management services contracts	5,235		4,065
Development and management services revenue	8,980		5,831
Company’s share of Net Operating Income	$	484,665	$	459,582

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 March 31, 2023:

	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	269,951		$	—		$	258,192		$	136,093		$	14,258		$	90,664		$	769,158
Residential	4,049			—			—			3,642			—			4,035			11,726
Hotel	8,101			—			—			—			—			—			8,101
Total	282,101			—			258,192			139,735			14,258			94,699			788,985
% of Grand Totals	35.76		%	—		%	32.72		%	17.71		%	1.81		%	12.00		%	100.00		%
Rental Expenses:
Premier Workplace	100,049			—			102,485			46,085			2,960			34,266			285,845
Residential	1,552			—			—			2,173			—			1,738			5,463
Hotel	6,671			—			—			—			—			—			6,671
Total	108,272			—			102,485			48,258			2,960			36,004			297,979
% of Grand Totals	36.34		%	—		%	34.39		%	16.20		%	0.99		%	12.08		%	100.00		%
Net operating income	$	173,829		$	—		$	155,707		$	91,477		$	11,298		$	58,695		$	491,006
% of Grand Totals	35.41		%	—		%	31.71		%	18.63		%	2.30		%	11.95		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,817)			—			(36,280)			—			—			—			(47,097)
Add: Company’s share of net operating income from unconsolidated joint ventures	8,577			13,225			3,650			3,464			1,846			9,994			40,756
Company’s share of net operating income	$	171,589		$	13,225		$	123,077		$	94,941		$	13,144		$	68,689		$	484,665
% of Grand Totals	35.41		%	2.73		%	25.39		%	19.59		%	2.71		%	14.17		%	100.00		%

  _______________

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

For the three months ended March 31, 2022:

	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	242,078		$	—		$	256,870		$	132,375		$	—		$	95,565		$	726,888
Residential	3,596			—			—			2,391			—			6,979			12,966
Hotel	4,557			—			—			—			—			—			4,557
Total	250,231			—			256,870			134,766			—			102,544			744,411
% of Grand Totals	33.61		%	—		%	34.51		%	18.10		%	—		%	13.78		%	100.00		%
Rental Expenses:
Premier Workplace	90,528			—			96,340			43,408			—			33,547			263,823
Residential	1,437			—			—			1,868			—			3,127			6,432
Hotel	4,840			—			—			—			—			—			4,840
Total	96,805			—			96,340			45,276			—			36,674			275,095
% of Grand Totals	35.19		%	—		%	35.02		%	16.46		%	—		%	13.33		%	100.00		%
Net operating income	$	153,426		$	—		$	160,530		$	89,490		$	—		$	65,870		$	469,316
% of Grand Totals	32.69		%	—		%	34.21		%	19.07		%	—		%	14.03		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,735)			—			(35,320)			—			—			—			(47,055)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	9,693			13,757			(156)			3,181			1,955			8,891			37,321
Company’s share of net operating income	$	151,384		$	13,757		$	125,054		$	92,671		$	1,955		$	74,761		$	459,582
% of Grand Totals	32.94		%	2.99		%	27.21		%	20.16		%	0.43		%	16.27		%	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.