Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

BXP

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)
Net income (loss) attributable to Boston Properties, Inc.	$	(111,826)	$	360,977	$	70,290	$	727,144
Add:
Noncontrolling interest—common units of the Operating Partnership	(12,626)		40,883		8,642		82,821
Noncontrolling interests in property partnerships	20,909		18,801		59,337		54,896
Interest expense	147,812		111,846		424,492		317,216
Net operating income from unconsolidated joint ventures	39,165		35,316		122,175		108,347
Loss from unconsolidated joint ventures	247,556		3,524		261,793		1,389
Depreciation and amortization expense	207,435		190,675		618,746		551,445
Transaction costs	751		1,650		1,970		2,146
Payroll and related costs from management services contracts	3,906		3,900		13,750		11,204
General and administrative expense	31,410		32,519		131,387		110,378
Less:
Net operating income attributable to noncontrolling interests in property partnerships	50,047		48,306		145,102		143,223
Unrealized gain (loss) on non-real estate investment	(51)		—		332		—
Gains (losses) from investments in securities	(925)		(1,571)		2,311		(8,549)
Other income - assignment fee	—		—		—		6,624
Interest and other income (loss)	20,715		3,728		48,999		6,151
Gains on sales of real estate	517		262,345		517		381,293
Direct reimbursements of payroll and related costs from management services contracts	3,906		3,900		13,750		11,204
Development and management services revenue	9,284		7,465		28,122		19,650
Company’s share of Net Operating Income	$	490,999	$	475,918	$	1,473,449	$	1,407,390

BPLP

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)
Net income (loss) attributable to Boston Properties Limited Partnership	$	(122,696)	$	403,578	$	84,232	$	819,195
Add:
Noncontrolling interests in property partnerships	20,909		18,801		59,337		54,896
Interest expense	147,812		111,846		424,492		317,216
Net operating income from unconsolidated joint ventures	39,165		35,316		122,175		108,347
Loss from unconsolidated joint ventures	247,556		3,524		261,793		1,389
Depreciation and amortization expense	205,679		188,969		613,446		546,271
Transaction costs	751		1,650		1,970		2,146
Payroll and related costs from management services contracts	3,906		3,900		13,750		11,204
General and administrative expense	31,410		32,519		131,387		110,378
Less:
Net operating income attributable to noncontrolling interests in property partnerships	50,047		48,306		145,102		143,223
Unrealized gain (loss) on non-real estate investment	(51)		—		332		—
Gains (losses) from investments in securities	(925)		(1,571)		2,311		(8,549)
Other income - assignment fee	—		—		—		6,624
Interest and other income (loss)	20,715		3,728		48,999		6,151
Gains on sales of real estate	517		262,357		517		385,349
Direct reimbursements of payroll and related costs from management services contracts	3,906		3,900		13,750		11,204
Development and management services revenue	9,284		7,465		28,122		19,650
Company’s share of Net Operating Income	$	490,999	$	475,918	$	1,473,449	$	1,407,390

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, 2023:

	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	276,153		$	—		$	268,680		$	135,839		$	13,660		$	91,488		$	785,820
Residential	4,198			—			—			3,214			—			4,377			11,789
Hotel	13,484			—			—			—			—			—			13,484
Total	293,835			—			268,680			139,053			13,660			95,865			811,093
% of Grand Totals	36.23		%	—		%	33.13		%	17.14		%	1.68		%	11.82		%	100.00		%
Rental Expenses:
Premier Workplace	97,358			—			107,462			50,450			2,971			36,213			294,454
Residential	1,629			—			—			2,221			—			1,888			5,738
Hotel	9,020			—			—			—			—			—			9,020
Total	108,007			—			107,462			52,671			2,971			38,101			309,212
% of Grand Totals	34.94		%	—		%	34.75		%	17.03		%	0.96		%	12.32		%	100.00		%
Net operating income	$	185,828		$	—		$	161,218		$	86,382		$	10,689		$	57,764		$	501,881
% of Grand Totals	37.03		%	—		%	32.12		%	17.21		%	2.13		%	11.51		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,786)			—			(38,261)			—			—			—			(50,047)
Add: Company’s share of net operating income from unconsolidated joint ventures	7,946			12,508			3,938			4,023			1,874			8,876			39,165
Company’s share of net operating income	$	181,988		$	12,508		$	126,895		$	90,405		$	12,563		$	66,640		$	490,999
% of Grand Totals	37.07		%	2.55		%	25.84		%	18.41		%	2.56		%	13.57		%	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 September 30, 2022:

	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	255,958		$	—		$	260,926		$	134,938		$	12,293		$	88,954		$	753,069
Residential	3,837			—			—			3,133			—			7,370			14,340
Hotel	11,749			—			—			—			—			—			11,749
Total	271,544			—			260,926			138,071			12,293			96,324			779,158
% of Grand Totals	34.85		%	—		%	33.49		%	17.72		%	1.58		%	12.36		%	100.00		%
Rental Expenses:
Premier Workplace	91,226			—			99,942			47,068			3,125			33,317			274,678
Residential	1,552			—			—			2,125			—			3,347			7,024
Hotel	8,548			—			—			—			—			—			8,548
Total	101,326			—			99,942			49,193			3,125			36,664			290,250
% of Grand Totals	34.91		%	—		%	34.43		%	16.95		%	1.08		%	12.63		%	100.00		%
Net operating income	$	170,218		$	—		$	160,984		$	88,878		$	9,168		$	59,660		$	488,908
% of Grand Totals	34.81		%	—		%	32.93		%	18.18		%	1.88		%	12.20		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,293)			—			(37,013)			—			—			—			(48,306)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	8,169			13,143			(259)			3,233			1,978			9,052			35,316
Company’s share of net operating income	$	167,094		$	13,143		$	123,712		$	92,111		$	11,146		$	68,712		$	475,918
% of Grand Totals	35.12		%	2.76		%	25.99		%	19.35		%	2.34		%	14.44		%	100.00		%

  _______________

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

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

For the nine months ended September 30, 2023:

	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	815,568		$	—		$	789,851		$	408,173		$	44,978		$	272,872		$	2,331,442
Residential	12,371			—			—			10,720			—			12,677			35,768
Hotel	35,554			—			—			—			—			—			35,554
Total	863,493			—			789,851			418,893			44,978			285,549			2,402,764
% of Grand Totals	35.95		%	—		%	32.87		%	17.43		%	1.87		%	11.88		%	100.00		%
Rental Expenses:
Premier Workplace	293,004			—			312,895			144,732			9,013			105,908			865,552
Residential	4,782			—			—			6,609			—			5,593			16,984
Hotel	23,852			—			—			—			—			—			23,852
Total	321,638			—			312,895			151,341			9,013			111,501			906,388
% of Grand Totals	35.49		%	—		%	34.52		%	16.70		%	0.99		%	12.30		%	100.00		%
Net operating income	$	541,855		$	—		$	476,956		$	267,552		$	35,965		$	174,048		$	1,496,376
% of Grand Totals	36.22		%	—		%	31.87		%	17.88		%	2.40		%	11.63		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(33,946)			—			(111,156)			—			—			—			(145,102)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	25,294			38,501			10,951			10,819			5,598			31,012			122,175
Company’s share of net operating income	$	533,203		$	38,501		$	376,751		$	278,371		$	41,563		$	205,060		$	1,473,449
% of Grand Totals	36.19		%	2.61		%	25.57		%	18.89		%	2.82		%	13.92		%	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 nine months ended September 30, 2022:

	Boston			Los Angeles			New York			San Francisco			Seattle				Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	742,972		$	—		$	772,060		$	401,020		$	18,765			$	280,473		$	2,215,290
Residential	11,181			—			—			11,374			—				21,663			44,218
Hotel	28,395			—			—			—			—				—			28,395
Total	782,548			—			772,060			412,394			18,765				302,136			2,287,903
% of Grand Totals	34.20		%	—		%	33.75		%	18.02		%	0.82		%		13.21		%	100.00		%
Rental Expenses:
Premier Workplace	268,781			—			291,645			135,677			4,805				101,623			802,531
Residential	4,481			—			—			9,138			—				9,655			23,274
Hotel	19,832			—			—			—			—				—			19,832
Total	293,094			—			291,645			144,815			4,805			—	111,278			845,637
% of Grand Totals	34.66		%	—		%	34.49		%	17.12		%	0.57		%		13.16		%	100.00		%
Net operating income	$	489,454		$	—		$	480,415		$	267,579		$	13,960			$	190,858		$	1,442,266
% of Grand Totals	33.94		%	—		%	33.31		%	18.55		%	0.97		%		13.23		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(34,405)			—			(108,818)			—			—				—			(143,223)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	25,996			40,147			(397)			9,597			5,877				27,127			108,347
Company’s share of net operating income	$	481,045		$	40,147		$	371,200		$	277,176		$	19,837			$	217,985		$	1,407,390
% of Grand Totals	34.18		%	2.85		%	26.38		%	19.69		%	1.41		%		15.49		%	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.