Schedule Of Reconciliation Of Net Operating Income To Net Income |
BXP | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | | | | | 2023 | | 2022 | | 2021 | | | | | | | (in thousands) | Net income attributable to Boston Properties, Inc. common shareholders | | | | | | $ | 190,215 | | | $ | 848,947 | | | $ | 496,223 | | Add: | | | | | | | | | | | Preferred stock redemption charge | | | | | | — | | | — | | | 6,412 | | Preferred dividends | | | | | | — | | | — | | | 2,560 | | Noncontrolling interest—common units of the Operating Partnership | | | | | | 22,548 | | | 96,780 | | | 55,931 | | Noncontrolling interests in property partnerships | | | | | | 78,661 | | | 74,857 | | | 70,806 | | Interest expense | | | | | | 579,572 | | | 437,139 | | | 423,346 | | Losses from early extinguishment of debt | | | | | | — | | | — | | | 45,182 | | Losses from interest rate contracts | | | | | | 79 | | | — | | | — | | Net operating income from unconsolidated joint ventures | | | | | | 160,695 | | | 146,081 | | | 107,756 | | Loss from unconsolidated joint ventures | | | | | | 239,543 | | | 59,840 | | | 2,570 | | Depreciation and amortization expense | | | | | | 830,813 | | | 749,775 | | | 717,336 | | Transaction costs | | | | | | 4,313 | | | 2,905 | | | 5,036 | | Payroll and related costs from management services contracts | | | | | | 17,771 | | | 15,450 | | | 12,487 | | General and administrative expense | | | | | | 170,158 | | | 146,378 | | | 151,573 | | Less: | | | | | | | | | | | Net operating income attributable to noncontrolling interests in property partnerships | | | | | | 194,365 | | | 191,812 | | | 186,304 | | Unrealized gain (loss) on non-real estate investment | | | | | | 239 | | | (150) | | | — | | Gains (losses) from investments in securities | | | | | | 5,556 | | | (6,453) | | | 5,626 | | Other income - assignment fee | | | | | | — | | | 6,624 | | | — | | Interest and other income (loss) | | | | | | 69,964 | | | 11,940 | | | 5,704 | | Gain on sales-type lease | | | | | | — | | | 10,058 | | | — | | Gains on sales of real estate | | | | | | 517 | | | 437,019 | | | 123,660 | | Direct reimbursements of payroll and related costs from management services contracts | | | | | | 17,771 | | | 15,450 | | | 12,487 | | Development and management services revenue | | | | | | 40,850 | | | 28,056 | | | 27,697 | | Company’s share of Net Operating Income | | | | | | $ | 1,965,106 | | | $ | 1,883,796 | | | $ | 1,735,740 | |
BPLP | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | | | | | 2023 | | 2022 | | 2021 | | | | | | | (in thousands) | Net income attributable to Boston Properties Limited Partnership common unitholders | | | | | | $ | 219,771 | | | $ | 957,265 | | | $ | 561,993 | | Add: | | | | | | | | | | | Preferred unit redemption charge | | | | | | — | | | — | | | 6,412 | | Preferred distributions | | | | | | — | | | — | | | 2,560 | | Noncontrolling interests in property partnerships | | | | | | 78,661 | | | 74,857 | | | 70,806 | | Interest expense | | | | | | 579,572 | | | 437,139 | | | 423,346 | | Losses from early extinguishment of debt | | | | | | — | | | — | | | 45,182 | | Losses from interest rate contracts | | | | | | 79 | | | — | | | — | | Net operating income from unconsolidated joint ventures | | | | | | 160,695 | | | 146,081 | | | 107,756 | | Loss from unconsolidated joint ventures | | | | | | 239,543 | | | 59,840 | | | 2,570 | | Depreciation and amortization expense | | | | | | 823,805 | | | 742,293 | | | 709,035 | | Transaction costs | | | | | | 4,313 | | | 2,905 | | | 5,036 | | Payroll and related costs from management services contracts | | | | | | 17,771 | | | 15,450 | | | 12,487 | | General and administrative expense | | | | | | 170,158 | | | 146,378 | | | 151,573 | | Less: | | | | | | | | | | | Net operating income attributable to noncontrolling interests in property partnerships | | | | | | 194,365 | | | 191,812 | | | 186,304 | | Unrealized gain (loss) on non-real estate investment | | | | | | 239 | | | (150) | | | — | | Gains (losses) from investments in securities | | | | | | 5,556 | | | (6,453) | | | 5,626 | | Other income - assignment fee | | | | | | — | | | 6,624 | | | — | | Interest and other income (loss) | | | | | | 69,964 | | | 11,940 | | | 5,704 | | Gain on sales-type lease | | | | | | — | | | 10,058 | | | — | | Gains on sales of real estate | | | | | | 517 | | | 441,075 | | | 125,198 | | Direct reimbursements of payroll and related costs from management services contracts | | | | | | 17,771 | | | 15,450 | | | 12,487 | | Development and management services revenue | | | | | | 40,850 | | | 28,056 | | | 27,697 | | Company’s share of Net Operating Income | | | | | | $ | 1,965,106 | | | $ | 1,883,796 | | | $ | 1,735,740 | |
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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 year ended December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Boston | | Los Angeles | | New York | | San Francisco | | Seattle | | Washington, DC | | Total | Rental Revenue: (1) | | | | | | | | | | | | | | Premier Workplace | $ | 1,093,840 | | | $ | 3,890 | | | $ | 1,053,615 | | | $ | 539,904 | | | $ | 63,830 | | | $ | 364,920 | | | $ | 3,119,999 | | Residential | 16,452 | | | — | | | — | | | 14,102 | | | — | | | 17,038 | | | 47,592 | | Hotel | 47,357 | | | — | | | — | | | — | | | — | | | — | | | 47,357 | | Total | 1,157,649 | | | 3,890 | | | 1,053,615 | | | 554,006 | | | 63,830 | | | 381,958 | | | 3,214,948 | | % of Grand Totals | 36.01 | % | | 0.12 | % | | 32.77 | % | | 17.23 | % | | 1.99 | % | | 11.88 | % | | 100.00 | % | Rental Expenses: | | | | | | | | | | | | | | Premier Workplace | 393,339 | | | 1,431 | | | 415,831 | | | 194,205 | | | 12,387 | | | 143,504 | | | 1,160,697 | | Residential | 6,378 | | | — | | | — | | | 9,255 | | | — | | | 7,617 | | | 23,250 | | Hotel | 32,225 | | | — | | | — | | | — | | | — | | | — | | | 32,225 | | Total | 431,942 | | | 1,431 | | | 415,831 | | | 203,460 | | | 12,387 | | | 151,121 | | | 1,216,172 | | % of Grand Totals | 35.51 | % | | 0.12 | % | | 34.19 | % | | 16.73 | % | | 1.02 | % | | 12.43 | % | | 100.00 | % | Net operating income | $ | 725,707 | | | $ | 2,459 | | | $ | 637,784 | | | $ | 350,546 | | | $ | 51,443 | | | $ | 230,837 | | | $ | 1,998,776 | | % of Grand Totals | 36.31 | % | | 0.12 | % | | 31.91 | % | | 17.54 | % | | 2.57 | % | | 11.55 | % | | 100.00 | % | Less: Net operating income attributable to noncontrolling interests in property partnerships | (45,730) | | | — | | | (148,635) | | | — | | | — | | | — | | | (194,365) | | Add: Company’s share of net operating income from unconsolidated joint ventures | 34,376 | | | 48,818 | | | 14,314 | | | 16,203 | | | 7,494 | | | 39,490 | | | 160,695 | | Company’s share of net operating income | $ | 714,353 | | | $ | 51,277 | | | $ | 503,463 | | | $ | 366,749 | | | $ | 58,937 | | | $ | 270,327 | | | $ | 1,965,106 | | % of Grand Totals | 36.35 | % | | 2.61 | % | | 25.62 | % | | 18.66 | % | | 3.00 | % | | 13.76 | % | | 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, 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 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.
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