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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,376,175 and $7,054,075 at March 31, 2024 and December 31, 2023, respectively) $ 27,063,048 $ 26,749,209
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2024 and December 31, 2023, respectively) 401,486 401,680
Right of use assets - operating leases (amounts related to VIEs of $154,217 and $158,885 at March 31, 2024 and December 31, 2023, respectively) [1] 344,255 324,298
Less: accumulated depreciation (amounts related to VIEs of $(1,538,940) and $(1,501,483) at March 31, 2024 and December 31, 2023, respectively) (7,040,501) (6,881,728)
Total real estate 20,768,288 20,593,459
Cash and cash equivalents (amounts related to VIEs of $298,548 and $245,317 at March 31, 2024 and December 31, 2023, respectively) 701,695 1,531,477
Cash held in escrows (amounts related to VIEs of $4,839 and $22,160 at March 31, 2024 and December 31, 2023, respectively) 64,939 81,090
Investments in securities 37,184 36,337
Tenant and other receivables, net (amounts related to VIEs of $27,792 and $27,987 at March 31, 2024 and December 31, 2023, respectively) 94,115 122,407
Note receivable, net 2,274 1,714
Sales-type lease receivable, net 13,943 13,704
Accrued rental income, net (amounts related to VIEs of $409,628 and $401,159 at March 31, 2024 and December 31, 2023, respectively) 1,390,217 1,355,212
Deferred charges, net (amounts related to VIEs of $194,489 and $175,383 at March 31, 2024 and December 31, 2023, respectively) 818,424 760,421
Prepaid expenses and other assets (amounts related to VIEs of $45,672 and $11,824 at March 31, 2024 and December 31, 2023, respectively) 146,286 64,230
Investments in unconsolidated joint ventures 1,399,824 1,377,319
Total assets 25,525,978 26,026,149
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,278,396 and $3,277,185 at March 31, 2024 and December 31, 2023, respectively) 4,368,367 4,166,379
Unsecured senior notes, net 9,794,527 10,491,617
Unsecured line of credit 0 0
Unsecured term loan, net 1,199,430 1,198,301
Lease liabilities - finance leases (amounts related to VIEs of $20,831 and $20,794 at March 31, 2024 and December 31, 2023, respectively) 415,888 417,961
Lease liabilities - operating leases (amounts related to VIEs of $148,706 and $145,826 at March 31, 2024 and December 31, 2023, respectively) 377,667 350,391
Accounts payable and accrued expenses (amounts related to VIEs of $112,385 and $59,667 at March 31, 2024 and December 31, 2023, respectively) 374,681 458,329
Dividends and distributions payable 172,154 171,176
Accrued interest payable 119,573 133,684
Other liabilities (amounts related to VIEs of $105,786 and $115,275 at March 31, 2024 and December 31, 2023, respectively) 417,978 445,947
Total liabilities 17,240,265 17,833,785
Redeemable deferred stock units— 124,656 and 119,471 units outstanding at redemption value at March 31, 2024 and December 31, 2023, respectively $ 8,141 $ 8,383
Excess stock, shares outstanding 0 0
Excess stock, shares issued 0 0
Preferred stock / units, shares / units issued (in shares / units) 0 0
Preferred stock / units, shares / units outstanding (in shares / units) 0 0
Equity / Capital:    
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding $ 0 $ 0
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding 0 0
Common stock, $0.01 par value, 250,000,000 shares authorized, 157,128,071 and 157,019,766 issued and 157,049,171 and 156,940,866 outstanding at March 31, 2024 and December 31, 2023, respectively 1,570 1,569
Additional paid-in capital 6,752,648 6,715,149
Dividends in excess of earnings $ (890,177) $ (816,152)
Treasury common stock at cost, shares 78,900 78,900
Treasury common stock at cost, 78,900 shares at March 31, 2024 and December 31, 2023 $ (2,722) $ (2,722)
Accumulated other comprehensive loss (3,620) (21,147)
Total stockholders' equity attributable to Boston Properties, Inc. 5,857,699 5,876,697
Noncontrolling interests:    
Common units of the Operating Partnership 684,969 666,580
Property partnerships 1,734,904 1,640,704
Total equity / capital 8,277,572 8,183,981
Total liabilities and equity / capital 25,525,978 26,026,149
Related Party    
ASSETS    
Related party note receivable, net 88,789 88,779
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,376,175 and $7,054,075 at March 31, 2024 and December 31, 2023, respectively) 7,376,175 7,054,075
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2024 and December 31, 2023, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $154,217 and $158,885 at March 31, 2024 and December 31, 2023, respectively) 154,217 158,885
Less: accumulated depreciation (amounts related to VIEs of $(1,538,940) and $(1,501,483) at March 31, 2024 and December 31, 2023, respectively) (1,538,940) (1,501,483)
Cash and cash equivalents (amounts related to VIEs of $298,548 and $245,317 at March 31, 2024 and December 31, 2023, respectively) 298,548 245,317
Cash held in escrows (amounts related to VIEs of $4,839 and $22,160 at March 31, 2024 and December 31, 2023, respectively) 4,839 22,160
Tenant and other receivables, net (amounts related to VIEs of $27,792 and $27,987 at March 31, 2024 and December 31, 2023, respectively) 27,792 27,987
Accrued rental income, net (amounts related to VIEs of $409,628 and $401,159 at March 31, 2024 and December 31, 2023, respectively) 409,628 401,159
Deferred charges, net (amounts related to VIEs of $194,489 and $175,383 at March 31, 2024 and December 31, 2023, respectively) 194,489 175,383
Prepaid expenses and other assets (amounts related to VIEs of $45,672 and $11,824 at March 31, 2024 and December 31, 2023, respectively) 45,672 11,824
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,278,396 and $3,277,185 at March 31, 2024 and December 31, 2023, respectively) 3,278,396 3,277,185
Lease liabilities - finance leases (amounts related to VIEs of $20,831 and $20,794 at March 31, 2024 and December 31, 2023, respectively) 20,831 20,794
Lease liabilities - operating leases (amounts related to VIEs of $148,706 and $145,826 at March 31, 2024 and December 31, 2023, respectively) 148,706 145,826
Accounts payable and accrued expenses (amounts related to VIEs of $112,385 and $59,667 at March 31, 2024 and December 31, 2023, respectively) 112,385 59,667
Other liabilities (amounts related to VIEs of $105,786 and $115,275 at March 31, 2024 and December 31, 2023, respectively) 105,786 115,275
Boston Properties Limited Partnership    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,376,175 and $7,054,075 at March 31, 2024 and December 31, 2023, respectively) 26,696,783 26,382,944
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2024 and December 31, 2023, respectively) 401,486 401,680
Right of use assets - operating leases (amounts related to VIEs of $154,217 and $158,885 at March 31, 2024 and December 31, 2023, respectively) [1] 344,255 324,298
Less: accumulated depreciation (amounts related to VIEs of $(1,538,940) and $(1,501,483) at March 31, 2024 and December 31, 2023, respectively) (6,915,437) (6,758,361)
Total real estate 20,527,087 20,350,561
Cash and cash equivalents (amounts related to VIEs of $298,548 and $245,317 at March 31, 2024 and December 31, 2023, respectively) 701,695 1,531,477
Cash held in escrows (amounts related to VIEs of $4,839 and $22,160 at March 31, 2024 and December 31, 2023, respectively) 64,939 81,090
Investments in securities 37,184 36,337
Tenant and other receivables, net (amounts related to VIEs of $27,792 and $27,987 at March 31, 2024 and December 31, 2023, respectively) 94,115 122,407
Note receivable, net 2,274 1,714
Sales-type lease receivable, net 13,943 13,704
Accrued rental income, net (amounts related to VIEs of $409,628 and $401,159 at March 31, 2024 and December 31, 2023, respectively) 1,390,217 1,355,212
Deferred charges, net (amounts related to VIEs of $194,489 and $175,383 at March 31, 2024 and December 31, 2023, respectively) 818,424 760,421
Prepaid expenses and other assets (amounts related to VIEs of $45,672 and $11,824 at March 31, 2024 and December 31, 2023, respectively) 146,286 64,230
Investments in unconsolidated joint ventures 1,399,824 1,377,319
Total assets 25,284,777 25,783,251
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,278,396 and $3,277,185 at March 31, 2024 and December 31, 2023, respectively) 4,368,367 4,166,379
Unsecured senior notes, net 9,794,527 10,491,617
Unsecured line of credit 0 0
Unsecured term loan, net 1,199,430 1,198,301
Lease liabilities - finance leases (amounts related to VIEs of $20,831 and $20,794 at March 31, 2024 and December 31, 2023, respectively) 415,888 417,961
Lease liabilities - operating leases (amounts related to VIEs of $148,706 and $145,826 at March 31, 2024 and December 31, 2023, respectively) 377,667 350,391
Accounts payable and accrued expenses (amounts related to VIEs of $112,385 and $59,667 at March 31, 2024 and December 31, 2023, respectively) 374,681 458,329
Dividends and distributions payable 172,154 171,176
Accrued interest payable 119,573 133,684
Other liabilities (amounts related to VIEs of $105,786 and $115,275 at March 31, 2024 and December 31, 2023, respectively) 417,978 445,947
Total liabilities 17,240,265 17,833,785
Redeemable deferred stock units— 124,656 and 119,471 units outstanding at redemption value at March 31, 2024 and December 31, 2023, respectively 8,141 8,383
Noncontrolling interest:    
Redeemable partnership units— 16,492,171 and 16,508,277 common units and 2,666,636 and 2,065,861 long term incentive units outstanding at redemption value at March 31, 2024 and December 31, 2023, respectively 1,300,409 1,347,575
Equity / Capital:    
Boston Properties Limited Partnership partners’ capital— 1,762,080 and 1,755,150 general partner units and 155,287,091 and 155,185,716 limited partner units outstanding at March 31, 2024 and December 31, 2023, respectively 5,004,678 4,973,951
Accumulated other comprehensive loss (3,620) (21,147)
Total partners’ capital 5,001,058 4,952,804
Noncontrolling interests in property partnerships 1,734,904 1,640,704
Noncontrolling interests:    
Total equity / capital 6,735,962 6,593,508
Total liabilities and equity / capital 25,284,777 25,783,251
Boston Properties Limited Partnership | Related Party    
ASSETS    
Related party note receivable, net 88,789 88,779
Boston Properties Limited Partnership | Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,376,175 and $7,054,075 at March 31, 2024 and December 31, 2023, respectively) 7,376,175 7,054,075
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2024 and December 31, 2023, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $154,217 and $158,885 at March 31, 2024 and December 31, 2023, respectively) 154,217 158,885
Less: accumulated depreciation (amounts related to VIEs of $(1,538,940) and $(1,501,483) at March 31, 2024 and December 31, 2023, respectively) (1,538,940) (1,501,483)
Cash and cash equivalents (amounts related to VIEs of $298,548 and $245,317 at March 31, 2024 and December 31, 2023, respectively) 298,548 245,317
Cash held in escrows (amounts related to VIEs of $4,839 and $22,160 at March 31, 2024 and December 31, 2023, respectively) 4,839 22,160
Tenant and other receivables, net (amounts related to VIEs of $27,792 and $27,987 at March 31, 2024 and December 31, 2023, respectively) 27,792 27,987
Accrued rental income, net (amounts related to VIEs of $409,628 and $401,159 at March 31, 2024 and December 31, 2023, respectively) 409,628 401,159
Deferred charges, net (amounts related to VIEs of $194,489 and $175,383 at March 31, 2024 and December 31, 2023, respectively) 194,489 175,383
Prepaid expenses and other assets (amounts related to VIEs of $45,672 and $11,824 at March 31, 2024 and December 31, 2023, respectively) 45,672 11,824
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,278,396 and $3,277,185 at March 31, 2024 and December 31, 2023, respectively) 3,278,396 3,277,185
Lease liabilities - finance leases (amounts related to VIEs of $20,831 and $20,794 at March 31, 2024 and December 31, 2023, respectively) 20,831 20,794
Lease liabilities - operating leases (amounts related to VIEs of $148,706 and $145,826 at March 31, 2024 and December 31, 2023, respectively) 148,706 145,826
Accounts payable and accrued expenses (amounts related to VIEs of $112,385 and $59,667 at March 31, 2024 and December 31, 2023, respectively) 112,385 59,667
Other liabilities (amounts related to VIEs of $105,786 and $115,275 at March 31, 2024 and December 31, 2023, respectively) $ 105,786 $ 115,275
[1] See Note 4.