Real Estate (Tables)

3 Months Ended

Mar. 31, 2024

Real Estate Properties [Line Items]

Schedule of Real Estate Properties

BXP

Real estate consisted of the following at March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Land	$	5,317,032	$	5,251,224
Right of use assets - finance leases	401,486		401,680
Right of use assets - operating leases (1)	344,255		324,298
Land held for future development (2)	661,713		697,061
Buildings and improvements	16,689,571		16,607,756
Tenant improvements	3,654,576		3,592,172
Furniture, fixtures and equipment	54,691		53,716
Construction in progress	685,465		547,280
Total	27,808,789		27,475,187
Less: Accumulated depreciation	(7,040,501)		(6,881,728)
	$	20,768,288	$	20,593,459

_______________

(1)See Note 4.

(2)Includes pre-development costs.

901 New York Avenue

Real Estate Properties [Line Items]

Asset Acquisition

The following table summarizes the allocation of the fair value of the net assets the Company received at the date of acquisition for 901 New York Avenue (in thousands):

Land and site improvements	$	65,808
Building and improvements	56,882
Tenant improvements	16,088
In-place lease intangibles	72,621
Above-market lease intangibles	2,757
Below-market lease intangibles	(2,515)
Mortgage note payable adjustment	8,374
Net assets acquired	$	220,015

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles, and the acquired above- and below-market lease intangibles for 901 New York Avenue for the remainder of 2024 and each of the next five succeeding fiscal years (in thousands):

	Acquired In-Place Lease Intangibles		Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
Period from January 8, 2024 through December 31, 2024	$	10,364	$	607	$	252
2025	9,030		454		257
2026	6,494		238		257
2027	6,265		201		257
2028	6,069		186		257
2029	6,076		186		251

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The following table summarizes the weighted-average useful life of the acquired in-place lease intangibles and the acquired above- and below-market lease intangibles for 901 New York Avenue as of the acquisition date (in years):

	Acquired In-Place Lease Intangibles	Acquired Above-Market Lease Intangibles	Acquired Below-Market Lease Intangibles
Weighted-average useful life	6.7	4.0	9.8

Boston Properties Limited Partnership

Real Estate Properties [Line Items]

Schedule of Real Estate Properties

BPLP

Real estate consisted of the following at March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Land	$	5,222,323	$	5,156,515
Right of use assets - finance leases	401,486		401,680
Right of use assets - operating leases (1)	344,255		324,298
Land held for future development (2)	661,713		697,061
Buildings and improvements	16,418,015		16,336,200
Tenant improvements	3,654,576		3,592,172
Furniture, fixtures and equipment	54,691		53,716
Construction in progress	685,465		547,280
Total	27,442,524		27,108,922
Less: Accumulated depreciation	(6,915,437)		(6,758,361)
	$	20,527,087	$	20,350,561

_______________

(1)See Note 4.

(2)Includes pre-development costs.