Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

BXP

	Three months ended March 31,
	2024		2023
	(in thousands)
Net income attributable to Boston Properties, Inc.	$	79,883	$	77,890
Add:
Noncontrolling interest—common units of the Operating Partnership	9,500		9,078
Noncontrolling interests in property partnerships	17,221		18,660
Interest expense	161,891		134,207
Impairment loss	13,615		—
Net operating income from unconsolidated joint ventures	35,430		40,756
Depreciation and amortization expense	218,716		208,734
Transaction costs	513		911
Payroll and related costs from management services contracts	4,293		5,235
General and administrative expense	50,018		55,802
Less:
Net operating income attributable to noncontrolling interests in property partnerships	46,570		47,097
Unrealized gain on non-real estate investment	396		259
Gains from investments in securities	2,272		1,665
Interest and other income (loss)	14,529		10,941
Income (loss) from unconsolidated joint ventures	19,186		(7,569)
Direct reimbursements of payroll and related costs from management services contracts	4,293		5,235
Development and management services revenue	6,154		8,980
Company’s share of Net Operating Income	$	497,680	$	484,665

BPLP

	Three months ended March 31,
	2024		2023
	(in thousands)
Net income attributable to Boston Properties Limited Partnership	$	91,080	$	88,830
Add:
Noncontrolling interests in property partnerships	17,221		18,660
Interest expense	161,891		134,207
Impairment loss	13,615		—
Net operating income from unconsolidated joint ventures	35,430		40,756
Depreciation and amortization expense	217,019		206,872
Transaction costs	513		911
Payroll and related costs from management services contracts	4,293		5,235
General and administrative expense	50,018		55,802
Less:
Net operating income attributable to noncontrolling interests in property partnerships	46,570		47,097
Unrealized gain on non-real estate investment	396		259
Gains from investments in securities	2,272		1,665
Interest and other income (loss)	14,529		10,941
Income (loss) from unconsolidated joint ventures	19,186		(7,569)
Direct reimbursements of payroll and related costs from management services contracts	4,293		5,235
Development and management services revenue	6,154		8,980
Company’s share of Net Operating Income	$	497,680	$	484,665

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, 2024:

	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	280,466		$	20,401		$	260,809		$	132,614		$	10,910		$	102,922		$	808,122
Residential	4,196			—			—			3,958			—			4,530			12,684
Hotel	8,186			—			—			—			—			—			8,186
Total	292,848			20,401			260,809			136,572			10,910			107,452			828,992
% of Grand Totals	35.33		%	2.46		%	31.46		%	16.47		%	1.32		%	12.96		%	100.00		%
Rental Expenses:
Premier Workplace	105,171			6,567			107,481			46,942			3,081			39,229			308,471
Residential	1,593			—			—			2,218			—			1,875			5,686
Hotel	6,015			—			—			—			—			—			6,015
Total	112,779			6,567			107,481			49,160			3,081			41,104			320,172
% of Grand Totals	35.23		%	2.05		%	33.57		%	15.35		%	0.96		%	12.84		%	100.00		%
Net operating income	$	180,069		$	13,834		$	153,328		$	87,412		$	7,829		$	66,348		$	508,820
% of Grand Totals	35.39		%	2.72		%	30.13		%	17.18		%	1.54		%	13.04		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,056)			—			(35,514)			—			—			—			(46,570)
Add: Company’s share of net operating income from unconsolidated joint ventures	8,757			7,248			5,984			5,154			1,876			6,411			35,430
Company’s share of net operating income	$	177,770		$	21,082		$	123,798		$	92,566		$	9,705		$	72,759		$	497,680
% of Grand Totals	35.71		%	4.24		%	24.88		%	18.60		%	1.95		%	14.62		%	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, 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.