QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
BXP, Inc. | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
Boston Properties Limited Partnership | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
BXP, Inc. |
BXP, Inc. | Common Stock, par value $0.01 per share | |||||||
(Registrant) | (Class) | (Outstanding on July 31, 2024) |
Page | ||||||||
ITEM 1. | ||||||||
BXP, Inc. | ||||||||
Boston Properties Limited Partnership | ||||||||
BXP, Inc. and Boston Properties Limited Partnership | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
BXP, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) | ||||||||||||||
June 30, 2024 | December 31, 2023 | |||||||||||||
ASSETS | ||||||||||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ | $ | $ | ||||||||||||
Right of use assets - finance leases (amounts related to VIEs of $ | ||||||||||||||
Right of use assets - operating leases (amounts related to VIEs of $ | ||||||||||||||
Less: accumulated depreciation (amounts related to VIEs of $( | ( | ( | ||||||||||||
Total real estate | ||||||||||||||
Cash and cash equivalents (amounts related to VIEs of $ | ||||||||||||||
Cash held in escrows (amounts related to VIEs of $ | ||||||||||||||
Investments in securities | ||||||||||||||
Tenant and other receivables, net (amounts related to VIEs of $ | ||||||||||||||
Note receivable, net | ||||||||||||||
Related party note receivable, net | ||||||||||||||
Sales-type lease receivable, net | ||||||||||||||
Accrued rental income, net (amounts related to VIEs of $ | ||||||||||||||
Deferred charges, net (amounts related to VIEs of $ | ||||||||||||||
Prepaid expenses and other assets (amounts related to VIEs of $ | ||||||||||||||
Investments in unconsolidated joint ventures | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $ | $ | $ | ||||||||||||
Unsecured senior notes, net | ||||||||||||||
Unsecured line of credit | ||||||||||||||
Unsecured term loan, net | ||||||||||||||
Unsecured commercial paper | ||||||||||||||
Lease liabilities - finance leases (amounts related to VIEs of $ | ||||||||||||||
Lease liabilities - operating leases (amounts related to VIEs of $ | ||||||||||||||
Accounts payable and accrued expenses (amounts related to VIEs of $ | ||||||||||||||
Dividends and distributions payable | ||||||||||||||
Accrued interest payable | ||||||||||||||
Other liabilities (amounts related to VIEs of $ | ||||||||||||||
Total liabilities |
BXP, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) | ||||||||||||||
June 30, 2024 | December 31, 2023 | |||||||||||||
Commitments and contingencies (See Note 8) | ||||||||||||||
Redeemable deferred stock units— | ||||||||||||||
Equity: | ||||||||||||||
Stockholders’ equity attributable to BXP, Inc.: | ||||||||||||||
Excess stock, $ | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Dividends in excess of earnings | ( | ( | ||||||||||||
Treasury common stock at cost, | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total stockholders’ equity attributable to BXP, Inc. | ||||||||||||||
Noncontrolling interests: | ||||||||||||||
Common units of Boston Properties Limited Partnership | ||||||||||||||
Property partnerships | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Lease | $ | $ | $ | $ | |||||||||||||||||||
Parking and other | |||||||||||||||||||||||
Hotel | |||||||||||||||||||||||
Development and management services | |||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating | |||||||||||||||||||||||
Rental | |||||||||||||||||||||||
Hotel | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Payroll and related costs from management services contracts | |||||||||||||||||||||||
Transaction costs | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | ( | ( | ( | ||||||||||||||||||||
Interest and other income (loss) | |||||||||||||||||||||||
Gains from investments in securities | |||||||||||||||||||||||
Unrealized gain on non-real estate investment | |||||||||||||||||||||||
Impairment loss | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Noncontrolling interests in property partnerships | ( | ( | ( | ( | |||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to BXP, Inc. | $ | $ | |||||||||||||||||||||
Basic earnings per common share attributable to BXP, Inc. | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||||||||
Diluted earnings per common share attributable to BXP, Inc. | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common and common equivalent shares outstanding |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||
Effective portion of interest rate contracts | ||||||||||||||||||||||||||
Amortization of interest rate contracts (1) | ||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive income attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive income attributable to BXP, Inc. | $ | $ | $ | $ |
BXP, INC. CONSOLIDATED STATEMENTS OF EQUITY (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Dividends in Excess of Earnings | Treasury Stock, at cost | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Common Units | Noncontrolling Interests - Property Partnerships | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity, March 31, 2024 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2024 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Equity, March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | — | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ |
BXP, INC. CONSOLIDATED STATEMENTS OF EQUITY (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Dividends in Excess of Earnings | Treasury Stock, at cost | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Common Units | Noncontrolling Interests - Property Partnerships | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2024 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ |
BXP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Six months ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Impairment loss | |||||||||||
Amortization of right of use assets - operating leases | |||||||||||
Amortization of sales type lease | ( | ||||||||||
Amortization of above and below market leases | ( | ||||||||||
Non-cash compensation expense | |||||||||||
(Income) loss from unconsolidated joint ventures | ( | ||||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | |||||||||||
Gains from investments in securities | ( | ( | |||||||||
Allowance for current expected credit losses (gains) | |||||||||||
Non-cash portion of interest expense | |||||||||||
Unrealized gain on non-real estate investment | ( | ( | |||||||||
Change in assets and liabilities: | |||||||||||
Tenant and other receivables, net | |||||||||||
Accrued rental income, net | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Right of use assets - operating lease | ( | ||||||||||
Lease liabilities - operating leases | ( | ||||||||||
Accounts payable and accrued expenses | ( | ||||||||||
Accrued interest payable | ( | ||||||||||
Other liabilities | ( | ( | |||||||||
Tenant leasing costs | ( | ( | |||||||||
Total adjustments | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Construction in progress | ( | ( | |||||||||
Building and other capital improvements | ( | ( | |||||||||
Tenant improvements | ( | ( | |||||||||
Acquisition of real estate (net of cash received upon consolidation) | |||||||||||
Capital contributions to unconsolidated joint ventures | ( | ( | |||||||||
Capital distributions from unconsolidated joint ventures | |||||||||||
Investment in non-real estate investments | ( | ( | |||||||||
Issuance of note receivables (including related party) | ( | ( | |||||||||
Investments in securities, net | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Repayments of mortgage notes payable | ( | ||||||||||
Proceeds from unsecured senior notes | |||||||||||
Repayment / redemption of unsecured senior notes | ( | ||||||||||
Borrowings on unsecured term loan | |||||||||||
Payments on finance lease obligations | ( |
BXP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Six months ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Repayment of unsecured term loan | ( | ( | |||||||||
Borrowings on commercial paper program | |||||||||||
Repayments on commercial paper program | ( | ||||||||||
Deferred financing costs | ( | ( | |||||||||
Net activity from equity transactions | ( | ( | |||||||||
Dividends and distributions | ( | ( | |||||||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | |||||||||||
Distributions to noncontrolling interests in property partnerships | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents and cash held in escrows | ( | ||||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | |||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | $ | |||||||||
Reconciliation of cash and cash equivalents and cash held in escrows: | |||||||||||
Cash and cash equivalents, beginning of period | $ | $ | |||||||||
Cash held in escrows, beginning of period | |||||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | $ | 1,612,567 | $ | 736,812 | |||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Cash held in escrows, end of period | |||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 737,501 | $ | 1,628,490 | |||||||
Supplemental disclosures: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | $ | |||||||||
Interest capitalized | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Write-off of fully depreciated real estate | $ | ( | $ | ( | |||||||
Change in real estate included in accounts payable and accrued expenses | $ | ( | $ | ||||||||
Right of use assets obtained in exchange for lease liabilities - operating lease | $ | $ | |||||||||
Lease liability - finance lease reversal for re-assessment event | $ | ( | $ | ||||||||
Right of use asset - finance lease reversal for re-assessment event | $ | ( | $ | ||||||||
Non-cash distributions to noncontrolling interests in property partnerships, net | $ | $ | |||||||||
Capitalized operating lease costs | $ | $ | |||||||||
Investment in unconsolidated joint ventures eliminated upon consolidation | $ | ( | $ | ||||||||
Mortgage note payable recorded upon consolidation | $ | $ | |||||||||
Real estate and intangibles recorded upon consolidation | $ | ( | $ | ||||||||
Dividends and distributions declared but not paid | $ | $ | |||||||||
Conversions of noncontrolling interests to stockholders’ equity | $ | $ | |||||||||
Issuance of restricted securities to employees and non-employee directors | $ | $ |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts) | ||||||||||||||
June 30, 2024 | December 31, 2023 | |||||||||||||
ASSETS | ||||||||||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ | $ | $ | ||||||||||||
Right of use assets - finance leases (amounts related to VIEs of $ | ||||||||||||||
Right of use assets - operating leases (amounts related to VIEs of $ | ||||||||||||||
Less: accumulated depreciation (amounts related to VIEs of $( | ( | ( | ||||||||||||
Total real estate | ||||||||||||||
Cash and cash equivalents (amounts related to VIEs of $ | ||||||||||||||
Cash held in escrows (amounts related to VIEs of $ | ||||||||||||||
Investments in securities | ||||||||||||||
Tenant and other receivables, net (amounts related to VIEs of $ | ||||||||||||||
Note receivable, net | ||||||||||||||
Related party note receivable, net | ||||||||||||||
Sales-type lease receivable, net | ||||||||||||||
Accrued rental income, net (amounts related to VIEs of $ | ||||||||||||||
Deferred charges, net (amounts related to VIEs of $ | ||||||||||||||
Prepaid expenses and other assets (amounts related to VIEs of $ | ||||||||||||||
Investments in unconsolidated joint ventures | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND CAPITAL | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $ | $ | $ | ||||||||||||
Unsecured senior notes, net | ||||||||||||||
Unsecured line of credit | ||||||||||||||
Unsecured term loan, net | ||||||||||||||
Unsecured commercial paper | ||||||||||||||
Lease liabilities - finance leases (amounts related to VIEs of $ | ||||||||||||||
Lease liabilities - operating leases (amounts related to VIEs of $ | ||||||||||||||
Accounts payable and accrued expenses (amounts related to VIEs of $ | ||||||||||||||
Dividends and distributions payable | ||||||||||||||
Accrued interest payable | ||||||||||||||
Other liabilities (amounts related to VIEs of $ | ||||||||||||||
Total liabilities |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts) | ||||||||||||||
June 30, 2024 | December 31, 2023 | |||||||||||||
Commitments and contingencies (See Note 8) | ||||||||||||||
Redeemable deferred stock units— | ||||||||||||||
Noncontrolling interests: | ||||||||||||||
Redeemable partnership units— | ||||||||||||||
Capital: | ||||||||||||||
Boston Properties Limited Partnership partners’ capital— | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total partners’ capital | ||||||||||||||
Noncontrolling interests in property partnerships | ||||||||||||||
Total capital | ||||||||||||||
Total liabilities and capital | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Lease | $ | $ | $ | $ | |||||||||||||||||||
Parking and other | |||||||||||||||||||||||
Hotel | |||||||||||||||||||||||
Development and management services | |||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating | |||||||||||||||||||||||
Rental | |||||||||||||||||||||||
Hotel | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Payroll and related costs from management services contracts | |||||||||||||||||||||||
Transaction costs | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | ( | ( | ( | ||||||||||||||||||||
Interest and other income (loss) | |||||||||||||||||||||||
Gains from investments in securities | |||||||||||||||||||||||
Unrealized gain on non-real estate investment | |||||||||||||||||||||||
Impairment loss | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Noncontrolling interests in property partnerships | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per common unit attributable to Boston Properties Limited Partnership | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common units outstanding | |||||||||||||||||||||||
Diluted earnings per common unit attributable to Boston Properties Limited Partnership | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common and common equivalent units outstanding |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||
Effective portion of interest rate contracts | ||||||||||||||||||||||||||
Amortization of interest rate contracts (1) | ||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive income attributable to Boston Properties Limited Partnership | $ | $ | $ | $ |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||
Units | Capital | ||||||||||||||||||||||||||||||||||||||||
General Partner | Limited Partner | Partners’ Capital (General and Limited Partners) | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Property Partnerships | Total Capital | Noncontrolling Interests - Redeemable Partnership Units | |||||||||||||||||||||||||||||||||||
Equity, March 31, 2024 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | — | |||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||
Equity, June 30, 2024 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Equity, March 31, 2023 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||
Equity, June 30, 2023 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||
Units | Capital | ||||||||||||||||||||||||||||||||||||||||
General Partner | Limited Partner | Partners’ Capital (General and Limited Partners) | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Property Partnerships | Total Capital | Noncontrolling Interests - Redeemable Partnership Units | |||||||||||||||||||||||||||||||||||
Equity, December 31, 2023 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | — | |||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||
Equity, June 30, 2024 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Equity, December 31, 2022 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | — | |||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | ||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||
Equity, June 30, 2023 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Six months ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Impairment loss | |||||||||||
Amortization of right of use assets - operating leases | |||||||||||
Amortization of sales type lease | ( | ||||||||||
Amortization of above and below market leases | ( | ||||||||||
Non-cash compensation expense | |||||||||||
(Income) loss from unconsolidated joint ventures | ( | ||||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | |||||||||||
Gains from investments in securities | ( | ( | |||||||||
Allowance for current expected credit losses (gains) | |||||||||||
Non-cash portion of interest expense | |||||||||||
Unrealized gain on non-real estate investment | ( | ( | |||||||||
Change in assets and liabilities: | |||||||||||
Tenant and other receivables, net | |||||||||||
Accrued rental income, net | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Right of use assets - operating lease | ( | ||||||||||
Lease liabilities - operating leases | ( | ||||||||||
Accounts payable and accrued expenses | ( | ||||||||||
Accrued interest payable | ( | ||||||||||
Other liabilities | ( | ( | |||||||||
Tenant leasing costs | ( | ( | |||||||||
Total adjustments | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Construction in progress | ( | ( | |||||||||
Building and other capital improvements | ( | ( | |||||||||
Tenant improvements | ( | ( | |||||||||
Acquisition of real estate (net of cash received upon consolidation) | |||||||||||
Capital contributions to unconsolidated joint ventures | ( | ( | |||||||||
Capital distributions from unconsolidated joint ventures | |||||||||||
Investment in non-real estate investments | ( | ( | |||||||||
Issuance of note receivables (including related party) | ( | ( | |||||||||
Investments in securities, net | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Repayments of mortgage notes payable | ( | ||||||||||
Proceeds from unsecured senior notes | |||||||||||
Repayment / redemption of unsecured senior notes | ( | ||||||||||
Borrowings on unsecured term loan |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Six months ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Payments on finance lease obligations | ( | ||||||||||
Repayment of unsecured term loan | ( | ( | |||||||||
Borrowings on commercial paper program | |||||||||||
Repayments on commercial paper program | ( | ||||||||||
Deferred financing costs | ( | ( | |||||||||
Net activity from equity transactions | ( | ( | |||||||||
Distributions | ( | ( | |||||||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | |||||||||||
Distributions to noncontrolling interests in property partnerships | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents and cash held in escrows | ( | ||||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | |||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | $ | |||||||||
Reconciliation of cash and cash equivalents and cash held in escrows: | |||||||||||
Cash and cash equivalents, beginning of period | $ | $ | |||||||||
Cash held in escrows, beginning of period | |||||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | $ | 1,612,567 | $ | 736,812 | |||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Cash held in escrows, end of period | |||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 737,501 | $ | 1,628,490 | |||||||
Supplemental disclosures: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | $ | |||||||||
Interest capitalized | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Write-off of fully depreciated real estate | $ | ( | $ | ( | |||||||
Change in real estate included in accounts payable and accrued expenses | $ | ( | $ | ||||||||
Right of use assets obtained in exchange for lease liabilities - operating lease | $ | $ | |||||||||
Lease liability - finance lease reversal for re-assessment event | $ | ( | $ | ||||||||
Right of use asset - finance lease reversal for re-assessment event | $ | ( | $ | ||||||||
Non-cash distributions to noncontrolling interests in property partnerships, net | $ | $ | |||||||||
Capitalized operating lease costs | $ | $ | |||||||||
Investment in unconsolidated joint ventures eliminated upon consolidation | $ | ( | $ | ||||||||
Mortgage notes payable recorded upon consolidation | $ | $ | |||||||||
Real estate and intangibles recorded upon consolidation | $ | ( | $ | ||||||||
Distributions declared but not paid | $ | $ | |||||||||
Conversions of redeemable partnership units to partners’ capital | $ | $ | |||||||||
Issuance of restricted securities to employees and non-employee directors | $ | $ |
Financial Instrument | Level | ||||
3-Month United States Treasury Bills | Level 1 | ||||
Unsecured commercial paper | Level 1 | ||||
Investment in securities | Level 1 | ||||
Unsecured senior notes (1) | Level 1 | ||||
Related party note receivable | Level 3 | ||||
Notes receivable | Level 3 | ||||
Sales-type lease receivable | Level 3 | ||||
Mortgage notes payable | Level 3 | ||||
Unsecured line of credit | Level 3 | ||||
Unsecured term loan | Level 3 |
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
3-Month United States Treasury Bills (1) | $ | $ | $ | $ | |||||||||||||||||||
Related party note receivable, net | $ | $ | $ | $ | |||||||||||||||||||
Note receivable, net | |||||||||||||||||||||||
Sales-type lease receivable, net | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Mortgage notes payable, net | $ | $ | $ | $ | |||||||||||||||||||
Unsecured senior notes, net | |||||||||||||||||||||||
Unsecured line of credit | |||||||||||||||||||||||
Unsecured term loan, net | |||||||||||||||||||||||
Unsecured commercial paper | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair value | June 30, 2024 | December 31, 2023 | ||||||||||||
Interest rate swaps | $ | $ |
June 30, 2024 | December 31, 2023 | |||||||||||||
Land | $ | $ | ||||||||||||
Right of use assets - finance leases (1) | ||||||||||||||
Right of use assets - operating leases (1) | ||||||||||||||
Land held for future development (2) | ||||||||||||||
Buildings and improvements | ||||||||||||||
Tenant improvements | ||||||||||||||
Furniture, fixtures and equipment | ||||||||||||||
Construction in progress | ||||||||||||||
Total | ||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||
$ | $ |
June 30, 2024 | December 31, 2023 | |||||||||||||
Land | $ | $ | ||||||||||||
Right of use assets - finance leases (1) | ||||||||||||||
Right of use assets - operating leases (1) | ||||||||||||||
Land held for future development (2) | ||||||||||||||
Buildings and improvements | ||||||||||||||
Tenant improvements | ||||||||||||||
Furniture, fixtures and equipment | ||||||||||||||
Construction in progress | ||||||||||||||
Total | ||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||
$ | $ |
Land and site improvements | $ | ||||
Building and improvements | |||||
Tenant improvements | |||||
In-place lease intangibles | |||||
Above-market lease intangibles | |||||
Below-market lease intangibles | ( | ||||
Mortgage note payable adjustment | |||||
Net assets acquired | $ |
Acquired In-Place Lease Intangibles | Acquired Above-Market Lease Intangibles | Acquired Below-Market Lease Intangibles | ||||||||||||||||||
Period from January 8, 2024 through December 31, 2024 | $ | $ | $ | |||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
2027 | ||||||||||||||||||||
2028 | ||||||||||||||||||||
2029 |
Acquired In-Place Lease Intangibles | Acquired Above-Market Lease Intangibles | Acquired Below-Market Lease Intangibles | ||||||||||||||||||
Weighted-average useful life |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Lease Revenue | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Fixed contractual payments | $ | $ | $ | $ | ||||||||||||||||||||||
Variable lease payments | ||||||||||||||||||||||||||
Sales-type lease revenue | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Operating | |||||
Period from March 28, 2024 through December 31, 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: Interest portion | |||||
Present value of lease payments | $ |
Carrying Value of Investment (1) | ||||||||||||||||||||||||||
Entity | Properties | Nominal % Ownership | June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Square 407 Limited Partnership | % | $ | ( | $ | ( | |||||||||||||||||||||
901 New York, LLC | % | (2) | — | ( | ||||||||||||||||||||||
WP Project Developer LLC | % | (3) | ||||||||||||||||||||||||
500 North Capitol Venture LLC | % | ( | ( | |||||||||||||||||||||||
501 K Street LLC | % | |||||||||||||||||||||||||
Podium Developer LLC | % | |||||||||||||||||||||||||
Residential Tower Developer LLC | % | |||||||||||||||||||||||||
Hotel Tower Developer LLC | % | |||||||||||||||||||||||||
Office Tower Developer LLC | % | |||||||||||||||||||||||||
1265 Main Office JV LLC | % | |||||||||||||||||||||||||
BNY Tower Holdings LLC | % | (4) | ( | ( | ||||||||||||||||||||||
CA-Colorado Center, LLC | % | |||||||||||||||||||||||||
7750 Wisconsin Avenue LLC | % | |||||||||||||||||||||||||
BP-M 3HB Venture LLC | % | |||||||||||||||||||||||||
Platform 16 Holdings LP | % | |||||||||||||||||||||||||
Gateway Portfolio Holdings LLC | % | |||||||||||||||||||||||||
Rosecrans-Sepulveda Partners 4, LLC | % | |||||||||||||||||||||||||
Safeco Plaza REIT LLC | % | (5) | ||||||||||||||||||||||||
360 PAS Holdco LLC | % | (6) | ||||||||||||||||||||||||
PR II/BXP Reston Gateway LLC | % | |||||||||||||||||||||||||
751 Gateway Holdings LLC | % | |||||||||||||||||||||||||
200 Fifth Avenue JV LLC | % | |||||||||||||||||||||||||
ABXP Worldgate Investments LLC | % | |||||||||||||||||||||||||
$ | $ |
June 30, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Real estate and development in process, net (1) | $ | $ | |||||||||
Other assets (2) | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | |||||||||||
Mortgage and notes payable, net | $ | $ | |||||||||
Other liabilities (3) | |||||||||||
Members’/Partners’ equity | |||||||||||
Total liabilities and members’/partners’ equity | $ | $ | |||||||||
Company’s share of equity | $ | $ | |||||||||
Basis differentials (4) | |||||||||||
Carrying value of the Company’s investments in unconsolidated joint ventures (5) | $ | $ |
June 30, 2024 | December 31, 2023 | ||||||||||
Property | (in thousands) | ||||||||||
Colorado Center | $ | $ | |||||||||
200 Fifth Avenue | |||||||||||
Gateway Commons | |||||||||||
Safeco Plaza | ( | ( | |||||||||
360 Park Avenue South | ( | ( | |||||||||
Dock 72 | ( | ( | |||||||||
Platform 16 | ( | ( |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Total revenue (1) | $ | $ | $ | $ | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating | |||||||||||||||||||||||
Transaction costs | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Loss from early extinguishment of debt | ( | ( | |||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Unrealized gain on derivative instruments | |||||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Company’s share of net income (loss) | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Gain on sale / consolidation | |||||||||||||||||||||||
Basis differential (2) | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) from unconsolidated joint ventures | $ | ( | $ | ( | $ | $ | ( |
Coupon/Stated Rate | Effective Rate(1) | Principal Amount | Maturity Date(2) | ||||||||||||||||||||
7 Year Unsecured Senior Notes | % | % | $ | ||||||||||||||||||||
10 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
10 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
5 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
10 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
10 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
10.5 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
10.75 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
11 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
12 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
10.7 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
Total principal | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||
Net unamortized discount | |||||||||||||||||||||||
Deferred financing costs, net | |||||||||||||||||||||||
Total | $ |
Derivative Instrument | Aggregate Notional Amount | Strike Rate Range | Balance Sheet Location | |||||||||||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Low | High | Fair Value | ||||||||||||||||||||||||||||||||||||||||
BPLP: | ||||||||||||||||||||||||||||||||||||||||||||
$ | December 15, 2023 | % | — | % | Prepaid expenses and other assets | $ | ||||||||||||||||||||||||||||||||||||||
SMBP LLC (1) | ||||||||||||||||||||||||||||||||||||||||||||
December 14, 2023 | % | — | % | Prepaid expenses and other assets | ||||||||||||||||||||||||||||||||||||||||
$ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2) | $ | $ | $ | $ | ||||||||||||||||||||||
Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing | $ | $ | $ | $ |
OP Units | LTIP Units (1) | 2022 MYLTIP Units | 2023 MYLTIP Units | 2024 MYLTIP Units | ||||||||||||||||||||||
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||||||||||||
June 28, 2024 | July 31, 2024 | $ | $ | |||||||||||||||||
March 28, 2024 | April 30, 2024 | $ | $ | |||||||||||||||||
December 29, 2023 | January 30, 2024 | $ | $ | |||||||||||||||||
June 30, 2023 | July 31, 2023 | $ | $ | |||||||||||||||||
March 31, 2023 | April 28, 2023 | $ | $ | |||||||||||||||||
December 30, 2022 | January 30, 2023 | $ | $ |
Record Date | Payment Date | Dividend (Per Share) | Distribution (Per Unit) | |||||||||||||||||
June 28, 2024 | July 31, 2024 | $ | $ | |||||||||||||||||
March 28, 2024 | April 30, 2024 | $ | $ | |||||||||||||||||
December 29, 2023 | January 30, 2024 | $ | $ | |||||||||||||||||
June 30, 2023 | July 31, 2023 | $ | $ | |||||||||||||||||
March 31, 2023 | April 28, 2023 | $ | $ | |||||||||||||||||
December 30, 2022 | January 30, 2023 | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net income attributable to BXP, Inc. | $ | $ | $ | $ | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Impairment loss | ||||||||||||||||||||||||||
Net operating income from unconsolidated joint ventures | ||||||||||||||||||||||||||
Depreciation and amortization expense | ||||||||||||||||||||||||||
Transaction costs | ||||||||||||||||||||||||||
Payroll and related costs from management services contracts | ||||||||||||||||||||||||||
General and administrative expense | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | ||||||||||||||||||||||||||
Unrealized gain on non-real estate investment | ||||||||||||||||||||||||||
Gains from investments in securities | ||||||||||||||||||||||||||
Interest and other income (loss) | ||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | ( | ( | ( | |||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | ||||||||||||||||||||||||||
Development and management services revenue | ||||||||||||||||||||||||||
Company’s share of Net Operating Income | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | $ | $ | $ | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Impairment loss | ||||||||||||||||||||||||||
Net operating income from unconsolidated joint ventures | ||||||||||||||||||||||||||
Depreciation and amortization expense | ||||||||||||||||||||||||||
Transaction costs | ||||||||||||||||||||||||||
Payroll and related costs from management services contracts | ||||||||||||||||||||||||||
General and administrative expense | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | ||||||||||||||||||||||||||
Unrealized gain on non-real estate investment | ||||||||||||||||||||||||||
Gains from investments in securities | ||||||||||||||||||||||||||
Interest and other income (loss) | ||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | ( | ( | ( | |||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | ||||||||||||||||||||||||||
Development and management services revenue | ||||||||||||||||||||||||||
Company’s share of Net Operating Income | $ | $ | $ | $ |
Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | |||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % |
Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | |||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % |
Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | |||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % |
Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | |||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % |
Three months ended June 30, 2024 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to BXP, Inc. | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to BXP, Inc. | $ | $ | |||||||||||||||
Three months ended June 30, 2023 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to BXP, Inc. | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | ( | ||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to BXP, Inc. | $ | $ | |||||||||||||||
Six months ended June 30, 2024 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to BXP, Inc. common shareholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | ( | ||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to BXP, Inc. common shareholders | $ | $ | |||||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to BXP, Inc. common shareholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to BXP, Inc. common shareholders | $ | $ | |||||||||||||||
Three months ended June 30, 2024 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | $ | |||||||||||||||
Three months ended June 30, 2023 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | ( | ||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | $ | |||||||||||||||
Six months ended June 30, 2024 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | |||||||||||||||
Three months ended June 30, 2024 | Six months ended June 30, 2024 | |||||||||||||
(Square Feet) | ||||||||||||||
Vacant space available at the beginning of the period | 5,758,606 | 5,696,007 | ||||||||||||
Vacant space from property dispositions/properties taken out of service (1) | (30,000) | (263,694) | ||||||||||||
Vacant space from properties placed (and partially placed) in-service (2) | 117,907 | 162,559 | ||||||||||||
Leases expiring or terminated during the period | 1,214,346 | 2,899,142 | ||||||||||||
Total space available for lease | 7,060,859 | 8,494,014 | ||||||||||||
1st generation leases | 168,600 | 340,591 | ||||||||||||
2nd generation leases with new clients | 329,238 | 743,970 | ||||||||||||
2nd generation lease renewals | 273,722 | 1,120,154 | ||||||||||||
Total space leased (3) | 771,560 | 2,204,715 | ||||||||||||
Vacant space available for lease at the end of the period | 6,289,299 | 6,289,299 | ||||||||||||
Leases executed during the period (4) | 1,322,664 | 2,216,605 | ||||||||||||
Second generation leasing information: (5) | ||||||||||||||
Leases commencing during the period, in square feet | 602,960 | 1,864,124 | ||||||||||||
Weighted Average Lease Term | 69 Months | 97 Months | ||||||||||||
Weighted Average Free Rent Period | 147 Days | 110 Days | ||||||||||||
Total Transaction Costs Per Square Foot (6) | $63.24 | $74.12 | ||||||||||||
Increase in Gross Rents (7) | 4.16 | % | 6.27 | % | ||||||||||
Increase in Net Rents (8) | 5.65 | % | 8.85 | % |
Six months ended June 30, | ||||||||||||||||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to BXP, Inc. | $ | 159,498 | $ | 182,215 | $ | (22,717) | (12.47) | % | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 19,009 | 21,169 | (2,160) | (10.20) | % | |||||||||||||||||||||
Noncontrolling interests in property partnerships | 35,046 | 38,428 | (3,382) | (8.80) | % | |||||||||||||||||||||
Net Income | 213,553 | 241,812 | (28,259) | (11.69) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 311,533 | 276,680 | 34,853 | 12.60 | % | |||||||||||||||||||||
Impairment loss | 13,615 | — | 13,615 | 100.00 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Unrealized gain on non-real estate investment | 454 | 383 | 71 | 18.54 | % | |||||||||||||||||||||
Gains from investments in securities | 2,587 | 3,236 | (649) | (20.06) | % | |||||||||||||||||||||
Interest and other income (loss) | 25,317 | 28,284 | (2,967) | (10.49) | % | |||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | 13,387 | (14,237) | 27,624 | 194.03 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 438,258 | 411,311 | 26,947 | 6.55 | % | |||||||||||||||||||||
Transaction costs | 702 | 1,219 | (517) | (42.41) | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 8,441 | 9,844 | (1,403) | (14.25) | % | |||||||||||||||||||||
General and administrative expense | 94,127 | 99,977 | (5,850) | (5.85) | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 8,441 | 9,844 | (1,403) | (14.25) | % | |||||||||||||||||||||
Development and management services revenue | 12,506 | 18,838 | (6,332) | (33.61) | % | |||||||||||||||||||||
Net Operating Income | $ | 1,017,537 | $ | 994,495 | $ | 23,042 | 2.32 | % |
Six months ended June 30, | ||||||||||||||||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership | $ | 181,907 | $ | 206,928 | $ | (25,021) | (12.09) | % | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 35,046 | 38,428 | (3,382) | (8.80) | % | |||||||||||||||||||||
Net Income | 216,953 | 245,356 | (28,403) | (11.58) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 311,533 | 276,680 | 34,853 | 12.60 | % | |||||||||||||||||||||
Impairment loss | 13,615 | — | 13,615 | 100.00 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Unrealized gain on non-real estate investment | 454 | 383 | 71 | 18.54 | % | |||||||||||||||||||||
Gains from investments in securities | 2,587 | 3,236 | (649) | (20.06) | % | |||||||||||||||||||||
Interest and other income (loss) | 25,317 | 28,284 | (2,967) | (10.49) | % | |||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | 13,387 | (14,237) | 27,624 | 194.03 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 434,858 | 407,767 | 27,091 | 6.64 | % | |||||||||||||||||||||
Transaction costs | 702 | 1,219 | (517) | (42.41) | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 8,441 | 9,844 | (1,403) | (14.25) | % | |||||||||||||||||||||
General and administrative expense | 94,127 | 99,977 | (5,850) | (5.85) | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 8,441 | 9,844 | (1,403) | (14.25) | % | |||||||||||||||||||||
Development and management services revenue | 12,506 | 18,838 | (6,332) | (33.61) | % | |||||||||||||||||||||
Net Operating Income | $ | 1,017,537 | $ | 994,495 | $ | 23,042 | 2.32 | % |
Same Property Portfolio | Properties Acquired Portfolio | Properties Placed In-Service Portfolio | Properties in or Held for Development or Redevelopment Portfolio | Total Property Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue (Excluding Termination Income) | $ | 1,471,480 | $ | 1,483,533 | $ | (12,053) | (0.81) | % | $ | 50,501 | $ | — | $ | 29,199 | $ | 10,043 | $ | 1,288 | $ | 2,351 | $ | 1,552,468 | $ | 1,495,927 | $ | 56,541 | 3.78 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination Income | 2,651 | 32 | 2,619 | 8,184.38 | % | 189 | — | — | — | — | — | 2,840 | 32 | 2,808 | 8,775.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 1,474,131 | 1,483,565 | (9,434) | (0.64) | % | 50,690 | — | 29,199 | 10,043 | 1,288 | 2,351 | 1,555,308 | 1,495,959 | 59,349 | 3.97 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking and Other | 60,375 | 49,128 | 11,247 | 22.89 | % | 4,415 | — | 938 | 538 | 30 | (3) | 65,758 | 49,663 | 16,095 | 32.41 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 1,534,506 | 1,532,693 | 1,813 | 0.12 | % | 55,105 | — | 30,137 | 10,581 | 1,318 | 2,348 | 1,621,066 | 1,545,622 | 75,444 | 4.88 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 591,822 | 560,731 | 31,091 | 5.54 | % | 19,452 | — | 10,241 | 4,160 | 2,643 | 6,207 | 624,158 | 571,098 | 53,060 | 9.29 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss), Excluding Residential and Hotel | 942,684 | 971,962 | (29,278) | (3.01) | % | 35,653 | — | 19,896 | 6,421 | (1,325) | (3,859) | 996,908 | 974,524 | 22,384 | 2.30 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (2) | 13,485 | 12,733 | 752 | 5.91 | % | — | — | — | — | — | — | 13,485 | 12,733 | 752 | 5.91 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Income (2) | 7,144 | 7,238 | (94) | (1.30) | % | — | — | — | — | — | — | 7,144 | 7,238 | (94) | (1.30) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss) | $ | 963,313 | $ | 991,933 | $ | (28,620) | (2.89) | % | $ | 35,653 | $ | — | $ | 19,896 | $ | 6,421 | $ | (1,325) | $ | (3,859) | $ | 1,017,537 | $ | 994,495 | $ | 23,042 | 2.32 | % |
Square Feet | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date acquired | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Monica Business Park (1) | December 14, 2023 | 1,182,696 | $ | 38,873 | $ | — | $ | 38,873 | $ | 13,338 | $ | — | $ | 13,338 | ||||||||||||||||||||||||||||||||||||
901 New York Avenue | January 8, 2024 | 523,939 | 16,232 | — | 16,232 | 6,114 | — | 6,114 | ||||||||||||||||||||||||||||||||||||||||||
1,706,635 | $ | 55,105 | $ | — | $ | 55,105 | $ | 19,452 | $ | — | $ | 19,452 |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Square Feet | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | Second Quarter, 2022 | Second Quarter, 2023 | 475,849 | $ | 17,154 | $ | 10,581 | $ | 6,573 | $ | 5,642 | $ | 4,160 | $ | 1,482 | |||||||||||||||||||||||||||||||||||||||||
140 Kendrick Street - Building A | Third Quarter, 2023 | Third Quarter, 2023 | 104,166 | 3,811 | — | 3,811 | 1,149 | — | 1,149 | |||||||||||||||||||||||||||||||||||||||||||||||
180 CityPoint | Third Quarter, 2023 | N/A | 329,000 | 6,848 | — | 6,848 | 2,788 | — | 2,788 | |||||||||||||||||||||||||||||||||||||||||||||||
103 CityPoint | Fourth Quarter, 2023 | N/A | 113,000 | 1 | — | 1 | 376 | — | 376 | |||||||||||||||||||||||||||||||||||||||||||||||
760 Boylston Street | Second Quarter, 2024 | Second Quarter, 2024 | 118,000 | 2,323 | — | 2,323 | 286 | — | 286 | |||||||||||||||||||||||||||||||||||||||||||||||
1,140,015 | $ | 30,137 | $ | 10,581 | $ | 19,556 | $ | 10,241 | $ | 4,160 | $ | 6,081 |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Commenced Held for Development / Redevelopment | Square Feet | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
105 Carnegie Center (1) | November 30, 2022 | 73,000 | $ | — | $ | — | $ | — | $ | 291 | $ | — | $ | 291 | ||||||||||||||||||||||||||||||||||||
Kendall Center Blue Parking Garage (2) | January 4, 2023 | N/A | — | 25 | (25) | — | 3,015 | (3,015) | ||||||||||||||||||||||||||||||||||||||||||
300 Binney Street | January 30, 2023 | 236,000 | — | (900) | 900 | — | 117 | (117) | ||||||||||||||||||||||||||||||||||||||||||
Shady Grove Innovation District (3) | March 31, 2023 | 184,000 | 25 | 1,243 | (1,218) | 479 | 728 | (249) | ||||||||||||||||||||||||||||||||||||||||||
Lexington Office Park (3) | March 31, 2023 | 167,000 | 509 | 975 | (466) | 778 | 1,108 | (330) | ||||||||||||||||||||||||||||||||||||||||||
171 Dartmouth Street | March 28, 2024 | N/A | — | — | — | 87 | — | 87 | ||||||||||||||||||||||||||||||||||||||||||
1050 Winter Street (3) | March 31, 2024 | 162,000 | 170 | 65 | 105 | 787 | 988 | (201) | ||||||||||||||||||||||||||||||||||||||||||
17 Hartwell Avenue (3) | June 30, 2024 | 30,000 | 614 | 940 | (326) | 221 | 251 | (30) | ||||||||||||||||||||||||||||||||||||||||||
852,000 | $ | 1,318 | $ | 2,348 | $ | (1,030) | $ | 2,643 | $ | 6,207 | $ | (3,564) |
Average Monthly Rental Rate (1) | Average Rental Rate Per Occupied Square Foot | Average Physical Occupancy (2) | Average Economic Occupancy (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Name | 2024 | 2023 | Change (%) | 2024 | 2023 | Change (%) | 2024 | 2023 | Change (%) | 2024 | 2023 | Change (%) | ||||||||||||||||||||||||||||||||||||||
Proto Kendall Square | $ | 3,179 | $ | 3,034 | 4.8 | % | $ | 5.85 | $ | 5.57 | 5.0 | % | 95.4 | % | 95.6 | % | (0.2) | % | 95.3 | % | 95.3 | % | — | % | ||||||||||||||||||||||||||
The Lofts at Atlantic Wharf | $ | 4,346 | $ | 4,434 | (2.0) | % | $ | 4.81 | $ | 4.91 | (2.0) | % | 95.4 | % | 95.9 | % | (0.5) | % | 94.8 | % | 96.4 | % | (1.7) | % | ||||||||||||||||||||||||||
Signature at Reston | $ | 2,798 | $ | 2,670 | 4.8 | % | $ | 2.88 | $ | 2.77 | 4.0 | % | 95.8 | % | 94.2 | % | 1.7 | % | 95.8 | % | 93.4 | % | 2.6 | % | ||||||||||||||||||||||||||
The Skylyne | $ | 3,454 | $ | 3,446 | 0.2 | % | $ | 4.35 | $ | 4.39 | (0.9) | % | 87.5 | % | 91.9 | % | (4.8) | % | 86.0 | % | 89.6 | % | (4.0) | % |
2024 | 2023 | Change (%) | ||||||||||||||||||
Occupancy | 75.8 | % | 69.3 | % | 9.4 | % | ||||||||||||||
Average daily rate | $ | 317.26 | $ | 323.14 | (1.8) | % | ||||||||||||||
REVPAR | $ | 240.50 | $ | 223.95 | 7.4 | % |
Portfolio | Depreciation and Amortization for the six months ended June 30, | |||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 398,157 | $ | 392,005 | $ | 6,152 | ||||||||||||||
Properties Acquired Portfolio | 27,828 | — | 27,828 | |||||||||||||||||
Properties Placed In-Service Portfolio | 11,017 | 4,998 | 6,019 | |||||||||||||||||
Properties in or Held for Development or Redevelopment Portfolio (1) | 1,256 | 14,308 | (13,052) | |||||||||||||||||
$ | 438,258 | $ | 411,311 | $ | 26,947 |
Portfolio | Depreciation and Amortization for the six months ended June 30, | |||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 394,757 | $ | 388,641 | $ | 6,116 | ||||||||||||||
Properties Acquired Portfolio | 27,828 | — | 27,828 | |||||||||||||||||
Properties Placed In-Service Portfolio | 11,017 | 4,998 | 6,019 | |||||||||||||||||
Properties in or Held for Development or Redevelopment Portfolio (1) | 1,256 | 14,128 | (12,872) | |||||||||||||||||
$ | 434,858 | $ | 407,767 | $ | 27,091 |
Component | Change in interest expense for the six months ended June 30, 2024 compared to June 30, 2023 | |||||||
(in thousands) | ||||||||
Increases to interest expense due to: | ||||||||
New mortgage loan financings (1) | $ | 37,029 | ||||||
Issuance of $750 million in aggregate principal of 6.500% senior notes due 2034 on May 15, 2023 | 18,342 | |||||||
Unsecured commercial paper (2) | 5,050 | |||||||
Decrease in capitalized interest related to development projects | 1,544 | |||||||
Amortization expense of financing fees | 458 | |||||||
Total increases to interest expense | 62,423 | |||||||
Decrease to interest expense due to: | ||||||||
Repayment of $500 million in aggregate principal of 3.125% senior notes due 2023 on September 1, 2023 | (11,180) | |||||||
Repayment of $700 million in aggregate principal of 3.800% senior notes due 2024 on February 1, 2024 | (7,983) | |||||||
Decrease in interest due to finance leases | (5,248) | |||||||
Decrease in interest associated with unsecured term loans and the unsecured credit facility, net | (2,419) | |||||||
Other interest expense (excluding senior notes) | (740) | |||||||
Total decrease to interest expense | (27,570) | |||||||
Total change in interest expense | $ | 34,853 |
Property | Noncontrolling Interests in Property Partnerships for the six months ended June 30, | |||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | $ | 6,288 | $ | 6,181 | $ | 107 | ||||||||||||||
Times Square Tower | 10,325 | 11,098 | (773) | |||||||||||||||||
601 Lexington Avenue (1) | 4,442 | 7,253 | (2,811) | |||||||||||||||||
100 Federal Street | 5,675 | 6,057 | (382) | |||||||||||||||||
Atlantic Wharf Office Building | 8,044 | 7,839 | 205 | |||||||||||||||||
343 Madison Avenue (2) | 6 | — | 6 | |||||||||||||||||
300 Binney Street (3) | 135 | — | 135 | |||||||||||||||||
290 Binney Street (3) | 131 | — | 131 | |||||||||||||||||
$ | 35,046 | $ | 38,428 | $ | (3,382) |
Three months ended June 30, | ||||||||||||||||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to BXP, Inc. | $ | 79,615 | $ | 104,299 | $ | (24,684) | (23.67) | % | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 9,509 | 12,117 | (2,608) | (21.52) | % | |||||||||||||||||||||
Noncontrolling interests in property partnerships | 17,825 | 19,768 | (1,943) | (9.83) | % | |||||||||||||||||||||
Net Income | 106,949 | 136,184 | (29,235) | (21.47) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 149,642 | 142,473 | 7,169 | 5.03 | % | |||||||||||||||||||||
Loss from unconsolidated joint ventures | 5,799 | 6,668 | (869) | (13.03) | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Unrealized gain on non-real estate investment | 58 | 124 | (66) | (53.23) | % | |||||||||||||||||||||
Gains from investments in securities | 315 | 1,571 | (1,256) | (79.95) | % | |||||||||||||||||||||
Interest and other income (loss) | 10,788 | 17,343 | (6,555) | (37.80) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 219,542 | 202,577 | 16,965 | 8.37 | % | |||||||||||||||||||||
Transaction costs | 189 | 308 | (119) | (38.64) | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 4,148 | 4,609 | (461) | (10.00) | % | |||||||||||||||||||||
General and administrative expense | 44,109 | 44,175 | (66) | (0.15) | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 4,148 | 4,609 | (461) | (10.00) | % | |||||||||||||||||||||
Development and management services revenue | 6,352 | 9,858 | (3,506) | (35.57) | % | |||||||||||||||||||||
Net Operating Income | $ | 508,717 | $ | 503,489 | $ | 5,228 | 1.04 | % |
Three months ended June 30, | ||||||||||||||||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership | $ | 90,827 | $ | 118,098 | $ | (27,271) | (23.09) | % | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 17,825 | 19,768 | (1,943) | (9.83) | % | |||||||||||||||||||||
Net Income | 108,652 | 137,866 | (29,214) | (21.19) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 149,642 | 142,473 | 7,169 | 5.03 | % | |||||||||||||||||||||
Loss from unconsolidated joint ventures | 5,799 | 6,668 | (869) | (13.03) | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Unrealized gain on non-real estate investment | 58 | 124 | (66) | (53.23) | % | |||||||||||||||||||||
Gains from investments in securities | 315 | 1,571 | (1,256) | (79.95) | % | |||||||||||||||||||||
Interest and other income (loss) | 10,788 | 17,343 | (6,555) | (37.80) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 217,839 | 200,895 | 16,944 | 8.43 | % | |||||||||||||||||||||
Transaction costs | 189 | 308 | (119) | (38.64) | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 4,148 | 4,609 | (461) | (10.00) | % | |||||||||||||||||||||
General and administrative expense | 44,109 | 44,175 | (66) | (0.15) | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 4,148 | 4,609 | (461) | (10.00) | % | |||||||||||||||||||||
Development and management services revenue | 6,352 | 9,858 | (3,506) | (35.57) | % | |||||||||||||||||||||
Net Operating Income | $ | 508,717 | $ | 503,489 | $ | 5,228 | 1.04 | % |
Same Property Portfolio | Properties Acquired Portfolio | Properties Placed In-Service Portfolio | Properties in or Held for Development or Redevelopment Portfolio | Total Property Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue (Excluding Termination Income) | $ | 735,479 | $ | 743,950 | $ | (8,471) | (1.14) | % | $ | 25,001 | $ | — | $ | 16,724 | $ | 5,029 | $ | 576 | $ | 1,449 | $ | 777,780 | $ | 750,428 | $ | 27,352 | 3.64 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination Income | 841 | (164) | 1,005 | 612.80 | % | — | — | — | — | — | — | 841 | (164) | 1,005 | 612.80 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 736,320 | 743,786 | (7,466) | (1.00) | % | 25,001 | — | 16,724 | 5,029 | 576 | 1,449 | 778,621 | 750,264 | 28,357 | 3.78 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking and Other Revenue | 31,939 | 25,789 | 6,150 | 23.85 | % | 1,903 | — | 451 | 411 | 30 | — | 34,323 | 26,200 | 8,123 | 31.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 768,259 | 769,575 | (1,316) | (0.17) | % | 26,904 | — | 17,175 | 5,440 | 606 | 1,449 | 812,944 | 776,464 | 36,480 | 4.70 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 299,366 | 281,527 | 17,839 | 6.34 | % | 9,875 | — | 5,227 | 2,433 | 1,219 | 1,293 | 315,687 | 285,253 | 30,434 | 10.67 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss), Excluding Residential and Hotel | 468,893 | 488,048 | (19,155) | (3.92) | % | 17,029 | — | 11,948 | 3,007 | (613) | 156 | 497,257 | 491,211 | 6,046 | 1.23 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (2) | 6,487 | 6,470 | 17 | 0.26 | % | — | — | — | — | — | — | 6,487 | 6,470 | 17 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Income (2) | 4,973 | 5,808 | (835) | (14.38) | % | — | — | — | — | — | — | 4,973 | 5,808 | (835) | (14.38) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss) | $ | 480,353 | $ | 500,326 | $ | (19,973) | (3.99) | % | $ | 17,029 | $ | — | $ | 11,948 | $ | 3,007 | $ | (613) | $ | 156 | $ | 508,717 | $ | 503,489 | $ | 5,228 | 1.04 | % |
Square Feet | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date acquired | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Monica Business Park | December 14, 2023 | 1,182,696 | $ | 18,472 | $ | — | $ | 18,472 | $ | 6,769 | $ | — | $ | 6,769 | ||||||||||||||||||||||||||||||||||||
901 New York Avenue | January 8, 2024 | 523,939 | 8,432 | — | 8,432 | 3,106 | — | 3,106 | ||||||||||||||||||||||||||||||||||||||||||
1,706,635 | $ | 26,904 | $ | — | $ | 26,904 | $ | 9,875 | $ | — | $ | 9,875 |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Square Feet | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | Second Quarter, 2022 | Second Quarter, 2023 | 475,849 | $ | 9,230 | $ | 5,440 | $ | 3,790 | $ | 2,921 | $ | 2,433 | $ | 488 | |||||||||||||||||||||||||||||||||||||||||
140 Kendrick Street - Building A | Third Quarter, 2023 | Third Quarter, 2023 | 104,166 | 1,886 | — | 1,886 | 557 | — | 557 | |||||||||||||||||||||||||||||||||||||||||||||||
180 CityPoint | Third Quarter, 2023 | N/A | 329,000 | 3,774 | — | 3,774 | 1,399 | — | 1,399 | |||||||||||||||||||||||||||||||||||||||||||||||
103 CityPoint | Fourth Quarter, 2023 | N/A | 113,000 | 1 | — | 1 | 115 | — | 115 | |||||||||||||||||||||||||||||||||||||||||||||||
760 Boylston Street | Second Quarter, 2024 | Second Quarter, 2024 | 118,000 | 2,284 | — | 2,284 | 235 | — | 235 | |||||||||||||||||||||||||||||||||||||||||||||||
1,140,015 | $ | 17,175 | $ | 5,440 | $ | 11,735 | $ | 5,227 | $ | 2,433 | $ | 2,794 |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Commenced Held for Development / Redevelopment | Square Feet | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
105 Carnegie Center (1) | November 30, 2022 | 73,000 | $ | — | $ | — | $ | — | $ | 136 | $ | — | $ | 136 | ||||||||||||||||||||||||||||||||||||
Shady Grove Innovation District (2) | March 31, 2023 | 184,000 | 70 | 612 | (542) | 187 | 326 | (139) | ||||||||||||||||||||||||||||||||||||||||||
Lexington Office Park (2) | March 31, 2023 | 167,000 | 252 | 346 | (94) | 361 | 497 | (136) | ||||||||||||||||||||||||||||||||||||||||||
171 Dartmouth Street | March 28, 2024 | N/A | — | — | — | 87 | — | 87 | ||||||||||||||||||||||||||||||||||||||||||
1050 Winter Street (2) | March 31, 2024 | 162,000 | 140 | 36 | 104 | 350 | 361 | (11) | ||||||||||||||||||||||||||||||||||||||||||
17 Hartwell Avenue (2) | June 30, 2024 | 30,000 | 144 | 455 | (311) | 98 | 109 | (11) | ||||||||||||||||||||||||||||||||||||||||||
616,000 | $ | 606 | $ | 1,449 | $ | (843) | $ | 1,219 | $ | 1,293 | $ | (74) |
Average Monthly Rental Rate (1) | Average Rental Rate Per Occupied Square Foot | Average Physical Occupancy (2) | Average Economic Occupancy (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Name | 2024 | 2023 | Change (%) | 2024 | 2023 | Change (%) | 2024 | 2023 | Change (%) | 2024 | 2023 | Change (%) | ||||||||||||||||||||||||||||||||||||||
Proto Kendall Square | $ | 3,204 | $ | 3,065 | 4.5 | % | $ | 5.90 | $ | 5.62 | 5.0 | % | 96.0 | % | 95.8 | % | 0.2 | % | 96.1 | % | 95.8 | % | 0.3 | % | ||||||||||||||||||||||||||
The Lofts at Atlantic Wharf | $ | 4,435 | $ | 4,440 | (0.1) | % | $ | 4.93 | $ | 4.91 | 0.4 | % | 95.7 | % | 96.5 | % | (0.8) | % | 95.0 | % | 97.5 | % | (2.6) | % | ||||||||||||||||||||||||||
Signature at Reston | $ | 2,822 | $ | 2,663 | 6.0 | % | $ | 2.90 | $ | 2.77 | 4.7 | % | 96.0 | % | 94.6 | % | 1.5 | % | 96.1 | % | 93.6 | % | 2.7 | % | ||||||||||||||||||||||||||
The Skylyne | $ | 3,430 | $ | 3,447 | (0.5) | % | $ | 4.33 | $ | 4.39 | (1.4) | % | 87.1 | % | 92.4 | % | (5.7) | % | 85.3 | % | 89.9 | % | (5.1) | % |
2024 | 2023 | Change (%) | ||||||||||||||||||
Occupancy | 80.6 | % | 77.2 | % | 4.4 | % | ||||||||||||||
Average daily rate | $ | 372.29 | $ | 371.58 | 0.2 | % | ||||||||||||||
REVPAR | $ | 299.94 | $ | 286.79 | 4.6 | % |
Portfolio | Depreciation and Amortization for the three months ended June 30, | |||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 199,286 | $ | 198,434 | $ | 852 | ||||||||||||||
Properties Acquired Portfolio | 13,688 | — | 13,688 | |||||||||||||||||
Properties Placed In-Service Portfolio | 5,903 | 3,214 | 2,689 | |||||||||||||||||
Properties in or Held for Development or Redevelopment Portfolio | 665 | 929 | (264) | |||||||||||||||||
$ | 219,542 | $ | 202,577 | $ | 16,965 |
Portfolio | Depreciation and Amortization for the three months ended June 30, | |||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 197,583 | $ | 196,752 | $ | 831 | ||||||||||||||
Properties Acquired Portfolio | 13,688 | — | 13,688 | |||||||||||||||||
Properties Placed In-Service Portfolio | 5,903 | 3,214 | 2,689 | |||||||||||||||||
Properties in or Held for Development or Redevelopment Portfolio | 665 | 929 | (264) | |||||||||||||||||
$ | 217,839 | $ | 200,895 | $ | 16,944 |
Component | Change in interest expense for the three months ended June 30, 2024 compared to June 30, 2023 | |||||||
(in thousands) | ||||||||
Increases to interest expense due to: | ||||||||
New mortgage loan financings (1) | $ | 18,410 | ||||||
Issuance of $750 million in aggregate principal of 6.500% senior notes due 2034 on May 15, 2023 | 6,115 | |||||||
Unsecured commercial paper (2) | 5,050 | |||||||
Decrease in capitalized interest related to development projects | 282 | |||||||
Total increases to interest expense | 29,857 | |||||||
Decreases to interest expense due to: | ||||||||
Decrease in interest due to finance leases | (7,539) | |||||||
Repayment of $700 million in aggregate principal of 3.800% senior notes due 2024 on February 1, 2024 | (6,709) | |||||||
Repayment of $500 million in aggregate principal of 3.125% senior notes due 2023 on September 1, 2023 | (3,992) | |||||||
Decrease in interest associated with unsecured term loans and the unsecured credit facility, net | (3,689) | |||||||
Other interest expense (excluding senior notes) | (736) | |||||||
Amortization expense of financing fees | (23) | |||||||
Total decreases to interest expense | (22,688) | |||||||
Total change in interest expense | $ | 7,169 |
Property | Noncontrolling Interests in Property Partnerships for the three months ended June 30, | |||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | $ | 3,439 | $ | 3,778 | $ | (339) | ||||||||||||||
Times Square Tower | 5,043 | 5,415 | (372) | |||||||||||||||||
601 Lexington Avenue (1) | 2,339 | 3,242 | (903) | |||||||||||||||||
100 Federal Street | 2,774 | 3,245 | (471) | |||||||||||||||||
Atlantic Wharf Office Building | 3,973 | 4,088 | (115) | |||||||||||||||||
343 Madison Avenue (2) | 6 | — | 6 | |||||||||||||||||
300 Binney Street (3) | 130 | — | 130 | |||||||||||||||||
290 Binney Street (3) | 121 | — | 121 | |||||||||||||||||
$ | 17,825 | $ | 19,768 | $ | (1,943) |
Financings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction/Redevelopment Properties | Estimated Stabilization Date | Location | # of Buildings | Estimated Square Feet | Investment to Date (1)(2)(3) | Estimated Total Investment (1)(2) | Total Available (1) | Outstanding at June 30, 2024 (1) | Estimated Future Equity Requirement (1)(2)(4) | Percentage Leased (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
360 Park Avenue South (71% ownership) (Redevelopment) | Q4 2026 | New York, NY | 1 | 450,000 | $ | 340,837 | $ | 418,300 | $ | 156,470 | $ | 156,470 | $ | 77,463 | 23 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next Office Phase II | Q2 2026 | Reston, VA | 1 | 90,000 | 43,076 | 61,000 | — | — | 17,924 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Office Properties under Construction/Redevelopment | 2 | 540,000 | 383,913 | 479,300 | 156,470 | 156,470 | 95,387 | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laboratory/Life Sciences | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
103 CityPoint | Q4 2026 | Waltham, MA | 1 | 113,000 | 90,502 | 115,100 | — | — | 24,598 | — | % | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
180 CityPoint | Q2 2026 | Waltham, MA | 1 | 329,000 | 225,827 | 290,500 | — | — | 64,673 | 43 | % | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
300 Binney Street (55% ownership) (Redevelopment) | Q1 2025 | Cambridge, MA | 1 | 236,000 | 34,821 | 112,900 | — | — | 78,079 | 100 | % | (8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
651 Gateway (50% ownership) (Redevelopment) | Q3 2026 | South San Francisco, CA | 1 | 327,000 | 121,834 | 167,100 | — | — | 45,266 | 21 | % | (9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
290 Binney Street (55% ownership) | Q2 2026 | Cambridge, MA | 1 | 573,000 | 207,568 | 508,000 | — | — | 300,432 | 100 | % | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Laboratory/Life Sciences Properties under Construction/Redevelopment | 5 | 1,578,000 | 680,552 | 1,193,600 | — | — | 513,048 | 65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Skymark - Reston Next Residential (508 units) (20% ownership) | Q2 2026 | Reston, VA | 1 | 417,000 | 40,240 | 47,700 | 28,000 | 22,332 | 1,792 | 21 | % | (11) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
121 Broadway Street (439 units) | Q2 2029 | Cambridge, MA | 1 | 492,000 | 56,453 | 597,800 | — | — | 541,347 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Properties under Construction | 2 | 909,000 | 96,693 | 645,500 | 28,000 | 22,332 | 543,139 | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next Retail | Q4 2025 | Reston, VA | 1 | 33,000 | 22,968 | 26,600 | — | — | 3,632 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Retail Properties under Construction | 1 | 33,000 | 22,968 | 26,600 | — | — | 3,632 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Properties under Construction/Redevelopment | 10 | 3,060,000 | $ | 1,184,126 | $ | 2,345,000 | $ | 184,470 | $ | 178,802 | $ | 1,155,206 | 53 | % | (12) |
Six months ended June 30, | |||||||||||||||||
2024 | 2023 | Change | |||||||||||||||
(in thousands) | |||||||||||||||||
Net cash provided by operating activities | $ | 564,659 | $ | 613,183 | $ | (48,524) | |||||||||||
Net cash used in investing activities | (553,504) | (554,864) | 1,360 | ||||||||||||||
Net cash (used in) provided by financing activities | (886,221) | 833,359 | (1,719,580) |
Six months ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Construction in progress (1) | $ | (313,602) | $ | (235,331) | |||||||
Building and other capital improvements | (66,799) | (78,344) | |||||||||
Tenant improvements | (117,848) | (135,743) | |||||||||
Acquisition of real estate (net of cash received upon consolidation) (2) | 6,086 | — | |||||||||
Capital contributions to unconsolidated joint ventures (3) | (60,461) | (103,595) | |||||||||
Capital distributions from unconsolidated joint ventures (4) | — | 7,350 | |||||||||
Investment in non-real estate investments | (625) | (733) | |||||||||
Issuance of note receivables (including related party) (5) | (1,423) | (10,500) | |||||||||
Investments in securities, net | 1,168 | 2,032 | |||||||||
Net cash used in investing activities | $ | (553,504) | $ | (554,864) |
June 30, 2024 | |||||||||||||||||||||||
Shares / Units Outstanding | Common Stock Equivalent | Equivalent Value (1) | |||||||||||||||||||||
Common Stock | 157,098 | 157,098 | $ | 9,670,953 | |||||||||||||||||||
Common Operating Partnership Units | 19,136 | 19,136 | 1,178,012 | (2) | |||||||||||||||||||
Total Equity | 176,234 | $ | 10,848,965 | ||||||||||||||||||||
Consolidated Debt | $ | 15,367,474 | |||||||||||||||||||||
Add: | |||||||||||||||||||||||
BXP’s share of unconsolidated joint venture debt (3) | 1,379,131 | ||||||||||||||||||||||
Subtract: | |||||||||||||||||||||||
Partners’ share of Consolidated Debt (4) | 1,361,372 | ||||||||||||||||||||||
BXP’s Share of Debt | $ | 15,385,233 | |||||||||||||||||||||
Consolidated Market Capitalization | $ | 26,216,439 | |||||||||||||||||||||
BXP’s Share of Market Capitalization | $ | 26,234,198 | |||||||||||||||||||||
Consolidated Debt/Consolidated Market Capitalization | 58.62 | % | |||||||||||||||||||||
BXP’s Share of Debt/BXP’s Share of Market Capitalization | 58.65 | % |
June 30, | |||||||||||
2024 | 2023 | ||||||||||
(dollars in thousands) | |||||||||||
Debt Summary: | |||||||||||
Balance | |||||||||||
Mortgage notes payable, net | $ | 4,371,478 | $ | 3,274,764 | |||||||
Unsecured senior notes, net | 9,797,220 | 10,985,395 | |||||||||
Unsecured line of credit | — | — | |||||||||
Unsecured term loan, net | 698,776 | 1,196,046 | |||||||||
Unsecured commercial paper | 500,000 | — | |||||||||
Consolidated Debt | 15,367,474 | 15,456,205 | |||||||||
Add: | |||||||||||
BXP’s share of unconsolidated joint venture debt, net (1) | 1,379,131 | 1,609,671 | |||||||||
Subtract: | |||||||||||
Partners’ share of consolidated mortgage notes payable, net (2) | 1,361,372 | 1,359,380 | |||||||||
BXP’s Share of Debt | $ | 15,385,233 | $ | 15,706,496 | |||||||
June 30, | |||||||||||
2024 | 2023 | ||||||||||
Consolidated Debt Financing Statistics: | |||||||||||
Percent of total debt: | |||||||||||
Fixed rate (3) | 92.20 | % | 100.00 | % | |||||||
Variable rate | 7.80 | % | — | % | |||||||
Total | 100.00 | % | 100.00 | % | |||||||
GAAP Weighted-average interest rate at end of period: | |||||||||||
Fixed rate (3) | 4.01 | % | 3.95 | % | |||||||
Variable rate | 5.97 | % | — | % | |||||||
Total | 4.16 | % | 3.95 | % | |||||||
Coupon/Stated Weighted-average interest rate at end of period: | |||||||||||
Fixed rate (3) | 3.78 | % | 3.82 | % | |||||||
Variable rate | 5.84 | % | — | % | |||||||
Total | 3.94 | % | 3.82 | % | |||||||
Weighted-average maturity at end of period (in years): | |||||||||||
Fixed rate (3) | 4.7 | 5.0 | |||||||||
Variable rate | 0.5 | — | |||||||||
Total | 4.4 | 5.0 |
Properties | Stated Interest Rate | GAAP Interest Rate (1) | Stated Principal Amount | Fair Value Adjustment and Deferred Financing Costs, Net | Carrying Amount | Carrying Amount (Partners’ Share) | Maturity Date | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wholly-owned | ||||||||||||||||||||||||||||||||||||||||||||||||||
901 New York Avenue | 3.61 | % | 7.69 | % | $ | 205,074 | $ | (4,452) | $ | 200,622 | N/A | (2) | January 5, 2025 | |||||||||||||||||||||||||||||||||||||
Santa Monica Business Park | 4.06 | % | 6.53 | % | 300,000 | (2,947) | 297,053 | N/A | (3)(4) | July 19, 2025 | ||||||||||||||||||||||||||||||||||||||||
90 Broadway, 325 Main Street, 355 Main Street, and Cambridge East Garage (also known as Kendall Center Green Garage) | 6.04 | % | 6.26 | % | 600,000 | (5,803) | 594,197 | N/A | (3)(5) | October 26, 2028 | ||||||||||||||||||||||||||||||||||||||||
Subtotal | 1,105,074 | (13,202) | 1,091,872 | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Joint Ventures | ||||||||||||||||||||||||||||||||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | 3.43 | % | 3.64 | % | 2,300,000 | (10,249) | 2,289,751 | $ | 915,937 | (3)(6)(7) | June 9, 2027 | |||||||||||||||||||||||||||||||||||||||
601 Lexington Avenue | 2.79 | % | 2.93 | % | 1,000,000 | (10,145) | 989,855 | 445,435 | (3)(8) | January 9, 2032 | ||||||||||||||||||||||||||||||||||||||||
Subtotal | 3,300,000 | (20,394) | 3,279,606 | 1,361,372 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,405,074 | $ | (33,596) | $ | 4,371,478 | $ | 1,361,372 |
Properties | Nominal % Ownership | Stated Interest Rate | GAAP Interest Rate (1) | Term of Variable Rate + Spread | Stated Principal Amount | Deferred Financing Costs, Net | Carrying Amount | Carrying Amount (Our share) | Maturity Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
360 Park Avenue South | 71.11 | % | 7.83 | % | 8.28 | % | Adjusted Term SOFR + 2.40% | $ | 220,000 | $ | (455) | $ | 219,545 | $ | 156,118 | (2)(3)(4) | December 14, 2024 | |||||||||||||||||||||||||||||||||||||||||||||
Market Square North | 50.00 | % | 7.74 | % | 7.92 | % | SOFR + 2.41% | 125,000 | (311) | 124,689 | 62,345 | (2)(3)(5) | November 10, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
1265 Main Street | 50.00 | % | 3.77 | % | 3.84 | % | N/A | 34,185 | (209) | 33,976 | 16,988 | January 1, 2032 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | 50.00 | % | 3.56 | % | 3.59 | % | N/A | 550,000 | (555) | 549,445 | 274,722 | (2) | August 9, 2027 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dock 72 | 50.00 | % | 7.84 | % | 8.11 | % | SOFR +2.50% | 198,383 | (694) | 197,689 | 98,845 | (2)(6) | December 18, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
The Hub on Causeway - Podium | 50.00 | % | 7.35 | % | 7.75 | % | Daily Simple SOFR + 2.50% | 154,329 | (733) | 153,596 | 76,798 | (2)(3)(7) | September 8, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hub50House | 50.00 | % | 4.43 | % | 4.51 | % | SOFR + 1.35% | 185,000 | (1,086) | 183,914 | 91,957 | (2)(8) | June 17, 2032 | |||||||||||||||||||||||||||||||||||||||||||||||||
100 Causeway Street | 50.00 | % | 6.80 | % | 6.95 | % | Term SOFR + 1.48% | 333,579 | (85) | 333,494 | 166,747 | (2)(3)(9) | September 5, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) | 50.00 | % | 6.68 | % | 6.83 | % | SOFR + 1.35% | 251,542 | (311) | 251,231 | 125,616 | (2) | April 26, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
Safeco Plaza | 33.67 | % | 4.82 | % | 7.73 | % | SOFR + 2.32% | 250,000 | (737) | 249,263 | 83,927 | (2)(10) | September 1, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||
500 North Capitol Street, NW | 30.00 | % | 6.83 | % | 7.16 | % | N/A | 105,000 | (544) | 104,456 | 31,215 | (2)(11) | June 5, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||
200 Fifth Avenue | 26.69 | % | 4.34 | % | 5.60 | % | Term SOFR + 1.41% | 600,000 | (7,347) | 592,653 | 151,689 | (2)(12) | November 24, 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||
3 Hudson Boulevard | 25.00 | % | 8.94 | % | 8.94 | % | Term SOFR + 3.61% | 80,000 | — | 80,000 | 20,000 | (2)(13) | August 7, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
Skymark - Reston Next Residential | 20.00 | % | 7.33 | % | 7.65 | % | SOFR + 2.00% | 111,658 | (836) | 110,822 | 22,164 | (2)(3)(14) | May 13, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,198,676 | $ | (13,903) | $ | 3,184,773 | $ | 1,379,131 |
Three months ended June 30, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to BXP, Inc. | $ | 79,615 | $ | 104,299 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 9,509 | 12,117 | ||||||||||||
Noncontrolling interests in property partnerships | 17,825 | 19,768 | ||||||||||||
Net income | 106,949 | 136,184 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 219,542 | 202,577 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (19,203) | (17,858) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 19,827 | 25,756 | ||||||||||||
Corporate-related depreciation and amortization | (406) | (442) | ||||||||||||
Non-real estate depreciation and amortization | 2,130 | — | ||||||||||||
Less: | ||||||||||||||
Unrealized gain on non-real estate investment | 58 | 124 | ||||||||||||
Noncontrolling interests in property partnerships | 17,825 | 19,768 | ||||||||||||
Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including BXP, Inc.) | 310,956 | 326,325 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations | 32,557 | 33,481 | ||||||||||||
Funds from Operations attributable to BXP, Inc. | $ | 278,399 | $ | 292,844 | ||||||||||
Our percentage share of Funds from Operations—basic | 89.53 | % | 89.74 | % | ||||||||||
Weighted average shares outstanding—basic | 157,039 | 156,826 |
Three months ended June 30, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to BXP, Inc. | $ | 79,615 | $ | 104,299 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 9,509 | 12,117 | ||||||||||||
Noncontrolling interests in property partnerships | 17,825 | 19,768 | ||||||||||||
Net income | 106,949 | 136,184 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 219,542 | 202,577 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (19,203) | (17,858) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 19,827 | 25,756 | ||||||||||||
Corporate-related depreciation and amortization | (406) | (442) | ||||||||||||
Non-real estate depreciation and amortization | 2,130 | — | ||||||||||||
Less: | ||||||||||||||
Unrealized gain on non-real estate investment | 58 | 124 | ||||||||||||
Noncontrolling interests in property partnerships | 17,825 | 19,768 | ||||||||||||
Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including BXP, Inc.) | 310,956 | 326,325 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||
Stock based compensation | — | — | ||||||||||||
Diluted FFO | 310,956 | 326,325 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of diluted FFO | 32,526 | 33,383 | ||||||||||||
Diluted FFO attributable to BXP, Inc. (1) | $ | 278,430 | $ | 292,942 |
Three months ended June 30, | ||||||||||||||
2024 | 2023 | |||||||||||||
shares/units (in thousands) | ||||||||||||||
Basic Funds from Operations | 175,408 | 174,748 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||
Stock based compensation | 252 | 392 | ||||||||||||
Diluted Funds from Operations | 175,660 | 175,140 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of diluted Funds from Operations | 18,369 | 17,922 | ||||||||||||
Diluted Funds from Operations attributable to BXP, Inc. (1) | 157,291 | 157,218 |
Three months ended June 30, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 90,827 | $ | 118,098 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interests in property partnerships | 17,825 | 19,768 | ||||||||||||
Net income | 108,652 | 137,866 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 217,839 | 200,895 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (19,203) | (17,858) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 19,827 | 25,756 | ||||||||||||
Corporate-related depreciation and amortization | (406) | (442) | ||||||||||||
Non-real estate depreciation and amortization | 2,130 | — | ||||||||||||
Less: | ||||||||||||||
Unrealized gain on non-real estate investment | 58 | 124 | ||||||||||||
Noncontrolling interests in property partnerships | 17,825 | 19,768 | ||||||||||||
Funds from Operations attributable to Boston Properties Limited Partnership (1) | $ | 310,956 | $ | 326,325 | ||||||||||
Weighted average shares outstanding—basic | 175,408 | 174,748 |
Three months ended June 30, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 90,827 | $ | 118,098 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interests in property partnerships | 17,825 | 19,768 | ||||||||||||
Net income | 108,652 | 137,866 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 217,839 | 200,895 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (19,203) | (17,858) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 19,827 | 25,756 | ||||||||||||
Corporate-related depreciation and amortization | (406) | (442) | ||||||||||||
Non-real estate depreciation and amortization | 2,130 | — | ||||||||||||
Less: | ||||||||||||||
Unrealized gain on non-real estate investment | 58 | 124 | ||||||||||||
Noncontrolling interests in property partnerships | 17,825 | 19,768 | ||||||||||||
Funds from Operations attributable to Boston Properties Limited Partnership (1) | 310,956 | 326,325 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||
Stock based compensation | — | — | ||||||||||||
Diluted Funds from Operations attributable to Boston Properties Limited Partnership | $ | 310,956 | $ | 326,325 |
Three months ended June 30, | ||||||||||||||
2024 | 2023 | |||||||||||||
shares/units (in thousands) | ||||||||||||||
Basic Funds from Operations | 175,408 | 174,748 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||
Stock based compensation | 252 | 392 | ||||||||||||
Diluted Funds from Operations | 175,660 | 175,140 |
2024 | 2025 | 2026 | 2027 | 2028 | 2029+ | Total | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Mortgage debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | (4,202) | $ | 197,631 | $ | (4,865) | $ | 2,297,114 | $ | (1,372) | $ | 995,922 | $ | 3,480,228 | $ | 2,997,909 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | — | % | 7.69 | % | — | % | 3.64 | % | — | % | 2.93 | % | 3.67 | % | |||||||||||||||||||||||||||||||||
Variable Rate | (2,076) | 297,113 | (1,344) | (1,344) | 598,901 | — | 891,250 | 896,697 | |||||||||||||||||||||||||||||||||||||||
Subtotal | $ | (6,278) | $ | 494,744 | $ | (6,209) | $ | 2,295,770 | $ | 597,529 | $ | 995,922 | $ | 4,371,478 | $ | 3,894,606 | |||||||||||||||||||||||||||||||
Unsecured debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | (5,854) | $ | 839,763 | $ | 1,991,153 | $ | 742,524 | $ | 993,755 | $ | 5,235,879 | $ | 9,797,220 | $ | 8,903,772 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | — | % | 3.35 | % | 3.63 | % | 6.92 | % | 4.63 | % | 3.55 | % | 3.91 | % | |||||||||||||||||||||||||||||||||
Variable Rate | 499,301 | 699,475 | — | — | — | — | 1,198,776 | 1,200,000 | |||||||||||||||||||||||||||||||||||||||
Subtotal | $ | 493,447 | $ | 1,539,238 | $ | 1,991,153 | $ | 742,524 | $ | 993,755 | $ | 5,235,879 | $ | 10,995,996 | $ | 10,103,772 | |||||||||||||||||||||||||||||||
Total Debt | $ | 487,169 | $ | 2,033,982 | $ | 1,984,944 | $ | 3,038,294 | $ | 1,591,284 | $ | 6,231,801 | $ | 15,367,474 | $ | 13,998,378 |
Period | (a) Total Number of Shares of Common Stock Purchased | (b) Average Price Paid per Common Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased under the Plans or Programs | |||||||||||||
April 1, 2024 – April 30, 2024 | 314 | (1) | $ | 0.01 | N/A | N/A | |||||||||||
May 1, 2024 – May 31, 2024 | — | $ | — | N/A | N/A | ||||||||||||
June 1, 2024 – June 30, 2024 | 235 | (1) | $ | 0.01 | N/A | N/A | |||||||||||
Total | 549 | $ | 0.01 | N/A | N/A |
Period | (a) Total Number of Units Purchased | (b) Average Price Paid per Unit | (c) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Units that May Yet be Purchased Under the Plans or Programs | |||||||||||||
April 1, 2024 – April 30, 2024 | 655 | (1) | $ | 0.13 | N/A | N/A | |||||||||||
May 1, 2024 – May 31, 2024 | — | $ | — | N/A | N/A | ||||||||||||
June 1, 2024 – June 30, 2024 | 235 | (2) | $ | 0.01 | N/A | N/A | |||||||||||
Total | 890 | $ | 0.10 | N/A | N/A |
3.1 | — | |||||||
3.2 | — | |||||||
3.3 | — | |||||||
3.4 | — | |||||||
3.5 | — | |||||||
3.6 | — | |||||||
10.1 | — | |||||||
10.2* | — | |||||||
31.1 | — | |||||||
31.2 | — | |||||||
31.3 | — | |||||||
31.4 | — | |||||||
32.1 | — | |||||||
32.2 | — | |||||||
32.3 | — | |||||||
32.4 | — | |||||||
101.SCH | — | Inline XBRL Taxonomy Extension Schema Document. (Filed herewith.) | ||||||
101.CAL | — | Inline XBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.) | ||||||
101.LAB | — | Inline XBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.) | ||||||
101.PRE | — | Inline XBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.) | ||||||
101.DEF | — | Inline XBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.) | ||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101*.). (Filed herewith.) | ||||||
* Indicates management contract or compensatory plan or arrangement required to be filed or incorporated by reference as an exhibit to this Form 10-Q pursuant to Item 6 of Form 10-Q. | ||||||||
BXP, INC. | ||||||||
August 5, 2024 | /s/ MICHAEL R. WALSH | |||||||
Michael R. Walsh | ||||||||
Chief Accounting Officer (duly authorized officer and principal accounting officer) |
BOSTON PROPERTIES LIMITED PARTNERSHIP | ||||||||
By: BXP, Inc., its General Partner | ||||||||
August 5, 2024 | /s/ MICHAEL R. WALSH | |||||||
Michael R. Walsh | ||||||||
Chief Accounting Officer (duly authorized officer and principal accounting officer) |
/s/ OWEN D. THOMAS | ||
Owen D. Thomas | ||
Chief Executive Officer |
/s/ MICHAEL E. LABELLE | ||
Michael E. LaBelle | ||
Chief Financial Officer |
/s/ OWEN D. THOMAS | ||
Owen D. Thomas Chief Executive Officer of BXP, Inc. General Partner of Boston Properties Limited Partnership |
/s/ MICHAEL E. LABELLE | ||
Michael E. LaBelle Chief Financial Officer of BXP, Inc. General Partner of Boston Properties Limited Partnership |
/s/ OWEN D. THOMAS | ||
Owen D. Thomas | ||
Chief Executive Officer |
/s/ MICHAEL E. LABELLE | ||
Michael E. LaBelle | ||
Chief Financial Officer |
/s/ OWEN D. THOMAS | ||
Owen D. Thomas Chief Executive Officer of BXP, Inc. General Partner of Boston Properties Limited Partnership |
/s/ MICHAEL E. LABELLE | ||
Michael E. LaBelle Chief Financial Officer of BXP, Inc. General Partner of Boston Properties Limited Partnership |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,490,887 and $7,054,075 at June 30, 2024 and December 31, 2023, respectively) | $ 27,273,494 | $ 26,749,209 | ||
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2024 and December 31, 2023, respectively) | 372,896 | 401,680 | ||
Right of use assets - operating leases (amounts related to VIEs of $149,605 and $158,885 at June 30, 2024 and December 31, 2023, respectively) | [1] | 344,292 | 324,298 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,570,934) and $(1,501,483) at June 30, 2024 and December 31, 2023, respectively) | (7,198,566) | (6,881,728) | ||
Cash and cash equivalents (amounts related to VIEs of $378,992 and $245,317 at June 30, 2024 and December 31, 2023, respectively) | 685,376 | 1,531,477 | ||
Cash held in escrows (amounts related to VIEs of $6,805 and $22,160 at June 30, 2024 and December 31, 2023, respectively) | 52,125 | 81,090 | ||
Tenant and other receivables, net (amounts related to VIEs of $17,481 and $27,987 at June 30, 2024 and December 31, 2023, respectively) | 82,145 | 122,407 | ||
Accrued rental income, net (amounts related to VIEs of $416,840 and $401,159 at June 30, 2024 and December 31, 2023, respectively) | 1,414,622 | 1,355,212 | ||
Deferred charges, net (amounts related to VIEs of $193,650 and $175,383 at June 30, 2024 and December 31, 2023, respectively) | 800,099 | 760,421 | ||
Prepaid expenses and other assets (amounts related to VIEs of $14,753 and $11,824 at June 30, 2024 and December 31, 2023, respectively) | 86,188 | 64,230 | ||
Mortgage notes payable, net (amounts related to VIEs of $3,279,606 and $3,277,185 at June 30, 2024 and December 31, 2023, respectively) | 4,371,478 | 4,166,379 | ||
Lease liabilities - finance leases (amounts related to VIEs of $20,864 and $20,794 at June 30, 2024 and December 31, 2023, respectively) | 375,601 | 417,961 | ||
Lease liabilities - operating leases (amounts related to VIEs of $151,643 and $145,826 at June 30, 2024 and December 31, 2023, respectively) | 385,842 | 350,391 | ||
Accounts payable and accrued expenses (amounts related to VIEs of $103,662 and $59,667 at June 30, 2024 and December 31, 2023, respectively) | 372,484 | 458,329 | ||
Other liabilities (amounts related to VIEs of $95,202 and $115,275 at June 30, 2024 and December 31, 2023, respectively) | $ 398,525 | $ 445,947 | ||
Reedemable deferred stock units, units | 128,584 | 119,471 | ||
Limited Partners' Capital Account, Units Outstanding (in units) | 155,335,500 | |||
General Partners' Capital Account, Units Outstanding (in units) | 1,762,341 | |||
Excess stock, par value | $ 0.01 | $ 0.01 | ||
Excess stock, shares authorized | 150,000,000 | 150,000,000 | ||
Excess stock, shares outstanding | 0 | 0 | ||
Excess stock, shares issued | 0 | 0 | ||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Preferred stock / units, shares / units issued (in shares / units) | 0 | 0 | ||
Preferred stock / units, shares / units outstanding (in shares / units) | 0 | 0 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 | ||
Common stock, shares issued | 157,176,741 | 157,019,766 | ||
Common Stock, Shares, Outstanding | 157,097,841 | 156,940,866 | ||
Treasury common stock at cost, shares | 78,900 | 78,900 | ||
Boston Properties Limited Partnership | ||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,490,887 and $7,054,075 at June 30, 2024 and December 31, 2023, respectively) | $ 26,907,229 | $ 26,382,944 | ||
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2024 and December 31, 2023, respectively) | 372,896 | 401,680 | ||
Right of use assets - operating leases (amounts related to VIEs of $149,605 and $158,885 at June 30, 2024 and December 31, 2023, respectively) | [1] | 344,292 | 324,298 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,570,934) and $(1,501,483) at June 30, 2024 and December 31, 2023, respectively) | (7,071,799) | (6,758,361) | ||
Cash and cash equivalents (amounts related to VIEs of $378,992 and $245,317 at June 30, 2024 and December 31, 2023, respectively) | 685,376 | 1,531,477 | ||
Cash held in escrows (amounts related to VIEs of $6,805 and $22,160 at June 30, 2024 and December 31, 2023, respectively) | 52,125 | 81,090 | ||
Tenant and other receivables, net (amounts related to VIEs of $17,481 and $27,987 at June 30, 2024 and December 31, 2023, respectively) | 82,145 | 122,407 | ||
Accrued rental income, net (amounts related to VIEs of $416,840 and $401,159 at June 30, 2024 and December 31, 2023, respectively) | 1,414,622 | 1,355,212 | ||
Deferred charges, net (amounts related to VIEs of $193,650 and $175,383 at June 30, 2024 and December 31, 2023, respectively) | 800,099 | 760,421 | ||
Prepaid expenses and other assets (amounts related to VIEs of $14,753 and $11,824 at June 30, 2024 and December 31, 2023, respectively) | 86,188 | 64,230 | ||
Mortgage notes payable, net (amounts related to VIEs of $3,279,606 and $3,277,185 at June 30, 2024 and December 31, 2023, respectively) | 4,371,478 | 4,166,379 | ||
Lease liabilities - finance leases (amounts related to VIEs of $20,864 and $20,794 at June 30, 2024 and December 31, 2023, respectively) | 375,601 | 417,961 | ||
Lease liabilities - operating leases (amounts related to VIEs of $151,643 and $145,826 at June 30, 2024 and December 31, 2023, respectively) | 385,842 | 350,391 | ||
Accounts payable and accrued expenses (amounts related to VIEs of $103,662 and $59,667 at June 30, 2024 and December 31, 2023, respectively) | 372,484 | 458,329 | ||
Other liabilities (amounts related to VIEs of $95,202 and $115,275 at June 30, 2024 and December 31, 2023, respectively) | $ 398,525 | $ 445,947 | ||
Reedemable deferred stock units, units | 128,584 | 119,471 | ||
Limited Partners' Capital Account, Units Outstanding (in units) | 155,335,500 | 155,185,716 | ||
General Partners' Capital Account, Units Outstanding (in units) | 1,762,341 | 1,755,150 | ||
NonControlling Interest Redeemable Partnership Units Common Units Shares Outstanding | 16,454,712 | 16,508,277 | ||
NonControlling Interest Redeemable Partnership Units Common Units Long Term Incentive Units At Redemption Value Shares Outstanding | 2,681,580 | 2,065,861 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,490,887 and $7,054,075 at June 30, 2024 and December 31, 2023, respectively) | $ 7,490,887 | $ 7,054,075 | ||
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2024 and December 31, 2023, respectively) | 21,000 | 21,000 | ||
Right of use assets - operating leases (amounts related to VIEs of $149,605 and $158,885 at June 30, 2024 and December 31, 2023, respectively) | 149,605 | 158,885 | ||
Less: accumulated depreciation (amounts related to VIEs of $(1,570,934) and $(1,501,483) at June 30, 2024 and December 31, 2023, respectively) | (1,570,934) | (1,501,483) | ||
Cash and cash equivalents (amounts related to VIEs of $378,992 and $245,317 at June 30, 2024 and December 31, 2023, respectively) | 378,992 | 245,317 | ||
Cash held in escrows (amounts related to VIEs of $6,805 and $22,160 at June 30, 2024 and December 31, 2023, respectively) | 6,805 | 22,160 | ||
Tenant and other receivables, net (amounts related to VIEs of $17,481 and $27,987 at June 30, 2024 and December 31, 2023, respectively) | 17,481 | 27,987 | ||
Accrued rental income, net (amounts related to VIEs of $416,840 and $401,159 at June 30, 2024 and December 31, 2023, respectively) | 416,840 | 401,159 | ||
Deferred charges, net (amounts related to VIEs of $193,650 and $175,383 at June 30, 2024 and December 31, 2023, respectively) | 193,650 | 175,383 | ||
Prepaid expenses and other assets (amounts related to VIEs of $14,753 and $11,824 at June 30, 2024 and December 31, 2023, respectively) | 14,753 | 11,824 | ||
Mortgage notes payable, net (amounts related to VIEs of $3,279,606 and $3,277,185 at June 30, 2024 and December 31, 2023, respectively) | 3,279,606 | 3,277,185 | ||
Lease liabilities - finance leases (amounts related to VIEs of $20,864 and $20,794 at June 30, 2024 and December 31, 2023, respectively) | 20,864 | 20,794 | ||
Lease liabilities - operating leases (amounts related to VIEs of $151,643 and $145,826 at June 30, 2024 and December 31, 2023, respectively) | 151,643 | 145,826 | ||
Accounts payable and accrued expenses (amounts related to VIEs of $103,662 and $59,667 at June 30, 2024 and December 31, 2023, respectively) | 103,662 | 59,667 | ||
Other liabilities (amounts related to VIEs of $95,202 and $115,275 at June 30, 2024 and December 31, 2023, respectively) | 95,202 | 115,275 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Boston Properties Limited Partnership | ||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,490,887 and $7,054,075 at June 30, 2024 and December 31, 2023, respectively) | 7,490,887 | 7,054,075 | ||
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2024 and December 31, 2023, respectively) | 21,000 | 21,000 | ||
Right of use assets - operating leases (amounts related to VIEs of $149,605 and $158,885 at June 30, 2024 and December 31, 2023, respectively) | 149,605 | 158,885 | ||
Less: accumulated depreciation (amounts related to VIEs of $(1,570,934) and $(1,501,483) at June 30, 2024 and December 31, 2023, respectively) | (1,570,934) | (1,501,483) | ||
Cash and cash equivalents (amounts related to VIEs of $378,992 and $245,317 at June 30, 2024 and December 31, 2023, respectively) | 378,992 | 245,317 | ||
Cash held in escrows (amounts related to VIEs of $6,805 and $22,160 at June 30, 2024 and December 31, 2023, respectively) | 6,805 | 22,160 | ||
Tenant and other receivables, net (amounts related to VIEs of $17,481 and $27,987 at June 30, 2024 and December 31, 2023, respectively) | 17,481 | 27,987 | ||
Accrued rental income, net (amounts related to VIEs of $416,840 and $401,159 at June 30, 2024 and December 31, 2023, respectively) | 416,840 | 401,159 | ||
Deferred charges, net (amounts related to VIEs of $193,650 and $175,383 at June 30, 2024 and December 31, 2023, respectively) | 193,650 | 175,383 | ||
Prepaid expenses and other assets (amounts related to VIEs of $14,753 and $11,824 at June 30, 2024 and December 31, 2023, respectively) | 14,753 | 11,824 | ||
Mortgage notes payable, net (amounts related to VIEs of $3,279,606 and $3,277,185 at June 30, 2024 and December 31, 2023, respectively) | 3,279,606 | 3,277,185 | ||
Lease liabilities - finance leases (amounts related to VIEs of $20,864 and $20,794 at June 30, 2024 and December 31, 2023, respectively) | 20,864 | 20,794 | ||
Lease liabilities - operating leases (amounts related to VIEs of $151,643 and $145,826 at June 30, 2024 and December 31, 2023, respectively) | 151,643 | 145,826 | ||
Accounts payable and accrued expenses (amounts related to VIEs of $103,662 and $59,667 at June 30, 2024 and December 31, 2023, respectively) | 103,662 | 59,667 | ||
Other liabilities (amounts related to VIEs of $95,202 and $115,275 at June 30, 2024 and December 31, 2023, respectively) | $ 95,202 | $ 115,275 | ||
|
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||||||
Revenue | ||||||||||||
Lease | $ 790,555 | $ 761,733 | $ 1,579,145 | $ 1,518,608 | ||||||||
Total revenue | 850,482 | 817,153 | 1,689,921 | 1,620,353 | ||||||||
Expenses | ||||||||||||
Rental | 321,426 | 291,036 | 635,583 | 582,344 | ||||||||
General and administrative | 44,109 | 44,175 | 94,127 | 99,977 | ||||||||
Transaction costs | 189 | 308 | 702 | 1,219 | ||||||||
Depreciation and amortization | 219,542 | 202,577 | 438,258 | 411,311 | ||||||||
Total expenses | 599,253 | 550,866 | 1,192,965 | 1,119,527 | ||||||||
Other income (expense) | ||||||||||||
Income (loss) from unconsolidated joint ventures | (5,799) | (6,668) | 13,387 | (14,237) | ||||||||
Interest and other income (loss) | 10,788 | 17,343 | 25,317 | 28,284 | ||||||||
Gains from investments in securities | 315 | 1,571 | 2,587 | 3,236 | ||||||||
Unrealized gain on non-real estate investments | 58 | 124 | 454 | 383 | ||||||||
Impairment loss | 0 | 0 | (13,615) | 0 | ||||||||
Interest expense | (149,642) | (142,473) | (311,533) | (276,680) | ||||||||
Net Income (loss) | 106,949 | 136,184 | 213,553 | 241,812 | ||||||||
Net income attributable to noncontrolling interests | ||||||||||||
Noncontrolling interests in property partnerships | (17,825) | (19,768) | (35,046) | (38,428) | ||||||||
Noncontrolling interest - common units of the Operating Partnership | (9,509) | (12,117) | (19,009) | (21,169) | ||||||||
Net income attributable to BXP, Inc. | 79,615 | 104,299 | 159,498 | 182,215 | ||||||||
Net income attributable to the Company | $ 79,615 | $ 104,299 | $ 159,498 | $ 182,215 | ||||||||
Basic earnings per common share / unit attributable to the Company common shareholders / unitholders | ||||||||||||
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 0.51 | $ 0.67 | $ 1.02 | $ 1.16 | ||||||||
Weighted average number of common shares / units outstanding (in shares / units) | 157,039 | 156,826 | 157,011 | 156,815 | ||||||||
Diluted earnings per common share / unit attributable to the Company common shareholders / unitholders | ||||||||||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.51 | $ 0.66 | $ 1.01 | $ 1.16 | ||||||||
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 157,291 | 157,218 | 157,210 | 157,131 | ||||||||
Boston Properties Limited Partnership | ||||||||||||
Revenue | ||||||||||||
Lease | $ 790,555 | $ 761,733 | $ 1,579,145 | $ 1,518,608 | ||||||||
Total revenue | 850,482 | 817,153 | 1,689,921 | 1,620,353 | ||||||||
Expenses | ||||||||||||
Rental | 321,426 | 291,036 | 635,583 | 582,344 | ||||||||
General and administrative | 44,109 | 44,175 | 94,127 | 99,977 | ||||||||
Transaction costs | 189 | 308 | 702 | 1,219 | ||||||||
Depreciation and amortization | 217,839 | 200,895 | 434,858 | 407,767 | ||||||||
Total expenses | 597,550 | 549,184 | 1,189,565 | 1,115,983 | ||||||||
Other income (expense) | ||||||||||||
Income (loss) from unconsolidated joint ventures | (5,799) | (6,668) | 13,387 | (14,237) | ||||||||
Interest and other income (loss) | 10,788 | 17,343 | 25,317 | 28,284 | ||||||||
Gains from investments in securities | 315 | 1,571 | 2,587 | 3,236 | ||||||||
Unrealized gain on non-real estate investments | 58 | 124 | 454 | 383 | ||||||||
Impairment loss | 0 | 0 | (13,615) | 0 | ||||||||
Interest expense | (149,642) | (142,473) | (311,533) | (276,680) | ||||||||
Net Income (loss) | 108,652 | 137,866 | 216,953 | 245,356 | ||||||||
Net income attributable to noncontrolling interests | ||||||||||||
Noncontrolling interests in property partnerships | (17,825) | (19,768) | (35,046) | (38,428) | ||||||||
Net income attributable to BXP, Inc. | 90,827 | 118,098 | 181,907 | 206,928 | ||||||||
Net income attributable to the Company | $ 90,827 | $ 118,098 | $ 181,907 | $ 206,928 | ||||||||
Basic earnings per common share / unit attributable to the Company common shareholders / unitholders | ||||||||||||
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 0.52 | $ 0.68 | $ 1.04 | $ 1.18 | ||||||||
Weighted average number of common shares / units outstanding (in shares / units) | 175,408 | 174,748 | 175,332 | 174,693 | ||||||||
Diluted earnings per common share / unit attributable to the Company common shareholders / unitholders | ||||||||||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.52 | $ 0.67 | $ 1.04 | $ 1.18 | ||||||||
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 175,660 | 175,140 | 175,531 | 175,009 | ||||||||
Parking and Other [Member] | ||||||||||||
Revenue | ||||||||||||
Other revenue | $ 34,615 | $ 26,984 | $ 66,831 | $ 50,993 | ||||||||
Parking and Other [Member] | Boston Properties Limited Partnership | ||||||||||||
Revenue | ||||||||||||
Other revenue | 34,615 | 26,984 | 66,831 | 50,993 | ||||||||
Hotel [Member] | ||||||||||||
Revenue | ||||||||||||
Other revenue | 14,812 | [1] | 13,969 | [1] | 22,998 | [2] | 22,070 | [2] | ||||
Expenses | ||||||||||||
Operating expense | 9,839 | 8,161 | 15,854 | 14,832 | ||||||||
Hotel [Member] | Boston Properties Limited Partnership | ||||||||||||
Revenue | ||||||||||||
Other revenue | 14,812 | 13,969 | 22,998 | 22,070 | ||||||||
Expenses | ||||||||||||
Operating expense | 9,839 | 8,161 | 15,854 | 14,832 | ||||||||
Management Service [Member] | ||||||||||||
Revenue | ||||||||||||
Other revenue | 6,352 | 9,858 | 12,506 | 18,838 | ||||||||
Management Service [Member] | Boston Properties Limited Partnership | ||||||||||||
Revenue | ||||||||||||
Other revenue | 6,352 | 9,858 | 12,506 | 18,838 | ||||||||
Real Estate, Other [Member] | ||||||||||||
Revenue | ||||||||||||
Other revenue | 4,148 | 4,609 | 8,441 | 9,844 | ||||||||
Expenses | ||||||||||||
Operating expense | 4,148 | 4,609 | 8,441 | 9,844 | ||||||||
Real Estate, Other [Member] | Boston Properties Limited Partnership | ||||||||||||
Revenue | ||||||||||||
Other revenue | 4,148 | 4,609 | 8,441 | 9,844 | ||||||||
Expenses | ||||||||||||
Operating expense | $ 4,148 | $ 4,609 | $ 8,441 | $ 9,844 | ||||||||
|
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||
Net income (loss) | $ 106,949 | $ 136,184 | $ 213,553 | $ 241,812 | ||||
Other comprehensive income : | ||||||||
Effective portion of interest rate contracts | 936 | 14,965 | 17,287 | 8,427 | ||||
Amortization of interest rate contracts | [1] | 3,081 | 1,674 | 6,441 | 3,349 | |||
Other comprehensive income | 4,017 | 16,639 | 23,728 | 11,776 | ||||
Comprehensive income | 110,966 | 152,823 | 237,281 | 253,588 | ||||
Net income attributable to noncontrolling interests | (27,334) | (31,885) | (54,055) | (59,597) | ||||
Other comprehensive (income) loss attributable to noncontrolling interest | (552) | (1,831) | (2,736) | (1,463) | ||||
Comprehensive income attributable to BXP, Inc. | 83,080 | 119,107 | 180,490 | 192,528 | ||||
Boston Properties Limited Partnership | ||||||||
Net income (loss) | 108,652 | 137,866 | 216,953 | 245,356 | ||||
Other comprehensive income : | ||||||||
Effective portion of interest rate contracts | 936 | 14,965 | 17,287 | 8,427 | ||||
Amortization of interest rate contracts | [2] | 3,081 | 1,674 | 6,441 | 3,349 | |||
Other comprehensive income | 4,017 | 16,639 | 23,728 | 11,776 | ||||
Comprehensive income | 112,669 | 154,505 | 240,681 | 257,132 | ||||
Net income attributable to noncontrolling interests | (17,969) | (19,912) | (35,334) | (38,716) | ||||
Comprehensive income attributable to BXP, Inc. | $ 94,700 | $ 134,593 | $ 205,347 | $ 218,416 | ||||
|
Consolidated Statements Of Equity - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Dividends In Excess Of Earnings [Member] |
Treasury Stock, at cost [Member] |
Accumulated Other Comprehensive Loss [Member] |
Noncontrolling Interests [Member] |
Noncontrolling interest - property partnerships [Member] |
---|---|---|---|---|---|---|---|---|
Equity, shares at Dec. 31, 2022 | 156,758,000 | |||||||
Equity, value at Dec. 31, 2022 | $ 8,363,819 | $ 1,568 | $ 6,539,147 | $ (391,356) | $ (2,722) | $ (13,718) | $ 683,583 | $ 1,547,317 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of operating partnership units to common stock, shares | 21,000 | |||||||
Redemption of operating partnership units to common stock, value | 0 | $ 1 | 793 | (794) | ||||
Allocated net income for the period | 241,812 | 182,215 | 21,169 | 38,428 | ||||
Dividends declared | (344,146) | (307,409) | (36,737) | |||||
Shares issued pursuant to stock purchase plan, shares | 9,000 | |||||||
Shares issued pursuant to stock purchase plan, value | 586 | 586 | ||||||
Net activity from stock option and incentive plan, shares | 66,000 | |||||||
Net activity from stock option and incentive plan, value | 41,361 | 3,338 | 38,023 | |||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 7,555 | 7,555 | ||||||
Distributions to noncontrolling interests in property partnerships | (36,220) | (36,220) | ||||||
Effective portion of interest rate contracts | 8,427 | 7,565 | 862 | |||||
Amortization of interest rate contracts | 3,349 | 2,747 | 314 | 288 | ||||
Reallocation of noncontrolling interest | 0 | 17,297 | (17,297) | |||||
Equity, shares at Jun. 30, 2023 | 156,854,000 | |||||||
Equity, value at Jun. 30, 2023 | 8,286,543 | $ 1,569 | 6,561,161 | (516,550) | (2,722) | (3,406) | 689,123 | 1,557,368 |
Equity, shares at Mar. 31, 2023 | 156,830,000 | |||||||
Equity, value at Mar. 31, 2023 | 8,306,484 | $ 1,568 | 6,549,314 | (467,159) | (2,722) | (18,214) | 691,627 | 1,552,070 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of operating partnership units to common stock, shares | 16,000 | |||||||
Redemption of operating partnership units to common stock, value | 0 | $ 1 | 598 | (599) | ||||
Allocated net income for the period | 136,184 | 104,325 | 12,091 | 19,768 | ||||
Dividends declared | (172,092) | (153,716) | (18,376) | |||||
Net activity from stock option and incentive plan, shares | 8,000 | |||||||
Net activity from stock option and incentive plan, value | 13,942 | (110) | 14,052 | |||||
Distributions to noncontrolling interests in property partnerships | (14,614) | (14,614) | ||||||
Effective portion of interest rate contracts | 14,965 | 13,435 | 1,530 | |||||
Amortization of interest rate contracts | 1,674 | 1,373 | 157 | 144 | ||||
Reallocation of noncontrolling interest | 0 | 11,359 | (11,359) | |||||
Equity, shares at Jun. 30, 2023 | 156,854,000 | |||||||
Equity, value at Jun. 30, 2023 | $ 8,286,543 | $ 1,569 | 6,561,161 | (516,550) | (2,722) | (3,406) | 689,123 | 1,557,368 |
Equity, shares at Dec. 31, 2023 | 156,940,866 | 156,941,000 | ||||||
Equity, value at Dec. 31, 2023 | $ 8,183,981 | $ 1,569 | 6,715,149 | (816,152) | (2,722) | (21,147) | 666,580 | 1,640,704 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of operating partnership units to common stock, shares | 77,000 | |||||||
Redemption of operating partnership units to common stock, value | 0 | $ 2 | 2,752 | (2,754) | ||||
Allocated net income for the period | 213,553 | 159,498 | 19,009 | 35,046 | ||||
Dividends declared | (345,570) | (307,864) | (37,706) | |||||
Shares issued pursuant to stock purchase plan, shares | 8,000 | |||||||
Shares issued pursuant to stock purchase plan, value | 600 | 600 | ||||||
Net activity from stock option and incentive plan, shares | 72,000 | |||||||
Net activity from stock option and incentive plan, value | 33,071 | 4,761 | 28,310 | |||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 210,423 | 47,326 | 163,097 | |||||
Distributions to noncontrolling interests in property partnerships | (37,459) | (37,459) | ||||||
Effective portion of interest rate contracts | 17,287 | 15,481 | 1,806 | |||||
Amortization of interest rate contracts | 6,441 | 5,511 | 642 | 288 | ||||
Reallocation of noncontrolling interest | $ 0 | (1,902) | 1,902 | |||||
Equity, shares at Jun. 30, 2024 | 157,097,841 | 157,098,000 | ||||||
Equity, value at Jun. 30, 2024 | $ 8,282,327 | $ 1,571 | 6,768,686 | (964,518) | (2,722) | (155) | 677,789 | 1,801,676 |
Equity, shares at Mar. 31, 2024 | 157,049,000 | |||||||
Equity, value at Mar. 31, 2024 | 8,277,572 | $ 1,570 | 6,752,648 | (890,177) | (2,722) | (3,620) | 684,969 | 1,734,904 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of operating partnership units to common stock, shares | 41,000 | |||||||
Redemption of operating partnership units to common stock, value | 0 | $ 1 | 1,450 | (1,451) | ||||
Allocated net income for the period | 106,949 | 79,615 | 9,509 | 17,825 | ||||
Dividends declared | (172,798) | (153,956) | (18,842) | |||||
Net activity from stock option and incentive plan, shares | 8,000 | |||||||
Net activity from stock option and incentive plan, value | 16,540 | 2,499 | 14,041 | |||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 67,481 | 1,244 | 66,237 | |||||
Distributions to noncontrolling interests in property partnerships | (17,434) | (17,434) | ||||||
Effective portion of interest rate contracts | 936 | 835 | 101 | |||||
Amortization of interest rate contracts | 3,081 | 2,630 | 307 | 144 | ||||
Reallocation of noncontrolling interest | $ 0 | 10,845 | (10,845) | |||||
Equity, shares at Jun. 30, 2024 | 157,097,841 | 157,098,000 | ||||||
Equity, value at Jun. 30, 2024 | $ 8,282,327 | $ 1,571 | $ 6,768,686 | $ (964,518) | $ (2,722) | $ (155) | $ 677,789 | $ 1,801,676 |
Consolidated Statement of Capital and Noncontrolling Interests - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Common Stock, Shares, Outstanding | 157,097,841 | 157,097,841 | 156,940,866 | |||||
Effective portion of interest rate contracts | $ 936 | $ 14,965 | $ 17,287 | $ 8,427 | ||||
Amortization of interest rate contracts | 3,081 | 1,674 | 6,441 | 3,349 | ||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 67,481 | 210,423 | 7,555 | |||||
Distributions to noncontrolling interests in property partnerships | $ (17,434) | $ (14,614) | $ (37,459) | $ (36,220) | ||||
General Partner [Member] | ||||||||
Common Stock, Shares, Outstanding | 1,762,000 | 1,755,000 | 1,762,000 | 1,755,000 | 1,762,000 | 1,755,000 | 1,755,000 | 1,750,000 |
Net activity from contributions and unearned compensation | 0 | 0 | 5,000 | 5,000 | ||||
Conversion of redeemable partnership units | 2,000 | 0 | ||||||
Limited Partner [Member] | ||||||||
Common Stock, Shares, Outstanding | 155,336,000 | 155,098,000 | 155,336,000 | 155,098,000 | 155,287,000 | 155,185,000 | 155,075,000 | 155,008,000 |
Net activity from contributions and unearned compensation | 8,000 | 7,000 | 76,000 | 69,000 | ||||
Conversion of redeemable partnership units | 41,000 | 16,000 | 75,000 | 21,000 | ||||
Partners' Capital (General and Limited Partners)[Member] | ||||||||
Beginning Balance | $ 5,010,460 | $ 5,351,166 | $ 5,010,460 | $ 5,351,166 | $ 5,004,678 | $ 4,973,951 | $ 5,449,936 | $ 5,299,428 |
Net activity from contributions and unearned compensation, value | 2,499 | (110) | 5,361 | 3,922 | ||||
Allocated net income for the period | 81,318 | 106,007 | 162,898 | 185,759 | ||||
Distributions | (153,956) | (153,716) | (307,864) | (307,409) | ||||
Conversion of redeemable partnership units, value | 1,451 | 599 | 2,754 | 794 | ||||
Adjustment to reflect redeemable partnership units at redemption value | 73,226 | (51,550) | 126,034 | 168,672 | ||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 1,244 | 47,326 | ||||||
Accumulated Other Comprehensive Loss [Member] | ||||||||
Beginning Balance | (155) | (3,406) | (155) | (3,406) | (3,620) | (21,147) | (18,214) | (13,718) |
Effective portion of interest rate contracts | 835 | 13,435 | 15,481 | 7,565 | ||||
Amortization of interest rate contracts | 2,630 | 1,373 | 5,511 | 2,747 | ||||
Noncontrolling interest - property partnerships [Member] | ||||||||
Beginning Balance | 1,801,676 | 1,557,368 | 1,801,676 | 1,557,368 | 1,734,904 | 1,640,704 | 1,552,070 | 1,547,317 |
Allocated net income for the period | 17,825 | 19,768 | 35,046 | 38,428 | ||||
Amortization of interest rate contracts | 144 | 144 | 288 | 288 | ||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 66,237 | 163,097 | 7,555 | |||||
Distributions to noncontrolling interests in property partnerships | (17,434) | (14,614) | (37,459) | (36,220) | ||||
Total Capital [Member] | ||||||||
Beginning Balance | 6,811,981 | 6,905,128 | 6,811,981 | 6,905,128 | 6,735,962 | 6,593,508 | 6,983,792 | 6,833,027 |
Net activity from contributions and unearned compensation, value | 2,499 | (110) | 5,361 | 3,922 | ||||
Allocated net income for the period | 99,143 | 125,775 | 197,944 | 224,187 | ||||
Distributions | (153,956) | (153,716) | (307,864) | (307,409) | ||||
Conversion of redeemable partnership units, value | 1,451 | 599 | 2,754 | 794 | ||||
Adjustment to reflect redeemable partnership units at redemption value | 73,226 | (51,550) | 126,034 | 168,672 | ||||
Effective portion of interest rate contracts | 835 | 13,435 | 15,481 | 7,565 | ||||
Amortization of interest rate contracts | 2,774 | 1,517 | 5,799 | 3,035 | ||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 67,481 | 210,423 | 7,555 | |||||
Distributions to noncontrolling interests in property partnerships | (17,434) | (14,614) | (37,459) | (36,220) | ||||
Noncontrolling interest - Redeemable partnership units [Member] | ||||||||
Beginning Balance | 1,230,848 | 1,135,053 | 1,230,848 | 1,135,053 | $ 1,300,409 | $ 1,347,575 | $ 1,074,648 | $ 1,280,886 |
Net activity from contributions and unearned compensation, value | 14,041 | 14,052 | 28,310 | 38,025 | ||||
Allocated net income for the period | 9,509 | 12,091 | 19,009 | 21,169 | ||||
Distributions | (18,842) | (18,376) | (37,706) | (36,737) | ||||
Conversion of redeemable partnership units, value | (1,451) | (599) | (2,754) | (794) | ||||
Adjustment to reflect redeemable partnership units at redemption value | (73,226) | 51,550 | (126,034) | (168,672) | ||||
Effective portion of interest rate contracts | 101 | 1,530 | 1,806 | 862 | ||||
Amortization of interest rate contracts | $ 307 | $ 157 | $ 642 | $ 314 |
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Net income (loss) | $ 213,553 | $ 241,812 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 438,258 | 411,311 |
Impairment loss | 13,615 | 0 |
Amortization of right of use assets - operating leases | 1,785 | 929 |
Amortization of sales type lease | (488) | 0 |
Amortization of above and below Market Leases | (2,947) | 0 |
Non-cash compensation expense | 35,187 | 41,524 |
Loss (income) from unconsolidated joint ventures | (13,387) | 14,237 |
Distributions of net cash flow from operations of unconsolidated joint ventures | 21,153 | 11,437 |
Gains from investments in securities | (2,587) | (3,236) |
Allowance for current expected credit losses (gains) | 36 | 264 |
Non-cash portion of interest expense | 14,172 | 14,940 |
Unrealized Gain (Loss) on non-real estate Investments | (454) | (383) |
Change in assets and liabilities: | ||
Tenant and other receivables, net | 39,743 | 3,721 |
Accrued rental income, net | (52,590) | (42,965) |
Prepaid expenses and other assets | (16,985) | (24,758) |
Right of use assets - operating lease | (750) | 0 |
Lease liabilities - operating leases | (997) | 140 |
Accounts payable and accrued expenses | (24,650) | 6,320 |
Accrued interest payable | (21,637) | 7,314 |
Other liabilities | (32,922) | (21,773) |
Tenant leasing costs | (42,449) | (47,651) |
Total adjustments | 351,106 | 371,371 |
Net cash provided by operating activities | 564,659 | 613,183 |
Cash flows from investing activities: | ||
Construction in progress | (313,602) | (235,331) |
Building and other capital improvements | (66,799) | (78,344) |
Tenant improvements | (117,848) | (135,743) |
Acquisition of real estate (net of cash received upon consolidation) | 6,086 | 0 |
Capital contributions to unconsolidated joint ventures | (60,461) | (103,595) |
Capital distributions from unconsolidated joint ventures | 0 | 7,350 |
Investment in non-real estate investments | (625) | (733) |
Issuance of note receivables (including related party) | (1,423) | (10,500) |
Investments in securities, net | 1,168 | 2,032 |
Net cash used in investing activities | (553,504) | (554,864) |
Cash flows from financing activities: | ||
Repayments of mortgage notes payable | (2,019) | 0 |
Proceeds from unsecured senior notes | 0 | 747,727 |
Redemption of unsecured senior notes | (700,000) | 0 |
Borrowings on unsecured term loan | 0 | 1,200,000 |
Payments on finance lease obligations | (5,999) | 0 |
Repayment of unsecured term loan | (500,000) | (730,000) |
Proceeds from Issuance of Commercial Paper | 1,859,075 | 0 |
Repayments of Commercial Paper | (1,359,075) | 0 |
Deferred financing costs | (2,633) | (12,339) |
Net activity from equity transactions | (2,136) | (39) |
Dividends and distributions | (344,574) | (343,325) |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 210,423 | 7,555 |
Distributions to noncontrolling interests in property partnerships | (37,459) | (36,220) |
Net cash provided by (used in) financing activities | (886,221) | 833,359 |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | (875,066) | 891,678 |
Cash and cash equivalents and cash held in escrows, beginning of period | 1,612,567 | 736,812 |
Cash and cash equivalents and cash held in escrows, end of period | 737,501 | 1,628,490 |
Reconciliation of cash and cash equivalents and cash held in escrow | ||
Cash and cash equivalents, beginning of period | 1,531,477 | 690,333 |
Cash held in escrows, beginning of period | 81,090 | 46,479 |
Cash and cash equivalents, end of period | 685,376 | 1,581,575 |
Cash held in escrows,end of period | 52,125 | 46,915 |
Supplemental disclosures: | ||
Cash paid for interest | 342,409 | 273,214 |
Interest capitalized | 19,717 | 21,153 |
Non-cash investing and financing activities: | ||
Write-off of fully depreciated real estate | (57,999) | (85,878) |
Change in real estate included in accounts payable and accrued expenses | (48,896) | 25,562 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 30,631 | 0 |
Finance Lease, Liability, Reversal from Re-Assessment | (38,491) | 0 |
Finance Lease, Right-of-Use Asset, Reversal from Re-Assessment | (28,962) | 0 |
Non-cash contributions from noncontrolling interest in property partnerhips | 60,410 | 0 |
Capitalized operating lease costs | 15,098 | 0 |
Investment in unconsolidated joint ventures eliminated upon consolidation | (11,834) | 0 |
Mortgage notes payable recorded upon consolidation | 207,093 | 0 |
Real estate and intangibles recorded upon consolidation | (220,015) | 0 |
Dividends and distributions declared but not paid | 172,172 | 171,465 |
Conversions of noncontrolling interests to stockholders’ equity | 2,754 | 794 |
Issuance of restricted securities to employees and non-employee directors | 43,366 | 47,885 |
Cash | ||
Cash flows from financing activities: | ||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 208,599 | 7,555 |
Boston Properties Limited Partnership | ||
Net income (loss) | 216,953 | 245,356 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 434,858 | 407,767 |
Impairment loss | 13,615 | 0 |
Amortization of right of use assets - operating leases | 1,785 | 929 |
Amortization of sales type lease | (488) | 0 |
Amortization of above and below Market Leases | (2,947) | 0 |
Non-cash compensation expense | 35,187 | 41,524 |
Loss (income) from unconsolidated joint ventures | (13,387) | 14,237 |
Distributions of net cash flow from operations of unconsolidated joint ventures | 21,153 | 11,437 |
Gains from investments in securities | (2,587) | (3,236) |
Allowance for current expected credit losses (gains) | 36 | 264 |
Non-cash portion of interest expense | 14,172 | 14,940 |
Unrealized Gain (Loss) on non-real estate Investments | (454) | (383) |
Change in assets and liabilities: | ||
Tenant and other receivables, net | 39,743 | 3,721 |
Accrued rental income, net | (52,590) | (42,965) |
Prepaid expenses and other assets | (16,985) | (24,758) |
Right of use assets - operating lease | (750) | 0 |
Lease liabilities - operating leases | (997) | 140 |
Accounts payable and accrued expenses | (24,650) | 6,320 |
Accrued interest payable | (21,637) | 7,314 |
Other liabilities | (32,922) | (21,773) |
Tenant leasing costs | (42,449) | (47,651) |
Total adjustments | 347,706 | 367,827 |
Net cash provided by operating activities | 564,659 | 613,183 |
Cash flows from investing activities: | ||
Construction in progress | (313,602) | (235,331) |
Building and other capital improvements | (66,799) | (78,344) |
Tenant improvements | (117,848) | (135,743) |
Acquisition of real estate (net of cash received upon consolidation) | 6,086 | 0 |
Capital contributions to unconsolidated joint ventures | (60,461) | (103,595) |
Capital distributions from unconsolidated joint ventures | 0 | 7,350 |
Investment in non-real estate investments | (625) | (733) |
Issuance of note receivables (including related party) | (1,423) | (10,500) |
Investments in securities, net | 1,168 | 2,032 |
Net cash used in investing activities | (553,504) | (554,864) |
Cash flows from financing activities: | ||
Repayments of mortgage notes payable | (2,019) | 0 |
Proceeds from unsecured senior notes | 0 | 747,727 |
Redemption of unsecured senior notes | (700,000) | 0 |
Borrowings on unsecured term loan | 0 | 1,200,000 |
Payments on finance lease obligations | (5,999) | 0 |
Repayment of unsecured term loan | (500,000) | (730,000) |
Proceeds from Issuance of Commercial Paper | 1,859,075 | 0 |
Repayments of Commercial Paper | (1,359,075) | 0 |
Deferred financing costs | (2,633) | (12,339) |
Net activity from equity transactions | (2,136) | (39) |
Dividends and distributions | (344,574) | (343,325) |
Distributions to noncontrolling interests in property partnerships | (37,459) | (36,220) |
Net cash provided by (used in) financing activities | (886,221) | 833,359 |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | (875,066) | 891,678 |
Cash and cash equivalents and cash held in escrows, beginning of period | 1,612,567 | 736,812 |
Cash and cash equivalents and cash held in escrows, end of period | 737,501 | 1,628,490 |
Reconciliation of cash and cash equivalents and cash held in escrow | ||
Cash and cash equivalents, beginning of period | 1,531,477 | 690,333 |
Cash held in escrows, beginning of period | 81,090 | 46,479 |
Cash and cash equivalents, end of period | 685,376 | 1,581,575 |
Cash held in escrows,end of period | 52,125 | 46,915 |
Supplemental disclosures: | ||
Cash paid for interest | 342,409 | 273,214 |
Interest capitalized | 19,717 | 21,153 |
Non-cash investing and financing activities: | ||
Write-off of fully depreciated real estate | (57,999) | (84,629) |
Change in real estate included in accounts payable and accrued expenses | (48,896) | 25,562 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 30,631 | 0 |
Finance Lease, Liability, Reversal from Re-Assessment | (38,491) | 0 |
Finance Lease, Right-of-Use Asset, Reversal from Re-Assessment | (28,962) | 0 |
Non-cash contributions from noncontrolling interest in property partnerhips | 60,410 | 0 |
Capitalized operating lease costs | 15,098 | 0 |
Investment in unconsolidated joint ventures eliminated upon consolidation | (11,834) | 0 |
Mortgage notes payable recorded upon consolidation | 207,093 | 0 |
Real estate and intangibles recorded upon consolidation | (220,015) | 0 |
Dividends and distributions declared but not paid | 172,172 | 171,465 |
Conversions of noncontrolling interests to stockholders’ equity | 2,754 | 794 |
Issuance of restricted securities to employees and non-employee directors | 43,366 | 47,885 |
Boston Properties Limited Partnership | Cash | ||
Cash flows from financing activities: | ||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | $ 208,599 | $ 7,555 |
Organization |
6 Months Ended |
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Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization BXP is a fully integrated, self-administered and self-managed REIT. BXP is the sole general partner of BPLP, its operating partnership, and at June 30, 2024, owned an approximate 89.1% (89.4% at December 31, 2023) general and limited partnership interest in BPLP. Effective July 1, 2024, BXP amended its certificate of incorporation to change its name from Boston Properties, Inc. to BXP, Inc. Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries. Partnership interests in BPLP include: •common units of partnership interest (also referred to as “OP Units”) and •long term incentive units of partnership interest (also referred to as “LTIP Units”) Unless specifically noted otherwise, all references to OP Units exclude units held by BXP. A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of BXP (“Common Stock”). In lieu of such cash redemption, BXP may elect to acquire the OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that BXP owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock. The Company uses LTIP Units as a form of time-based, restricted equity compensation and as a form of performance-based equity compensation for employees, and has previously granted LTIP Units in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013 - 2024 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance-based and time-based vesting conditions, is convertible into one OP Unit. The -year measurement periods for the 2012 OPP Units and the 2013 - 2021 MYLTIP Units have ended and BXP’s total stockholder return (“TSR”) was sufficient for employees to earn and therefore become eligible to vest in a portion of the awards. Unless and until they are earned, the rights, preferences and privileges of the 2022 - 2024 MYLTIP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units and the 2013 - 2021 MYLTIP Units, which have been earned). Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2022 - 2024 MYLTIP Units. LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2021 MYLTIP Units), whether vested or not, receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 9 and 13). Properties At June 30, 2024, the Company owned or had joint venture interests in a portfolio of 186 commercial real estate properties (the “Properties”) aggregating approximately 53.5 million net rentable square feet of primarily premier workplaces, including 10 properties under construction/redevelopment totaling approximately 3.1 million net rentable square feet. At June 30, 2024, the Properties consisted of: •164 office and life sciences properties (including seven properties under construction/redevelopment); •14 retail properties (including one property under construction); •seven residential properties (including two properties under construction); and •one hotel. The Company considers premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings and professionally managed and maintained. As such, these properties attract high-quality tenants and command upper-tier rental rates.
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Summary Of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2023. The Company bases its estimates on historical experience and on various other assumptions that it considers to be reasonable under the circumstances, including the impact of extraordinary events such as a pandemic, the results of which form the basis for making significant judgments about the carrying values of assets and liabilities, assessments of future collectability, and other areas of the financial statements that are impacted by the use of estimates. Actual results may differ from these estimates under different assumptions or conditions. Variable Interest Entities (VIEs) Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The assets of each VIE are only available to satisfy such VIE's respective liabilities. The Company has identified nine entities that are VIEs as of June 30, 2024 and has determined that it is the primary beneficiary for all of these entities as of June 30, 2024. Consolidated Variable Interest Entities As of June 30, 2024, BXP has identified nine consolidated VIEs, including BPLP. Excluding BPLP, the consolidated VIEs consisted of (i) the following five in-service properties: 767 Fifth Avenue (the General Motors Building), Times Square Tower, 601 Lexington Avenue, Atlantic Wharf Office Building and 100 Federal Street, (ii) 343 Madison Avenue, which is categorized as land held for future development and (iii) 290 Binney Street and 300 Binney Street, which are currently under development / redevelopment. The Company consolidates these VIEs because it is the primary beneficiary. The third parties’ interests in these consolidated entities (excluding BPLP’s interest) are reflected as noncontrolling interests in property partnerships in the accompanying consolidated financial statements (See Note 9). In addition, BXP’s only significant asset is its investment in BPLP and, consequently, substantially all of BXP’s assets and liabilities are the assets and liabilities of BPLP. Variable Interest Entities Not Consolidated As of June 30, 2024, the Company does not have any unconsolidated joint ventures that are classified as VIEs. Fair Value Measurements The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents for June 30, 2024 and December 31, 2023, the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”).
_______________ (1)If trading volume for the period is low, the valuation could be categorized as Level 2. Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates. In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods. At December 31, 2023, the Company had outstanding -month United States Treasury Bills with a maturity date of January 30, 2024 that were classified as held to maturity because the Company determined that it had the positive intent and ability to hold to maturity. Because these securities were considered a short-term investment, they are reflected at amortized cost within Cash and Cash Equivalents on the Consolidated Balance Sheets. At December 31, 2023, the amortized cost of these securities was approximately $302.7 million. There were no such securities outstanding at June 30, 2024. At June 30, 2024, the Company had $500.0 million outstanding under its unsecured commercial paper program (See Note 6). Due to their short-term maturity and because they bear interest at market rates, the fair value of the Company’s commercial paper borrowings is approximately the carrying amount. The Company’s investment in non-real estate investments is shown within Prepaid and Other Assets on the Consolidated Balance Sheets and was approximately $5.8 million and $4.6 million at June 30, 2024 and December 31, 2023, respectively. The non-real estate investments utilize net asset value as the practical expedient. Non-Recurring Fair Value The following table presents the aggregate carrying value of the Company’s non-recurring fair value financial instruments and the Company’s corresponding estimate of fair value as of June 30, 2024 and December 31, 2023 (in thousands):
_______________ (1) Per the guidance in ASC 326 “Financial Instruments — Credit Losses” (“ASC 326”), the Company concluded that the risk of nonpayment is nonexistent because the U.S. Government has a long history with no credit losses and, therefore, no credit loss allowance was recorded. At March 31, 2024, the Company evaluated the expected hold period for a portion of its Shady Grove property, consisting of 2 Choke Cherry Road, 2094 Gaither Road and a land parcel, located in Rockville, Maryland. Based on a shorter-than-expected hold period, the Company reduced the carrying value of a portion of the property that the Company anticipates selling to a third-party developer to its estimated fair value at March 31, 2024. As a result, during the six months ended June 30, 2024, each of BXP and BPLP recognized an impairment loss of approximately $13.6 million. The Company’s estimated fair value utilized Level 3 inputs and was based on a pending offer from a third party (See Note 3). Recurring Fair Value Derivatives In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Note 7). The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following table presents the aggregate fair value of the Company’s interest rate swaps as of June 30, 2024 and December 31, 2023 (in thousands):
Investments The Company accounts for investments in equity securities at fair value, with gains or losses resulting from changes in fair value recognized currently in earnings. The Company maintains deferred compensation plans that are designed to allow officers and non-employee directors of BXP to defer a portion of the officer’s current income or the non-employee director’s current compensation on a pre-tax basis and receive a tax-deferred return on these deferrals based on the performance of specific investments selected by the officer or non-employee director. The Company’s obligation under the plans is that of an unsecured promise to pay the deferred compensation to the plan participants in the future. At June 30, 2024 and December 31, 2023, the Company had maintained approximately $36.5 million and $36.1 million, respectively, in separate accounts, which are not restricted as to their use. The Company recognized gains of approximately $0.3 million and $1.6 million on its investments in the accounts associated with the Company’s deferred compensation plans during the three months ended June 30, 2024 and June 30, 2023, respectively, and approximately $2.6 million and $3.2 million during the six months ended June 30, 2024 and June 30, 2023, respectively, primarily due to the observable change in fair value.
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Real Estate |
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Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | 3. Real Estate BXP Real estate consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):
_______________ (1)See Note 4. (2)Includes pre-development costs. BPLP Real estate consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):
_______________ (1)See Note 4. (2)Includes pre-development costs. Acquisition On January 8, 2024, the Company completed the acquisition of its joint venture partner’s 50% economic ownership interest in the joint venture that owns 901 New York Avenue, located in Washington, DC. At acquisition, the total net equity acquired was $20.0 million, which includes $10.0 million in cash that the Company paid for the joint venture partner's 50% economic ownership interest in the joint venture. The property is subject to existing mortgage indebtedness of approximately $207.1 million (See Note 6). The acquisition resulted in the Company recording a gain upon consolidation of approximately $21.8 million, which is the difference between the fair value of the previously held equity method investment immediately prior to the consolidation of $10.0 million, less the Company’s costs basis of approximately $(11.8) million. The gain on consolidation is included within income (loss) from unconsolidated joint ventures in the Consolidated Statement of Operations. The total net assets acquired is equal to (1) the total net equity acquired of $20.0 million, which includes $10.0 million in cash that the Company paid for the joint venture partner's 50% economic ownership interest in the joint venture plus (2) $207.1 million of debt assumed, less (3) net working capital acquired of approximately $7.1 million. 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):
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 from January 8, 2024 through the remainder of 2024 and each of the next five succeeding fiscal years (in thousands):
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):
901 New York Avenue contributed approximately $16.3 million of revenue and $4.6 million of net loss to the Company for the period from January 8, 2024 through June 30, 2024. 901 New York Avenue is a premier workplace consisting of approximately 524,000 net rentable square feet. Development On February 12, 2024, the Company commenced the development of a residential project at 121 Broadway Street in Cambridge, Massachusetts that is adjacent to its development projects at 290 Binney Street and 300 Binney Street. 121 Broadway will consist of 439 residential units aggregating approximately 492,000 net rentable square feet. There can be no assurance that the Company will complete development of the project on the terms and schedule currently contemplated or at all. On April 5, 2024, the Company completed and fully placed in-service 760 Boylston Street, an approximately 118,000 net rentable square foot retail redevelopment located in Boston, Massachusetts. Pending Disposition and Impairment At March 31, 2024, the Company evaluated the expected hold period for a portion of its Shady Grove property, consisting of 2 Choke Cherry Road, 2094 Gaither Road and a land parcel, located in Rockville, Maryland. Based on a shorter-than-expected hold period, the Company reduced the carrying value of a portion of the property that the Company anticipates selling to a third-party developer to its estimated fair value at March 31, 2024. As a result, each of BXP and BPLP recognized an impairment loss of approximately $13.6 million during the six months ended June 30, 2024. The Company’s estimated fair value was based on Level 3 inputs as defined in ASC 820 and on a pending offer from a third-party. On May 7, 2024, the Company entered into the agreement with the third-party developer for an aggregate gross sale price of approximately $24.8 million (See Note 14). 2 Choke Cherry Road and 2094 Gaither Road are two vacant office properties aggregating approximately 143,000 net rentable square feet that were taken out of service and held for redevelopment. The disposition is subject to satisfaction of customary closing conditions and there can be no assurance that this transaction will be consummated on the terms currently contemplated or at all.
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Lessor, Operating Leases [Text Block] | 4. Leases Lessor The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and six months ended June 30, 2024 and 2023 and included within the Company's Consolidated Statements of Operations (in thousands):
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Lessee, Operating Leases | Lessee On March 28, 2024, the Company entered into a 90-year air rights lease with the Massachusetts Department of Transportation for an approximately 61,000 square foot site at the parking garage located at 100 Clarendon Street and the concourse level of the Massachusetts Bay Transportation Authority’s Back Bay Station (the “Station”). The lease requires annual base rental payments of $250,000 until the commencement of construction, as defined in the lease. If the Company commences construction of a project on the site on or before August 1, 2028, then a final fixed rental payment is due in accordance with the lease at that time. After August 1, 2028, if the Company commences construction of a project on the site, then a final rental payment based on the then current fair market value will be due at that time. In addition, the lease requires annual payments of $500,000 through 2033 to fund maintenance and improvements to the Station. The Company has assumed that it will begin construction on the site on or before August 1, 2028. The incremental borrowing rate for this lease is 6.57% per annum. The net present value of the ground lease payments is approximately $23.2 million. The Company classifies this lease as an operating lease. As a result, the Company recorded a Right of Use Assets – Operating Leases and Lease Liabilities – Operating Leases of approximately $23.9 million and $23.2 million, respectively, on its Consolidated Balance Sheets at March 31, 2024. The ground lease had operating lease costs of approximately $87,000 for the three months ended June 30, 2024 and for the period from March 28, 2024 through June 30, 2024. The following table provides a maturity analysis for the air rights operating lease as of March 28, 2024 (in thousands):
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Lessee, Finance Leases | The Company has a ground lease for the land underlying its residential property, The Skylyne, in Oakland, California. The Skylyne is a residential property consisting of 402 residential units and supporting retail space totaling approximately 331,000 net rentable square feet. The ground lease has approximately 92-years remaining (including extension options) and provides the Company with the right to purchase the land subject to certain conditions. When the lease was executed in 2017, the purchase option was considered a bargain purchase option and, as a result, the Company classified it as a finance lease and the Company assumed the lessor would exercise its right to require the Company to purchase the land in May 2024 for approximately $38.7 million. In May 2024 and as of the date of this report, the lessor has not exercised this option and the Company reassessed the accounting for the ground lease and determined that the purchase option continues to be considered a bargain purchase option and the ground lease will continue to be accounted for as a finance lease. The lease requires monthly base rental payments of a nominal amount until the purchase occurs, which the Company now estimates will be in 2030. As a result of the reassessment, the lease liability was remeasured and reduced to approximately $0.1 million. In conjunction with the reduction in the lease liability, the right of use asset was reduced to $0 and the difference between the lease liability and right of use asset of approximately $9.5 million was recorded as a decrease to interest expense for the three and six months ended June 30, 2024. There can be no assurance that this transaction will be consummated on the terms currently contemplated or at all.
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Unconsolidated Joint Ventures | 5. Investments in Unconsolidated Joint Ventures The investments in unconsolidated joint ventures consist of the following at June 30, 2024 and December 31, 2023:
_______________ (1)Investments with deficit balances aggregating approximately $31.5 million and $39.9 million at June 30, 2024 and December 31, 2023, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)At December 31, 2023, the Company’s economic ownership was approximately 50%. On January 8, 2024, the Company completed the acquisition of its joint venture partner’s 50% economic ownership interest for a gross purchase price of $10.0 million, as described in Note 3 and this Note 5. Since then, the Company accounts for its assets, liabilities and operations on a consolidated basis. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)This property includes net equity balances from the amenity joint venture. (5)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (6)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the partner owns its interest in the joint venture. Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, the partners or the Company will be entitled to an additional promoted interest or payments. The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)At June 30, 2024 and December 31, 2023, this amount included right of use assets - operating leases totaling approximately $19.5 million and $20.1 million, respectively. (2)At June 30, 2024 and December 31, 2023, this amount included sales-type lease receivable, net totaling approximately $14.0 million and $13.9 million, respectively. (3)At June 30, 2024 and December 31, 2023, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (4)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The Company’s basis differences include:
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (5)Investments with deficit balances aggregating approximately $31.5 million and $39.9 million at June 30, 2024 and December 31, 2023, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)Includes straight-line rent adjustments of approximately $6.2 million and $6.9 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $13.8 million and $13.2 million for the six months ended June 30, 2024 and 2023, respectively. (2)Includes depreciation and amortization of approximately $3.0 million and $3.7 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $5.9 million and $7.4 million for the six months ended June 30, 2024 and 2023, respectively. Includes unrealized gain on derivative instruments of approximately $0.2 million and $3.9 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $2.9 million and $1.0 million for the six months ended June 30, 2024 and 2023, respectively. Includes straight-line rent adjustments of approximately $0.3 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $0.6 million and $0.7 million for the six months ended June 30, 2024 and 2023, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $0.4 million for the six months ended June 30, 2024 and 2023. On January 2, 2024, a joint venture in which the Company has a 50% interest partially placed in-service 651 Gateway, an approximately 327,000 net rentable square foot laboratory/life sciences project in South San Francisco, California. The property is approximately 21% pre-leased as of July 31, 2024. On January 8, 2024, the Company acquired its joint venture partner’s 50% economic ownership interest in the joint venture that owns 901 New York Avenue, located in Washington, DC, for a gross purchase price of $10.0 million in cash (See Note 3). Prior to the acquisition, the Company had a 50% economic ownership interest in the joint venture and accounted for it under the equity method of accounting. The acquisition resulted in the Company having full ownership of the joint venture such that the Company now accounts for its assets, liabilities, and operations on a consolidated basis in its financial statements instead of under the equity method of accounting and as a result recognized a gain on consolidation of approximately $21.8 million. On February 6, 2024, a joint venture in which the Company owns a 25% interest extended the maturity date of the loan collateralized by its 3 Hudson Boulevard property. At the time of the extension, the loan had an outstanding principal balance totaling $80.0 million and was scheduled to mature on February 9, 2024. The extended loan was scheduled to mature on May 9, 2024. On May 8, 2024, the loan was extended 30 days and on June 7, 2024, the loan was extended an additional 60 days. The extended loan continues to bear interest at a variable rate equal to Term SOFR plus approximately 3.61% per annum and is scheduled to mature on August 7, 2024. As of June 30, 2024, the loan had an outstanding balance, including accrued interest, of approximately $112.8 million. The Company is the lender of the loan and the loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets. 3 Hudson Boulevard consists of land and improvements held for future development located in New York, New York. On February 9, 2024, a joint venture in which the Company owns a 50% interest exercised an option to extend the maturity date of the construction loan collateralized by its 7750 Wisconsin Avenue property. The construction loan had a total commitment amount of approximately $252.6 million. The extended loan continues to bear interest at a variable rate equal to Term SOFR plus 1.35% per annum and matures on April 26, 2025. At the time of the extension, the loan had an outstanding balance totaling approximately $251.6 million and was scheduled to mature on April 26, 2024. 7750 Wisconsin Avenue is a premier workplace with approximately 736,000 net rentable square feet located in Bethesda, Maryland.
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Debt Disclosure [Text Block] | 6. Debt Mortgage Notes Payable On January 8, 2024, the Company acquired its joint venture partner’s 50% economic ownership interest in the joint venture that owns 901 New York Avenue located in Washington, DC (See Note 3). The property is subject to existing mortgage indebtedness. At acquisition, the mortgage loan had an outstanding principal balance of approximately $207.1 million, bore interest at 3.61% per annum and was scheduled to mature on January 5, 2025. The mortgage loan was recorded at a fair value of approximately $198.7 million. On January 11, 2024, the Company modified the mortgage loan to provide for two extension options totaling five years of additional term, each subject to certain conditions. Unsecured Senior Notes The following summarizes the unsecured senior notes outstanding as of June 30, 2024 (dollars in thousands):
_______________ (1)Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs. (2)No principal amounts are due prior to maturity. On February 1, 2024, BPLP repaid $700.0 million in aggregate principal amount of its 3.800% senior notes due February 1, 2024. The repayment was completed with available cash and the $600.0 million proceeds from the mortgage loan entered into on October 26, 2023. The repayment price was approximately $713.3 million, which was equal to the stated principal plus approximately $13.3 million of accrued and unpaid interest to, but not including, the repayment date. Excluding the accrued and unpaid interest, the repayment price was equal to the principal amount being repaid. Unsecured Credit Facility BPLP’s unsecured revolving credit facility (the “2021 Credit Facility”) provides for borrowings of up to $2.0 billion, as described below in this Note 6, through BPLP’s revolving facility, subject to customary conditions. The 2021 Credit Facility matures on June 15, 2026 and includes a sustainability-linked pricing component. Under the 2021 Credit Facility, BPLP had the option to increase the original total commitment of $1.5 billion by up to an additional $500.0 million by increasing the amount of the Revolving Facility and/or by incurring one or more term loans, in each case, subject to syndication of the increase and other conditions (the “Accordion Option”). On September 28, 2023, BPLP exercised a portion of the Accordion Option which increased the then maximum borrowing amount under the 2021 Credit Facility from $1.5 billion to $1.815 billion. On April 29, 2024, BPLP exercised the remainder of the Accordion Option and further increased the maximum borrowing amount under the 2021 Credit Facility to $2.0 billion. All other terms of the 2021 Credit Facility remain unchanged. At June 30, 2024, BPLP had no amount outstanding under the 2021 Credit Facility. The 2021 Credit Facility is used as a backstop for BPLP’s $500.0 million unsecured commercial paper program (See “Unsecured Commercial Paper” below). As such, BPLP intends to maintain, at a minimum, availability under the 2021 Credit Facility in an amount equal to the amount of unsecured commercial paper notes outstanding. Unsecured Term Loan On January 4, 2023, BPLP entered into a credit agreement that provided for a $1.2 billion unsecured term loan facility (the “2023 Unsecured Term Loan”). Upon entry into the credit agreement, BPLP exercised its option to draw $1.2 billion under the 2023 Unsecured Term Loan. On April 29, 2024, BPLP repaid $500.0 million of the outstanding balance under the 2023 Unsecured Term Loan from the proceeds of its unsecured commercial paper program (see “Unsecured Commercial Paper” below). At June 30, 2024, BPLP had $700.0 million of principal outstanding under the 2023 Unsecured Term Loan. Under the credit agreement governing the 2023 Unsecured Term Loan, BPLP may, at any time prior to the maturity date, increase total commitments by up to an additional $300.0 million in aggregate principal amount by increasing the existing 2023 Unsecured Term Loan or incurring one or more additional term loans, in each case, subject to syndication of the increase and other conditions. The 2023 Unsecured Term Loan had an initial maturity date of May 16, 2024, with one 12-month extension option, subject to customary conditions. On May 16, 2024, BPLP exercised its option to extend the maturity date of the 2023 Unsecured Term Loan to May 16, 2025. All other terms of the 2023 Unsecured Term Loan remain unchanged. Unsecured Commercial Paper On April 17, 2024, BPLP established an unsecured commercial paper program. Under the terms of the program, BPLP may issue, from time to time, unsecured commercial paper notes up to a maximum aggregate amount outstanding at any one time of $500.0 million with varying maturities of up to one year. Amounts available under the unsecured commercial paper program may be borrowed, repaid, and re-borrowed from time to time. The notes are sold in private placements and rank pari passu with all of BPLP’s other unsecured senior indebtedness, including its outstanding senior notes. The commercial paper program is backstopped by available capacity under the 2021 Credit Facility. As of June 30, 2024, BPLP had an aggregate of $500.0 million of unsecured commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 5.60% per annum and had a weighted-average maturity of 49 days, from the issuance date.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | 7. Derivative Instruments and Hedging Activities BPLP’s agreements with the swap derivative counterparties contain provisions whereby if BPLP defaults on the underlying indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then BPLP could also be declared in default of the swap derivative obligation. As of June 30, 2024, the Company had not posted any collateral related to the agreements. Effective Hedge Instruments BPLP assesses the effectiveness of its hedges both at inception and on an ongoing basis. If the hedges are deemed to be effective, the fair value is recorded in “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets and is subsequently reclassified into “Interest expense” in the Company’s Consolidated Statements of Operations in the period that the hedged forecasted transactions affect earnings. BPLP’s derivative financial instruments are cash flow hedges that are designated as effective hedges, and they are carried at their estimated fair value on a recurring basis (See Note 2). The Company did not incur ineffectiveness during the three and six months ended June 30, 2024. BPLP’s and SMBP LLC’s interest rate swap contracts consisted of the following at June 30, 2024 (dollars in thousands):
_______________ (1)A subsidiary of the Company that is the borrower under the mortgage loan collateralized by its Santa Monica Business Park property. The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three and six months ended June 30, 2024 and 2023 (in thousands):
_______________ (1)Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties. (2)Includes amounts from previous interest rate programs. BPLP has formally documented all of its relationships between hedge instruments and hedging items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income (loss) and equity. Ineffective Hedging Instruments During the year ended December 31, 2023, to satisfy a lender requirement, the Company entered into two agreements with the same third-party to purchase and sell a $600.0 million interest rate cap. The Company did not elect hedge accounting, and as such, any change in market value will be recognized in Gain (losses) from interest rate contracts in the Consolidated Statement of Operations. For the three and six months ended June 30, 2024 and 2023, the Company recognized no impact to its Consolidated Statement of Operations from entering into these agreements.
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Commitments And Contingencies |
6 Months Ended |
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Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 8. Commitments and Contingencies General In the normal course of business, the Company guarantees its performance of services or indemnifies third parties against its negligence. In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of the Company’s subsidiaries to pay tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises. The Company had letter of credit and performance obligations related to lender and development requirements that total approximately $21.5 million at June 30, 2024. Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. From time to time, under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, either the Company or its partners may be entitled to an additional promoted interest or payments. From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and (3) provide guarantees to lenders, tenants and other third parties for the completion of development projects. The Company has agreements with its outside or joint venture partners whereby the partners agree to reimburse the joint venture for their share of any payments made under the guarantee. In some cases, the Company earns a fee from the applicable joint venture for providing the guarantee. In connection with the refinancing of 767 Fifth Avenue’s (the General Motors Building) secured loan by the Company’s consolidated joint venture entity, 767 Venture, LLC, the Company guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits. As of June 30, 2024, the maximum funding obligation under the guarantee was approximately $8.5 million. The Company earns a fee from the joint venture for providing the guarantee and has an agreement with the outside partners to reimburse the joint venture for their share of any payments made under the guarantee. As of June 30, 2024, no amounts related to the guarantee were recorded as liabilities in the Company’s consolidated financial statements. In connection with the sale of Metropolitan Square, an approximately 657,000 square foot office building in Washington, DC in which the Company had a 20% equity interest, the Company agreed to become a co-lender of up to $20.0 million under a mezzanine loan. The mezzanine loan has a maximum principal amount of $100.0 million, and it is subordinate only to an existing senior loan. The mezzanine loan may be drawn upon for future lease-up, operating and other costs on an as needed basis, and amounts borrowed will bear interest at a per annum rate of 12%, compounded monthly. As of June 30, 2024, the Company has funded approximately $3.1 million under the mezzanine loan. Legal Matters The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company. In connection with the acquisition of a premier workplace in New York City in 2010, the Company entered into an agreement with the seller pursuant to which the seller could earn various fees based on the future leasing performance of the property. The Company initially accrued approximately $1.5 million as an estimate of the fees it would owe the seller. The seller filed suit against the Company claiming that consideration significantly in excess of the initial reserve amount is owed under the agreement in 2020. The disagreement between the Company and the seller involves material issues of contract interpretation and, more importantly, the method of calculating fees, including various inputs (both facts and assumptions) that drive the calculation. In February 2024, a summary judgment was issued interpreting certain sections of the agreement in favor of the seller’s claims. The Company believes it has meritorious defenses to the seller’s claims, is disputing the seller’s calculations and intends to continue defending itself vigorously. However, there can be no assurance that the Company will prevail in the lawsuit. If the court ultimately agrees with the seller’s calculations, then amounts due to the seller could theoretically be as high as the additional $31 million claimed in the seller’s complaint, plus interest. Although the Company rejects those calculations, there can be no assurance that the Company’s ultimate liability will not be significantly greater than its established accrual. On April 26, 2024, Brammer Bio MA, LLC (“Brammer”), a subsidiary of Thermo Fisher Scientific Inc. and an abutter to the Company’s 290 Binney Street development project located in Cambridge, Massachusetts, filed a complaint in Superior Court in Suffolk County, Massachusetts against the Company relating to certain ongoing construction activities. In the first quarter of 2023, the Company commenced development of 290 Binney Street, an approximately 573,000 net rentable square foot laboratory/life sciences property that is 100% pre-leased to AstraZeneca Pharmaceuticals (“AstraZeneca”). The Company has a 55% interest in the joint venture that owns 290 Binney Street. Brammer subleases the premises at 250 Binney Street, the Company’s approximately 67,000 net rentable square foot life sciences property that is adjacent to 290 Binney Street. Brammer alleges that, as a result of the Company’s construction of 290 Binney Street, it is threatened with irreparable harm due to intrusion onto the 250 Binney Street premises and the loss of its property rights. Brammer also alleges that the 290 Binney Street development project has caused and is causing major disruption to its manufacturing operations, and that it has suffered and will continue to suffer damages in the form of losses to its clients and customers. Brammer brought the action for quiet title, breach of contract, trespass and nuisance, and it is seeking declaratory and injunctive relief and specific performance purportedly to protect its property interests in the premises located at 250 Binney Street. The Company believes it has meritorious defenses against Brammer’s claims and intends to defend against them vigorously. However, there can be no assurance the Company will prevail in the litigation. If the Company is enjoined from further construction activities, it could suffer delays in construction that could result in its failure to deliver a completed building on the schedule contemplated by the Company’s lease with AstraZeneca or at all, and this could result in owing financial penalties to AstraZeneca and other third parties. Although the Company is unable to estimate a range of loss for all related matters for which losses are reasonably possible, if the court grants injunctive relief or awards monetary damages to Brammer, it could have a material adverse effect on the Company’s results of operations and financial condition. On May 16, 2024, Brammer’s motion for a preliminary injunction was denied by the trial court. Brammer subsequently appealed that decision, electing pursuant to Massachusetts civil procedure rules to petition for appeals to both a single justice of the Massachusetts Appeals Court and to a full appellate panel. On July 16, 2024, the single justice assigned to the appeal issued an order declining to rule on the substance of the appeal petition, which means that the appeal will be decided by the full panel. A date has not yet been set for the full panel hearing. Insurance The Company’s property insurance program per occurrence limits are $1.0 billion for its portfolio insurance program, including coverage for acts of terrorism other than nuclear, biological, chemical or radiological terrorism (“Terrorism Coverage”). The Company also carries $1.35 billion of property insurance in excess of the $1.0 billion of coverage in the Company’s property insurance program for 601 Lexington Avenue, New York, New York, consisting of $750 million of property and Terrorism Coverage in excess of the Company’s property insurance program and $600 million of Terrorism Coverage only in excess of the $1.75 billion of coverage. Certain properties, including the General Motors Building located at 767 Fifth Avenue in New York, New York (“767 Fifth Avenue”), are currently insured in separate insurance programs. The property insurance program per occurrence limits for 767 Fifth Avenue are $1.625 billion, including Terrorism Coverage. The Company also currently carries nuclear, biological, chemical and radiological terrorism insurance coverage for acts of terrorism certified under the Federal Terrorism Risk Insurance Act (as amended, “TRIA”) (“NBCR Coverage”), which is provided by IXP as a direct insurer, for the properties in the Company’s portfolio, including 767 Fifth Avenue, but excluding certain other properties owned in joint ventures with third parties or which the Company manages. The per occurrence limit for NBCR Coverage is $1.0 billion. Under TRIA, after the payment of the required deductible and coinsurance, the NBCR Coverage provided by IXP is backstopped by the Federal Government if the aggregate industry insured losses resulting from a certified act of terrorism exceed a “program trigger.” The program trigger is $200 million, the coinsurance is 20% and the deductible is 20% of the premiums earned by the insurer for the year prior to a claim. If the Federal Government pays out for a loss under TRIA, it is mandatory that the Federal Government recoup the full amount of the loss from insurers offering TRIA coverage after the payment of the loss pursuant to a formula in TRIA. The Company may elect to terminate the NBCR Coverage if the Federal Government seeks recoupment for losses paid under TRIA, if TRIA is not extended after its expiration on December 31, 2027, if there is a change in its portfolio or for any other reason. The Company intends to continue to monitor the scope, nature and cost of available terrorism insurance. The Company also currently carries earthquake insurance on its properties located in areas known to be subject to earthquakes. Specifically, the Company currently carries earthquake insurance which covers its San Francisco and Los Angeles regions with a $330 million per occurrence limit, and a $330 million annual aggregate limit, $30 million of which is provided by IXP, as a direct insurer. This insurance is subject to a deductible in the amount of 5% of the value of the affected property. In addition, the Company currently carries earthquake insurance which covers its Seattle region with a $110 million per occurrence limit, and a $110 million annual aggregate limit. This insurance is subject to a deductible in the amount of 2% of the value of the affected property. The amount of the Company’s earthquake insurance coverage may not be sufficient to cover losses from earthquakes. In addition, the amount of earthquake coverage could impact the Company’s ability to finance properties subject to earthquake risk. The Company may discontinue earthquake insurance or change the structure of its earthquake insurance program on some or all of its properties in the future if the premiums exceed the Company’s estimation of the value of the coverage. IXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acts as a direct insurer with respect to a portion of the Company’s earthquake insurance coverage for its Greater San Francisco and Los Angeles properties and the Company’s NBCR Coverage. Insofar as the Company owns IXP, it is responsible for its liquidity and capital resources, and the accounts of IXP are part of the Company’s consolidated financial statements. In particular, if a loss occurs which is covered by the Company’s NBCR Coverage but is less than the applicable program trigger under TRIA, IXP would be responsible for the full amount of the loss without any backstop by the Federal Government. IXP would also be responsible for any recoupment charges by the Federal Government in the event losses are paid out and its insurance policy is maintained after the payout by the Federal Government. If the Company experiences a loss and IXP is required to pay under its insurance policy, the Company would ultimately record the loss to the extent of the required payment. Therefore, insurance coverage provided by IXP should not be considered as the equivalent of third-party insurance, but rather as a modified form of self-insurance. In addition, BPLP has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million. The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism, earthquakes, pandemics and cybersecurity incidents, in particular, but the Company cannot anticipate what coverage will be available on commercially reasonable terms in future policy years. There are other types of losses, such as from wars, for which the Company cannot obtain insurance at all or at a reasonable cost. With respect to such losses and losses from acts of terrorism, earthquakes, pandemics or other catastrophic events, if the Company experiences a loss that is uninsured or that exceeds policy limits, the Company could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties. Depending on the specific circumstances of each affected property, it is possible that the Company could be liable for mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect the Company’s business, financial condition and results of operations.
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Noncontrolling Interests |
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Noncontrolling Interest Disclosure [Text Block] | 9. Noncontrolling Interests Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company. As of June 30, 2024, the noncontrolling interests in BPLP consisted of the following:
(1)Includes 666,405 LTIP Units earned by employees under the Company’s multi-year long-term incentive awards granted between 2012 and 2021 (i.e., 2012 OPP and 2013 - 2021 MYLTIP awards). Noncontrolling Interest—Common Units During the six months ended June 30, 2024, 76,906 OP Units were presented by the holders for redemption (including an aggregate of 56,489 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock. At June 30, 2024, BPLP had outstanding the 2022 - 2024 MYLTIP Units. Prior to the end of the respective -year performance period for each plan, holders of MYLTIP Units are entitled to receive per unit distributions equal to one-tenth (10%) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions. After the three-year performance period for each plan has ended, (1) the number of MYLTIP Units, both vested and unvested, that MYLTIP award recipients have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an OP Unit and (2) with respect to the 2022 - 2024 MYLTIP Units, the Company will make a “catch-up” cash payment on the MYLTIP Units that are ultimately earned in an amount equal to the regular and special dividends, if any, declared during the performance period on a number of shares of Common Stock agreed to the number of 2022 - 2024 MYLTIP Units that are earned, less the distributions actually paid during the performance period on all of the awarded 2022 - 2024 MYLTIP Units. On February 1, 2024, the measurement period for the Company’s 2021 MYLTIP awards ended and, based on BXP’s absolute and relative TSR performance, the final payout was determined to be 112% of target, or an aggregate of approximately $12.6 million (after giving effect to employee separations). As a result, an aggregate of 155,625 2021 MYLTIP Units that had been previously granted were automatically forfeited. The following table presents BPLP’s distributions on the OP Units and LTIP Units and MYLTIP Units paid or declared in 2024 and during the six months ended June 30, 2023:
A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP must redeem the OP Unit for cash equal to the then value of a share of Common Stock of BXP. BXP may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock. The value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2021 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at June 30, 2024 was approximately $1.2 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $61.56 per share on June 28, 2024. Noncontrolling Interests—Property Partnerships The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties. The equity interests in these ventures that are not owned by the Company, totaling approximately $1.8 billion and $1.6 billion at June 30, 2024 and December 31, 2023, respectively, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets. On March 21, 2024, the Company completed the sale of a 45% interest in 290 Binney Street in Cambridge, Massachusetts. The institutional investor funded approximately $97.2 million in cash at closing, which is less than 45% of the agreed upon carrying value of the property immediately prior to the transaction. The institutional investor will fund all construction costs until its equity balance is proportionate to its ownership percentage, after which the Company and the institutional investor will fund the development project based on their respective ownership interests. The Company retains a 55% ownership interest in the joint venture. The transaction did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control the property and thus will continue to account for the property on a consolidated basis in its financial statements and no gain was recognized in the Consolidated Statements of Operations. The Company provides customary development, property management and leasing services to the joint venture. The Company has accounted for the transaction as an equity transaction and as of March 21, 2024 has recognized noncontrolling interest in its Consolidated Balance Sheets totaling approximately $104.6 million, which is equal to 45% of the aggregate carrying value of the total equity of the property immediately prior to the transaction. The difference between the cash proceeds received and the noncontrolling interest recognized, which was approximately $7.5 million, has been reflected as a decrease in additional paid-in capital in the Company’s Consolidated Balance Sheets. At the end of each reporting period, there will be a reallocation of the partners’ equity balances such that the ending balance in each partners’ capital account reflects each partners’ claim on net assets. These adjustments will impact additional paid-in capital and noncontrolling interest in property partnerships in the Company’s Consolidated Balance Sheets. For the three and six months ended June 30, 2024, the adjustment was approximately $(15.7) million and $35.0 million, respectively. 290 Binney Street is an approximately 573,000 net rentable square foot laboratory/life sciences development project located in Cambridge, Massachusetts. The development project is 100% pre-leased to a life sciences company.
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Stockholders' Equity / Partners' Capital | 10. Stockholders’ Equity / Partners’ Capital As of June 30, 2024, BXP had 157,097,841 shares of Common Stock outstanding. As of June 30, 2024, BXP owned 1,762,341 general partnership units and 155,335,500 limited partnership units in BPLP. On May 17, 2023, BXP renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its Common Stock through sales agents over a three-year period. Under the ATM stock offering program, BXP may also engage in forward sale transactions with affiliates of certain sales agents for the sale of its Common Stock on a forward basis. This program replaced BXP’s prior $600.0 million ATM stock offering program that was scheduled to expire on May 22, 2023. BXP intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction. No shares of Common Stock have been issued under this ATM stock offering program. During the six months ended June 30, 2024, BXP issued 76,906 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners. The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2024 and during the six months ended June 30, 2023:
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Segment Reporting Disclosure [Text Block] | 11. Segment Information The following tables present reconciliations of Net Income Attributable to BXP, Inc. to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership to the Company’s share of Net Operating Income for the three and six months ended June 30, 2024 and 2023. BXP
BPLP
Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income attributable to noncontrolling interests, interest expense, impairment loss, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain on non-real estate investment, gains from investments in securities, interest and other income (loss), income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue. The Company believes NOI is useful to investors as a performance measure and believes it provides useful information to investors regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently. The Company’s internal reporting utilizes its share of NOI, which includes its share of NOI from consolidated and unconsolidated joint ventures, which is a non-GAAP financial measure that is calculated as the consolidated amount, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s economic percentage ownership interest and, in some cases, after priority allocations), less the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ economic percentage ownership interests and, in some cases, after priority allocations, income allocation to private REIT shareholders and their share of fees due to the Company). The Company’s share of NOI from unconsolidated joint ventures, as defined above, also does not include its share of losses from early extinguishment of debt, unrealized gain on derivative instruments and gain on sale / consolidation, all of which are included within Income (Loss) from Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. Management utilizes its share of NOI in assessing its performance as the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, the presentations of the Company’s share of NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Interest expense, impairment loss, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, unrealized gain on non-real estate investment, gains from investments in securities, interest and other income (loss), income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue are not included in NOI and are provided as reconciling items to the Company’s reconciliations of its share of NOI to net income. The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. The Company also presents information for each segment by property type, including Premier Workplace (which includes office, life sciences and retail), Residential and Hotel. Information by geographic area and property type (dollars in thousands): For the three months ended June 30, 2024:
_______________ (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 June 30, 2023:
_______________ (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 six months ended June 30, 2024:
_______________ (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 six months ended June 30, 2023:
_______________ (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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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share / Common Unit | 12. Earnings Per Share / Common Unit BXP The following table provides a reconciliation of both the net income attributable to BXP, Inc. and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to BXP, Inc. by the weighted-average number of common shares outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of BXP using the two-class method. Participating securities are included in the computation of diluted EPS of BXP using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2021 MYLTIP Units required, and the 2022 - 2024 MYLTIP Units require, BXP to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, BXP excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.
BPLP The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership by the weighted-average number of common units outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic earnings per common unit using the two-class method. Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2021 MYLTIP Units required, and the 2022 - 2024 MYLTIP Units require, BXP to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, BPLP excludes such units from the diluted earnings per common unit calculation. Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit. Included in the number of units (the denominator) below are approximately 18,369,000 and 17,922,000 redeemable common units for the three months ended June 30, 2024 and 2023, respectively, and 18,321,000 and 17,878,000 redeemable common units for the six months ended June 30, 2024 and 2023, respectively.
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Stock Option and Incentive Plan |
6 Months Ended |
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Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option and Incentive Plan | 13. Stock Option and Incentive Plan On January 25, 2024, the Compensation Committee of BXP’s Board of Directors approved the grant of 2024 Multi-Year Long-Term Incentive Program (the “2024 MYLTIP”) awards under the Boston Properties, Inc. 2021 Stock Incentive Plan (the “2021 Plan”) to certain executive officers of BXP. The 2024 MYLTIP awards consists of three components. Two of the components, each weighted 40%, utilize BXP’s TSR over a three year measurement period as the performance metrics and the third component utilizes a leverage ratio as the performance metric. Earned awards will range from zero to a maximum of 330,479 LTIP Units depending on BXP’s performance under the three components, with a target of approximately 165,240 LTIP Units. Under ASC 718 “Compensation - Stock Compensation,” the 2024 MYLTIP awards have an aggregate value of approximately $11.1 million. On February 1, 2024, the measurement period for the Company’s 2021 MYLTIP awards ended and, based on BXP’s absolute and relative TSR performance, the final payout was determined to be 112% of target, or an aggregate of approximately $12.6 million (after giving effect to employee separations). As a result, an aggregate of 155,625 2021 MYLTIP Units that had been previously granted were automatically forfeited. During the six months ended June 30, 2024, BXP issued 83,316 shares of restricted common stock and BPLP issued 449,550 LTIP Units and 330,479 2024 MYLTIP Units to employees and non-employee directors under the 2021 Plan. Employees and non-employee directors paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit and 2024 MYLTIP Unit. When issued, LTIP Units are not economically equivalent in value to a share of Common Stock, but over time can increase in value to one-for-one parity with Common Stock if there is sufficient appreciation in the value of the Company’s assets. The aggregate value of the LTIP Units is included in noncontrolling interests in the Consolidated Balance Sheets of BXP and BPLP. A substantial majority of the grants of restricted common stock and LTIP Units to employees vest in four equal annual installments. Restricted common stock is measured at fair value on the date of grant based on the number of shares granted and the closing price of BXP’s Common Stock on the date of grant as quoted on the New York Stock Exchange. Such value is recognized as an expense ratably over the corresponding employee service period. The shares of restricted common stock granted during the six months ended June 30, 2024 were valued at approximately $5.3 million. The LTIP Units granted were valued at approximately $26.6 million using a Monte Carlo simulation method model. Because the 2012 OPP Units and 2013 - 2024 MYLTIP Units are subject to both a service condition and a market condition, the Company recognizes the related compensation expense under the graded vesting attribution method. Under the graded vesting attribution method, each portion of the award that vests at a different date is accounted for as a separate award and recognized over the period appropriate to that portion so that the compensation cost for each portion should be recognized in full by the time that portion vests. The Company recognizes forfeitures as they occur on its awards of stock-based compensation. Dividends paid on both vested and unvested shares of restricted stock are charged directly to Dividends in Excess of Earnings in BXP, Inc.’s Consolidated Balance Sheets and Partners’ Capital in Boston Properties Limited Partnership’s Consolidated Balance Sheets. Aggregate stock-based compensation expense associated with restricted stock, LTIP Units and MYLTIP Units was approximately $16.0 million and $14.9 million for the three months ended June 30, 2024 and 2023, respectively, and $34.5 million and $40.9 million for the six months ended June 30, 2024 and 2023, respectively. At June 30, 2024, there was (1) an aggregate of approximately $28.9 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and (2) an aggregate of approximately $0.1 million of unrecognized compensation expense related to unvested 2022 - 2024 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.7 years.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On July 12, 2024, a joint venture in which the Company has a 20% ownership interest partially placed in-service Skymark, a luxury residential property located in Reston, Virginia, that consists of 508 residential units aggregating approximately 417,000 net rentable square feet across a five-story low-rise building and an iconic 39-story tower, which is one of the tallest buildings in Northern Virginia. On July 18, 2024, a joint venture in which the Company has a 50% ownership interest extended by year the maturity date of its loan collateralized by 100 Causeway Street. At the time of the extension, the loan had an outstanding balance totaling approximately $333.6 million, bore interest at Term SOFR plus 1.48% per annum, and was scheduled to mature on September 5, 2024. Following the extension, the loan will continue to bear interest at Term SOFR plus 1.48% per annum, and is scheduled to mature on September 5, 2025. 100 Causeway Street is an approximately 634,000 net rentable square foot premier workplace located in Boston, Massachusetts. On July 22, 2024, the Company executed an amendment to the agreement with a third-party developer for the sale of a portion of the Company’s Shady Grove property for approximately $24.7 million (See Note 3). Thereafter, the third-party developer completed their due diligence and their deposit of approximately $2.5 million became non-refundable. The properties under agreement comprise of 2 Choke Cherry Road, 2094 Gaither Road and a land parcel, located in Rockville, Maryland. The disposition is subject to satisfaction of customary closing conditions and there can be no assurance that this transaction will be consummated on the terms currently contemplated or at all.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 79,615 | $ 104,299 | $ 159,498 | $ 182,215 |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary Of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2023.
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Use of Estimates in the Preparation of Financial Statements | The Company bases its estimates on historical experience and on various other assumptions that it considers to be reasonable under the circumstances, including the impact of extraordinary events such as a pandemic, the results of which form the basis for making significant judgments about the carrying values of assets and liabilities, assessments of future collectability, and other areas of the financial statements that are impacted by the use of estimates. Actual results may differ from these estimates under different assumptions or conditions.
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Consolidation, Variable Interest Entity, Policy | Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The assets of each VIE are only available to satisfy such VIE's respective liabilities. |
Derivative Instruments and Hedging Activities | In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Note 7). The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
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Summary Of Significant Accounting Policies (Tables) |
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Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents for June 30, 2024 and December 31, 2023, the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”).
_______________ (1)If trading volume for the period is low, the valuation could be categorized as Level 2.
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the aggregate carrying value of the Company’s non-recurring fair value financial instruments and the Company’s corresponding estimate of fair value as of June 30, 2024 and December 31, 2023 (in thousands):
_______________ (1) Per the guidance in ASC 326 “Financial Instruments — Credit Losses” (“ASC 326”), the Company concluded that the risk of nonpayment is nonexistent because the U.S. Government has a long history with no credit losses and, therefore, no credit loss allowance was recorded.
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Schedule of Derivative Assets at Fair Value [Table Text Block] | The following table presents the aggregate fair value of the Company’s interest rate swaps as of June 30, 2024 and December 31, 2023 (in thousands):
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Real Estate (Tables) |
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Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | BXP Real estate consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):
_______________ (1)See Note 4. (2)Includes pre-development costs.
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901 New York Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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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 from January 8, 2024 through the remainder of 2024 and each of the next five succeeding fiscal years (in thousands):
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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):
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Boston Properties Limited Partnership | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | BPLP Real estate consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):
_______________ (1)See Note 4. (2)Includes pre-development costs.
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Lease, Description [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease, Lease Income [Table Text Block] | The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and six months ended June 30, 2024 and 2023 and included within the Company's Consolidated Statements of Operations (in thousands):
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Sales-type Lease, Lease Income | The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and six months ended June 30, 2024 and 2023 and included within the Company's Consolidated Statements of Operations (in thousands):
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171 Dartmouth Street air rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity | The following table provides a maturity analysis for the air rights operating lease as of March 28, 2024 (in thousands):
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Investments in Unconsolidated Joint Ventures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Unconsolidated Joint Ventures | The investments in unconsolidated joint ventures consist of the following at June 30, 2024 and December 31, 2023:
_______________ (1)Investments with deficit balances aggregating approximately $31.5 million and $39.9 million at June 30, 2024 and December 31, 2023, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)At December 31, 2023, the Company’s economic ownership was approximately 50%. On January 8, 2024, the Company completed the acquisition of its joint venture partner’s 50% economic ownership interest for a gross purchase price of $10.0 million, as described in Note 3 and this Note 5. Since then, the Company accounts for its assets, liabilities and operations on a consolidated basis. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)This property includes net equity balances from the amenity joint venture. (5)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (6)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the partner owns its interest in the joint venture.
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Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block] | The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)At June 30, 2024 and December 31, 2023, this amount included right of use assets - operating leases totaling approximately $19.5 million and $20.1 million, respectively. (2)At June 30, 2024 and December 31, 2023, this amount included sales-type lease receivable, net totaling approximately $14.0 million and $13.9 million, respectively. (3)At June 30, 2024 and December 31, 2023, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (4)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The Company’s basis differences include:
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (5)Investments with deficit balances aggregating approximately $31.5 million and $39.9 million at June 30, 2024 and December 31, 2023, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
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Statements Of Operations Of The Joint Ventures | The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)Includes straight-line rent adjustments of approximately $6.2 million and $6.9 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $13.8 million and $13.2 million for the six months ended June 30, 2024 and 2023, respectively. (2)Includes depreciation and amortization of approximately $3.0 million and $3.7 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $5.9 million and $7.4 million for the six months ended June 30, 2024 and 2023, respectively. Includes unrealized gain on derivative instruments of approximately $0.2 million and $3.9 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $2.9 million and $1.0 million for the six months ended June 30, 2024 and 2023, respectively. Includes straight-line rent adjustments of approximately $0.3 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $0.6 million and $0.7 million for the six months ended June 30, 2024 and 2023, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $0.4 million for the six months ended June 30, 2024 and 2023.
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The following summarizes the unsecured senior notes outstanding as of June 30, 2024 (dollars in thousands):
_______________ (1)Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs. (2)No principal amounts are due prior to maturity.
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Derivative Instruments and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | BPLP’s and SMBP LLC’s interest rate swap contracts consisted of the following at June 30, 2024 (dollars in thousands):
_______________ (1)A subsidiary of the Company that is the borrower under the mortgage loan collateralized by its Santa Monica Business Park property.
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Derivative Instruments, Gain (Loss) | The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three and six months ended June 30, 2024 and 2023 (in thousands):
_______________ (1)Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties. (2)Includes amounts from previous interest rate programs.
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Noncontrolling Interests (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Noncontrolling Interest [Table Text Block] | Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company. As of June 30, 2024, the noncontrolling interests in BPLP consisted of the following:
(1)Includes 666,405 LTIP Units earned by employees under the Company’s multi-year long-term incentive awards granted between 2012 and 2021 (i.e., 2012 OPP and 2013 - 2021 MYLTIP awards).
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Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2024 and during the six months ended June 30, 2023:
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Noncontrolling Interests [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents BPLP’s distributions on the OP Units and LTIP Units and MYLTIP Units paid or declared in 2024 and during the six months ended June 30, 2023:
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Stockholders' Equity / Partners' Capital (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dividends Declared [Table Text Block] | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2024 and during the six months ended June 30, 2023:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule Of Reconciliation Of Net Operating Income To Net Income | BXP
BPLP
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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 three months ended June 30, 2024:
_______________ (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 June 30, 2023:
_______________ (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 six months ended June 30, 2024:
_______________ (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 six months ended June 30, 2023:
_______________ (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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Earnings Per Share / Common Unit (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Computation Of Basic And Diluted Earnings Per Share / Unit |
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Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share / Unit |
|
Organization (Details) ft² in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Dec. 31, 2023 |
Jun. 30, 2024
ft²
Real_Estate_Properties
yr
shares
|
Jun. 30, 2024
ft²
Real_Estate_Properties
yr
shares
|
|
Real Estate Properties [Line Items] | |||
Restriction on redemption of OP units from date of issuance (years) | yr | 1 | 1 | |
One OP unit is equivalent to one share of Common Stock (in shares) | shares | 1 | 1 | |
OP unit conversion rate (in shares) | shares | 1 | 1 | |
2012 OPP Units and Vested MYLTIPs | |||
Real Estate Properties [Line Items] | |||
Vesting Period | 3 years | ||
Construction in Progress | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 10 | 10 | |
Net Rentable Area (in sf) | ft² | 3.1 | 3.1 | |
Commercial Real Estate Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 186 | 186 | |
Net Rentable Area (in sf) | ft² | 53.5 | 53.5 | |
Office and Life Sciences Building [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 164 | 164 | |
Office and Life Sciences Building [Member] | Construction in Progress | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 7 | 7 | |
Retail Site [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 14 | 14 | |
Retail Site [Member] | Construction in Progress | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 1 | 1 | |
Residential Building | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 7 | 7 | |
Residential Building | Construction in Progress | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 2 | 2 | |
Hotel [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 1 | 1 | |
Boston Properties Limited Partnership | |||
Real Estate Properties [Line Items] | |||
General and limited partnership interest in the operating partnership (percent) | 89.40% | 89.10% |
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
|
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of VIEs | 9 | 9 | ||||
Separate Unrestricted Cash For Deferred Compensation Plan. | $ 36,100 | $ 36,500 | $ 36,500 | |||
Impairment loss | 0 | $ 0 | 13,615 | $ 0 | ||
Unsecured commercial paper | 0 | 500,000 | 500,000 | |||
Gains from investments in securities | 315 | 1,571 | 2,587 | 3,236 | ||
Prepaid Expense and Other Assets | 64,230 | $ 86,188 | $ 86,188 | |||
Unconsolidated Joint Ventures [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of VIEs | 0 | 0 | ||||
Deferred Compensation, Excluding Share-Based Payments and Retirement Benefits | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Gains from investments in securities | $ 300 | $ 1,600 | $ 2,600 | $ 3,200 | ||
Shady Grove Innovation District [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Impairment loss | $ 13,600 | 13,600 | ||||
Environmental Focused Investment Fund | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Prepaid Expense and Other Assets | $ 4,600 | 5,800 | 5,800 | |||
US Treasury Bill Securities | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
U.S. Treasury Bill, Term of Contract | 3 months | |||||
3-Month United States Treasury Bills | $ 302,700 | $ 0 | $ 0 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of VIEs | 9 | 9 | ||||
Prepaid Expense and Other Assets | $ 11,824 | $ 14,753 | $ 14,753 | |||
Commercial Real Estate Properties [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of VIEs | 5 | 5 |
Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||||
Note receivable, net | $ 3,155 | $ 1,714 | ||
Sales-type lease receivable, net | 14,182 | 13,704 | ||
Mortgage notes payable, net | 4,371,478 | 4,166,379 | ||
Unsecured senior notes, net | 9,797,220 | 10,491,617 | ||
Unsecured line of credit | 0 | 0 | ||
Unsecured term loan, net | 698,776 | 1,198,301 | ||
Unsecured commercial paper | 500,000 | 0 | ||
Related Party | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Related party note receivable, net | 88,779 | 88,779 | ||
Carrying Amount [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
3-Month United States Treasury Bills | [1] | 0 | 302,746 | |
Sales-type lease receivable, net | 14,182 | 13,704 | ||
Total | 106,116 | 104,197 | ||
Mortgage notes payable, net | 4,371,478 | 4,166,379 | ||
Unsecured senior notes, net | 9,797,220 | 10,491,617 | ||
Unsecured line of credit | 0 | 0 | ||
Unsecured term loan, net | 698,776 | 1,198,301 | ||
Unsecured commercial paper | 500,000 | 0 | ||
Total | 15,367,474 | 15,856,297 | ||
Carrying Amount [Member] | Related Party | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Related party note receivable, net | 88,779 | 88,779 | ||
Carrying Amount [Member] | Nonrelated Party | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Note receivable, net | 3,155 | 1,714 | ||
Estimated Fair Value [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
3-Month United States Treasury Bills | [1] | 0 | 302,746 | |
Sales-type lease receivable, net | 13,491 | 13,338 | ||
Total | 107,128 | 105,608 | ||
Mortgage notes payable, net | 3,894,606 | 3,705,513 | ||
Unsecured senior notes, net | 8,903,772 | 9,697,393 | ||
Unsecured line of credit | 0 | 0 | ||
Unsecured term loan, net | 700,000 | 1,196,945 | ||
Unsecured commercial paper | 500,000 | 0 | ||
Total | 13,998,378 | 14,599,851 | ||
Estimated Fair Value [Member] | Related Party | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Related party note receivable, net | 90,538 | 90,593 | ||
Estimated Fair Value [Member] | Nonrelated Party | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Note receivable, net | $ 3,099 | $ 1,677 | ||
|
Summary Of Significant Accounting Policies Fair Value of Derivatives (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 12,070 | $ 1,976 |
Real Estate Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
||||
---|---|---|---|---|---|---|
Real Estate Properties [Line Items] | ||||||
Land | $ 5,317,032 | $ 5,251,224 | ||||
Right-of-use assets - finance leases | [1] | 372,896 | 401,680 | |||
Operating Lease, Right-of-Use Asset | [1] | 344,292 | 324,298 | |||
Land held for future development | [2] | 675,191 | 697,061 | |||
Buildings and improvements | 16,759,079 | 16,607,756 | ||||
Tenant improvements | 3,710,439 | 3,592,172 | ||||
Furniture, Fixtures and Equipment | 54,397 | 53,716 | ||||
Construction in progress | 757,356 | 547,280 | ||||
Total | 27,990,682 | 27,475,187 | ||||
Less: accumulated depreciation | (7,198,566) | (6,881,728) | ||||
Total real estate | 20,792,116 | 20,593,459 | ||||
Boston Properties Limited Partnership | ||||||
Real Estate Properties [Line Items] | ||||||
Land | 5,222,323 | 5,156,515 | ||||
Right-of-use assets - finance leases | [1] | 372,896 | 401,680 | |||
Operating Lease, Right-of-Use Asset | [1] | 344,292 | 324,298 | |||
Land held for future development | [2] | 675,191 | 697,061 | |||
Buildings and improvements | 16,487,523 | 16,336,200 | ||||
Tenant improvements | 3,710,439 | 3,592,172 | ||||
Furniture, Fixtures and Equipment | 54,397 | 53,716 | ||||
Construction in progress | 757,356 | 547,280 | ||||
Total | 27,624,417 | 27,108,922 | ||||
Less: accumulated depreciation | (7,071,799) | (6,758,361) | ||||
Total real estate | $ 20,552,618 | $ 20,350,561 | ||||
|
Real Estate Asset Acquisition (Details) - 901 New York Avenue $ in Thousands |
Jan. 08, 2024
USD ($)
|
---|---|
Asset Acquisition [Line Items] | |
Land | $ 65,808 |
Building and improvements | 56,882 |
Tenant Improvements | 16,088 |
Net Assets Acquired | 220,015 |
Mortgages [Member] | |
Asset Acquisition [Line Items] | |
Liabilities, Fair Value Adjustment | 8,374 |
In-Place Lease Intangibles | |
Asset Acquisition [Line Items] | |
Lease Intangibles | 72,621 |
Above Market Lease Intangibles [Member] | |
Asset Acquisition [Line Items] | |
Lease Intangibles | 2,757 |
Below Market Lease [Member] | |
Asset Acquisition [Line Items] | |
Lease Intangibles | $ (2,515) |
Real Estate Amortization of Finite Lived Intangible Assets by Major Class (Details) - 901 New York Avenue $ in Thousands |
Jan. 08, 2024
USD ($)
|
---|---|
In-Place Lease Intangibles | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Period from acquisition through December 31, 2024 | $ 10,364 |
2025 | 9,030 |
2026 | 6,494 |
2027 | 6,265 |
2028 | 6,069 |
2029 | 6,076 |
Above Market Lease Intangibles [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Period from acquisition through December 31, 2024 | 607 |
2025 | 454 |
2026 | 238 |
2027 | 201 |
2028 | 186 |
2029 | 186 |
Below Market Lease [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Period from acquisition through December 31, 2024 | 252 |
2025 | 257 |
2026 | 257 |
2027 | 257 |
2028 | 257 |
2029 | $ 251 |
Real Estate Weighted-Average Useful Life of Intangible Assets by Major Class (Details) - 901 New York Avenue |
Jan. 08, 2024 |
---|---|
In-Place Lease Intangibles | |
Real Estate Properties [Line Items] | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 6 years 8 months 12 days |
Above Market Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 4 years |
Below Market Lease [Member] | |
Real Estate Properties [Line Items] | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 9 years 9 months 18 days |
Real Estate (Narrative) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024
USD ($)
|
Jan. 08, 2024
USD ($)
ft²
|
Jun. 30, 2024
USD ($)
ft²
Real_Estate_Properties
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
ft²
Real_Estate_Properties
|
Jun. 30, 2024
USD ($)
ft²
Real_Estate_Properties
|
Jun. 30, 2023
USD ($)
|
May 07, 2024
USD ($)
ft²
|
Apr. 05, 2024
ft²
|
Feb. 12, 2024
ft²
apartments
|
Jan. 07, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|||
Real Estate Properties [Line Items] | ||||||||||||||
Total revenue | $ 850,482 | $ 817,153 | $ 1,689,921 | $ 1,620,353 | ||||||||||
Net Income (Loss) | 79,615 | 104,299 | 159,498 | 182,215 | ||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | 1,418,817 | $ 1,418,817 | 1,418,817 | $ 1,377,319 | ||||||||||
Impairment loss | $ 0 | $ 0 | $ 13,615 | $ 0 | ||||||||||
901 New York Avenue LLC [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Ownership Percentage | [1] | 25.00% | ||||||||||||
Construction in Progress | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Net Rentable Area (in sf) | ft² | 3,100,000 | 3,100,000 | 3,100,000 | |||||||||||
Number of real estate properties | Real_Estate_Properties | 10 | 10 | 10 | |||||||||||
901 New York Avenue | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Net Rentable Area (in sf) | ft² | 524,000 | |||||||||||||
Payments to Acquire Investments | $ 10,000 | |||||||||||||
Net Working Capital, Including Cash Acquired from Acquisition | 7,100 | |||||||||||||
Gain (loss) on sale / consolidation | 21,800 | |||||||||||||
Total revenue | $ 16,300 | |||||||||||||
Net Income (Loss) | $ (4,600) | |||||||||||||
Asset Acquisition, Consideration Transferred | 20,000 | |||||||||||||
901 New York Avenue | Unconsolidated Properties | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Gain (loss) on sale / consolidation | 21,800 | |||||||||||||
901 New York Avenue | 901 New York Avenue LLC [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | $ (11,800) | |||||||||||||
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure | 10,000 | |||||||||||||
901 New York Avenue | 901 New York Avenue LLC [Member] | Unconsolidated Properties | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||
901 New York Avenue | Mortgages [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Debt | 207,100 | |||||||||||||
Assumption of mortgage notes payable | $ 207,100 | |||||||||||||
901 New York Avenue | Joint Venture Partner [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||
901 New York Avenue | Joint Venture Partner [Member] | 901 New York Avenue LLC [Member] | Unconsolidated Properties | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||
Shady Grove Innovation District [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Net Rentable Area (in sf) | ft² | 143,000 | |||||||||||||
Impairment loss | $ 13,600 | $ 13,600 | ||||||||||||
Number of real estate properties | 2 | |||||||||||||
Contractual Sales Price | $ 24,800 | |||||||||||||
760 Boylston Street | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Net Rentable Area (in sf) | ft² | 118,000 | |||||||||||||
121 Broadway | Construction in Progress | Residential Properties [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Net Rentable Area (in sf) | ft² | 492,000 | |||||||||||||
Number of Units in Real Estate Property | apartments | 439 | |||||||||||||
|
Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Leases [Abstract] | ||||
Fixed contractual payments | $ 651,730 | $ 629,189 | $ 1,300,620 | $ 1,250,835 |
Variable lease payments | 138,579 | 132,315 | 278,037 | 267,318 |
Sales-type lease revenue | 246 | 229 | 488 | 455 |
Lease | $ 790,555 | $ 761,733 | $ 1,579,145 | $ 1,518,608 |
Lessee - Leases Narrative (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
May 01, 2024
USD ($)
ft²
|
Mar. 28, 2024
USD ($)
ft²
|
Dec. 31, 2023
USD ($)
|
|||
Lessee, Lease, Description [Line Items] | ||||||||||
Operating Lease, Payments | $ 997 | $ (140) | ||||||||
Operating Lease, Right-of-Use Asset | [1] | $ 344,292 | $ 344,292 | 344,292 | $ 324,298 | |||||
Lease liabilities - finance leases | 375,601 | 375,601 | 375,601 | 417,961 | ||||||
Finance Lease, Right-of-Use Asset | 372,896 | 372,896 | 372,896 | $ 401,680 | ||||||
Interest expense | (149,642) | $ (142,473) | (311,533) | $ (276,680) | ||||||
171 Dartmouth Street air rights [Member] | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Lessee, Operating Lease, Term of Contract | 90 years | |||||||||
Lessee, Operating Lease, Discount Rate | 6.57% | |||||||||
Net Present Value and Operating Lease Liability | $ 23,200 | |||||||||
Operating Lease, Right-of-Use Asset | $ 23,900 | |||||||||
Operating lease costs | $ 87 | |||||||||
Land Subject to Ground Leases | ft² | 61,000 | |||||||||
171 Dartmouth Street air rights [Member] | Base Rental Payment [Member] | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Operating Leases, Future Minimum Payments Due | $ 250 | |||||||||
171 Dartmouth Street air rights [Member] | Additional Rental Payment | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Operating Leases, Future Minimum Payments Due | $ 500 | |||||||||
The Skylyne | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Lessee, Finance Lease, Remaining Lease Term | 92 years | |||||||||
Purchase Options, Land | $ 38,700 | |||||||||
Lease liabilities - finance leases | 100 | |||||||||
Finance Lease, Right-of-Use Asset | $ 0 | |||||||||
Interest expense | $ 9,500 | $ 9,500 | ||||||||
The Skylyne | Residential Building | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Net Rentable Area (in sf) | ft² | 331,000 | |||||||||
Number of Units in Real Estate Property | 402 | |||||||||
|
Lease Liability Maturity Schedule 171 Dartmouth Street (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Mar. 28, 2024 |
Dec. 31, 2023 |
---|---|---|---|
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | $ 385,842 | $ 350,391 | |
171 Dartmouth Street air rights [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Period from March 28, 2024 - December 31, 2024 | $ 0 | ||
2025 | 750 | ||
2026 | 750 | ||
2027 | 750 | ||
2028 | 25,826 | ||
2029 | 500 | ||
Thereafter | 2,000 | ||
Total lease payments | 30,576 | ||
Less: Interest Portion | 7,391 | ||
Operating Lease, Liability | $ 23,185 |
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 08, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
|||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Other Liabilities | $ (398,525) | $ (445,947) | |||||||||||||
Investments in unconsolidated joint ventures | 1,418,817 | 1,377,319 | |||||||||||||
Investments In Affiliates Subsidiaries Associates And Joint Ventures net | [1] | 1,387,305 | 1,337,416 | ||||||||||||
Unconsolidated Joint Ventures [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Other Liabilities | $ (31,500) | (39,900) | |||||||||||||
Square 407 Limited Partnership [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | Market Square North | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Other Liabilities | [1] | $ (12,160) | $ (5,996) | ||||||||||||
901 New York Avenue LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 901 New York Avenue | ||||||||||||||
Ownership Percentage | [2] | 25.00% | |||||||||||||
Other Liabilities | [1] | $ (11,764) | |||||||||||||
901 New York Avenue LLC (economic ownership) [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Payments to Acquire Real Estate and Real Estate Joint Ventures | $ 10,000 | ||||||||||||||
901 New York Avenue LLC (economic ownership) [Member] | Joint Venture Partner [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
WP Project Developer LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | Wisconsin Place Land and Infrastructure | ||||||||||||||
Ownership Percentage | [3] | 33.33% | |||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 30,099 | $ 30,375 | ||||||||||||
500 North Capitol Venture LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 500 North Capitol Street, NW | ||||||||||||||
Ownership Percentage | 30.00% | ||||||||||||||
Other Liabilities | [1] | $ (11,198) | (10,253) | ||||||||||||
501 K Street LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 1001 6th Street | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 45,923 | 44,774 | ||||||||||||
Podium Developer LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | The Hub on Causeway - Podium | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 44,223 | 45,201 | ||||||||||||
Residential Tower Developer LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | Hub50House | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 42,547 | 40,235 | ||||||||||||
Hotel Tower Developer LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | The Hub on Causeway - Hotel Air Rights | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 13,863 | 13,494 | ||||||||||||
Office Tower Developer LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 100 Causeway Street | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 56,602 | 57,660 | ||||||||||||
1265 Main Office JV LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 1265 Main Street | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 3,562 | 3,585 | ||||||||||||
BNY Tower Holdings LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | Dock 72 | ||||||||||||||
Ownership Percentage | [4] | 50.00% | |||||||||||||
Other Liabilities | [1] | $ (8,154) | (11,890) | ||||||||||||
CA-Colorado Center LLC[Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | Colorado Center | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 235,144 | 237,815 | ||||||||||||
7750 Wisconsin Avenue LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 7750 Wisconsin Avenue | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 49,445 | 50,064 | ||||||||||||
BP-M 3HB Venture LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 3 Hudson Boulevard | ||||||||||||||
Ownership Percentage | 25.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 114,223 | 115,103 | ||||||||||||
Platform 16 Holdings LP [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | Platform 16 | ||||||||||||||
Ownership Percentage | 55.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 55,689 | 45,564 | ||||||||||||
Gateway Portfolio Holdings LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | Gateway Commons | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 388,599 | 376,834 | ||||||||||||
Rosecrans-Sepulveda Partners 4, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | Beach Cities Media Campus | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 27,049 | 27,034 | ||||||||||||
Safeco Plaza REIT LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | Safeco Plaza | ||||||||||||||
Ownership Percentage | [5] | 33.67% | |||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 46,222 | 44,734 | ||||||||||||
Safeco Plaza REIT LLC | Company's Share [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 33.00% | ||||||||||||||
360 PAS Holdco LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 360 Park Avenue South | ||||||||||||||
Ownership Percentage | [6] | 71.11% | |||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 58,546 | 42,988 | ||||||||||||
360 PAS Holdco LLC | Company's Share [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 35.79% | ||||||||||||||
PR II BXP Reston Gateway LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | Skymark - Reston Next Residential | ||||||||||||||
Ownership Percentage | 20.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 15,496 | 15,184 | ||||||||||||
751 Gateway Holdings LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 751 Gateway | ||||||||||||||
Ownership Percentage | 49.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 98,117 | 93,411 | ||||||||||||
200 Fifth Avenue JV LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 200 Fifth Avenue | ||||||||||||||
Ownership Percentage | 26.69% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 75,108 | 75,718 | ||||||||||||
ABXP Worldgate Investments LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Properties | 13100 and 13150 Worldgate Drive | ||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 18,360 | $ 17,546 | ||||||||||||
Entity Owning Land And Infrastructure Of Project [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 33.33% | ||||||||||||||
Safeco Partner Entity One [Member] | Company's Share [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 1.00% | ||||||||||||||
Safeco Partner Entity Two | Company's Share [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 1.00% | ||||||||||||||
360 Park Avenue South Partners Entity | Company's Share [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 1.00% | ||||||||||||||
360 PAS Holdco LLC (indirect ownership) | Company's Share [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 35.02% | ||||||||||||||
|
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | $ 20,792,116 | $ 20,593,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 25,474,448 | 26,026,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and notes payable, net | 4,371,478 | 4,166,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 398,525 | 445,947 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members’/Partners’ equity | 5,802,862 | 5,876,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity / capital | 25,474,448 | 26,026,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | 1,418,817 | 1,377,319 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease, Right-of-Use Asset | [1] | 344,292 | 324,298 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Liabilities - Operating Leases | 385,842 | 350,391 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | [2] | 5,749,980 | 5,811,763 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | [3] | 648,481 | 682,291 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 6,398,461 | 6,494,054 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and notes payable, net | 3,184,773 | 3,351,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | [4] | 295,510 | 361,357 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members’/Partners’ equity | 2,918,178 | 2,780,824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity / capital | 6,398,461 | 6,494,054 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's share of equity | 1,330,301 | 1,278,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | [5] | 57,004 | 58,933 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [6] | 1,387,305 | 1,337,416 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease, Right-of-Use Asset | 19,500 | 20,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales-type lease receivable, net | 14,000 | 13,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Liabilities - Operating Leases | 30,500 | 30,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 31,500 | 39,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | 297,474 | 298,906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [7] | 235,144 | 237,815 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 Fifth Avenue JV LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | 53,949 | 58,308 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [7] | 75,108 | 75,718 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Commons Complex [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | 50,312 | 48,971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [7] | 388,599 | 376,834 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Safeco Plaza REIT LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | (29,279) | (29,678) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [7] | 46,222 | 44,734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
360 PAS Holdco LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | (115,181) | (116,534) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [7] | 58,546 | 42,988 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dock 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | [7] | 8,154 | 11,890 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | (93,775) | (95,521) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Platform 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | (142,680) | (143,052) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [7] | $ 55,689 | $ 45,564 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Total revenue | $ 850,482 | $ 817,153 | $ 1,689,921 | $ 1,620,353 | ||||
Expenses | ||||||||
Transaction costs | 189 | 308 | 702 | 1,219 | ||||
Depreciation and amortization | 219,542 | 202,577 | 438,258 | 411,311 | ||||
Total expenses | 599,253 | 550,866 | 1,192,965 | 1,119,527 | ||||
Other income (expense) | ||||||||
Interest expense | (149,642) | (142,473) | (311,533) | (276,680) | ||||
Net Loss | 106,949 | 136,184 | 213,553 | 241,812 | ||||
Income (Loss) from Equity Method Investments | (5,799) | (6,668) | 13,387 | (14,237) | ||||
Unconsolidated Joint Ventures [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Total revenue | [1] | 120,152 | 164,771 | 250,546 | 316,194 | |||
Expenses | ||||||||
Operating | 46,453 | 61,023 | 95,649 | 118,229 | ||||
Transaction costs | 5 | 27 | 8 | 101 | ||||
Depreciation and amortization | 38,396 | 51,233 | 77,819 | 101,211 | ||||
Total expenses | 84,854 | 112,283 | 173,476 | 219,541 | ||||
Other income (expense) | ||||||||
Losses from early extinguishment of debt | 0 | (3) | 0 | (3) | ||||
Interest expense | (43,299) | (58,799) | (86,862) | (116,049) | ||||
Unrealized gain on derivative instruments | 848 | (14,457) | (10,960) | (3,847) | ||||
Net Loss | (7,153) | 8,143 | 1,168 | (15,552) | ||||
Company's share of net income (loss) | (2,744) | 639 | 214 | (6,263) | ||||
Gain (loss) on sale / consolidation | 0 | 0 | 21,696 | 0 | ||||
Basis differential | [2] | (3,055) | (7,307) | (8,523) | (7,974) | |||
Income (Loss) from Equity Method Investments | (5,799) | (6,668) | 13,387 | (14,237) | ||||
Straight Line Rent Adjustments | 6,200 | 6,900 | 13,800 | 13,200 | ||||
Unconsolidated Joint Ventures [Member] | Basis Differential | ||||||||
Expenses | ||||||||
Depreciation and amortization | 3,000 | 3,700 | 5,900 | 7,400 | ||||
Other income (expense) | ||||||||
Straight Line Rent Adjustments | 300 | 400 | 600 | 700 | ||||
Above and below market rent adjustments, net | 200 | 200 | 400 | 400 | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 200 | $ 3,900 | $ 2,900 | $ 1,000 | ||||
|
Investment in Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 07, 2024 |
Feb. 09, 2024
USD ($)
ft²
|
Feb. 06, 2024
USD ($)
|
Jan. 11, 2024 |
Jan. 08, 2024
USD ($)
ft²
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
May 08, 2024 |
Jan. 07, 2024 |
Jan. 02, 2024
ft²
|
Dec. 31, 2023 |
|||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Interest and Other Income | $ 10,788 | $ 17,343 | $ 25,317 | $ 28,284 | |||||||||||
3 Hudson Boulevard [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 25.00% | 25.00% | |||||||||||||
901 New York Avenue LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | [1] | 25.00% | |||||||||||||
Gateway Commons Complex [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 50.00% | 50.00% | |||||||||||||
Unconsolidated Joint Ventures [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Gain (loss) on sale / consolidation | $ 0 | $ 0 | $ 21,696 | $ 0 | |||||||||||
Unconsolidated Properties | 651 Gateway | Office and Life Sciences Building [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Net Rentable Area (in sf) | ft² | 327,000 | ||||||||||||||
Leased percentage | 21.00% | ||||||||||||||
Unconsolidated Properties | Gateway Commons Complex [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
3 Hudson Boulevard [Member] | Extended Maturity | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt Instrument, Maturity Date | Aug. 07, 2024 | May 09, 2024 | |||||||||||||
Long-Term Debt, Term | 60 days | 30 days | |||||||||||||
3 Hudson Boulevard [Member] | Unconsolidated Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 25.00% | ||||||||||||||
Debt | $ 80,000 | ||||||||||||||
Long Term Debt, Including Accrued Interest | $ 112,800 | $ 112,800 | |||||||||||||
3 Hudson Boulevard [Member] | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.61% | ||||||||||||||
7750 Wisconsin Avenue [Member] | Extended Maturity | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt Instrument, Maturity Date | Apr. 26, 2025 | ||||||||||||||
7750 Wisconsin Avenue [Member] | Unconsolidated Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
Net Rentable Area (in sf) | ft² | 736,000 | ||||||||||||||
Construction Loan | $ 252,600 | ||||||||||||||
Long-Term Debt | $ 251,600 | ||||||||||||||
7750 Wisconsin Avenue [Member] | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | ||||||||||||||
901 New York Avenue | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Net Rentable Area (in sf) | ft² | 524,000 | ||||||||||||||
Payments to Acquire Investments | $ 10,000 | ||||||||||||||
Gain (loss) on sale / consolidation | $ 21,800 | ||||||||||||||
901 New York Avenue | Joint Venture Partner [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
901 New York Avenue | Mortgages [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt | $ 207,100 | ||||||||||||||
Number of extensions | 2 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.61% | ||||||||||||||
Debt Instrument, Maturity Date | Jan. 05, 2025 | ||||||||||||||
901 New York Avenue | Unconsolidated Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Gain (loss) on sale / consolidation | $ 21,800 | ||||||||||||||
901 New York Avenue | Unconsolidated Properties | 901 New York Avenue LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
901 New York Avenue | Unconsolidated Properties | 901 New York Avenue LLC [Member] | Joint Venture Partner [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||
|
Mortgage Notes Payable, Net (Details) - 901 New York Avenue $ in Thousands |
Jan. 11, 2024 |
Jan. 08, 2024
USD ($)
ft²
|
---|---|---|
Debt Instrument [Line Items] | ||
Net Rentable Area (in sf) | ft² | 524,000 | |
Joint Venture Partner [Member] | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 50.00% | |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 207,100 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.61% | |
Long-Term Debt, Fair Value | $ 198,700 | |
Debt Instrument, Maturity Date | Jan. 05, 2025 | |
Number of extensions | 2 | |
Long Term Debt, Renewal Term | 5 |
Schedule of Unsecured Senior Notes (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
||||
---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||
Senior Notes | $ 9,797,220 | $ 10,491,617 | ||||
Boston Properties Limited Partnership | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | 9,797,220 | $ 10,491,617 | ||||
Boston Properties Limited Partnership | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt | 9,850,000 | |||||
Debt Instrument, Unamortized Discount | 11,934 | |||||
Debt Issuance Costs, Net | $ 40,846 | |||||
Boston Properties Limited Partnership | Senior Notes | 3.350% unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.35% | ||||
Debt | $ 850,000 | |||||
Long-term Debt, Maturity Date | [2] | Jan. 15, 2025 | ||||
Boston Properties Limited Partnership | Senior Notes | 3.766% unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.766% | ||||
Debt | $ 1,000,000 | |||||
Long-term Debt, Maturity Date | [2] | Feb. 01, 2026 | ||||
Boston Properties Limited Partnership | Senior Notes | 3.495% unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.495% | ||||
Debt | $ 1,000,000 | |||||
Long-term Debt, Maturity Date | [2] | Oct. 01, 2026 | ||||
Boston Properties Limited Partnership | Senior Notes | 6.924% unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 6.924% | ||||
Debt | $ 750,000 | |||||
Long-term Debt, Maturity Date | [2] | Dec. 01, 2027 | ||||
Boston Properties Limited Partnership | Senior Notes | 4.628% unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 4.628% | ||||
Debt | $ 1,000,000 | |||||
Long-term Debt, Maturity Date | [2] | Dec. 01, 2028 | ||||
Boston Properties Limited Partnership | Senior Notes | 3.505% unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.505% | ||||
Debt | $ 850,000 | |||||
Long-term Debt, Maturity Date | [2] | Jun. 21, 2029 | ||||
Boston Properties Limited Partnership | Senior Notes | 2.984% unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 2.984% | ||||
Debt | $ 700,000 | |||||
Long-term Debt, Maturity Date | [2] | Mar. 15, 2030 | ||||
Boston Properties Limited Partnership | Senior Notes | 3.343 % unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.343% | ||||
Debt | $ 1,250,000 | |||||
Long-term Debt, Maturity Date | [2] | Jan. 30, 2031 | ||||
Boston Properties Limited Partnership | Senior Notes | 2.671% unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.55% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 2.671% | ||||
Debt | $ 850,000 | |||||
Long-term Debt, Maturity Date | [2] | Apr. 01, 2032 | ||||
Boston Properties Limited Partnership | Senior Notes | 2.524% unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.45% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 2.524% | ||||
Debt | $ 850,000 | |||||
Long-term Debt, Maturity Date | [2] | Oct. 01, 2033 | ||||
Boston Properties Limited Partnership | Senior Notes | 6.619% unsecured senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 6.619% | ||||
Debt | $ 750,000 | |||||
Long-term Debt, Maturity Date | [2] | Jan. 15, 2034 | ||||
|
Unsecured Senior Notes (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Feb. 01, 2024 |
Oct. 26, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Debt Instrument [Line Items] | ||||
Proceeds from Secured Notes Payable | $ 600,000 | |||
Repayments of Unsecured Debt | $ 700,000 | $ 0 | ||
Boston Properties Limited Partnership | ||||
Debt Instrument [Line Items] | ||||
Repayments of Unsecured Debt | 700,000 | $ 0 | ||
Senior Notes | Boston Properties Limited Partnership | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 9,850,000 | |||
3.916% unsecured senior notes | Senior Notes | Boston Properties Limited Partnership | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 700,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | |||
Repayments of Unsecured Debt | $ 713,300 | |||
Debt Instrument, Increase, Accrued Interest | $ 13,300 |
Unsecured Credit Facility (Details) - USD ($) $ in Thousands |
Jun. 15, 2021 |
Jun. 30, 2024 |
Apr. 29, 2024 |
Apr. 17, 2024 |
Dec. 31, 2023 |
Sep. 28, 2023 |
---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Expiration Date | Jun. 15, 2026 | |||||
Long-term Line of Credit | $ 0 | $ 0 | ||||
Commercial Paper | ||||||
Line of Credit Facility [Line Items] | ||||||
Commercial Paper, Maximum Borrowing Capacity | $ 500,000 | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | $ 2,000,000 | $ 1,815,000 | |||
Line of Credit, Additional Borrowing Capacity | $ 500,000 | |||||
Long-term Line of Credit | $ 0 |
Unsecured Term Loan (Details) $ in Thousands |
6 Months Ended | |||||
---|---|---|---|---|---|---|
May 16, 2024 |
Apr. 29, 2024
USD ($)
|
Jan. 04, 2023
USD ($)
mo
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Debt Instrument [Line Items] | ||||||
Repayments of Unsecured Debt | $ 700,000 | $ 0 | ||||
Unsecured term loan, net | 698,776 | $ 1,198,301 | ||||
Borrowings on unsecured term loan | 0 | 1,200,000 | ||||
Repayment of unsecured term loan | 500,000 | $ 730,000 | ||||
2023 Unsecured Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit, Additional Borrowing Capacity | $ 300,000 | |||||
Number of extensions | 1 | |||||
Extension Option (in months) | mo | 12 | |||||
Unsecured term loan, net | $ 700,000 | |||||
Borrowings on unsecured term loan | $ 1,200,000 | |||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 1,200,000 | |||||
Repayment of unsecured term loan | $ 500,000 | |||||
2023 Unsecured Term Loan | Extended Maturity | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date | May 16, 2025 | May 16, 2024 | ||||
2023 Unsecured Term Loan | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of Additional Term Loans | 1 |
Unsecured Commercial Paper Program (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Apr. 17, 2024 |
Dec. 31, 2023 |
---|---|---|---|
Short-Term Debt [Line Items] | |||
Unsecured commercial paper | $ 500,000 | $ 0 | |
Commercial Paper | |||
Short-Term Debt [Line Items] | |||
Commercial Paper, Maximum Borrowing Capacity | $ 500,000 | ||
Unsecured commercial paper | $ 500,000 | ||
Debt, Weighted Average Interest Rate | 5.60% | ||
Commercial Paper | Weighted Average [Member] | |||
Short-Term Debt [Line Items] | |||
Debt Instrument, Term | 49 days | ||
Commercial Paper | Maximum [Member] | |||
Short-Term Debt [Line Items] | |||
Debt Instrument, Term | 1 year |
Derivative Instruments and Hedging Activities (Details) - Interest Rate Swap - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 900,000 | |
Fair Value Hedge Assets | $ 12,070 | $ 1,976 |
325 Main Street, 355 Main Street, 90 Broadway and Kendall Center Green Garage Properties [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type | Interest Rate Swaps | |
Derivative, Notional Amount | $ 600,000 | |
Derivative, Maturity Date | Oct. 26, 2028 | |
Fair Value Hedge Assets | $ 6,768 | |
Santa Monica Business Park [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type | Interest Rate Swaps | |
Derivative, Notional Amount | $ 300,000 | |
Derivative, Maturity Date | Apr. 01, 2025 | |
Fair Value Hedge Assets | $ 5,302 | |
Minimum [Member] | 325 Main Street, 355 Main Street, 90 Broadway and Kendall Center Green Garage Properties [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 3.79% | |
Minimum [Member] | Santa Monica Business Park [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 2.661% | |
Maximum [Member] | 325 Main Street, 355 Main Street, 90 Broadway and Kendall Center Green Garage Properties [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 3.798% | |
Maximum [Member] | Santa Monica Business Park [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 2.688% |
Derivative Instruments and Hedging Activities Gain (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain (loss) related to the effective portion recognized in other comprehensive income | [1] | $ 936 | $ 14,965 | $ 17,287 | $ 8,427 | |||
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings | [2] | 3,081 | 1,674 | 6,441 | 3,349 | |||
Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing | $ 0 | $ 0 | $ 0 | $ 0 | ||||
|
Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Derivative [Line Items] | |||
Gain (Loss) from interest rate contracts | $ 0 | $ 0 | |
Interest Rate Cap | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 600,000 | ||
Derivative, Number of Instruments Held | 2 |
Commitments And Contingencies (Details) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2024
USD ($)
ft²
Real_Estate_Properties
|
Dec. 31, 2023
USD ($)
|
Oct. 02, 2023
USD ($)
ft²
|
Jan. 05, 2023
ft²
|
|
Commitments And Contingencies [Line Items] | ||||
Letter of credit and performance obligations | $ 21,500 | |||
Note receivable, net | 3,155 | $ 1,714 | ||
Accrued Liabilities | 1,500 | |||
Loss Contingency, Portion Not Accrued | 31,000 | |||
Property insurance program per occurrence limits | 1,000,000 | |||
Per occurrence limit for NBCR Coverage | 1,000,000 | |||
Value of program trigger | $ 200,000 | |||
Coinsurance of program trigger | 20.00% | |||
Program trigger deductible | 20.00% | |||
Per occurrence limit of the earthquake insurance which covers San Francisco and Los Angeles regions | $ 330,000 | |||
Annual aggregate limit of the earthquake insurance which covers San Francisco and Los Angeles regions | 330,000 | |||
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco and Los Angeles | $ 30,000 | |||
Deductible in insurance as a percentage of the value of the affected property, San Francisco and Los Angeles | 5.00% | |||
Per Occurrence Limit of Earthquake Insurance Seattle | $ 110,000 | |||
Annual Aggregate Limit of Earthquake Insurance Seattle | $ 110,000 | |||
Earthquake Deductible Insurance Percentage of Value of the Affected Property Seattle | 2.00% | |||
Construction in Progress | ||||
Commitments And Contingencies [Line Items] | ||||
Net Rentable Area (in sf) | ft² | 3,100,000 | |||
Number of real estate properties | Real_Estate_Properties | 10 | |||
Boston Properties Limited Partnership | ||||
Commitments And Contingencies [Line Items] | ||||
Note receivable, net | $ 3,155 | $ 1,714 | ||
Operating partnership guarantee to cover liabilities of IXP | 20,000 | |||
767 Venture, LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Maximum funding obligation | 8,500 | |||
Property insurance program per occurrence limits | 1,625,000 | |||
Metropolitan Square | ||||
Commitments And Contingencies [Line Items] | ||||
Ownership Percentage | 20.00% | |||
Net Rentable Area (in sf) | ft² | 657,000 | |||
Metropolitan Square | Affiliated Entity | ||||
Commitments And Contingencies [Line Items] | ||||
Note receivable, net | 3,100 | |||
Metropolitan Square | Subordinated Debt | ||||
Commitments And Contingencies [Line Items] | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 100,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||
Metropolitan Square | Scenario, Plan | Subordinated Debt | Affiliated Entity | ||||
Commitments And Contingencies [Line Items] | ||||
Loans and Leases Receivable, Loans in Process | $ 20,000 | |||
601 Lexington Avenue | ||||
Commitments And Contingencies [Line Items] | ||||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP | 1,350,000 | |||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Property and Terrorism | 750,000 | |||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Terrorism | 600,000 | |||
Sum of Coverage Covered by IXP and Excess Coverage for Property and Terrorism | $ 1,750,000 | |||
Office and Life Sciences Building [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of real estate properties | Real_Estate_Properties | 164 | |||
Office and Life Sciences Building [Member] | Construction in Progress | ||||
Commitments And Contingencies [Line Items] | ||||
Number of real estate properties | Real_Estate_Properties | 7 | |||
Office and Life Sciences Building [Member] | 290 Binney | Construction in Progress | ||||
Commitments And Contingencies [Line Items] | ||||
Net Rentable Area (in sf) | ft² | 573,000 | 573,000 | ||
Consolidated Entities, Ownership Percentage | 55.00% | |||
Leased percentage | 100.00% | 100.00% | ||
Office and Life Sciences Building [Member] | 250 Binney Street | ||||
Commitments And Contingencies [Line Items] | ||||
Net Rentable Area (in sf) | ft² | 67,000 |
Schedule of Noncontrolling Interests (Details) - Boston Properties Limited Partnership |
Jun. 30, 2024
shares
|
|||
---|---|---|---|---|
OP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 16,454,712 | |||
LTIP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 2,681,580 | [1] | ||
MYLTIP 2022 | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 252,151 | |||
MYLTIP 2023 | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 322,053 | |||
MYLTIP 2024 | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 330,479 | |||
2012 OPP and 2013-2021 MYLTIP [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 666,405 | |||
|
(Common Units) (Narrative) (Details) $ / shares in Units, $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Feb. 01, 2024
USD ($)
shares
|
Jun. 30, 2024
USD ($)
yr
shares
|
Jun. 28, 2024
$ / shares
|
Dec. 31, 2023
USD ($)
|
|
Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ | $ 1,230,848 | $ 1,347,575 | ||
MYLTIP | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Vesting Period | 3 years | |||
Unvested MYLTIP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
unvested MYLTIP distributions as compared to total distributions (percentage) | 10.00% | |||
MYLTIP 2021 | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Final awards percentage of target | 112.00% | |||
Value of MYLTIP Awards | $ | $ 12,600 | |||
Forfeitures, in units | 155,625 | |||
OP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
OP Units for redemption (in shares) | 76,906 | |||
Restriction on redemption of OP Unit to Common Stock (in years) | yr | 1 | |||
Redemption of OP Unit equivalent to Common Stock (in shares) | 1 | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ | $ 1,200,000 | |||
Closing price of common stock (in dollars per share) | $ / shares | $ 61.56 | |||
Vested 2012 OPP units and MYLTIPS | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
OP Units for redemption (in shares) | 56,489 |
Noncontrolling Interests Common Units Distributions (Details) - $ / shares |
Apr. 30, 2024 |
Jan. 30, 2024 |
Jul. 31, 2023 |
Apr. 28, 2023 |
Jan. 30, 2023 |
Jun. 12, 2024 |
---|---|---|---|---|---|---|
Dividends Payable [Line Items] | ||||||
Distributions Payable, Amount Per Unit | $ 0.98 | |||||
Dividends, Per Unit, Cash Paid | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | |
Boston Properties Limited Partnership | ||||||
Dividends Payable [Line Items] | ||||||
Distributions Payable, Amount Per Unit | 0.98 | |||||
Dividends, Per Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Op units and LTIP units | ||||||
Dividends Payable [Line Items] | ||||||
Distributions Payable, Amount Per Unit | 0.98 | |||||
Dividends, Per Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Unvested MYLTIP Units [Member] | ||||||
Dividends Payable [Line Items] | ||||||
Distributions Payable, Amount Per Unit | $ 0.098 | |||||
Dividends, Per Unit, Cash Paid | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 |
Noncontrolling Interests (Property Partnerships) (Narrative) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 21, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
ft²
|
Jun. 30, 2024
USD ($)
ft²
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jan. 05, 2023
ft²
|
|
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest in Limited Partnerships | $ 1,801,676 | $ 1,801,676 | $ 1,640,704 | |||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | $ 67,481 | $ 210,423 | $ 7,555 | |||
Construction in Progress | ||||||
Noncontrolling Interest [Line Items] | ||||||
Net Rentable Area (in sf) | ft² | 3,100,000 | 3,100,000 | ||||
290 Binney | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | |||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | $ 97,200 | |||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 104,600 | $ (15,700) | $ 35,000 | |||
Difference Between Proceeds from Sale and Noncontrolling Interest | $ 7,500 | |||||
Percent of Carrying Value of Real Estate, Gross | 45.00% | |||||
290 Binney | Construction in Progress | Office and Life Sciences Building [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Net Rentable Area (in sf) | ft² | 573,000 | 573,000 | 573,000 | |||
Leased percentage | 100.00% | 100.00% | 100.00% | |||
290 Binney | Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 55.00% |
Stockholders' Equity / Partners' Capital Narrative (Details) $ in Millions |
6 Months Ended | |||
---|---|---|---|---|
May 17, 2023
USD ($)
yr
|
Jun. 30, 2024
shares
|
Dec. 31, 2023
shares
|
May 22, 2020
USD ($)
|
|
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 157,097,841 | 156,940,866 | ||
General Partners' Capital Account, Units Outstanding (in units) | 1,762,341 | |||
Limited Partners' Capital Account, Units Outstanding (in units) | 155,335,500 | |||
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares) | 76,906 | |||
Common stock, shares issued | 157,176,741 | 157,019,766 | ||
ATM Program [Member] | ||||
Class of Stock [Line Items] | ||||
At The Market Stock Offering Program Aggregate Value Of Common Stock | $ | $ 600.0 | $ 600.0 | ||
At Market Stock Offering Program Maximum Length Of Sale (in years) | yr | 3 | |||
Common stock, shares issued | 0 |
Stockholders' Equity / Partners' Capital Dividends / Distributions (Details) - $ / shares |
Apr. 30, 2024 |
Jan. 30, 2024 |
Jul. 31, 2023 |
Apr. 28, 2023 |
Jan. 30, 2023 |
Jun. 12, 2024 |
---|---|---|---|---|---|---|
Dividends / Distributions [Line Items] | ||||||
Dividends Payable, Amount Per Share / Unit | $ 0.98 | |||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | |
Boston Properties Limited Partnership | ||||||
Dividends / Distributions [Line Items] | ||||||
Dividends Payable, Amount Per Share / Unit | 0.98 | |||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Op units and LTIP units | ||||||
Dividends / Distributions [Line Items] | ||||||
Dividends Payable, Amount Per Share / Unit | 0.98 | |||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Unvested MYLTIP Units [Member] | ||||||
Dividends / Distributions [Line Items] | ||||||
Dividends Payable, Amount Per Share / Unit | $ 0.098 | |||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 |
Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company | $ 79,615 | $ 104,299 | $ 159,498 | $ 182,215 |
Noncontrolling interest-common units of the Operating Partnership | (9,509) | (12,117) | (19,009) | (21,169) |
Noncontrolling interest in property partnerships | (17,825) | (19,768) | (35,046) | (38,428) |
Interest expense | (149,642) | (142,473) | (311,533) | (276,680) |
Gain (Loss) from interest rate contracts | 0 | 0 | ||
Company's share of net operating income from joint ventures | (508,717) | (503,489) | (1,017,537) | (994,495) |
Income (loss) from unconsolidated joint ventures | 5,799 | 6,668 | (13,387) | 14,237 |
Depreciation and amortization expense | (219,542) | (202,577) | (438,258) | (411,311) |
Transaction costs | (189) | (308) | (702) | (1,219) |
General and administrative expense | (44,109) | (44,175) | (94,127) | (99,977) |
Unrealized gain on non-real estate investments | (58) | (124) | (454) | (383) |
Gains from investments in securities | (315) | (1,571) | (2,587) | (3,236) |
Interest and other income (loss) | (10,788) | (17,343) | (25,317) | (28,284) |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company | 79,615 | 104,299 | 159,498 | 182,215 |
Noncontrolling interest-common units of the Operating Partnership | 9,509 | 12,117 | 19,009 | 21,169 |
Noncontrolling interest in property partnerships | 17,825 | 19,768 | 35,046 | 38,428 |
Interest expense | 149,642 | 142,473 | 311,533 | 276,680 |
Impairment loss | 0 | 0 | 13,615 | 0 |
Income (loss) from unconsolidated joint ventures | (5,799) | (6,668) | 13,387 | (14,237) |
Depreciation and amortization expense | 219,542 | 202,577 | 438,258 | 411,311 |
Transaction costs | 189 | 308 | 702 | 1,219 |
Operating expense | 4,148 | 4,609 | 8,441 | 9,844 |
General and administrative expense | 44,109 | 44,175 | 94,127 | 99,977 |
Unrealized gain on non-real estate investments | 58 | 124 | 454 | 383 |
Gains from investments in securities | 315 | 1,571 | 2,587 | 3,236 |
Interest and other income (loss) | 10,788 | 17,343 | 25,317 | 28,284 |
Other revenue | 4,148 | 4,609 | 8,441 | 9,844 |
Company's share of Net Operating Income | 492,913 | 497,785 | 990,593 | 982,450 |
Boston Properties Limited Partnership | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company | 90,827 | 118,098 | 181,907 | 206,928 |
Noncontrolling interest in property partnerships | (17,825) | (19,768) | (35,046) | (38,428) |
Interest expense | (149,642) | (142,473) | (311,533) | (276,680) |
Income (loss) from unconsolidated joint ventures | 5,799 | 6,668 | (13,387) | 14,237 |
Depreciation and amortization expense | (217,839) | (200,895) | (434,858) | (407,767) |
Transaction costs | (189) | (308) | (702) | (1,219) |
General and administrative expense | (44,109) | (44,175) | (94,127) | (99,977) |
Unrealized gain on non-real estate investments | (58) | (124) | (454) | (383) |
Gains from investments in securities | (315) | (1,571) | (2,587) | (3,236) |
Interest and other income (loss) | (10,788) | (17,343) | (25,317) | (28,284) |
Boston Properties Limited Partnership | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company | 90,827 | 118,098 | 181,907 | 206,928 |
Noncontrolling interest in property partnerships | 17,825 | 19,768 | 35,046 | 38,428 |
Interest expense | 149,642 | 142,473 | 311,533 | 276,680 |
Impairment loss | 0 | 0 | 13,615 | 0 |
Income (loss) from unconsolidated joint ventures | (5,799) | (6,668) | 13,387 | (14,237) |
Depreciation and amortization expense | 217,839 | 200,895 | 434,858 | 407,767 |
Transaction costs | 189 | 308 | 702 | 1,219 |
Operating expense | 4,148 | 4,609 | 8,441 | 9,844 |
General and administrative expense | 44,109 | 44,175 | 94,127 | 99,977 |
Unrealized gain on non-real estate investments | 58 | 124 | 454 | 383 |
Gains from investments in securities | 315 | 1,571 | 2,587 | 3,236 |
Interest and other income (loss) | 10,788 | 17,343 | 25,317 | 28,284 |
Other revenue | 4,148 | 4,609 | 8,441 | 9,844 |
Company's share of Net Operating Income | 492,913 | 497,785 | 990,593 | 982,450 |
Unconsolidated Joint Ventures [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Interest expense | (43,299) | (58,799) | (86,862) | (116,049) |
Losses from early extinguishment of debt | 0 | 3 | 0 | 3 |
Company's share of net operating income from joint ventures | (31,587) | (42,254) | (67,017) | (83,010) |
Income (loss) from unconsolidated joint ventures | 5,799 | 6,668 | (13,387) | 14,237 |
Depreciation and amortization expense | (38,396) | (51,233) | (77,819) | (101,211) |
Transaction costs | (5) | (27) | (8) | (101) |
Unconsolidated Joint Ventures [Member] | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | 31,587 | 42,254 | ||
Management Service [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | (6,352) | (9,858) | (12,506) | (18,838) |
Management Service [Member] | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | 6,352 | 9,858 | 12,506 | 18,838 |
Management Service [Member] | Boston Properties Limited Partnership | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | (6,352) | (9,858) | (12,506) | (18,838) |
Management Service [Member] | Boston Properties Limited Partnership | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | 6,352 | 9,858 | 12,506 | 18,838 |
Noncontrolling interest - property partnerships [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | 47,391 | 47,958 | 93,961 | 95,055 |
Noncontrolling interest - property partnerships [Member] | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | 47,391 | 47,958 | 93,961 | 95,055 |
Noncontrolling interest - property partnerships [Member] | Boston Properties Limited Partnership | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | $ 47,391 | $ 47,958 | $ 93,961 | $ 95,055 |
Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Rental Revenue: Class A Office | $ 812,944 | [1] | $ 776,464 | [1] | $ 1,621,066 | [2] | $ 1,545,622 | [2] | ||||
Rental Revenue: Residential | 12,226 | [1] | 12,253 | [1] | 24,910 | [2] | 23,979 | [2] | ||||
Rental Revenue Total | $ 839,982 | [1] | $ 802,686 | [1] | $ 1,668,974 | [2] | $ 1,591,671 | [2] | ||||
Rental Revenue: % of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||
Rental Expenses: Class A Office | $ 315,687 | $ 285,253 | $ 624,158 | $ 571,098 | ||||||||
Rental Expenses: Residential | 5,739 | 5,783 | 11,425 | 11,246 | ||||||||
Rental Expenses: Total | $ 331,265 | $ 299,197 | $ 651,437 | $ 597,176 | ||||||||
Rental Expenses: % Of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||
Net Operating Income | $ 508,717 | $ 503,489 | $ 1,017,537 | $ 994,495 | ||||||||
Net Operating Income: % of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||
Company's Share of Net Operating Income: % of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||
Boston [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Rental Revenue: Class A Office | $ 285,352 | [1] | $ 269,464 | [1] | $ 565,818 | [2] | $ 539,415 | [2] | ||||
Rental Revenue: Residential | 4,272 | [1] | 4,124 | [1] | 8,468 | [2] | 8,173 | [2] | ||||
Rental Revenue Total | $ 304,436 | [1] | $ 287,557 | [1] | $ 597,284 | [2] | $ 569,658 | [2] | ||||
Rental Revenue: % of Grand Totals | 36.25% | 35.83% | 35.80% | 35.79% | ||||||||
Rental Expenses: Class A Office | $ 108,908 | $ 95,597 | $ 214,079 | $ 195,646 | ||||||||
Rental Expenses: Residential | 1,543 | 1,601 | 3,136 | 3,153 | ||||||||
Rental Expenses: Total | $ 120,290 | $ 105,359 | $ 233,069 | $ 213,631 | ||||||||
Rental Expenses: % Of Grand Totals | 36.31% | 35.21% | 35.77% | 35.78% | ||||||||
Net Operating Income | $ 184,146 | $ 182,198 | $ 364,215 | $ 356,027 | ||||||||
Net Operating Income: % of Grand Totals | 36.20% | 36.19% | 35.80% | 35.80% | ||||||||
Company's Share of Net Operating Income: % of Grand Totals | 36.91% | 36.08% | 36.31% | 35.75% | ||||||||
Los Angeles [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Rental Revenue: Class A Office | $ 18,472 | [1] | $ 0 | [1] | $ 38,873 | [2] | $ 0 | [2] | ||||
Rental Revenue: Residential | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
Rental Revenue Total | $ 18,472 | [1] | $ 0 | [1] | $ 38,873 | [2] | $ 0 | [2] | ||||
Rental Revenue: % of Grand Totals | 2.20% | 0.00% | 2.33% | 0.00% | ||||||||
Rental Expenses: Class A Office | $ 6,767 | $ 0 | $ 13,334 | $ 0 | ||||||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||||||
Rental Expenses: Total | $ 6,767 | $ 0 | $ 13,334 | $ 0 | ||||||||
Rental Expenses: % Of Grand Totals | 2.04% | 0.00% | 2.05% | 0.00% | ||||||||
Net Operating Income | $ 11,705 | $ 0 | $ 25,539 | $ 0 | ||||||||
Net Operating Income: % of Grand Totals | 2.30% | 0.00% | 2.51% | 0.00% | ||||||||
Company's Share of Net Operating Income: % of Grand Totals | 3.80% | 2.56% | 4.02% | 2.65% | ||||||||
New York [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Rental Revenue: Class A Office | $ 261,805 | [1] | $ 262,979 | [1] | $ 522,614 | [2] | $ 521,171 | [2] | ||||
Rental Revenue: Residential | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
Rental Revenue Total | $ 261,805 | [1] | $ 262,979 | [1] | $ 522,614 | [2] | $ 521,171 | [2] | ||||
Rental Revenue: % of Grand Totals | 31.17% | 32.76% | 31.31% | 32.74% | ||||||||
Rental Expenses: Class A Office | $ 108,476 | $ 102,948 | $ 215,957 | $ 205,433 | ||||||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||||||
Rental Expenses: Total | $ 108,476 | $ 102,948 | $ 215,957 | $ 205,433 | ||||||||
Rental Expenses: % Of Grand Totals | 32.75% | 34.41% | 33.15% | 34.40% | ||||||||
Net Operating Income | $ 153,329 | $ 160,031 | $ 306,657 | $ 315,738 | ||||||||
Net Operating Income: % of Grand Totals | 30.14% | 31.78% | 30.14% | 31.75% | ||||||||
Company's Share of Net Operating Income: % of Grand Totals | 24.35% | 25.47% | 24.61% | 25.43% | ||||||||
San Francisco [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Rental Revenue: Class A Office | $ 131,709 | [1] | $ 136,241 | [1] | $ 264,323 | [2] | $ 272,334 | [2] | ||||
Rental Revenue: Residential | 3,318 | [1] | 3,864 | [1] | 7,276 | [2] | 7,506 | [2] | ||||
Rental Revenue Total | $ 135,027 | [1] | $ 140,105 | [1] | $ 271,599 | [2] | $ 279,840 | [2] | ||||
Rental Revenue: % of Grand Totals | 16.07% | 17.45% | 16.27% | 17.58% | ||||||||
Rental Expenses: Class A Office | $ 48,668 | $ 48,197 | $ 95,610 | $ 94,282 | ||||||||
Rental Expenses: Residential | 2,169 | 2,215 | 4,387 | 4,388 | ||||||||
Rental Expenses: Total | $ 50,837 | $ 50,412 | $ 99,997 | $ 98,670 | ||||||||
Rental Expenses: % Of Grand Totals | 15.35% | 16.85% | 15.35% | 16.52% | ||||||||
Net Operating Income | $ 84,190 | $ 89,693 | $ 171,602 | $ 181,170 | ||||||||
Net Operating Income: % of Grand Totals | 16.55% | 17.81% | 16.86% | 18.22% | ||||||||
Company's Share of Net Operating Income: % of Grand Totals | 17.97% | 18.69% | 18.29% | 19.13% | ||||||||
Seattle | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Rental Revenue: Class A Office | $ 10,520 | [1] | $ 17,060 | [1] | $ 21,430 | [2] | $ 31,318 | [2] | ||||
Rental Revenue: Residential | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
Rental Revenue Total | $ 10,520 | [1] | $ 17,060 | [1] | $ 21,430 | [2] | $ 31,318 | [2] | ||||
Rental Revenue: % of Grand Totals | 1.25% | 2.13% | 1.28% | 1.97% | ||||||||
Rental Expenses: Class A Office | $ 3,290 | $ 3,082 | $ 6,371 | $ 6,042 | ||||||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||||||
Rental Expenses: Total | $ 3,290 | $ 3,082 | $ 6,371 | $ 6,042 | ||||||||
Rental Expenses: % Of Grand Totals | 0.99% | 1.03% | 0.98% | 1.01% | ||||||||
Net Operating Income | $ 7,230 | $ 13,978 | $ 15,059 | $ 25,276 | ||||||||
Net Operating Income: % of Grand Totals | 1.42% | 2.78% | 1.48% | 2.54% | ||||||||
Company's Share of Net Operating Income: % of Grand Totals | 1.86% | 3.19% | 1.91% | 2.95% | ||||||||
Washington, DC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Rental Revenue: Class A Office | $ 105,086 | [1] | $ 90,720 | [1] | $ 208,008 | [2] | $ 181,384 | [2] | ||||
Rental Revenue: Residential | 4,636 | [1] | 4,265 | [1] | 9,166 | [2] | 8,300 | [2] | ||||
Rental Revenue Total | $ 109,722 | [1] | $ 94,985 | [1] | $ 217,174 | [2] | $ 189,684 | [2] | ||||
Rental Revenue: % of Grand Totals | 13.06% | 11.83% | 13.01% | 11.92% | ||||||||
Rental Expenses: Class A Office | $ 39,578 | $ 35,429 | $ 78,807 | $ 69,695 | ||||||||
Rental Expenses: Residential | 2,027 | 1,967 | 3,902 | 3,705 | ||||||||
Rental Expenses: Total | $ 41,605 | $ 37,396 | $ 82,709 | $ 73,400 | ||||||||
Rental Expenses: % Of Grand Totals | 12.56% | 12.50% | 12.70% | 12.29% | ||||||||
Net Operating Income | $ 68,117 | $ 57,589 | $ 134,465 | $ 116,284 | ||||||||
Net Operating Income: % of Grand Totals | 13.39% | 11.44% | 13.21% | 11.69% | ||||||||
Company's Share of Net Operating Income: % of Grand Totals | 15.11% | 14.01% | 14.86% | 14.09% | ||||||||
Hotel [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Other revenue | $ 14,812 | [1] | $ 13,969 | [1] | $ 22,998 | [2] | $ 22,070 | [2] | ||||
Operating expense | 9,839 | 8,161 | 15,854 | 14,832 | ||||||||
Hotel [Member] | Boston [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Other revenue | 14,812 | [1] | 13,969 | [1] | 22,998 | [2] | 22,070 | [2] | ||||
Operating expense | 9,839 | 8,161 | 15,854 | 14,832 | ||||||||
Hotel [Member] | Los Angeles [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Other revenue | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
Operating expense | 0 | 0 | 0 | 0 | ||||||||
Hotel [Member] | New York [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Other revenue | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
Operating expense | 0 | 0 | 0 | 0 | ||||||||
Hotel [Member] | San Francisco [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Other revenue | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
Operating expense | 0 | 0 | 0 | 0 | ||||||||
Hotel [Member] | Seattle | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Other revenue | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
Operating expense | 0 | 0 | 0 | 0 | ||||||||
Hotel [Member] | Washington, DC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Other revenue | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
Operating expense | 0 | 0 | 0 | 0 | ||||||||
Noncontrolling interest - property partnerships [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | (47,391) | (47,958) | (93,961) | (95,055) | ||||||||
Noncontrolling interest - property partnerships [Member] | Boston [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | (10,924) | (11,343) | (21,980) | (22,160) | ||||||||
Noncontrolling interest - property partnerships [Member] | Los Angeles [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||||||
Noncontrolling interest - property partnerships [Member] | New York [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | (36,467) | (36,615) | (71,981) | (72,895) | ||||||||
Noncontrolling interest - property partnerships [Member] | San Francisco [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||||||
Noncontrolling interest - property partnerships [Member] | Seattle | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||||||
Noncontrolling interest - property partnerships [Member] | Washington, DC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 31,587 | 42,254 | 67,017 | 83,010 | ||||||||
Unconsolidated Joint Ventures [Member] | Boston [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 8,691 | 8,771 | 17,448 | 17,348 | ||||||||
Unconsolidated Joint Ventures [Member] | Los Angeles [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 7,035 | 12,768 | 14,283 | 25,993 | ||||||||
Unconsolidated Joint Ventures [Member] | New York [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 3,158 | 3,363 | 9,142 | 7,013 | ||||||||
Unconsolidated Joint Ventures [Member] | San Francisco [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 4,411 | 3,332 | 9,565 | 6,796 | ||||||||
Unconsolidated Joint Ventures [Member] | Seattle | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 1,938 | 1,878 | 3,814 | 3,724 | ||||||||
Unconsolidated Joint Ventures [Member] | Washington, DC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 6,354 | 12,142 | 12,765 | 22,136 | ||||||||
Company's Share [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 492,913 | 497,785 | 990,593 | 982,450 | ||||||||
Company's Share [Member] | Boston [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 181,913 | 179,626 | 359,683 | 351,215 | ||||||||
Company's Share [Member] | Los Angeles [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 18,740 | 12,768 | 39,822 | 25,993 | ||||||||
Company's Share [Member] | New York [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 120,020 | 126,779 | 243,818 | 249,856 | ||||||||
Company's Share [Member] | San Francisco [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 88,601 | 93,025 | 181,167 | 187,966 | ||||||||
Company's Share [Member] | Seattle | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | 9,168 | 15,856 | 18,873 | 29,000 | ||||||||
Company's Share [Member] | Washington, DC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Operating Income | $ 74,471 | $ 69,731 | $ 147,230 | $ 138,420 | ||||||||
|
Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Basic Earnings: | ||||
Net income attributable to the Company | $ 79,615 | $ 104,299 | $ 159,498 | $ 182,215 |
Net income (loss) attributable to the company (in shares / units) | 157,039,000 | 156,826,000 | 157,011,000 | 156,815,000 |
Net income (loss) attributable to the company (in dollars per share / unit) | $ 0.51 | $ 0.67 | $ 1.02 | $ 1.16 |
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 0.51 | $ 0.67 | $ 1.02 | $ 1.16 |
Effect of Dilutive Securities: | ||||
Stock Based Compensation | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 252,000 | 392,000 | 199,000 | 316,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ 0 | $ (0.01) | $ (0.01) | $ 0 |
Diluted Earnings: | ||||
Diluted Earnings: Net income attributable to the Company | $ 79,615 | $ 104,299 | $ 159,498 | $ 182,215 |
Diluted Earnings: Net income attributable to the Company (in shares / units) | 157,291,000 | 157,218,000 | 157,210,000 | 157,131,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.51 | $ 0.66 | $ 1.01 | $ 1.16 |
Boston Properties Limited Partnership | ||||
Redeemable Common Units | 18,369,000 | 17,922,000 | 18,321,000 | 17,878,000 |
Basic Earnings: | ||||
Net income attributable to the Company | $ 90,827 | $ 118,098 | $ 181,907 | $ 206,928 |
Net income (loss) attributable to the company (in shares / units) | 175,408,000 | 174,748,000 | 175,332,000 | 174,693,000 |
Net income (loss) attributable to the company (in dollars per share / unit) | $ 0.52 | $ 0.68 | $ 1.04 | $ 1.18 |
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 0.52 | $ 0.68 | $ 1.04 | $ 1.18 |
Effect of Dilutive Securities: | ||||
Stock Based Compensation | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 252,000 | 392,000 | 199,000 | 316,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ 0 | $ (0.01) | $ 0 | $ 0 |
Diluted Earnings: | ||||
Diluted Earnings: Net income attributable to the Company | $ 90,827 | $ 118,098 | $ 181,907 | $ 206,928 |
Diluted Earnings: Net income attributable to the Company (in shares / units) | 175,660,000 | 175,140,000 | 175,531,000 | 175,009,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.52 | $ 0.67 | $ 1.04 | $ 1.18 |
Stock Option and Incentive Plan Stock and Units (Narrative) (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2024
USD ($)
shares
|
Jan. 25, 2024
USD ($)
shares
|
Jun. 30, 2024
USD ($)
shares
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
shares
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued | 157,176,741 | 157,176,741 | 157,019,766 | ||||||
Stock based compensation expense | $ | $ 16,000 | $ 14,900 | $ 34,500 | $ 40,900 | |||||
Common Stock, Value, Issued | $ | $ 1,571 | $ 1,571 | $ 1,569 | ||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued | 83,316 | 83,316 | |||||||
LTIP Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Value Of LTIP Units Issued | $ | $ 26,600 | ||||||||
MYLTIP 2024 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Value of MYLTIP Awards | $ | $ 11,100 | ||||||||
MYLTIP 2021 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Final awards percentage of target | 112.00% | ||||||||
Value of MYLTIP Awards | $ | $ 12,600 | ||||||||
Forfeitures, in units | 155,625 | ||||||||
Unvested Restricted stock and LTIP Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Annual Installments for Vesting | 4 | ||||||||
Boston Properties Limited Partnership | LTIP Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares issued | 449,550 | ||||||||
Noncontrolling Interest, Outstanding | [1] | 2,681,580 | 2,681,580 | ||||||
Boston Properties Limited Partnership | MYLTIP 2024 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Noncontrolling Interest, Outstanding | 330,479 | 330,479 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The 2024 MYLTIP awards consists of three components. Two of the components, each weighted 40%, utilize BXP’s TSR over a three year measurement period as the performance metrics and the third component utilizes a leverage ratio as the performance metric. | ||||||||
Boston Properties Limited Partnership | MYLTIP 2024 | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance | 330,479 | ||||||||
Boston Properties Limited Partnership | MYLTIP 2024 | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance | 0 | ||||||||
Boston Properties Limited Partnership | MYLTIP 2024 | Target | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance | 165,240 | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee and director payment per share (in dollars per share) | $ / shares | $ 0.01 | ||||||||
Common Stock, Value, Issued | $ | $ 5,300 | $ 5,300 | |||||||
Ltips (including vested MYLTIPS) And Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation expenses | $ | 28,900 | 28,900 | |||||||
Unvested MYLTIP Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation expenses | $ | $ 100 | $ 100 | |||||||
Weighted-average period (years) | 2 years 8 months 12 days | ||||||||
LTIP and MYLTIP Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee and director payment per share (in dollars per share) | $ / shares | $ 0.25 | ||||||||
|
Subsequent Events (Details) $ in Thousands |
Jul. 22, 2024
USD ($)
|
Jul. 18, 2024
ft²
|
Jul. 17, 2024
USD ($)
|
Jul. 12, 2024
ft²
|
Jun. 30, 2024
ft²
Real_Estate_Properties
|
May 07, 2024
USD ($)
ft²
|
---|---|---|---|---|---|---|
Office Tower Developer LLC | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
PR II BXP Reston Gateway LLC | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 20.00% | |||||
Construction in Progress | ||||||
Subsequent Event [Line Items] | ||||||
Net Rentable Area (in sf) | ft² | 3,100,000 | |||||
Number of real estate properties | Real_Estate_Properties | 10 | |||||
Residential Building | ||||||
Subsequent Event [Line Items] | ||||||
Number of real estate properties | Real_Estate_Properties | 7 | |||||
Residential Building | Construction in Progress | ||||||
Subsequent Event [Line Items] | ||||||
Number of real estate properties | Real_Estate_Properties | 2 | |||||
Shady Grove Innovation District [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net Rentable Area (in sf) | ft² | 143,000 | |||||
Contractual Sales Price | $ | $ 24,800 | |||||
Number of real estate properties | 2 | |||||
Subsequent Event [Member] | Skymark | Residential Building | Construction in Progress | Unconsolidated Properties | PR II BXP Reston Gateway LLC | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 20.00% | |||||
Number of Units in Real Estate Property | 508 | |||||
Net Rentable Area (in sf) | ft² | 417,000 | |||||
Subsequent Event [Member] | Low Rise Property | ||||||
Subsequent Event [Line Items] | ||||||
Number of floors | 5 | |||||
Subsequent Event [Member] | Tower Property | ||||||
Subsequent Event [Line Items] | ||||||
Number of floors | 39 | |||||
Subsequent Event [Member] | 100 Causeway Street [Member] | Unconsolidated Properties | Office Tower Developer LLC | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Net Rentable Area (in sf) | ft² | 634,000 | |||||
Debt | $ | $ 333,600 | |||||
Subsequent Event [Member] | 100 Causeway Street [Member] | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Office Tower Developer LLC | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.48% | |||||
Subsequent Event [Member] | 100 Causeway Street [Member] | Extended Maturity | Unconsolidated Properties | Office Tower Developer LLC | ||||||
Subsequent Event [Line Items] | ||||||
Long-Term Debt, Term | 1 year | |||||
Debt Instrument, Maturity Date | Sep. 05, 2025 | |||||
Subsequent Event [Member] | 100 Causeway Street [Member] | Extended Maturity | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Office Tower Developer LLC | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.48% | |||||
Subsequent Event [Member] | Shady Grove Innovation District [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Contractual Sales Price | $ | $ 24,700 | |||||
Proceeds from Deposits on Real Estate Sales | $ | $ 2,500 |
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