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 |
Boston Properties, 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 | |||||||||||||||||
Boston Properties, Inc. |
Boston Properties, Inc. | Common Stock, par value $0.01 per share | |||||||
(Registrant) | (Class) | (Outstanding on August 2, 2021) |
Page | ||||||||
ITEM 1. | ||||||||
Boston Properties, Inc. | ||||||||
Boston Properties Limited Partnership | ||||||||
Boston Properties, 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. | ||||||||
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) | ||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
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 | ||||||||||||||
Less: accumulated depreciation (amounts related to VIEs of $( | ( | ( | ||||||||||||
Total real estate | ||||||||||||||
Cash and cash equivalents (amounts related to VIEs of $ | ||||||||||||||
Cash held in escrows | ||||||||||||||
Investments in securities | ||||||||||||||
Tenant and other receivables, net (amounts related to VIEs of $ | ||||||||||||||
Related party note receivable, net | ||||||||||||||
Notes 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 | ||||||||||||||
Lease liabilities - finance leases (amounts related to VIEs of $ | ||||||||||||||
Lease liabilities - operating leases | ||||||||||||||
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 | ||||||||||||||
Commitments and contingencies (See Note 9) | ||||||||||||||
Redeemable deferred stock units— |
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) | ||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
Equity: | ||||||||||||||
Stockholders’ equity attributable to Boston Properties, 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 Boston Properties, 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, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
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 | ( | ||||||||||||||||||||||
Gains on sales of real estate | |||||||||||||||||||||||
Interest and other income (loss) | |||||||||||||||||||||||
Gains (losses) from investments in securities | ( | ||||||||||||||||||||||
Losses from early extinguishment of debt | ( | ||||||||||||||||||||||
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 Boston Properties, Inc. | |||||||||||||||||||||||
Preferred dividends | ( | ( | ( | ||||||||||||||||||||
Preferred stock redemption charge | ( | ||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||||||||
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common and common equivalent shares outstanding |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Effective portion of interest rate contracts | ( | ( | ||||||||||||||||||||||||
Amortization of interest rate contracts (1) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive (income) loss attributable to noncontrolling interests | ( | ( | ( | |||||||||||||||||||||||
Comprehensive income attributable to Boston Properties, Inc. | $ | $ | $ | $ |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF EQUITY (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Preferred 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, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the year | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Equity, March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income (loss) for the period | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
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, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF EQUITY (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Preferred 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, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock redemption | — | — | ( | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock redemption charge | — | — | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Six months ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of right of use assets - operating leases | |||||||||||
Non-cash compensation expense | |||||||||||
Income from unconsolidated joint ventures | ( | ( | |||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | |||||||||||
(Gains) losses from investments in securities | ( | ||||||||||
Allowance for current expected credit losses | ( | ||||||||||
Non-cash portion of interest expense | |||||||||||
Settlement of accreted debt discount on redemption of unsecured senior notes | ( | ||||||||||
Losses from early extinguishments of debt | |||||||||||
Gains on sales of real estate | ( | ( | |||||||||
Change in assets and liabilities: | |||||||||||
Tenant and other receivables, net | |||||||||||
Notes receivable, net | ( | ( | |||||||||
Accrued rental income, net | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
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: | |||||||||||
Acquisitions of real estate | ( | ( | |||||||||
Construction in progress | ( | ( | |||||||||
Building and other capital improvements | ( | ( | |||||||||
Tenant improvements | ( | ( | |||||||||
Proceeds from sales of real estate | |||||||||||
Capital contributions to unconsolidated joint ventures | ( | ( | |||||||||
Capital distributions from unconsolidated joint ventures | |||||||||||
Issuance of notes receivable, net | ( | ||||||||||
Proceeds from sale of investment in unconsolidated joint venture | |||||||||||
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 | |||||||||||
Redemption of unsecured senior notes | ( | ||||||||||
Borrowings on unsecured line of credit | |||||||||||
Repayments of unsecured line of credit | ( |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Six months ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Repayment of unsecured term loan | ( | ||||||||||
Redemption of preferred stock | ( | ||||||||||
Payments on finance lease obligations | |||||||||||
Deferred financing costs | ( | ( | |||||||||
Debt prepayment and extinguishment costs | ( | ||||||||||
Net proceeds from equity transactions | |||||||||||
Dividends and distributions | ( | ( | |||||||||
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 | $ | 1,719,329 | $ | 691,886 | |||||||
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 | $ | 637,280 | $ | 1,991,655 | |||||||
Supplemental disclosures: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
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 | $ | $ | |||||||||
Accrued rental income, net deconsolidated | $ | $ | ( | ||||||||
Tenant leasing costs, net deconsolidated | $ | $ | ( | ||||||||
Building and other capital improvements, net deconsolidated | $ | $ | ( | ||||||||
Tenant improvements, net deconsolidated | $ | $ | ( | ||||||||
Investment in unconsolidated joint venture recorded upon deconsolidation | $ | $ | |||||||||
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, 2021 | December 31, 2020 | |||||||||||||
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 | ||||||||||||||
Less: accumulated depreciation (amounts related to VIEs of $( | ( | ( | ||||||||||||
Total real estate | ||||||||||||||
Cash and cash equivalents (amounts related to VIEs of $ | ||||||||||||||
Cash held in escrows | ||||||||||||||
Investments in securities | ||||||||||||||
Tenant and other receivables, net (amounts related to VIEs of $ | ||||||||||||||
Related party note receivable, net | ||||||||||||||
Notes 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 | ||||||||||||||
Lease liabilities - finance leases (amounts related to VIEs of $ | ||||||||||||||
Lease liabilities - operating leases | ||||||||||||||
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 | ||||||||||||||
Commitments and contingencies (See Note 9) | ||||||||||||||
Redeemable deferred stock units— |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts) | ||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
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, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
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 | ( | ||||||||||||||||||||||
Gains on sales of real estate | |||||||||||||||||||||||
Interest and other income (loss) | |||||||||||||||||||||||
Gains (losses) from investments in securities | ( | ||||||||||||||||||||||
Losses from early extinguishment of debt | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | |||||||||||||||||||||||
Preferred distributions | ( | ( | ( | ||||||||||||||||||||
Preferred unit redemption charge | ( | ||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | $ | $ | |||||||||||||||||||
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, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Effective portion of interest rate contracts | ( | ( | ||||||||||||||||||||||||
Amortization of interest rate contracts (1) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Comprehensive (income) loss 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) | Preferred Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Property Partnerships | Total Capital | Noncontrolling Interests - Redeemable Partnership Units | ||||||||||||||||||||||||||||||||||||||||
Equity, March 31, 2021 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
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, 2021 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Equity, March 31, 2020 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Allocated net income (loss) 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, 2020 | $ | $ | $ | ( | $ | $ | $ |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Capital | ||||||||||||||||||||||||||||||||||||||||||||||
General Partner | Limited Partner | Partners’ Capital (General and Limited Partners) | Preferred Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Property Partnerships | Total Capital | Noncontrolling Interests - Redeemable Partnership Units | ||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | ( | ( | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Preferred unit redemption | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Preferred unit redemption charge | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
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, 2021 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2019 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
— | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
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, 2020 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Six months ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of right of use assets - operating leases | |||||||||||
Non-cash compensation expense | |||||||||||
Income from unconsolidated joint ventures | ( | ( | |||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | |||||||||||
(Gains) losses from investments in securities | ( | ||||||||||
Allowance for current expected credit losses | ( | ||||||||||
Non-cash portion of interest expense | |||||||||||
Settlement of accreted debt discount on redemption of unsecured senior notes | ( | ||||||||||
Losses from early extinguishments of debt | |||||||||||
Gains on sales of real estate | ( | ( | |||||||||
Change in assets and liabilities: | |||||||||||
Tenant and other receivables, net | |||||||||||
Notes receivable, net | ( | ( | |||||||||
Accrued rental income, net | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
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: | |||||||||||
Acquisitions of real estate | ( | ( | |||||||||
Construction in progress | ( | ( | |||||||||
Building and other capital improvements | ( | ( | |||||||||
Tenant improvements | ( | ( | |||||||||
Proceeds from sales of real estate | |||||||||||
Capital contributions to unconsolidated joint ventures | ( | ( | |||||||||
Capital distributions from unconsolidated joint ventures | |||||||||||
Proceeds from sale of investment in unconsolidated joint venture | |||||||||||
Issuance of notes receivable, net | ( | ||||||||||
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 | |||||||||||
Redemption of unsecured senior notes | ( | ||||||||||
Borrowings on unsecured line of credit | |||||||||||
Repayments of unsecured line of credit | ( |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Six months ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Repayment of unsecured term loan | ( | ||||||||||
Redemption of preferred units | ( | ||||||||||
Payments on finance lease obligations | |||||||||||
Deferred financing costs | ( | ( | |||||||||
Debt prepayment and extinguishment costs | ( | ||||||||||
Net proceeds from equity transactions | |||||||||||
Distributions | ( | ( | |||||||||
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 | $ | 1,719,329 | $ | 691,886 | |||||||
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 | $ | 637,280 | $ | 1,991,655 | |||||||
Supplemental disclosures: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
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 | $ | $ | |||||||||
Accrued rental income, net deconsolidated | $ | $ | ( | ||||||||
Tenant leasing costs, net deconsolidated | $ | $ | ( | ||||||||
Building and other capital improvements, net deconsolidated | $ | $ | ( | ||||||||
Tenant improvements, net deconsolidated | $ | $ | ( | ||||||||
Investment in unconsolidated joint venture recorded upon deconsolidation | $ | $ | |||||||||
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 | ||||
Unsecured senior notes (1) | Level 1 | ||||
Related party note receivable | Level 3 | ||||
Notes receivable | Level 3 | ||||
Mortgage notes payable | Level 3 | ||||
Unsecured line of credit (2) | Level 3 |
Financial Instrument | Level | Range | Weighted Average | ||||||||
Related party note receivable | Level 3 | ||||||||||
Notes receivable | Level 3 | ||||||||||
Mortgage notes payable | Level 3 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
Related party note receivable, net | $ | $ | $ | $ | |||||||||||||||||||
Notes receivable, net | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Mortgage notes payable, net | $ | $ | $ | $ | |||||||||||||||||||
Unsecured senior notes, net | |||||||||||||||||||||||
Unsecured line of credit | |||||||||||||||||||||||
Unsecured term loan, net | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||
Land | $ | $ | ||||||||||||
Right of use assets - finance leases | ||||||||||||||
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, 2021 | December 31, 2020 | |||||||||||||
Land | $ | $ | ||||||||||||
Right of use assets - finance leases | ||||||||||||||
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 | $ | |||||||
Building and improvements | ||||||||
Tenant improvements | ||||||||
In-place lease intangibles | ||||||||
Below-market lease intangibles | ( | |||||||
Net assets acquired | $ |
Acquired In-Place Lease Intangibles | Acquired Below-Market Lease Intangibles | |||||||||||||
Period from June 2, 2021 through December 31, 2021 | $ | $ | ||||||||||||
2022 |
Operating | |||||
Period from May 19, 2021 through December 31, 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: Interest portion | ( | ||||
Present value of lease payments | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Lease Revenue | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Fixed contractual payments | $ | $ | $ | $ | ||||||||||||||||||||||
Variable lease payments | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Carrying Value of Investment (1) | ||||||||||||||||||||||||||
Entity | Properties | Nominal % Ownership | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Square 407 Limited Partnership | % | $ | ( | $ | ( | |||||||||||||||||||||
BP/CRF Metropolitan Square LLC | % | ( | ( | |||||||||||||||||||||||
901 New York, LLC | % | (2) | ( | ( | ||||||||||||||||||||||
WP Project Developer LLC | % | (3) | ||||||||||||||||||||||||
Annapolis Junction NFM LLC | % | (4) | N/A | |||||||||||||||||||||||
540 Madison Venture LLC | % | (5) | — | |||||||||||||||||||||||
500 North Capitol Venture LLC | % | ( | ( | |||||||||||||||||||||||
501 K Street LLC | % | (6) | ||||||||||||||||||||||||
Podium Developer LLC | % | |||||||||||||||||||||||||
Residential Tower Developer LLC | % | |||||||||||||||||||||||||
Hotel Tower Developer LLC | % | |||||||||||||||||||||||||
Office Tower Developer LLC | % | |||||||||||||||||||||||||
1265 Main Office JV LLC | % | |||||||||||||||||||||||||
BNY Tower Holdings LLC | % | |||||||||||||||||||||||||
BNYTA Amenity Operator LLC | % | |||||||||||||||||||||||||
CA-Colorado Center Limited Partnership | % | |||||||||||||||||||||||||
7750 Wisconsin Avenue LLC | % | |||||||||||||||||||||||||
BP-M 3HB Venture LLC | % | |||||||||||||||||||||||||
SMBP Venture LP | % | |||||||||||||||||||||||||
Platform 16 Holdings LP | % | (7) | ||||||||||||||||||||||||
Gateway Portfolio Holdings LLC | % | (8) | ||||||||||||||||||||||||
Rosecrans-Sepulveda Partners 4, LLC | % | |||||||||||||||||||||||||
$ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Real estate and development in process, net (1) | $ | $ | |||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | |||||||||||
Mortgage and notes payable, net | $ | $ | |||||||||
Other liabilities (2) | |||||||||||
Members’/Partners’ equity | |||||||||||
Total liabilities and members’/partners’ equity | $ | $ | |||||||||
Company’s share of equity | $ | $ | |||||||||
Basis differentials (3) | |||||||||||
Carrying value of the Company’s investments in unconsolidated joint ventures (4) | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
Property | (in thousands) | ||||||||||
Colorado Center | $ | $ | |||||||||
Gateway Commons | |||||||||||
Dock 72 | ( | ( |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Total revenue (1) | $ | $ | $ | $ | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating | |||||||||||||||||||||||
Transaction costs | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Gains on sales of real estate | — | ||||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Company’s share of net income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Gain on sale of investment (2) | |||||||||||||||||||||||
Basis differential (3) | ( | ( | ( | ||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | $ | ( | $ | $ | $ |
Coupon/Stated Rate | Effective Rate(1) | Principal Amount | Maturity Date(2) | ||||||||||||||||||||
11 Year Unsecured Senior Notes | % | % | $ | ||||||||||||||||||||
10.5 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
10.5 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
7 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
10 Year Unsecured Senior Notes | % | % | |||||||||||||||||||||
10 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 | % | % | |||||||||||||||||||||
Total principal | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||
Net unamortized discount | |||||||||||||||||||||||
Deferred financing costs, net | |||||||||||||||||||||||
Total | $ |
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||||||||||||
June 30, 2021 | July 30, 2021 | $ | $ | |||||||||||||||||
March 31, 2021 | April 30, 2021 | $ | $ | |||||||||||||||||
December 31, 2020 | January 28, 2021 | $ | $ |
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||||||||||||
June 30, 2020 | July 31, 2020 | $ | $ | |||||||||||||||||
March 31, 2020 | April 30, 2020 | $ | $ | |||||||||||||||||
December 31, 2019 | January 30, 2020 | $ | $ |
Record Date | Payment Date | Dividend (Per Share) | Distribution (Per Unit) | |||||||||||||||||
June 30, 2021 | July 30, 2021 | $ | $ | |||||||||||||||||
March 31, 2021 | April 30, 2021 | $ | $ | |||||||||||||||||
December 31, 2020 | January 28, 2021 | $ | $ | |||||||||||||||||
June 30, 2020 | July 31, 2020 | $ | $ | |||||||||||||||||
March 31, 2020 | April 30, 2020 | $ | $ | |||||||||||||||||
December 31, 2019 | January 30, 2020 | $ | $ |
Record Date | Payment Date | Dividend (Per Share) | ||||||||||||
February 5, 2021 | February 16, 2021 | $ | ||||||||||||
August 3, 2020 | August 17, 2020 | $ | ||||||||||||
May 1, 2020 | May 15, 2020 | $ | ||||||||||||
February 4, 2020 | February 18, 2020 | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Preferred stock redemption charge | ||||||||||||||||||||||||||
Preferred dividends | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | ( | |||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Losses from early extinguishment of debt | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | ( | |||||||||||||||||||||||||
Interest and other income (loss) | ||||||||||||||||||||||||||
Gains on sales of real estate | ||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | $ | $ | $ | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Preferred unit redemption charge | ||||||||||||||||||||||||||
Preferred distributions | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | ( | |||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Losses from early extinguishment of debt | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | ( | |||||||||||||||||||||||||
Interest and other income (loss) | ||||||||||||||||||||||||||
Gains on sales of real estate | ||||||||||||||||||||||||||
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 | Washington, DC | Total | ||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||
Office | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||
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 | Washington, DC | Total | ||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||
Office | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||
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 | Washington, DC | Total | ||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||
Office | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||
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 | Washington, DC | Total | ||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||
Office | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||
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, 2021 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | ( | ||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Allocation of undistributed earnings to participating securities | ( | ( | |||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ |
Six months ended June 30, 2021 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Allocation of undistributed earnings to participating securities | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Allocation of undistributed earnings to participating securities | ( | ||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | ( | ||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | $ | |||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||
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, 2020 | |||||||||||||||||
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 | $ | $ | |||||||||||||||
Allocation of undistributed earnings to participating securities | ( | ||||||||||||||||
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, 2021 | |||||||||||||||||
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, 2020 | |||||||||||||||||
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 | $ | $ | |||||||||||||||
Allocation of undistributed earnings to participating securities | ( | ( | |||||||||||||||
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, 2021 | Six months ended June 30, 2021 | |||||||||||||
Total Square Feet | Total Square Feet | |||||||||||||
Vacant space available at the beginning of the period | 5,131,799 | 4,517,385 | ||||||||||||
Property dispositions/properties taken out of service (1) | — | (104,613) | ||||||||||||
Properties placed (and partially placed) in-service (2) | 2,154 | 229,430 | ||||||||||||
Leases expiring or terminated during the period | 1,410,005 | 3,198,671 | ||||||||||||
Total space available for lease | 6,543,958 | 7,840,873 | ||||||||||||
1st generation leases | 2,154 | 203,556 | ||||||||||||
2nd generation leases with new tenants | 814,522 | 1,417,019 | ||||||||||||
2nd generation lease renewals | 540,464 | 1,033,480 | ||||||||||||
Total space leased (3) | 1,357,140 | 2,654,055 | ||||||||||||
Vacant space available for lease at the end of the period | 5,186,818 | 5,186,818 | ||||||||||||
Leases executed during the period, in square feet (4) | 1,239,218 | 1,831,033 | ||||||||||||
Second generation leasing information: (5) | ||||||||||||||
Leases commencing during the period, in square feet | 1,354,986 | 2,450,499 | ||||||||||||
Weighted Average Lease Term | 90 Months | 87 Months | ||||||||||||
Weighted Average Free Rent Period | 194 Days | 168 Days | ||||||||||||
Total Transaction Costs Per Square Foot (6) | $74.26 | $77.92 | ||||||||||||
Increase (Decrease) in Gross Rents (7) | (0.13) | % | 3.42 | % | ||||||||||
Increase (Decrease) in Net Rents (8) | (0.28) | % | 4.89 | % |
Six months ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. Common Shareholders | $ | 203,372 | $ | 764,232 | $ | (560,860) | (73.39) | % | ||||||||||||||||||
Preferred stock redemption charge | 6,412 | — | 6,412 | 100.00 | % | |||||||||||||||||||||
Preferred dividends | 2,560 | 5,250 | (2,690) | (51.24) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. | 212,344 | 769,482 | (557,138) | (72.40) | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 23,422 | 87,525 | (64,103) | (73.24) | % | |||||||||||||||||||||
Noncontrolling interests in property partnerships | 33,631 | 18,719 | 14,912 | 79.66 | % | |||||||||||||||||||||
Net Income | 269,397 | 875,726 | (606,329) | (69.24) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 214,221 | 208,733 | 5,488 | 2.63 | % | |||||||||||||||||||||
Losses from early extinguishment of debt | 898 | — | 898 | 100.00 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | 3,934 | (893) | 4,827 | 540.54 | % | |||||||||||||||||||||
Interest and other income (loss) | 2,620 | 4,322 | (1,702) | (39.38) | % | |||||||||||||||||||||
Gains on sales of real estate | 7,756 | 613,932 | (606,176) | (98.74) | % | |||||||||||||||||||||
Income from unconsolidated joint ventures | 3,852 | 1,463 | 2,389 | 163.29 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 360,403 | 349,282 | 11,121 | 3.18 | % | |||||||||||||||||||||
Transaction costs | 1,082 | 947 | 135 | 14.26 | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 6,160 | 5,721 | 439 | 7.67 | % | |||||||||||||||||||||
General and administrative expense | 83,364 | 74,197 | 9,167 | 12.35 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 6,160 | 5,721 | 439 | 7.67 | % | |||||||||||||||||||||
Development and management services revenue | 14,087 | 16,004 | (1,917) | (11.98) | % | |||||||||||||||||||||
Net Operating Income | $ | 897,116 | $ | 874,057 | $ | 23,059 | 2.64 | % |
Six months ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership Common Unitholders | $ | 231,619 | $ | 868,308 | $ | (636,689) | (73.33) | % | ||||||||||||||||||
Preferred unit redemption charge | 6,412 | — | 6,412 | 100.00 | % | |||||||||||||||||||||
Preferred distributions | 2,560 | 5,250 | (2,690) | (51.24) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership | 240,591 | 873,558 | (632,967) | (72.46) | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 33,631 | 18,719 | 14,912 | 79.66 | % | |||||||||||||||||||||
Net Income | 274,222 | 892,277 | (618,055) | (69.27) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 214,221 | 208,733 | 5,488 | 2.63 | % | |||||||||||||||||||||
Losses from early extinguishment of debt | 898 | — | 898 | 100.00 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | 3,934 | (893) | 4,827 | 540.54 | % | |||||||||||||||||||||
Interest and other income (loss) | 2,620 | 4,322 | (1,702) | (39.38) | % | |||||||||||||||||||||
Gains on sales of real estate | 7,756 | 626,895 | (619,139) | (98.76) | % | |||||||||||||||||||||
Income from unconsolidated joint ventures | 3,852 | 1,463 | 2,389 | 163.29 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 355,578 | 345,694 | 9,884 | 2.86 | % | |||||||||||||||||||||
Transaction costs | 1,082 | 947 | 135 | 14.26 | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 6,160 | 5,721 | 439 | 7.67 | % | |||||||||||||||||||||
General and administrative expense | 83,364 | 74,197 | 9,167 | 12.35 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 6,160 | 5,721 | 439 | 7.67 | % | |||||||||||||||||||||
Development and management services revenue | 14,087 | 16,004 | (1,917) | (11.98) | % | |||||||||||||||||||||
Net Operating Income | $ | 897,116 | $ | 874,057 | $ | 23,059 | 2.64 | % |
Same Property Portfolio | Properties Acquired Portfolio | Properties Placed In-Service Portfolio | Properties in Development or Redevelopment Portfolio | Properties Sold Portfolio | Total Property Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue (Excluding Termination Income) | $ | 1,308,237 | $ | 1,277,590 | $ | 30,647 | 2.40 | % | $ | 1,351 | $ | 16 | $ | 20,189 | $ | 6,162 | $ | 7,176 | $ | 10,018 | $ | 4,696 | $ | 21,698 | $ | 1,341,649 | $ | 1,315,484 | $ | 26,165 | 1.99 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination Income | 9,625 | 5,648 | 3,977 | 70.41 | % | — | — | — | — | — | — | — | 59 | 9,625 | 5,707 | 3,918 | 68.65 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 1,317,862 | 1,283,238 | 34,624 | 2.70 | % | 1,351 | 16 | 20,189 | 6,162 | 7,176 | 10,018 | 4,696 | 21,757 | 1,351,274 | 1,321,191 | 30,083 | 2.28 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking and Other | 33,873 | 37,187 | (3,314) | (8.91) | % | 213 | — | 9 | 12 | 201 | — | 554 | 932 | 34,850 | 38,131 | (3,281) | (8.60) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 1,351,735 | 1,320,425 | 31,310 | 2.37 | % | 1,564 | 16 | 20,198 | 6,174 | 7,377 | 10,018 | 5,250 | 22,689 | 1,386,124 | 1,359,322 | 26,802 | 1.97 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 482,026 | 478,972 | 3,054 | 0.64 | % | 1,130 | 1 | 5,814 | 3,440 | 3,252 | 4,176 | 1,815 | 8,135 | 494,037 | 494,724 | (687) | (0.14) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income, Excluding Residential and Hotel | 869,709 | 841,453 | 28,256 | 3.36 | % | 434 | 15 | 14,384 | 2,734 | 4,125 | 5,842 | 3,435 | 14,554 | 892,087 | 864,598 | 27,489 | 3.18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (Loss) (2) | 9,102 | 11,329 | (2,227) | (19.66) | % | — | — | (2,219) | — | — | — | — | — | 6,883 | 11,329 | (4,446) | (39.24) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Loss (2) | (1,854) | (1,870) | 16 | 0.86 | % | — | — | — | — | — | — | — | — | (1,854) | (1,870) | 16 | 0.86 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income | $ | 876,957 | $ | 850,912 | $ | 26,045 | 3.06 | % | $ | 434 | $ | 15 | $ | 12,165 | $ | 2,734 | $ | 4,125 | $ | 5,842 | $ | 3,435 | $ | 14,554 | $ | 897,116 | $ | 874,057 | $ | 23,059 | 2.64 | % |
Square Feet | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date acquired | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
777 Harrison Street (1) | June 26, 2020 | N/A | $ | 808 | $ | 16 | $ | 792 | $ | 1,059 | $ | 1 | $ | 1,058 | ||||||||||||||||||||||||||||||||||||
153 & 211 Second Avenue | June 4, 2021 | 136,882 | 756 | — | 756 | 71 | — | 71 | ||||||||||||||||||||||||||||||||||||||||||
136,882 | $ | 1,564 | $ | 16 | $ | 1,548 | $ | 1,130 | $ | 1 | $ | 1,129 |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 CityPoint | Second Quarter, 2019 | Second Quarter, 2020 | 211,476 | $ | 3,531 | $ | 3,624 | $ | (93) | $ | 1,489 | $ | 1,322 | $ | 167 | |||||||||||||||||||||||||||||||||||||||||
17Fifty Presidents Street | First Quarter, 2020 | First Quarter, 2020 | 275,809 | 9,976 | 3,943 | 6,033 | 2,927 | 1,276 | 1,651 | |||||||||||||||||||||||||||||||||||||||||||||||
One Five Nine East 53rd Street (1) | First Quarter, 2021 | First Quarter, 2021 | 220,000 | 6,691 | (1,393) | 8,084 | 1,398 | 842 | 556 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Office | 707,285 | 20,198 | 6,174 | 14,024 | 5,814 | 3,440 | 2,374 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Skylyne | Third Quarter, 2020 | Third Quarter, 2020 | 330,996 | 1,011 | — | 1,011 | 3,230 | — | 3,230 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Residential | 330,996 | 1,011 | — | 1,011 | 3,230 | — | 3,230 | |||||||||||||||||||||||||||||||||||||||||||||||||
1,038,281 | $ | 21,209 | $ | 6,174 | $ | 15,035 | $ | 9,044 | $ | 3,440 | $ | 5,604 |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Commenced Development / Redevelopment | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street (1) | May 9, 2019 | 115,000 | $ | — | $ | 36 | $ | (36) | $ | 109 | $ | 74 | $ | 35 | ||||||||||||||||||||||||||||||||||||
200 West Street (2) | September 30, 2019 | 261,000 | 3,148 | 2,593 | 555 | 1,236 | 1,781 | (545) | ||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (3) | February 25, 2021 | 224,000 | 2,476 | 4,313 | (1,837) | 1,448 | 1,632 | (184) | ||||||||||||||||||||||||||||||||||||||||||
3625-3635 Peterson Way (4) | April 16, 2021 | 218,000 | 1,753 | 3,076 | (1,323) | 459 | 689 | (230) | ||||||||||||||||||||||||||||||||||||||||||
818,000 | $ | 7,377 | $ | 10,018 | $ | (2,641) | $ | 3,252 | $ | 4,176 | $ | (924) |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Sold | Property Type | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
601, 611 and 651 Gateway | January 28, 2020 | Office | 768,000 | $ | — | $ | 1,946 | $ | (1,946) | $ | — | $ | 881 | $ | (881) | |||||||||||||||||||||||||||||||||||||||||
New Dominion Technology Park | February 20, 2020 | Office | 493,000 | — | 2,551 | (2,551) | — | 772 | (772) | |||||||||||||||||||||||||||||||||||||||||||||||
Capital Gallery (1) | June 25, 2020 | Office | 631,000 | 5,250 | 18,192 | (12,942) | 1,815 | 6,482 | (4,667) | |||||||||||||||||||||||||||||||||||||||||||||||
1,892,000 | $ | 5,250 | $ | 22,689 | $ | (17,439) | $ | 1,815 | $ | 8,135 | $ | (6,320) |
The Lofts at Atlantic Wharf | The Avant at Reston Town Center | Signature at Reston | Proto Kendall Square | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Monthly Rental Rate (1) | $ | 3,315 | $ | 4,520 | (26.7) | % | $ | 2,233 | $ | 2,395 | (6.8) | % | $ | 2,204 | $ | 2,331 | (5.4) | % | $ | 2,544 | $ | 2,959 | (14.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Rental Rate Per Occupied Square Foot | $ | 3.75 | $ | 5.02 | (25.3) | % | $ | 2.45 | $ | 2.63 | (6.8) | % | $ | 2.29 | $ | 2.48 | (7.7) | % | $ | 4.69 | $ | 5.44 | (13.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Physical Occupancy (2) | 91.9 | % | 93.4 | % | (1.6) | % | 93.2 | % | 90.5 | % | 3.0 | % | 83.6 | % | 81.9 | % | 2.1 | % | 91.0 | % | 94.0 | % | (3.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Economic Occupancy (3) | 88.8 | % | 93.0 | % | (4.5) | % | 92.2 | % | 89.3 | % | 3.2 | % | 79.4 | % | 76.8 | % | 3.4 | % | 89.5 | % | 93.5 | % | (4.3) | % |
2021 | 2020 | Change (%) | ||||||||||||||||||
Occupancy | 16.5 | % | 29.8 | % | (44.6) | % | ||||||||||||||
Average daily rate | $ | 147.66 | $ | 211.29 | (30.1) | % | ||||||||||||||
REVPAR | $ | 24.36 | $ | 62.98 | (61.3) | % |
Portfolio | Depreciation and Amortization for the six months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio (1) | $ | 328,597 | $ | 337,703 | $ | (9,106) | ||||||||||||||
Properties Acquired Portfolio | 979 | — | 979 | |||||||||||||||||
Properties Placed In-Service Portfolio | 9,641 | 2,544 | 7,097 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (2) | 20,522 | 5,750 | 14,772 | |||||||||||||||||
Properties Sold Portfolio | 664 | 3,285 | (2,621) | |||||||||||||||||
$ | 360,403 | $ | 349,282 | $ | 11,121 |
Portfolio | Depreciation and Amortization for the six months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio (1) | $ | 323,772 | $ | 334,115 | $ | (10,343) | ||||||||||||||
Properties Acquired Portfolio | 979 | — | 979 | |||||||||||||||||
Properties Placed In-Service Portfolio | 9,641 | 2,544 | 7,097 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (2) | 20,522 | 5,750 | 14,772 | |||||||||||||||||
Properties Sold Portfolio | 664 | 3,285 | (2,621) | |||||||||||||||||
$ | 355,578 | $ | 345,694 | $ | 9,884 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 7.8 | (1) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 7.8 | ||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
601, 611 and 651 Gateway | January 28, 2020 | Office | 768,000 | $ | 350.0 | $ | — | $ | 217.7 | ||||||||||||||||||||||||||||||||
New Dominion Technology Park | February 20, 2020 | Office | 493,000 | 256.0 | 254.0 | 192.3 | |||||||||||||||||||||||||||||||||||
Capital Gallery | June 25, 2020 | Office | 455,000 | 253.7 | 246.9 | 203.8 | |||||||||||||||||||||||||||||||||||
$ | 859.7 | $ | 500.9 | $ | 613.8 | (2) |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 7.8 | (1) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 7.8 | ||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
601, 611 and 651 Gateway | January 28, 2020 | Office | 768,000 | $ | 350.0 | $ | — | $ | 222.4 | ||||||||||||||||||||||||||||||||
New Dominion Technology Park | February 20, 2020 | Office | 493,000 | 256.0 | 254.0 | 197.1 | |||||||||||||||||||||||||||||||||||
Capital Gallery | June 25, 2020 | Office | 455,000 | 253.7 | 246.9 | 207.2 | |||||||||||||||||||||||||||||||||||
$ | 859.7 | $ | 500.9 | $ | 626.7 | (2) |
Component | Change in interest expense for the six months ended June 30, 2021 compared to June 30, 2020 | |||||||
(in thousands) | ||||||||
Increases to interest expense due to: | ||||||||
Issuance of $1.25 billion in aggregate principal of 3.250% senior notes due 2031 on May 5, 2020 | $ | 14,155 | ||||||
Issuance of $850 million in aggregate principal of 2.550% senior notes due 2032 on March 16, 2021 | 6,406 | |||||||
Increase in interest due to finance leases that are related to development properties | 2,051 | |||||||
Increase in interest due to finance leases for two in-service properties | 1,157 | |||||||
Decrease in capitalized interest related to development projects | 769 | |||||||
Total increases to interest expense | 24,538 | |||||||
Decreases to interest expense due to: | ||||||||
Redemption of $850 million in aggregate principal of 4.125% senior notes due 2021 on February 14, 2021 | (13,605) | |||||||
Decrease in interest rates for the 2017 and 2021 Credit Facilities and the repayment of the unsecured term loan on March 16, 2021 (1) | (4,215) | |||||||
Increase in capitalized interest related to development projects that had finance leases | (769) | |||||||
Other interest expense (excluding senior notes) | (372) | |||||||
Decrease in interest related to the repayment of the University Place mortgage loan | (89) | |||||||
Total decreases to interest expense | (19,050) | |||||||
Total change in interest expense | $ | 5,488 |
Property | Noncontrolling Interests in Property Partnerships for the six months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) (1) | $ | 5,467 | $ | 2,101 | $ | 3,366 | ||||||||||||||
Times Square Tower (2) | 9,920 | (3,347) | 13,267 | |||||||||||||||||
601 Lexington Avenue (3) | 6,809 | 7,965 | (1,156) | |||||||||||||||||
100 Federal Street | 6,790 | 7,309 | (519) | |||||||||||||||||
Atlantic Wharf Office Building | 4,645 | 4,691 | (46) | |||||||||||||||||
$ | 33,631 | $ | 18,719 | $ | 14,912 |
Three months ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. Common Shareholders | $ | 111,703 | $ | 266,525 | $ | (154,822) | (58.09) | % | ||||||||||||||||||
Preferred dividends | — | 2,625 | (2,625) | (100.00) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. | 111,703 | 269,150 | (157,447) | (58.50) | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 12,383 | 30,197 | (17,814) | (58.99) | % | |||||||||||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | 17,931 | 2,337.81 | % | |||||||||||||||||||||
Net Income | 141,250 | 298,580 | (157,330) | (52.69) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 106,319 | 107,142 | (823) | (0.77) | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains from investments in securities | 2,275 | 4,552 | (2,277) | (50.02) | % | |||||||||||||||||||||
Interest and other income (loss) | 1,452 | 1,305 | 147 | 11.26 | % | |||||||||||||||||||||
Gains on sales of real estate | 7,756 | 203,767 | (196,011) | (96.19) | % | |||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (1,373) | 1,832 | (3,205) | (174.95) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 183,838 | 178,188 | 5,650 | 3.17 | % | |||||||||||||||||||||
Transaction costs | 751 | 332 | 419 | 126.20 | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 2,655 | 2,484 | 171 | 6.88 | % | |||||||||||||||||||||
General and administrative expense | 38,405 | 37,743 | 662 | 1.75 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 2,655 | 2,484 | 171 | 6.88 | % | |||||||||||||||||||||
Development and management services revenue | 7,284 | 8,125 | (841) | (10.35) | % | |||||||||||||||||||||
Net Operating Income | $ | 453,169 | $ | 402,404 | $ | 50,765 | 12.62 | % |
Three months ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership Common Unitholders | $ | 125,846 | $ | 301,975 | $ | (176,129) | (58.33) | % | ||||||||||||||||||
Preferred distributions | — | 2,625 | (2,625) | (100.00) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership | 125,846 | 304,600 | (178,754) | (58.68) | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | 17,931 | 2,337.81 | % | |||||||||||||||||||||
Net Income | 143,010 | 303,833 | (160,823) | (52.93) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 106,319 | 107,142 | (823) | (0.77) | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains from investments in securities | 2,275 | 4,552 | (2,277) | (50.02) | % | |||||||||||||||||||||
Interest and other income (loss) | 1,452 | 1,305 | 147 | 11.26 | % | |||||||||||||||||||||
Gains on sales of real estate | 7,756 | 207,241 | (199,485) | (96.26) | % | |||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (1,373) | 1,832 | (3,205) | (174.95) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 182,078 | 176,409 | 5,669 | 3.21 | % | |||||||||||||||||||||
Transaction costs | 751 | 332 | 419 | 126.20 | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 2,655 | 2,484 | 171 | 6.88 | % | |||||||||||||||||||||
General and administrative expense | 38,405 | 37,743 | 662 | 1.75 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 2,655 | 2,484 | 171 | 6.88 | % | |||||||||||||||||||||
Development and management services revenue | 7,284 | 8,125 | (841) | (10.35) | % | |||||||||||||||||||||
Net Operating Income | $ | 453,169 | $ | 402,404 | $ | 50,765 | 12.62 | % |
Same Property Portfolio | Properties Acquired Portfolio | Properties Placed In-Service Portfolio | Properties in Development or Redevelopment Portfolio | Properties Sold Portfolio | Total Property Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue (Excluding Termination Income) | $ | 656,819 | $ | 605,044 | $ | 51,775 | 8.56 | % | $ | 1,041 | $ | 16 | $ | 5,849 | $ | (510) | $ | 2,904 | $ | 4,932 | $ | 2,493 | $ | 8,084 | $ | 669,106 | $ | 617,566 | $ | 51,540 | 8.35 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination Income | 5,355 | 3,264 | 2,091 | 64.06 | % | — | — | — | — | — | — | — | 45 | 5,355 | 3,309 | 2,046 | 61.83 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 662,174 | 608,308 | 53,866 | 8.86 | % | 1,041 | 16 | 5,849 | (510) | 2,904 | 4,932 | 2,493 | 8,129 | 674,461 | 620,875 | 53,586 | 8.63 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking and Other | 17,396 | 13,549 | 3,847 | 28.39 | % | 176 | — | 3 | 6 | 201 | — | 307 | 233 | 18,083 | 13,788 | 4,295 | 31.15 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 679,570 | 621,857 | 57,713 | 9.28 | % | 1,217 | 16 | 5,852 | (504) | 3,105 | 4,932 | 2,800 | 8,362 | 692,544 | 634,663 | 57,881 | 9.12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 237,923 | 229,685 | 8,238 | 3.59 | % | 679 | 1 | 1,441 | 1,013 | 1,755 | 2,046 | 977 | 3,077 | 242,775 | 235,822 | 6,953 | 2.95 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss), Excluding Residential and Hotel | 441,647 | 392,172 | 49,475 | 12.62 | % | 538 | 15 | 4,411 | (1,517) | 1,350 | 2,886 | 1,823 | 5,285 | 449,769 | 398,841 | 50,928 | 12.77 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (Loss) (2) | 4,689 | 5,437 | (748) | (13.76) | % | — | — | (854) | — | — | — | — | — | 3,835 | 5,437 | (1,602) | (29.46) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Loss (2) | (435) | (1,874) | 1,439 | 76.79 | % | — | — | — | — | — | — | — | — | (435) | (1,874) | 1,439 | 76.79 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss) | $ | 445,901 | $ | 395,735 | $ | 50,166 | 12.68 | % | $ | 538 | $ | 15 | $ | 3,557 | $ | (1,517) | $ | 1,350 | $ | 2,886 | $ | 1,823 | $ | 5,285 | $ | 453,169 | $ | 402,404 | $ | 50,765 | 12.62 | % |
Square Feet | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date acquired | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
777 Harrison Street (1) | June 26, 2020 | N/A | $ | 461 | $ | 16 | $ | 445 | $ | 608 | $ | 1 | $ | 607 | ||||||||||||||||||||||||||||||||||||
153 & 211 Second Avenue | June 4, 2021 | 136,882 | 756 | — | 756 | 71 | — | 71 | ||||||||||||||||||||||||||||||||||||||||||
136,882 | $ | 1,217 | $ | 16 | $ | 1,201 | $ | 679 | $ | 1 | $ | 678 |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 CityPoint | Second Quarter, 2019 | Second Quarter, 2020 | 211,476 | $ | 1,837 | $ | 1,775 | $ | 62 | $ | 762 | $ | 734 | $ | 28 | |||||||||||||||||||||||||||||||||||||||||
One Five Nine East 53rd Street (1) | First Quarter, 2021 | First Quarter, 2021 | 220,000 | 4,015 | (2,279) | 6,294 | 679 | 279 | 400 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Office | 431,476 | 5,852 | (504) | 6,356 | 1,441 | 1,013 | 428 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Skylyne | Third Quarter, 2020 | Third Quarter, 2020 | 330,996 | 690 | — | 690 | 1,544 | — | 1,544 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Residential | 330,996 | 690 | — | 690 | 1,544 | — | 1,544 | |||||||||||||||||||||||||||||||||||||||||||||||||
762,472 | $ | 6,542 | $ | (504) | $ | 7,046 | $ | 2,985 | $ | 1,013 | $ | 1,972 |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Commenced Development / Redevelopment | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street (1) | May 9, 2019 | 115,000 | $ | — | $ | 36 | $ | (36) | $ | 92 | $ | (75) | $ | 167 | ||||||||||||||||||||||||||||||||||||
200 West Street (2) | September 30, 2019 | 261,000 | 1,647 | 1,325 | 322 | 866 | 938 | (72) | ||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (3) | February 25, 2021 | 224,000 | 1,141 | 2,033 | (892) | 690 | 827 | (137) | ||||||||||||||||||||||||||||||||||||||||||
3625-3635 Peterson Way (4) | April 16, 2021 | 218,000 | 317 | 1,538 | (1,221) | 107 | 356 | (249) | ||||||||||||||||||||||||||||||||||||||||||
818,000 | $ | 3,105 | $ | 4,932 | $ | (1,827) | $ | 1,755 | $ | 2,046 | $ | (291) |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Sold | Property Type | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Gallery (1) | June 25, 2020 | Office | 631,000 | $ | 2,800 | $ | 8,362 | $ | (5,562) | $ | 977 | $ | 3,077 | $ | (2,100) | |||||||||||||||||||||||||||||||||||||||||
631,000 | $ | 2,800 | $ | 8,362 | $ | (5,562) | $ | 977 | $ | 3,077 | $ | (2,100) |
The Lofts at Atlantic Wharf | The Avant at Reston Town Center | Signature at Reston | Proto Kendall Square | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Monthly Rental Rate (1) | $ | 3,156 | $ | 4,530 | (30.3) | % | $ | 2,180 | $ | 2,371 | (8.1) | % | $ | 2,143 | $ | 2,320 | (7.6) | % | $ | 2,504 | $ | 2,891 | (13.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Rental Rate Per Occupied Square Foot | $ | 3.51 | $ | 5.01 | (29.9) | % | $ | 2.38 | $ | 2.60 | (8.5) | % | $ | 2.22 | $ | 2.45 | (9.4) | % | $ | 4.60 | $ | 5.31 | (13.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Physical Occupancy (2) | 96.1 | % | 91.9 | % | 4.6 | % | 95.0 | % | 89.5 | % | 6.1 | % | 87.2 | % | 81.5 | % | 7.0 | % | 91.7 | % | 92.5 | % | (0.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Economic Occupancy (3) | 93.7 | % | 91.7 | % | 2.2 | % | 94.3 | % | 88.4 | % | 6.7 | % | 83.1 | % | 76.7 | % | 8.3 | % | 90.2 | % | 91.9 | % | (1.8) | % |
2021 | 2020 | Change (%) | ||||||||||||||||||
Occupancy | 21.7 | % | — | % | 100.0 | % | ||||||||||||||
Average daily rate | $ | 160.96 | $ | — | 100.0 | % | ||||||||||||||
REVPAR | $ | 34.86 | $ | — | 100.0 | % |
Portfolio | Depreciation and Amortization for the three months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 164,320 | $ | 173,666 | $ | (9,346) | ||||||||||||||
Properties Acquired Portfolio | 977 | — | 977 | |||||||||||||||||
Properties Placed In-Service Portfolio | 3,821 | 577 | 3,244 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (1) | 14,390 | 2,759 | 11,631 | |||||||||||||||||
Properties Sold Portfolio | 330 | 1,186 | (856) | |||||||||||||||||
$ | 183,838 | $ | 178,188 | $ | 5,650 |
Portfolio | Depreciation and Amortization for the three months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 162,560 | $ | 171,887 | $ | (9,327) | ||||||||||||||
Properties Acquired Portfolio | 977 | — | 977 | |||||||||||||||||
Properties Placed In-Service Portfolio | 3,821 | 577 | 3,244 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (1) | 14,390 | 2,759 | 11,631 | |||||||||||||||||
Properties Sold Portfolio | 330 | 1,186 | (856) | |||||||||||||||||
$ | 182,078 | $ | 176,409 | $ | 5,669 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 7.8 | (1) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 7.8 | ||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
Capital Gallery | June 25, 2020 | Office | 455,000 | $ | 253.7 | $ | 246.9 | $ | 203.8 | ||||||||||||||||||||||||||||||||
$ | 253.7 | $ | 246.9 | $ | 203.8 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 7.8 | (1) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 7.8 | ||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
Capital Gallery | June 25, 2020 | Office | 455,000 | $ | 253.7 | $ | 246.9 | $ | 207.2 | ||||||||||||||||||||||||||||||||
$ | 253.7 | $ | 246.9 | $ | 207.2 |
Component | Change in interest expense for the three months ended June 30, 2021 compared to June 30, 2020 | |||||||
(in thousands) | ||||||||
Increases to interest expense due to: | ||||||||
Issuance of $850 million in aggregate principal of 2.550% senior notes due 2032 on March 16, 2021 | $ | 5,491 | ||||||
Issuance of $1.25 billion in aggregate principal of 3.250% senior notes due 2031 on May 5, 2020 | 3,962 | |||||||
Increase in interest due to finance leases for two in-service properties | 624 | |||||||
Decrease in capitalized interest related to development projects | 424 | |||||||
Increase in interest due to finance leases that are related to development properties | 279 | |||||||
Total increases to interest expense | 10,780 | |||||||
Decreases to interest expense due to: | ||||||||
Redemption of $850 million in aggregate principal of 4.125% senior notes due 2021 on February 14, 2021 | (8,943) | |||||||
Decrease in interest rates for the 2017 and 2021 Credit Facilities and the repayment of the unsecured term loan on March 16, 2021 (1) | (2,016) | |||||||
Increase in capitalized interest related to development projects that had finance leases | (424) | |||||||
Other interest expense (excluding senior notes) | (169) | |||||||
Decrease in interest related to the repayment of University Place mortgage loan | (51) | |||||||
Total decreases to interest expense | (11,603) | |||||||
Total change in interest expense | $ | (823) |
Property | Noncontrolling Interests in Property Partnerships for the three months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) (1) | $ | 3,171 | $ | 441 | $ | 2,730 | ||||||||||||||
Times Square Tower (2) | 5,020 | (10,216) | 15,236 | |||||||||||||||||
601 Lexington Avenue | 3,057 | 3,115 | (58) | |||||||||||||||||
100 Federal Street | 3,441 | 3,648 | (207) | |||||||||||||||||
Atlantic Wharf Office Building | 2,475 | 2,245 | 230 | |||||||||||||||||
$ | 17,164 | $ | (767) | $ | 17,931 |
Financings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction 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 6/30/2021 (1) | Estimated Future Equity Requirement (1)(2)(4) | Percentage Leased (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street | Third Quarter, 2022 | Cambridge, MA | 1 | 420,000 | $ | 251,146 | $ | 418,400 | $ | — | $ | — | $ | 167,254 | 90 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
100 Causeway Street (50% ownership) | Third Quarter, 2022 | Boston, MA | 1 | 632,000 | 217,179 | 267,300 | 200,000 | 137,894 | — | 95 | % | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership) | Second Quarter, 2022 | Bethesda, MD | 1 | 734,000 | 165,438 | 198,900 | 127,500 | 99,426 | 5,388 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next | Fourth Quarter, 2023 | Reston, VA | 2 | 1,062,000 | 461,282 | 715,300 | — | — | 254,018 | 85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | Third Quarter, 2024 | Washington, DC | 1 | 480,000 | 184,957 | 356,100 | — | — | 171,143 | 56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Office Properties under Construction | 6 | 3,328,000 | 1,280,002 | 1,956,000 | 327,500 | 237,320 | 597,803 | 87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lab/Life Sciences | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 West Street (Redevelopment) | Fourth Quarter, 2021 | Waltham, MA | — | 138,000 | 19,300 | 47,800 | — | — | 28,500 | 100 | % | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (Redevelopment) | Second Quarter, 2024 | Waltham, MA | 1 | 224,000 | 2,079 | 108,000 | — | — | 105,921 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
751 Gateway (49% ownership) | Third Quarter, 2024 | South San Francisco, CA | 1 | 229,000 | 22,852 | 127,600 | — | — | 104,748 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
180 CityPoint | Fourth Quarter, 2024 | Waltham, MA | 1 | 329,000 | 27,291 | 274,700 | — | — | 247,409 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Lab/Life Sciences Properties under Construction | 3 | 920,000 | 71,522 | 558,100 | — | — | 486,578 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Prudential Center Observatory (Redevelopment) | N/A | Boston, MA | — | 59,000 | 31,409 | 182,300 | — | — | 150,891 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Properties under Construction | 9 | 4,307,000 | $ | 1,382,933 | $ | 2,696,400 | $ | 327,500 | $ | 237,320 | $ | 1,235,272 | 71 | % | (8) |
Six months ended June 30, | |||||||||||||||||
2021 | 2020 | Increase (Decrease) | |||||||||||||||
(in thousands) | |||||||||||||||||
Net cash provided by operating activities | $ | 560,476 | $ | 554,272 | $ | 6,204 | |||||||||||
Net cash used in investing activities | (563,611) | (120,522) | (443,089) | ||||||||||||||
Net cash provided by (used in) financing activities | (1,078,914) | 866,019 | (1,944,933) |
Six months ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Acquisitions of real estate (1) | $ | (100,176) | $ | (133,406) | |||||||
Construction in progress (2) | (235,577) | (247,615) | |||||||||
Building and other capital improvements | (66,033) | (68,386) | |||||||||
Tenant improvements | (161,619) | (118,903) | |||||||||
Proceeds from sales of real estate (3) | — | 506,337 | |||||||||
Capital contributions to unconsolidated joint ventures (4) | (20,032) | (106,168) | |||||||||
Capital distributions from unconsolidated joint ventures | 122 | 54,413 | |||||||||
Proceeds from sale of investment in unconsolidated joint venture (5) | 17,789 | — | |||||||||
Issuance of note receivable, net (6) | — | (9,800) | |||||||||
Investments in securities, net | 1,915 | 3,006 | |||||||||
Net cash used in investing activities | $ | (563,611) | $ | (120,522) |
June 30, 2021 | |||||||||||||||||||||||
Shares / Units Outstanding | Common Stock Equivalent | Equivalent Value (1) | |||||||||||||||||||||
Common Stock | 156,136 | 156,136 | $ | 17,891,624 | |||||||||||||||||||
Common Operating Partnership Units | 17,528 | 17,528 | 2,008,534 | (2) | |||||||||||||||||||
Total Equity | 173,664 | $ | 19,900,158 | ||||||||||||||||||||
Consolidated Debt | $ | 12,536,065 | |||||||||||||||||||||
Add: | |||||||||||||||||||||||
BXP’s share of unconsolidated joint venture debt (3) | 1,190,473 | ||||||||||||||||||||||
Subtract: | |||||||||||||||||||||||
Partners’ share of Consolidated Debt (4) | (1,191,879) | ||||||||||||||||||||||
BXP’s Share of Debt | $ | 12,534,659 | |||||||||||||||||||||
Consolidated Market Capitalization | $ | 32,436,223 | |||||||||||||||||||||
BXP’s Share of Market Capitalization | $ | 32,434,817 | |||||||||||||||||||||
Consolidated Debt/Consolidated Market Capitalization | 38.65 | % | |||||||||||||||||||||
BXP’s Share of Debt/BXP’s Share of Market Capitalization | 38.65 | % |
June 30, | |||||||||||
2021 | 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Debt Summary: | |||||||||||
Balance | |||||||||||
Fixed rate mortgage notes payable, net | $ | 2,901,709 | $ | 2,915,852 | |||||||
Unsecured senior notes, net | 9,634,356 | 9,633,577 | |||||||||
Unsecured line of credit | — | — | |||||||||
Unsecured term loan, net | — | 499,150 | |||||||||
Consolidated Debt | 12,536,065 | 13,048,579 | |||||||||
Add: | |||||||||||
BXP’s share of unconsolidated joint venture debt, net (1) | 1,190,473 | 1,067,400 | |||||||||
Subtract: | |||||||||||
Partners’ share of consolidated mortgage notes payable, net (2) | (1,191,879) | (1,197,276) | |||||||||
BXP’s Share of Debt | $ | 12,534,659 | $ | 12,918,703 | |||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Consolidated Debt Financing Statistics: | |||||||||||
Percent of total debt: | |||||||||||
Fixed rate | 100.00 | % | 96.17 | % | |||||||
Variable rate | — | % | 3.83 | % | |||||||
Total | 100.00 | % | 100.00 | % | |||||||
GAAP Weighted-average interest rate at end of period: | |||||||||||
Fixed rate | 3.64 | % | 3.75 | % | |||||||
Variable rate | — | % | 1.24 | % | |||||||
Total | 3.64 | % | 3.66 | % | |||||||
Coupon/Stated Weighted-average interest rate at end of period: | |||||||||||
Fixed rate | 3.54 | % | 3.65 | % | |||||||
Variable rate | — | % | 1.15 | % | |||||||
Total | 3.54 | % | 3.55 | % | |||||||
Weighted-average maturity at end of period (in years): | |||||||||||
Fixed rate | 5.8 | 6.0 | |||||||||
Variable rate | — | 1.8 | |||||||||
Total | 5.8 | 5.9 |
Properties | Stated Interest Rate | GAAP Interest Rate (1) | Stated Principal Amount | Deferred Financing Costs, Net | Carrying Amount | Carrying Amount (Partners’ Share) | Maturity Date | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Joint Ventures | ||||||||||||||||||||||||||||||||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | 3.43 | % | 3.64 | % | $ | 2,300,000 | $ | (20,731) | $ | 2,279,269 | $ | 911,781 | (2)(3)(4) | June 9, 2027 | ||||||||||||||||||||||||||||||||||||
601 Lexington Avenue | 4.75 | % | 4.79 | % | 622,691 | (251) | 622,440 | 280,098 | (5) | April 10, 2022 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,922,691 | $ | (20,982) | $ | 2,901,709 | $ | 1,191,879 |
Properties | Nominal % Ownership | Stated Interest Rate | GAAP Interest Rate (1) | Stated Principal Amount | Deferred Financing Costs, Net | Carrying Amount | Carrying Amount (Our share) | Maturity Date | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Monica Business Park | 55 | % | 4.06 | % | 4.24 | % | $ | 300,000 | $ | (2,133) | $ | 297,867 | $ | 163,827 | (2)(3) | July 19, 2025 | ||||||||||||||||||||||||||||||||||||||||
Market Square North | 50 | % | 2.80 | % | 2.96 | % | 125,000 | (899) | 124,101 | 62,050 | (2)(4) | November 10, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
1265 Main Street | 50 | % | 3.77 | % | 3.84 | % | 36,909 | (292) | 36,617 | 18,309 | January 1, 2032 | |||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | 50 | % | 3.56 | % | 3.58 | % | 550,000 | (628) | 549,372 | 274,686 | (2) | August 9, 2027 | ||||||||||||||||||||||||||||||||||||||||||||
Dock 72 | 50 | % | 3.10 | % | 3.32 | % | 196,412 | (1,328) | 195,084 | 97,542 | (2)(5) | December 18, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
The Hub on Causeway - Podium | 50 | % | 2.35 | % | 2.84 | % | 174,329 | (175) | 174,154 | 87,077 | (2)(6) | September 6, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Hub50House | 50 | % | 2.10 | % | 2.39 | % | 176,468 | (425) | 176,043 | 88,021 | (2)(7) | April 19, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
100 Causeway Street | 50 | % | 1.61 | % | 1.82 | % | 275,788 | (1,836) | 273,952 | 136,976 | (2)(8) | September 5, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) | 50 | % | 1.35 | % | 1.89 | % | 198,853 | (2,553) | 196,300 | 98,150 | (2)(9) | April 26, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
500 North Capitol Street, NW | 30 | % | 4.15 | % | 4.20 | % | 105,000 | (113) | 104,887 | 31,466 | (2) | June 6, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
901 New York Avenue | 25 | % | 3.61 | % | 3.69 | % | 218,951 | (625) | 218,326 | 54,581 | January 5, 2025 | |||||||||||||||||||||||||||||||||||||||||||||
3 Hudson Boulevard | 25 | % | 3.60 | % | 3.68 | % | 80,000 | (128) | 79,872 | 19,968 | (2)(10) | July 13, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Metropolitan Square | 20 | % | 5.40 | % | 6.90 | % | 294,073 | (4,971) | 289,102 | 57,820 | (2)(11) | July 7, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,731,783 | $ | (16,106) | $ | 2,715,677 | $ | 1,190,473 |
Three months ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 111,703 | $ | 266,525 | ||||||||||
Add: | ||||||||||||||
Preferred dividends | — | 2,625 | ||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 12,383 | 30,197 | ||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | ||||||||||||
Net income | 141,250 | 298,580 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 183,838 | 178,188 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,113) | (22,480) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 15,350 | 21,012 | ||||||||||||
Corporate-related depreciation and amortization | (444) | (486) | ||||||||||||
Less: | ||||||||||||||
Gain on sale of investment included within income (loss) from unconsolidated joint ventures | — | 5,946 | ||||||||||||
Gains on sales of real estate | 7,756 | 203,767 | ||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | ||||||||||||
Preferred dividends | — | 2,625 | ||||||||||||
Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) | 297,961 | 263,243 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations | 29,319 | 26,335 | ||||||||||||
Funds from Operations attributable to Boston Properties, Inc. common shareholders | $ | 268,642 | $ | 236,908 | ||||||||||
Our percentage share of Funds from Operations—basic | 90.16 | % | 90.00 | % | ||||||||||
Weighted average shares outstanding—basic | 156,107 | 155,386 |
Three months ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Basic Funds from Operations | $ | 297,961 | 173,150 | $ | 263,243 | 172,659 | ||||||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||||||
Stock based compensation | — | 412 | — | 21 | ||||||||||||||||||||||
Diluted Funds from Operations | $ | 297,961 | 173,562 | $ | 263,243 | 172,680 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of diluted Funds from Operations | 29,259 | 17,043 | 26,331 | 17,273 | ||||||||||||||||||||||
Diluted Funds from Operations attributable to Boston Properties, Inc. (1) | $ | 268,702 | 156,519 | $ | 236,912 | 155,407 |
Three months ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 125,846 | $ | 301,975 | ||||||||||
Add: | ||||||||||||||
Preferred distributions | — | 2,625 | ||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | ||||||||||||
Net income | 143,010 | 303,833 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 182,078 | 176,409 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,113) | (22,480) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 15,350 | 21,012 | ||||||||||||
Corporate-related depreciation and amortization | (444) | (486) | ||||||||||||
Less: | ||||||||||||||
Gain on sale of investment included within (loss) income from unconsolidated joint ventures | — | 5,946 | ||||||||||||
Gains on sales of real estate | 7,756 | 207,241 | ||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | ||||||||||||
Preferred distributions | — | 2,625 | ||||||||||||
Funds from Operations attributable to Boston Properties Limited Partnership common unitholders (1) | $ | 297,961 | $ | 263,243 | ||||||||||
Weighted average shares outstanding—basic | 173,150 | 172,659 |
Three months ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | |||||||||||||||||||||||
Basic Funds from Operations | $ | 297,961 | 173,150 | $ | 263,243 | 172,659 | ||||||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||||||
Stock based compensation | — | 412 | — | 21 | ||||||||||||||||||||||
Diluted Funds from Operations | $ | 297,961 | 173,562 | $ | 263,243 | 172,680 |
2021 | 2022 | 2023 | 2024 | 2025 | 2026+ | Total | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Mortgage debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | 6,068 | $ | 611,132 | $ | (3,494) | $ | (3,494) | $ | (3,494) | $ | 2,294,991 | $ | 2,901,709 | $ | 3,053,824 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | 4.79 | % | 4.79 | % | — | % | — | % | — | % | 3.64 | % | 3.89 | % | |||||||||||||||||||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Unsecured debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | (5,528) | $ | (11,131) | $ | 1,489,938 | $ | 691,203 | $ | 842,473 | $ | 6,627,401 | $ | 9,634,356 | $ | 10,385,016 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | — | % | — | % | 3.73 | % | 3.92 | % | 3.35 | % | 3.52 | % | 3.57 | % | |||||||||||||||||||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Debt | $ | 540 | $ | 600,001 | $ | 1,486,444 | $ | 687,709 | $ | 838,979 | $ | 8,922,392 | $ | 12,536,065 | $ | 13,438,840 |
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 | |||||||||||||||||||||||||
April 1, 2021 – April 30, 2021 | — | $ | — | N/A | N/A | ||||||||||||||||||||||||
May 1, 2021 – May 31, 2021 | 554 | (1) | $ | 111.67 | N/A | N/A | |||||||||||||||||||||||
June 1, 2021 – June 30, 2021 | 686 | (2) | $ | 104.77 | N/A | N/A | |||||||||||||||||||||||
Total | 1,240 | $ | 107.85 | 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 | |||||||||||||
April 1, 2021 – April 30, 2021 | — | $ | — | N/A | N/A | ||||||||||||
May 1, 2021 – May 31, 2021 | 554 | (1) | $ | 111.67 | N/A | N/A | |||||||||||
June 1, 2021 – June 30, 2021 | 686 | (2) | $ | 104.77 | N/A | N/A | |||||||||||
Total | 1,240 | $ | 107.85 | N/A | N/A |
10.1* | — | |||||||
10.2 | — | Ninth Amended and Restated Credit Agreement, dated as of June 15, 2021, among Boston Properties Limited Partnership and the lenders identified therein. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on June 16, 2021.) | ||||||
10.3* | — | |||||||
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.) |
BOSTON PROPERTIES, INC. | ||||||||
August 6, 2021 | /s/ MICHAEL R. WALSH | |||||||
Michael R. Walsh | ||||||||
Chief Accounting Officer (duly authorized officer and principal accounting officer) |
BOSTON PROPERTIES LIMITED PARTNERSHIP | ||||||||
By: Boston Properties, Inc., its General Partner | ||||||||
August 6, 2021 | /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 Boston Properties, Inc. General Partner of Boston Properties Limited Partnership |
/s/ MICHAEL E. LABELLE | ||
Michael E. LaBelle Chief Financial Officer of Boston Properties, 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 Boston Properties, Inc. General Partner of Boston Properties Limited Partnership |
/s/ MICHAEL E. LABELLE | ||
Michael E. LaBelle Chief Financial Officer of Boston Properties, Inc. General Partner of Boston Properties Limited Partnership |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,664,480 and $6,592,019 at June 30, 2021 and December 31, 2020, respectively) | $ 23,417,175 | $ 22,969,110 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2021 and December 31, 2020, respectively) | 237,765 | 237,393 |
Less: accumulated depreciation (amounts related to VIEs of $(1,235,346) and $(1,158,548) at June 30, 2021 and December 31, 2020, respectively) | (5,752,818) | (5,534,102) |
Cash and cash equivalents (amounts related to VIEs of $335,837 and $340,642 at June 30, 2021 and December 31, 2020, respectively) | 557,307 | 1,668,742 |
Tenant and other receivables, net (amounts related to VIEs of $5,298 and $10,911 at June 30, 2021 and December 31, 2020, respectively) | 58,624 | 77,411 |
Accrued rental income, net (amounts related to VIEs of $346,443 and $336,594 at June 30, 2021 and December 31, 2020, respectively) | 1,172,411 | 1,122,502 |
Deferred charges, net (amounts related to VIEs of $173,578 and $183,306 at June 30, 2021 and December 31, 2020, respectively) | 627,338 | 640,085 |
Prepaid expenses and other assets (amounts related to VIEs of $12,441 and $13,137 at June 30, 2021 and December 31, 2020, respectively) | 46,946 | 33,840 |
Mortgage notes payable, net (amounts related to VIEs of $2,901,709 and $2,907,590 at June 30, 2021 and December 31, 2020, respectively) | 2,901,709 | 2,909,081 |
Lease liabilities - finance leases (amounts related to VIEs of $20,382 and $20,306 at June 30, 2021 and December 31, 2020, respectively) | 243,381 | 236,492 |
Accounts payable and accrued expenses (amounts related to VIEs of $40,100 and $23,128 at June 30, 2021 and December 31, 2020, respectively) | 305,969 | 336,264 |
Other liabilities (amounts related to VIEs of $129,477 and $158,805 at June 30, 2021 and December 31, 2020, respectively) | $ 370,990 | $ 412,084 |
Reddemable deferred stock units, units | 78,362 | 72,966 |
Limited Partners' Capital Account, Units Outstanding (in units) | 154,399,324 | |
General Partners' Capital Account, Units Outstanding (in units) | 1,736,635 | |
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 |
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 | 156,214,859 | 155,797,725 |
Common Stock, Shares, Outstanding | 156,135,959 | 155,718,825 |
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 $6,664,480 and $6,592,019 at June 30, 2021 and December 31, 2020, respectively) | $ 23,041,680 | $ 22,592,301 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2021 and December 31, 2020, respectively) | 237,765 | 237,393 |
Less: accumulated depreciation (amounts related to VIEs of $(1,235,346) and $(1,158,548) at June 30, 2021 and December 31, 2020, respectively) | (5,643,781) | (5,428,576) |
Cash and cash equivalents (amounts related to VIEs of $335,837 and $340,642 at June 30, 2021 and December 31, 2020, respectively) | 557,307 | 1,668,742 |
Tenant and other receivables, net (amounts related to VIEs of $5,298 and $10,911 at June 30, 2021 and December 31, 2020, respectively) | 58,624 | 77,411 |
Accrued rental income, net (amounts related to VIEs of $346,443 and $336,594 at June 30, 2021 and December 31, 2020, respectively) | 1,172,411 | 1,122,502 |
Deferred charges, net (amounts related to VIEs of $173,578 and $183,306 at June 30, 2021 and December 31, 2020, respectively) | 627,338 | 640,085 |
Prepaid expenses and other assets (amounts related to VIEs of $12,441 and $13,137 at June 30, 2021 and December 31, 2020, respectively) | 46,946 | 33,840 |
Mortgage notes payable, net (amounts related to VIEs of $2,901,709 and $2,907,590 at June 30, 2021 and December 31, 2020, respectively) | 2,901,709 | 2,909,081 |
Lease liabilities - finance leases (amounts related to VIEs of $20,382 and $20,306 at June 30, 2021 and December 31, 2020, respectively) | 243,381 | 236,492 |
Accounts payable and accrued expenses (amounts related to VIEs of $40,100 and $23,128 at June 30, 2021 and December 31, 2020, respectively) | 305,969 | 336,264 |
Other liabilities (amounts related to VIEs of $129,477 and $158,805 at June 30, 2021 and December 31, 2020, respectively) | $ 370,990 | $ 412,084 |
Reddemable deferred stock units, units | 78,362 | 72,966 |
NonControlling Interest Redeemable Partnership Units Common Units Shares Outstanding | 16,038,056 | 16,037,121 |
NonControlling Interest Redeemable Partnership Units Common Units Long Term Incentive Units At Redemption Value Shares Outstanding | 1,489,456 | 1,336,115 |
Limited Partners' Capital Account, Units Outstanding (in units) | 154,399,324 | 153,987,904 |
General Partners' Capital Account, Units Outstanding (in units) | 1,736,635 | 1,730,921 |
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares authorized | 92,000 | |
Preferred stock / units, shares / units issued (in shares / units) | 80,000 | |
Preferred stock / units, shares / units outstanding (in shares / units) | 80,000 | |
Series B Dividend Rate Percentage | 5.25% | |
Series B Liquidation Preference Per Share/ Unit | $ 2,500 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,664,480 and $6,592,019 at June 30, 2021 and December 31, 2020, respectively) | $ 6,664,480 | $ 6,592,019 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2021 and December 31, 2020, respectively) | 21,000 | 21,000 |
Less: accumulated depreciation (amounts related to VIEs of $(1,235,346) and $(1,158,548) at June 30, 2021 and December 31, 2020, respectively) | (1,235,346) | (1,158,548) |
Cash and cash equivalents (amounts related to VIEs of $335,837 and $340,642 at June 30, 2021 and December 31, 2020, respectively) | 335,837 | 340,642 |
Tenant and other receivables, net (amounts related to VIEs of $5,298 and $10,911 at June 30, 2021 and December 31, 2020, respectively) | 5,298 | 10,911 |
Accrued rental income, net (amounts related to VIEs of $346,443 and $336,594 at June 30, 2021 and December 31, 2020, respectively) | 346,443 | 336,594 |
Deferred charges, net (amounts related to VIEs of $173,578 and $183,306 at June 30, 2021 and December 31, 2020, respectively) | 173,578 | 183,306 |
Prepaid expenses and other assets (amounts related to VIEs of $12,441 and $13,137 at June 30, 2021 and December 31, 2020, respectively) | 12,441 | 13,137 |
Mortgage notes payable, net (amounts related to VIEs of $2,901,709 and $2,907,590 at June 30, 2021 and December 31, 2020, respectively) | 2,901,709 | 2,907,590 |
Lease liabilities - finance leases (amounts related to VIEs of $20,382 and $20,306 at June 30, 2021 and December 31, 2020, respectively) | 20,382 | 20,306 |
Accounts payable and accrued expenses (amounts related to VIEs of $40,100 and $23,128 at June 30, 2021 and December 31, 2020, respectively) | 40,100 | 23,128 |
Other liabilities (amounts related to VIEs of $129,477 and $158,805 at June 30, 2021 and December 31, 2020, respectively) | 129,477 | 158,805 |
Variable Interest Entity, Primary Beneficiary [Member] | Boston Properties Limited Partnership | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,664,480 and $6,592,019 at June 30, 2021 and December 31, 2020, respectively) | 6,664,480 | 6,592,019 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2021 and December 31, 2020, respectively) | 21,000 | 21,000 |
Less: accumulated depreciation (amounts related to VIEs of $(1,235,346) and $(1,158,548) at June 30, 2021 and December 31, 2020, respectively) | (1,235,346) | (1,158,548) |
Cash and cash equivalents (amounts related to VIEs of $335,837 and $340,642 at June 30, 2021 and December 31, 2020, respectively) | 335,837 | 340,642 |
Tenant and other receivables, net (amounts related to VIEs of $5,298 and $10,911 at June 30, 2021 and December 31, 2020, respectively) | 5,298 | 10,911 |
Accrued rental income, net (amounts related to VIEs of $346,443 and $336,594 at June 30, 2021 and December 31, 2020, respectively) | 346,443 | 336,594 |
Deferred charges, net (amounts related to VIEs of $173,578 and $183,306 at June 30, 2021 and December 31, 2020, respectively) | 173,578 | 183,306 |
Prepaid expenses and other assets (amounts related to VIEs of $12,441 and $13,137 at June 30, 2021 and December 31, 2020, respectively) | 12,441 | 13,137 |
Mortgage notes payable, net (amounts related to VIEs of $2,901,709 and $2,907,590 at June 30, 2021 and December 31, 2020, respectively) | 2,901,709 | 2,907,590 |
Lease liabilities - finance leases (amounts related to VIEs of $20,382 and $20,306 at June 30, 2021 and December 31, 2020, respectively) | 20,382 | 20,306 |
Accounts payable and accrued expenses (amounts related to VIEs of $40,100 and $23,128 at June 30, 2021 and December 31, 2020, respectively) | 40,100 | 23,128 |
Other liabilities (amounts related to VIEs of $129,477 and $158,805 at June 30, 2021 and December 31, 2020, respectively) | $ 129,477 | $ 158,805 |
Boston Properties Limited Partnership | Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||
Preferred stock / units, shares / units issued (in shares / units) | 80,000 | |
Preferred stock / units, shares / units outstanding (in shares / units) | 80,000 | |
Series B Dividend Rate Percentage | 5.25% | |
Series B Liquidation Preference Per Share/ Unit | $ 2,500 |
Consolidated Statements Of Operations - USD ($) shares in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
Revenue | ||||||
Lease | $ 684,025,000 | $ 630,119,000 | $ 1,369,842,000 | $ 1,340,230,000 | ||
Total revenue | 713,807,000 | 654,773,000 | 1,427,502,000 | 1,407,329,000 | ||
Expenses | ||||||
Rental | 248,703,000 | 239,787,000 | 506,092,000 | 502,753,000 | ||
General and administrative | 38,405,000 | 37,743,000 | 83,364,000 | 74,197,000 | ||
Transaction costs | 751,000 | 332,000 | 1,082,000 | 947,000 | ||
Depreciation and amortization | 183,838,000 | 178,188,000 | 360,403,000 | 349,282,000 | ||
Total expenses | 476,348,000 | 460,507,000 | 961,148,000 | 941,694,000 | ||
Other income (expense) | ||||||
Income (Loss) from Unconsolidated Joint Ventures | (1,373,000) | 1,832,000 | 3,852,000 | 1,463,000 | ||
Gains (losses) on sales of real estate | 7,756,000 | 203,767,000 | 7,756,000 | 613,932,000 | ||
Interest and other income (loss) | 1,452,000 | 1,305,000 | 2,620,000 | 4,322,000 | ||
Gains (losses) from investments in securities | 2,275,000 | 4,552,000 | 3,934,000 | (893,000) | ||
Loss from early extinguishment of debt | 0 | 0 | (898,000) | 0 | ||
Interest expense | (106,319,000) | (107,142,000) | (214,221,000) | (208,733,000) | ||
Net income | 141,250,000 | 298,580,000 | 269,397,000 | 875,726,000 | ||
Net (income) loss attributable to noncontrolling interests | ||||||
Noncontrolling interests in property partnerships | (17,164,000) | 767,000 | (33,631,000) | (18,719,000) | ||
Noncontrolling interest - common units of the Operating Partnership | (12,383,000) | (30,197,000) | (23,422,000) | (87,525,000) | ||
Net income attributable to the Company | 111,703,000 | 269,150,000 | 212,344,000 | 769,482,000 | ||
Preferred dividends / distributions | 0 | (2,625,000) | (2,560,000) | (5,250,000) | ||
Preferred Stock Redemption Charge | 0 | 0 | (6,412,000) | 0 | ||
Net income attributable to the Company's common shareholders / unitholders | $ 111,703,000 | $ 266,525,000 | $ 203,372,000 | $ 764,232,000 | ||
Basic earnings per common share / unit attributable to the Company | ||||||
Earnings Per Share After Allccation of Undistributed Earnings to Particiapting Securities Basic (dollars per share) | $ 0.72 | $ 1.71 | $ 1.30 | $ 4.92 | ||
Weighted average number of common shares / units outstanding (in shares / units) | 156,107 | 155,386 | 156,016 | 155,199 | ||
Diluted earnings per common share / unit attributable to the Company | ||||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.71 | $ 1.71 | $ 1.30 | $ 4.91 | ||
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 156,519 | 155,407 | 156,307 | 155,333 | ||
Boston Properties Limited Partnership | ||||||
Revenue | ||||||
Lease | $ 684,025,000 | $ 630,119,000 | $ 1,369,842,000 | $ 1,340,230,000 | ||
Total revenue | 713,807,000 | 654,773,000 | 1,427,502,000 | 1,407,329,000 | ||
Expenses | ||||||
Rental | 248,703,000 | 239,787,000 | 506,092,000 | 502,753,000 | ||
General and administrative | 38,405,000 | 37,743,000 | 83,364,000 | 74,197,000 | ||
Transaction costs | 751,000 | 332,000 | 1,082,000 | 947,000 | ||
Depreciation and amortization | 182,078,000 | 176,409,000 | 355,578,000 | 345,694,000 | ||
Total expenses | 474,588,000 | 458,728,000 | 956,323,000 | 938,106,000 | ||
Other income (expense) | ||||||
Income (Loss) from Unconsolidated Joint Ventures | (1,373,000) | 1,832,000 | 3,852,000 | 1,463,000 | ||
Gains (losses) on sales of real estate | 7,756,000 | 207,241,000 | 7,756,000 | 626,895,000 | ||
Interest and other income (loss) | 1,452,000 | 1,305,000 | 2,620,000 | 4,322,000 | ||
Gains (losses) from investments in securities | 2,275,000 | 4,552,000 | 3,934,000 | (893,000) | ||
Loss from early extinguishment of debt | 0 | 0 | (898,000) | 0 | ||
Interest expense | (106,319,000) | (107,142,000) | (214,221,000) | (208,733,000) | ||
Net income | 143,010,000 | 303,833,000 | 274,222,000 | 892,277,000 | ||
Net (income) loss attributable to noncontrolling interests | ||||||
Noncontrolling interests in property partnerships | (17,164,000) | 767,000 | (33,631,000) | (18,719,000) | ||
Net income attributable to the Company | 125,846,000 | 304,600,000 | 240,591,000 | 873,558,000 | ||
Preferred dividends / distributions | 0 | (2,625,000) | (2,560,000) | (5,250,000) | ||
Preferred Stock Redemption Charge | 0 | 0 | (6,412,000) | 0 | ||
Net income attributable to the Company's common shareholders / unitholders | $ 125,846,000 | $ 301,975,000 | $ 231,619,000 | $ 868,308,000 | ||
Basic earnings per common share / unit attributable to the Company | ||||||
Earnings Per Share After Allccation of Undistributed Earnings to Particiapting Securities Basic (dollars per share) | $ 0.73 | $ 1.75 | $ 1.34 | $ 5.02 | ||
Weighted average number of common shares / units outstanding (in shares / units) | 173,150 | 172,659 | 173,034 | 172,604 | ||
Diluted earnings per common share / unit attributable to the Company | ||||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.73 | $ 1.75 | $ 1.34 | $ 5.02 | ||
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 173,562 | 172,680 | 173,325 | 172,738 | ||
Parking and Other [Member] | ||||||
Revenue | ||||||
Other revenue | $ 18,282,000 | $ 13,946,000 | $ 35,220,000 | $ 38,450,000 | ||
Parking and Other [Member] | Boston Properties Limited Partnership | ||||||
Revenue | ||||||
Other revenue | 18,282,000 | 13,946,000 | 35,220,000 | 38,450,000 | ||
Hotel [Member] | ||||||
Revenue | ||||||
Other revenue | [1] | 1,561,000 | 99,000 | 2,193,000 | 6,924,000 | |
Expenses | ||||||
Operating expense | 1,996,000 | 1,973,000 | 4,047,000 | 8,794,000 | ||
Hotel [Member] | Boston Properties Limited Partnership | ||||||
Revenue | ||||||
Other revenue | 1,561,000 | 99,000 | 2,193,000 | 6,924,000 | ||
Expenses | ||||||
Operating expense | 1,996,000 | 1,973,000 | 4,047,000 | 8,794,000 | ||
Real Estate, Other [Member] | ||||||
Revenue | ||||||
Other revenue | 2,655,000 | 2,484,000 | 6,160,000 | 5,721,000 | ||
Expenses | ||||||
Operating expense | 2,655,000 | 2,484,000 | 6,160,000 | 5,721,000 | ||
Real Estate, Other [Member] | Boston Properties Limited Partnership | ||||||
Revenue | ||||||
Other revenue | 2,655,000 | 2,484,000 | 6,160,000 | 5,721,000 | ||
Expenses | ||||||
Operating expense | 2,655,000 | 2,484,000 | 6,160,000 | 5,721,000 | ||
Management Service [Member] | ||||||
Revenue | ||||||
Other revenue | 7,284,000 | 8,125,000 | 14,087,000 | 16,004,000 | ||
Management Service [Member] | Boston Properties Limited Partnership | ||||||
Revenue | ||||||
Other revenue | $ 7,284,000 | $ 8,125,000 | $ 14,087,000 | $ 16,004,000 | ||
|
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||
Net income | $ 141,250 | $ 298,580 | $ 269,397 | $ 875,726 | ||||
Other comprehensive income (loss): | ||||||||
Effective portion of interest rate contracts | 654 | (659) | 4,394 | (10,379) | ||||
Amortization of interest rate contracts | [1] | 1,676 | 1,677 | 3,352 | 3,343 | |||
Other comprehensive income (loss) | 2,330 | 1,018 | 7,746 | (7,036) | ||||
Comprehensive Income | 143,580 | 299,598 | 277,143 | 868,690 | ||||
Comprehensive income attributable to noncontrolling interests | (29,547) | (29,430) | (57,053) | (106,244) | ||||
Other comprehensive (income) loss attributable to noncontrolling interests | (357) | (239) | (1,022) | 450 | ||||
Comprehensive income attributable to the Company | 113,676 | 269,929 | 219,068 | 762,896 | ||||
Boston Properties Limited Partnership | ||||||||
Net income | 143,010 | 303,833 | 274,222 | 892,277 | ||||
Other comprehensive income (loss): | ||||||||
Effective portion of interest rate contracts | 654 | (659) | 4,394 | (10,379) | ||||
Amortization of interest rate contracts | [2] | 1,676 | 1,677 | 3,352 | 3,343 | |||
Other comprehensive income (loss) | 2,330 | 1,018 | 7,746 | (7,036) | ||||
Comprehensive Income | 145,340 | 304,851 | 281,968 | 885,241 | ||||
Comprehensive income attributable to noncontrolling interests | (17,308) | 623 | (33,919) | (19,007) | ||||
Comprehensive income attributable to the Company | $ 128,032 | $ 305,474 | $ 248,049 | $ 866,234 | ||||
|
Consolidated Statements Of Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-In Capital [Member] |
Dividends In Excess Of Earnings [Member] |
Dividends In Excess Of Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment
|
Treasury Stock, at cost [Member] |
Accumulated Other Comprehensive Loss [Member] |
Noncontrolling Interests [Member] |
Noncontrolling Interests [Member]
Cumulative Effect, Period of Adoption, Adjustment
|
Noncontrolling interest - property partnerships [Member] |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity, shares at Dec. 31, 2019 | 154,790,000 | |||||||||||
Equity, value at Dec. 31, 2019 | $ 8,014,236 | $ 1,548 | $ 200,000 | $ 6,294,719 | $ (760,523) | $ (2,722) | $ (48,335) | $ 600,860 | $ 1,728,689 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2018-09 | Accounting Standards Update 2018-09 | |||||||||||
Redemption of operating partnership units to common stock, shares | 765,000 | |||||||||||
Redemption of operating partnership units to common stock, value | $ 0 | $ 8 | 26,336 | (26,344) | ||||||||
Allocated net income for the year | 875,726 | 769,482 | 87,525 | 18,719 | ||||||||
Dividends/distributions declared | (344,603) | (309,965) | (34,638) | |||||||||
Shares issued pursuant to stock purchase plan, shares | 2,000 | |||||||||||
Shares issued pursuant to stock purchase plan, value | 325 | 325 | ||||||||||
Net activity from stock option and incentive plan, shares | 65,000 | |||||||||||
Net activity from stock option and incentive plan, value | 33,285 | $ 0 | 8,256 | 25,029 | ||||||||
Preferred Stock Redemption Charge | 0 | |||||||||||
Contributions from noncontrolling interests in property partnerships | 5,957 | 5,957 | ||||||||||
Distributions to noncontrolling interests in property partnerships | (29,065) | (29,065) | ||||||||||
Effective portion of interest rate contracts | (10,379) | (9,333) | (1,046) | 0 | ||||||||
Amortization of interest rate contracts | 3,343 | 2,747 | 308 | 288 | ||||||||
Reallocation of noncontrolling interest | 0 | 11,029 | (11,029) | |||||||||
Equity, shares at Jun. 30, 2020 | 155,622,000 | |||||||||||
Equity, value at Jun. 30, 2020 | 8,547,146 | $ (1,679) | $ 1,556 | 200,000 | 6,340,665 | (302,511) | $ (1,505) | (2,722) | (54,921) | 640,491 | $ (174) | 1,724,588 |
Equity, shares at Mar. 31, 2020 | 155,315,000 | |||||||||||
Equity, value at Mar. 31, 2020 | 8,420,883 | $ 1,553 | 200,000 | 6,321,475 | (416,740) | (2,722) | (55,700) | 636,572 | 1,736,445 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Redemption of operating partnership units to common stock, shares | 303,000 | |||||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 3 | 10,846 | (10,849) | ||||||||
Allocated net income for the year | 298,580 | 269,361 | 29,986 | (767) | ||||||||
Dividends/distributions declared | (172,326) | (155,132) | (17,194) | |||||||||
Net activity from stock option and incentive plan, shares | 4,000 | |||||||||||
Net activity from stock option and incentive plan, value | 10,225 | 873 | 9,352 | |||||||||
Preferred Stock Redemption Charge | 0 | |||||||||||
Contributions from noncontrolling interests in property partnerships | 2,081 | 2,081 | ||||||||||
Distributions to noncontrolling interests in property partnerships | (13,315) | (13,315) | ||||||||||
Effective portion of interest rate contracts | (659) | (601) | (58) | |||||||||
Amortization of interest rate contracts | 1,677 | 1,380 | 153 | 144 | ||||||||
Reallocation of noncontrolling interest | 0 | 7,471 | (7,471) | |||||||||
Equity, shares at Jun. 30, 2020 | 155,622,000 | |||||||||||
Equity, value at Jun. 30, 2020 | $ 8,547,146 | $ (1,679) | $ 1,556 | 200,000 | 6,340,665 | (302,511) | $ (1,505) | (2,722) | (54,921) | 640,491 | $ (174) | 1,724,588 |
Equity, shares at Dec. 31, 2020 | 155,718,825 | 155,719,000 | ||||||||||
Equity, value at Dec. 31, 2020 | $ 8,339,612 | $ 1,557 | 200,000 | 6,356,791 | (509,653) | (2,722) | (49,890) | 616,596 | 1,726,933 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Redemption of operating partnership units to common stock, shares | 177,000 | |||||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 1 | 6,284 | (6,285) | ||||||||
Allocated net income for the year | 269,397 | 212,344 | 23,422 | 33,631 | ||||||||
Dividends/distributions declared | (343,066) | (308,526) | (34,540) | |||||||||
Shares issued pursuant to stock purchase plan, shares | 5,000 | |||||||||||
Shares issued pursuant to stock purchase plan, value | 484 | 484 | ||||||||||
Net activity from stock option and incentive plan, shares | 235,000 | |||||||||||
Net activity from stock option and incentive plan, value | 51,364 | $ 3 | 19,708 | 31,653 | ||||||||
Preferred Stock, Redeemed | (193,623) | (200,000) | 6,377 | |||||||||
Preferred Stock Redemption Charge | (6,412) | 6,412 | ||||||||||
Contributions from noncontrolling interests in property partnerships | 2,420 | 2,420 | ||||||||||
Distributions to noncontrolling interests in property partnerships | (37,929) | (37,929) | ||||||||||
Effective portion of interest rate contracts | (4,394) | 3,962 | (432) | |||||||||
Amortization of interest rate contracts | 3,352 | 2,762 | 302 | 288 | ||||||||
Reallocation of noncontrolling interest | $ 0 | 16,272 | (16,272) | |||||||||
Equity, shares at Jun. 30, 2021 | 156,135,959 | 156,136,000 | ||||||||||
Equity, value at Jun. 30, 2021 | $ 8,089,993 | $ 1,561 | 0 | 6,405,916 | (612,247) | (2,722) | (43,166) | 615,308 | 1,725,343 | |||
Equity, shares at Mar. 31, 2021 | 156,074,000 | |||||||||||
Equity, value at Mar. 31, 2021 | 8,121,347 | $ 1,561 | 0 | 6,392,923 | (570,982) | (2,722) | (45,139) | 620,106 | 1,725,600 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Redemption of operating partnership units to common stock, shares | 59,000 | |||||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 0 | 2,087 | (2,087) | ||||||||
Allocated net income for the year | 141,250 | 111,748 | 12,338 | 17,164 | ||||||||
Dividends/distributions declared | (170,266) | (153,013) | (17,253) | |||||||||
Net activity from stock option and incentive plan, shares | 3,000 | |||||||||||
Net activity from stock option and incentive plan, value | 12,897 | $ 0 | (294) | 13,191 | ||||||||
Preferred Stock Redemption Charge | 0 | |||||||||||
Contributions from noncontrolling interests in property partnerships | 2,139 | 2,139 | ||||||||||
Distributions to noncontrolling interests in property partnerships | (19,704) | (19,704) | ||||||||||
Effective portion of interest rate contracts | 654 | 593 | 61 | 0 | ||||||||
Amortization of interest rate contracts | 1,676 | 1,380 | 152 | 144 | ||||||||
Reallocation of noncontrolling interest | $ 0 | 11,200 | (11,200) | |||||||||
Equity, shares at Jun. 30, 2021 | 156,135,959 | 156,136,000 | ||||||||||
Equity, value at Jun. 30, 2021 | $ 8,089,993 | $ 1,561 | $ 0 | $ 6,405,916 | $ (612,247) | $ (2,722) | $ (43,166) | $ 615,308 | $ 1,725,343 |
Consolidated Statement of Capital and Noncontrolling Interests - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Common Stock, Shares, Outstanding | 156,135,959 | 156,135,959 | 155,718,825 | |||||
Effective portion of interest rate contracts | $ 654 | $ (659) | $ (4,394) | $ (10,379) | ||||
Amortization of interest rate contracts | 1,676 | 1,677 | 3,352 | 3,343 | ||||
Contributions from noncontrolling interests in property partnerships | 2,139 | 2,081 | 2,420 | 5,957 | ||||
Distributions to noncontrolling interests in property partnerships | (19,704) | (13,315) | (37,929) | (29,065) | ||||
Preferred Stock Redemption Charge | 0 | 0 | (6,412) | 0 | ||||
Net activity from stock option and incentive plan, value | $ 12,897 | $ 10,225 | $ 51,364 | $ 33,285 | ||||
Accounting Standards Update 2018-09 | ||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2018-09 | |||||||
General Partner [Member] | ||||||||
Common Stock, Shares, Outstanding | 1,737,000 | 1,731,000 | 1,737,000 | 1,731,000 | 1,737,000 | 1,731,000 | 1,731,000 | 1,727,000 |
Net activity from stock option and incentive plan, shares | 4,000 | 1,000 | ||||||
Conversion of redeemable partnership units | 2,000 | 3,000 | ||||||
Limited Partner [Member] | ||||||||
Common Stock, Shares, Outstanding | 154,399,000 | 153,891,000 | 154,399,000 | 153,891,000 | 154,338,000 | 153,988,000 | 153,584,000 | 153,063,000 |
Net activity from stock option and incentive plan, shares | 2,000 | 5,000 | 235,000 | 68,000 | ||||
Conversion of redeemable partnership units | 59,000 | 302,000 | 176,000 | 760,000 | ||||
Partners' Capital (General and Limited Partners)[Member] | ||||||||
Beginning Balance | $ 4,132,880 | $ 4,828,066 | $ 4,132,880 | $ 4,828,066 | $ 4,392,624 | $ 4,554,639 | $ 4,626,627 | $ 3,380,175 |
Contributions, value | (294) | 20,195 | 8,581 | |||||
Allocated net income for the period | 113,508 | 271,989 | 214,609 | 780,783 | ||||
Distributions | (153,013) | (152,507) | (305,966) | (304,715) | ||||
Conversion of redeemable partnership units, value | 2,087 | 10,849 | 6,285 | 26,344 | ||||
Adjustment to reflect redeemable partnership units at redemption value | (222,032) | 70,235 | (350,470) | 938,403 | ||||
Preferred Stock Redemption Charge | (6,412) | |||||||
Net activity from stock option and incentive plan, value | 873 | |||||||
Partners' Capital (General and Limited Partners)[Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Beginning Balance | (1,505) | |||||||
Preferred Units [Member] | ||||||||
Beginning Balance | 0 | 193,623 | 0 | 193,623 | 0 | 193,623 | 193,623 | 193,623 |
Allocated net income for the period | 2,625 | 2,560 | 5,250 | |||||
Distributions | (2,625) | (2,560) | (5,250) | |||||
Preferred Units [Member] | Boston Properties Limited Partnership | ||||||||
Preferred Stock, Redemption Amount | (193,623) | (193,623) | ||||||
Accumulated Other Comprehensive Loss [Member] | ||||||||
Beginning Balance | (43,166) | (54,921) | (43,166) | (54,921) | (45,139) | (49,890) | (55,700) | (48,335) |
Effective portion of interest rate contracts | 593 | (601) | 3,962 | (9,333) | ||||
Amortization of interest rate contracts | 1,380 | 1,380 | 2,762 | 2,747 | ||||
Noncontrolling interest - property partnerships [Member] | ||||||||
Beginning Balance | 1,725,343 | 1,724,588 | 1,725,343 | 1,724,588 | 1,725,600 | 1,726,933 | 1,736,445 | 1,728,689 |
Allocated net income for the period | 17,164 | (767) | 33,631 | 18,719 | ||||
Effective portion of interest rate contracts | 0 | 0 | ||||||
Amortization of interest rate contracts | 144 | 144 | 288 | 288 | ||||
Contributions from noncontrolling interests in property partnerships | 2,139 | 2,081 | 2,420 | 5,957 | ||||
Distributions to noncontrolling interests in property partnerships | (19,704) | (13,315) | (37,929) | (29,065) | ||||
Total Capital [Member] | ||||||||
Beginning Balance | 5,815,057 | 6,691,356 | 5,815,057 | 6,691,356 | 6,073,085 | 6,425,305 | 6,500,995 | 5,254,152 |
Contributions, value | (294) | 20,195 | 8,581 | |||||
Allocated net income for the period | 130,672 | 273,847 | 250,800 | 804,752 | ||||
Distributions | (153,013) | (155,132) | (308,526) | (309,965) | ||||
Conversion of redeemable partnership units, value | 2,087 | 10,849 | 6,285 | 26,344 | ||||
Adjustment to reflect redeemable partnership units at redemption value | (222,032) | 70,235 | (350,470) | 938,403 | ||||
Effective portion of interest rate contracts | 593 | (601) | 3,962 | (9,333) | ||||
Amortization of interest rate contracts | 1,524 | 1,524 | 3,050 | 3,035 | ||||
Contributions from noncontrolling interests in property partnerships | 2,139 | 2,081 | 2,420 | 5,957 | ||||
Distributions to noncontrolling interests in property partnerships | (19,704) | (13,315) | (37,929) | (29,065) | ||||
Preferred Stock, Redemption Amount | (193,623) | (193,623) | ||||||
Preferred Stock Redemption Charge | (6,412) | |||||||
Net activity from stock option and incentive plan, value | 873 | |||||||
Total Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Beginning Balance | (1,505) | |||||||
Noncontrolling interest - Redeemable partnership units [Member] | ||||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 2,008,478 | 1,581,010 | 2,008,478 | 1,581,010 | $ 1,780,044 | $ 1,643,024 | $ 1,639,855 | 2,468,753 |
Contributions, value | 13,191 | 31,653 | 25,029 | |||||
Allocated net income for the period | 12,338 | 29,986 | 23,422 | 87,525 | ||||
Distributions | (17,253) | (17,194) | (34,540) | (34,638) | ||||
Conversion of redeemable partnership units, value | (2,087) | (10,849) | (6,285) | (26,344) | ||||
Adjustment to reflect redeemable partnership units at redemption value | 222,032 | (70,235) | 350,470 | (938,403) | ||||
Effective portion of interest rate contracts | 61 | (58) | 432 | (1,046) | ||||
Amortization of interest rate contracts | 152 | 153 | 302 | 308 | ||||
Contributions from noncontrolling interests in property partnerships | 0 | 0 | 0 | 0 | ||||
Distributions to noncontrolling interests in property partnerships | 0 | 0 | 0 | $ 0 | ||||
Preferred Stock, Redemption Amount | $ 0 | 0 | ||||||
Preferred Stock Redemption Charge | 0 | |||||||
Net activity from stock option and incentive plan, value | $ 9,352 | |||||||
Noncontrolling interest - Redeemable partnership units [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ (174) | |||||||
Dividends In Excess Of Earnings [Member] | ||||||||
Preferred Stock Redemption Charge | $ 6,412 |
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Net income | $ 269,397 | $ 875,726 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 360,403 | 349,282 |
Amortization of right of use assets - operating leases | 2,963 | 1,128 |
Non-cash compensation expense | 34,370 | 27,899 |
(Income) Loss from unconsolidated joint ventures | (3,852) | (1,463) |
Distributions of net cash flow from operations of unconsolidated joint ventures | 14,387 | 13,382 |
(Gains) losses from investments in securities | (3,934) | 893 |
Allowance for current expected credit losses | (418) | 484 |
Non-cash portion of interest expense | 11,784 | 11,483 |
Settlement of accreted debt discount on redemption of unsecured senior notes | (6,290) | 0 |
Loss from early extinguishment of debt | 898 | 0 |
Gains on sales of real estate | (7,756) | (613,932) |
Change in assets and liabilities: | ||
Tenant and other receivables, net | 17,110 | 18,516 |
Notes receivable, net | (277) | (258) |
Accrued rental income, net | (39,434) | (43,399) |
Prepaid expenses and other assets | (14,122) | (12,057) |
Lease liabilities - operating leases | (1,566) | 799 |
Accounts payable and accrued expenses | 6,100 | (20,493) |
Accrued interest payable | 1,741 | 5,262 |
Other liabilities | (53,919) | (21,912) |
Tenant leasing costs | (27,109) | (37,068) |
Total adjustments | 291,079 | (321,454) |
Net cash provided by operating activities | 560,476 | 554,272 |
Cash flows from investing activities: | ||
Acquisitions of real estate | (100,176) | (133,406) |
Construction in progress | (235,577) | (247,615) |
Building and other capital improvements | (66,033) | (68,386) |
Tenant improvements | (161,619) | (118,903) |
Proceeds from sales of real estate | 0 | 506,337 |
Capital contributions to unconsolidated joint ventures | (20,032) | (106,168) |
Capital distributions from unconsolidated joint ventures | 122 | 54,413 |
Proceeds from sale of investment in unconsolidated joint venture | 17,789 | 0 |
Issuance of notes receivable, net | 0 | (9,800) |
Investments in securities, net | 1,915 | 3,006 |
Net cash used in investing activities | (563,611) | (120,522) |
Cash flows from financing activities: | ||
Repayments of mortgage notes payable | (9,294) | (8,477) |
Proceeds from unsecured senior notes | 846,345 | 1,248,125 |
Redemption of unsecured senior notes | (843,710) | 0 |
Borrowings on unsecured line of credit | 0 | 265,000 |
Repayments of unsecured line of credit | 0 | (265,000) |
Repayment of unsecured term loan | 500,000 | 0 |
Preferred Stock, Redemption Amount | (200,000) | 0 |
Finance Lease, Principal Payments | (618) | 0 |
Deferred financing costs | (13,642) | (9,465) |
Debt prepayment and extinguishment costs | (185) | 0 |
Net proceeds from equity transactions | 19,580 | 3,183 |
Dividends and distributions | (343,117) | (344,239) |
Contributions from noncontrolling interests in property partnerships | 2,420 | 5,957 |
Distributions to noncontrolling interests in property partnerships | (37,929) | (29,065) |
Net cash provided by (used in) financing activities | (1,078,914) | 866,019 |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | (1,082,049) | 1,299,769 |
Cash and cash equivalents and cash held in escrows, beginning of period | 1,719,329 | 691,886 |
Cash and cash equivalents and cash held in escrows, end of period | 637,280 | 1,991,655 |
Reconciliation of cash and cash equivalents and cash held in escrow | ||
Cash and cash equivalents, beginning of period | 1,668,742 | 644,950 |
Cash held in escrows, beginning of period | 50,587 | 46,936 |
Cash and cash equivalents, end of period | 557,307 | 1,691,047 |
Cash held in escrows,end of period | 79,973 | 300,608 |
Supplemental disclosures: | ||
Cash paid for interest | 226,367 | 213,754 |
Interest capitalized | 25,046 | 27,866 |
Non-cash investing and financing activities: | ||
Write-off of fully depreciated real estate | (98,672) | (50,141) |
Change in real estate included in accounts payable and accrued expenses | (22,822) | (25,461) |
Right-of-use assets obtained in exchange for operating lease liability | 26,887 | 0 |
Accrued rental income, net deconsolidated | 0 | (4,558) |
Tenant leasing costs, net deconsolidated | 0 | (3,462) |
Building and other capital improvements, net deconsolidated | 0 | (111,889) |
Tenant improvements, net deconsolidated | 0 | (12,331) |
Investment in unconsolidated joint venture recorded upon deconsolidation | 0 | 347,898 |
Dividends and distributions declared but not paid | 169,718 | 171,077 |
Conversions of noncontrolling interests to stockholders’ equity | 6,285 | 26,344 |
Issuance of restricted securities to employees and non-employee directors | 42,515 | 43,462 |
Boston Properties Limited Partnership | ||
Net income | 274,222 | 892,277 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 355,578 | 345,694 |
Amortization of right of use assets - operating leases | 2,963 | 1,128 |
Non-cash compensation expense | 34,370 | 27,899 |
(Income) Loss from unconsolidated joint ventures | (3,852) | (1,463) |
Distributions of net cash flow from operations of unconsolidated joint ventures | 14,387 | 13,382 |
(Gains) losses from investments in securities | (3,934) | 893 |
Allowance for current expected credit losses | (418) | 484 |
Non-cash portion of interest expense | 11,784 | 11,483 |
Settlement of accreted debt discount on redemption of unsecured senior notes | (6,290) | 0 |
Loss from early extinguishment of debt | 898 | 0 |
Gains on sales of real estate | (7,756) | (626,895) |
Change in assets and liabilities: | ||
Tenant and other receivables, net | 17,110 | 18,516 |
Notes receivable, net | (277) | (258) |
Accrued rental income, net | (39,434) | (43,399) |
Prepaid expenses and other assets | (14,122) | (12,057) |
Lease liabilities - operating leases | (1,566) | 799 |
Accounts payable and accrued expenses | 6,100 | (20,493) |
Accrued interest payable | 1,741 | 5,262 |
Other liabilities | (53,919) | (21,912) |
Tenant leasing costs | (27,109) | (37,068) |
Total adjustments | 286,254 | (338,005) |
Net cash provided by operating activities | 560,476 | 554,272 |
Cash flows from investing activities: | ||
Acquisitions of real estate | (100,176) | (133,406) |
Construction in progress | (235,577) | (247,615) |
Building and other capital improvements | (66,033) | (68,386) |
Tenant improvements | (161,619) | (118,903) |
Proceeds from sales of real estate | 0 | 506,337 |
Capital contributions to unconsolidated joint ventures | (20,032) | (106,168) |
Capital distributions from unconsolidated joint ventures | 122 | 54,413 |
Proceeds from sale of investment in unconsolidated joint venture | 17,789 | 0 |
Issuance of notes receivable, net | 0 | (9,800) |
Investments in securities, net | 1,915 | 3,006 |
Net cash used in investing activities | (563,611) | (120,522) |
Cash flows from financing activities: | ||
Repayments of mortgage notes payable | (9,294) | (8,477) |
Proceeds from unsecured senior notes | 846,345 | 1,248,125 |
Redemption of unsecured senior notes | (843,710) | 0 |
Borrowings on unsecured line of credit | 0 | 265,000 |
Repayments of unsecured line of credit | 0 | (265,000) |
Repayment of unsecured term loan | (500,000) | 0 |
Preferred Stock, Redemption Amount | (200,000) | 0 |
Finance Lease, Principal Payments | 618 | 0 |
Deferred financing costs | (13,642) | (9,465) |
Debt prepayment and extinguishment costs | (185) | 0 |
Net proceeds from equity transactions | 19,580 | 3,183 |
Dividends and distributions | (343,117) | (344,239) |
Contributions from noncontrolling interests in property partnerships | 2,420 | 5,957 |
Distributions to noncontrolling interests in property partnerships | (37,929) | (29,065) |
Net cash provided by (used in) financing activities | (1,078,914) | 866,019 |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | (1,082,049) | 1,299,769 |
Cash and cash equivalents and cash held in escrows, beginning of period | 1,719,329 | 691,886 |
Cash and cash equivalents and cash held in escrows, end of period | 637,280 | 1,991,655 |
Reconciliation of cash and cash equivalents and cash held in escrow | ||
Cash and cash equivalents, beginning of period | 1,668,742 | 644,950 |
Cash held in escrows, beginning of period | 50,587 | 46,936 |
Cash and cash equivalents, end of period | 557,307 | 1,691,047 |
Cash held in escrows,end of period | 79,973 | 300,608 |
Supplemental disclosures: | ||
Cash paid for interest | 226,367 | 213,754 |
Interest capitalized | 25,046 | 27,866 |
Non-cash investing and financing activities: | ||
Write-off of fully depreciated real estate | (97,358) | (50,141) |
Change in real estate included in accounts payable and accrued expenses | (22,822) | (25,461) |
Right-of-use assets obtained in exchange for operating lease liability | 26,887 | 0 |
Accrued rental income, net deconsolidated | 0 | (4,558) |
Tenant leasing costs, net deconsolidated | 0 | (3,462) |
Building and other capital improvements, net deconsolidated | 0 | (111,889) |
Tenant improvements, net deconsolidated | 0 | (12,331) |
Investment in unconsolidated joint venture recorded upon deconsolidation | 0 | 347,898 |
Dividends and distributions declared but not paid | 169,718 | 171,077 |
Conversions of noncontrolling interests to stockholders’ equity | 6,285 | 26,344 |
Issuance of restricted securities to employees and non-employee directors | $ 42,515 | $ 43,462 |
Organization |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Boston Properties, Inc., a Delaware corporation, is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”). Boston Properties, Inc. is the sole general partner of Boston Properties Limited Partnership, its operating partnership, and at June 30, 2021 owned an approximate 89.9% (90.0% at December 31, 2020) general and limited partnership interest in Boston Properties Limited Partnership. Unless stated otherwise or the context requires, the “Company” refers to Boston Properties, Inc. and its subsidiaries, including Boston Properties Limited Partnership and its consolidated subsidiaries. Partnership interests in Boston Properties Limited Partnership include: •common units of partnership interest (also referred to as “OP Units”), •long term incentive units of partnership interest (also referred to as “LTIP Units”), and •preferred units of partnership interest (also referred to as “Preferred Units”). Unless specifically noted otherwise, all references to OP Units exclude units held by Boston Properties, Inc. A holder of an OP Unit may present such OP Unit to Boston Properties Limited Partnership 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, Boston Properties Limited Partnership is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of Boston Properties, Inc. (“Common Stock”). In lieu of a cash redemption, Boston Properties, Inc. 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 Boston Properties, Inc. 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 - 2021 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance and vesting conditions, is convertible into one OP Unit. The three-year measurement periods for the 2012 OPP Units and the 2013 - 2018 MYLTIP Units have ended and Boston Properties, Inc.’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 2019 - 2021 MYLTIP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units and the 2013 - 2018 MYLTIP Units, which have been earned). Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2019 - 2021 MYLTIP Units. LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2018 MYLTIP Units), whether vested or not, will receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 10 and 14). At December 31, 2020, there was one series of Preferred Units outstanding (i.e., Series B Preferred Units). The Series B Preferred Units were issued to Boston Properties, Inc. on March 27, 2013 in connection with the issuance of 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) of 5.25% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”). Boston Properties, Inc. contributed the net proceeds from the offering to Boston Properties Limited Partnership in exchange for 80,000 Series B Preferred Units having terms and preferences generally mirroring those of the Series B Preferred Stock. On March 2, 2021, Boston Properties, Inc. issued a redemption notice for 80,000 shares of Series B Preferred Stock, which constituted all of the outstanding Series B Preferred Stock, and the corresponding depositary shares, each representing 1/100th of a share of Series B Preferred Stock (the “Depositary Shares”), and recorded it as a liability. On March 31, 2021, Boston Properties, Inc. transferred the full redemption price for all outstanding shares of Series B Preferred Stock of approximately $201.3 million, including approximately $1.3 million of accrued and unpaid dividends to, but not including, the redemption date, to the redemption agent. On April 1, 2021, Boston Properties, Inc. redeemed 80,000 shares of Series B Preferred Stock (including the corresponding 8,000,000 Depositary Shares), which represented all of the outstanding shares of Series B Preferred Stock and all of the outstanding Depositary Shares. In connection with the redemption of the Series B Preferred Stock, the Series B Preferred Units were also redeemed (See Note 11). Properties At June 30, 2021, the Company owned or had joint venture interests in a portfolio of 197 commercial real estate properties (the “Properties”) aggregating approximately 51.5 million net rentable square feet of primarily Class A office properties, including nine properties under construction/redevelopment totaling approximately 4.3 million net rentable square feet. At June 30, 2021, the Properties consisted of: •178 office properties (including nine properties under construction/redevelopment); •12 retail properties; •six residential properties; and •one hotel. The Company considers Class A office properties 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.
|
Summary Of Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Boston Properties, Inc. does not have any other significant assets, liabilities or operations, other than its investment in Boston Properties Limited Partnership, nor does it have employees of its own. Boston Properties Limited Partnership, not Boston Properties, Inc., generally executes all significant business relationships other than transactions involving securities of Boston Properties, Inc. 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. 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, 2020. 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 the coronavirus (“COVID-19”) 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 Company has determined that it is the primary beneficiary for six of the seven entities that are VIEs. Consolidated Variable Interest Entities As of June 30, 2021, Boston Properties, Inc. has identified six consolidated VIEs, including Boston Properties Limited Partnership. Excluding Boston Properties Limited Partnership, the VIEs consisted of 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. The Company consolidates these VIEs because it is the primary beneficiary. The third parties’ interests in these consolidated entities (excluding Boston Properties Limited Partnership’s interest) are reflected as noncontrolling interests in property partnerships in the accompanying consolidated financial statements (See Note 10). In addition, Boston Properties, Inc.’s only significant asset is its investment in Boston Properties Limited Partnership and, consequently, substantially all of Boston Properties, Inc.’s assets and liabilities are the assets and liabilities of Boston Properties Limited Partnership. Variable Interest Entities Not Consolidated The Company has determined that the Platform 16 Holdings LP joint venture is a VIE. The Company does not consolidate this entity as the Company does not have the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and, therefore, the Company is not considered to be the primary beneficiary. Fair Value of Financial Instruments The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents 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 value for the period is low, the valuation could be categorized as Level 2. (2)As of June 30, 2021, there were no amounts outstanding under the unsecured line of credit. 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. The following table identifies the range and weighted average of significant unobservable inputs for the Company’s Level 3 fair value measured instruments.
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. The following table presents the aggregate carrying value of the Company’s related party note receivable, net, notes receivable, net, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of June 30, 2021 and December 31, 2020 (in thousands):
|
Real Estate |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | 3. Real Estate Boston Properties, Inc. Real estate consisted of the following at June 30, 2021 and December 31, 2020 (in thousands):
_______________ (1)See Note 4. (2)Includes pre-development costs. Boston Properties Limited Partnership Real estate consisted of the following at June 30, 2021 and December 31, 2020 (in thousands):
_______________ (1)See Note 4. (2)Includes pre-development costs. Acquisitions / Pending Acquisitions On April 19, 2021, the Company entered into an agreement to acquire 11251 Roger Bacon Drive, in Reston, Virginia, for an aggregate purchase price of approximately $5.6 million. The closing is scheduled to occur in the first quarter of 2022. 11251 Roger Bacon Drive is an approximately 65,000 square foot office building situated on approximately 2.6 acres. The property is 100% leased to a single tenant with a lease expiration prior to the planned closing. There can be no assurance that the acquisition will be consummated on the terms currently contemplated or at all. On June 2, 2021, the Company acquired 153 & 211 Second Avenue located in Waltham, Massachusetts for an aggregate purchase price of approximately $100.2 million in cash. 153 & 211 Second Avenue consists of two life sciences lab buildings totaling approximately 137,000 net rentable square feet. The properties are 100% leased. The following table summarizes the allocation of the purchase price, including transaction costs, of 153 & 211 Second Avenue at the date of acquisition (in thousands):
The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles and the acquired below-market lease intangibles for 153 & 211 Second Avenue for the remainder of 2021 through the last lease expiration (in thousands):
153 & 211 Second Avenue contributed approximately $0.8 million of revenue and approximately ($0.3) million of earnings to the Company for the period from June 2, 2021 through June 30, 2021. On June 7, 2021, the Company entered into an agreement to acquire Shady Grove Bio+Tech Campus in Rockville, Maryland, for an aggregate purchase price of approximately $116.5 million. The closing is scheduled to occur in the third quarter of 2021. The Company’s refundable deposit of $10.0 million is reflected as Cash and Cash Equivalents in the Company’s Consolidated Balance Sheets. Shady Grove Bio+Tech Campus is an approximately 435,000 net rentable square foot, seven-building office park situated on an approximately 31-acre site. The Company intends to reposition three of the buildings, which are currently vacant, to support life sciences uses (See Note 15). On June 25, 2021, the Company entered into an agreement to acquire 360 Park Avenue South in New York City, New York for an aggregate purchase price of approximately $300.0 million, including (1) the assumption of the mortgage loan collateralized by the property totaling approximately $202.0 million and (2) the issuance of approximately $98.0 million of OP Units, with a floor price of $111.00 per OP Unit. The closing is scheduled to occur in the fourth quarter of 2021. The Company’s deposit of $30.0 million is reflected as Cash Held in Escrows in the Company’s Consolidated Balance Sheets. 360 Park Avenue South is an approximately 450,000 square foot Class A office building. Upon acquisition, the building will be vacant and the Company intends to redevelop or reposition the building. There can be no assurance that the acquisition will be consummated on the terms currently contemplated or at all. On June 29, 2021, the Company entered into an escrow agreement in connection with an option granted to the Company to purchase Safeco Plaza in Seattle, Washington. The Company’s refundable deposit of $46.5 million is reflected as Cash and Cash Equivalents in the Company’s Consolidated Balance Sheets. Safeco Plaza is an approximately 800,000 square foot Class A office building. There can be no assurance that the acquisition will be consummated on the terms currently contemplated or at all (See Note 15). Developments On February 1, 2021, the consolidated entity in which the Company has a 55% interest completed and fully placed in-service One Five Nine East 53rd Street, a Class A office and retail redevelopment of the low-rise portion of its 601 Lexington Avenue property with approximately 220,000 net rentable square feet located in New York City. On February 25, 2021, the Company commenced the development of 180 CityPoint, located in Waltham, Massachusetts. When completed, the building will consist of approximately 329,000 net rentable square feet of laboratory space. On February 25, 2021, the Company commenced the redevelopment of 880 Winter Street, located in Waltham, Massachusetts. When completed, the building will consist of approximately 224,000 net rentable square feet of laboratory space. On February 25, 2021, the Company commenced the redevelopment of The Prudential Center Observatory, a 59,000 net rentable square foot redevelopment of the top three floors of 800 Boylston Street - The Prudential Center, located in Boston, Massachusetts. On April 16, 2021, the Company removed 3625-3635 Peterson Way from its in-service portfolio following the lease expiration of the last tenant on April 15, 2021. The Company intends to demolish the building and redevelop the site at a future date. 3625-3635 Peterson Way is an approximately 218,000 net rentable square foot Class A office building located in Santa Clara, California. Disposition On December 13, 2018, the Company sold its 6595 Springfield Center Drive development project located in Springfield, Virginia. Concurrently with the sale, the Company agreed to act as development manager and guaranteed the completion of the project (See Note 9). The development project was completed during the second quarter of 2021 and, upon completion of the project, the total cost of development was determined to be below the estimated total investment at the time of sale. As a result, the Company recognized a gain on sale of real estate of approximately $7.8 million during the three months ended June 30, 2021.
|
Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases of Lessor Disclosure [Text Block] | 4. Leases The Company must make estimates as to the collectability of its accrued rent and accounts receivable related to lease revenue. When evaluating the collectability of tenants’ accrued rent and accounts receivable balances, management considers tenant creditworthiness, current economic trends, including the impact of COVID-19 on tenants’ businesses, and changes in tenants’ payment patterns, on a lease-by-lease basis. As a result, the Company wrote off approximately $0.6 million and $1.2 million, respectively, during the three and six months ended June 30, 2021 and $35.9 million and $37.4 million, respectively, during the three and six months ended June 30, 2020, related to accrued rent, net balances. Additionally, the Company wrote off approximately $0.3 million and $0.1 million, respectively, during the three and six months ended June 30, 2021 and $18.0 million and $18.9 million, respectively, during the three and six months ended June 30, 2020, related to accounts receivable, net balances. The write-offs were for tenants, primarily in the retail sector, that either terminated their leases or for which the Company considered their accrued rent and/or accounts receivable balances were no longer probable of collection. Lessor The following table summarizes the components of lease revenue recognized during the three and six months ended June 30, 2021 and 2020 included within the Company's Consolidated Statements of Operations (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases | Lessee On May 19, 2021, the Company amended its ground lease at Sumner Square in Washington, DC. The amendment extends the ground lease for an additional 15 years. Prior to the amendment, the ground lease was scheduled to expire on August 10, 2066. The ground lease will now expire on August 9, 2081. The lease requires the Company to pay $23.0 million in 2021 and requires the Company’s remaining obligation of approximately $4.0 million be used to fund certain operation and maintenance costs for the next five years, with no payments thereafter. The Company’s incremental borrowing rate is 3.95% per annum. The net present value of the ground lease payments is approximately $26.7 million. The Company continues to classify this ground 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 $27.1 million and $26.7 million, respectively, on its Consolidated Balance Sheet. The Sumner Square ground lease had operating lease costs of approximately $0.2 million and $0.3 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $0.5 million and $0.7 million for the six months ended June 30, 2021 and 2020, respectively. Sumner Square is an approximately 210,000 net rentable square foot Class A office building. The following table provides a maturity analysis for the Company’s lease liabilities related to its Sumner Square operating lease as of May 19, 2021 (in thousands):
|
Investments in Unconsolidated Joint Ventures |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Unconsolidated 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, 2021 and December 31, 2020:
_______________ (1)Investments with deficit balances aggregating approximately $35.5 million and $36.6 million at June 30, 2021 and December 31, 2020, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)The Company’s economic ownership has increased based on the achievement of certain return thresholds. At June 30, 2021 and December 31, 2020, the Company’s economic ownership was approximately 50%. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)On March 30, 2021, the Company sold its interest in the joint venture to the partner. See below for additional details. (5)The property was sold on June 27, 2019. As of December 31, 2020, the investment consisted of undistributed cash. All remaining cash has been distributed as of June 30, 2021. (6)Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. (7)This entity is a VIE (See Note 2). (8)As a result of the partner’s deferred contribution, the Company owned an approximately 53% and 55% interest in the joint venture at June 30, 2021 and December 31, 2020, respectively. Future development projects will be owned 49% by the Company and 51% by its partner. 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. With limited exceptions under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners. 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, 2021 and December 31, 2020, this amount included right of use assets - finance leases totaling approximately $248.9 million and $248.9 million, respectively, and right of use assets - operating leases totaling approximately $22.0 million and $22.5 million, respectively. (2)At June 30, 2021 and December 31, 2020, this amount included lease liabilities - finance leases totaling approximately $387.1 million and $388.7 million, respectively, and lease liabilities - operating leases totaling approximately $29.4 million and $29.0 million, respectively. (3)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 majority of the Company’s basis differences are as follows:
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (4)Investments with deficit balances aggregating approximately $35.5 million and $36.6 million at June 30, 2021 and December 31, 2020, 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 $5.0 million and $8.5 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $6.1 million and $18.2 million for the six months ended June 30, 2021 and 2020, respectively. (2)During the six months ended June 30, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million. (3)Includes straight-line rent adjustments of approximately $0.1 million and $0.4 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $0.6 million and $0.9 million for the six months ended June 30, 2021 and 2020, respectively. Also includes net above-/below-market rent adjustments of approximately $0.1 million and $0.2 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $0.2 million and $0.5 million for the six months ended June 30, 2021 and 2020, respectively. On February 25, 2021, a joint venture in which the Company had a 54% interest, commenced the development of 751 Gateway, a speculative laboratory building located in South San Francisco, California, that is expected to be approximately 229,000 net rentable square feet upon completion. 751 Gateway is the first phase of a multi-phase development plan at Gateway Commons. Upon the formation of the joint venture in 2020, the Company had an approximately 55% ownership interest in the joint venture as a result of the partner’s deferred contribution and the partner is obligated to fund all required capital until such time as the Company owns a 50% interest. On June 30, 2021, the Company had a 53% interest in the joint venture. The Company will own a 49% interest in any development project, including 751 Gateway. On March 30, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC (the “Annapolis Junction Joint Venture”) to the joint venture partner for a gross sales price of $65.9 million. Net cash proceeds to the Company totaled approximately $17.8 million after repayment of the Company's share of debt totaling approximately $15.1 million. The Company recognized a gain on sale of investment totaling approximately $10.3 million, which is included in Income (Loss) from Unconsolidated Joint Ventures in the accompanying Consolidated Statements of Operations. In addition to net cash proceeds from the sale, the Company received a distribution of approximately $5.8 million of available cash. Annapolis Junction Buildings Six and Seven are Class A office properties totaling approximately 247,000 net rentable square feet. With the sale of the Company’s ownership interest in the Annapolis Junction Joint Venture, the Company no longer has any assets in Annapolis, Maryland. On June 11, 2021, a joint venture in which the Company has a 50% interest partially placed in-service 100 Causeway Street, a Class A office project with approximately 632,000 net rentable square feet located in Boston, Massachusetts. On June 29, 2021, the Company enhanced its investment capacity through the creation of a co-investment program with two partners, which will target an aggregate equity investment of $1.0 billion. The program expects to employ leverage allowing for an initial investment capacity of approximately $2.0 billion. Under the two-year agreement, the Company will provide its partners first offers to form joint ventures with it to invest in acquisition opportunities that meet the program’s target investment criteria. Each investment opportunity is discretionary
|
Mortgage Notes Payable, Net |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable Disclosure | 6. Mortgage Notes PayableOn March 26, 2021, the Company used available cash to repay the mortgage loan collateralized by its University Place property located in Cambridge, Massachusetts totaling approximately $0.9 million. The mortgage loan bore interest at a fixed rate of 6.94% per annum and was scheduled to mature on August 1, 2021. There was no prepayment penalty. |
Unsecured Senior Notes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Senior Notes | 7. Unsecured Senior Notes The following summarizes the unsecured senior notes outstanding as of June 30, 2021 (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 14, 2021, Boston Properties Limited Partnership completed the redemption of $850.0 million in aggregate principal amount of its 4.125% senior notes due May 15, 2021. The redemption price was approximately $858.7 million, which was equal to the stated principal plus approximately $8.7 million of accrued and unpaid interest to, but not including, the redemption date. Excluding the accrued and unpaid interest, the redemption price was equal to the principal amount being redeemed. The Company recognized a loss from early extinguishment of debt totaling approximately $0.4 million related to unamortized origination costs. On March 16, 2021, Boston Properties Limited Partnership completed a public offering of $850.0 million in aggregate principal amount of its 2.550% unsecured senior notes due 2032. The notes were priced at 99.570% of the principal amount to yield an effective rate (including financing fees) of approximately 2.671% per annum to maturity. The notes will mature on April 1, 2032, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $839.2 million after deducting underwriting discounts and transaction expenses. The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. At June 30, 2021, Boston Properties Limited Partnership was in compliance with each of these financial restrictions and requirements.
|
Unsecured Credit Facility |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Line of Credit Facility [Abstract] | |
Unsecured line of Credit | 8. Unsecured Credit Facility On March 16, 2021, Boston Properties Limited Partnership repaid $500.0 million, representing all amounts outstanding on its delayed draw term loan facility under its unsecured revolving credit agreement (the “2017 Credit Facility”). The Company recognized a loss from early extinguishment of debt totaling approximately $0.5 million related to unamortized financing costs. On June 15, 2021, Boston Properties Limited Partnership amended and restated the 2017 Credit Facility (as amended and restated, the “2021 Credit Facility”). The 2021 Credit Facility provides for borrowings of up to $1.5 billion (the “Revolving Facility”), subject to customary conditions. Among other things, the amendment and restatement (1) extended the maturity date to June 15, 2026, (2) eliminated the $500.0 million delayed draw term loan facility provided under the 2017 Credit Facility, (3) reduced the per annum variable interest rates on borrowings and (4) added a sustainability-linked pricing component. Under the 2021 Credit Facility, the Company may increase the total commitment by up to $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 2021 Credit Facility replaces the 2017 Credit Facility, which was scheduled to expire on April 24, 2022. At Boston Properties Limited Partnership’s option, loans under the 2021 Credit Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, LIBOR, (b) in the case of loans denominated in Euro, EURIBOR, (c) in the case of loans denominated in Canadian Dollars, CDOR, and (d) in the case of loans denominated in Sterling, SONIA, in each case, plus a margin ranging from 70.0 to 140.0 basis points based on Boston Properties Limited Partnership’s credit rating or (2) an alternate base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the Administrative Agent’s prime rate, (c) LIBOR for a one-month period plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 40 basis points based on Boston Properties Limited Partnership’s credit rating. The 2021 Credit Facility also features a sustainability-linked pricing component such that if Boston Properties Limited Partnership meets certain sustainability performance targets, the applicable per annum interest rate will be reduced by one basis point. The LIBOR replacement provisions in the 2021 Credit Facility permit the use of rates based on the secured overnight financing rate (“SOFR”) administered by the Federal Reserve Bank of New York plus an applicable spread adjustment. In addition, the 2021 Credit Facility contains a competitive bid option for up to 65% of the Revolving Facility that allows banks that are part of the lender consortium to bid to make loan advances to Boston Properties Limited Partnership at a reduced interest rate. Pursuant to the 2021 Credit Facility, Boston Properties Limited Partnership is obligated to pay (1) in quarterly installments a facility fee on the total commitment under the Revolving Facility at a rate per annum ranging from 0.10% to 0.30% based on Boston Properties Limited Partnership’s credit rating and (2) an annual fee on the undrawn amount of each letter of credit ranging from 0.70% to 1.40% based on Boston Properties Limited Partnership’s credit rating. Based on Boston Properties Limited Partnership’s current credit rating, (1) the applicable Eurocurrency and LIBOR Daily Floating Rate margins are 0.775%, (2) the alternate base rate margin is 0 basis points and (3) the facility fee is 0.15% per annum. The 2021 Credit Facility contains customary representations and warranties, affirmative and negative covenants, and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay all outstanding amounts and the cancellation of all commitments outstanding under the 2021 Credit Facility. Among other covenants, the 2021 Credit Facility requires that Boston Properties Limited Partnership maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. At June 30, 2021, Boston Properties Limited Partnership was in compliance with each of these financial and other covenant requirements. At June 30, 2021, Boston Properties Limited Partnership had no amounts outstanding under the 2021 Credit Facility.
|
Commitments And Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 9. 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 its subsidiaries for the payment of tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises. The Company has letter of credit and performance obligations related to lender and development requirements that total approximately $28.4 million at June 30, 2021. 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. With limited exception, under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners. 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 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, 2021, the maximum funding obligation under the guarantee was approximately $21.5 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, 2021, no amounts related to the guarantee are recorded as liabilities in the Company’s consolidated financial statements. Pursuant to the lease agreement with Marriott, the Company has guaranteed the completion of the office building and parking garage on behalf of its 7750 Wisconsin Avenue joint venture and has also provided a financing guaranty as required with respect to the third-party construction financing. The Company earns fees from the joint venture for providing the guarantees and any amounts the Company pays under the guarantee(s) will be deemed to be capital contributions by the Company to the joint venture. The Company has also agreed to fund construction costs through capital contributions to the joint venture in the event of insufficiency of third-party construction financing. In addition, the Company has guaranteed to Marriott, as hotel manager, the completion of a hotel being developed by an affiliate of The Bernstein Companies (the Company’s partner in the 7750 Wisconsin Avenue joint venture) adjacent to the office property, for which the Company earns a fee from the affiliate of The Bernstein Companies. In addition, the Company entered into agreements with affiliates of The Bernstein Companies whereby the Company could be required to act as a mezzanine and/or mortgage lender and finance the construction of the hotel property. An affiliate of The Bernstein Companies exercised its option to borrow $10.0 million from the Company under such agreements, which financing was provided by the Company on June 1, 2020. The financing bears interest at a fixed rate of 8.00% per annum, compounded monthly, and matures on the fifth anniversary of the date on which the base building of the affiliate of The Bernstein Companies’ hotel property is substantially completed. The financing is collateralized by a pledge of the partner’s equity interest in the joint venture that owns and is developing 7750 Wisconsin Avenue. To secure such financing arrangements, affiliates of The Bernstein Companies are required to provide certain security, which varies depending on the specific loan, by pledges of their equity interest in the office property, a fee mortgage on the hotel property, or both. As of June 30, 2021, no amounts related to the contingent aspect of any of the guarantees are recorded as liabilities in the Company’s consolidated financial statements. In connection with the sale and development of the Company’s 6595 Springfield Center Drive development project, the Company has guaranteed the completion of the project and the payment of certain cost overruns in accordance with the development management agreement with the buyer. Although the project has been sold and the lease with the Federal Government tenant has been assigned to the buyer, pursuant to the terms of the Federal Government lease, the Federal Government tenant is not obligated to release the prior owner/landlord from such landlord’s obligations under the lease until completion of the construction. As a result, the entity which previously owned the land remains liable to the Federal Government tenant for the completion of the construction obligations under the lease. The buyer is obligated to fund the balance of the costs to meet such construction obligations, subject to the Company’s obligation to fund cost overruns (if any), as noted above. An affiliate of the buyer has provided a guaranty of the obligations of the buyer to fund such construction costs and the buyer has agreed to use commercially reasonable efforts to require the construction lender to provide certain remedies to the Company in the event the buyer does not fund such construction obligations. As of June 30, 2021, no amounts related to the contingent aspect of the guarantee are recorded as a liability in the Company’s consolidated financial statements (See Note 3). In connection with the redevelopment of the Company’s 325 Main Street property located in Cambridge, Massachusetts, the Company was required, pursuant to the local zoning ordinance and urban renewal plan, to commence construction of a residential building of at least 200,000 square feet with 25% of the project designated as income-restricted (with a minimum of 20% of the square footage devoted to home ownership units) prior to the occupancy of the 325 Main Street property, which is expected to occur during the third quarter of 2022. The zoning ordinance and urban renewal plan were each amended to decouple the residential requirement from the occupancy of the 325 Main Street property. The amendment to the urban renewal plan is subject to final approvals and completion of administrative processes. 325 Main Street consisted of an approximately 115,000 net rentable square foot Class A office property that was demolished and is being developed into an approximately 420,000 net rentable square foot Class A office property, including approximately 41,000 net rentable square feet of retail space. 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 $250 million of Terrorism Coverage for 601 Lexington Avenue, New York, New York (“601 Lexington Avenue”) in excess of the $1.0 billion of coverage in the Company’s property insurance program. 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. In addition, this insurance is subject to a deductible in the amount of 3% of the value of the affected property. Specifically, the Company currently carries earthquake insurance which covers its San Francisco and Los Angeles regions with a $240 million per occurrence limit, and a $240 million annual aggregate limit, $20 million of which is provided by IXP, as a direct insurer. 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, Boston Properties Limited Partnership has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million. Due to the current COVID-19 pandemic, the Company anticipates the possibility of business interruption, loss of lease revenue and/or other associated expenses related to the Company’s operations across its portfolio. Because this is an ongoing situation it is not yet possible to quantify the Company’s losses and expenses, which continue to develop. Because of the complexity of the Company’s insurance policies and limited precedent for claims being made related to pandemics, it is not yet possible to determine if such losses and expenses will be covered by the Company’s insurance policies. Therefore, at this time, the Company has provided notice to the applicable insurers of potential for claims in order to protect the Company’s rights under its policies. The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism, earthquake risk and pandemics, 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 and financial condition and results of operations.
|
Noncontrolling Interests |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | 10. Noncontrolling Interests Noncontrolling interests relate to the interests in Boston Properties Limited Partnership not owned by Boston Properties, Inc. and interests in consolidated property partnerships not wholly-owned by the Company. As of June 30, 2021, the noncontrolling interests in Boston Properties Limited Partnership consisted of 16,038,056 OP Units, 1,489,456 LTIP Units (including 419,423 LTIP Units earned by employees under the Company’s multi-year long-term incentive awards granted between 2012-2018 (i.e., 2012 OPP and 2013-2018 MYLTIP awards)), 219,916 2019 MYLTIP Units, 203,278 2020 MYLTIP Units and 352,021 2021 MYLTIP Units held by parties other than Boston Properties, Inc. Noncontrolling Interest—Common Units During the six months ended June 30, 2021, 177,434 OP Units were presented by the holders for redemption (including 122,443 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by Boston Properties, Inc. in exchange for an equal number of shares of Common Stock. At June 30, 2021, Boston Properties Limited Partnership had outstanding 219,916 2019 MYLTIP Units, 203,278 2020 MYLTIP Units and 352,021 2021 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 measurement date, 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. On February 5, 2021, the measurement period for the Company’s 2018 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 29.2% of target, or an aggregate of approximately $4.6 million (after giving effect to employee separations). As a result, an aggregate of 285,925 2018 MYLTIP Units that had been previously granted were automatically forfeited. The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2017 MYLTIP Units and, after the February 5, 2021 measurement date, the 2018 MYLTIP Units) and its distributions on the 2018 MYLTIP Units (prior to the February 5, 2021 measurement date) and 2019 - 2021 MYLTIP Units (after the February 2, 2021 issuance date of the 2021 MYLTIP Units) that occurred during the six months ended June 30, 2021:
The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2016 MYLTIP Units and, after the February 6, 2020 measurement date, the 2017 MYLTIP Units) and its distributions on the 2017 MYLTIP Units (prior to the February 6, 2020 measurement date) and 2018 - 2020 MYLTIP Units (after the February 4, 2020 issuance date of the 2020 MYLTIP Units) that occurred during the six months ended June 30, 2020:
A holder of an OP Unit may present the OP Unit to Boston Properties Limited Partnership 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, Boston Properties Limited Partnership must redeem the OP Unit for cash equal to the then value of a share of Common Stock of Boston Properties, Inc. Boston Properties, Inc. 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 (not owned by Boston Properties, Inc. and LTIP Units (including the 2012 OPP Units and 2013 - 2018 MYLTIP Units) assuming that all conditions had been met for the conversion thereof) had all of such units been redeemed at June 30, 2021 was approximately $2.0 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $114.59 per share on June 30, 2021. 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 $1.7 billion at June 30, 2021 and December 31, 2020, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.
|
Stockholders' Equity / Partners' Capital |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity / Partners' Capital | 11. Stockholders’ Equity / Partners’ Capital Boston Properties, Inc. As of June 30, 2021, Boston Properties, Inc. had 156,135,959 shares of Common Stock outstanding. As of June 30, 2021, Boston Properties, Inc. owned 1,736,635 general partnership units and 154,399,324 limited partnership units in Boston Properties Limited Partnership. On May 22, 2020, Boston Properties, Inc. 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, Boston Properties, Inc. 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 Boston Properties, Inc.’s prior $600.0 million ATM stock offering program that was scheduled to expire on June 2, 2020. Boston Properties, Inc. 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, 2021, Boston Properties, Inc. issued 206,377 shares of Common Stock upon the exercise of options to purchase Common Stock. During the six months ended June 30, 2021, Boston Properties, Inc. issued 177,434 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners. The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or declared in 2021 and during the six months ended June 30, 2020:
Preferred Stock On March 2, 2021, Boston Properties, Inc. issued a redemption notice for 80,000 shares of its Series B Preferred Stock, which constituted all of the outstanding Series B Preferred Stock, and the corresponding Depositary Shares, each representing 1/100th of a share of Series B Preferred Stock. The redemption price per share of Series B Preferred Stock was equal to $2,500 plus all accrued and unpaid dividend to, but not including, the redemption date, totaling $2,516.41 per share. On March 31, 2021, the Company transferred the full redemption price for all outstanding shares of Series B Preferred Stock of approximately $201.3 million including approximately $1.3 million of accrued and unpaid dividends to, but not including, the redemption date, to the redemption agent. The excess of the redemption price over the carrying value of the Series B Preferred Stock and Series B Preferred Units of approximately $6.4 million relates to the original issuance costs and is reflected as a reduction to Net Income Attributable to Boston Properties, Inc. common shareholders and Net Income Attributable to Boston Properties Limited Partnership common unitholders on the Consolidated Income Statement. On April 1, 2021, Boston Properties, Inc. redeemed 80,000 shares of Series B Preferred Stock (including the corresponding 8,000,000 Depositary Shares), which represented all of the outstanding shares of Series B Preferred Stock and all of the outstanding Depositary Shares. In connection with the redemption of the Series B Preferred Stock, all of the Series B Preferred Units, which had terms and preferences generally mirroring those of the Series B Preferred Stock, were redeemed by Boston Properties Limited Partnership. The following table presents Boston Properties, Inc.’s dividends per share on its Series B Preferred Stock paid or declared during 2021 and during the six months ended June 30, 2020:
|
Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | 12. Segment Information The following tables present reconciliations of Net Income Attributable to Boston Properties, Inc. Common Shareholders to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership Common Unitholders to the Company’s share of Net Operating Income for the three and six months ended June 30, 2021 and 2020. Boston Properties, Inc.
Boston Properties Limited Partnership
Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders, as applicable, the most directly comparable GAAP financial measures, plus (1) preferred stock/unit redemption charge, preferred dividends/distributions, net income attributable to noncontrolling interests, interest expense, losses from early extinguishment of debt, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) gains (losses) from investments in securities, interest and other income (loss), gains on sales of real estate, 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 Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders. 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), minus 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 does not include its share of gains on sales of real estate from unconsolidated joint ventures, both of which are included within Income 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. Preferred stock/unit redemption charge, preferred dividends/distributions, interest expense, losses from early extinguishment of debt, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, gains (losses) from investments in securities, interest and other income (loss), gains on sales of real estate, 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 attributable to common shareholders/unitholders. 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 and Washington, DC. The Company also presents information for each segment by property type, including Office, Residential and Hotel. Included within the Office property type are commercial office and retail leases, as well as parking revenue. Upon the adoption of ASC 842, any write-off for bad debt, including accrued rent, will be recorded as a reduction to lease revenue. As a result of COVID-19, during the three and six months ended June 30, 2021, the Company wrote off approximately $0.6 million and $1.2 million, respectively, related to accrued rent, net balances and approximately $0.3 million and $0.1 million, respectively, related to accounts receivable, net balances. During the three and six months ended June 30, 2020, the Company wrote off approximately $35.9 million and $37.4 million, respectively, related to accrued rent, net balances and approximately $18.0 million and $18.9 million related to accounts receivable, net balances. The write-offs were for tenants, primarily in the retail sector, that either terminated their leases or for which the Company considered their accrued rent and/or accounts receivable balances were no longer probable of collection. In addition, parking and other revenue for the three months ended June 30, 2021 increased by approximately $4.3 million compared to the three months ended June 30, 2020. Parking and other revenue for the six months ended June 30, 2021 decreased by approximately $3.2 million compared to 2020. The Boston Marriott Cambridge closed in March 2020 due to COVID-19. The hotel re-opened on October 2, 2020 but has operated at a reduced occupancy due to the continued impact of COVID-19 on business and leisure travel. The closing of the hotel for more than two fiscal quarters, and the weak demand and low occupancy since its re-opening, have had, and are expected to continue to have, a material adverse effect on the hotel’s operations and thus the results of the Company’s Hotel property type. Information by geographic area and property type (dollars in thousands): For the three months ended June 30, 2021:
_______________ (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, 2020:
_______________ (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, 2021:
_______________ (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, 2020:
_______________ (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.
|
Earnings Per Share / Common Unit |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share / Common Unit | 13. Earnings Per Share / Common Unit Boston Properties, Inc. The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. common shareholders 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 Boston Properties, Inc. common shareholders 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 Boston Properties, Inc. and Boston Properties Limited Partnership’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of Boston Properties, Inc. using the two-class method. Participating securities are included in the computation of diluted EPS of Boston Properties, Inc. using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2018 MYLTIP Units required, and the 2019 - 2021 MYLTIP Units require, Boston Properties, Inc. to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, Boston Properties, Inc. excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of Boston Properties Limited Partnership that are exchangeable for Boston Properties, Inc.’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.
Boston Properties Limited Partnership The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership common unitholders 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 common unitholders 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 Boston Properties, Inc. and Boston Properties Limited Partnership’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 - 2018 MYLTIP Units required, and the 2019 - 2021 MYLTIP Units require, Boston Properties, Inc. to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, Boston Properties Limited Partnership 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 17,043,000 and 17,273,000 redeemable common units for the three months ended June 30, 2021 and 2020, respectively, and 17,018,000 and 17,405,000 redeemable common units for the six months ended June 30, 2021, and 2020, respectively.
|
Stock Option and Incentive Plan |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option and Incentive Plan | 14. Stock Option and Incentive Plan On February 2, 2021, Boston Properties, Inc.’s Compensation Committee approved the 2021 MYLTIP awards under the Boston Properties, Inc. 2012 Stock Option and Incentive Plan (the “2012 Plan”) to certain officers and employees of Boston Properties, Inc. The 2021 MYLTIP awards consist of two, equally-weighted (50% each) components that utilize Boston Properties, Inc.’s TSR over a three-year measurement period as the performance metric. The first component of the 2021 MYLTIP, which represents one-half (50%) of the target grant-date value, retains the basic general structure of the 2020 MYLTIP awards with certain changes, including a change to the custom index against which Boston Properties, Inc.’s TSR is compared. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on Boston Properties, Inc.’s annualized relative TSR performance compared to a custom index. Under this component, 100% of the target number of LTIP Units will be earned if Boston Properties, Inc.’s TSR equals the custom index TSR; for relative TSR performance between -1,000 basis points and +1,000 basis points, the number of LTIP Units earned will be determined using linear interpolation. The second component represents the remaining one-half (50%) of the target grant-date value of the 2021 MYLTIP. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on Boston Properties, Inc.’s cumulative absolute TSR during the performance period. Under this component, 100% of the target number of LTIP Units will be earned if Boston Properties, Inc.’s achieves an absolute TSR equal to +1,000 basis points; if Boston Properties, Inc.’s absolute TSR is greater than -4,000 basis points but less than +6,000 basis points, then the number of LTIP Units earned will be determined using linear interpolation. Total earned awards under the 2021 MYLTIP, if any, is the sum of the number of LTIP Units earned under the first and second components and will range from zero to a maximum of 352,021 LTIP Units with a target of approximately 176,009 LTIP Units and linear interpolation between zero and maximum. Earned awards (if any) will vest 100% on February 1, 2024, but may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. Vesting will be accelerated in the event of a change in control, termination of employment by Boston Properties, Inc. without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to February 1, 2024, earned awards will be calculated based on TSR performance up to the date of the change of control. The 2021 MYLTIP awards are in the form of LTIP Units issued on the grant date, and they are subject to forfeiture to the extent awards are not earned. Prior to the performance measurement date holders of the 2021 MYLTIP Units are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. Following the completion of the -year performance period, Boston Properties, Inc. will also make a “catch-up” cash payment on the 2021 MYLTIP Units that are ultimately earned in an amount equal to the regular and special distributions, if any, declared during the performance period on Boston Properties, Inc.’s common stock, less the distributions actually paid to holders of 2021 MYLTIP Units during the performance period on all of the awarded 2021 MYLTIP Units. Under ASC 718 “Compensation - Stock Compensation,” the 2021 MYLTIP awards have an aggregate value of approximately $15.3 million, which amount will generally be amortized into earnings under the graded vesting method. On February 5, 2021, the measurement period for the Company’s 2018 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 29.2% of target, or an aggregate of approximately $4.6 million (after giving effect to employee separations). As a result, an aggregate of 285,925 2018 MYLTIP Units that had been previously granted were automatically forfeited. At Boston Properties, Inc.’s 2021 annual meeting of stockholders held on May 20, 2021, its stockholders approved the Boston Properties, Inc. 2021 Stock Incentive Plan (the “2021 Plan”). The 2021 Plan replaces the 2012 Plan and no further awards will be granted under the 2012 Plan. The material features of the 2021 Plan include, among other things: (i) the maximum number of shares of Common Stock reserved and available for issuance under the 2021 Plan is 5,400,000 shares less one share for every one share that was granted between March 4, 2021 and May 19, 2021 under the 2012 Plan, (ii) shares of Common Stock underlying awards granted under the 2021 Plan or the 2012 Plan that are forfeited, canceled or otherwise terminated (other than by exercise) will be added back to the shares of Common Stock available for issuance under the 2021 Plan and, with respect to “full-value” awards under the 2021 Plan or the 2012 Plan, shares tendered or held back for taxes and shares previously reserved for issuance pursuant to such an award to the extent that such shares are not issued and are no longer issuable pursuant to such an award (e.g., in the event that a full-value award that may be settled in cash or by issuance of shares of Common Stock is settled in cash) will be added back to the shares available for issuance under the 2021 Plan, (iii) the award of stock options (both incentive and non-qualified options), stock appreciation rights, restricted stock units, restricted stock, unrestricted stock, dividend equivalent rights, cash-based awards and other equity-based awards (including LTIP Units) is permitted, (iv) stock options may not be repriced and “underwater” stock options may not be exchanged for another award or cash without stockholder approval; and (v) the term of the 2021 Plan is for ten years from the date of stockholder approval. During the six months ended June 30, 2021, Boston Properties, Inc. issued 38,499 shares of restricted common stock and Boston Properties Limited Partnership issued 281,640 LTIP Units and 352,021 2021 MYLTIP Units to employees and non-employee director advisors under the 2012 Plan and the 2021 Plan. Employees paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit and 2021 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 Boston Properties, Inc. and Boston Properties Limited Partnership. 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 Boston Properties, Inc.’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, 2021 were valued at approximately $3.6 million ($94.17 per share weighted-average). The LTIP Units granted were valued at approximately $23.8 million (approximately $84.43 per unit weighted-average fair value) using a Monte Carlo simulation method model. The per unit fair values of the LTIP Units granted were estimated on the dates of grant and for a substantial majority of such units were valued using the following assumptions: an expected life of 5.7 years, a risk-free interest rate of 0.65% and an expected price volatility of 30.0%. Because the 2012 OPP Units and 2013 - 2021 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 Boston Properties, 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 $14.0 million and $10.1 million for the three months ended June 30, 2021 and 2020, respectively, and $33.8 million and $27.3 million for the six months ended June 30, 2021 and 2020, respectively. At June 30, 2021, there was (1) an aggregate of approximately $32.3 million of unrecognized compensation expense related to unvested restricted stock, LTIP Units and 2018 MYLTIP Units and (2) an aggregate of approximately $12.0 million of unrecognized compensation expense related to unvested 2019 - 2021 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.2 years.
|
Subsequent Events |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events On July 13, 2021, the Company entered into an agreement to sell its 181,191 and 201 Spring Street properties located in Lexington, Massachusetts for an aggregate gross sale price of $191.5 million. 181,191 and 201 Spring Street are three Class A office properties aggregating approximately 333,000 net rentable square feet and are 100% leased. On July 20, 2021, the Company agreed to acquire Safeco Plaza in Seattle, Washington for an aggregate cash purchase price of approximately $465.0 million. The Company and its prospective partner have funded a deposit of $51.5 million of which the Company’s share is $26.3 million. Safeco Plaza is an approximately 800,000 square foot Class A office building. The acquisition is subject to customary closing conditions for a transaction of this type, and there can be no assurance that the acquisition will be consummated on the terms currently contemplated or at all (See Note 3). On August 2, 2021, the Company acquired Shady Grove Bio+Tech Campus in Rockville, Maryland for an aggregate purchase price of approximately $116.5 million. Shady Grove Bio+Tech Campus is an approximately 435,000 net rentable square foot, seven-building office park situated on an approximately 31-acre site. The Company intends to reposition three of the buildings, which are currently vacant, to support life sciences uses (See Note 3).
|
Summary Of Significant Accounting Policies (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Boston Properties, Inc. does not have any other significant assets, liabilities or operations, other than its investment in Boston Properties Limited Partnership, nor does it have employees of its own. Boston Properties Limited Partnership, not Boston Properties, Inc., generally executes all significant business relationships other than transactions involving securities of Boston Properties, Inc. 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. 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, 2020. |
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. |
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 the coronavirus (“COVID-19”) 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. |
Summary Of Significant Accounting Policies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 value for the period is low, the valuation could be categorized as Level 2. (2)As of June 30, 2021, there were no amounts outstanding under the unsecured line of credit. 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. The following table identifies the range and weighted average of significant unobservable inputs for the Company’s Level 3 fair value measured instruments.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the aggregate carrying value of the Company’s related party note receivable, net, notes receivable, net, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of June 30, 2021 and December 31, 2020 (in thousands):
|
Real Estate (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | Boston Properties, Inc. Real estate consisted of the following at June 30, 2021 and December 31, 2020 (in thousands):
_______________ (1)See Note 4. (2)Includes pre-development costs.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
153 & 211 Second Avenue [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the allocation of the purchase price, including transaction costs, of 153 & 211 Second Avenue at the date of acquisition (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles and the acquired below-market lease intangibles for 153 & 211 Second Avenue for the remainder of 2021 through the last lease expiration (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boston Properties Limited Partnership | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | Boston Properties Limited Partnership Real estate consisted of the following at June 30, 2021 and December 31, 2020 (in thousands):
_______________ (1)See Note 4. (2)Includes pre-development costs.
|
Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Lease, Description [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease, Lease Income [Table Text Block] | The following table summarizes the components of lease revenue recognized during the three and six months ended June 30, 2021 and 2020 included within the Company's Consolidated Statements of Operations (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sumner Square | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity | The following table provides a maturity analysis for the Company’s lease liabilities related to its Sumner Square operating lease as of May 19, 2021 (in thousands):
|
Investments in Unconsolidated Joint Ventures (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and December 31, 2020:
_______________ (1)Investments with deficit balances aggregating approximately $35.5 million and $36.6 million at June 30, 2021 and December 31, 2020, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)The Company’s economic ownership has increased based on the achievement of certain return thresholds. At June 30, 2021 and December 31, 2020, the Company’s economic ownership was approximately 50%. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)On March 30, 2021, the Company sold its interest in the joint venture to the partner. See below for additional details. (5)The property was sold on June 27, 2019. As of December 31, 2020, the investment consisted of undistributed cash. All remaining cash has been distributed as of June 30, 2021. (6)Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. (7)This entity is a VIE (See Note 2). (8)As a result of the partner’s deferred contribution, the Company owned an approximately 53% and 55% interest in the joint venture at June 30, 2021 and December 31, 2020, respectively. Future development projects will be owned 49% by the Company and 51% by its partner.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and December 31, 2020, this amount included right of use assets - finance leases totaling approximately $248.9 million and $248.9 million, respectively, and right of use assets - operating leases totaling approximately $22.0 million and $22.5 million, respectively. (2)At June 30, 2021 and December 31, 2020, this amount included lease liabilities - finance leases totaling approximately $387.1 million and $388.7 million, respectively, and lease liabilities - operating leases totaling approximately $29.4 million and $29.0 million, respectively. (3)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 majority of the Company’s basis differences are as follows:
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (4)Investments with deficit balances aggregating approximately $35.5 million and $36.6 million at June 30, 2021 and December 31, 2020, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $5.0 million and $8.5 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $6.1 million and $18.2 million for the six months ended June 30, 2021 and 2020, respectively. (2)During the six months ended June 30, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million. (3)Includes straight-line rent adjustments of approximately $0.1 million and $0.4 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $0.6 million and $0.9 million for the six months ended June 30, 2021 and 2020, respectively. Also includes net above-/below-market rent adjustments of approximately $0.1 million and $0.2 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $0.2 million and $0.5 million for the six months ended June 30, 2021 and 2020, respectively.
|
Unsecured Senior Notes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The following summarizes the unsecured senior notes outstanding as of June 30, 2021 (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.
|
Noncontrolling Interests (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or declared in 2021 and during the six months ended June 30, 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2017 MYLTIP Units and, after the February 5, 2021 measurement date, the 2018 MYLTIP Units) and its distributions on the 2018 MYLTIP Units (prior to the February 5, 2021 measurement date) and 2019 - 2021 MYLTIP Units (after the February 2, 2021 issuance date of the 2021 MYLTIP Units) that occurred during the six months ended June 30, 2021:
|
Stockholders' Equity / Partners' Capital (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or declared in 2021 and during the six months ended June 30, 2020:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | The following table presents Boston Properties, Inc.’s dividends per share on its Series B Preferred Stock paid or declared during 2021 and during the six months ended June 30, 2020:
|
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Reconciliation Of Net Operating Income To Net Income | Boston Properties, Inc.
Boston Properties Limited Partnership
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021:
_______________ (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, 2020:
_______________ (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, 2021:
_______________ (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, 2020:
_______________ (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.
|
Earnings Per Share / Common Unit (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share / Unit |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boston Properties Limited Partnership | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share / Unit | Included in the number of units (the denominator) below are approximately 17,043,000 and 17,273,000 redeemable common units for the three months ended June 30, 2021 and 2020, respectively, and 17,018,000 and 17,405,000 redeemable common units for the six months ended June 30, 2021, and 2020, respectively.
|
Organization (Details) $ in Thousands, ft² in Millions |
6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Apr. 01, 2021
shares
|
Mar. 02, 2021
shares
|
Jun. 30, 2021
USD ($)
ft²
Real_Estate_Properties
yr
shares
|
Dec. 31, 2020
USD ($)
shares
|
Mar. 31, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Real Estate Properties [Line Items] | |||||||
Restriction on redemption of OP units from date of issuance (years) | yr | 1 | ||||||
One OP unit is equivalent to one share of Common Stock (in shares) | shares | 1 | ||||||
OP unit conversion rate (in shares) | shares | 1 | ||||||
Number Of series Of preferred units outstanding | 1 | ||||||
Cash held in escrows | $ | $ 79,973 | $ 50,587 | $ 300,608 | $ 46,936 | |||
Dividends and distributions payable | $ | $ 169,718 | $ 171,082 | $ 171,077 | ||||
Boston Properties Limited Partnership | |||||||
Real Estate Properties [Line Items] | |||||||
General and limited partnership interest in the operating partnership (percent) | 89.90% | 90.00% | |||||
Commercial Real Estate Properties [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of real estate properties | Real_Estate_Properties | 197 | ||||||
Net Rentable Area (in sf) | ft² | 51.5 | ||||||
Total Properties Under Construction [ Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of real estate properties | Real_Estate_Properties | 9 | ||||||
Net Rentable Area (in sf) | ft² | 4.3 | ||||||
Total Office Properties [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of real estate properties | Real_Estate_Properties | 178 | ||||||
Office Properties Under Construction [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of real estate properties | Real_Estate_Properties | 9 | ||||||
Retail Properties [ Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of real estate properties | Real_Estate_Properties | 12 | ||||||
Residential Properties [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of real estate properties | Real_Estate_Properties | 6 | ||||||
Hotel Property [ Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of real estate properties | Real_Estate_Properties | 1 | ||||||
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Preferred Stock, Dividend Rate, Percentage | 5.25% | ||||||
Preferred stock / units, shares / units outstanding (in shares / units) | shares | 80,000 | 80,000 | |||||
Preferred Stock, Redemption Date | Apr. 01, 2021 | ||||||
OP Units for redemption (in shares) | shares | 80,000 | ||||||
Depositary shares of Series B Cumulative Redeemable Preferred [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Preferred stock / units, shares / units outstanding (in shares / units) | shares | 8,000,000 | ||||||
OP Units for redemption (in shares) | shares | 8,000,000 | ||||||
Series B Preferred Units [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Preferred stock / units, shares / units outstanding (in shares / units) | shares | 80,000 | ||||||
Cash held in escrows | $ | $ 201,300 | ||||||
Dividends and distributions payable | $ | $ 1,300 |
Summary Of Significant Accounting Policies (Narrative) (Details) |
Jun. 30, 2021 |
---|---|
Summary Of Significant Accounting Policies [Line Items] | |
Number of VIEs - Total | 7 |
Number of VIEs | 6 |
Commercial Real Estate Properties [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of VIEs | 5 |
Summary Of Significant Accounting Policies Fair Value of Debt (Level 3) (Details) - Measurement Input, Discount Rate [Member] |
Jun. 30, 2021 |
---|---|
Mortgage Notes [Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0240 |
Mortgage Notes [Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0475 |
Mortgage Notes [Member] | Weighted Average [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0288 |
Related Party Note Receivable [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0360 |
Related Party Note Receivable [Member] | Weighted Average [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0360 |
Notes Receivables [Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0360 |
Notes Receivables [Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0800 |
Notes Receivables [Member] | Weighted Average [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0583 |
Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | $ 77,872 | $ 77,552 |
Notes receivable, net | 19,087 | 18,729 |
Mortgage notes payable, net | 2,901,709 | 2,909,081 |
Unsecured senior notes, net | 9,634,356 | 9,639,287 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 0 | 499,390 |
Carrying Amount [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | 77,872 | 77,552 |
Notes receivable, net | 19,087 | 18,729 |
Total | 96,959 | 96,281 |
Mortgage notes payable, net | 2,901,709 | 2,909,081 |
Unsecured senior notes, net | 9,634,356 | 9,639,287 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 0 | 499,390 |
Total | 12,536,065 | 13,047,758 |
Estimated Fair Value [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | 83,779 | 84,579 |
Notes receivable, net | 19,709 | 19,372 |
Total | 103,488 | 103,951 |
Mortgage notes payable, net | 3,053,824 | 3,144,150 |
Unsecured senior notes, net | 10,385,016 | 10,620,527 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 0 | 500,326 |
Total | $ 13,438,840 | $ 14,265,003 |
Real Estate Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|||||
---|---|---|---|---|---|---|---|
Real Estate Properties [Line Items] | |||||||
Land | $ 5,038,870 | $ 5,069,206 | |||||
Right-of-use assets - finance leases | 237,765 | 237,393 | |||||
Right of use assets - operating leases | 170,331 | [1] | 146,406 | ||||
Land held for future development | [2] | 497,019 | 450,954 | ||||
Buildings and improvements | 14,082,350 | 13,777,691 | |||||
Tenant improvements | 2,839,358 | 2,752,880 | |||||
Furniture, Fixtures and Equipment | 51,517 | 49,606 | |||||
Construction in progress | 908,061 | 868,773 | |||||
Total | 23,825,271 | 23,352,909 | |||||
Less: accumulated depreciation | (5,752,818) | (5,534,102) | |||||
Total real estate | 18,072,453 | 17,818,807 | |||||
Boston Properties Limited Partnership | |||||||
Real Estate Properties [Line Items] | |||||||
Land | 4,942,017 | 4,971,990 | |||||
Right-of-use assets - finance leases | 237,765 | 237,393 | |||||
Right of use assets - operating leases | 170,331 | [1] | 146,406 | ||||
Land held for future development | [2] | 497,019 | 450,954 | ||||
Buildings and improvements | 13,803,708 | 13,498,098 | |||||
Tenant improvements | 2,839,358 | 2,752,880 | |||||
Furniture, Fixtures and Equipment | 51,517 | 49,606 | |||||
Construction in progress | 908,061 | 868,773 | |||||
Total | 23,449,776 | 22,976,100 | |||||
Less: accumulated depreciation | (5,643,781) | (5,428,576) | |||||
Total real estate | $ 17,805,995 | $ 17,547,524 | |||||
|
Real Estate (Narrative) (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 25, 2021
USD ($)
ft²
$ / shares
|
Jun. 07, 2021
USD ($)
a
ft²
Buildings
|
Jun. 02, 2021
USD ($)
ft²
Buildings
|
Apr. 19, 2021
USD ($)
a
ft²
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 29, 2021
USD ($)
ft²
|
Apr. 16, 2021
ft²
|
Feb. 25, 2021
ft²
|
Feb. 01, 2021
ft²
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Real Estate Properties [Line Items] | |||||||||||||||
Total revenue | $ 713,807 | $ 654,773 | $ 1,427,502 | $ 1,407,329 | |||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 557,307 | 557,307 | 1,691,047 | 557,307 | 1,691,047 | $ 1,668,742 | $ 644,950 | ||||||||
Cash held in escrows | 79,973 | 79,973 | 300,608 | 79,973 | 300,608 | 50,587 | 46,936 | ||||||||
11251 Roger Bacon Drive | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Leased percentage | 100.00% | ||||||||||||||
Net Rentable Area (in sf) | ft² | 65,000 | ||||||||||||||
Area of Land | a | 2.6 | ||||||||||||||
11251 Roger Bacon Drive | Scenario, Plan | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Payments to Acquire Real Estate | $ 5,600 | ||||||||||||||
153 & 211 Second Avenue [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Payments to Acquire Real Estate | $ 100,200 | ||||||||||||||
Number of real estate properties | Buildings | 2 | ||||||||||||||
Leased percentage | 100.00% | ||||||||||||||
Net Rentable Area (in sf) | ft² | 137,000 | ||||||||||||||
Total revenue | 800 | ||||||||||||||
Operating Income (Loss) | (300) | ||||||||||||||
One Five Nine East 53rd Street | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Net Rentable Area (in sf) | ft² | 220,000 | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 55.00% | ||||||||||||||
Shady Grove Bio+Tech Campus | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Net Rentable Area (in sf) | ft² | 435,000 | ||||||||||||||
Area of Land | a | 31 | ||||||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 10,000 | ||||||||||||||
Number of buildings | Buildings | 7 | ||||||||||||||
Shady Grove Bio+Tech Campus | Scenario, Plan | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Payments to Acquire Real Estate | $ 116,500 | ||||||||||||||
360 Park South Avenue | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Net Rentable Area (in sf) | ft² | 450,000 | ||||||||||||||
Cash held in escrows | $ 30,000 | ||||||||||||||
360 Park South Avenue | Scenario, Plan | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 300,000 | ||||||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 202,000 | ||||||||||||||
Other Significant Noncash Transaction, Value of Consideration Given | $ 98,000 | ||||||||||||||
360 Park South Avenue | Minimum [Member] | Scenario, Plan | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Closing price of common stock (in dollars per share) | $ / shares | $ 111.00 | ||||||||||||||
Safeco Plaza | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Net Rentable Area (in sf) | ft² | 800,000 | ||||||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 46,500 | ||||||||||||||
3625 - 3635 Peterson Way | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Net Rentable Area (in sf) | ft² | 218,000 | ||||||||||||||
6595 Springfield Center Drive | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | 7,800 | ||||||||||||||
Construction in Progress | 180 CityPoint | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Net Rentable Area (in sf) | ft² | 329,000 | ||||||||||||||
Construction in Progress | 880 Winter Street [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Net Rentable Area (in sf) | ft² | 224,000 | ||||||||||||||
Construction in Progress | The Prudential Center Observatory | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Net Rentable Area (in sf) | ft² | 59,000 | ||||||||||||||
Boston Properties Limited Partnership | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Total revenue | 713,807 | 654,773 | 1,427,502 | 1,407,329 | |||||||||||
Cash and Cash Equivalents, at Carrying Value | 557,307 | 557,307 | 1,691,047 | 557,307 | 1,691,047 | 1,668,742 | 644,950 | ||||||||
Cash held in escrows | $ 79,973 | $ 79,973 | $ 300,608 | $ 79,973 | $ 300,608 | $ 50,587 | $ 46,936 |
Real Estate Asset Acquisition (Details) - 153 & 211 Second Avenue [Member] $ in Thousands |
Jun. 02, 2021
USD ($)
|
---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |
Land | $ 33,233 |
Building and improvements | 53,309 |
Tenant improvements | 2,631 |
Net assets acquired | 100,176 |
In-Place Lease Intangibles | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Lease Intangibles | 13,415 |
Below-Market Lease Intangibles | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Lease Intangibles | $ (2,412) |
Real Estate Amortization of Finite Lived Intangible Assets (Details) - 153 & 211 Second Avenue [Member] $ in Thousands |
Jun. 02, 2021
USD ($)
|
---|---|
In-Place Lease Intangibles | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Period from June 2, 2021 through December 31, 2021 | $ 5,202 |
2022 | 8,213 |
Below-Market Lease Intangibles | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Period from June 2, 2021 through December 31, 2021 | 935 |
2022 | $ 1,477 |
Leases Narrative (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
May 19, 2021
USD ($)
ft²
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|||||
Lessor, Lease, Description [Line Items] | ||||||||||
Write-off for accrued rent | $ 600 | $ 35,900 | $ 1,200 | $ 37,400 | ||||||
Write-off for accounts receivable | 300 | 18,000 | 100 | 18,900 | ||||||
Operating Lease, Payments | 1,566 | (799) | ||||||||
Right of use assets - operating leases | 170,331 | [1] | 170,331 | [1] | $ 146,406 | |||||
Sumner Square | ||||||||||
Lessor, Lease, Description [Line Items] | ||||||||||
Lessee, Operating Lease, Description | The amendment extends the ground lease for an additional 15 years. Prior to the amendment, the ground lease was scheduled to expire on August 10, 2066. The ground lease will now expire on August 9, 2081. | |||||||||
Operating Lease, Payments | $ 23,000 | |||||||||
Lessee Operating Lease Liability Payments Due, Next Five Years | $ 4,000 | |||||||||
Lessee, Operating Lease, Discount Rate | 3.95% | |||||||||
Right of use assets - operating leases | $ 27,100 | |||||||||
Operating lease costs | $ 200 | $ 300 | $ 500 | $ 700 | ||||||
Net Rentable Area (in sf) | ft² | 210,000 | |||||||||
Operating Lease, Liability | $ 26,700 | |||||||||
|
Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Fixed contractual payments | $ 576,184 | $ 529,514 | $ 1,151,537 | $ 1,116,471 |
Variable lease payments | 107,841 | 100,605 | 218,305 | 223,759 |
Lease | $ 684,025 | $ 630,119 | $ 1,369,842 | $ 1,340,230 |
Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
May 19, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Finance Lease, Liability, Payment, Due [Abstract] | |||
Present value of lease payments | $ 243,381 | $ 236,492 | |
Lessee, Lease, Description [Line Items] | |||
Present value of lease payments | $ 226,594 | $ 201,713 | |
Sumner Square | |||
Lessee, Lease, Description [Line Items] | |||
Period from May 19, 2021 through December 31, 2021 | $ 23,599 | ||
2022 | 761 | ||
2023 | 784 | ||
2024 | 808 | ||
2025 | 832 | ||
2026 | 422 | ||
Thereafter | 0 | ||
Total lease payments | 27,206 | ||
Less: Interest Portion | (536) | ||
Present value of lease payments | $ 26,670 |
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands |
6 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
ft²
payments
|
Jun. 11, 2021 |
Mar. 30, 2021 |
Feb. 25, 2021 |
Dec. 31, 2020
USD ($)
|
|||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Other Liabilities | $ (370,990) | $ (412,084) | |||||||||||||||||||||
Investments in unconsolidated joint ventures | 1,305,589 | 1,310,478 | |||||||||||||||||||||
Investments In Affiliates Subsidiaries Associates And Joint Ventures net | [1] | 1,270,102 | 1,273,919 | ||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Other Liabilities | $ (35,500) | (36,600) | |||||||||||||||||||||
Square 407 Limited Partnership [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Market Square North | ||||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||||
Other Liabilities | [1] | $ (2,606) | (3,766) | ||||||||||||||||||||
BP/CRF Metropolitan Square LLC [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Metropolitan Square | ||||||||||||||||||||||
Ownership Percentage | 20.00% | ||||||||||||||||||||||
Other Liabilities | [1] | $ (13,223) | (13,584) | ||||||||||||||||||||
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] | $ (12,191) | $ (12,264) | ||||||||||||||||||||
901 New York Avenue LLC (economic ownership) [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | |||||||||||||||||||||
WP Project Developer LLC [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Wisconsin Place Land and Infrastructure | ||||||||||||||||||||||
Ownership Percentage | [3] | 33.30% | |||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 34,505 | $ 35,297 | ||||||||||||||||||||
Annapolis Junction NFM, LLC [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Annapolis Junction | ||||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | [4] | ||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 13,463 | |||||||||||||||||||||
540 Madison Venture | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | 540 Madison Avenue | ||||||||||||||||||||||
Ownership Percentage | [5] | 60.00% | |||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | 122 | |||||||||||||||||||||
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] | $ (7,467) | (6,945) | ||||||||||||||||||||
501 K Street LLC [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | 1001 6th Street | ||||||||||||||||||||||
Ownership Percentage | [6] | 50.00% | |||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 42,495 | 42,499 | ||||||||||||||||||||
Potential additonal payments to joint venture partner | payments | 2 | ||||||||||||||||||||||
Minimum square footage to make a potential additional payment to joint venture partner (in sqft) | ft² | 520,000 | ||||||||||||||||||||||
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] | $ 49,006 | 48,818 | ||||||||||||||||||||
Residential Tower Developer LLC [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Hub50House | ||||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 48,520 | 50,943 | ||||||||||||||||||||
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] | $ 11,316 | 10,754 | ||||||||||||||||||||
Office Tower Developer LLC [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | 100 Causeway Street | ||||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | |||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 56,589 | 56,312 | ||||||||||||||||||||
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] | $ 3,757 | 3,787 | ||||||||||||||||||||
BNY Tower Holdings LLC [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Dock 72 | ||||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 28,116 | 29,536 | ||||||||||||||||||||
BNYA Amenity Operator LLC [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Dock 72 | ||||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 1,297 | 1,846 | ||||||||||||||||||||
CA-Colorado Center Limited Partnership [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Colorado Center | ||||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 229,564 | 227,671 | ||||||||||||||||||||
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] | $ 59,208 | 58,112 | ||||||||||||||||||||
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] | $ 116,848 | 113,774 | ||||||||||||||||||||
SMBP Venture LP [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Santa Monica Business Park | ||||||||||||||||||||||
Ownership Percentage | 55.00% | ||||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 157,593 | 145,761 | ||||||||||||||||||||
Platform 16 Holdings LP [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Platform 16 | ||||||||||||||||||||||
Ownership Percentage | [7] | 55.00% | |||||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 108,241 | $ 108,393 | ||||||||||||||||||||
Gateway Portfolio Holdings LLC [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Properties | Gateway Commons | ||||||||||||||||||||||
Ownership Percentage | 50.00% | [8] | 54.00% | 55.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 331,389 | $ 336,206 | ||||||||||||||||||||
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] | $ 27,145 | $ 27,184 | ||||||||||||||||||||
Entity Owning Land And Infrastructure Of Project [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Ownership Percentage | 33.30% | ||||||||||||||||||||||
Gateway Commons Complex prior to deferred contribution [Member] [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Ownership Percentage | 53.00% | 55.00% | |||||||||||||||||||||
Gateway Commons Complex Future Development[Member] [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Ownership Percentage | 49.00% | ||||||||||||||||||||||
Joint Venture Partner [Member] | Gateway Commons Complex Future Development[Member] [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||
Ownership Percentage | 51.00% | ||||||||||||||||||||||
|
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate and development in process, net | $ 18,072,453 | $ 17,818,807 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 22,059,076 | 22,858,190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and notes payable, net | 2,901,709 | 2,909,081 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 370,990 | 412,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members’/Partners’ equity | 5,749,342 | 5,996,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity / capital | 22,059,076 | 22,858,190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | 1,305,589 | 1,310,478 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use assets - finance leases | 237,765 | 237,393 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use assets - operating leases | 170,331 | [1] | 146,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - finance leases | 243,381 | 236,492 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - operating leases | 226,594 | 201,713 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate and development in process, net | [2] | 4,751,881 | 4,708,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 521,766 | 531,071 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 5,273,647 | 5,239,642 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and notes payable, net | 2,715,677 | 2,637,911 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | [3] | 600,402 | 650,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members’/Partners’ equity | 1,957,568 | 1,951,298 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity / capital | 5,273,647 | 5,239,642 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's share of equity | 929,421 | 936,087 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | [4] | 340,681 | 337,832 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [5] | 1,270,102 | 1,273,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use assets - finance leases | 248,900 | 248,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use assets - operating leases | 22,000 | 22,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - finance leases | 387,100 | 388,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - operating leases | 29,400 | 29,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 35,500 | 36,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | 305,902 | 307,328 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [6] | 229,564 | 227,671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Commons Complex [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | 52,104 | 51,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [6] | 331,389 | 336,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dock 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | (51,137) | (52,243) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [6] | $ 28,116 | $ 29,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 30, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
[5] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Total revenue | $ 713,807 | $ 654,773 | $ 1,427,502 | $ 1,407,329 | |||||||||||||||
Expenses | |||||||||||||||||||
Transaction costs | 751 | 332 | 1,082 | 947 | |||||||||||||||
Depreciation and amortization | 183,838 | 178,188 | 360,403 | 349,282 | |||||||||||||||
Total expenses | 476,348 | 460,507 | 961,148 | 941,694 | |||||||||||||||
Other income (expense) | |||||||||||||||||||
Interest expense | (106,319) | (107,142) | (214,221) | (208,733) | |||||||||||||||
Gains on sales of real estate | 7,756 | 203,767 | 7,756 | 613,932 | |||||||||||||||
Net income | 141,250 | 298,580 | 269,397 | 875,726 | |||||||||||||||
Income (Loss) from Equity Method Investments | (1,373) | 1,832 | 3,852 | 1,463 | |||||||||||||||
Write-off for accrued rent | 600 | 35,900 | 1,200 | 37,400 | |||||||||||||||
Unconsolidated Joint Ventures [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Total revenue | [1] | 91,226 | 89,563 | 178,492 | 182,766 | ||||||||||||||
Expenses | |||||||||||||||||||
Operating | 36,787 | 33,704 | 73,921 | 69,105 | |||||||||||||||
Transaction costs | 0 | 0 | 7 | 0 | |||||||||||||||
Depreciation and amortization | 33,627 | 37,390 | 67,730 | 69,425 | |||||||||||||||
Total expenses | 70,414 | 71,094 | 141,658 | 138,530 | |||||||||||||||
Other income (expense) | |||||||||||||||||||
Interest expense | (25,636) | (23,306) | (51,192) | (45,889) | |||||||||||||||
Gains on sales of real estate | 11,720 | 0 | 11,720 | ||||||||||||||||
Net income | (4,824) | 6,883 | (14,358) | 10,067 | |||||||||||||||
Company's share of net income | (2,137) | 4,024 | (5,777) | 5,276 | |||||||||||||||
Gain on Sale of Investments | 0 | [2] | 0 | 10,257 | [2] | 0 | |||||||||||||
Basis differential | [3] | 764 | (2,192) | (628) | (3,813) | ||||||||||||||
Income (Loss) from Equity Method Investments | (1,373) | 1,832 | 3,852 | 1,463 | |||||||||||||||
Straight-line rent adjustments | 5,000 | 8,500 | 6,100 | 18,200 | |||||||||||||||
Colorado Center [Member] | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||
Straight-line rent adjustments | 100 | 400 | 600 | 900 | |||||||||||||||
Above and below market rent adjustments, net | $ 100 | $ 200 | $ 200 | $ 500 | |||||||||||||||
540 Madison Avenue [Member] | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||
Ownership Percentage | [4] | 60.00% | 60.00% | ||||||||||||||||
Annapolis Junction NFM, LLC [Member] | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||
Gain on Sale of Investments | $ 10,300 | $ 10,300 | |||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | |||||||||||||||||
|
Investment in Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2021 |
Jun. 15, 2021 |
Apr. 01, 2021
USD ($)
|
Mar. 30, 2021
USD ($)
ft²
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 11, 2021
ft²
|
Feb. 25, 2021
ft²
|
Dec. 31, 2020
USD ($)
|
||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Mortgage notes payable, net | $ 2,901,709 | $ 2,901,709 | $ 2,909,081 | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.775% | |||||||||||||||||||||
Proceeds from Sale of Equity Method Investments | 17,789 | $ 0 | ||||||||||||||||||||
Payments to Acquire Equity Method Investments | 20,032 | 106,168 | ||||||||||||||||||||
Income (Loss) from Equity Method Investments | $ (1,373) | $ 1,832 | 3,852 | 1,463 | ||||||||||||||||||
Capital distributions from unconsolidated joint ventures | 122 | 54,413 | ||||||||||||||||||||
Proceeds from sales of real estate | 0 | 506,337 | ||||||||||||||||||||
Repayments of Secured Debt | $ 9,294 | 8,477 | ||||||||||||||||||||
Gateway Commons Complex [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership Percentage | 50.00% | [1] | 50.00% | [1] | 54.00% | 55.00% | ||||||||||||||||
Gateway Commons Complex [Member] | Scenario, Plan | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||||
Gateway Commons Complex [Member] | Scenario, Plan | 751 Gateway | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership Percentage | 49.00% | 49.00% | ||||||||||||||||||||
Gateway Commons Complex prior to deferred contribution [Member] [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership Percentage | 53.00% | 53.00% | 55.00% | |||||||||||||||||||
Gateway Commons Complex Future Development[Member] [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership Percentage | 49.00% | 49.00% | ||||||||||||||||||||
Platform 16 | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership Percentage | [2] | 55.00% | 55.00% | |||||||||||||||||||
Annapolis Junction NFM, LLC [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | [3] | |||||||||||||||||||
Contractual Sales Price | $ 65,900 | |||||||||||||||||||||
Proceeds from Sale of Equity Method Investments | 17,800 | |||||||||||||||||||||
Capital distributions from unconsolidated joint ventures | $ 5,800 | |||||||||||||||||||||
Gain on Sale of Investments | 10,300 | $ 10,300 | ||||||||||||||||||||
Repayments of Secured Debt | $ 15,100 | |||||||||||||||||||||
Annapolis Junction NFM, LLC [Member] | Annapolis Junction Building Six and Seven | Unconsolidated Properties | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 247,000 | |||||||||||||||||||||
One hundred Causeway Street [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | 50.00% | |||||||||||||||||||
One hundred Causeway Street [Member] | Unconsolidated Properties | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 632,000 | |||||||||||||||||||||
Co-investment program | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Description of Principal Activities | target an aggregate equity investment of $1.0 billion. The program expects to employ leverage allowing for an initial investment capacity of approximately $2.0 billion. Under the two-year agreement, the Company will provide its partners first offers to form joint ventures with it to invest in acquisition opportunities that meet the program’s target investment criteria. | |||||||||||||||||||||
Joint Venture Partner [Member] | Gateway Commons Complex Future Development[Member] [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership Percentage | 51.00% | 51.00% | ||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Mortgage notes payable, net | $ 2,715,677 | $ 2,715,677 | $ 2,637,911 | |||||||||||||||||||
Income (Loss) from Equity Method Investments | (1,373) | 1,832 | 3,852 | 1,463 | ||||||||||||||||||
Gain on Sale of Investments | $ 0 | [4] | $ 0 | $ 10,257 | [4] | $ 0 | ||||||||||||||||
Construction in Progress | Gateway Commons Complex [Member] | 751 Gateway | Unconsolidated Properties | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 229,000 | |||||||||||||||||||||
|
Mortgage Notes Payable, Net (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Mar. 26, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Debt Instrument [Line Items] | |||
Repayments of Secured Debt | $ 9,294 | $ 8,477 | |
Mortgages [Member] | University Place | |||
Debt Instrument [Line Items] | |||
Repayments of Secured Debt | $ 900 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.94% |
Schedule of Unsecured Senior Notes (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 16, 2021 |
Feb. 14, 2021 |
Dec. 31, 2020 |
|||||
---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||||
Senior Notes | $ 9,634,356 | $ 9,639,287 | |||||||
Boston Properties Limited Partnership | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Notes | 9,634,356 | $ 9,639,287 | |||||||
Boston Properties Limited Partnership | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | 9,700,000 | ||||||||
Debt Instrument, Unamortized Discount | 17,988 | ||||||||
Debt Issuance Costs, Net | 47,656 | ||||||||
Senior Notes | $ 9,634,356 | ||||||||
Boston Properties Limited Partnership | Senior Notes | 3.954% unsecured senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.954% | |||||||
Debt | $ 1,000,000 | ||||||||
Long-term Debt, Maturity Date | [2] | Feb. 01, 2023 | |||||||
Boston Properties Limited Partnership | Senior Notes | 3.279% unsecured senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.279% | |||||||
Debt | $ 500,000 | ||||||||
Long-term Debt, Maturity Date | [2] | Sep. 01, 2023 | |||||||
Boston Properties Limited Partnership | Senior Notes | 3.916% unsecured senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.916% | |||||||
Debt | $ 700,000 | ||||||||
Long-term Debt, Maturity Date | [2] | Feb. 01, 2024 | |||||||
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 | 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% | 2.55% | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.671% | [1] | 2.671% | ||||||
Debt | $ 850,000 | $ 850,000 | |||||||
Long-term Debt, Maturity Date | [2] | Apr. 01, 2032 | |||||||
Boston Properties Limited Partnership | Senior Notes | 4.289% unsecured senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | ||||||||
Debt | $ 850,000 | ||||||||
|
Unsecured Senior Notes (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 16, 2021 |
Feb. 14, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Unsecured Debt | $ 843,710 | $ 0 | ||||||||
Loss from early extinguishment of debt | $ 0 | $ 0 | 898 | 0 | ||||||
Proceeds from unsecured senior notes | 846,345 | 1,248,125 | ||||||||
Boston Properties Limited Partnership | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Unsecured Debt | 843,710 | 0 | ||||||||
Loss from early extinguishment of debt | 0 | $ 0 | 898 | 0 | ||||||
Proceeds from unsecured senior notes | $ 846,345 | $ 1,248,125 | ||||||||
Debt Instrument, Covenant Description | The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. | |||||||||
Debt Instrument, Covenant Compliance | At June 30, 2021, Boston Properties Limited Partnership was in compliance with each of these financial restrictions and requirements. | |||||||||
Senior Notes | Boston Properties Limited Partnership | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | 9,700,000 | $ 9,700,000 | ||||||||
2.671% unsecured senior notes | Senior Notes | Boston Properties Limited Partnership | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | $ 850,000 | $ 850,000 | $ 850,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.55% | 2.55% | 2.55% | |||||||
Senior Notes Pricing | 99.57% | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.671% | 2.671% | [1] | 2.671% | [1] | |||||
Proceeds from unsecured senior notes | $ 839,200 | |||||||||
4.289% unsecured senior notes | Senior Notes | Boston Properties Limited Partnership | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | $ 850,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | |||||||||
Repayments of Unsecured Debt | $ 858,700 | |||||||||
Debt Instrument, Increase, Accrued Interest | 8,700 | |||||||||
Loss from early extinguishment of debt | $ 400 | |||||||||
|
Unsecured Line of Credit (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 15, 2021 |
Mar. 16, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.775% | ||||||
Line of Credit Facility, Interest Rate Description | At Boston Properties Limited Partnership’s option, loans under the 2021 Credit Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, LIBOR, (b) in the case of loans denominated in Euro, EURIBOR, (c) in the case of loans denominated in Canadian Dollars, CDOR, and (d) in the case of loans denominated in Sterling, SONIA, in each case, plus a margin ranging from 70.0 to 140.0 basis points based on Boston Properties Limited Partnership’s credit rating or (2) an alternate base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the Administrative Agent’s prime rate, (c) LIBOR for a one-month period plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 40 basis points based on Boston Properties Limited Partnership’s credit rating. | ||||||
Line of Credit Facility, Covenant Terms | Among other covenants, the 2021 Credit Facility requires that Boston Properties Limited Partnership maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. | ||||||
Long-term Line of Credit | $ 0 | $ 0 | $ 0 | ||||
Loss from early extinguishment of debt | 0 | $ 0 | 898 | $ 0 | |||
Repayments of Unsecured Debt | $ 843,710 | 0 | |||||
Line of Credit Facility, Expiration Date | Jun. 15, 2026 | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | ||||||
Line of Credit Facility, Covenant Compliance | At June 30, 2021, Boston Properties Limited Partnership was in compliance with each of these financial and other covenant requirements. | ||||||
Line of Credit, Additional Borrowing Capacity | $ 500,000 | ||||||
Boston Properties Limited Partnership | |||||||
Line of Credit Facility [Line Items] | |||||||
Long-term Line of Credit | 0 | $ 0 | $ 0 | ||||
Loss from early extinguishment of debt | 0 | $ 0 | 898 | 0 | |||
Repayments of Unsecured Debt | 843,710 | $ 0 | |||||
Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.40% | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||||||
Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.70% | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | ||||||
Revolving Credit Facility [Member] | Boston Properties Limited Partnership | |||||||
Line of Credit Facility [Line Items] | |||||||
Long-term Line of Credit | $ 0 | $ 0 | |||||
Delayed Draw Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||||||
Loss from early extinguishment of debt | $ 500 | ||||||
Repayments of Unsecured Debt | $ 500,000 |
Commitments And Contingencies (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2021
USD ($)
ft²
|
Dec. 31, 2020
USD ($)
|
|
Commitments And Contingencies [Line Items] | ||
Letter of credit and performance obligations | $ 28,400,000 | |
Notes Receivable, Related Parties | 77,872,000 | $ 77,552,000 |
Property insurance program per occurrence limits | 1,000,000,000.0 | |
Per occurrence limit for NBCR Coverage | 1,000,000,000.0 | |
Value of program trigger | $ 200,000,000 | |
Coinsurance of program trigger | 20.00% | |
Program trigger deductible | 20.00% | |
Deductible in insurance as a percentage of the value of the affected property, San Francisco and Los Angeles | 3.00% | |
Per occurrence limit of the earthquake insurance which covers San Francisco and Los Angeles regions | $ 240,000,000 | |
Annual aggregate limit of the earthquake insurance which covers San Francisco and Los Angeles regions | 240,000,000 | |
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco and Los Angeles | 20,000,000 | |
Notes receivable, net | 19,087,000 | 18,729,000 |
Affiliate of Bernstein Companies [Member] | ||
Commitments And Contingencies [Line Items] | ||
Notes receivable, net | $ 10,000,000.0 | |
Note receivable fixed interest rate | 8.00% | |
Boston Properties Limited Partnership | ||
Commitments And Contingencies [Line Items] | ||
Notes Receivable, Related Parties | $ 77,872,000 | 77,552,000 |
Operating partnership guarantee to cover liabilities of IXP | 20,000,000.0 | |
Notes receivable, net | 19,087,000 | $ 18,729,000 |
767 Venture, LLC [Member] | ||
Commitments And Contingencies [Line Items] | ||
Maximum funding obligation | 21,500,000 | |
Property insurance program per occurrence limits | 1,625,000,000 | |
7750 Wisconsin Avenue [Member] | ||
Commitments And Contingencies [Line Items] | ||
Liabilities for Contingent Guarantees | 0 | |
6595 Springfield Center Drive [Member] | ||
Commitments And Contingencies [Line Items] | ||
Liabilities for Contingent Guarantees | $ 0 | |
325 Main Street | ||
Commitments And Contingencies [Line Items] | ||
Net Rentable Area (in sf) | ft² | 115,000 | |
601 Lexington Avenue | ||
Commitments And Contingencies [Line Items] | ||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP | $ 250,000,000 | |
Future Residential Building [Member] | 325 Main Street | ||
Commitments And Contingencies [Line Items] | ||
Net Rentable Area (in sf) | ft² | 200,000 | |
Affordable Housing requirement | 25.00% | |
Future Office Building [Member] | 325 Main Street | ||
Commitments And Contingencies [Line Items] | ||
Net Rentable Area (in sf) | ft² | 420,000 | |
Future Retail Building [Member] | 325 Main Street | ||
Commitments And Contingencies [Line Items] | ||
Net Rentable Area (in sf) | ft² | 41,000 | |
Home Ownership Units [Member] | Future Residential Building [Member] | 325 Main Street | ||
Commitments And Contingencies [Line Items] | ||
Affordable Housing requirement | 20.00% |
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Noncontrolling Interest in Limited Partnerships | $ 1,725,343 | $ 1,726,933 |
Boston Properties Limited Partnership | OP Units [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Noncontrolling Interest, Outstanding | 16,038,056 | |
Boston Properties Limited Partnership | LTIP Units [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Noncontrolling Interest, Outstanding | 1,489,456 | |
Boston Properties Limited Partnership | 2012 OPP and 2013-2018 MYLTIP | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Noncontrolling Interest, Outstanding | 419,423 | |
Boston Properties Limited Partnership | MYLTIP 2019 [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Noncontrolling Interest, Outstanding | 219,916 | |
Boston Properties Limited Partnership | MYLTIP 2020 [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Noncontrolling Interest, Outstanding | 203,278 | |
Boston Properties Limited Partnership | MYLTIP 2021 | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Noncontrolling Interest, Outstanding | 352,021 |
(Common Units) (Narrative) (Details) $ / shares in Units, $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Feb. 05, 2021
USD ($)
shares
|
Feb. 02, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
yr
$ / shares
shares
|
Dec. 31, 2020
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 | $ | $ 2,008,478 | $ 1,643,024 | ||
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 2018 | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Final awards percentage of target | 29.20% | |||
Value of MYLTIP Awards | $ | $ 4,600 | |||
Forfeitures, in units | 285,925 | |||
MYLTIP | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Vesting Period | 3 years | |||
MYLTIP 2019 [Member] | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 219,916 | |||
MYLTIP 2020 [Member] | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 203,278 | |||
MYLTIP 2021 | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Value of MYLTIP Awards | $ | $ 15,300 | |||
Vesting Period | 3 years | |||
MYLTIP 2021 | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 352,021 | |||
OP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
OP Units for redemption (in shares) | 177,434 | |||
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 | $ | $ 2,000,000 | |||
Closing price of common stock (in dollars per share) | $ / shares | $ 114.59 | |||
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) | 122,443 |
Noncontrolling Interests Common Units Distributions (Details) - $ / shares |
Apr. 30, 2021 |
Jan. 28, 2021 |
Jul. 31, 2020 |
Apr. 30, 2020 |
Jan. 30, 2020 |
Jun. 14, 2021 |
---|---|---|---|---|---|---|
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) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest in Limited Partnerships | $ 1,725,343 | $ 1,726,933 |
Stockholders' Equity / Partners' Capital Narrative (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Apr. 01, 2021
shares
|
Mar. 31, 2021
USD ($)
|
Mar. 02, 2021
$ / shares
shares
|
May 22, 2020
USD ($)
yr
|
Jun. 30, 2021
USD ($)
shares
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
shares
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
$ / shares
shares
|
Jun. 02, 2017
USD ($)
|
|
Class of Stock [Line Items] | ||||||||||
Common Stock, Shares, Outstanding | 156,135,959 | 156,135,959 | 155,718,825 | |||||||
General Partners' Capital Account, Units Outstanding (in units) | 1,736,635 | 1,736,635 | ||||||||
Limited Partners' Capital Account, Units Outstanding (in units) | 154,399,324 | 154,399,324 | ||||||||
Options exercised | 206,377 | |||||||||
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares) | 177,434 | |||||||||
Preferred Stock Redemption Premium | $ | $ 0 | $ 0 | $ 6,412 | $ 0 | ||||||
ATM Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
At The Market Stock Offering Program Aggregate Value Of Common Stock | $ | $ 600,000 | $ 600,000 | ||||||||
At Market Stock Offering Program Maximum Length Of Sale (in years) | yr | 3 | |||||||||
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Series B, Shares Outstanding (in shares) | 80,000 | 80,000 | ||||||||
Series B, Dividend Rate, Percentage | 5.25% | |||||||||
Series B, Liquidation Preference Per Share (dollars per share) | $ / shares | $ 2,500 | |||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 2,500 | |||||||||
Preferred Stock Redemption Price Per Share, plus accrued and unpaid dividends | $ / shares | $ 2,516.41 | |||||||||
Preferred Stock, Redemption Amount | $ | $ (201,300) | |||||||||
Redeemable Preferred Stock Dividends | $ | $ 1,300 | |||||||||
Preferred Stock Redemption Premium | $ | $ 6,400 | |||||||||
Preferred Stock, Redemption Date | Apr. 01, 2021 | |||||||||
OP Units for redemption (in shares) | 80,000 | |||||||||
Depositary shares of Series B Cumulative Redeemable Preferred [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Series B, Shares Outstanding (in shares) | 8,000,000 | |||||||||
OP Units for redemption (in shares) | 8,000,000 | |||||||||
Boston Properties Limited Partnership | Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Series B, Shares Outstanding (in shares) | 80,000 | |||||||||
Series B, Liquidation Preference Per Share (dollars per share) | $ / shares | $ 2,500 |
Stockholders' Equity / Partners' Capital Dividends / Distributions (Details) - $ / shares |
Apr. 30, 2021 |
Feb. 16, 2021 |
Jan. 28, 2021 |
Aug. 17, 2020 |
Jul. 31, 2020 |
May 15, 2020 |
Apr. 30, 2020 |
Feb. 18, 2020 |
Jan. 30, 2020 |
Jun. 14, 2021 |
---|---|---|---|---|---|---|---|---|---|---|
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 | |||||
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||||||||||
Dividends / Distributions [Line Items] | ||||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 |
Segment Information Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Write-off for accrued rent | $ 600 | $ 35,900 | $ 1,200 | $ 37,400 |
Write-off for accounts receivable | 300 | $ 18,000 | 100 | $ 18,900 |
Parking and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Increase (decrease) in parking and other revenue primarily related to COVID-19 | $ 4,300 | $ (3,200) |
Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company's common shareholders / unitholders | $ 111,703,000 | $ 266,525,000 | $ 203,372,000 | $ 764,232,000 |
Preferred Stock Redemption Charge | 0 | 0 | (6,412,000) | 0 |
Preferred dividends / distributions | 0 | (2,625,000) | (2,560,000) | (5,250,000) |
Noncontrolling interest-common units of the Operating Partnership | (12,383,000) | (30,197,000) | (23,422,000) | (87,525,000) |
Noncontrolling interest in property partnerships | (17,164,000) | 767,000 | (33,631,000) | (18,719,000) |
Interest expense | (106,319,000) | (107,142,000) | (214,221,000) | (208,733,000) |
Loss from early extinguishment of debt | 0 | 0 | 898,000 | 0 |
Company's share of net operating income from joint ventures | (453,169,000) | (402,404,000) | (897,116,000) | (874,057,000) |
Depreciation and amortization expense | (183,838,000) | (178,188,000) | (360,403,000) | (349,282,000) |
Transaction costs | (751,000) | (332,000) | (1,082,000) | (947,000) |
General and administrative expense | (38,405,000) | (37,743,000) | (83,364,000) | (74,197,000) |
Gains (losses) from investments in securities | (2,275,000) | (4,552,000) | (3,934,000) | 893,000 |
Interest and other income (loss) | (1,452,000) | (1,305,000) | (2,620,000) | (4,322,000) |
Gains on sales of real estate | (7,756,000) | (203,767,000) | (7,756,000) | (613,932,000) |
Income (loss) from unconsolidated joint ventures | 1,373,000 | (1,832,000) | (3,852,000) | (1,463,000) |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company's common shareholders / unitholders | 111,703,000 | 266,525,000 | 203,372,000 | 764,232,000 |
Preferred Stock Redemption Charge | 0 | 0 | 6,412,000 | 0 |
Preferred dividends / distributions | 0 | 2,625,000 | 2,560,000 | 5,250,000 |
Noncontrolling interest-common units of the Operating Partnership | 12,383,000 | 30,197,000 | 23,422,000 | 87,525,000 |
Noncontrolling interest in property partnerships | 17,164,000 | (767,000) | 33,631,000 | 18,719,000 |
Interest expense | 106,319,000 | 107,142,000 | 214,221,000 | 208,733,000 |
Loss from early extinguishment of debt | 0 | 0 | 898,000 | 0 |
Depreciation and amortization expense | 183,838,000 | 178,188,000 | 360,403,000 | 349,282,000 |
Transaction costs | 751,000 | 332,000 | 1,082,000 | 947,000 |
Operating expense | 2,655,000 | 2,484,000 | 6,160,000 | 5,721,000 |
General and administrative expense | 38,405,000 | 37,743,000 | 83,364,000 | 74,197,000 |
Gains (losses) from investments in securities | 2,275,000 | 4,552,000 | 3,934,000 | (893,000) |
Interest and other income (loss) | 1,452,000 | 1,305,000 | 2,620,000 | 4,322,000 |
Gains on sales of real estate | 7,756,000 | 203,767,000 | 7,756,000 | 613,932,000 |
Income (loss) from unconsolidated joint ventures | (1,373,000) | 1,832,000 | 3,852,000 | 1,463,000 |
Other revenue | 2,655,000 | 2,484,000 | 6,160,000 | 5,721,000 |
Company's share of Net Operating Income | 432,299,000 | 397,888,000 | 856,665,000 | 850,638,000 |
Unconsolidated Joint Ventures [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Interest expense | (25,636,000) | (23,306,000) | (51,192,000) | (45,889,000) |
Depreciation and amortization expense | (33,627,000) | (37,390,000) | (67,730,000) | (69,425,000) |
Transaction costs | 0 | 0 | (7,000) | 0 |
Gains on sales of real estate | (11,720,000) | 0 | (11,720,000) | |
Income (loss) from unconsolidated joint ventures | 1,373,000 | (1,832,000) | (3,852,000) | (1,463,000) |
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 | 25,417,000 | 27,911,000 | 50,212,000 | 56,669,000 |
Boston Properties Limited Partnership | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company's common shareholders / unitholders | 125,846,000 | 301,975,000 | 231,619,000 | 868,308,000 |
Preferred Stock Redemption Charge | 0 | 0 | (6,412,000) | 0 |
Preferred dividends / distributions | 0 | (2,625,000) | (2,560,000) | (5,250,000) |
Noncontrolling interest in property partnerships | (17,164,000) | 767,000 | (33,631,000) | (18,719,000) |
Interest expense | (106,319,000) | (107,142,000) | (214,221,000) | (208,733,000) |
Loss from early extinguishment of debt | 0 | 0 | 898,000 | 0 |
Depreciation and amortization expense | (182,078,000) | (176,409,000) | (355,578,000) | (345,694,000) |
Transaction costs | (751,000) | (332,000) | (1,082,000) | (947,000) |
General and administrative expense | (38,405,000) | (37,743,000) | (83,364,000) | (74,197,000) |
Gains (losses) from investments in securities | (2,275,000) | (4,552,000) | (3,934,000) | 893,000 |
Interest and other income (loss) | (1,452,000) | (1,305,000) | (2,620,000) | (4,322,000) |
Gains on sales of real estate | (7,756,000) | (207,241,000) | (7,756,000) | (626,895,000) |
Income (loss) from unconsolidated joint ventures | 1,373,000 | (1,832,000) | (3,852,000) | (1,463,000) |
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's common shareholders / unitholders | 125,846,000 | 301,975,000 | 231,619,000 | 868,308,000 |
Preferred Stock Redemption Charge | 0 | 0 | 6,412,000 | 0 |
Preferred dividends / distributions | 0 | 2,625,000 | 2,560,000 | 5,250,000 |
Noncontrolling interest in property partnerships | 17,164,000 | (767,000) | 33,631,000 | 18,719,000 |
Interest expense | 106,319,000 | 107,142,000 | 214,221,000 | 208,733,000 |
Loss from early extinguishment of debt | 0 | 0 | 898,000 | 0 |
Depreciation and amortization expense | 182,078,000 | 176,409,000 | 355,578,000 | 345,694,000 |
Transaction costs | 751,000 | 332,000 | 1,082,000 | 947,000 |
Operating expense | 2,655,000 | 2,484,000 | 6,160,000 | 5,721,000 |
General and administrative expense | 38,405,000 | 37,743,000 | 83,364,000 | 74,197,000 |
Gains (losses) from investments in securities | 2,275,000 | 4,552,000 | 3,934,000 | (893,000) |
Interest and other income (loss) | 1,452,000 | 1,305,000 | 2,620,000 | 4,322,000 |
Gains on sales of real estate | 7,756,000 | 207,241,000 | 7,756,000 | 626,895,000 |
Income (loss) from unconsolidated joint ventures | (1,373,000) | 1,832,000 | 3,852,000 | 1,463,000 |
Other revenue | 2,655,000 | 2,484,000 | 6,160,000 | 5,721,000 |
Company's share of Net Operating Income | 432,299,000 | 397,888,000 | 856,665,000 | 850,638,000 |
Management Service [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | (7,284,000) | (8,125,000) | (14,087,000) | (16,004,000) |
Management Service [Member] | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | 7,284,000 | 8,125,000 | 14,087,000 | 16,004,000 |
Management Service [Member] | Boston Properties Limited Partnership | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | (7,284,000) | (8,125,000) | (14,087,000) | (16,004,000) |
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 | 7,284,000 | 8,125,000 | 14,087,000 | 16,004,000 |
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 | 46,287,000 | 32,427,000 | 90,663,000 | 80,088,000 |
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 | 46,287,000 | 32,427,000 | 90,663,000 | 80,088,000 |
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 | $ 46,287,000 | $ 32,427,000 | $ 90,663,000 | $ 80,088,000 |
Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||||
Segment Reporting Information [Line Items] | ||||||||||
Rental Revenue: Class A Office | [1] | $ 692,544 | $ 634,663 | $ 1,386,124 | $ 1,359,322 | |||||
Rental Revenue: Residential | [1] | 9,763 | 9,402 | 18,938 | 19,358 | |||||
Rental Revenue Total | [1] | $ 703,868 | $ 644,164 | $ 1,407,255 | $ 1,385,604 | |||||
Rental Revenue: % of Grand Totals | 100.00% | [1] | 100.00% | [1] | 100.00% | 100.00% | ||||
Rental Expenses: Class A Office | $ 242,775 | $ 235,822 | $ 494,037 | $ 494,724 | ||||||
Rental Expenses: Residential | 5,928 | 3,965 | 12,055 | 8,029 | ||||||
Rental Expenses: Total | $ 250,699 | $ 241,760 | $ 510,139 | $ 511,547 | ||||||
Rental Expenses: % Of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% | ||||||
Net Operating Income | $ 453,169 | $ 402,404 | $ 897,116 | $ 874,057 | ||||||
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% | ||||||
Total revenue | $ 713,807 | $ 654,773 | $ 1,427,502 | $ 1,407,329 | ||||||
Boston [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Rental Revenue: Class A Office | [1] | 229,571 | 218,351 | 459,974 | 457,849 | |||||
Rental Revenue: Residential | [1] | 3,131 | 3,401 | 6,176 | 7,469 | |||||
Rental Revenue Total | [1] | $ 234,263 | $ 221,851 | $ 468,343 | $ 472,242 | |||||
Rental Revenue: % of Grand Totals | 33.28% | [1] | 34.43% | [1] | 33.28% | 34.09% | ||||
Rental Expenses: Class A Office | $ 78,165 | $ 75,694 | $ 158,046 | $ 158,239 | ||||||
Rental Expenses: Residential | 1,435 | 1,235 | 2,890 | 2,575 | ||||||
Rental Expenses: Total | $ 81,596 | $ 78,902 | $ 164,983 | $ 169,608 | ||||||
Rental Expenses: % Of Grand Totals | 32.55% | 32.64% | 32.34% | 33.16% | ||||||
Net Operating Income | $ 152,667 | $ 142,949 | $ 303,360 | $ 302,634 | ||||||
Net Operating Income: % of Grand Totals | 33.69% | 35.52% | 33.82% | 34.63% | ||||||
Company's Share of Net Operating Income: % of Grand Totals | 33.70% | 33.92% | 33.68% | 33.76% | ||||||
Los Angeles [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Rental Revenue: Class A Office | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Rental Revenue: Residential | [1] | 0 | 0 | 0 | 0 | |||||
Rental Revenue Total | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Rental Revenue: % of Grand Totals | 0.00% | [1] | 0.00% | [1] | 0.00% | 0.00% | ||||
Rental Expenses: Class A Office | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||||
Rental Expenses: Total | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Rental Expenses: % Of Grand Totals | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
Net Operating Income | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Net Operating Income: % of Grand Totals | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
Company's Share of Net Operating Income: % of Grand Totals | 2.84% | 3.78% | 3.09% | 3.64% | ||||||
New York [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Rental Revenue: Class A Office | [1] | $ 252,182 | $ 204,242 | $ 502,346 | $ 459,528 | |||||
Rental Revenue: Residential | [1] | 0 | 0 | 0 | 0 | |||||
Rental Revenue Total | [1] | $ 252,182 | $ 204,242 | $ 502,346 | $ 459,528 | |||||
Rental Revenue: % of Grand Totals | 35.84% | [1] | 31.71% | [1] | 35.70% | 33.16% | ||||
Rental Expenses: Class A Office | $ 92,662 | $ 88,367 | $ 192,047 | $ 187,507 | ||||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||||
Rental Expenses: Total | $ 92,662 | $ 88,367 | $ 192,047 | $ 187,507 | ||||||
Rental Expenses: % Of Grand Totals | 36.96% | 36.54% | 37.65% | 36.65% | ||||||
Net Operating Income | $ 159,520 | $ 115,875 | $ 310,299 | $ 272,021 | ||||||
Net Operating Income: % of Grand Totals | 35.20% | 28.80% | 34.59% | 31.12% | ||||||
Company's Share of Net Operating Income: % of Grand Totals | 28.68% | 23.84% | 27.99% | 25.24% | ||||||
San Francisco [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Rental Revenue: Class A Office | [1] | $ 126,181 | $ 128,233 | $ 256,779 | $ 264,972 | |||||
Rental Revenue: Residential | [1] | 690 | 0 | 1,011 | 0 | |||||
Rental Revenue Total | [1] | $ 126,871 | $ 128,233 | $ 257,790 | $ 264,972 | |||||
Rental Revenue: % of Grand Totals | 18.02% | [1] | 19.91% | [1] | 18.32% | 19.12% | ||||
Rental Expenses: Class A Office | $ 40,954 | $ 39,081 | $ 81,203 | $ 81,650 | ||||||
Rental Expenses: Residential | 1,544 | 0 | 3,230 | 0 | ||||||
Rental Expenses: Total | $ 42,498 | $ 39,081 | $ 84,433 | $ 81,650 | ||||||
Rental Expenses: % Of Grand Totals | 16.95% | 16.17% | 16.55% | 15.96% | ||||||
Net Operating Income | $ 84,373 | $ 89,152 | $ 173,357 | $ 183,322 | ||||||
Net Operating Income: % of Grand Totals | 18.62% | 22.15% | 19.32% | 20.97% | ||||||
Company's Share of Net Operating Income: % of Grand Totals | 20.35% | 23.44% | 21.06% | 22.41% | ||||||
Washington, DC [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Rental Revenue: Class A Office | [1] | $ 84,610 | $ 83,837 | $ 167,025 | $ 176,973 | |||||
Rental Revenue: Residential | [1] | 5,942 | 6,001 | 11,751 | 11,889 | |||||
Rental Revenue Total | [1] | $ 90,552 | $ 89,838 | $ 178,776 | $ 188,862 | |||||
Rental Revenue: % of Grand Totals | 12.86% | [1] | 13.95% | [1] | 12.70% | 13.63% | ||||
Rental Expenses: Class A Office | $ 30,994 | $ 32,680 | $ 62,741 | $ 67,328 | ||||||
Rental Expenses: Residential | 2,949 | 2,730 | 5,935 | 5,454 | ||||||
Rental Expenses: Total | $ 33,943 | $ 35,410 | $ 68,676 | $ 72,782 | ||||||
Rental Expenses: % Of Grand Totals | 13.54% | 14.65% | 13.46% | 14.23% | ||||||
Net Operating Income | $ 56,609 | $ 54,428 | $ 110,100 | $ 116,080 | ||||||
Net Operating Income: % of Grand Totals | 12.49% | 13.53% | 12.27% | 13.28% | ||||||
Company's Share of Net Operating Income: % of Grand Totals | 14.43% | 15.02% | 14.18% | 14.95% | ||||||
Hotel [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Other revenue | [1] | $ 1,561 | $ 99 | $ 2,193 | $ 6,924 | |||||
Operating expense | 1,996 | 1,973 | 4,047 | 8,794 | ||||||
Hotel [Member] | Boston [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Other revenue | [1] | 1,561 | 99 | 2,193 | 6,924 | |||||
Operating expense | 1,996 | 1,973 | 4,047 | 8,794 | ||||||
Hotel [Member] | Los Angeles [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Other revenue | [1] | 0 | 0 | 0 | 0 | |||||
Operating expense | 0 | 0 | 0 | 0 | ||||||
Hotel [Member] | New York [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Other revenue | [1] | 0 | 0 | 0 | 0 | |||||
Operating expense | 0 | 0 | 0 | 0 | ||||||
Hotel [Member] | San Francisco [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Other revenue | [1] | 0 | 0 | 0 | 0 | |||||
Operating expense | 0 | 0 | 0 | 0 | ||||||
Hotel [Member] | Washington, DC [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Other revenue | [1] | 0 | 0 | 0 | 0 | |||||
Operating expense | 0 | 0 | 0 | 0 | ||||||
Noncontrolling interest - property partnerships [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | (46,287) | (32,427) | (90,663) | (80,088) | ||||||
Noncontrolling interest - property partnerships [Member] | Boston [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | (10,576) | (10,576) | (20,800) | (21,239) | ||||||
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 | (35,711) | (21,851) | (69,863) | (58,849) | ||||||
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] | Washington, DC [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||||
Unconsolidated Joint Ventures [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | [2] | 91,226 | 89,563 | 178,492 | 182,766 | |||||
Unconsolidated Joint Ventures [Member] | Boston [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 3,624 | 2,627 | 5,905 | 5,726 | ||||||
Unconsolidated Joint Ventures [Member] | Los Angeles [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 12,265 | 15,026 | 26,457 | 30,956 | ||||||
Unconsolidated Joint Ventures [Member] | New York [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 172 | 815 | (621) | 1,571 | ||||||
Unconsolidated Joint Ventures [Member] | San Francisco [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 3,580 | 4,127 | 7,060 | 7,286 | ||||||
Unconsolidated Joint Ventures [Member] | Washington, DC [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 5,776 | 5,316 | 11,411 | 11,130 | ||||||
Company's Share [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 432,299 | 397,888 | 856,665 | 850,638 | ||||||
Company's Share [Member] | Boston [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 145,715 | 135,000 | 288,465 | 287,121 | ||||||
Company's Share [Member] | Los Angeles [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 12,265 | 15,026 | 26,457 | 30,956 | ||||||
Company's Share [Member] | New York [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 123,981 | 94,839 | 239,815 | 214,743 | ||||||
Company's Share [Member] | San Francisco [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | 87,953 | 93,279 | 180,417 | 190,608 | ||||||
Company's Share [Member] | Washington, DC [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Operating Income | $ 62,385 | $ 59,744 | $ 121,511 | $ 127,210 | ||||||
|
Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Basic Earnings: | ||||
Net income attributable to the company's common shareholders / unitholders | $ 111,703 | $ 266,525 | $ 203,372 | $ 764,232 |
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 156,107,000 | 155,386,000 | 156,016,000 | 155,199,000 |
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 0.72 | $ 1.72 | $ 1.30 | $ 4.92 |
Allocation of undistributed earnings to participating securities | $ (336) | $ 0 | $ (1,344) | |
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | 0 | 0 | |
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ (0.01) | $ 0 | $ 0 | |
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic | $ 266,189 | $ 203,372 | $ 762,888 | |
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares) | 155,386,000 | 156,016,000 | ||
Earnings Per Share After Allccation of Undistributed Earnings to Particiapting Securities Basic (dollars per share) | $ 0.72 | $ 1.71 | $ 1.30 | $ 4.92 |
Effect of Dilutive Securities: | ||||
Stock Based Compensation | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 412,000 | 21,000 | 291,000 | 134,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ (0.01) | $ 0 | $ 0 | $ (0.01) |
Diluted Earnings: | ||||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 111,703 | $ 266,189 | $ 203,372 | $ 762,888 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 156,519,000 | 155,407,000 | 156,307,000 | 155,333,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.71 | $ 1.71 | $ 1.30 | $ 4.91 |
Boston Properties Limited Partnership | ||||
Redeemable Common Units | 17,043,000 | 17,273,000 | 17,018,000 | 17,405,000 |
Basic Earnings: | ||||
Net income attributable to the company's common shareholders / unitholders | $ 125,846 | $ 301,975 | $ 231,619 | $ 868,308 |
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 173,150,000 | 172,659,000 | 173,034,000 | 172,604,000 |
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 0.73 | $ 1.75 | $ 5.03 | |
Allocation of undistributed earnings to participating securities | $ (374) | $ (1,495) | ||
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | 0 | ||
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 0 | $ (0.01) | ||
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic | $ 301,601 | $ 231,619 | $ 866,813 | |
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares) | 172,659,000 | 173,034,000 | 172,604,000 | |
Earnings Per Share After Allccation of Undistributed Earnings to Particiapting Securities Basic (dollars per share) | $ 0.73 | $ 1.75 | $ 1.34 | $ 5.02 |
Effect of Dilutive Securities: | ||||
Stock Based Compensation | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 412,000 | 21,000 | 291,000 | 134,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted Earnings: | ||||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 125,846 | $ 301,601 | $ 231,619 | $ 866,813 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 173,562,000 | 172,680,000 | 173,325,000 | 172,738,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.73 | $ 1.75 | $ 1.34 | $ 5.02 |
Stock Option and Incentive Plan (Narrative) (Details) - USD ($) $ in Millions |
May 20, 2021 |
Feb. 02, 2021 |
---|---|---|
MYLTIP 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting Period | 3 years | |
Distributions percent before measurement date | 10.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Earned awards (if any) will vest 100% on February 1, 2024, but may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. Vesting will be accelerated in the event of a change in control, termination of employment by Boston Properties, Inc. without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to February 1, 2024, earned awards will be calculated based on TSR performance up to the date of the change of control. | |
Value of MYLTIP Awards | $ 15.3 | |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The 2021 MYLTIP awards consist of two, equally-weighted (50% each) components that utilize Boston Properties, Inc.’s TSR over a three-year measurement period as the performance metric. The first component of the 2021 MYLTIP, which represents one-half (50%) of the target grant-date value, retains the basic general structure of the 2020 MYLTIP awards with certain changes, including a change to the custom index against which Boston Properties, Inc.’s TSR is compared. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on Boston Properties, Inc.’s annualized relative TSR performance compared to a custom index. Under this component, 100% of the target number of LTIP Units will be earned if Boston Properties, Inc.’s TSR equals the custom index TSR; for relative TSR performance between -1,000 basis points and +1,000 basis points, the number of LTIP Units earned will be determined using linear interpolation.The second component represents the remaining one-half (50%) of the target grant-date value of the 2021 MYLTIP. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on Boston Properties, Inc.’s cumulative absolute TSR during the performance period. Under this component, 100% of the target number of LTIP Units will be earned if Boston Properties, Inc.’s achieves an absolute TSR equal to +1,000 basis points; if Boston Properties, Inc.’s absolute TSR is greater than -4,000 basis points but less than +6,000 basis points, then the number of LTIP Units earned will be determined using linear interpolation. | |
2021 Stock Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Description | The material features of the 2021 Plan include, among other things: (i) the maximum number of shares of Common Stock reserved and available for issuance under the 2021 Plan is 5,400,000 shares less one share for every one share that was granted between March 4, 2021 and May 19, 2021 under the 2012 Plan, (ii) shares of Common Stock underlying awards granted under the 2021 Plan or the 2012 Plan that are forfeited, canceled or otherwise terminated (other than by exercise) will be added back to the shares of Common Stock available for issuance under the 2021 Plan and, with respect to “full-value” awards under the 2021 Plan or the 2012 Plan, shares tendered or held back for taxes and shares previously reserved for issuance pursuant to such an award to the extent that such shares are not issued and are no longer issuable pursuant to such an award (e.g., in the event that a full-value award that may be settled in cash or by issuance of shares of Common Stock is settled in cash) will be added back to the shares available for issuance under the 2021 Plan, (iii) the award of stock options (both incentive and non-qualified options), stock appreciation rights, restricted stock units, restricted stock, unrestricted stock, dividend equivalent rights, cash-based awards and other equity-based awards (including LTIP Units) is permitted, (iv) stock options may not be repriced and “underwater” stock options may not be exchanged for another award or cash without stockholder approval; and (v) the term of the 2021 Plan is for ten years from the date of stockholder approval. | |
Minimum [Member] | MYLTIP 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 0 | |
Maximum [Member] | MYLTIP 2021 | Boston Properties Limited Partnership | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 352,021 | |
Target | MYLTIP 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 176,009 |
Stock Option and Incentive Plan Stock and Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Feb. 05, 2021 |
Feb. 02, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued | 156,214,859 | 156,214,859 | 155,797,725 | ||||
Stock based compensation expense | $ 14,000 | $ 10,100 | $ 33,800 | $ 27,300 | |||
Common Stock, Value, Issued | $ 1,561 | $ 1,561 | $ 1,557 | ||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued | 38,499 | 38,499 | |||||
LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Value Of LTIP Units Issued | $ 23,800 | ||||||
Expected life assumed to calculate per unit fair value per LTIP unit (in years) | 5 years 8 months 12 days | ||||||
Risk-free rate | 0.65% | ||||||
Expected price volatility | 30.00% | ||||||
Weighted average price (per unit) | $ 84.43 | $ 84.43 | |||||
MYLTIP 2018 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Final awards percentage of target | 29.20% | ||||||
Value of MYLTIP Awards | $ 4,600 | ||||||
Forfeitures, in units | 285,925 | ||||||
MYLTIP 2021 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting Period | 3 years | ||||||
Value of MYLTIP Awards | $ 15,300 | ||||||
Boston Properties Limited Partnership | LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
LTIP units issued (in shares) | 281,640 | 281,640 | |||||
Boston Properties Limited Partnership | MYLTIP 2021 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares issued | 352,021 | ||||||
Boston Properties Limited Partnership | MYLTIP 2021 | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock available for issuance | 352,021 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee and director payment per share (in dollars per share) | $ 0.01 | ||||||
Common Stock, Value, Issued | $ 3,600 | $ 3,600 | |||||
Common Stock Weighted Average Price (in dollars per share) | $ 94.17 | $ 94.17 | |||||
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) | $ 0.25 | ||||||
Ltips (including vested MYLTIPS) And Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expenses | $ 32,300 | $ 32,300 | |||||
Unvested MYLTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expenses | $ 12,000 | $ 12,000 | |||||
Weighted-average period (years) | 2 years 2 months 12 days |
Subsequent Events (Details) $ in Thousands |
Aug. 02, 2021
USD ($)
ft²
a
Vehicles
|
Jul. 20, 2021
USD ($)
ft²
|
Jul. 13, 2021
USD ($)
ft²
|
Jun. 30, 2021
USD ($)
|
Jun. 29, 2021
USD ($)
ft²
|
Jun. 07, 2021
USD ($)
a
ft²
|
Dec. 31, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
---|---|---|---|---|---|---|---|---|---|
Subsequent Event [Line Items] | |||||||||
Cash and Cash Equivalents, at Carrying Value | $ 557,307 | $ 1,668,742 | $ 1,691,047 | $ 644,950 | |||||
Safeco Plaza | |||||||||
Subsequent Event [Line Items] | |||||||||
Net Rentable Area (in sf) | ft² | 800,000 | ||||||||
Cash and Cash Equivalents, at Carrying Value | $ 46,500 | ||||||||
Shady Grove Bio+Tech Campus | |||||||||
Subsequent Event [Line Items] | |||||||||
Net Rentable Area (in sf) | ft² | 435,000 | ||||||||
Cash and Cash Equivalents, at Carrying Value | $ 10,000 | ||||||||
Area of Land | a | 31 | ||||||||
Subsequent Event [Member] | 181, 191 and 201 Spring Street | |||||||||
Subsequent Event [Line Items] | |||||||||
Contractual Sales Price | $ 191,500 | ||||||||
Net Rentable Area (in sf) | ft² | 333,000 | ||||||||
Leased percentage | 100.00% | ||||||||
Subsequent Event [Member] | Safeco Plaza | |||||||||
Subsequent Event [Line Items] | |||||||||
Net Rentable Area (in sf) | ft² | 800,000 | ||||||||
Payments to Acquire Real Estate | $ 465,000 | ||||||||
Cash and Cash Equivalents, at Carrying Value | 51,500 | ||||||||
Subsequent Event [Member] | Safeco Plaza | Company's Share [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Cash and Cash Equivalents, at Carrying Value | $ 26,300 | ||||||||
Subsequent Event [Member] | Shady Grove Bio+Tech Campus | |||||||||
Subsequent Event [Line Items] | |||||||||
Net Rentable Area (in sf) | ft² | 435,000 | ||||||||
Payments to Acquire Real Estate | $ 116,500 | ||||||||
Number of real estate properties | Vehicles | 7 | ||||||||
Area of Land | a | 31 |
;AUV>(Q
MH-'^K*":[9J] 0>38TP.+:UD"T\2A.>5N395!;;/;K+JPT$SAFH>27TW9Q(>
M\5@]!C*)9[%BFO.^TT'$1!PG$L MVASBY,E*>)3N.AA>F8I@@SS4=H) FD"MAK)'5VH8)Q.CB1'4<488YX
M92KK>U^2Z2:QM]-P=Q)O2^9M.9%,6AO)OW]NO>M_ A4MX2B8"%.P>W40IN(^
M'2WA^(T(\YO?U1N8"I]'I&RP\"P )@
M /E S9CD/@,^4'&2J%X"DC4!27C:5&E1ITNM,2[K!N:4Q+^Y('ZK?1AC?F<.
M?1B)->AT'Y?P_@:3V.7=.-CD@;%*<)RE2WW5=ORLK)KLK^X"3*FQ_\2:V?]\
M"A!4::)]Z!! F8PYF%(C!.4)W29MFXT-%4(.B)L&QI!5\XEW=ZXDXZCY "KM
M! &3'T 320BH=82@G,B$]S>?NN;38/#\J9F:RHJJ<3DST9,5#4\#H92X9$Y8
MD-GO5I7^4-;UT^BN*F?16WMI0_5]7V9%$_UB@^ZBZN&>>4T_)0RDH@% VD$*
MIA\ ,BW _$,U YAP'8O"=^^DM![&Q0R'L>F
MPP,M3D(MGCDL"BLZ#0M%0DT8 H54,&9LR9>PQ5C$COLJ3.,0>Y5(#(,26=C,
M$X\ V8$49D@"4%$J*#8?%%!G++'+!5L7EU[YYI(-0B8K>26[S=: /XLW83^5;20HU-MQZ=NOE:[/482
M15_-UMVX64"FB,'@%#R9F ]@>>$8&S)XC_QK>2$'H6QF522=( -F.3BJ1L/?QM'W6K%"S@60
M)06\9UC!9VV\#=P/%G#,WELV HT25BIL. 3A!&I,S[":G
MJ^-H LCHD#*:HD!+D;?*DPLYEI"F;B90#P=C;# (OFVCNX[W'T*XCDU>8WE;
M?J#J^!"VYE56ZT'J8;^M"O$HO993HX2V4 !WA(#D4,B<4XSP
MP6_8/67YOP"M#WA?>EUCKRB=14R(&IX-^SZY*:1-K11R!2M0>&A?_($+@:0!
MGQSBZ:K)^7J <+'>NB+TOG4
M[R(OLE^B(L36_'M;YJ]U_D>IZ=OTD]YK_TO6?KG_/?"/ (I\]T.N\.K\_.75
MB4]H\0] 4_Y=ZU([IQO^N)&H#886X#F=DL4_B$#ZH?/;_P=02P,$% @
M4&(&4V"+9_^M!P &Q< !D !X;"]W;W)K C)EDT>5(&(D(:NVU61OZ6RUK2#W;CO5@=$0\8N7HO-:W_8_>EK
M$/>C(U/K<)EI%YB_?J'YF18V#/59NU1L+^*3;LV8)*.S.)F)ZWI5.R\FW>[0
M'./3;AOHZ/A'<;=@A.?9I9Z^!,AP7[:!?_N*"]]).'SCY>KK/:66
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MHLB+_P!02P,$% @ 4&(&4P0?3*>&!0 %!D !@ !X;"]W;W)K
BPT/6BC_?1Q][H]_QGO- [L
;YOLJ'0'.5_IW%Q@P;[\R7
M38'&%E^,P!VE(0J@*(;@FJZ1S&0WSDU]!%9*&Q+86?NY
MO_@XFVZ*0[5?A-<.%;\,KATGGH% -U.$=O:8
E0C8O-5
M+%WNTG1%_'3U5)Y _T.CU6(U3[NFKV/[^^BJ6YG;27LR6_=Q'^G!ZTN3: "B
M?@ *89#+WH:QV$6.A8EJ *)^ -*#ZTLWRP+HBNK]F_KW[R"ZHO9^:W(5(,$)
M%<38$<;#IB:!ILZ&39T'FKH(U%T.ZW8?PU8B[C708T0!5!!6]!12<6&YW5:U
M.[6C9QHFZ/-@8D2!'1WJ!"0#>@'(/-W0=$#]=.":A&I).BW5^EJ@JW5^),]J
M:P%3.Z1OLNHMF?JW9&.;V=_>9TX6;7 7G+W ]@C/S6'A;L/U_DC]^^/)=+I>
MMU73/ZDA7:%1N5A6V5T;TU9+^?NR#EO7]"9(_9M@V+H&I%D8Q29TCB =9PDQ
M$WF!]B:!]LY >]S*,IZ#.G6P,*-.8+U<6B$GT%Y,J6LKTQL_]6_\STW'4RBP
M8AXZ -&!B*QG!01?$F%FV"!;":6."<$T4+"!G-+34_+,Q@Q,K3A'D&H,J(BT
MG "JF"/WS#37,#_7?(23S>@ 3C6'K ],
G8!HC$@(N;$F0R(=ONO$8W]/;>-6-!U(TAEWS>"5/:%(T#EOG'$- JR
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MA6NBXWZB>[V$"H=B8U!"!1!""17('IA0 82^A K?NK'NQ\CGTB^WX
MK4';/>MP_2 1&D9Z5&@4&S+YV$]:3]"A[1Y]Z&\"(1H&NI5H<@\Q[/?SUY%:
MM-UC#H<=B=$PTJ-&([,^3*! S'EZ- +U7JPZ"@#C4Z3105V8T/V6Y]*D$:H1
M@T1I$.A3I9%9*R90+.8Y=6F$2L-8/B=">91I9%:0"920>0EM&H&",$BAZ(I\-9ZX(#JQPG2-"&&Q#3@ALC5PA++OMY:RC75%=1[NZ)(8985E,%<.9>
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M5
2B)S