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 April 28, 2023) |
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) | ||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
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 | ||||||||||||||
Sales-type lease receivable, net | ||||||||||||||
Accrued rental income, net (amounts related to VIEs of $ | ||||||||||||||
Deferred charges, net (amounts related to VIEs of $ | ||||||||||||||
Prepaid expenses and other assets (amounts related to VIEs of $ | ||||||||||||||
Investments in unconsolidated joint ventures | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $ | $ | $ | ||||||||||||
Unsecured senior notes, net | ||||||||||||||
Unsecured line of credit | ||||||||||||||
Unsecured term loan, net | ||||||||||||||
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 7) | ||||||||||||||
Redeemable deferred stock units— |
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) | ||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
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 March 31, | |||||||||||
2023 | 2022 | ||||||||||
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 | ( | ||||||||||
Unrealized gain on non-real estate investment | |||||||||||
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. | $ | $ | |||||||||
Basic earnings per common share attributable to Boston Properties, Inc. | |||||||||||
Net income | $ | $ | |||||||||
Weighted average number of common shares outstanding | |||||||||||
Diluted earnings per common share attributable to Boston Properties, Inc. | |||||||||||
Net income | $ | $ | |||||||||
Weighted average number of common and common equivalent shares outstanding |
Three months ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net income | $ | $ | ||||||||||||
Other comprehensive income: | ||||||||||||||
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 | 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, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity, March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
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, March 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Three months ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
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 | |||||||||||
Loss (income) from unconsolidated joint ventures | ( | ||||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | |||||||||||
Losses (gains) from investments in securities | ( | ||||||||||
Allowance for current expected credit losses | ( | ||||||||||
Non-cash portion of interest expense | |||||||||||
Gains on sales of real estate | ( | ||||||||||
Unrealized gain on non-real estate investment | ( | ||||||||||
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 | |||||||||||
Investment in non-real estate investments | ( | ||||||||||
Investments in securities, net | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings on unsecured line of credit | |||||||||||
Repayments of unsecured line of credit | ( | ||||||||||
Borrowings on unsecured term loan | |||||||||||
Repayment of unsecured term loan | ( | ||||||||||
Deferred financing costs | ( | ( | |||||||||
Net activity from equity transactions | ( | ||||||||||
Dividends and distributions | ( | ( |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Three months ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
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 | $ | 736,812 | $ | 501,158 | |||||||
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 | $ | 964,282 | $ | 482,343 | |||||||
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 | $ | $ | |||||||||
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) | ||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
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 | ||||||||||||||
Sales-type lease receivable, net | ||||||||||||||
Accrued rental income, net (amounts related to VIEs of $ | ||||||||||||||
Deferred charges, net (amounts related to VIEs of $ | ||||||||||||||
Prepaid expenses and other assets (amounts related to VIEs of $ | ||||||||||||||
Investments in unconsolidated joint ventures | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND CAPITAL | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $ | $ | $ | ||||||||||||
Unsecured senior notes, net | ||||||||||||||
Unsecured line of credit | ||||||||||||||
Unsecured term loan, net | ||||||||||||||
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 7) | ||||||||||||||
Redeemable deferred stock units— |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts) | ||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
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 March 31, | |||||||||||
2023 | 2022 | ||||||||||
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 | ( | ||||||||||
Unrealized gain on non-real estate investment | |||||||||||
Interest expense | ( | ( | |||||||||
Net income | |||||||||||
Net income attributable to noncontrolling interests | |||||||||||
Noncontrolling interests in property partnerships | ( | ( | |||||||||
Net income attributable to Boston Properties Limited Partnership | $ | $ | |||||||||
Basic earnings per common unit attributable to Boston Properties Limited Partnership | |||||||||||
Net income | $ | $ | |||||||||
Weighted average number of common units outstanding | |||||||||||
Diluted earnings per common unit attributable to Boston Properties Limited Partnership | |||||||||||
Net income | $ | $ | |||||||||
Weighted average number of common and common equivalent units outstanding |
Three months ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net income | $ | $ | ||||||||||||
Other comprehensive income: | ||||||||||||||
Effective portion of interest rate contracts | ( | |||||||||||||
Amortization of interest rate contracts (1) | ||||||||||||||
Other comprehensive income (loss) | ( | |||||||||||||
Comprehensive income | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ( | ||||||||||||
Comprehensive income attributable to Boston Properties Limited Partnership | $ | $ |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||
Units | Capital | ||||||||||||||||||||||||||||||||||||||||
General Partner | Limited Partner | Partners’ Capital (General and Limited Partners) | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Property Partnerships | Total Capital | Noncontrolling Interests - Redeemable Partnership Units | |||||||||||||||||||||||||||||||||||
Equity, December 31, 2022 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | — | |||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | ||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||
Equity, March 31, 2023 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Equity, December 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, March 31, 2022 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Three months ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
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 | |||||||||||
Loss (income) from unconsolidated joint ventures | ( | ||||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | |||||||||||
Losses (gains) from investments in securities | ( | ||||||||||
Allowance for current expected credit losses | ( | ||||||||||
Non-cash portion of interest expense | |||||||||||
Gains on sales of real estate | ( | ||||||||||
Unrealized gain on non-real estate investment | ( | ||||||||||
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 | |||||||||||
Investment in non-real estate investments | ( | ||||||||||
Investments in securities, net | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings on unsecured line of credit | |||||||||||
Repayments of unsecured line of credit | ( | ||||||||||
Borrowings on unsecured term loan | |||||||||||
Repayment of unsecured term loan | ( | ||||||||||
Deferred financing costs | ( | ( | |||||||||
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||
Three months ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net activity 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 | $ | 736,812 | $ | 501,158 | |||||||
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 | $ | 964,282 | $ | 482,343 | |||||||
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 | $ | $ | |||||||||
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 | ||||
Sales-type lease receivable | Level 3 | ||||
Mortgage notes payable | Level 3 | ||||
Unsecured line of credit | Level 3 | ||||
Unsecured term loan | Level 3 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
Related party note receivable, net | $ | $ | $ | $ | |||||||||||||||||||
Sales-type lease receivable, net | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Mortgage notes payable, net | $ | $ | $ | $ | |||||||||||||||||||
Unsecured senior notes, net | |||||||||||||||||||||||
Unsecured line of credit | |||||||||||||||||||||||
Unsecured term loan, net | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||
Land | $ | $ | ||||||||||||
Right of use assets - finance leases | ||||||||||||||
Right of use assets - operating leases | ||||||||||||||
Land held for future development (1) | ||||||||||||||
Buildings and improvements | ||||||||||||||
Tenant improvements | ||||||||||||||
Furniture, fixtures and equipment | ||||||||||||||
Construction in progress | ||||||||||||||
Total | ||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||
$ | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||
Land | $ | $ | ||||||||||||
Right of use assets - finance leases | ||||||||||||||
Right of use assets - operating leases | ||||||||||||||
Land held for future development (1) | ||||||||||||||
Buildings and improvements | ||||||||||||||
Tenant improvements | ||||||||||||||
Furniture, fixtures and equipment | ||||||||||||||
Construction in progress | ||||||||||||||
Total | ||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||
$ | $ |
Three months ended March 31, | ||||||||||||||
Lease Revenue | 2023 | 2022 | ||||||||||||
Fixed contractual payments | $ | $ | ||||||||||||
Variable lease payments | ||||||||||||||
Sales-type lease income | ||||||||||||||
$ | $ |
Carrying Value of Investment (1) | ||||||||||||||||||||||||||
Entity | Properties | Nominal % Ownership | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Square 407 Limited Partnership | % | $ | ( | $ | ( | |||||||||||||||||||||
BP/CRF Metropolitan Square LLC | % | ( | ( | |||||||||||||||||||||||
901 New York, LLC | % | (2) | ( | ( | ||||||||||||||||||||||
WP Project Developer LLC | % | (3) | ||||||||||||||||||||||||
500 North Capitol Venture LLC | % | ( | ( | |||||||||||||||||||||||
501 K Street LLC | % | (4) | ||||||||||||||||||||||||
Podium Developer LLC | % | |||||||||||||||||||||||||
Residential Tower Developer LLC | % | |||||||||||||||||||||||||
Hotel Tower Developer LLC | % | |||||||||||||||||||||||||
Office Tower Developer LLC | % | |||||||||||||||||||||||||
1265 Main Office JV LLC | % | |||||||||||||||||||||||||
BNY Tower Holdings LLC | % | (5) | ( | ( | ||||||||||||||||||||||
CA-Colorado Center, LLC | % | |||||||||||||||||||||||||
7750 Wisconsin Avenue LLC | % | |||||||||||||||||||||||||
BP-M 3HB Venture LLC | % | |||||||||||||||||||||||||
SMBP Venture LP | % | |||||||||||||||||||||||||
Platform 16 Holdings LP | % | (6) | ||||||||||||||||||||||||
Gateway Portfolio Holdings LLC | % | |||||||||||||||||||||||||
Rosecrans-Sepulveda Partners 4, LLC | % | |||||||||||||||||||||||||
Safeco Plaza REIT LLC | % | (7) | ||||||||||||||||||||||||
360 PAS Holdco LLC | % | (8) | ||||||||||||||||||||||||
PR II/BXP Reston Gateway LLC | % | (9) | ||||||||||||||||||||||||
751 Gateway Holdings LLC | % | |||||||||||||||||||||||||
200 Fifth Avenue JV LLC | % | |||||||||||||||||||||||||
ABXP Worldgate Investments LLC | % | N/A | ||||||||||||||||||||||||
$ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
(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) | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
Property | (in thousands) | ||||||||||
Colorado Center | $ | $ | |||||||||
200 Fifth Avenue | |||||||||||
Gateway Commons | |||||||||||
Dock 72 | ( | ( |
Three months ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Total revenue (1) | $ | $ | |||||||||
Expenses | |||||||||||
Operating | |||||||||||
Transaction costs | |||||||||||
Depreciation and amortization | |||||||||||
Total expenses | |||||||||||
Other income (expense) | |||||||||||
Loss from early extinguishment of debt | ( | ||||||||||
Interest expense | ( | ( | |||||||||
Unrealized loss on derivative instruments | ( | ||||||||||
Net income (loss) | $ | ( | $ | ||||||||
Company’s share of net income (loss) | $ | ( | $ | ||||||||
Basis differential (2) | ( | ( | |||||||||
Income (loss) from unconsolidated joint ventures | $ | ( | $ |
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||||||||||||
March 31, 2023 | April 28, 2023 | $ | $ | |||||||||||||||||
December 30, 2022 | January 30, 2023 | $ | $ | |||||||||||||||||
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||||||||||||
March 31, 2022 | April 29, 2022 | $ | $ | |||||||||||||||||
December 31, 2021 | January 28, 2022 | $ | $ |
Record Date | Payment Date | Dividend (Per Share) | Distribution (Per Unit) | |||||||||||||||||
March 31, 2023 | April 28, 2023 | $ | $ | |||||||||||||||||
December 30, 2022 | January 30, 2023 | $ | $ | |||||||||||||||||
March 31, 2022 | April 29, 2022 | $ | $ | |||||||||||||||||
December 31, 2021 | January 28, 2022 | $ | $ |
Three months ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties, Inc. | $ | $ | ||||||||||||
Add: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | ||||||||||||||
Noncontrolling interests in property partnerships | ||||||||||||||
Interest expense | ||||||||||||||
Net operating income from unconsolidated joint ventures | ||||||||||||||
Depreciation and amortization expense | ||||||||||||||
Transaction costs | ||||||||||||||
Payroll and related costs from management services contracts | ||||||||||||||
General and administrative expense | ||||||||||||||
Less: | ||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | ||||||||||||||
Unrealized gain on non-real estate investment | ||||||||||||||
Gains (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 March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | $ | ||||||||||||
Add: | ||||||||||||||
Noncontrolling interests in property partnerships | ||||||||||||||
Interest expense | ||||||||||||||
Net operating income from unconsolidated joint ventures | ||||||||||||||
Depreciation and amortization expense | ||||||||||||||
Transaction costs | ||||||||||||||
Payroll and related costs from management services contracts | ||||||||||||||
General and administrative expense | ||||||||||||||
Less: | ||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | ||||||||||||||
Unrealized gain on non-real estate investment | ||||||||||||||
Gains (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 | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | |||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % |
Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
Premier Workplace | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Hotel | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures | ( | ||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
% of Grand Totals | % | % | % | % | % | % | % |
Three months ended March 31, 2023 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. | $ | $ | |||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. | $ | $ | |||||||||||||||
Three months ended March 31, 2023 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | $ | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | $ | |||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||
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 | $ | $ | |||||||||||||||
Three months ended March 31, 2023 | ||||||||
(Square Feet) | ||||||||
Vacant space available at the beginning of the period | 5,610,777 | |||||||
Property dispositions/properties taken out of service (1) | (333,277) | |||||||
Leases expiring or terminated during the period | 1,067,880 | |||||||
Total space available for lease | 6,345,380 | |||||||
1st generation leases | — | |||||||
2nd generation leases with new clients | 432,003 | |||||||
2nd generation lease renewals | 343,442 | |||||||
Total space leased (2) | 775,445 | |||||||
Vacant space available for lease at the end of the period | 5,569,935 | |||||||
Leases executed during the period, in square feet (3) | 660,480 | |||||||
Second generation leasing information: (4) | ||||||||
Leases commencing during the period, in square feet | 775,445 | |||||||
Weighted Average Lease Term | 90 Months | |||||||
Weighted Average Free Rent Period | 175 Days | |||||||
Total Transaction Costs Per Square Foot (5) | $72.81 | |||||||
Increase in Gross Rents (6) | 0.60 | % | ||||||
Increase in Net Rents (7) | 0.81 | % |
Three months ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. | $ | 77,890 | $ | 143,047 | $ | (65,157) | (45.55) | % | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 9,078 | 16,361 | (7,283) | (44.51) | % | |||||||||||||||||||||
Noncontrolling interests in property partnerships | 18,660 | 17,549 | 1,111 | 6.33 | % | |||||||||||||||||||||
Net Income | 105,628 | 176,957 | (71,329) | (40.31) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 134,207 | 101,228 | 32,979 | 32.58 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Unrealized gain on non-real estate investment | 259 | — | 259 | 100.00 | % | |||||||||||||||||||||
Gains (losses) from investments in securities | 1,665 | (2,262) | 3,927 | 173.61 | % | |||||||||||||||||||||
Interest and other income (loss) | 10,941 | 1,228 | 9,713 | 790.96 | % | |||||||||||||||||||||
Gains on sales of real estate | — | 22,701 | (22,701) | (100.00) | % | |||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (7,569) | 2,189 | (9,758) | (445.77) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 208,734 | 177,624 | 31,110 | 17.51 | % | |||||||||||||||||||||
Transaction costs | 911 | — | 911 | 100.00 | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 5,235 | 4,065 | 1,170 | 28.78 | % | |||||||||||||||||||||
General and administrative expense | 55,802 | 43,194 | 12,608 | 29.19 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 5,235 | 4,065 | 1,170 | 28.78 | % | |||||||||||||||||||||
Development and management services revenue | 8,980 | 5,831 | 3,149 | 54.00 | % | |||||||||||||||||||||
Net Operating Income | $ | 491,006 | $ | 469,316 | $ | 21,690 | 4.62 | % |
Three months ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership | $ | 88,830 | $ | 161,829 | $ | (72,999) | (45.11) | % | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 18,660 | 17,549 | 1,111 | 6.33 | % | |||||||||||||||||||||
Net Income | 107,490 | 179,378 | (71,888) | (40.08) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 134,207 | 101,228 | 32,979 | 32.58 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Unrealized gain on non-real estate investment | 259 | — | 259 | 100.00 | % | |||||||||||||||||||||
Gains (losses) from investments in securities | 1,665 | (2,262) | 3,927 | 173.61 | % | |||||||||||||||||||||
Interest and other income (loss) | 10,941 | 1,228 | 9,713 | 790.96 | % | |||||||||||||||||||||
Gains on sales of real estate | — | 23,384 | (23,384) | (100.00) | % | |||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (7,569) | 2,189 | (9,758) | (445.77) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 206,872 | 175,886 | 30,986 | 17.62 | % | |||||||||||||||||||||
Transaction costs | 911 | — | 911 | 100.00 | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 5,235 | 4,065 | 1,170 | 28.78 | % | |||||||||||||||||||||
General and administrative expense | 55,802 | 43,194 | 12,608 | 29.19 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 5,235 | 4,065 | 1,170 | 28.78 | % | |||||||||||||||||||||
Development and management services revenue | 8,980 | 5,831 | 3,149 | 54.00 | % | |||||||||||||||||||||
Net Operating Income | $ | 491,006 | $ | 469,316 | $ | 21,690 | 4.62 | % |
Same Property Portfolio | Properties Acquired Portfolio | Properties Placed In-Service Portfolio | Properties in or Held for Development or Redevelopment Portfolio | Properties Sold Portfolio | Total Property Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Increase/ (Decrease) | % Change | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue (Excluding Termination Income) | $ | 687,679 | $ | 677,524 | $ | 10,155 | 1.50 | % | $ | 23,426 | $ | — | $ | 33,930 | $ | 6,890 | $ | 123 | $ | 5,218 | $ | 342 | $ | 13,742 | $ | 745,500 | $ | 703,374 | $ | 42,126 | 5.99 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination Income | 195 | 2,078 | (1,883) | (90.62) | % | — | — | — | — | — | — | — | — | 195 | 2,078 | (1,883) | (90.62) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 687,874 | 679,602 | 8,272 | 1.22 | % | 23,426 | — | 33,930 | 6,890 | 123 | 5,218 | 342 | 13,742 | 745,695 | 705,452 | 40,243 | 5.70 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking and Other Revenue | 22,389 | 18,720 | 3,669 | 19.60 | % | 950 | — | 127 | — | (3) | 2,437 | — | 279 | 23,463 | 21,436 | 2,027 | 9.46 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 710,263 | 698,322 | 11,941 | 1.71 | % | 24,376 | — | 34,057 | 6,890 | 120 | 7,655 | 342 | 14,021 | 769,158 | 726,888 | 42,270 | 5.82 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 269,871 | 255,164 | 14,707 | 5.76 | % | 3,950 | — | 8,800 | 2,114 | 3,142 | 2,329 | 82 | 4,216 | 285,845 | 263,823 | 22,022 | 8.35 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss), Excluding Residential and Hotel | 440,392 | 443,158 | (2,766) | (0.62) | % | 20,426 | — | 25,257 | 4,776 | (3,022) | 5,326 | 260 | 9,805 | 483,313 | 463,065 | 20,248 | 4.37 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (2) | 6,263 | 4,843 | 1,420 | 29.32 | % | — | — | — | — | — | — | — | 1,691 | 6,263 | 6,534 | (271) | (4.15) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Income (Loss) (2) | 1,430 | (283) | 1,713 | 605.30 | % | — | — | — | — | — | — | — | — | 1,430 | (283) | 1,713 | 605.30 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss) | $ | 448,085 | $ | 447,718 | $ | 367 | 0.08 | % | $ | 20,426 | $ | — | $ | 25,257 | $ | 4,776 | $ | (3,022) | $ | 5,326 | $ | 260 | $ | 11,496 | $ | 491,006 | $ | 469,316 | $ | 21,690 | 4.62 | % |
Square Feet | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date acquired | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Madison Centre | May 17, 2022 | 754,988 | $ | 14,258 | $ | — | $ | 14,258 | $ | 2,960 | $ | — | $ | 2,960 | ||||||||||||||||||||||||||||||||||||
125 Broadway | September 16, 2022 | 271,000 | 10,118 | — | 10,118 | 990 | — | 990 | ||||||||||||||||||||||||||||||||||||||||||
1,025,988 | $ | 24,376 | $ | — | $ | 24,376 | $ | 3,950 | $ | — | $ | 3,950 |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Square Feet | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next | Fourth Quarter, 2021 | Fourth Quarter, 2022 | 1,063,236 | $ | 11,335 | $ | 6,890 | $ | 4,445 | $ | 3,880 | $ | 2,114 | $ | 1,766 | |||||||||||||||||||||||||||||||||||||||||
325 Main Street | Second Quarter, 2022 | Second Quarter, 2022 | 414,565 | 11,526 | — | 11,526 | 1,858 | — | 1,858 | |||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue (1) | Second Quarter, 2022 | N/A | 480,000 | 5,141 | — | 5,141 | 1,727 | — | 1,727 | |||||||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (2) | Third Quarter, 2022 | Fourth Quarter, 2022 | 243,618 | 6,055 | — | 6,055 | 1,335 | — | 1,335 | |||||||||||||||||||||||||||||||||||||||||||||||
2,201,419 | $ | 34,057 | $ | 6,890 | $ | 27,167 | $ | 8,800 | $ | 2,114 | $ | 6,686 |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Commenced or Held for Development / Redevelopment | Square Feet | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
140 Kendrick Street - Building A | July 1, 2022 | 104,000 | $ | — | $ | 1,103 | $ | (1,103) | $ | — | $ | 337 | $ | (337) | ||||||||||||||||||||||||||||||||||||
760 Boylston Street | September 12, 2022 | 118,000 | — | — | — | — | 221 | (221) | ||||||||||||||||||||||||||||||||||||||||||
105 Carnegie Center | November 30, 2022 | 73,000 | — | 304 | (304) | — | 234 | (234) | ||||||||||||||||||||||||||||||||||||||||||
2096 Gaither Road | December 1, 2022 | 50,000 | — | 53 | (53) | 34 | 93 | (59) | ||||||||||||||||||||||||||||||||||||||||||
RTC Next-Hotel (1) | December 19, 2022 | N/A | 201 | — | 201 | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||
Kendall Center Blue Parking Garage (2) | January 4, 2023 | N/A | 25 | 2,439 | (2,414) | 2,277 | 324 | 1,953 | ||||||||||||||||||||||||||||||||||||||||||
300 Binney Street | January 30, 2023 | 236,000 | (900) | 2,927 | (3,827) | 117 | 462 | (345) | ||||||||||||||||||||||||||||||||||||||||||
Lexington Office Park (3) | March 31, 2023 | 166,779 | 629 | 684 | (55) | 611 | 592 | 19 | ||||||||||||||||||||||||||||||||||||||||||
2098 Gaither Road (3) | March 31, 2023 | 50,000 | 165 | 145 | 20 | 101 | 66 | 35 | ||||||||||||||||||||||||||||||||||||||||||
797,779 | $ | 120 | $ | 7,655 | $ | (7,535) | $ | 3,142 | $ | 2,329 | $ | 813 |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Sold | Property Type | Square Feet | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
195 West Street | March 31, 2022 | Office | 63,500 | $ | — | $ | 749 | $ | (749) | $ | — | $ | 242 | $ | (242) | |||||||||||||||||||||||||||||||||||||||||
Virginia 95 Office Park | June 15, 2022 | Office/Flex | 733,421 | — | 2,836 | (2,836) | — | 962 | (962) | |||||||||||||||||||||||||||||||||||||||||||||||
601 Massachusetts Avenue | August 30, 2022 | Office | 478,667 | — | 10,436 | (10,436) | — | 3,012 | (3,012) | |||||||||||||||||||||||||||||||||||||||||||||||
1,275,588 | — | 14,021 | (14,021) | — | 4,216 | (4,216) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Avant at Reston Town Center (1) | November 8, 2022 | Residential | 329,195 | 342 | 2,938 | (2,596) | 82 | 1,247 | (1,165) | |||||||||||||||||||||||||||||||||||||||||||||||
Total Residential | 329,195 | 342 | 2,938 | (2,596) | 82 | 1,247 | (1,165) | |||||||||||||||||||||||||||||||||||||||||||||||||
1,604,783 | $ | 342 | $ | 16,959 | $ | (16,617) | $ | 82 | $ | 5,463 | $ | (5,381) |
Average Monthly Rental Rate (1) | Average Rental Rate Per Occupied Square Foot | Average Physical Occupancy (2) | Average Economic Occupancy (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Name | 2023 | 2022 | Change (%) | 2023 | 2022 | Change (%) | 2023 | 2022 | Change (%) | 2023 | 2022 | Change (%) | ||||||||||||||||||||||||||||||||||||||
Proto Kendall Square | $ | 3,002 | $ | 2,743 | 9.4 | % | $ | 5.52 | $ | 5.04 | 9.5 | % | 95.4 | % | 93.6 | % | 1.9 | % | 94.8 | % | 93.1 | % | 1.8 | % | ||||||||||||||||||||||||||
The Lofts at Atlantic Wharf | $ | 4,428 | $ | 3,933 | 12.6 | % | $ | 4.91 | $ | 4.36 | 12.6 | % | 95.4 | % | 96.1 | % | (0.7) | % | 95.4 | % | 95.6 | % | (0.2) | % | ||||||||||||||||||||||||||
Signature at Reston | $ | 2,677 | $ | 2,580 | 3.8 | % | $ | 2.77 | $ | 2.66 | 4.1 | % | 93.7 | % | 94.2 | % | (0.5) | % | 93.1 | % | 93.5 | % | (0.4) | % | ||||||||||||||||||||||||||
The Skylyne | $ | 3,445 | $ | 3,342 | 3.1 | % | $ | 4.38 | $ | 4.03 | 8.7 | % | 91.5 | % | 71.5 | % | 28.0 | % | 89.3 | % | 68.6 | % | 30.2 | % |
2023 | 2022 | Change (%) | ||||||||||||||||||
Occupancy | 61.3 | % | 40.4 | % | 51.7 | % | ||||||||||||||
Average daily rate | $ | 261.52 | $ | 266.10 | (1.7) | % | ||||||||||||||
REVPAR | $ | 160.41 | $ | 91.38 | 75.5 | % |
Portfolio | Depreciation and Amortization for the three months ended March 31, | |||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 169,106 | $ | 168,572 | $ | 534 | ||||||||||||||
Properties Acquired Portfolio | 15,856 | — | 15,856 | |||||||||||||||||
Properties Placed In-Service Portfolio | 10,974 | 3,012 | 7,962 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (1) | 12,686 | 2,804 | 9,882 | |||||||||||||||||
Properties Sold Portfolio | 112 | 3,236 | (3,124) | |||||||||||||||||
$ | 208,734 | $ | 177,624 | $ | 31,110 |
Portfolio | Depreciation and Amortization for the three months ended March 31, | |||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 167,424 | $ | 166,834 | $ | 590 | ||||||||||||||
Properties Acquired Portfolio | 15,856 | — | 15,856 | |||||||||||||||||
Properties Placed In-Service Portfolio | 10,974 | 3,012 | 7,962 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (1) | 12,506 | 2,804 | 9,702 | |||||||||||||||||
Properties Sold Portfolio | 112 | 3,236 | (3,124) | |||||||||||||||||
$ | 206,872 | $ | 175,886 | $ | 30,986 |
Component | Change in interest expense for the three months ended March 31, 2023 compared to March 31, 2022 | |||||||
(in thousands) | ||||||||
Increases to interest expense due to: | ||||||||
Increase in interest associated with unsecured term loan | $ | 16,210 | ||||||
Issuance of $750 million in aggregate principal of 6.750% senior notes due 2027 on November 17, 2022 | 12,675 | |||||||
Increase in interest due to finance lease for one in-service property | 1,894 | |||||||
Amortization expense of financing fees primarily related to unsecured term loan | 1,386 | |||||||
Decrease in capitalized interest related to development projects | 1,308 | |||||||
Other interest expense (excluding senior notes) | 44 | |||||||
Total increases to interest expense | 33,517 | |||||||
Decrease to interest expense due to: | ||||||||
Decrease in interest associated with unsecured credit facilities | (538) | |||||||
Total decrease to interest expense | (538) | |||||||
Total change in interest expense | $ | 32,979 |
Property | Noncontrolling Interests in Property Partnerships for the three months ended March 31, | |||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | $ | 2,403 | $ | 3,037 | $ | (634) | ||||||||||||||
Times Square Tower | 5,683 | 5,300 | 383 | |||||||||||||||||
601 Lexington Avenue (1) | 4,011 | 2,279 | 1,732 | |||||||||||||||||
100 Federal Street | 2,812 | 3,163 | (351) | |||||||||||||||||
Atlantic Wharf Office Building | 3,751 | 3,770 | (19) | |||||||||||||||||
$ | 18,660 | $ | 17,549 | $ | 1,111 |
Financings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction/Redevelopment Properties | Estimated Stabilization Date | Location | # of Buildings | Estimated Square Feet | Investment to Date (1)(2)(3) | Estimated Total Investment (1)(2) | Total Available (1) | Outstanding at March 31, 2023 (1) | Estimated Future Equity Requirement (1)(2)(4) | Percentage Leased (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
140 Kendrick - Building A (Redevelopment) | Third Quarter, 2023 | Needham, MA | 1 | 104,000 | $ | 19,133 | $ | 26,600 | $ | — | $ | — | $ | 7,467 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | Third Quarter, 2024 | Washington, DC | 1 | 480,000 | 334,638 | 375,900 | — | — | 41,262 | 84 | % | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
360 Park Avenue South (42% ownership) | Fourth Quarter, 2025 | New York, NY | 1 | 450,000 | 206,950 | 248,000 | 92,774 | 89,677 | 37,953 | — | % | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next Office Phase II | Second Quarter, 2025 | Reston, VA | 1 | 90,000 | 29,578 | 61,000 | — | — | 31,422 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Platform 16 Building A (55% ownership) | Fourth Quarter, 2026 | San Jose, CA | 1 | 389,500 | 93,161 | 231,900 | — | — | 138,739 | — | % | (8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Office Properties under Construction/Redevelopment | 5 | 1,513,500 | 683,460 | 943,400 | 92,774 | 89,677 | 256,843 | 34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laboratory/Life Sciences | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
751 Gateway (49% ownership) | Second Quarter, 2024 | South San Francisco, CA | 1 | 231,000 | 95,636 | 127,600 | — | — | 31,964 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
103 CityPoint | Third Quarter, 2024 | Waltham, MA | 1 | 113,000 | 60,312 | 115,100 | — | — | 54,788 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
180 CityPoint | Fourth Quarter, 2024 | Waltham, MA | 1 | 329,000 | 168,668 | 274,700 | — | — | 106,032 | 43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
300 Binney Street | First Quarter, 2025 | Cambridge, MA | 1 | 236,000 | 14,914 | 210,200 | — | — | 195,286 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
105 Carnegie Center (Redevelopment) | Second Quarter, 2025 | Princeton, NJ | 1 | 73,000 | 1,030 | 40,600 | — | — | 39,570 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
651 Gateway (50% ownership) (Redevelopment) | Fourth Quarter, 2025 | South San Francisco, CA | 1 | 327,000 | 46,074 | 146,500 | — | — | 100,426 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
290 Binney Street | Second Quarter, 2026 | Cambridge, MA | 1 | 566,000 | 124,026 | 1,185,200 | — | — | 1,061,174 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Laboratory/Life Sciences Properties under Construction/Redevelopment | 7 | 1,875,000 | 510,660 | 2,099,900 | — | — | 1,589,240 | 64 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next Residential (508 units) (20% ownership) | Second Quarter, 2026 | Reston, VA | 1 | 417,000 | 11,509 | 47,700 | 28,000 | 5,045 | 13,236 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Properties under Construction | 1 | 417,000 | 11,509 | 47,700 | 28,000 | 5,045 | 13,236 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
760 Boylston Street (Redevelopment) | Second Quarter, 2024 | Boston, MA | 1 | 118,000 | 4,047 | 43,800 | — | — | 39,753 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next Retail | Fourth Quarter, 2025 | Reston, VA | 1 | 33,000 | 18,495 | 26,600 | — | — | 8,105 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Retail Properties under Construction/Redevelopment | 2 | 151,000 | 22,542 | 70,400 | — | — | 47,858 | 78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
View Boston Observatory at The Prudential Center (Redevelopment) | N/A | Boston, MA | — | 59,000 | 161,945 | 182,300 | — | — | 20,355 | N/A | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Properties under Construction/Redevelopment | 15 | 4,015,500 | $ | 1,390,116 | $ | 3,343,700 | $ | 120,774 | $ | 94,722 | $ | 1,927,532 | 52 | % | (10) |
Three months ended March 31, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
(in thousands) | |||||||||||||||||
Net cash provided by operating activities | $ | 234,010 | $ | 219,490 | $ | 14,520 | |||||||||||
Net cash used in investing activities | (285,592) | (151,335) | (134,257) | ||||||||||||||
Net cash provided by (used in) financing activities | 279,052 | (86,970) | 366,022 |
Three months ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Acquisitions of real estate | $ | — | $ | (3,580) | |||||||
Construction in progress (1) | (119,682) | (100,313) | |||||||||
Building and other capital improvements | (39,100) | (26,811) | |||||||||
Tenant improvements | (67,175) | (55,168) | |||||||||
Proceeds from the sales of real estate (2) | — | 35,397 | |||||||||
Capital contributions to unconsolidated joint ventures (3) | (60,745) | (26,293) | |||||||||
Capital distributions from unconsolidated joint ventures (4) | — | 20,095 | |||||||||
Investment in non-real estate investments | (733) | — | |||||||||
Investments in securities, net | 1,843 | 5,338 | |||||||||
Net cash used in investing activities | $ | (285,592) | $ | (151,335) |
March 31, 2023 | |||||||||||||||||||||||
Shares / Units Outstanding | Common Stock Equivalent | Equivalent Value (1) | |||||||||||||||||||||
Common Stock | 156,830 | 156,830 | $ | 8,487,640 | |||||||||||||||||||
Common Operating Partnership Units | 18,659 | 18,659 | 1,009,825 | (2) | |||||||||||||||||||
Total Equity | 175,489 | $ | 9,497,465 | ||||||||||||||||||||
Consolidated Debt | $ | 14,709,436 | |||||||||||||||||||||
Add: | |||||||||||||||||||||||
BXP’s share of unconsolidated joint venture debt (3) | 1,604,852 | ||||||||||||||||||||||
Subtract: | |||||||||||||||||||||||
Partners’ share of Consolidated Debt (4) | (1,358,881) | ||||||||||||||||||||||
BXP’s Share of Debt | $ | 14,955,407 | |||||||||||||||||||||
Consolidated Market Capitalization | $ | 24,206,901 | |||||||||||||||||||||
BXP’s Share of Market Capitalization | $ | 24,452,872 | |||||||||||||||||||||
Consolidated Debt/Consolidated Market Capitalization | 60.77 | % | |||||||||||||||||||||
BXP’s Share of Debt/BXP’s Share of Market Capitalization | 61.16 | % |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
(dollars in thousands) | |||||||||||
Debt Summary: | |||||||||||
Balance | |||||||||||
Fixed rate mortgage notes payable, net | $ | 3,273,553 | $ | 3,268,745 | |||||||
Unsecured senior notes, net | 10,240,967 | 9,486,379 | |||||||||
Unsecured line of credit | — | 255,000 | |||||||||
Unsecured term loan, net | 1,194,916 | — | |||||||||
Consolidated Debt | 14,709,436 | 13,010,124 | |||||||||
Add: | |||||||||||
BXP’s share of unconsolidated joint venture debt, net (1) | 1,604,852 | 1,425,290 | |||||||||
Subtract: | |||||||||||
Partners’ share of consolidated mortgage notes payable, net (2) | (1,358,881) | (1,356,905) | |||||||||
BXP’s Share of Debt | $ | 14,955,407 | $ | 13,078,509 | |||||||
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Consolidated Debt Financing Statistics: | |||||||||||
Percent of total debt: | |||||||||||
Fixed rate | 91.88 | % | 98.04 | % | |||||||
Variable rate | 8.12 | % | 1.96 | % | |||||||
Total | 100.00 | % | 100.00 | % | |||||||
GAAP Weighted-average interest rate at end of period: | |||||||||||
Fixed rate | 3.62 | % | 3.43 | % | |||||||
Variable rate | 5.87 | % | 1.13 | % | |||||||
Total | 3.81 | % | 3.39 | % | |||||||
Coupon/Stated Weighted-average interest rate at end of period: | |||||||||||
Fixed rate | 3.51 | % | 3.32 | % | |||||||
Variable rate | 5.49 | % | 1.02 | % | |||||||
Total | 3.67 | % | 3.28 | % | |||||||
Weighted-average maturity at end of period (in years): | |||||||||||
Fixed rate | 5.4 | 6.4 | |||||||||
Variable rate | 1.1 | 4.2 | |||||||||
Total | 5.0 | 6.3 |
Coupon/Stated Rate | Effective Rate(1) | Principal Amount | Maturity Date(2) | |||||||||||||||||||||||
10.5 Year Unsecured Senior Notes | 3.125 | % | 3.279 | % | $ | 500,000 | September 1, 2023 | |||||||||||||||||||
10.5 Year Unsecured Senior Notes | 3.800 | % | 3.916 | % | 700,000 | February 1, 2024 | ||||||||||||||||||||
7 Year Unsecured Senior Notes | 3.200 | % | 3.350 | % | 850,000 | January 15, 2025 | ||||||||||||||||||||
10 Year Unsecured Senior Notes | 3.650 | % | 3.766 | % | 1,000,000 | February 1, 2026 | ||||||||||||||||||||
10 Year Unsecured Senior Notes | 2.750 | % | 3.495 | % | 1,000,000 | October 1, 2026 | ||||||||||||||||||||
5 Year Unsecured Senior Notes | 6.750 | % | 6.924 | % | 750,000 | December 1, 2027 | ||||||||||||||||||||
10 Year Unsecured Senior Notes | 4.500 | % | 4.628 | % | 1,000,000 | December 1, 2028 | ||||||||||||||||||||
10 Year Unsecured Senior Notes | 3.400 | % | 3.505 | % | 850,000 | June 21, 2029 | ||||||||||||||||||||
10.5 Year Unsecured Senior Notes | 2.900 | % | 2.984 | % | 700,000 | March 15, 2030 | ||||||||||||||||||||
10.75 Year Unsecured Senior Notes | 3.250 | % | 3.343 | % | 1,250,000 | January 30, 2031 | ||||||||||||||||||||
11 Year Unsecured Senior Notes | 2.550 | % | 2.671 | % | 850,000 | April 1, 2032 | ||||||||||||||||||||
12 Year Unsecured Senior Notes | 2.450 | % | 2.524 | % | 850,000 | October 1, 2033 | ||||||||||||||||||||
Total principal | 10,300,000 | |||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Net unamortized discount | 13,339 | |||||||||||||||||||||||||
Deferred financing costs, net | 45,694 | |||||||||||||||||||||||||
Total | $ | 10,240,967 |
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 | $ | (14,616) | $ | 2,285,384 | $ | 914,205 | (2)(3)(4) | June 9, 2027 | ||||||||||||||||||||||||||||||||||||
601 Lexington Avenue | 2.79 | % | 2.93 | % | 1,000,000 | (11,831) | 988,169 | 444,676 | (2)(5) | January 9, 2032 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,300,000 | $ | (26,447) | $ | 3,273,553 | $ | 1,358,881 |
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 | 55.00 | % | 4.06 | % | 4.23 | % | $ | 300,000 | $ | (1,223) | $ | 298,777 | $ | 164,327 | (2)(4) | July 19, 2025 | ||||||||||||||||||||||||||||||||||||||||
Market Square North | 50.00 | % | 6.92 | % | 7.10 | % | 125,000 | (597) | 124,403 | 62,202 | (2)(3) (5) | November 10, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
1265 Main Street | 50.00 | % | 3.77 | % | 3.84 | % | 35,357 | (243) | 35,114 | 17,557 | January 1, 2032 | |||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | 50.00 | % | 3.56 | % | 3.59 | % | 550,000 | (781) | 549,219 | 274,610 | (2) | August 9, 2027 | ||||||||||||||||||||||||||||||||||||||||||||
Dock 72 | 50.00 | % | 7.13 | % | 7.39 | % | 198,383 | (1,272) | 197,111 | 98,555 | (2)(6) | December 18, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
The Hub on Causeway - Podium | 50.00 | % | 6.89 | % | 7.06 | % | 174,329 | (135) | 174,194 | 87,097 | (2)(7) | September 6, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Hub50House | 50.00 | % | 4.43 | % | 4.51 | % | 185,000 | (1,257) | 183,743 | 91,871 | (2)(8) | June 17, 2032 | ||||||||||||||||||||||||||||||||||||||||||||
100 Causeway Street | 50.00 | % | 6.03 | % | 6.24 | % | 337,604 | (362) | 337,242 | 168,621 | (2)(3) (9) | September 5, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) | 50.00 | % | 5.77 | % | 6.32 | % | 251,542 | (116) | 251,426 | 125,713 | (2)(3) (10) | April 26, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
360 Park Avenue South | 42.21 | % | 7.11 | % | 7.56 | % | 212,668 | (1,707) | 210,961 | 89,047 | (2)(3) (11) | December 14, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Safeco Plaza | 33.67 | % | 4.82 | % | 4.96 | % | 250,000 | (1,162) | 248,838 | 83,784 | (2)(12) | September 1, 2026 | ||||||||||||||||||||||||||||||||||||||||||||
500 North Capitol Street, NW | 30.00 | % | 4.15 | % | 4.20 | % | 105,000 | (10) | 104,990 | 31,497 | (2) | June 6, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
200 Fifth Avenue | 26.69 | % | 4.34 | % | 5.60 | % | 600,000 | (9,424) | 590,576 | 149,196 | (2)(13) | November 24, 2028 | ||||||||||||||||||||||||||||||||||||||||||||
901 New York Avenue | 25.00 | % | 3.61 | % | 3.69 | % | 211,039 | (313) | 210,726 | 52,682 | January 5, 2025 | |||||||||||||||||||||||||||||||||||||||||||||
3 Hudson Boulevard | 25.00 | % | 8.06 | % | 8.14 | % | 80,000 | (16) | 79,984 | 19,996 | (2)(3) (14) | July 13, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Metropolitan Square | 20.00 | % | 7.25 | % | 8.03 | % | 420,000 | (3,342) | 416,658 | 83,332 | (2)(3) (15) | April 9, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Reston Next Residential | 20.00 | % | 6.55 | % | 6.87 | % | 25,223 | (1,396) | 23,827 | 4,765 | (2)(3) (16) | May 13, 2026 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,061,145 | $ | (23,356) | $ | 4,037,789 | $ | 1,604,852 |
Three months ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties, Inc. | $ | $ | ||||||||||||
Add: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 9,078 | 16,361 | ||||||||||||
Noncontrolling interests in property partnerships | 18,660 | 17,549 | ||||||||||||
Net income | 105,628 | 176,957 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 208,734 | 177,624 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,711) | (17,653) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 25,645 | 22,044 | ||||||||||||
Corporate-related depreciation and amortization | (469) | (404) | ||||||||||||
Less: | ||||||||||||||
Gains on sales of real estate | — | 22,701 | ||||||||||||
Unrealized gain on non-real estate investment | 259 | — | ||||||||||||
Noncontrolling interests in property partnerships | 18,660 | 17,549 | ||||||||||||
Funds from Operations (FFO) attributable to the Operating Partnership | 302,908 | 318,318 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations | 30,957 | 32,182 | ||||||||||||
Funds from Operations attributable to Boston Properties, Inc. | $ | 271,951 | $ | 286,136 | ||||||||||
Our percentage share of Funds from Operations—basic | 89.78 | % | 89.89 | % | ||||||||||
Weighted average shares outstanding—basic | 156,803 | 156,650 |
Three months ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties, Inc. | $ | 77,890 | $ | 143,047 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 9,078 | 16,361 | ||||||||||||
Noncontrolling interests in property partnerships | 18,660 | 17,549 | ||||||||||||
Net income | 105,628 | 176,957 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 208,734 | 177,624 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,711) | (17,653) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 25,645 | 22,044 | ||||||||||||
Corporate-related depreciation and amortization | (469) | (404) | ||||||||||||
Less: | ||||||||||||||
Gains on sales of real estate | — | 22,701 | ||||||||||||
Unrealized gain on non-real estate investment | 259 | — | ||||||||||||
Noncontrolling interests in property partnerships | 18,660 | 17,549 | ||||||||||||
Funds from Operations (FFO) attributable to the Operating Partnership | 302,908 | 318,318 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||
Stock based compensation | — | — | ||||||||||||
Diluted FFO | 302,908 | 318,318 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of diluted FFO | 30,927 | 32,118 | ||||||||||||
Diluted FFO attributable to Boston Properties, Inc. (1) | $ | 271,981 | $ | 286,200 |
Three months ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
shares/units (in thousands) | ||||||||||||||
Basic Funds from Operations | 174,652 | 174,276 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||
Stock based compensation | 240 | 354 | ||||||||||||
Diluted Funds from Operations | 174,892 | 174,630 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of diluted Funds from Operations | 17,849 | 17,626 | ||||||||||||
Diluted Funds from Operations attributable to Boston Properties, Inc. (1) | 157,043 | 157,004 |
Three months ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 88,830 | $ | 161,829 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interests in property partnerships | 18,660 | 17,549 | ||||||||||||
Net income | 107,490 | 179,378 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 206,872 | 175,886 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,711) | (17,653) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 25,645 | 22,044 | ||||||||||||
Corporate-related depreciation and amortization | (469) | (404) | ||||||||||||
Less: | ||||||||||||||
Gains on sales of real estate | — | 23,384 | ||||||||||||
Unrealized gain on non-real estate investment | 259 | — | ||||||||||||
Noncontrolling interests in property partnerships | 18,660 | 17,549 | ||||||||||||
Funds from Operations attributable to Boston Properties Limited Partnership (1) | $ | 302,908 | $ | 318,318 | ||||||||||
Weighted average shares outstanding—basic | 174,652 | 174,276 |
Three months ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 88,830 | $ | 161,829 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interests in property partnerships | 18,660 | 17,549 | ||||||||||||
Net income | 107,490 | 179,378 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 206,872 | 175,886 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,711) | (17,653) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 25,645 | 22,044 | ||||||||||||
Corporate-related depreciation and amortization | (469) | (404) | ||||||||||||
Less: | ||||||||||||||
Gains on sales of real estate | — | 23,384 | ||||||||||||
Unrealized gain on non-real estate investment | 259 | — | ||||||||||||
Noncontrolling interests in property partnerships | 18,660 | 17,549 | ||||||||||||
Funds from Operations attributable to Boston Properties Limited Partnership (1) | 302,908 | 318,318 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||
Stock based compensation | — | — | ||||||||||||
Diluted Funds from Operations attributable to Boston Properties Limited Partnership | $ | 302,908 | $ | 318,318 |
Three months ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
shares/units (in thousands) | ||||||||||||||
Basic Funds from Operations | 174,652 | 174,276 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||
Stock based compensation | 240 | 354 | ||||||||||||
Diluted Funds from Operations | 174,892 | 174,630 |
2023 | 2024 | 2025 | 2026 | 2027 | 2028+ | Total | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Mortgage debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | (3,632) | $ | (4,843) | $ | (4,843) | $ | (4,843) | $ | 2,297,138 | $ | 994,576 | $ | 3,273,553 | $ | 2,826,826 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | — | % | — | % | — | % | — | % | 3.64 | % | 2.93 | % | 3.42 | % | |||||||||||||||||||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Unsecured debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | 499,660 | $ | 699,332 | $ | 847,777 | $ | 1,991,157 | $ | 743,895 | $ | 5,459,146 | $ | 10,240,967 | $ | 8,759,487 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | 3.28 | % | 3.92 | % | 3.35 | % | 3.63 | % | 6.92 | % | 3.33 | % | 3.69 | % | |||||||||||||||||||||||||||||||||
Variable Rate | — | 1,194,916 | — | — | — | — | 1,194,916 | 1,200,000 | |||||||||||||||||||||||||||||||||||||||
Total Debt | $ | 496,028 | $ | 1,889,405 | $ | 842,934 | $ | 1,986,314 | $ | 3,041,033 | $ | 6,453,722 | $ | 14,709,436 | $ | 12,786,313 |
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 | |||||||||||||||||||||||||
January 1, 2023 – January 31, 2023 | 7,533 | (1) | $ | 71.20 | N/A | N/A | |||||||||||||||||||||||
February 1, 2023 – February 28, 2023 | 1,165 | (1) | $ | 75.48 | N/A | N/A | |||||||||||||||||||||||
March 1, 2023 – March 31, 2023 | — | $ | — | N/A | N/A | ||||||||||||||||||||||||
Total | 8,698 | $ | 71.77 | 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 | |||||||||||||
January 1, 2023 – January 31, 2023 | 7,533 | (1) | $ | 71.20 | N/A | N/A | |||||||||||
February 1, 2023 – February 28, 2023 | 153,625 | (2) | $ | 0.82 | N/A | N/A | |||||||||||
March 1, 2023 – March 31, 2023 | — | $ | — | N/A | N/A | ||||||||||||
Total | 161,158 | $ | 4.11 | N/A | N/A |
10.1 | — | |||||||
10.2* | — | |||||||
31.1 | — | |||||||
31.2 | — | |||||||
31.3 | — | |||||||
31.4 | — | |||||||
32.1 | — | |||||||
32.2 | — | |||||||
32.3 | — | |||||||
32.4 | — | |||||||
101.SCH | — | Inline XBRL Taxonomy Extension Schema Document. (Filed herewith.) | ||||||
101.CAL | — | Inline XBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.) | ||||||
101.LAB | — | Inline XBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.) | ||||||
101.PRE | — | Inline XBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.) | ||||||
101.DEF | — | Inline XBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.) | ||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101*.). (Filed herewith.) | ||||||
BOSTON PROPERTIES, INC. | ||||||||
May 3, 2023 | /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 | ||||||||
May 3, 2023 | /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 Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||
Net income | $ 105,628 | $ 176,957 | ||||
Other comprehensive income : | ||||||
Effective portion of interest rate contracts | (6,538) | 7,565 | ||||
Amortization of interest rate contracts | [1] | 1,675 | 1,676 | |||
Other comprehensive income (loss) | (4,863) | 9,241 | ||||
Comprehensive Income | 100,765 | 186,198 | ||||
Net income attributable to noncontrolling interests | (27,738) | (33,910) | ||||
Other comprehensive (income) loss attributable to noncontrolling interests | 368 | (1,064) | ||||
Comprehensive income attributable to the Company | 73,395 | 151,224 | ||||
Boston Properties Limited Partnership | ||||||
Net income | 107,490 | 179,378 | ||||
Other comprehensive income : | ||||||
Effective portion of interest rate contracts | (6,538) | 7,565 | ||||
Amortization of interest rate contracts | [2] | 1,675 | 1,676 | |||
Other comprehensive income (loss) | (4,863) | 9,241 | ||||
Comprehensive Income | 102,627 | 188,619 | ||||
Net income attributable to noncontrolling interests | (18,804) | (17,693) | ||||
Comprehensive income attributable to the Company | $ 83,823 | $ 170,926 | ||||
|
Consolidated Statements Of Equity - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Dividends In Excess Of Earnings [Member] |
Treasury Stock, at cost [Member] |
Accumulated Other Comprehensive Loss [Member] |
Noncontrolling Interests [Member] |
Noncontrolling interest - property partnerships [Member] |
---|---|---|---|---|---|---|---|---|
Equity, shares at Dec. 31, 2021 | 156,545,000 | |||||||
Equity, value at Dec. 31, 2021 | $ 8,033,228 | $ 1,565 | $ 6,497,730 | $ (625,891) | $ (2,722) | $ (36,662) | $ 642,655 | $ 1,556,553 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of operating partnership units to common stock, shares | 141,000 | |||||||
Redemption of operating partnership units to common stock, value | 0 | $ 2 | 5,026 | (5,028) | ||||
Allocated net income for the period | 176,957 | 143,047 | 16,361 | 17,549 | ||||
Dividends declared | (171,497) | (153,577) | (17,920) | |||||
Shares issued pursuant to stock purchase plan, shares | 5,000 | |||||||
Shares issued pursuant to stock purchase plan, value | 600 | 600 | ||||||
Net activity from stock option and incentive plan, shares | 21,000 | |||||||
Net activity from stock option and incentive plan, value | 18,921 | (133) | 19,054 | |||||
Contributions from noncontrolling interests in property partnerships | 849 | 849 | ||||||
Distributions to noncontrolling interests in property partnerships | (26,640) | (26,640) | ||||||
Effective portion of interest rate contracts | 7,565 | 6,800 | 765 | |||||
Amortization of interest rate contracts | 1,676 | 1,377 | 155 | 144 | ||||
Reallocation of noncontrolling interest | 0 | 6,440 | (6,440) | |||||
Equity, shares at Mar. 31, 2022 | 156,712,000 | |||||||
Equity, value at Mar. 31, 2022 | $ 8,041,659 | $ 1,567 | 6,509,663 | (636,421) | (2,722) | (28,485) | 649,602 | 1,548,455 |
Equity, shares at Dec. 31, 2022 | 156,757,867 | 156,758,000 | ||||||
Equity, value at Dec. 31, 2022 | $ 8,363,819 | $ 1,568 | 6,539,147 | (391,356) | (2,722) | (13,718) | 683,583 | 1,547,317 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of operating partnership units to common stock, shares | 5,000 | |||||||
Redemption of operating partnership units to common stock, value | 0 | $ 0 | 195 | (195) | ||||
Allocated net income for the period | 105,628 | 77,890 | 9,078 | 18,660 | ||||
Dividends declared | (172,054) | (153,693) | (18,361) | |||||
Shares issued pursuant to stock purchase plan, shares | 9,000 | |||||||
Shares issued pursuant to stock purchase plan, value | 586 | 586 | ||||||
Net activity from stock option and incentive plan, shares | 58,000 | |||||||
Net activity from stock option and incentive plan, value | 27,419 | 3,448 | 23,971 | |||||
Contributions from noncontrolling interests in property partnerships | 7,555 | 7,555 | ||||||
Distributions to noncontrolling interests in property partnerships | (21,606) | (21,606) | ||||||
Effective portion of interest rate contracts | (6,538) | (5,870) | (668) | |||||
Amortization of interest rate contracts | 1,675 | 1,374 | 157 | 144 | ||||
Reallocation of noncontrolling interest | $ 0 | 5,938 | (5,938) | |||||
Equity, shares at Mar. 31, 2023 | 156,829,793 | 156,830,000 | ||||||
Equity, value at Mar. 31, 2023 | $ 8,306,484 | $ 1,568 | $ 6,549,314 | $ (467,159) | $ (2,722) | $ (18,214) | $ 691,627 | $ 1,552,070 |
Consolidated Statement of Capital and Noncontrolling Interests - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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Common Stock, Shares, Outstanding | 156,829,793 | 156,757,867 | ||
Net activity from stock option and incentive plan, value | $ 27,419 | $ 18,921 | ||
Effective portion of interest rate contracts | (6,538) | 7,565 | ||
Amortization of interest rate contracts | 1,675 | 1,676 | ||
Contributions from noncontrolling interests in property partnerships | 7,555 | 849 | ||
Distributions to noncontrolling interests in property partnerships | $ (21,606) | $ (26,640) | ||
General Partner [Member] | ||||
Common Stock, Shares, Outstanding | 1,755,000 | 1,749,000 | 1,750,000 | 1,746,000 |
Net activity from contributions and unearned compensation | 5,000 | |||
Conversion of redeemable partnership units | 3,000 | |||
Limited Partner [Member] | ||||
Common Stock, Shares, Outstanding | 155,075,000 | 154,962,000 | 155,008,000 | 154,799,000 |
Net activity from contributions and unearned compensation | 62,000 | 25,000 | ||
Conversion of redeemable partnership units | 5,000 | 138,000 | ||
Partners' Capital (General and Limited Partners)[Member] | ||||
Beginning Balance | $ 5,449,936 | $ 3,914,832 | $ 5,299,428 | $ 4,173,290 |
Net activity from contributions and unearned compensation, value | 4,032 | 467 | ||
Allocated net income for the period | 79,752 | 145,468 | ||
Distributions | (153,693) | (153,577) | ||
Conversion of redeemable partnership units, value | 195 | 5,028 | ||
Adjustment to reflect redeemable partnership units at redemption value | 220,222 | (255,844) | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Beginning Balance | (18,214) | (28,485) | (13,718) | (36,662) |
Effective portion of interest rate contracts | (5,870) | 6,800 | ||
Amortization of interest rate contracts | 1,374 | 1,377 | ||
Noncontrolling interest - property partnerships [Member] | ||||
Beginning Balance | 1,552,070 | 1,548,455 | 1,547,317 | 1,556,553 |
Allocated net income for the period | 18,660 | 17,549 | ||
Amortization of interest rate contracts | 144 | 144 | ||
Contributions from noncontrolling interests in property partnerships | 7,555 | 849 | ||
Distributions to noncontrolling interests in property partnerships | (21,606) | (26,640) | ||
Total Capital [Member] | ||||
Beginning Balance | 6,983,792 | 5,434,802 | 6,833,027 | 5,693,181 |
Net activity from contributions and unearned compensation, value | 4,032 | 467 | ||
Allocated net income for the period | 98,412 | 163,017 | ||
Distributions | (153,693) | (153,577) | ||
Conversion of redeemable partnership units, value | 195 | 5,028 | ||
Adjustment to reflect redeemable partnership units at redemption value | 220,222 | (255,844) | ||
Effective portion of interest rate contracts | (5,870) | 6,800 | ||
Amortization of interest rate contracts | 1,518 | 1,521 | ||
Contributions from noncontrolling interests in property partnerships | 7,555 | 849 | ||
Distributions to noncontrolling interests in property partnerships | (21,606) | (26,640) | ||
Noncontrolling interest - Redeemable partnership units [Member] | ||||
Beginning Balance | 1,074,648 | 2,347,834 | $ 1,280,886 | $ 2,078,603 |
Net activity from contributions and unearned compensation, value | 23,973 | 19,054 | ||
Allocated net income for the period | 9,078 | 16,361 | ||
Distributions | (18,361) | (17,920) | ||
Conversion of redeemable partnership units, value | (195) | (5,028) | ||
Adjustment to reflect redeemable partnership units at redemption value | (220,222) | 255,844 | ||
Effective portion of interest rate contracts | (668) | 765 | ||
Amortization of interest rate contracts | $ 157 | $ 155 |
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net income | $ 105,628 | $ 176,957 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 208,734 | 177,624 |
Amortization of right of use assets - operating leases | 652 | 529 |
Non-cash compensation expense | 26,262 | 21,235 |
Loss (income) from unconsolidated joint ventures | 7,569 | (2,189) |
Distributions of net cash flow from operations of unconsolidated joint ventures | 5,996 | 6,385 |
Losses (gains) from investments in securities | (1,665) | 2,262 |
Allowance for current expected credit losses | 45 | (234) |
Non-cash portion of interest expense | 7,387 | 5,960 |
Gains on sales of real estate | 0 | (22,701) |
Unrealized gain on non-real estate investment | (259) | 0 |
Change in assets and liabilities: | ||
Tenant and other receivables, net | 7,518 | 17,635 |
Notes receivable, net | 0 | (8) |
Accrued rental income, net | (18,619) | (29,567) |
Prepaid expenses and other assets | (97,762) | (71,731) |
Lease liabilities - operating leases | (251) | 116 |
Accounts payable and accrued expenses | (8,505) | (31,800) |
Accrued interest payable | 10,626 | (3,933) |
Other liabilities | 16,565 | (12,146) |
Tenant leasing costs | (35,911) | (14,904) |
Total adjustments | 128,382 | 42,533 |
Net cash provided by operating activities | 234,010 | 219,490 |
Cash flows from investing activities: | ||
Acquisitions of real estate | 0 | (3,580) |
Construction in progress | (119,682) | (100,313) |
Building and other capital improvements | (39,100) | (26,811) |
Tenant improvements | (67,175) | (55,168) |
Proceeds from sales of real estate | 0 | 35,397 |
Capital contributions to unconsolidated joint ventures | (60,745) | (26,293) |
Capital distributions from unconsolidated joint ventures | 0 | 20,095 |
Investment in non-real estate investments | (733) | 0 |
Investments in securities, net | 1,843 | 5,338 |
Net cash used in investing activities | (285,592) | (151,335) |
Cash flows from financing activities: | ||
Borrowings on unsecured line of credit | 0 | 190,000 |
Repayments of unsecured line of credit | 0 | (80,000) |
Borrowings on unsecured term loan | 1,200,000 | 0 |
Repayment of unsecured term loan | (730,000) | 0 |
Deferred financing costs | (6,213) | (359) |
Net activity from equity transactions | 586 | (332) |
Dividends and distributions | (171,270) | (170,488) |
Contributions from noncontrolling interests in property partnerships | 7,555 | 849 |
Distributions to noncontrolling interests in property partnerships | (21,606) | (26,640) |
Net cash provided by (used in) financing activities | 279,052 | (86,970) |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | 227,470 | (18,815) |
Cash and cash equivalents and cash held in escrows, beginning of period | 736,812 | 501,158 |
Cash and cash equivalents and cash held in escrows, end of period | 964,282 | 482,343 |
Reconciliation of cash and cash equivalents and cash held in escrow | ||
Cash and cash equivalents, beginning of period | 690,333 | 452,692 |
Cash held in escrows, beginning of period | 46,479 | 48,466 |
Cash and cash equivalents, end of period | 918,952 | 436,271 |
Cash held in escrows,end of period | 45,330 | 46,072 |
Supplemental disclosures: | ||
Cash paid for interest | 125,698 | 111,904 |
Interest capitalized | 10,589 | 13,740 |
Non-cash investing and financing activities: | ||
Write-off of fully depreciated real estate | (56,391) | (34,946) |
Change in real estate included in accounts payable and accrued expenses | 11,692 | 16,907 |
Dividends and distributions declared but not paid | 171,427 | 170,869 |
Conversions of noncontrolling interests to stockholders’ equity | 195 | 5,028 |
Issuance of restricted securities to employees and non-employee directors | 46,516 | 46,082 |
Boston Properties Limited Partnership | ||
Net income | 107,490 | 179,378 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 206,872 | 175,886 |
Amortization of right of use assets - operating leases | 652 | 529 |
Non-cash compensation expense | 26,262 | 21,235 |
Loss (income) from unconsolidated joint ventures | 7,569 | (2,189) |
Distributions of net cash flow from operations of unconsolidated joint ventures | 5,996 | 6,385 |
Losses (gains) from investments in securities | (1,665) | 2,262 |
Allowance for current expected credit losses | 45 | (234) |
Non-cash portion of interest expense | 7,387 | 5,960 |
Gains on sales of real estate | 0 | (23,384) |
Unrealized gain on non-real estate investment | (259) | 0 |
Change in assets and liabilities: | ||
Tenant and other receivables, net | 7,518 | 17,635 |
Notes receivable, net | 0 | (8) |
Accrued rental income, net | (18,619) | (29,567) |
Prepaid expenses and other assets | (97,762) | (71,731) |
Lease liabilities - operating leases | (251) | 116 |
Accounts payable and accrued expenses | (8,505) | (31,800) |
Accrued interest payable | 10,626 | (3,933) |
Other liabilities | 16,565 | (12,146) |
Tenant leasing costs | (35,911) | (14,904) |
Total adjustments | 126,520 | 40,112 |
Net cash provided by operating activities | 234,010 | 219,490 |
Cash flows from investing activities: | ||
Acquisitions of real estate | 0 | (3,580) |
Construction in progress | (119,682) | (100,313) |
Building and other capital improvements | (39,100) | (26,811) |
Tenant improvements | (67,175) | (55,168) |
Proceeds from sales of real estate | 0 | 35,397 |
Capital contributions to unconsolidated joint ventures | (60,745) | (26,293) |
Capital distributions from unconsolidated joint ventures | 0 | 20,095 |
Investment in non-real estate investments | (733) | 0 |
Investments in securities, net | 1,843 | 5,338 |
Net cash used in investing activities | (285,592) | (151,335) |
Cash flows from financing activities: | ||
Borrowings on unsecured line of credit | 0 | 190,000 |
Repayments of unsecured line of credit | 0 | (80,000) |
Borrowings on unsecured term loan | 1,200,000 | 0 |
Repayment of unsecured term loan | (730,000) | 0 |
Deferred financing costs | (6,213) | (359) |
Net activity from equity transactions | 586 | (332) |
Dividends and distributions | (171,270) | (170,488) |
Contributions from noncontrolling interests in property partnerships | 7,555 | 849 |
Distributions to noncontrolling interests in property partnerships | (21,606) | (26,640) |
Net cash provided by (used in) financing activities | 279,052 | (86,970) |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | 227,470 | (18,815) |
Cash and cash equivalents and cash held in escrows, beginning of period | 736,812 | 501,158 |
Cash and cash equivalents and cash held in escrows, end of period | 964,282 | 482,343 |
Reconciliation of cash and cash equivalents and cash held in escrow | ||
Cash and cash equivalents, beginning of period | 690,333 | 452,692 |
Cash held in escrows, beginning of period | 46,479 | 48,466 |
Cash and cash equivalents, end of period | 918,952 | 436,271 |
Cash held in escrows,end of period | 45,330 | 46,072 |
Supplemental disclosures: | ||
Cash paid for interest | 125,698 | 111,904 |
Interest capitalized | 10,589 | 13,740 |
Non-cash investing and financing activities: | ||
Write-off of fully depreciated real estate | (55,142) | (34,946) |
Change in real estate included in accounts payable and accrued expenses | 11,692 | 16,907 |
Dividends and distributions declared but not paid | 171,427 | 170,869 |
Conversions of noncontrolling interests to stockholders’ equity | 195 | 5,028 |
Issuance of restricted securities to employees and non-employee directors | $ 46,516 | $ 46,082 |
Organization |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization BXP is a fully integrated, self-administered and self-managed REIT. BXP is the sole general partner of BPLP, its operating partnership, and at March 31, 2023 owned an approximate 89.4% (89.6% at December 31, 2022) general and limited partnership interest in BPLP. Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries. Partnership interests in BPLP include: •common units of partnership interest (also referred to as “OP Units”) and •long term incentive units of partnership interest (also referred to as “LTIP Units”) Unless specifically noted otherwise, all references to OP Units exclude units held by BXP. A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of BXP (“Common Stock”). In lieu of such cash redemption, BXP may elect to acquire the OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that BXP owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock. The Company uses LTIP Units as a form of time-based, restricted equity compensation and as a form of performance-based equity compensation for employees, and has previously granted LTIP Units in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013 - 2023 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance-based and time-based vesting conditions, is convertible into one OP Unit. The -year measurement periods for the 2012 OPP Units and the 2013 - 2020 MYLTIP Units have ended and BXP’s total stockholder return (“TSR”) was sufficient for employees to earn and therefore become eligible to vest in a portion of the awards. Unless and until they are earned, the rights, preferences and privileges of the 2021 - 2023 MYLTIP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units and the 2013 - 2020 MYLTIP Units, which have been earned). Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2021 - 2023 MYLTIP Units. LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2020 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 8 and 12). Properties At March 31, 2023, the Company owned or had joint venture interests in a portfolio of 192 commercial real estate properties (the “Properties”) aggregating approximately 54.5 million net rentable square feet of primarily premier workplaces, including 15 properties under construction/redevelopment totaling approximately 4.0 million net rentable square feet. At March 31, 2023, the Properties consisted of: •171 office and life sciences properties (including 12 properties under construction/redevelopment); •14 retail properties (including two properties under construction/redevelopment); •six residential properties (including one property under construction); and •one hotel. The Company considers premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings and professionally managed and maintained. As such, these properties attract high-quality tenants and command upper-tier rental rates.
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Summary Of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2022. 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 assets of each VIE are only available to satisfy such VIE's respective liabilities. The Company has determined that it is the primary beneficiary for six of the seven entities that are VIEs as of March 31, 2023. Consolidated Variable Interest Entities As of March 31, 2023, BXP has identified six consolidated VIEs, including BPLP. Excluding BPLP, 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 BPLP’s interest) are reflected as noncontrolling interests in property partnerships in the accompanying consolidated financial statements (See Note 8). In addition, BXP’s only significant asset is its investment in BPLP and, consequently, substantially all of BXP’s assets and liabilities are the assets and liabilities of BPLP. Variable Interest Entities Not Consolidated As of March 31, 2023, 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 for March 31, 2023 and December 31, 2022, 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”).
_______________ (1)If trading volume for the period is low, the valuation could be categorized as Level 2. Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates. In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods. The following table presents the aggregate carrying value of the Company’s related party note receivable, net, sales-type lease 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 March 31, 2023 and December 31, 2022 (in thousands):
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Real Estate |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | 3. Real Estate BXP Real estate consisted of the following at March 31, 2023 and December 31, 2022 (in thousands):
_______________ (1)Includes pre-development costs. BPLP Real estate consisted of the following at March 31, 2023 and December 31, 2022 (in thousands):
_______________ (1)Includes pre-development costs. Developments/Redevelopments On January 5, 2023, the Company commenced the development of 290 Binney Street, an approximately 566,000 net rentable square foot laboratory/life sciences project in Cambridge, Massachusetts. Concurrent with the commencement of this project, the Kendall Center Blue Parking Garage was taken out of service and demolished to support the development of this project. 290 Binney Street is 100% pre-leased to AstraZeneca. On January 30, 2023, the Company commenced the redevelopment of 300 Binney Street at Kendall Center in Cambridge, Massachusetts. 300 Binney Street consisted of an approximately 195,000 net rentable square foot premier workplace that is being redeveloped into approximately 236,000 net rentable square feet of laboratory/life sciences space. BXP and BPLP recognized approximately $11.0 million of depreciation expense during the three months ended March 31, 2023 associated with the acceleration of depreciation on the assets being removed from service and demolished as part of the redevelopment of the property. The project is 100% pre-leased to the Broad Institute.
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Leases |
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Operating Leases [Text Block] | 4. Leases The Company estimates the collectability of its accrued rent and accounts receivable balances related to lease revenue. When evaluating the collectability of these accrued rent and accounts receivable balances, management considers tenant creditworthiness, current economic trends, including the impact of the COVID-19 pandemic on tenants’ businesses, and changes in tenants’ payment patterns, on a lease-by-lease basis. If the Company determines that the accrued rent and/or accounts receivable balances are no longer probable of collection then the balances are written-off and the lease is recognized on a cash basis. If applicable, information related to write-offs of accrued rent, net balances and accounts receivable, net balances and reinstatements of accrued rent balances for the Company’s unconsolidated joint ventures can be found in Note 5. Lessor The following table summarizes the components of lease revenue recognized for its operating and sales-type leases during the three months ended March 31, 2023 and 2022 included within the Company's Consolidated Statements of Operations (in thousands):
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Investments in Unconsolidated Joint Ventures |
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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 March 31, 2023 and December 31, 2022:
_______________ (1)Investments with deficit balances aggregating approximately $81.5 million and $85.4 million at March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)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 in excess of 520,000 square feet and achieving certain project returns at stabilization. (5)This property includes net equity balances from the amenity joint venture. (6)This entity is a VIE (See Note 2). (7)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (8)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. (9)The Company’s partner will fund required capital until its aggregate investment is approximately 80% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, the partners or the Company will be entitled to an additional promoted interest or payments. The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)At March 31, 2023 and December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At March 31, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.9 million and $21.2 million, respectively. (2)At March 31, 2023 and December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $381.0 million and $382.2 million, respectively. At March 31, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (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 $81.5 million and $85.4 million at March 31, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)Includes straight-line rent adjustments of approximately $6.3 million and $27.5 million for the three months ended March 31, 2023 and 2022, respectively. (2)Includes straight-line rent adjustments of approximately $0.3 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively. On January 31, 2023, the Company acquired a 50% interest in a joint venture that owns 13100 and 13150 Worldgate Drive located in Herndon, Virginia for a gross purchase price of approximately $17.0 million. The acquisition was completed with available cash. 13100 and 13150 Worldgate Drive consists of two vacant office buildings aggregating approximately 350,000 rentable square feet and a 1,200-space structured parking deck situated on a 10-acre site. The joint venture intends to redevelop the property for residential use. There can be no assurance that the joint venture will commence the development as currently contemplated or at all.
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Debt |
3 Months Ended |
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Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Unsecured Debt Disclosure | 6. Debt Unsecured Term Loan On January 4, 2023, BPLP entered into a credit agreement that provided for a $1.2 billion unsecured term loan facility (the “2023 Unsecured Term Loan”). Under the credit agreement, BPLP may, at any time prior to the maturity date, increase total commitments by up to an additional $300.0 million in aggregate principal amount by increasing the existing 2023 Unsecured Term Loan or incurring one or more additional term loans, in each case, subject to syndication of the increase and other conditions. The 2023 Unsecured Term Loan matures on May 16, 2024, with one 12-month extension option, subject to customary conditions. Upon entry into the credit agreement, BPLP exercised its option to draw $1.2 billion under the 2023 Unsecured Term Loan, a portion of which was used to repay in full the $730.0 million outstanding under its prior unsecured credit agreement (the “2022 Unsecured Term Loan”), which was scheduled to mature on May 16, 2023. There was no prepayment penalty associated with the repayment of the 2022 Unsecured Term Loan. At BPLP’s option, loans under the 2023 Unsecured Term Loan will bear interest at a rate per annum equal to (1) a base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR for a one-month period plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 60 basis points based on BPLP’s credit rating; or (2) a rate equal to adjusted Term SOFR with a one-month period plus a margin ranging from 75 to 160 basis points based on BPLP’s credit rating. Based on BPLP’s credit rating upon entry into the credit agreement, the base rate margin is 0 basis points and the Term SOFR margin is 0.85%. As of March 31, 2023, the 2023 Unsecured Term Loan bears interest at a rate equal to adjusted Term SOFR plus 0.85% (See Note 13). At March 31, 2023, BPLP had $1.2 billion outstanding under the 2023 Unsecured Term Loan.
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Commitments And Contingencies |
3 Months Ended |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 7. 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 had letter of credit and performance obligations related to lender and development requirements that total approximately $25.7 million at March 31, 2023. Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. From time to time, under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, either the Company or its partners may be entitled to an additional promoted interest or payments. From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and (3) provide guarantees to lenders, tenants and other third parties for the completion of development projects. The Company has agreements with its outside or joint venture partners whereby the partners agree to reimburse the joint venture for their share of any payments made under the guarantee. In some cases, the Company earns a fee from the applicable joint venture for providing the guarantee. In connection with the refinancing of 767 Fifth Avenue’s (the General Motors Building) secured loan by the Company’s consolidated joint venture entity, 767 Venture, LLC, the Company guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits. As of March 31, 2023, the maximum funding obligation under the guarantee was approximately $12.5 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 March 31, 2023, no amounts related to the guarantee were recorded as liabilities in the Company’s consolidated financial statements. In connection with the development of the Company’s 290 Binney Street project located in Cambridge, Massachusetts, which commenced on January 5, 2023 (see Note 3), the Cambridge Zoning Ordinance requires that a building permit for the construction of a residential project of at least 400,000 square feet be issued prior to or concurrently with the issuance of a building permit for the commercial building. 290 Binney Street and the residential project are components of the Company’s future life sciences development project located in the heart of Kendall Square in Cambridge, Massachusetts, proposed to ultimately consist of two premier workplace properties aggregating approximately 1.1 million rentable square feet of life sciences space and the approximately 400,000 square foot residential building. The commencement of construction of each phase of the overall project is subject to various conditions, some of which are not within the Company’s control. There can be no assurance that the conditions will be satisfied or that the Company will commence the development of the remaining phases on the terms and schedule currently contemplated or at all. Insurance The Company’s property insurance program per occurrence limits are $1.0 billion for its portfolio insurance program, including coverage for acts of terrorism other than nuclear, biological, chemical or radiological terrorism (“Terrorism Coverage”). The Company also carries $1.35 billion of property insurance in excess of the $1.0 billion of coverage in the Company’s property insurance program for 601 Lexington Avenue, New York, New York, consisting of $750 million of property and Terrorism Coverage in excess of the Company’s property insurance program and $600 million of Terrorism Coverage only in excess of the $1.75 billion of coverage. Certain properties, including the General Motors Building located at 767 Fifth Avenue in New York, New York (“767 Fifth Avenue”), are currently insured in separate insurance programs. The property insurance program per occurrence limits for 767 Fifth Avenue are $1.625 billion, including Terrorism Coverage. The Company also currently carries nuclear, biological, chemical and radiological terrorism insurance coverage for acts of terrorism certified under the Federal Terrorism Risk Insurance Act (as amended, “TRIA”) (“NBCR Coverage”), which is provided by IXP as a direct insurer, for the properties in the Company’s portfolio, including 767 Fifth Avenue, but excluding certain other properties owned in joint ventures with third parties or which the Company manages. The per occurrence limit for NBCR Coverage is $1.0 billion. Under TRIA, after the payment of the required deductible and coinsurance, the NBCR Coverage provided by IXP is backstopped by the Federal Government if the aggregate industry insured losses resulting from a certified act of terrorism exceed a “program trigger.” The program trigger is $200 million, the coinsurance is 20% and the deductible is 20% of the premiums earned by the insurer for the year prior to a claim. If the Federal Government pays out for a loss under TRIA, it is mandatory that the Federal Government recoup the full amount of the loss from insurers offering TRIA coverage after the payment of the loss pursuant to a formula in TRIA. The Company may elect to terminate the NBCR Coverage if the Federal Government seeks recoupment for losses paid under TRIA, if TRIA is not extended after its expiration on December 31, 2027, if there is a change in its portfolio or for any other reason. The Company intends to continue to monitor the scope, nature and cost of available terrorism insurance. The Company also currently carries earthquake insurance on its properties located in areas known to be subject to earthquakes. Specifically, the Company currently carries earthquake insurance which covers its San Francisco and Los Angeles regions with a $330 million per occurrence limit, and a $330 million annual aggregate limit, $30 million of which is provided by IXP, as a direct insurer. This insurance is subject to a deductible in the amount of 5% of the value of the affected property. In addition, the Company currently carries earthquake insurance which covers its Seattle region with a $110 million per occurrence limit, and a $110 million annual aggregate limit. This insurance is subject to a deductible in the amount of 2% of the value of the affected property. The amount of the Company’s earthquake insurance coverage may not be sufficient to cover losses from earthquakes. In addition, the amount of earthquake coverage could impact the Company’s ability to finance properties subject to earthquake risk. The Company may discontinue earthquake insurance or change the structure of its earthquake insurance program on some or all of its properties in the future if the premiums exceed the Company’s estimation of the value of the coverage. IXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acts as a direct insurer with respect to a portion of the Company’s earthquake insurance coverage for its Greater San Francisco and Los Angeles properties and the Company’s NBCR Coverage. Insofar as the Company owns IXP, it is responsible for its liquidity and capital resources, and the accounts of IXP are part of the Company’s consolidated financial statements. In particular, if a loss occurs which is covered by the Company’s NBCR Coverage but is less than the applicable program trigger under TRIA, IXP would be responsible for the full amount of the loss without any backstop by the Federal Government. IXP would also be responsible for any recoupment charges by the Federal Government in the event losses are paid out and its insurance policy is maintained after the payout by the Federal Government. If the Company experiences a loss and IXP is required to pay under its insurance policy, the Company would ultimately record the loss to the extent of the required payment. Therefore, insurance coverage provided by IXP should not be considered as the equivalent of third-party insurance, but rather as a modified form of self-insurance. In addition, BPLP has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million. The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism, earthquakes 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.
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Noncontrolling Interests |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest Disclosure [Text Block] | 8. Noncontrolling Interests Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company. As of March 31, 2023, the noncontrolling interests in BPLP consisted of 16,527,638 OP Units, 2,131,785 LTIP Units (including 514,854 LTIP Units earned by employees under the Company’s multi-year long-term incentive awards granted between 2012 and 2020 (i.e., 2012 OPP and 2013 - 2020 MYLTIP awards)), 350,989 2021 MYLTIP Units, 253,453 2022 MYLTIP Units and 322,053 2023 MYLTIP Units held by parties other than BXP. Noncontrolling Interest—Common Units During the three months ended March 31, 2023, 5,188 OP Units were presented by the holders for redemption (including an aggregate of 5,188 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock. At March 31, 2023, BPLP had outstanding 350,989 2021 MYLTIP Units, 253,453 2022 MYLTIP Units and 322,053 2023 MYLTIP Units. Prior to the end of the respective -year performance period for each plan, holders of MYLTIP Units are entitled to receive per unit distributions equal to one-tenth (10%) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions. After the three-year performance period for each plan has ended, (1) the number of MYLTIP Units, both vested and unvested, that MYLTIP award recipients have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an OP Unit and (2) with respect to the 2021 - 2023 MYLTIP, the Company will make a “catch-up” cash payment on the MYLTIP Units that are ultimately earned in an amount equal to the regular and special dividends, if any, declared during the performance period on Common Stock, less the distributions actually paid during the performance period on all of the awarded 2021 - 2023 MYLTIP Units. On February 3, 2023, the measurement period for the Company’s 2020 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 50% of target, or an aggregate of approximately $3.8 million (after giving effect to employee separations). As a result, an aggregate of 152,460 2020 MYLTIP Units that had been previously granted were automatically forfeited. The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2019 MYLTIP Units and, after the February 3, 2023 measurement date, the 2020 MYLTIP Units) and its distributions on the 2020 MYLTIP Units (prior to the February 3, 2023 measurement date) and 2021 - 2023 MYLTIP Units (after the February 7, 2023 issuance date of the 2023 MYLTIP Units) that occurred during the three months ended March 31, 2023:
The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2018 MYLTIP Units and, after the February 4, 2022 measurement date, the 2019 MYLTIP Units) and its distributions on the 2019 MYLTIP Units (prior to the February 4, 2022 measurement date) and 2020 - 2022 MYLTIP Units (after the February 1, 2022 issuance date of the 2022 MYLTIP Units) that occurred during the three months ended March 31, 2022:
A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP must redeem the OP Unit for cash equal to the then value of a share of Common Stock of BXP. BXP may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock. The value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2020 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at March 31, 2023 was approximately $1.1 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $54.12 per share on March 31, 2023. 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 $1.6 billion and $1.5 billion at March 31, 2023 and December 31, 2022, respectively, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.
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Stockholders' Equity / Partners' Capital | 9. Stockholders’ Equity / Partners’ Capital As of March 31, 2023, BXP had 156,829,793 shares of Common Stock outstanding. As of March 31, 2023, BXP owned 1,754,892 general partnership units and 155,074,901 limited partnership units in BPLP. On May 22, 2020, BXP renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its Common Stock through sales agents over a three-year period. Under the ATM stock offering program, BXP may also engage in forward sale transactions with affiliates of certain sales agents for the sale of its Common Stock on a forward basis. This program replaced BXP’s prior $600.0 million ATM stock offering program that was scheduled to expire on June 2, 2020. BXP intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction. No shares of Common Stock have been issued under this ATM stock offering program. During the three months ended March 31, 2023, BXP did not issue any shares of Common Stock upon the exercise of options to purchase Common Stock. As a result of the exercise period ending on February 1, 2023, 49,359 options were forfeited. During the three months ended March 31, 2023, BXP issued 5,188 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners. The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2023 and during the three months ended March 31, 2022:
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Segment Information |
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Segment Reporting Disclosure [Text Block] | 10. Segment Information The following tables present reconciliations of Net Income Attributable to Boston Properties, Inc. to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership to the Company’s share of Net Operating Income for the three months ended March 31, 2023 and 2022. BXP
BPLP
Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. and net income attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income attributable to noncontrolling interests, interest expense, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain on non-real estate investment, gains (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. and net income attributable to Boston Properties Limited Partnership. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently. The Company’s internal reporting utilizes its share of NOI, which includes its share of NOI from consolidated and unconsolidated joint ventures, which is a non-GAAP financial measure that is calculated as the consolidated amount, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s economic percentage ownership interest and, in some cases, after priority allocations), less the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ economic percentage ownership interests and, in some cases, after priority allocations, income allocation to private REIT shareholders and their share of fees due to the Company). The Company’s share of NOI from unconsolidated joint ventures, as defined above, also does not include its share of losses from early extinguishment of debt from unconsolidated joint ventures and unrealized loss on derivative instruments, both of which are included within Income (Loss) From Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. Management utilizes its share of NOI in assessing its performance as the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, the presentations of the Company’s share of NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Interest expense, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, unrealized gain on non-real estate investment, gains (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. The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. The Company also presents information for each segment by property type, including Premier Workplace (which includes office, life sciences and retail), Residential and Hotel. Information by geographic area and property type (dollars in thousands): For the three months ended March 31, 2023:
_______________ (1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. For the three months ended March 31, 2022:
_______________ (1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.
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Earnings Per Share / Common Unit |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share / Common Unit | 11. Earnings Per Share / Common Unit BXP The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to Boston Properties, Inc. by the weighted-average number of common shares outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of BXP using the two-class method. Participating securities are included in the computation of diluted EPS of BXP using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2020 MYLTIP Units required, and the 2021 - 2023 MYLTIP Units require, BXP to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, BXP excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.
BPLP The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership by the weighted-average number of common units outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic earnings per common unit using the two-class method. Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2020 MYLTIP Units required, and the 2021 - 2023 MYLTIP Units require, BXP to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, BPLP excludes such units from the diluted earnings per common unit calculation. Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit. Included in the number of units (the denominator) below are approximately 17,849,000 and 17,626,000 redeemable common units for the three months ended March 31, 2023 and 2022, respectively.
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Stock Option and Incentive Plan |
3 Months Ended |
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Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option and Incentive Plan | 12. Stock Option and Incentive Plan On January 25, 2023, BXP’s Compensation Committee approved the grant of 2023 MYLTIP awards under the Boston Properties, Inc. 2021 Stock Incentive Plan (the “2021 Plan”) to certain executive officers of BXP, effective February 7, 2023. The 2023 MYLTIP awards consist of two, equally weighted (50% each) components that utilize BXP’s TSR over a three-year measurement period as the performance metric. Total earned awards under the 2023 MYLTIP, if any, will equal the sum of the number of LTIP Units earned under the first and second components and will range from zero to a maximum of 322,053 LTIP Units with a target of approximately 161,026 LTIP Units and linear interpolation between zero and maximum. Earned awards (if any) will vest 100% on February 6, 2026, but, in general, may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. The 2023 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 2023 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, the Company will also make a “catch-up” cash payment on the 2023 MYLTIP Units that are ultimately earned in an amount equal to the regular and special distributions, if any, declared during the performance period on BXP’s Common Stock, less the distributions actually paid to holders of 2023 MYLTIP Units during the performance period on all of the awarded 2023 MYLTIP Units. Under ASC 718 “Compensation - Stock Compensation,” the 2023 MYLTIP awards have an aggregate value of approximately $13.1 million, which amount will generally be amortized into earnings under the graded vesting method. On February 3, 2023, the measurement period for the Company’s 2020 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 50% of target, or an aggregate of approximately $3.8 million (after giving effect to employee separations). As a result, an aggregate of 152,460 2020 MYLTIP Units that had been previously granted were automatically forfeited. During the three months ended March 31, 2023, BXP issued 66,634 shares of restricted common stock and BPLP issued 403,446 LTIP Units and 322,053 2023 MYLTIP Units to employees and non-employee directors under the 2021 Plan. Employees and non-employee directors paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit and 2023 MYLTIP Unit. When issued, LTIP Units are not economically equivalent in value to a share of Common Stock, but over time can increase in value to one-for-one parity with Common Stock if there is sufficient appreciation in the value of the Company’s assets. The aggregate value of the LTIP Units is included in noncontrolling interests in the Consolidated Balance Sheets of BXP and BPLP. A substantial majority of the grants of restricted common stock and LTIP Units to employees vest in four equal annual installments. Restricted common stock is measured at fair value on the date of grant based on the number of shares granted and the closing price of BXP’s Common Stock on the date of grant as quoted on the New York Stock Exchange. Such value is recognized as an expense ratably over the corresponding employee service period. The shares of restricted common stock granted during the three months ended March 31, 2023 were valued at approximately $5.0 million. The LTIP Units granted were valued at approximately $28.1 million using a Monte Carlo simulation method model. Because the 2012 OPP Units and 2013 - 2023 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 $25.9 million and $20.9 million for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, there was (1) an aggregate of approximately $36.0 million of unrecognized compensation expense related to unvested restricted stock, LTIP Units and 2020 MYLTIP Units and (2) an aggregate of approximately $9.1 million of unrecognized compensation expense related to unvested 2021 - 2023 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.4 years.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On April 21, 2023, a joint venture in which BXP has a 50% interest exercised an option to extend by one year the maturity date of its $252.6 million construction loan collateralized by its 7750 Wisconsin Avenue property. The completed 734,000 square foot build-to-suit, premier workplace is located in Bethesda, Maryland and is 100% leased to an affiliate of Marriott International, Inc. Effective June 1, 2023, the financing will bear interest at a variable rate equal to Term SOFR plus 1.35% per annum and will now mature on April 26, 2024, with a one-year extension option, subject to certain conditions. On April 29, 2023, the Company completed and fully placed in-service 2100 Pennsylvania Avenue, a premier workplace project with approximately 480,000 net rentable square feet located in Washington, DC. On May 02, 2023, BPLP executed interest rate swaps in notional amounts aggregating $1.2 billion. These interest rate swaps were entered into to fix Term SOFR under for BPLP’s 2023 Unsecured Term Loan at a weighted-average rate of 4.6420% for the period commencing on May 4, 2023 and ending on May 16, 2024. Based on BPLP’s credit rating as of May 2, 2023, the interest rate for the 2023 Unsecured Term Loan would be 5.592% (See Note 6).
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Comprehensive Text Block List (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income.The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2022. |
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. |
Summary Of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
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) |
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Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents for March 31, 2023 and December 31, 2022, 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”).
_______________ (1)If trading volume for the period is low, the valuation could be categorized as Level 2. Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates. In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods.
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the aggregate carrying value of the Company’s related party note receivable, net, sales-type lease 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 March 31, 2023 and December 31, 2022 (in thousands):
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Real Estate (Tables) |
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Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | BXP Real estate consisted of the following at March 31, 2023 and December 31, 2022 (in thousands):
_______________ (1)Includes pre-development costs.
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Boston Properties Limited Partnership | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | BPLP Real estate consisted of the following at March 31, 2023 and December 31, 2022 (in thousands):
_______________ (1)Includes pre-development costs.
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Leases (Tables) |
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Operating Lease, Lease Income [Table Text Block] | The following table summarizes the components of lease revenue recognized for its operating and sales-type leases during the three months ended March 31, 2023 and 2022 included within the Company's Consolidated Statements of Operations (in thousands):
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Sales-type Lease, Lease Income | The following table summarizes the components of lease revenue recognized for its operating and sales-type leases during the three months ended March 31, 2023 and 2022 included within the Company's Consolidated Statements of Operations (in thousands):
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Investments in Unconsolidated Joint Ventures (Tables) |
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Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Unconsolidated Joint Ventures | The investments in unconsolidated joint ventures consist of the following at March 31, 2023 and December 31, 2022:
_______________ (1)Investments with deficit balances aggregating approximately $81.5 million and $85.4 million at March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)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 in excess of 520,000 square feet and achieving certain project returns at stabilization. (5)This property includes net equity balances from the amenity joint venture. (6)This entity is a VIE (See Note 2). (7)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (8)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. (9)The Company’s partner will fund required capital until its aggregate investment is approximately 80% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.
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Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block] | The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)At March 31, 2023 and December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At March 31, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.9 million and $21.2 million, respectively. (2)At March 31, 2023 and December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $381.0 million and $382.2 million, respectively. At March 31, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (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 $81.5 million and $85.4 million at March 31, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
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Statements Of Operations Of The Joint Ventures | The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
_______________ (1)Includes straight-line rent adjustments of approximately $6.3 million and $27.5 million for the three months ended March 31, 2023 and 2022, respectively. (2)Includes straight-line rent adjustments of approximately $0.3 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively.
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Noncontrolling Interests (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2023 and during the three months ended March 31, 2022:
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Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2019 MYLTIP Units and, after the February 3, 2023 measurement date, the 2020 MYLTIP Units) and its distributions on the 2020 MYLTIP Units (prior to the February 3, 2023 measurement date) and 2021 - 2023 MYLTIP Units (after the February 7, 2023 issuance date of the 2023 MYLTIP Units) that occurred during the three months ended March 31, 2023:
The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2018 MYLTIP Units and, after the February 4, 2022 measurement date, the 2019 MYLTIP Units) and its distributions on the 2019 MYLTIP Units (prior to the February 4, 2022 measurement date) and 2020 - 2022 MYLTIP Units (after the February 1, 2022 issuance date of the 2022 MYLTIP Units) that occurred during the three months ended March 31, 2022:
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Stockholders' Equity / Partners' Capital (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2023 and during the three months ended March 31, 2022:
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Reconciliation Of Net Operating Income To Net Income | BXP
BPLP
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Schedule Of Segment Information By Geographic Area And Property Type | Information by geographic area and property type (dollars in thousands): For the three months ended March 31, 2023:
_______________ (1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. For the three months ended March 31, 2022:
_______________ (1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.
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Earnings Per Share / Common Unit (Tables) |
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Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share / Unit |
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Boston Properties Limited Partnership | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share / Unit |
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Organization (Details) ft² in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023
ft²
Real_Estate_Properties
yr
shares
|
Dec. 31, 2022 |
|
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 | |
2012 OPP Units and Vested MYLTIPs | ||
Real Estate Properties [Line Items] | ||
Vesting Period | 3 years | |
Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 15 | |
Net Rentable Area (in sf) | ft² | 4.0 | |
Commercial Real Estate Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 192 | |
Net Rentable Area (in sf) | ft² | 54.5 | |
Office and Life Sciences Building [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 171 | |
Office and Life Sciences Building [Member] | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 12 | |
Retail Site [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 14 | |
Retail Site [Member] | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 2 | |
Residential Building | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 6 | |
Residential Building | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Hotel [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Boston Properties Limited Partnership | ||
Real Estate Properties [Line Items] | ||
General and limited partnership interest in the operating partnership (percent) | 89.40% | 89.60% |
Summary Of Significant Accounting Policies (Narrative) (Details) |
Mar. 31, 2023 |
---|---|
Summary Of Significant Accounting Policies [Line Items] | |
Number of VIEs | 7 |
Variable Interest Entity, Primary Beneficiary [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of VIEs | 6 |
Commercial Real Estate Properties [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of VIEs | 5 |
Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | $ 78,544 | $ 78,576 |
Sales-type lease receivable, net | 13,028 | 12,811 |
Mortgage notes payable, net | 3,273,553 | 3,272,368 |
Unsecured senior notes, net | 10,240,967 | 10,237,968 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 1,194,916 | 730,000 |
Carrying Amount [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | 78,544 | 78,576 |
Sales-type lease receivable, net | 13,028 | 12,811 |
Total | 91,572 | 91,387 |
Mortgage notes payable, net | 3,273,553 | 3,272,368 |
Unsecured senior notes, net | 10,240,967 | 10,237,968 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 1,194,916 | 730,000 |
Total | 14,709,436 | 14,240,336 |
Estimated Fair Value [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | 79,472 | 79,220 |
Sales-type lease receivable, net | 13,086 | 13,045 |
Total | 92,558 | 92,265 |
Mortgage notes payable, net | 2,826,826 | 2,744,479 |
Unsecured senior notes, net | 8,759,487 | 9,135,512 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 1,200,000 | 730,000 |
Total | $ 12,786,313 | $ 12,609,991 |
Real Estate Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Real Estate Properties [Line Items] | ||||
Land | $ 5,189,287 | $ 5,189,811 | ||
Right-of-use assets - finance leases | 237,503 | 237,510 | ||
Right of use assets - operating leases | 166,699 | 167,351 | ||
Land held for future development | [1] | 626,137 | 721,501 | |
Buildings and improvements | 15,783,962 | 15,820,724 | ||
Tenant improvements | 3,291,322 | 3,200,743 | ||
Furniture, Fixtures and Equipment | 50,242 | 50,310 | ||
Construction in progress | 618,770 | 406,574 | ||
Total | 25,963,922 | 25,794,524 | ||
Less: accumulated depreciation | (6,424,547) | (6,298,082) | ||
Total real estate | 19,539,375 | 19,496,442 | ||
Boston Properties Limited Partnership | ||||
Real Estate Properties [Line Items] | ||||
Land | 5,094,578 | 5,095,102 | ||
Right-of-use assets - finance leases | 237,503 | 237,510 | ||
Right of use assets - operating leases | 166,699 | 167,351 | ||
Land held for future development | [1] | 626,137 | 721,501 | |
Buildings and improvements | 15,512,406 | 15,547,919 | ||
Tenant improvements | 3,291,322 | 3,200,743 | ||
Furniture, Fixtures and Equipment | 50,242 | 50,310 | ||
Construction in progress | 618,770 | 406,574 | ||
Total | 25,597,657 | 25,427,010 | ||
Less: accumulated depreciation | (6,306,326) | (6,180,474) | ||
Total real estate | $ 19,291,331 | $ 19,246,536 | ||
|
Real Estate (Narrative) (Details) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023
USD ($)
ft²
|
Mar. 31, 2022
USD ($)
|
Jan. 30, 2023
ft²
|
Jan. 05, 2023
ft²
|
|
Real Estate Properties [Line Items] | ||||
Depreciation and amortization | $ | $ 208,734 | $ 177,624 | ||
Construction in Progress | ||||
Real Estate Properties [Line Items] | ||||
Net Rentable Area (in sf) | 4,000,000 | |||
290 Binney | ||||
Real Estate Properties [Line Items] | ||||
Net Rentable Area (in sf) | 566,000 | |||
Leased percentage | 100.00% | |||
300 Binney Street | ||||
Real Estate Properties [Line Items] | ||||
Net Rentable Area (in sf) | 195,000 | |||
Depreciation and amortization | $ | $ 11,000 | |||
300 Binney Street | Construction in Progress | ||||
Real Estate Properties [Line Items] | ||||
Net Rentable Area (in sf) | 236,000 | |||
Leased percentage | 100.00% |
Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Leases [Abstract] | ||
Fixed contractual payments | $ 621,646 | $ 599,607 |
Variable lease payments | 135,003 | 118,513 |
Sales-type lease income | 226 | 0 |
Lease | $ 756,875 | $ 718,120 |
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands |
3 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023
USD ($)
ft²
payments
|
Dec. 31, 2022
USD ($)
|
|||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Other Liabilities | $ (465,276) | $ (450,918) | ||||||||||||||||||
Investments in unconsolidated joint ventures | 1,752,617 | 1,715,911 | ||||||||||||||||||
Investments In Affiliates Subsidiaries Associates And Joint Ventures net | [1] | 1,671,124 | 1,630,485 | |||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Other Liabilities | $ (81,500) | (85,400) | ||||||||||||||||||
Square 407 Limited Partnership [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Market Square North | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Other Liabilities | [1] | $ (6,097) | (6,198) | |||||||||||||||||
BP/CRF Metropolitan Square LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Metropolitan Square | |||||||||||||||||||
Ownership Percentage | 20.00% | |||||||||||||||||||
Other Liabilities | [1] | $ (38,782) | (37,629) | |||||||||||||||||
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] | $ (12,311) | $ (12,493) | |||||||||||||||||
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] | 33.33% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 31,723 | $ 31,971 | |||||||||||||||||
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] | $ (8,941) | (9,185) | |||||||||||||||||
501 K Street LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 1001 6th Street | |||||||||||||||||||
Ownership Percentage | [4] | 50.00% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 43,661 | 42,922 | |||||||||||||||||
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] | $ 45,622 | 46,839 | |||||||||||||||||
Residential Tower Developer LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Hub50House | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 42,046 | 45,414 | |||||||||||||||||
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] | $ 12,582 | 12,366 | |||||||||||||||||
Office Tower Developer LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 59,811 | 59,716 | |||||||||||||||||
Office Tower Developer LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 100 Causeway Street | |||||||||||||||||||
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] | $ 3,605 | 3,465 | |||||||||||||||||
BNY Tower Holdings LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Dock 72 | |||||||||||||||||||
Ownership Percentage | [5] | 50.00% | ||||||||||||||||||
Other Liabilities | [1] | $ 15,362 | 19,921 | |||||||||||||||||
CA-Colorado Center LLC[Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Colorado Center | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 234,635 | 233,862 | |||||||||||||||||
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] | $ 51,549 | 52,152 | |||||||||||||||||
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] | $ 115,966 | 116,397 | |||||||||||||||||
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] | $ 161,786 | 164,735 | |||||||||||||||||
Platform 16 Holdings LP [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Platform 16 | |||||||||||||||||||
Ownership Percentage | [6] | 55.00% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 171,010 | 158,109 | |||||||||||||||||
Gateway Portfolio Holdings LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Gateway Commons | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 337,535 | 324,038 | |||||||||||||||||
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] | $ 26,987 | 27,000 | |||||||||||||||||
Entity Owning Land And Infrastructure Of Project [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 33.33% | |||||||||||||||||||
Safeco Plaza REIT LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Safeco Plaza | |||||||||||||||||||
Ownership Percentage | [7] | 33.67% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 68,196 | 69,785 | |||||||||||||||||
Safeco Plaza REIT LLC | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 33.00% | |||||||||||||||||||
360 PAS Holdco LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 360 Park Avenue South | |||||||||||||||||||
Ownership Percentage | [8] | 42.21% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 116,828 | 114,992 | |||||||||||||||||
360 PAS Holdco LLC | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 35.79% | |||||||||||||||||||
360 PAS Holdco LLC | Joint Venture Partner [Member] | Scenario, Plan | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 58.00% | |||||||||||||||||||
Safeco Partner Entity One [Member] | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 1.00% | |||||||||||||||||||
Safeco Partner Entity Two | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 1.00% | |||||||||||||||||||
360 PAS Holdco LLC (indirect ownership) | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 5.837% | |||||||||||||||||||
360 Park Avenue South Partners Entity | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 1.00% | |||||||||||||||||||
360 Park Avenue South Partners Entity Two | Company's Share [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 1.00% | |||||||||||||||||||
PR II BXP Reston Gateway LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | Reston Next Residential | |||||||||||||||||||
Ownership Percentage | [9] | 20.00% | ||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 11,431 | 11,351 | |||||||||||||||||
PR II BXP Reston Gateway LLC | Joint Venture Partner [Member] | Scenario, Plan | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership Percentage | 80.00% | |||||||||||||||||||
751 Gateway Holdings LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 751 Gateway | |||||||||||||||||||
Ownership Percentage | 49.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 85,430 | 80,714 | |||||||||||||||||
200 Fifth Avenue JV LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 200 Fifth Avenue | |||||||||||||||||||
Ownership Percentage | 26.69% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 114,919 | $ 120,083 | |||||||||||||||||
ABXP Worldgate Investments LLC | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Properties | 13100 and 13150 Worldgate Drive | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Investments in unconsolidated joint ventures | [1] | $ 17,295 | ||||||||||||||||||
|
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | $ 19,539,375 | $ 19,496,442 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 24,625,422 | 24,207,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and notes payable, net | 3,273,553 | 3,272,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 465,276 | 450,918 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members’/Partners’ equity | 6,062,787 | 6,132,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity / capital | 24,625,422 | 24,207,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | 1,752,617 | 1,715,911 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use assets - finance leases | 237,503 | 237,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use assets - operating leases | 166,699 | 167,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - finance leases | 250,567 | 249,335 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - operating leases | 204,435 | 204,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | [1] | 6,649,580 | 6,537,554 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 755,055 | 756,786 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 7,404,635 | 7,294,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and notes payable, net | 4,037,789 | 4,022,746 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | [2] | 723,660 | 716,271 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members’/Partners’ equity | 2,643,186 | 2,555,323 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity / capital | 7,404,635 | 7,294,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's share of equity | 1,271,419 | 1,238,929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | [3] | 399,705 | 391,556 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [4] | 1,671,124 | 1,630,485 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use assets - finance leases | 248,900 | 248,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use assets - operating leases | 20,900 | 21,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - finance leases | 381,000 | 382,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities - operating leases | 30,500 | 30,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 81,500 | 85,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | 301,097 | 301,820 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [5] | 234,635 | 233,862 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Commons Complex [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | 47,707 | 47,808 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [5] | 337,535 | 324,038 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dock 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | [5] | (15,362) | (19,921) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | (98,120) | (98,980) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 Fifth Avenue JV LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis differentials | 99,381 | 94,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [5] | $ 114,919 | $ 120,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total revenue | $ 803,200 | $ 754,307 | ||||
Expenses | ||||||
Transaction costs | 911 | 0 | ||||
Depreciation and amortization | 208,734 | 177,624 | ||||
Total expenses | 568,661 | 499,978 | ||||
Other income (expense) | ||||||
Interest expense | (134,207) | (101,228) | ||||
Gains on sales of real estate | 0 | 22,701 | ||||
Net income | 105,628 | 176,957 | ||||
Income (Loss) from Equity Method Investments | (7,569) | 2,189 | ||||
Unconsolidated Joint Ventures [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total revenue | [1] | 151,423 | 124,491 | |||
Expenses | ||||||
Operating | 57,206 | 45,641 | ||||
Transaction costs | 74 | 0 | ||||
Depreciation and amortization | 49,978 | 44,664 | ||||
Total expenses | 107,258 | 90,305 | ||||
Other income (expense) | ||||||
Losses from early extinguishment of debt | 0 | (1,327) | ||||
Interest expense | (57,250) | (30,373) | ||||
Unrealized loss on derivative instruments | (10,610) | 0 | ||||
Net income | (23,695) | 2,486 | ||||
Company's share of net income | (6,902) | 3,394 | ||||
Basis differential | [2] | (667) | (1,205) | |||
Income (Loss) from Equity Method Investments | (7,569) | 2,189 | ||||
Straight Line Rent Adjustments | 6,300 | 27,500 | ||||
Above and below market rent adjustments, net | 200 | 100 | ||||
Colorado Center [Member] | Unconsolidated Joint Ventures [Member] | ||||||
Other income (expense) | ||||||
Straight Line Rent Adjustments | $ 300 | $ 100 | ||||
|
Investment in Unconsolidated Joint Ventures (Narrative) (Details) - Worldgate Drive - Unconsolidated Properties $ in Thousands |
Jan. 31, 2023
USD ($)
ft²
a
Vehicles
Building
|
---|---|
Schedule of Equity Method Investments [Line Items] | |
Ownership Percentage | 50.00% |
Payments to Acquire Interest in Joint Venture | $ | $ 17,000 |
Net Rentable Area (in sf) | ft² | 350,000 |
Number of buildings | Building | 2 |
Number of parking space | Vehicles | 1,200 |
Area of Land | a | 10 |
Unsecured Term Loan (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
Jan. 04, 2023
USD ($)
mo
Rate
|
Dec. 31, 2022
USD ($)
|
---|---|---|---|
Debt Instrument [Line Items] | |||
Unsecured term loan | $ | $ 1,194,916 | $ 730,000 | |
2022 Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Repayments of Unsecured Debt | $ | $ 730,000 | ||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ | 0 | ||
2023 Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ | $ 1,200,000 | ||
Unsecured term loan | $ | $ 1,200,000 | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.00% | ||
Line of Credit, Additional Borrowing Capacity | $ | $ 300,000 | ||
Number of extensions | 1 | ||
Extension Option (in months) | mo | 12 | ||
Proceeds from Unsecured Lines of Credit | $ | $ 1,200,000 | ||
2023 Unsecured Term Loan | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Number of Additional Term Loans | 1 | ||
2023 Unsecured Term Loan | Fed Funds Effective Rate Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.50% | ||
2023 Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.00% | ||
2023 Unsecured Term Loan | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||
2023 Unsecured Term Loan | Base Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.60% | ||
2023 Unsecured Term Loan | Base Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.00% | ||
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | 0.85% | |
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.60% | ||
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.75% |
Commitments And Contingencies (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
ft²
Real_Estate_Properties
| |
Commitments And Contingencies [Line Items] | |
Letter of credit and performance obligations | $ 25,700 |
Property insurance program per occurrence limits | 1,000,000 |
Per occurrence limit for NBCR Coverage | 1,000,000 |
Value of program trigger | $ 200,000 |
Coinsurance of program trigger | 20.00% |
Program trigger deductible | 20.00% |
Per occurrence limit of the earthquake insurance which covers San Francisco and Los Angeles regions | $ 330,000 |
Annual aggregate limit of the earthquake insurance which covers San Francisco and Los Angeles regions | 330,000 |
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco and Los Angeles | $ 30,000 |
Deductible in insurance as a percentage of the value of the affected property, San Francisco and Los Angeles | 5.00% |
Per Occurrence Limit of Earthquake Insurance Seattle | $ 110,000 |
Annual Aggregate Limit of Earthquake Insurance Seattle | $ 110,000 |
Earthquake Deductible Insurance Percentage of Value of the Affected Property Seattle | 2.00% |
Boston Properties Limited Partnership | |
Commitments And Contingencies [Line Items] | |
Operating partnership guarantee to cover liabilities of IXP | $ 20,000 |
767 Venture, LLC [Member] | |
Commitments And Contingencies [Line Items] | |
Maximum funding obligation | 12,500 |
Property insurance program per occurrence limits | 1,625,000 |
601 Lexington Avenue | |
Commitments And Contingencies [Line Items] | |
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP | 1,350,000 |
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Property and Terrorism | 750,000 |
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Terrorism | 600,000 |
Sum of Coverage Covered by IXP and Excess Coverage for Property and Terrorism | $ 1,750,000 |
Residential Properties [Member] | Scenario, Plan | |
Commitments And Contingencies [Line Items] | |
Net Rentable Area (in sf) | ft² | 400,000 |
Office and Life Sciences Building [Member] | |
Commitments And Contingencies [Line Items] | |
Number of real estate properties | Real_Estate_Properties | 171 |
Office and Life Sciences Building [Member] | Scenario, Plan | |
Commitments And Contingencies [Line Items] | |
Net Rentable Area (in sf) | ft² | 1,100,000 |
Number of real estate properties | 2 |
Noncontrolling Interests (Narrative) (Details) - Boston Properties Limited Partnership |
Mar. 31, 2023
shares
|
---|---|
OP Units [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 16,527,638 |
LTIP Units [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 2,131,785 |
2012 OPP and 2013-2020 MYLTIP [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 514,854 |
MYLTIP 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 350,989 |
MYLTIP 2022 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 253,453 |
MYLTIP 2023 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 322,053 |
(Common Units) (Narrative) (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Feb. 07, 2023
USD ($)
|
Feb. 03, 2023
USD ($)
shares
|
Mar. 31, 2023
USD ($)
yr
$ / shares
shares
|
Dec. 31, 2022
USD ($)
|
|
Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ | $ 1,074,648 | $ 1,280,886 | ||
MYLTIP | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Vesting Period | 3 years | |||
Unvested MYLTIP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
unvested MYLTIP distributions as compared to total distributions (percentage) | 10.00% | |||
MYLTIP 2021 | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 350,989 | |||
MYLTIP 2020 [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Final awards percentage of target | 50.00% | |||
Value of MYLTIP Awards | $ | $ 3,800 | |||
Forfeitures, in units | 152,460 | |||
MYLTIP 2022 | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 253,453 | |||
MYLTIP 2023 | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Vesting Period | 3 years | |||
Value of MYLTIP Awards | $ | $ 13,100 | |||
MYLTIP 2023 | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 322,053 | |||
OP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
OP Units for redemption (in shares) | 5,188 | |||
Restriction on redemption of OP Unit to Common Stock (in years) | yr | 1 | |||
Redemption of OP Unit equivalent to Common Stock (in shares) | 1 | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ | $ 1,100,000 | |||
Closing price of common stock (in dollars per share) | $ / shares | $ 54.12 | |||
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) | 5,188 |
Noncontrolling Interests Common Units Distributions (Details) - $ / shares |
Jan. 30, 2023 |
Apr. 29, 2022 |
Jan. 28, 2022 |
Mar. 20, 2023 |
---|---|---|---|---|
Dividends Payable [Line Items] | ||||
Distributions Payable, Amount Per Unit | $ 0.98 | |||
Dividends, Per Unit, Cash Paid | $ 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 | |
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 | |
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 |
Noncontrolling Interests (Property Partnerships) (Narrative) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest in Limited Partnerships | $ 1,552,070 | $ 1,547,317 |
Stockholders' Equity / Partners' Capital Narrative (Details) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Feb. 01, 2023
shares
|
May 22, 2020
USD ($)
yr
|
Mar. 31, 2023
shares
|
Dec. 31, 2022
shares
|
Jun. 02, 2017
USD ($)
|
|
Class of Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 156,829,793 | 156,757,867 | |||
General Partners' Capital Account, Units Outstanding (in units) | 1,754,892 | ||||
Limited Partners' Capital Account, Units Outstanding (in units) | 155,074,901 | ||||
Options exercised | 0 | ||||
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares) | 5,188 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period | 49,359 | ||||
ATM Program [Member] | |||||
Class of Stock [Line Items] | |||||
At The Market Stock Offering Program Aggregate Value Of Common Stock | $ | $ 600.0 | $ 600.0 | |||
At Market Stock Offering Program Maximum Length Of Sale (in years) | yr | 3 |
Stockholders' Equity / Partners' Capital Dividends / Distributions (Details) - $ / shares |
Jan. 30, 2023 |
Apr. 29, 2022 |
Jan. 28, 2022 |
Mar. 20, 2023 |
---|---|---|---|---|
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 | |
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 | |
Boston Properties Limited Partnership | Op units and LTIP units | ||||
Dividends / Distributions [Line Items] | ||||
Dividends Payable, Amount Per Share / Unit | 0.98 | |||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Unvested MYLTIP Units [Member] | ||||
Dividends / Distributions [Line Items] | ||||
Dividends Payable, Amount Per Share / Unit | $ 0.098 | |||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 0.098 | $ 0.098 | $ 0.098 |
Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Net income attributable to the company's common shareholders / unitholders | $ 77,890 | $ 143,047 |
Noncontrolling interest-common units of the Operating Partnership | (9,078) | (16,361) |
Noncontrolling interest in property partnerships | (18,660) | (17,549) |
Interest expense | (134,207) | (101,228) |
Company's share of net operating income from joint ventures | (491,006) | (469,316) |
Depreciation and amortization expense | (208,734) | (177,624) |
Transaction costs | (911) | 0 |
General and administrative expense | (55,802) | (43,194) |
Unrealized Gain (Loss) on Investments | (259) | 0 |
Gains (losses) from investments in securities | (1,665) | 2,262 |
Interest and other income (loss) | (10,941) | (1,228) |
Gains on sales of real estate | 0 | (22,701) |
Income (loss) from unconsolidated joint ventures | 7,569 | (2,189) |
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 | 77,890 | 143,047 |
Noncontrolling interest-common units of the Operating Partnership | 9,078 | 16,361 |
Noncontrolling interest in property partnerships | 18,660 | 17,549 |
Interest expense | 134,207 | 101,228 |
Depreciation and amortization expense | 208,734 | 177,624 |
Transaction costs | 911 | 0 |
Operating expense | 5,235 | 4,065 |
General and administrative expense | 55,802 | 43,194 |
Gains (losses) from investments in securities | 1,665 | (2,262) |
Interest and other income (loss) | 10,941 | 1,228 |
Gains on sales of real estate | 0 | 22,701 |
Income (loss) from unconsolidated joint ventures | (7,569) | 2,189 |
Other revenue | 5,235 | 4,065 |
Company's share of Net Operating Income | 484,665 | 459,582 |
Unconsolidated Joint Ventures [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Interest expense | (57,250) | (30,373) |
Losses from early extinguishment of debt | 0 | 1,327 |
Depreciation and amortization expense | (49,978) | (44,664) |
Transaction costs | (74) | 0 |
Income (loss) from unconsolidated joint ventures | 7,569 | (2,189) |
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 | 40,756 | 37,321 |
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 | 88,830 | 161,829 |
Noncontrolling interest in property partnerships | (18,660) | (17,549) |
Interest expense | (134,207) | (101,228) |
Depreciation and amortization expense | (206,872) | (175,886) |
Transaction costs | (911) | 0 |
General and administrative expense | (55,802) | (43,194) |
Unrealized Gain (Loss) on Investments | (259) | 0 |
Gains (losses) from investments in securities | (1,665) | 2,262 |
Interest and other income (loss) | (10,941) | (1,228) |
Gains on sales of real estate | 0 | (23,384) |
Income (loss) from unconsolidated joint ventures | 7,569 | (2,189) |
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 | 88,830 | 161,829 |
Noncontrolling interest in property partnerships | 18,660 | 17,549 |
Interest expense | 134,207 | 101,228 |
Depreciation and amortization expense | 206,872 | 175,886 |
Transaction costs | 911 | 0 |
Operating expense | 5,235 | 4,065 |
General and administrative expense | 55,802 | 43,194 |
Gains (losses) from investments in securities | 1,665 | (2,262) |
Interest and other income (loss) | 10,941 | 1,228 |
Gains on sales of real estate | 0 | 23,384 |
Other revenue | 5,235 | 4,065 |
Company's share of Net Operating Income | 484,665 | 459,582 |
Management Service [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Other revenue | (8,980) | (5,831) |
Management Service [Member] | Segment Reconciling Items | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Other revenue | 8,980 | 5,831 |
Management Service [Member] | Boston Properties Limited Partnership | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Other revenue | (8,980) | (5,831) |
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 | 8,980 | 5,831 |
Noncontrolling interest - property partnerships [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Company's share of net operating income from joint ventures | 47,097 | 47,055 |
Noncontrolling interest - property partnerships [Member] | Segment Reconciling Items | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Company's share of net operating income from joint ventures | 47,097 | 47,055 |
Unrealized Gain (Loss) on Investments | 259 | 0 |
Noncontrolling interest - property partnerships [Member] | Boston Properties Limited Partnership | Segment Reconciling Items | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Company's share of net operating income from joint ventures | 47,097 | 47,055 |
Unrealized Gain (Loss) on Investments | 259 | 0 |
Income (loss) from unconsolidated joint ventures | $ (7,569) | $ 2,189 |
Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
||||
Segment Reporting Information [Line Items] | |||||
Rental Revenue: Class A Office | [1] | $ 769,158 | $ 726,888 | ||
Rental Revenue: Residential | [1] | 11,726 | 12,966 | ||
Rental Revenue Total | [1] | $ 788,985 | $ 744,411 | ||
Rental Revenue: % of Grand Totals | 100.00% | 100.00% | |||
Rental Expenses: Class A Office | $ 285,845 | $ 263,823 | |||
Rental Expenses: Residential | 5,463 | 6,432 | |||
Rental Expenses: Total | $ 297,979 | $ 275,095 | |||
Rental Expenses: % Of Grand Totals | 100.00% | 100.00% | |||
Net Operating Income | $ 491,006 | $ 469,316 | |||
Net Operating Income: % of Grand Totals | 100.00% | 100.00% | |||
Company's Share of Net Operating Income: % of Grand Totals | 100.00% | 100.00% | |||
Boston [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Rental Revenue: Class A Office | [1] | $ 269,951 | $ 242,078 | ||
Rental Revenue: Residential | [1] | 4,049 | 3,596 | ||
Rental Revenue Total | [1] | $ 282,101 | $ 250,231 | ||
Rental Revenue: % of Grand Totals | 35.76% | 33.61% | |||
Rental Expenses: Class A Office | $ 100,049 | $ 90,528 | |||
Rental Expenses: Residential | 1,552 | 1,437 | |||
Rental Expenses: Total | $ 108,272 | $ 96,805 | |||
Rental Expenses: % Of Grand Totals | 36.34% | 35.19% | |||
Net Operating Income | $ 173,829 | $ 153,426 | |||
Net Operating Income: % of Grand Totals | 35.41% | 32.69% | |||
Company's Share of Net Operating Income: % of Grand Totals | 35.41% | 32.94% | |||
Los Angeles [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Rental Revenue: Class A Office | [1] | $ 0 | $ 0 | ||
Rental Revenue: Residential | [1] | 0 | 0 | ||
Rental Revenue Total | [1] | $ 0 | $ 0 | ||
Rental Revenue: % of Grand Totals | 0.00% | 0.00% | |||
Rental Expenses: Class A Office | $ 0 | $ 0 | |||
Rental Expenses: Residential | 0 | 0 | |||
Rental Expenses: Total | $ 0 | $ 0 | |||
Rental Expenses: % Of Grand Totals | 0.00% | 0.00% | |||
Net Operating Income | $ 0 | $ 0 | |||
Net Operating Income: % of Grand Totals | 0.00% | 0.00% | |||
Company's Share of Net Operating Income: % of Grand Totals | 2.73% | 2.99% | |||
New York [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Rental Revenue: Class A Office | [1] | $ 258,192 | $ 256,870 | ||
Rental Revenue: Residential | [1] | 0 | 0 | ||
Rental Revenue Total | [1] | $ 258,192 | $ 256,870 | ||
Rental Revenue: % of Grand Totals | 32.72% | 34.51% | |||
Rental Expenses: Class A Office | $ 102,485 | $ 96,340 | |||
Rental Expenses: Residential | 0 | 0 | |||
Rental Expenses: Total | $ 102,485 | $ 96,340 | |||
Rental Expenses: % Of Grand Totals | 34.39% | 35.02% | |||
Net Operating Income | $ 155,707 | $ 160,530 | |||
Net Operating Income: % of Grand Totals | 31.71% | 34.21% | |||
Company's Share of Net Operating Income: % of Grand Totals | 25.39% | 27.21% | |||
San Francisco [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Rental Revenue: Class A Office | [1] | $ 136,093 | $ 132,375 | ||
Rental Revenue: Residential | [1] | 3,642 | 2,391 | ||
Rental Revenue Total | [1] | $ 139,735 | $ 134,766 | ||
Rental Revenue: % of Grand Totals | 17.71% | 18.10% | |||
Rental Expenses: Class A Office | $ 46,085 | $ 43,408 | |||
Rental Expenses: Residential | 2,173 | 1,868 | |||
Rental Expenses: Total | $ 48,258 | $ 45,276 | |||
Rental Expenses: % Of Grand Totals | 16.20% | 16.46% | |||
Net Operating Income | $ 91,477 | $ 89,490 | |||
Net Operating Income: % of Grand Totals | 18.63% | 19.07% | |||
Company's Share of Net Operating Income: % of Grand Totals | 19.59% | 20.16% | |||
Seattle | |||||
Segment Reporting Information [Line Items] | |||||
Rental Revenue: Class A Office | $ 14,258 | [1] | $ 0 | ||
Rental Revenue: Residential | 0 | [1] | 0 | ||
Rental Revenue Total | $ 14,258 | [1] | $ 0 | ||
Rental Revenue: % of Grand Totals | 1.81% | 0.00% | |||
Rental Expenses: Class A Office | $ 2,960 | $ 0 | |||
Rental Expenses: Residential | 0 | 0 | |||
Rental Expenses: Total | $ 2,960 | $ 0 | |||
Rental Expenses: % Of Grand Totals | 0.99% | 0.00% | |||
Net Operating Income | $ 11,298 | $ 0 | |||
Net Operating Income: % of Grand Totals | 2.30% | 0.00% | |||
Company's Share of Net Operating Income: % of Grand Totals | 2.71% | 0.43% | |||
Washington, DC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Rental Revenue: Class A Office | [1] | $ 90,664 | $ 95,565 | ||
Rental Revenue: Residential | [1] | 4,035 | 6,979 | ||
Rental Revenue Total | [1] | $ 94,699 | $ 102,544 | ||
Rental Revenue: % of Grand Totals | 12.00% | 13.78% | |||
Rental Expenses: Class A Office | $ 34,266 | $ 33,547 | |||
Rental Expenses: Residential | 1,738 | 3,127 | |||
Rental Expenses: Total | $ 36,004 | $ 36,674 | |||
Rental Expenses: % Of Grand Totals | 12.08% | 13.33% | |||
Net Operating Income | $ 58,695 | $ 65,870 | |||
Net Operating Income: % of Grand Totals | 11.95% | 14.03% | |||
Company's Share of Net Operating Income: % of Grand Totals | 14.17% | 16.27% | |||
Hotel [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other revenue | [1] | $ 8,101 | $ 4,557 | ||
Operating expense | 6,671 | 4,840 | |||
Hotel [Member] | Boston [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other revenue | [1] | 8,101 | 4,557 | ||
Operating expense | 6,671 | 4,840 | |||
Hotel [Member] | Los Angeles [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other revenue | [1] | 0 | 0 | ||
Operating expense | 0 | 0 | |||
Hotel [Member] | New York [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other revenue | [1] | 0 | 0 | ||
Operating expense | 0 | 0 | |||
Hotel [Member] | San Francisco [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other revenue | [1] | 0 | 0 | ||
Operating expense | 0 | 0 | |||
Hotel [Member] | Seattle | |||||
Segment Reporting Information [Line Items] | |||||
Other revenue | 0 | [1] | 0 | ||
Operating expense | 0 | 0 | |||
Hotel [Member] | Washington, DC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other revenue | [1] | 0 | 0 | ||
Operating expense | 0 | 0 | |||
Noncontrolling interest - property partnerships [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | (47,097) | (47,055) | |||
Noncontrolling interest - property partnerships [Member] | Boston [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | (10,817) | (11,735) | |||
Noncontrolling interest - property partnerships [Member] | Los Angeles [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 0 | 0 | |||
Noncontrolling interest - property partnerships [Member] | New York [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | (36,280) | (35,320) | |||
Noncontrolling interest - property partnerships [Member] | San Francisco [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 0 | 0 | |||
Noncontrolling interest - property partnerships [Member] | Seattle | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 0 | 0 | |||
Noncontrolling interest - property partnerships [Member] | Washington, DC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 0 | 0 | |||
Unconsolidated Joint Ventures [Member] | Boston [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 8,577 | 9,693 | |||
Unconsolidated Joint Ventures [Member] | Los Angeles [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 13,225 | 13,757 | |||
Unconsolidated Joint Ventures [Member] | New York [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 3,650 | (156) | |||
Unconsolidated Joint Ventures [Member] | San Francisco [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 3,464 | 3,181 | |||
Unconsolidated Joint Ventures [Member] | Seattle | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 1,846 | 1,955 | |||
Unconsolidated Joint Ventures [Member] | Washington, DC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 9,994 | 8,891 | |||
Company's Share [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 484,665 | 459,582 | |||
Company's Share [Member] | Boston [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 171,589 | 151,384 | |||
Company's Share [Member] | Los Angeles [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 13,225 | 13,757 | |||
Company's Share [Member] | New York [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 123,077 | 125,054 | |||
Company's Share [Member] | San Francisco [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 94,941 | 92,671 | |||
Company's Share [Member] | Seattle | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | 13,144 | 1,955 | |||
Company's Share [Member] | Washington, DC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Operating Income | $ 68,689 | $ 74,761 | |||
|
Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Basic Earnings: | ||
Net income attributable to the company's common shareholders / unitholders | $ 77,890 | $ 143,047 |
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 156,803,000 | 156,650,000 |
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 0.50 | $ 0.91 |
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 0.50 | $ 0.91 |
Effect of Dilutive Securities: | ||
Stock Based Compensation | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 240,000 | 354,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ 0 | $ 0 |
Diluted Earnings: | ||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 77,890 | $ 143,047 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 157,043,000 | 157,004,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.50 | $ 0.91 |
Boston Properties Limited Partnership | ||
Redeemable Common Units | 17,849,000 | 17,626,000 |
Basic Earnings: | ||
Net income attributable to the company's common shareholders / unitholders | $ 88,830 | $ 161,829 |
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 174,652,000 | 174,276,000 |
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 0.51 | $ 0.93 |
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 0.51 | $ 0.93 |
Effect of Dilutive Securities: | ||
Stock Based Compensation | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 240,000 | 354,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ 0 | $ 0 |
Diluted Earnings: | ||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 88,830 | $ 161,829 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 174,892,000 | 174,630,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.51 | $ 0.93 |
Stock Option and Incentive Plan (Narrative) (Details) - USD ($) $ in Thousands |
Feb. 07, 2023 |
Feb. 03, 2023 |
---|---|---|
MYLTIP 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Value of MYLTIP Awards | $ 3,800 | |
Final awards percentage of target | 50.00% | |
Forfeitures, in units | 152,460 | |
MYLTIP 2023 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The 2023 MYLTIP awards consist of two, equally weighted (50% each) components that utilize BXP’s TSR over a three-year measurement period as the performance metric. | |
Distributions percent before measurement date | 10.00% | |
Vesting Period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Earned awards (if any) will vest 100% on February 6, 2026, but, in general, may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. | |
Value of MYLTIP Awards | $ 13,100 | |
Minimum [Member] | MYLTIP 2023 | Boston Properties Limited Partnership | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 0 | |
Maximum [Member] | MYLTIP 2023 | Boston Properties Limited Partnership | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 322,053 | |
Target | MYLTIP 2023 | Boston Properties Limited Partnership | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 161,026 |
Stock Option and Incentive Plan Stock and Units (Narrative) (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023
USD ($)
$ / shares
shares
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued | shares | 156,908,693 | 156,836,767 | |
Stock based compensation expense | $ 25,900 | $ 20,900 | |
Common Stock, Value, Issued | $ 1,568 | $ 1,568 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued | shares | 66,634 | ||
LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value Of LTIP Units Issued | $ 28,100 | ||
Unvested Restricted stock and LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Annual Installments for Vesting | 4 | ||
Boston Properties Limited Partnership | LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
LTIP units issued (in shares) | shares | 403,446 | ||
Boston Properties Limited Partnership | MYLTIP 2023 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares issued | shares | 322,053 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee and director payment per share (in dollars per share) | $ / shares | $ 0.01 | ||
Common Stock, Value, Issued | $ 5,000 | ||
LTIP and MYLTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee and director payment per share (in dollars per share) | $ / shares | $ 0.25 | ||
Ltips (including vested MYLTIPS) And Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expenses | $ 36,000 | ||
Unvested MYLTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expenses | $ 9,100 | ||
Weighted-average period (years) | 2 years 4 months 24 days |
Subsequent Events (Details) $ in Thousands |
Jun. 01, 2023 |
May 02, 2023
USD ($)
|
Apr. 21, 2023
USD ($)
ft²
Year
|
Jan. 04, 2023
Rate
|
Apr. 29, 2023
ft²
|
---|---|---|---|---|---|
2023 Unsecured Term Loan | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.00% | ||||
Interest Rate Swap | |||||
Subsequent Event [Line Items] | |||||
Derivative, Inception Date | May 02, 2023 | ||||
Derivative, Notional Amount | $ | $ 1,200,000 | ||||
Derivative, Average Fixed Interest Rate | 4.642% | ||||
Derivative, Maturity Date | May 16, 2024 | ||||
Subsequent Event [Member] | 2023 Unsecured Term Loan | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.592% | ||||
Subsequent Event [Member] | 2100 Pennsylvania Avenue | |||||
Subsequent Event [Line Items] | |||||
Area of Real Estate Property | ft² | 480,000 | ||||
Subsequent Event [Member] | Unconsolidated Joint Ventures [Member] | 7750 Wisconsin Avenue [Member] | |||||
Subsequent Event [Line Items] | |||||
Ownership Percentage | 50.00% | ||||
Area of Real Estate Property | ft² | 734,000 | ||||
Leased percentage | 100.00% | ||||
Debt Instrument, Description of Variable Rate Basis | Term SOFR | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | ||||
Extension Option (in years) | Year | 1 | ||||
Subsequent Event [Member] | Unconsolidated Joint Ventures [Member] | 7750 Wisconsin Avenue [Member] | Extended Maturity | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Term | 1 year | ||||
Construction Loan | $ | $ 252,600 |
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