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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) $ 26,749,209 $ 25,389,663
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) 401,680 237,510
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) [1] 324,298 167,351
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) (6,881,728) (6,298,082)
Total real estate 20,593,459 19,496,442
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) 1,531,477 690,333
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) 81,090 46,479
Investments in securities 36,337 32,277
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) 122,407 81,389
Note receivable, net 1,714 0
Sales-type lease receivable, net 13,704 12,811
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) 1,355,212 1,276,580
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) 760,421 733,282
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) 64,230 43,589
Investments in unconsolidated joint ventures 1,377,319 1,715,911
Total assets 26,026,149 24,207,669
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) 4,166,379 3,272,368
Unsecured senior notes, net 10,491,617 10,237,968
Unsecured line of credit 0 0
Unsecured term loan, net 1,198,301 730,000
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) 417,961 249,335
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) 350,391 204,686
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) 458,329 417,545
Dividends and distributions payable 171,176 170,643
Accrued interest payable 133,684 103,774
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) 445,947 450,918
Total liabilities 17,833,785 15,837,237
Redeemable deferred stock units— 119,471 and 97,853 units outstanding at redemption value at December 31, 2023 and December 31, 2022, respectively $ 8,383 $ 6,613
Excess stock, shares outstanding 0 0
Excess stock, shares issued 0 0
Preferred stock / units, shares / units issued (in shares / units) 0 0
Preferred stock / units, shares / units outstanding (in shares / units) 0 0
Equity / Capital:    
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding $ 0 $ 0
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding 0 0
Common stock, $0.01 par value, 250,000,000 shares authorized, 157,019,766 and 156,836,767 issued and 156,940,866 and 156,757,867 outstanding at December 31, 2023 and December 31, 2022, respectively 1,569 1,568
Additional paid-in capital 6,715,149 6,539,147
Dividends in excess of earnings $ (816,152) $ (391,356)
Treasury common stock at cost, shares 78,900 78,900
Treasury common stock at cost, 78,900 shares at December 31, 2023 and December 31, 2022 $ (2,722) $ (2,722)
Accumulated other comprehensive loss (21,147) (13,718)
Total stockholders' equity attributable to Boston Properties, Inc. 5,876,697 6,132,919
Noncontrolling interests:    
Common units of the Operating Partnership 666,580 683,583
Property partnerships 1,640,704 1,547,317
Total equity / capital 8,183,981 8,363,819
Total liabilities and equity / capital 26,026,149 24,207,669
Related Party    
ASSETS    
Related party note receivable, net 88,779 78,576
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) 7,054,075 6,789,029
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) 158,885 0
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) (1,501,483) (1,381,401)
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) 245,317 259,658
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) 22,160 0
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) 27,987 16,521
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) 401,159 367,138
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) 175,383 176,597
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) 11,824 11,647
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) 3,277,185 3,272,368
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) 20,794 20,604
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) 145,826 0
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) 59,667 29,466
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) 115,275 114,232
Boston Properties Limited Partnership    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) 26,382,944 25,022,149
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) 401,680 237,510
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) [1] 324,298 167,351
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) (6,758,361) (6,180,474)
Total real estate 20,350,561 19,246,536
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) 1,531,477 690,333
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) 81,090 46,479
Investments in securities 36,337 32,277
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) 122,407 81,389
Note receivable, net 1,714 0
Sales-type lease receivable, net 13,704 12,811
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) 1,355,212 1,276,580
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) 760,421 733,282
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) 64,230 43,589
Investments in unconsolidated joint ventures 1,377,319 1,715,911
Total assets 25,783,251 23,957,763
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) 4,166,379 3,272,368
Unsecured senior notes, net 10,491,617 10,237,968
Unsecured line of credit 0 0
Unsecured term loan, net 1,198,301 730,000
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) 417,961 249,335
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) 350,391 204,686
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) 458,329 417,545
Dividends and distributions payable 171,176 170,643
Accrued interest payable 133,684 103,774
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) 445,947 450,918
Total liabilities 17,833,785 15,837,237
Redeemable deferred stock units— 119,471 and 97,853 units outstanding at redemption value at December 31, 2023 and December 31, 2022, respectively 8,383 6,613
Noncontrolling interest:    
Redeemable partnership units— 16,508,277 and 16,531,172 common units and 2,065,861 and 1,679,175 long term incentive units outstanding at redemption value at December 31, 2023 and December 31, 2022, respectively 1,347,575 1,280,886
Equity / Capital:    
Boston Properties Limited Partnership partners’ capital— 1,755,150 and 1,749,682 general partner units and 155,185,716 and 155,008,185 limited partner units outstanding at December 31, 2023 and December 31, 2022, respectively 4,973,951 5,299,428
Accumulated other comprehensive loss (21,147) (13,718)
Total partners’ capital 4,952,804 5,285,710
Noncontrolling interests in property partnerships 1,640,704 1,547,317
Noncontrolling interests:    
Total equity / capital 6,593,508 6,833,027
Total liabilities and equity / capital 25,783,251 23,957,763
Boston Properties Limited Partnership | Related Party    
ASSETS    
Related party note receivable, net 88,779 78,576
Boston Properties Limited Partnership | Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) 7,054,075 6,789,029
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) 158,885 0
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) (1,501,483) (1,381,401)
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) 245,317 259,658
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) 22,160 0
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) 27,987 16,521
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) 401,159 367,138
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) 175,383 176,597
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) 11,824 11,647
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) 3,277,185 3,272,368
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) 20,794 20,604
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) 145,826 0
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) 59,667 29,466
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) $ 115,275 $ 114,232
[1] See Note 4.