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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,490,887 and $7,054,075 at June 30, 2024 and December 31, 2023, respectively) $ 27,273,494 $ 26,749,209
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2024 and December 31, 2023, respectively) 372,896 401,680
Right of use assets - operating leases (amounts related to VIEs of $149,605 and $158,885 at June 30, 2024 and December 31, 2023, respectively) [1] 344,292 324,298
Less: accumulated depreciation (amounts related to VIEs of $(1,570,934) and $(1,501,483) at June 30, 2024 and December 31, 2023, respectively) (7,198,566) (6,881,728)
Total real estate 20,792,116 20,593,459
Cash and cash equivalents (amounts related to VIEs of $378,992 and $245,317 at June 30, 2024 and December 31, 2023, respectively) 685,376 1,531,477
Cash held in escrows (amounts related to VIEs of $6,805 and $22,160 at June 30, 2024 and December 31, 2023, respectively) 52,125 81,090
Investments in securities 36,844 36,337
Tenant and other receivables, net (amounts related to VIEs of $17,481 and $27,987 at June 30, 2024 and December 31, 2023, respectively) 82,145 122,407
Note receivable, net 3,155 1,714
Sales-type lease receivable, net 14,182 13,704
Accrued rental income, net (amounts related to VIEs of $416,840 and $401,159 at June 30, 2024 and December 31, 2023, respectively) 1,414,622 1,355,212
Deferred charges, net (amounts related to VIEs of $193,650 and $175,383 at June 30, 2024 and December 31, 2023, respectively) 800,099 760,421
Prepaid expenses and other assets (amounts related to VIEs of $14,753 and $11,824 at June 30, 2024 and December 31, 2023, respectively) 86,188 64,230
Investments in unconsolidated joint ventures 1,418,817 1,377,319
Total assets 25,474,448 26,026,149
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,279,606 and $3,277,185 at June 30, 2024 and December 31, 2023, respectively) 4,371,478 4,166,379
Unsecured senior notes, net 9,797,220 10,491,617
Unsecured line of credit 0 0
Unsecured term loan, net 698,776 1,198,301
Unsecured commercial paper 500,000 0
Lease liabilities - finance leases (amounts related to VIEs of $20,864 and $20,794 at June 30, 2024 and December 31, 2023, respectively) 375,601 417,961
Lease liabilities - operating leases (amounts related to VIEs of $151,643 and $145,826 at June 30, 2024 and December 31, 2023, respectively) 385,842 350,391
Accounts payable and accrued expenses (amounts related to VIEs of $103,662 and $59,667 at June 30, 2024 and December 31, 2023, respectively) 372,484 458,329
Dividends and distributions payable 172,172 171,176
Accrued interest payable 112,107 133,684
Other liabilities (amounts related to VIEs of $95,202 and $115,275 at June 30, 2024 and December 31, 2023, respectively) 398,525 445,947
Total liabilities 17,184,205 17,833,785
Redeemable deferred stock units— 128,584 and 119,471 units outstanding at redemption value at June 30, 2024 and December 31, 2023, respectively $ 7,916 $ 8,383
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, 157,176,741 and 157,019,766 issued and 157,097,841 and 156,940,866 outstanding at June 30, 2024 and December 31, 2023, respectively 1,571 1,569
Additional paid-in capital 6,768,686 6,715,149
Dividends in excess of earnings $ (964,518) $ (816,152)
Treasury common stock at cost, shares 78,900 78,900
Treasury common stock at cost, 78,900 shares at June 30, 2024 and December 31, 2023 $ (2,722) $ (2,722)
Accumulated other comprehensive loss (155) (21,147)
Total stockholders' equity attributable to Boston Properties, Inc. 5,802,862 5,876,697
Noncontrolling interests:    
Common units of the Operating Partnership 677,789 666,580
Property partnerships 1,801,676 1,640,704
Total equity / capital 8,282,327 8,183,981
Total liabilities and equity / capital 25,474,448 26,026,149
Related Party    
ASSETS    
Related party note receivable, net 88,779 88,779
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,490,887 and $7,054,075 at June 30, 2024 and December 31, 2023, respectively) 7,490,887 7,054,075
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2024 and December 31, 2023, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $149,605 and $158,885 at June 30, 2024 and December 31, 2023, respectively) 149,605 158,885
Less: accumulated depreciation (amounts related to VIEs of $(1,570,934) and $(1,501,483) at June 30, 2024 and December 31, 2023, respectively) (1,570,934) (1,501,483)
Cash and cash equivalents (amounts related to VIEs of $378,992 and $245,317 at June 30, 2024 and December 31, 2023, respectively) 378,992 245,317
Cash held in escrows (amounts related to VIEs of $6,805 and $22,160 at June 30, 2024 and December 31, 2023, respectively) 6,805 22,160
Tenant and other receivables, net (amounts related to VIEs of $17,481 and $27,987 at June 30, 2024 and December 31, 2023, respectively) 17,481 27,987
Accrued rental income, net (amounts related to VIEs of $416,840 and $401,159 at June 30, 2024 and December 31, 2023, respectively) 416,840 401,159
Deferred charges, net (amounts related to VIEs of $193,650 and $175,383 at June 30, 2024 and December 31, 2023, respectively) 193,650 175,383
Prepaid expenses and other assets (amounts related to VIEs of $14,753 and $11,824 at June 30, 2024 and December 31, 2023, respectively) 14,753 11,824
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,279,606 and $3,277,185 at June 30, 2024 and December 31, 2023, respectively) 3,279,606 3,277,185
Lease liabilities - finance leases (amounts related to VIEs of $20,864 and $20,794 at June 30, 2024 and December 31, 2023, respectively) 20,864 20,794
Lease liabilities - operating leases (amounts related to VIEs of $151,643 and $145,826 at June 30, 2024 and December 31, 2023, respectively) 151,643 145,826
Accounts payable and accrued expenses (amounts related to VIEs of $103,662 and $59,667 at June 30, 2024 and December 31, 2023, respectively) 103,662 59,667
Other liabilities (amounts related to VIEs of $95,202 and $115,275 at June 30, 2024 and December 31, 2023, respectively) 95,202 115,275
Boston Properties Limited Partnership    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,490,887 and $7,054,075 at June 30, 2024 and December 31, 2023, respectively) 26,907,229 26,382,944
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2024 and December 31, 2023, respectively) 372,896 401,680
Right of use assets - operating leases (amounts related to VIEs of $149,605 and $158,885 at June 30, 2024 and December 31, 2023, respectively) [1] 344,292 324,298
Less: accumulated depreciation (amounts related to VIEs of $(1,570,934) and $(1,501,483) at June 30, 2024 and December 31, 2023, respectively) (7,071,799) (6,758,361)
Total real estate 20,552,618 20,350,561
Cash and cash equivalents (amounts related to VIEs of $378,992 and $245,317 at June 30, 2024 and December 31, 2023, respectively) 685,376 1,531,477
Cash held in escrows (amounts related to VIEs of $6,805 and $22,160 at June 30, 2024 and December 31, 2023, respectively) 52,125 81,090
Investments in securities 36,844 36,337
Tenant and other receivables, net (amounts related to VIEs of $17,481 and $27,987 at June 30, 2024 and December 31, 2023, respectively) 82,145 122,407
Note receivable, net 3,155 1,714
Sales-type lease receivable, net 14,182 13,704
Accrued rental income, net (amounts related to VIEs of $416,840 and $401,159 at June 30, 2024 and December 31, 2023, respectively) 1,414,622 1,355,212
Deferred charges, net (amounts related to VIEs of $193,650 and $175,383 at June 30, 2024 and December 31, 2023, respectively) 800,099 760,421
Prepaid expenses and other assets (amounts related to VIEs of $14,753 and $11,824 at June 30, 2024 and December 31, 2023, respectively) 86,188 64,230
Investments in unconsolidated joint ventures 1,418,817 1,377,319
Total assets 25,234,950 25,783,251
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,279,606 and $3,277,185 at June 30, 2024 and December 31, 2023, respectively) 4,371,478 4,166,379
Unsecured senior notes, net 9,797,220 10,491,617
Unsecured line of credit 0 0
Unsecured term loan, net 698,776 1,198,301
Unsecured commercial paper 500,000 0
Lease liabilities - finance leases (amounts related to VIEs of $20,864 and $20,794 at June 30, 2024 and December 31, 2023, respectively) 375,601 417,961
Lease liabilities - operating leases (amounts related to VIEs of $151,643 and $145,826 at June 30, 2024 and December 31, 2023, respectively) 385,842 350,391
Accounts payable and accrued expenses (amounts related to VIEs of $103,662 and $59,667 at June 30, 2024 and December 31, 2023, respectively) 372,484 458,329
Dividends and distributions payable 172,172 171,176
Accrued interest payable 112,107 133,684
Other liabilities (amounts related to VIEs of $95,202 and $115,275 at June 30, 2024 and December 31, 2023, respectively) 398,525 445,947
Total liabilities 17,184,205 17,833,785
Redeemable deferred stock units— 128,584 and 119,471 units outstanding at redemption value at June 30, 2024 and December 31, 2023, respectively 7,916 8,383
Noncontrolling interest:    
Redeemable partnership units— 16,454,712 and 16,508,277 common units and 2,681,580 and 2,065,861 long term incentive units outstanding at redemption value at June 30, 2024 and December 31, 2023, respectively 1,230,848 1,347,575
Equity / Capital:    
Boston Properties Limited Partnership partners’ capital— 1,762,341 and 1,755,150 general partner units and 155,335,500 and 155,185,716 limited partner units outstanding at June 30, 2024 and December 31, 2023, respectively 5,010,460 4,973,951
Accumulated other comprehensive loss (155) (21,147)
Total partners’ capital 5,010,305 4,952,804
Noncontrolling interests in property partnerships 1,801,676 1,640,704
Noncontrolling interests:    
Total equity / capital 6,811,981 6,593,508
Total liabilities and equity / capital 25,234,950 25,783,251
Boston Properties Limited Partnership | Related Party    
ASSETS    
Related party note receivable, net 88,779 88,779
Boston Properties Limited Partnership | Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,490,887 and $7,054,075 at June 30, 2024 and December 31, 2023, respectively) 7,490,887 7,054,075
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2024 and December 31, 2023, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $149,605 and $158,885 at June 30, 2024 and December 31, 2023, respectively) 149,605 158,885
Less: accumulated depreciation (amounts related to VIEs of $(1,570,934) and $(1,501,483) at June 30, 2024 and December 31, 2023, respectively) (1,570,934) (1,501,483)
Cash and cash equivalents (amounts related to VIEs of $378,992 and $245,317 at June 30, 2024 and December 31, 2023, respectively) 378,992 245,317
Cash held in escrows (amounts related to VIEs of $6,805 and $22,160 at June 30, 2024 and December 31, 2023, respectively) 6,805 22,160
Tenant and other receivables, net (amounts related to VIEs of $17,481 and $27,987 at June 30, 2024 and December 31, 2023, respectively) 17,481 27,987
Accrued rental income, net (amounts related to VIEs of $416,840 and $401,159 at June 30, 2024 and December 31, 2023, respectively) 416,840 401,159
Deferred charges, net (amounts related to VIEs of $193,650 and $175,383 at June 30, 2024 and December 31, 2023, respectively) 193,650 175,383
Prepaid expenses and other assets (amounts related to VIEs of $14,753 and $11,824 at June 30, 2024 and December 31, 2023, respectively) 14,753 11,824
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,279,606 and $3,277,185 at June 30, 2024 and December 31, 2023, respectively) 3,279,606 3,277,185
Lease liabilities - finance leases (amounts related to VIEs of $20,864 and $20,794 at June 30, 2024 and December 31, 2023, respectively) 20,864 20,794
Lease liabilities - operating leases (amounts related to VIEs of $151,643 and $145,826 at June 30, 2024 and December 31, 2023, respectively) 151,643 145,826
Accounts payable and accrued expenses (amounts related to VIEs of $103,662 and $59,667 at June 30, 2024 and December 31, 2023, respectively) 103,662 59,667
Other liabilities (amounts related to VIEs of $95,202 and $115,275 at June 30, 2024 and December 31, 2023, respectively) $ 95,202 $ 115,275
[1] See Note 4.