Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-13087 | ||
Entity Registrant Name | BOSTON PROPERTIES, INC. | ||
Entity Central Index Key | 0001037540 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-2473675 | ||
Entity Address, Address Line One | Prudential Center, 800 Boylston Street, Suite 1900 | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02199-8103 | ||
City Area Code | 617 | ||
Local Phone Number | 236-3300 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 19,902,378,774 | ||
Entity Common Stock, Shares Outstanding | 155,121,560 | ||
Documents Incorporated by Reference [Text Block] | Certain information contained in Boston Properties Inc.’s Proxy Statement relating to its Annual Meeting of Stockholders to be held May 20, 2020 is incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III. Boston Properties, Inc. intends to file such Proxy Statement with the Securities and Exchange Commission not later than 120 days after the end of its fiscal year ended December 31, 2019. | ||
Boston Properties Limited Partnership | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 0-50209 | ||
Entity Registrant Name | BOSTON PROPERTIES LIMITED PARTNERSHIP | ||
Entity Central Index Key | 0001043121 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3372948 | ||
Title of 12(g) Security | Units of Limited Partnership | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | BXP | ||
Security Exchange Name | NYSE | ||
Entity Listing, Par Value Per Share | $ 0.01 | ||
5.25% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depository Shares Each Representing 1/100th of a share | ||
Trading Symbol | BXP PRB | ||
Security Exchange Name | NYSE | ||
Entity Listing, Par Value Per Share | $ 0.01 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,497,031 and $7,481,015 at December 31, 2019 and 2018, respectively) | $ 22,502,976 | $ 21,649,896 |
Right of use assets - finance leases (amount related to VIEs of $21,000 at December 31, 2019) | 237,394 | |
Right of use assets - operating leases | 148,640 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,058,495) and $(965,500) at December 31, 2019 and 2018, respectively) | (5,266,798) | (4,897,777) |
Total real estate | 17,622,212 | 16,752,119 |
Cash and cash equivalents (amounts related to VIEs of $280,033 and $296,806 at December 31, 2019 and 2018, respectively) | 644,950 | 543,359 |
Cash held in escrows | 46,936 | 95,832 |
Investments in securities | 36,747 | 28,198 |
Tenant and other receivables, net (amounts related to VIEs of $28,918 and $15,519 at December 31, 2019 and 2018, respectively) | 112,807 | 86,629 |
Related party note receivable | 80,000 | 80,000 |
Note receivable | 15,920 | 19,468 |
Accrued rental income, net (amounts related to VIEs of $298,318 and $272,466 at December 31, 2019 and 2018, respectively) | 1,038,788 | 934,896 |
Deferred charges, net (amounts related to VIEs of $214,769 and $263,402 at December 31, 2019 and 2018, respectively) | 689,213 | 678,724 |
Prepaid expenses and other assets (amounts related to VIEs of $20,931 and $26,513 at December 31, 2019 and 2018, respectively) | 41,685 | 80,943 |
Investments in unconsolidated joint ventures | 955,647 | 956,309 |
Total assets | 21,284,905 | 20,256,477 |
Liabilities: | ||
Mortgage notes payable, net (amounts related to VIEs of $2,918,806 and $2,929,326 at December 31, 2019 and 2018, respectively) | 2,922,408 | 2,964,572 |
Unsecured senior notes, net | 8,390,459 | 7,544,697 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 498,939 | 498,488 |
Lease liabilities - finance leases (amount related to VIEs of $20,189 at December 31, 2019) | 224,042 | |
Lease liabilities - operating leases | 200,180 | |
Accounts payable and accrued expenses (amounts related to VIEs of $45,777 and $75,786 at December 31, 2019 and 2018, respectively) | 377,553 | 276,645 |
Dividends and distributions payable | 170,713 | 165,114 |
Accrued interest payable | 90,016 | 89,267 |
Other liabilities (amounts related to VIEs of $140,110 and $200,344 at December 31, 2019 and 2018, respectively) | 387,994 | 503,726 |
Total liabilities | 13,262,304 | 12,042,509 |
Commitments and contingencies | 0 | 0 |
Redeemable deferred stock units— 60,676 units outstanding at redemption value at December 31, 2019 | 8,365 | |
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; | ||
5.25% Series B cumulative redeemable preferred stock / units, liquidation preference $2,500 per share / unit, 80,000 shares / units issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 200,000 | 200,000 |
Common stock, $0.01 par value, 250,000,000 shares authorized, 154,869,198 and 154,537,378 issued and 154,790,298 and 154,458,478 outstanding at December 31, 2019 and December 31, 2018, respectively | 1,548 | 1,545 |
Additional paid-in capital | 6,294,719 | 6,407,623 |
Dividends in excess of earnings | (760,523) | (675,534) |
Treasury common stock at cost, 78,900 shares at December 31, 2019 and December 31, 2018 | (2,722) | (2,722) |
Accumulated other comprehensive loss | (48,335) | (47,741) |
Total stockholders' equity attributable to Boston Properties, Inc. | 5,684,687 | 5,883,171 |
Noncontrolling interests: | ||
Common units of the Operating Partnership | 600,860 | 619,352 |
Property partnerships | 1,728,689 | 1,711,445 |
Total equity / capital | 8,014,236 | 8,213,968 |
Total liabilities and equity / capital | 21,284,905 | 20,256,477 |
Boston Properties Limited Partnership | ||
ASSETS | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,497,031 and $7,481,015 at December 31, 2019 and 2018, respectively) | 22,107,755 | 21,251,540 |
Right of use assets - finance leases (amount related to VIEs of $21,000 at December 31, 2019) | 237,394 | |
Right of use assets - operating leases | 148,640 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,058,495) and $(965,500) at December 31, 2019 and 2018, respectively) | (5,162,908) | (4,800,475) |
Total real estate | 17,330,881 | 16,451,065 |
Cash and cash equivalents (amounts related to VIEs of $280,033 and $296,806 at December 31, 2019 and 2018, respectively) | 644,950 | 543,359 |
Cash held in escrows | 46,936 | 95,832 |
Investments in securities | 36,747 | 28,198 |
Tenant and other receivables, net (amounts related to VIEs of $28,918 and $15,519 at December 31, 2019 and 2018, respectively) | 112,807 | 86,629 |
Related party note receivable | 80,000 | 80,000 |
Note receivable | 15,920 | 19,468 |
Accrued rental income, net (amounts related to VIEs of $298,318 and $272,466 at December 31, 2019 and 2018, respectively) | 1,038,788 | 934,896 |
Deferred charges, net (amounts related to VIEs of $214,769 and $263,402 at December 31, 2019 and 2018, respectively) | 689,213 | 678,724 |
Prepaid expenses and other assets (amounts related to VIEs of $20,931 and $26,513 at December 31, 2019 and 2018, respectively) | 41,685 | 80,943 |
Investments in unconsolidated joint ventures | 955,647 | 956,309 |
Total assets | 20,993,574 | 19,955,423 |
Liabilities: | ||
Mortgage notes payable, net (amounts related to VIEs of $2,918,806 and $2,929,326 at December 31, 2019 and 2018, respectively) | 2,922,408 | 2,964,572 |
Unsecured senior notes, net | 8,390,459 | 7,544,697 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 498,939 | 498,488 |
Lease liabilities - finance leases (amount related to VIEs of $20,189 at December 31, 2019) | 224,042 | |
Lease liabilities - operating leases | 200,180 | |
Accounts payable and accrued expenses (amounts related to VIEs of $45,777 and $75,786 at December 31, 2019 and 2018, respectively) | 377,553 | 276,645 |
Dividends and distributions payable | 170,713 | 165,114 |
Accrued interest payable | 90,016 | 89,267 |
Other liabilities (amounts related to VIEs of $140,110 and $200,344 at December 31, 2019 and 2018, respectively) | 387,994 | 503,726 |
Total liabilities | 13,262,304 | 12,042,509 |
Commitments and contingencies | 0 | 0 |
Redeemable deferred stock units— 60,676 units outstanding at redemption value at December 31, 2019 | 8,365 | |
Redeemable partnership units—16,764,466 and 16,783,558 common units and 1,143,215 and 991,577 long term incentive units outstanding at redemption value at December 31, 2019 and December 31, 2018, respectively | 2,468,753 | 2,000,591 |
Preferred stock, $0.01 par value, 50,000,000 shares authorized; | ||
5.25% Series B cumulative redeemable preferred stock / units, liquidation preference $2,500 per share / unit, 80,000 shares / units issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 193,623 | 193,623 |
Boston Properties Limited Partnership partners’ capital—1,726,980 and 1,722,336 general partner units and 153,063,318 and 152,736,142 limited partner units outstanding at December 31, 2019 and December 31, 2018, respectively | 3,380,175 | 4,054,996 |
Accumulated other comprehensive loss | (48,335) | (47,741) |
Total partners’ capital | 3,525,463 | 4,200,878 |
Noncontrolling interests in property partnerships | 1,728,689 | 1,711,445 |
Noncontrolling interests: | ||
Total equity / capital | 5,254,152 | 5,912,323 |
Total liabilities and equity / capital | $ 20,993,574 | $ 19,955,423 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
General Partners' Capital Account, Units Outstanding (in units) | 1,726,980 | |
Limited Partners' Capital Account, Units Outstanding (in units) | 153,063,318 | |
Excess stock, par value | $ 0.01 | $ 0.01 |
Excess stock, shares authorized | 150,000,000 | 150,000,000 |
Excess stock, shares issued | 0 | 0 |
Excess stock, shares outstanding | 0 | 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 154,869,198 | 154,537,378 |
Common stock, shares outstanding | 154,790,298 | 154,458,478 |
Treasury common stock at cost, shares | 78,900 | 78,900 |
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,497,031 and $7,481,015 at December 31, 2019 and 2018, respectively) | $ 22,502,976 | $ 21,649,896 |
Right of use assets - finance leases (amount related to VIEs of $21,000 at December 31, 2019) | 237,394 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,058,495) and $(965,500) at December 31, 2019 and 2018, respectively) | (5,266,798) | (4,897,777) |
Cash and cash equivalents (amounts related to VIEs of $280,033 and $296,806 at December 31, 2019 and 2018, respectively) | 644,950 | 543,359 |
Cash held in escrows | 46,936 | 95,832 |
Tenant and other receivables, net (amounts related to VIEs of $28,918 and $15,519 at December 31, 2019 and 2018, respectively) | 112,807 | 86,629 |
Accrued rental income, net (amounts related to VIEs of $298,318 and $272,466 at December 31, 2019 and 2018, respectively) | 1,038,788 | 934,896 |
Deferred charges, net (amounts related to VIEs of $214,769 and $263,402 at December 31, 2019 and 2018, respectively) | 689,213 | 678,724 |
Prepaid expenses and other assets (amounts related to VIEs of $20,931 and $26,513 at December 31, 2019 and 2018, respectively) | 41,685 | 80,943 |
Mortgage notes payable, net (amounts related to VIEs of $2,918,806 and $2,929,326 at December 31, 2019 and 2018, respectively) | 2,922,408 | 2,964,572 |
Lease liabilities - finance leases (amount related to VIEs of $20,189 at December 31, 2019) | 224,042 | |
Accounts payable and accrued expenses (amounts related to VIEs of $45,777 and $75,786 at December 31, 2019 and 2018, respectively) | 377,553 | 276,645 |
Other liabilities (amounts related to VIEs of $140,110 and $200,344 at December 31, 2019 and 2018, respectively) | $ 387,994 | $ 503,726 |
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 92,000 | 92,000 |
Series B Dividend Rate Percentage | 5.25% | 5.25% |
Preferred stock / units, shares / units issued (in shares / units) | 80,000 | 80,000 |
Series B Liquidation Preference Per Share/ Unit | $ 2,500 | $ 2,500 |
Preferred stock / units, shares / units outstanding (in shares / units) | 80,000 | 80,000 |
Boston Properties Limited Partnership | ||
Redeemable Partnership Units Common Units Shares Outstanding (in units) | 16,764,466 | 16,783,558 |
Redeemable Partnership Units Common Units Long Term Incentive Units At Redemption Value Units Outstanding (in units) | 1,143,215 | 991,577 |
General Partners' Capital Account, Units Outstanding (in units) | 1,726,980 | 1,722,336 |
Limited Partners' Capital Account, Units Outstanding (in units) | 153,063,318 | 152,736,142 |
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,497,031 and $7,481,015 at December 31, 2019 and 2018, respectively) | $ 22,107,755 | $ 21,251,540 |
Right of use assets - finance leases (amount related to VIEs of $21,000 at December 31, 2019) | 237,394 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,058,495) and $(965,500) at December 31, 2019 and 2018, respectively) | (5,162,908) | (4,800,475) |
Cash and cash equivalents (amounts related to VIEs of $280,033 and $296,806 at December 31, 2019 and 2018, respectively) | 644,950 | 543,359 |
Cash held in escrows | 46,936 | 95,832 |
Tenant and other receivables, net (amounts related to VIEs of $28,918 and $15,519 at December 31, 2019 and 2018, respectively) | 112,807 | 86,629 |
Accrued rental income, net (amounts related to VIEs of $298,318 and $272,466 at December 31, 2019 and 2018, respectively) | 1,038,788 | 934,896 |
Deferred charges, net (amounts related to VIEs of $214,769 and $263,402 at December 31, 2019 and 2018, respectively) | 689,213 | 678,724 |
Prepaid expenses and other assets (amounts related to VIEs of $20,931 and $26,513 at December 31, 2019 and 2018, respectively) | 41,685 | 80,943 |
Mortgage notes payable, net (amounts related to VIEs of $2,918,806 and $2,929,326 at December 31, 2019 and 2018, respectively) | 2,922,408 | 2,964,572 |
Lease liabilities - finance leases (amount related to VIEs of $20,189 at December 31, 2019) | 224,042 | |
Accounts payable and accrued expenses (amounts related to VIEs of $45,777 and $75,786 at December 31, 2019 and 2018, respectively) | 377,553 | 276,645 |
Other liabilities (amounts related to VIEs of $140,110 and $200,344 at December 31, 2019 and 2018, respectively) | $ 387,994 | $ 503,726 |
Boston Properties Limited Partnership | Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||
Series B Dividend Rate Percentage | 5.25% | 5.25% |
Preferred stock / units, shares / units issued (in shares / units) | 80,000 | 80,000 |
Series B Liquidation Preference Per Share/ Unit | $ 2,500 | $ 2,500 |
Preferred stock / units, shares / units outstanding (in shares / units) | 80,000 | 80,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,497,031 and $7,481,015 at December 31, 2019 and 2018, respectively) | $ 6,497,031 | $ 7,481,015 |
Right of use assets - finance leases (amount related to VIEs of $21,000 at December 31, 2019) | 21,000 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,058,495) and $(965,500) at December 31, 2019 and 2018, respectively) | (1,058,495) | (965,500) |
Cash and cash equivalents (amounts related to VIEs of $280,033 and $296,806 at December 31, 2019 and 2018, respectively) | 280,033 | 296,806 |
Tenant and other receivables, net (amounts related to VIEs of $28,918 and $15,519 at December 31, 2019 and 2018, respectively) | 28,918 | 15,519 |
Accrued rental income, net (amounts related to VIEs of $298,318 and $272,466 at December 31, 2019 and 2018, respectively) | 298,318 | 272,466 |
Deferred charges, net (amounts related to VIEs of $214,769 and $263,402 at December 31, 2019 and 2018, respectively) | 214,769 | 263,402 |
Prepaid expenses and other assets (amounts related to VIEs of $20,931 and $26,513 at December 31, 2019 and 2018, respectively) | 20,931 | 26,513 |
Mortgage notes payable, net (amounts related to VIEs of $2,918,806 and $2,929,326 at December 31, 2019 and 2018, respectively) | 2,918,806 | 2,929,326 |
Lease liabilities - finance leases (amount related to VIEs of $20,189 at December 31, 2019) | 20,189 | |
Accounts payable and accrued expenses (amounts related to VIEs of $45,777 and $75,786 at December 31, 2019 and 2018, respectively) | 45,777 | 75,786 |
Other liabilities (amounts related to VIEs of $140,110 and $200,344 at December 31, 2019 and 2018, respectively) | 140,110 | 200,344 |
Variable Interest Entity, Primary Beneficiary [Member] | Boston Properties Limited Partnership | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,497,031 and $7,481,015 at December 31, 2019 and 2018, respectively) | 6,497,031 | 7,481,015 |
Right of use assets - finance leases (amount related to VIEs of $21,000 at December 31, 2019) | 21,000 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,058,495) and $(965,500) at December 31, 2019 and 2018, respectively) | (1,058,495) | (965,500) |
Cash and cash equivalents (amounts related to VIEs of $280,033 and $296,806 at December 31, 2019 and 2018, respectively) | 280,033 | 296,806 |
Tenant and other receivables, net (amounts related to VIEs of $28,918 and $15,519 at December 31, 2019 and 2018, respectively) | 28,918 | 15,519 |
Accrued rental income, net (amounts related to VIEs of $298,318 and $272,466 at December 31, 2019 and 2018, respectively) | 298,318 | 272,466 |
Deferred charges, net (amounts related to VIEs of $214,769 and $263,402 at December 31, 2019 and 2018, respectively) | 214,769 | 263,402 |
Prepaid expenses and other assets (amounts related to VIEs of $20,931 and $26,513 at December 31, 2019 and 2018, respectively) | 20,931 | 26,513 |
Mortgage notes payable, net (amounts related to VIEs of $2,918,806 and $2,929,326 at December 31, 2019 and 2018, respectively) | 2,918,806 | 2,929,326 |
Lease liabilities - finance leases (amount related to VIEs of $20,189 at December 31, 2019) | 20,189 | |
Accounts payable and accrued expenses (amounts related to VIEs of $45,777 and $75,786 at December 31, 2019 and 2018, respectively) | 45,777 | 75,786 |
Other liabilities (amounts related to VIEs of $140,110 and $200,344 at December 31, 2019 and 2018, respectively) | $ 140,110 | $ 200,344 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue | ||||
Lease | $ 2,758,014 | |||
Base rent | $ 2,103,723 | $ 2,049,368 | ||
Recoveries from tenants | 402,066 | 367,500 | ||
Total revenue | 2,960,562 | 2,717,076 | 2,602,076 | |
Expenses | ||||
Rental | 1,050,010 | 979,151 | 929,977 | |
Transaction costs | 1,984 | 1,604 | 668 | |
General and administrative | 140,777 | 121,722 | 113,715 | |
Depreciation and amortization | 677,764 | 645,649 | 617,547 | |
Total expenses | 1,914,925 | 1,791,579 | 1,693,966 | |
Other income (expense) | ||||
Income from unconsolidated joint ventures | 46,592 | 2,222 | 11,232 | |
Gains on sales of real estate | 709 | 182,356 | 7,663 | |
Interest and other income | 18,939 | 10,823 | 5,783 | |
Gains (losses) from investments in securities | 6,417 | (1,865) | 3,678 | |
Impairment losses | (24,038) | (11,812) | 0 | |
Interest expense | (412,717) | (378,168) | (374,481) | |
(Losses) gains from early extinguishments of debt | (29,540) | (16,490) | 496 | |
Net income | 651,999 | 712,563 | 562,481 | |
Net income attributable to noncontrolling interests | ||||
Noncontrolling interests in property partnerships | (71,120) | (62,909) | (47,832) | |
Noncontrolling interest - common units of the Operating Partnership | (59,345) | (66,807) | (52,210) | |
Net income attributable to the Company | 521,534 | 582,847 | 462,439 | |
Preferred dividends / distributions | (10,500) | (10,500) | (10,500) | |
Net income attributable to the Company's common shareholders / unitholders | $ 511,034 | $ 572,347 | $ 451,939 | |
Basic earnings per common share / unit attributable to the Company | ||||
Net income (in dollars per share / unit) | $ 3.31 | $ 3.71 | $ 2.93 | |
Weighted average number of common shares / units outstanding (in shares / units) | 154,582 | 154,427 | 154,190 | |
Diluted earnings per common share / unit attributable to the Company | ||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 3.30 | $ 3.70 | $ 2.93 | |
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 154,883 | 154,682 | 154,390 | |
Boston Properties Limited Partnership | ||||
Revenue | ||||
Lease | $ 2,758,014 | |||
Base rent | $ 2,103,723 | $ 2,049,368 | ||
Recoveries from tenants | 402,066 | 367,500 | ||
Total revenue | 2,960,562 | 2,717,076 | 2,602,076 | |
Expenses | ||||
Rental | 1,050,010 | 979,151 | 929,977 | |
Transaction costs | 1,984 | 1,604 | 668 | |
General and administrative | 140,777 | 121,722 | 113,715 | |
Depreciation and amortization | 669,956 | 637,891 | ||
Total expenses | 1,907,117 | 1,783,821 | 1,685,826 | |
Other income (expense) | ||||
Income from unconsolidated joint ventures | 46,592 | 2,222 | 11,232 | |
Gains on sales of real estate | 858 | 190,716 | 8,240 | |
Interest and other income | 18,939 | 10,823 | 5,783 | |
Gains (losses) from investments in securities | 6,417 | (1,865) | 3,678 | |
Impairment losses | (22,272) | (10,181) | 0 | |
Interest expense | (412,717) | (378,168) | (374,481) | |
(Losses) gains from early extinguishments of debt | (29,540) | (16,490) | 496 | |
Net income | 661,722 | 730,312 | 571,198 | |
Net income attributable to noncontrolling interests | ||||
Noncontrolling interests in property partnerships | (71,120) | (62,909) | (47,832) | |
Net income attributable to the Company | 590,602 | 667,403 | 523,366 | |
Preferred dividends / distributions | (10,500) | (10,500) | (10,500) | |
Net income attributable to the Company's common shareholders / unitholders | $ 580,102 | $ 656,903 | $ 512,866 | |
Basic earnings per common share / unit attributable to the Company | ||||
Net income (in dollars per share / unit) | $ 3.37 | $ 3.82 | $ 2.99 | |
Weighted average number of common shares / units outstanding (in shares / units) | 172,200 | 171,912 | 171,661 | |
Diluted earnings per common share / unit attributable to the Company | ||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 3.36 | $ 3.81 | $ 2.98 | |
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 172,501 | 172,167 | 171,861 | |
Parking and Other [Member] | ||||
Revenue | ||||
Other revenue | $ 103,534 | $ 107,421 | $ 105,000 | |
Parking and Other [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 103,534 | 107,421 | 105,000 | |
Hotel [Member] | ||||
Revenue | ||||
Other revenue | [1] | 48,589 | 49,118 | 45,603 |
Expenses | ||||
Operating expense | 34,004 | 33,863 | 32,059 | |
Hotel [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 48,589 | 49,118 | 45,603 | |
Expenses | ||||
Operating expense | 34,004 | 33,863 | 32,059 | |
Real Estate, Other [Member] | ||||
Revenue | ||||
Other revenue | 10,386 | 9,590 | 0 | |
Real Estate, Other [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 10,386 | 9,590 | 0 | |
Management Service [Member] | ||||
Revenue | ||||
Other revenue | 40,039 | 45,158 | 34,605 | |
Expenses | ||||
Operating expense | 10,386 | 9,590 | 0 | |
Management Service [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 40,039 | 45,158 | 34,605 | |
Expenses | ||||
Operating expense | $ 10,386 | $ 9,590 | $ 0 | |
[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. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Net income | $ 651,999 | $ 712,563 | $ 562,481 | |
Other comprehensive income (loss): | ||||
Effective portion of interest rate contracts | (6,751) | (3,096) | (6,133) | |
Amortization of interest rate contracts | [1] | 6,664 | 6,664 | 6,033 |
Other comprehensive income (loss) | (87) | 3,568 | (100) | |
Comprehensive Income | 651,912 | 716,131 | 562,381 | |
Comprehensive income attributable to noncontrolling interests | (130,465) | (129,716) | (100,042) | |
Other comprehensive income (loss) attributable to noncontrolling interests | (507) | (880) | 1,922 | |
Comprehensive income attributable to the Company | 520,940 | 585,535 | 464,261 | |
Boston Properties Limited Partnership | ||||
Net income | 661,722 | 730,312 | 571,198 | |
Other comprehensive income (loss): | ||||
Effective portion of interest rate contracts | (6,751) | (3,096) | (6,133) | |
Amortization of interest rate contracts | [2] | 6,664 | 6,664 | 6,033 |
Other comprehensive income (loss) | (87) | 3,568 | (100) | |
Comprehensive Income | 661,635 | 733,880 | 571,098 | |
Comprehensive income attributable to noncontrolling interests | (71,696) | (63,485) | (45,704) | |
Comprehensive income attributable to the Company | $ 589,939 | $ 670,395 | $ 525,394 | |
[1] | Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties, Inc.’s Consolidated Statements of Operations | |||
[2] | Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties Limited Partnership’s Consolidated Statements of Operations. |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Preferred 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, 2016 | 153,790,000 | ||||||||
Equity, value at Dec. 31, 2016 | $ 7,931,924,000 | $ 1,538,000 | $ 200,000,000 | $ 6,333,424,000 | $ (693,694,000) | $ (2,722,000) | $ (52,251,000) | $ 614,982,000 | $ 1,530,647,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect of a change in accounting principle | (2,035,000) | (272,000) | (1,763,000) | ||||||
Redemption of operating partnership units to common stock, shares | 495,000 | ||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 5,000 | 16,911,000 | (16,916,000) | |||||
Allocated net income for the year | 562,481,000 | 462,439,000 | 52,210,000 | 47,832,000 | |||||
Dividends/distributions declared | (535,310,000) | (480,816,000) | (54,494,000) | ||||||
Shares issued pursuant to stock purchase plan, shares | 6,000 | ||||||||
Shares issued pursuant to stock purchase plan, value | 795,000 | 795,000 | |||||||
Net activity from stock option and incentive plan, shares | 34,000 | ||||||||
Net activity from stock option and incentive plan, value | 37,292,000 | 3,899,000 | 33,393,000 | ||||||
Proceeds from noncontrolling interest including a contribution related to the repayment of a members' note payable | 161,585,000 | 161,585,000 | |||||||
Contributions from noncontrolling interests in property partnerships | 52,009,000 | 161,585,000 | |||||||
Distributions to noncontrolling interests in property partnerships | (54,176,000) | (54,176,000) | |||||||
Effective portion of interest rate contracts | (6,133,000) | (3,305,000) | (375,000) | (2,453,000) | |||||
Amortization of interest rate contracts | 6,033,000 | 5,127,000 | 581,000 | 325,000 | |||||
Reallocation of noncontrolling interest | 0 | 22,879,000 | (22,879,000) | ||||||
Equity, shares at Dec. 31, 2017 | 154,325,000 | ||||||||
Equity, value at Dec. 31, 2017 | 8,102,456,000 | $ 1,543,000 | 200,000,000 | 6,377,908,000 | (712,343,000) | (2,722,000) | (50,429,000) | 604,739,000 | 1,683,760,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect of a change in accounting principle | 5,496,000 | 4,933,000 | 563,000 | ||||||
Redemption of operating partnership units to common stock, shares | 83,000 | ||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 2,000 | 2,878,000 | (2,880,000) | |||||
Allocated net income for the year | 712,563,000 | 582,847,000 | 66,807,000 | 62,909,000 | |||||
Dividends/distributions declared | (613,702,000) | (550,971,000) | (62,731,000) | ||||||
Shares issued pursuant to stock purchase plan, shares | 6,000 | ||||||||
Shares issued pursuant to stock purchase plan, value | 797,000 | 797,000 | |||||||
Net activity from stock option and incentive plan, shares | 44,000 | ||||||||
Net activity from stock option and incentive plan, value | 38,590,000 | 1,729,000 | 36,861,000 | ||||||
Contributions from noncontrolling interests in property partnerships | 46,701,000 | 46,701,000 | |||||||
Distributions to noncontrolling interests in property partnerships | (82,501,000) | (82,501,000) | |||||||
Effective portion of interest rate contracts | (3,096,000) | (2,781,000) | (315,000) | ||||||
Amortization of interest rate contracts | 6,664,000 | 5,469,000 | 619,000 | 576,000 | |||||
Reallocation of noncontrolling interest | $ 0 | 24,311,000 | (24,311,000) | ||||||
Equity, shares at Dec. 31, 2018 | 154,458,478 | 154,458,000 | |||||||
Equity, value at Dec. 31, 2018 | $ 8,213,968,000 | $ 1,545,000 | 200,000,000 | 6,407,623,000 | (675,534,000) | (2,722,000) | (47,741,000) | 619,352,000 | 1,711,445,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect of a change in accounting principle | (4,379,000) | (3,864,000) | (445,000) | (70,000) | |||||
Redemption of operating partnership units to common stock, shares | 145,000 | ||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 2,000 | 4,883,000 | (4,885,000) | |||||
Allocated net income for the year | 651,999,000 | 521,534,000 | 59,345,000 | 71,120,000 | |||||
Dividends/distributions declared | (671,893,000) | (602,659,000) | (69,234,000) | ||||||
Shares issued pursuant to stock purchase plan, shares | 6,000 | ||||||||
Shares issued pursuant to stock purchase plan, value | 688,000 | 688,000 | |||||||
Net activity from stock option and incentive plan, shares | 181,000 | ||||||||
Net activity from stock option and incentive plan, value | 45,000,000 | $ 1,000 | 8,771,000 | 36,228,000 | |||||
Sale of an interest in property partnerships | 0 | (4,216,000) | 4,216,000 | ||||||
Acquisition of noncontrolling interest in property partnership | (186,963,000) | (162,462,000) | (24,501,000) | ||||||
Contributions from noncontrolling interests in property partnerships | 35,816,000 | 35,816,000 | |||||||
Distributions to noncontrolling interests in property partnerships | (69,913,000) | (69,913,000) | |||||||
Effective portion of interest rate contracts | (6,751,000) | (6,060,000) | (691,000) | ||||||
Amortization of interest rate contracts | 6,664,000 | 5,466,000 | 622,000 | 576,000 | |||||
Reallocation of noncontrolling interest | $ 0 | 39,432,000 | (39,432,000) | ||||||
Equity, shares at Dec. 31, 2019 | 154,790,298 | 154,790,000 | |||||||
Equity, value at Dec. 31, 2019 | $ 8,014,236,000 | $ 1,548,000 | $ 200,000,000 | $ 6,294,719,000 | $ (760,523,000) | $ (2,722,000) | $ (48,335,000) | $ 600,860,000 | $ 1,728,689,000 |
Consolidated Statement of Capit
Consolidated Statement of Capital and Noncontrolling Interests Statement - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock, Shares, Outstanding | 154,790,298 | 154,458,478 | ||
Cumulative effect of a change in accounting principle | $ (4,379,000) | $ 5,496,000 | $ (2,035,000) | |
Effective portion of interest rate contracts | (6,751,000) | (3,096,000) | (6,133,000) | |
Amortization of interest rate contracts | 6,664,000 | 6,664,000 | 6,033,000 | |
Acquisition of noncontrolling interest in property partnership | (186,963,000) | |||
Sale of an interest in property partnerships | 0 | |||
Contributions from noncontrolling interests in property partnerships | 35,816,000 | 46,701,000 | 52,009,000 | |
Distributions to noncontrolling interests in property partnerships | $ (69,913,000) | $ (82,501,000) | $ (54,176,000) | |
General Partner [Member] | ||||
Common Stock, Shares, Outstanding | 1,727,000 | 1,722,000 | 1,720,000 | 1,718,000 |
Contributions, units | 3,000 | 1,000 | ||
Conversion of redeemable partnership units | 2,000 | 1,000 | 2,000 | |
Limited Partner [Member] | ||||
Common Stock, Shares, Outstanding | 153,063,000 | 152,736,000 | 152,606,000 | 152,072,000 |
Contributions, units | 185,000 | 49,000 | 40,000 | |
Conversion of redeemable partnership units | 142,000 | 81,000 | 494,000 | |
Boston Properties Limited Partnership | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 2,468,753,000 | $ 2,000,591,000 | ||
Contributions from noncontrolling interests in property partnerships | 35,816,000 | 46,701,000 | $ 52,009,000 | |
Partners' Capital General and Limited Partners) [Member] | ||||
Beginning Balance | 3,380,175,000 | 4,054,996,000 | 3,664,436,000 | $ 3,670,345,000 |
Cumulative effect of a change in accounting principle | (3,864,000) | 4,933,000 | (272,000) | |
Contributions, value | 17,115,000 | 1,642,000 | 4,937,000 | |
Allocated net income for the period | 520,757,000 | 590,096,000 | 460,656,000 | |
Distributions | (592,159,000) | (540,471,000) | (470,316,000) | |
Unearned compensation | (7,655,000) | 884,000 | (243,000) | |
Conversion of redeemable partnership units, value | 4,885,000 | 2,880,000 | 16,916,000 | |
Adjustment to reflect redeemable partnership units at redemption value | (447,222,000) | 330,596,000 | (17,587,000) | |
Acquisition of noncontrolling interest in property partnership | (162,462,000) | |||
Sale of an interest in property partnerships | (4,216,000) | |||
Preferred Units [Member] | ||||
Beginning Balance | 193,623,000 | 193,623,000 | 193,623,000 | 193,623,000 |
Allocated net income for the period | 10,500,000 | 10,500,000 | 10,500,000 | |
Distributions | (10,500,000) | (10,500,000) | (10,500,000) | |
Accumulated Other Comprehensive Loss [Member] | ||||
Beginning Balance | (48,335,000) | (47,741,000) | (50,429,000) | (52,251,000) |
Effective portion of interest rate contracts | (6,060,000) | (2,781,000) | (3,305,000) | |
Amortization of interest rate contracts | 5,466,000 | 5,469,000 | 5,127,000 | |
Noncontrolling interest - property partnerships [Member] | ||||
Beginning Balance | 1,728,689,000 | 1,711,445,000 | 1,683,760,000 | 1,530,647,000 |
Cumulative effect of a change in accounting principle | (70,000) | |||
Allocated net income for the period | 71,120,000 | 62,909,000 | 47,832,000 | |
Effective portion of interest rate contracts | (2,453,000) | |||
Amortization of interest rate contracts | 576,000 | 576,000 | 325,000 | |
Acquisition of noncontrolling interest in property partnership | (24,501,000) | |||
Sale of an interest in property partnerships | 4,216,000 | |||
Contributions from noncontrolling interests in property partnerships | 35,816,000 | 46,701,000 | 161,585,000 | |
Distributions to noncontrolling interests in property partnerships | (69,913,000) | (82,501,000) | (54,176,000) | |
Total Capital [Member] | ||||
Beginning Balance | 5,254,152,000 | 5,912,323,000 | 5,491,390,000 | 5,342,364,000 |
Cumulative effect of a change in accounting principle | (3,934,000) | 4,933,000 | (272,000) | |
Contributions, value | 17,115,000 | 1,642,000 | 4,937,000 | |
Allocated net income for the period | 602,377,000 | 663,505,000 | 518,988,000 | |
Distributions | (602,659,000) | (550,971,000) | (480,816,000) | |
Unearned compensation | (7,655,000) | 884,000 | (243,000) | |
Conversion of redeemable partnership units, value | 4,885,000 | 2,880,000 | 16,916,000 | |
Adjustment to reflect redeemable partnership units at redemption value | (447,222,000) | 330,596,000 | (17,587,000) | |
Effective portion of interest rate contracts | (6,060,000) | (2,781,000) | (5,758,000) | |
Amortization of interest rate contracts | 6,042,000 | 6,045,000 | 5,452,000 | |
Acquisition of noncontrolling interest in property partnership | (186,963,000) | |||
Sale of an interest in property partnerships | 0 | |||
Contributions from noncontrolling interests in property partnerships | 35,816,000 | 46,701,000 | 161,585,000 | |
Distributions to noncontrolling interests in property partnerships | (69,913,000) | (82,501,000) | (54,176,000) | |
Noncontrolling interest - Redeemable partnership units [Member] | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 2,468,753,000 | 2,000,591,000 | 2,292,263,000 | $ 2,262,040,000 |
Cumulative effect of a change in accounting principle | (445,000) | 563,000 | (1,763,000) | |
Contributions, value | 34,217,000 | 34,680,000 | 31,743,000 | |
Allocated net income for the period | 59,345,000 | 66,807,000 | 52,210,000 | |
Distributions | (69,234,000) | (62,731,000) | (54,494,000) | |
Unearned compensation | 2,011,000 | 2,181,000 | 1,650,000 | |
Conversion of redeemable partnership units, value | (4,885,000) | (2,880,000) | (16,916,000) | |
Adjustment to reflect redeemable partnership units at redemption value | 447,222,000 | (330,596,000) | 17,587,000 | |
Effective portion of interest rate contracts | (691,000) | (315,000) | (375,000) | |
Amortization of interest rate contracts | $ 622,000 | $ 619,000 | $ 581,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 651,999 | $ 712,563 | $ 562,481 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 677,764 | 645,649 | 617,547 |
Amortization of right-of-use assets - operating leases | 2,412 | ||
Impairment losses | 24,038 | 11,812 | 0 |
Non-cash compensation expense | 40,958 | 40,117 | 35,361 |
Income from unconsolidated joint ventures | (46,592) | (2,222) | (11,232) |
Distributions of net cash flow from operations of unconsolidated joint ventures | 17,155 | 6,703 | 26,858 |
(Gains) losses from investments in securities | (6,417) | 1,865 | (3,678) |
Non-cash portion of interest expense | 22,254 | 21,303 | (1,284) |
Settlement of accreted debt discount on redemption of unsecured senior notes | (763) | (483) | (1,980) |
Losses (gains) from early extinguishments of debt | 29,540 | 16,490 | (496) |
Gains on sales of real estate | (709) | (182,356) | (7,663) |
Change in assets and liabilities: | |||
Tenant and other receivables, net | (24,876) | 29,204 | 2,433 |
Note receivable | 4 | (13) | 0 |
Accrued rental income, net | (56,817) | (43,662) | (58,355) |
Prepaid expenses and other assets | 2,965 | 12,472 | 51,425 |
Lease liabilities - operating leases | 1,616 | ||
Accounts payable and accrued expenses | 12,627 | 1,353 | 10,482 |
Accrued interest payable | 858 | 5,237 | (160,521) |
Other liabilities | (49,569) | 4,955 | (44,970) |
Tenant leasing costs | (117,282) | (130,742) | (104,429) |
Total adjustments | 529,166 | 437,682 | 349,498 |
Net cash provided by operating activities | 1,181,165 | 1,150,245 | 911,979 |
Cash flows from investing activities: | |||
Acquisitions of real estate | (149,031) | 0 | (15,953) |
Construction in progress | (546,060) | (694,791) | (608,404) |
Building and other capital improvements | (180,556) | (189,771) | (222,482) |
Tenant improvements | (251,831) | (210,034) | (205,331) |
Right of use assets - finance leases | (5,152) | 0 | 0 |
Proceeds from sales of real estate | 90,824 | 455,409 | 29,810 |
Capital contributions to unconsolidated joint ventures | (87,392) | (345,717) | (109,015) |
Capital distributions from unconsolidated joint ventures | 136,807 | 0 | 251,000 |
Cash and cash equivalents deconsolidated | (24,112) | 0 | 0 |
Deposit on capital lease | 0 | (13,615) | 0 |
Issuance of related party note receivable | 0 | (80,000) | 0 |
Issuance of note receivable | 0 | (19,455) | 0 |
Proceeds from note receivable | 3,544 | 0 | 0 |
Investments in securities, net | (2,132) | (902) | (1,669) |
Net cash used in investing activities | (1,015,091) | (1,098,876) | (882,044) |
Cash flows from financing activities: | |||
Proceeds from mortgage notes payable | 0 | 0 | 2,300,000 |
Repayments of mortgage notes payable | (46,173) | (18,634) | (1,317,653) |
Proceeds from unsecured senior notes | 1,548,106 | 996,410 | 847,935 |
Redemption of unsecured senior notes | (699,237) | (699,517) | (848,020) |
Borrowings on unsecured line of credit | 380,000 | 745,000 | 580,000 |
Repayments of unsecured line of credit | (380,000) | (790,000) | (535,000) |
Proceeds from unsecured term loan | 0 | 500,000 | 0 |
Repayments of mezzanine notes payable | 0 | 0 | (306,000) |
Repayments of outside members’ notes payable | 0 | 0 | (70,424) |
Payments on finance lease obligations | (502) | 0 | 0 |
Payments on capital lease obligations | 0 | (1,353) | (493) |
Payments on real estate financing transactions | 0 | (960) | (2,840) |
Deposit on mortgage note payable interest rate lock | 0 | 0 | (23,200) |
Return of deposit on mortgage note payable interest rate lock | 0 | 0 | 23,200 |
Deferred financing costs | (13,213) | (8,362) | (50,705) |
Debt prepayment and extinguishment costs | (28,716) | (15,973) | (12,784) |
Net proceeds from equity transactions | 13,710 | (730) | 241 |
Dividends and distributions | (666,294) | (587,628) | (526,578) |
Contributions from noncontrolling interests in property partnerships | 35,816 | 46,701 | 52,009 |
Distributions to noncontrolling interests in property partnerships | (69,913) | (82,501) | (54,342) |
Acquisition of noncontrolling interest in property partnership | (186,963) | 0 | 0 |
Net cash (used in) provided by financing activities | (113,379) | 82,453 | 55,346 |
Net increase (decrease) in cash and cash equivalents | 52,695 | 133,822 | 85,281 |
Cash and cash equivalents and cash held in escrows, beginning of year | 639,191 | 505,369 | 420,088 |
Cash and cash equivalents and cash held in escrows, end of year | 691,886 | 639,191 | 505,369 |
Reconciliation of cash and cash equivalents and cash held in escrow | |||
Cash and cash equivalents, beginning of year | 543,359 | 434,767 | 356,914 |
Cash held in escrows, beginning of period | 95,832 | 70,602 | 63,174 |
Cash and cash equivalents, end of year | 644,950 | 543,359 | 434,767 |
Cash held in escrows,end of period | 46,936 | 95,832 | 70,602 |
Supplemental disclosures: | |||
Cash paid for interest | 439,059 | 416,019 | 598,486 |
Interest capitalized | 54,911 | 65,766 | 61,070 |
Non-cash investing and financing activities: | |||
Write-off of fully depreciated real estate | (129,831) | (135,431) | (124,891) |
Change in real estate included in accounts payable and accrued expenses | 89,245 | (44,866) | 27,978 |
Real estate acquired through capital leases | 0 | 12,397 | 28,962 |
Real estate acquired through capital lease | 287,540 | 0 | 0 |
Prepaid rent reclassified to right of use asset | 15,000 | 0 | 0 |
Building and other capital improvements deconsolidated | (12,767) | 0 | 0 |
Right of use asset - finance lease deconsolidated | (135,004) | 0 | 0 |
Investment in unconsolidated joint venture recorded on deconsolidation | 29,246 | 0 | 0 |
Lease liability - finance lease deconsolidation | 119,534 | 0 | 0 |
Outside members’ notes payable contributed to noncontrolling interests in property partnerships | 0 | 0 | 109,576 |
Dividends and distributions declared but not paid | 170,713 | 165,114 | 139,040 |
Conversions of noncontrolling interests to stockholders’ equity | 4,885 | 2,880 | 16,916 |
Issuance of restricted securities to employees and directors | 37,622 | 37,052 | 35,989 |
Boston Properties Limited Partnership | |||
Net income | 661,722 | 730,312 | 571,198 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 669,956 | 637,891 | 609,407 |
Amortization of right-of-use assets - operating leases | 2,412 | ||
Impairment losses | 22,272 | 10,181 | 0 |
Non-cash compensation expense | 40,958 | 40,117 | 35,361 |
Income from unconsolidated joint ventures | (46,592) | (2,222) | (11,232) |
Distributions of net cash flow from operations of unconsolidated joint ventures | 17,155 | 6,703 | 26,858 |
(Gains) losses from investments in securities | (6,417) | 1,865 | (3,678) |
Non-cash portion of interest expense | 22,254 | 21,303 | (1,284) |
Settlement of accreted debt discount on redemption of unsecured senior notes | (763) | (483) | (1,980) |
Losses (gains) from early extinguishments of debt | 29,540 | 16,490 | (496) |
Gains on sales of real estate | (858) | (190,716) | (8,240) |
Change in assets and liabilities: | |||
Tenant and other receivables, net | (24,876) | 29,204 | 2,433 |
Note receivable | 4 | (13) | 0 |
Accrued rental income, net | (56,817) | (43,662) | (58,355) |
Prepaid expenses and other assets | 2,965 | 12,472 | 51,425 |
Lease liabilities - operating leases | 1,616 | ||
Accounts payable and accrued expenses | 12,627 | 1,353 | 10,482 |
Accrued interest payable | 858 | 5,237 | (160,521) |
Other liabilities | (49,569) | 4,955 | (44,970) |
Tenant leasing costs | (117,282) | (130,742) | (104,429) |
Total adjustments | 519,443 | 419,933 | 340,781 |
Net cash provided by operating activities | 1,181,165 | 1,150,245 | 911,979 |
Cash flows from investing activities: | |||
Acquisitions of real estate | (149,031) | 0 | (15,953) |
Construction in progress | (546,060) | (694,791) | (608,404) |
Building and other capital improvements | (180,556) | (189,771) | (222,482) |
Tenant improvements | (251,831) | (210,034) | (205,331) |
Right of use assets - finance leases | (5,152) | 0 | 0 |
Proceeds from sales of real estate | 90,824 | 455,409 | 29,810 |
Capital contributions to unconsolidated joint ventures | (87,392) | (345,717) | (109,015) |
Capital distributions from unconsolidated joint ventures | 136,807 | 0 | 251,000 |
Cash and cash equivalents deconsolidated | (24,112) | 0 | 0 |
Deposit on capital lease | 0 | (13,615) | 0 |
Issuance of related party note receivable | 0 | (80,000) | 0 |
Issuance of note receivable | 0 | (19,455) | 0 |
Proceeds from note receivable | 3,544 | 0 | 0 |
Investments in securities, net | (2,132) | (902) | (1,669) |
Net cash used in investing activities | (1,015,091) | (1,098,876) | (882,044) |
Cash flows from financing activities: | |||
Proceeds from mortgage notes payable | 0 | 0 | 2,300,000 |
Repayments of mortgage notes payable | (46,173) | (18,634) | (1,317,653) |
Proceeds from unsecured senior notes | 1,548,106 | 996,410 | 847,935 |
Redemption of unsecured senior notes | (699,237) | (699,517) | (848,020) |
Borrowings on unsecured line of credit | 380,000 | 745,000 | 580,000 |
Repayments of unsecured line of credit | (380,000) | (790,000) | (535,000) |
Proceeds from unsecured term loan | 0 | 500,000 | 0 |
Repayments of mezzanine notes payable | 0 | 0 | (306,000) |
Repayments of outside members’ notes payable | 0 | 0 | (70,424) |
Payments on finance lease obligations | (502) | ||
Payments on capital lease obligations | (1,353) | (493) | |
Payments on real estate financing transactions | 0 | (960) | (2,840) |
Deposit on mortgage note payable interest rate lock | 0 | 0 | (23,200) |
Return of deposit on mortgage note payable interest rate lock | 0 | 0 | 23,200 |
Deferred financing costs | (13,213) | (8,362) | (50,705) |
Debt prepayment and extinguishment costs | (28,716) | (15,973) | (12,784) |
Net proceeds from equity transactions | 13,710 | (730) | 241 |
Dividends and distributions | (666,294) | (587,628) | (526,578) |
Contributions from noncontrolling interests in property partnerships | 35,816 | 46,701 | 52,009 |
Distributions to noncontrolling interests in property partnerships | (69,913) | (82,501) | (54,342) |
Acquisition of noncontrolling interest in property partnership | (186,963) | 0 | |
Net cash (used in) provided by financing activities | (113,379) | 82,453 | 55,346 |
Net increase (decrease) in cash and cash equivalents | 52,695 | 133,822 | 85,281 |
Cash and cash equivalents and cash held in escrows, beginning of year | 639,191 | 505,369 | 420,088 |
Cash and cash equivalents and cash held in escrows, end of year | 691,886 | 639,191 | 505,369 |
Reconciliation of cash and cash equivalents and cash held in escrow | |||
Cash and cash equivalents, beginning of year | 543,359 | 434,767 | 356,914 |
Cash held in escrows, beginning of period | 95,832 | 70,602 | 63,174 |
Cash and cash equivalents, end of year | 644,950 | 543,359 | 434,767 |
Cash held in escrows,end of period | 46,936 | 95,832 | 70,602 |
Supplemental disclosures: | |||
Cash paid for interest | 439,059 | 416,019 | 598,486 |
Interest capitalized | 54,911 | 65,766 | 61,070 |
Non-cash investing and financing activities: | |||
Write-off of fully depreciated real estate | (129,253) | (135,431) | (123,714) |
Change in real estate included in accounts payable and accrued expenses | 89,245 | 44,866 | 27,978 |
Real estate acquired through capital leases | 0 | 12,397 | 28,962 |
Real estate acquired through capital lease | 287,540 | 0 | 0 |
Prepaid rent reclassified to right of use asset | 15,000 | 0 | 0 |
Building and other capital improvements deconsolidated | (12,767) | 0 | 0 |
Right of use asset - finance lease deconsolidated | (135,004) | 0 | 0 |
Investment in unconsolidated joint venture recorded on deconsolidation | 29,246 | 0 | 0 |
Lease liability - finance lease deconsolidation | 119,534 | 0 | 0 |
Outside members’ notes payable contributed to noncontrolling interests in property partnerships | 0 | 0 | 109,576 |
Dividends and distributions declared but not paid | 170,713 | 165,114 | 139,040 |
Conversions of noncontrolling interests to stockholders’ equity | 4,885 | 2,880 | 16,916 |
Issuance Of Restricted Units To Employees And Directors | $ 37,622 | $ 37,052 | $ 35,989 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Boston Properties, Inc., a Delaware corporation, is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”). Boston Properties, Inc. is the sole general partner of Boston Properties Limited Partnership, its operating partnership and at December 31, 2019 owned an approximate 89.6% ( 89.7% at December 31, 2018 ) general and limited partnership interest in Boston Properties Limited Partnership. Unless stated otherwise or the context requires, the “Company” refers to Boston Properties, Inc. and its subsidiaries, including Boston Properties Limited Partnership and its consolidated subsidiaries. Partnership interests in Boston Properties Limited Partnership include: • common units of partnership interest (also referred to as “OP Units”), • long term incentive units of partnership interest (also referred to as “LTIP Units”), and • preferred units of partnership interest (also referred to as “Preferred Units”). Unless specifically noted otherwise, all references to OP Units exclude units held by Boston Properties, Inc. A holder of an OP Unit may present such OP Unit to Boston Properties Limited Partnership for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, Boston Properties Limited Partnership is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of Boston Properties, Inc. (“Common Stock”). In lieu of a cash redemption, Boston Properties, Inc. may elect to acquire the OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that Boston Properties, Inc. owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock. The Company uses LTIP Units as a form of equity-based award for annual long-term incentive equity compensation. The Company has also issued LTIP Units to employees in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013, 2014, 2015, 2016, 2017, 2018 and 2019 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance and vesting conditions, is convertible into one OP Unit. The three-year measurement periods for the 2012 OPP Units, 2013 MYLTIP Units, 2014 MYLTIP Units, 2015 MYLTIP Units and 2016 MYLTIP Units expired on February 6, 2015, February 4, 2016, February 3, 2017, February 4, 2018 and February 9, 2019, respectively, and Boston Properties, Inc.’s total stockholder return (“TSR”) was sufficient for employees to earn and therefore become eligible to vest in a portion of the awards. Unless and until they are earned, the rights, preferences and privileges of the 2017 MYLTIP Units, 2018 MYLTIP Units and 2019 MYLTIP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units, the 2013 MYLTIP Units, the 2014 MYLTIP Units, the 2015 MYLTIP Units and the 2016 MYLTIP Units, which have been earned). Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2017 MYLTIP Units, 2018 MYLTIP Units and 2019 MYLTIP Units. LTIP Units (including the earned 2012 OPP Units, the 2013 MYLTIP Units, the 2014 MYLTIP Units, the 2015 MYLTIP Units and 2016 MYLTIP Units), whether vested or not, will receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 10 , 16 and 19 ). At December 31, 2019 , there was one series of Preferred Units outstanding (i.e., Series B Preferred Units). The Series B Preferred Units were issued to Boston Properties, Inc. on March 27, 2013 in connection with the issuance of 80,000 shares ( 8,000,000 depositary shares each representing 1/100th of a share) of 5.25% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”). Boston Properties, Inc. contributed the net proceeds from the offering to Boston Properties Limited Partnership in exchange for 80,000 Series B Preferred Units having terms and preferences generally mirroring those of the Series B Preferred Stock (See Note 11 ). Properties At December 31, 2019 , the Company owned or had interests in a portfolio of 196 commercial real estate properties (the “Properties”) aggregating approximately 52.0 million net rentable square feet of primarily Class A office properties, including 11 properties under construction/redevelopment totaling approximately 5.5 million net rentable square feet. At December 31, 2019 , the Properties consisted of: • 177 office properties (including nine properties under construction/redevelopment); • twelve retail properties; • six residential properties (including two properties under construction); and • one hotel. The Company considers Class A office properties to be well located buildings that are professionally managed and maintained, attract high-quality tenants and command upper-tier rental rates, and that are modern structures or have been modernized to compete with newer buildings. Basis of Presentation The accompanying consolidated financial statements are presented using the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Boston Properties, Inc. does not have any other significant assets, liabilities or operations, other than its investment in Boston Properties Limited Partnership, nor does it have employees of its own. Boston Properties Limited Partnership, not Boston Properties, Inc., generally executes all significant business relationships other than transactions involving securities of Boston Properties, Inc. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. Variable Interest Entities (VIEs) Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that it is the primary beneficiary for six of the eight entities that are VIEs (see “ New Accounting Pronouncements Issued but not yet Adopted—Consolidation” within Note 2). Consolidated Variable Interest Entities As of December 31, 2019 , Boston Properties, Inc. has identified six consolidated VIEs, including Boston Properties Limited Partnership. Excluding Boston Properties Limited Partnership, the VIEs consisted of the following five in-service properties: 767 Fifth Avenue (the General Motors Building), Time 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 (i.e., excluding Boston Properties Limited Partnership’s interest) are reflected as noncontrolling interest in property partnerships in the accompanying Consolidated Financial Statements (See Note 10 ). In addition, Boston Properties, Inc.’s only significant asset is its investment in Boston Properties Limited Partnership and, consequently, substantially all of Boston Properties, Inc.’s assets and liabilities are the assets and liabilities of Boston Properties Limited Partnership. Variable Interest Entities Not Consolidated The Company has determined that Platform 16 Holdings LP and the landlord entity for its Platform 16 ground lease are VIEs. The Company does not consolidate these entities 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. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Real Estate Upon acquisitions of real estate, the Company assesses whether the transaction should be accounted for as an asset acquisition or as a business combination by applying a screen to determine whether the integrated set of assets and activities acquired meets the definition of a business. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. The Company’s acquisitions of real estate or in-substance real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. The Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-” and “below-market” leases, leasing and assumed financing origination costs, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities, including land and buildings as if vacant. The Company assesses fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has been immaterial. The Company records acquired “above-” and “below-market” leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Acquired “above-” and “below-market” lease values have been reflected within Prepaid Expenses and Other Assets and Other Liabilities, respectively, in the Company’s Consolidated Balance Sheets. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Management reviews its long-lived assets for impairment following the end of each quarter and when there is an event or change in circumstances that indicates carrying amounts may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is subjective and is based in part on assumptions regarding anticipated hold periods, future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates that could differ materially from actual results in future periods. Because cash flows on properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s established strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. Guidance in Accounting Standards Codification (“ASC”) 360 “Property Plant and Equipment” (“ASC 360”) requires that qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as “held for sale,” be presented as discontinued operations in all periods presented if the property operations are expected to be eliminated and the Company will not have significant continuing involvement following the sale. Discontinued operations presentation applies only to disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). The components of the property’s net income that are reflected as discontinued operations include the net gain (or loss) upon the disposition of the property held for sale, operating results, depreciation and interest expense (if the property is subject to a secured loan). The Company generally considers assets to be “held for sale” when the transaction has been approved by Boston Properties, Inc.’s Board of Directors, or a committee thereof, and there are no known significant contingencies relating to the sale, such that a sale of the property within one year is considered probable. Following the classification of a property as “held for sale,” no further depreciation is recorded on the assets, and the asset is written down to the lower of carrying value or fair market value, less cost to sell. Real estate is stated at depreciated cost. A variety of costs are incurred in the acquisition, development and leasing of properties. The cost of buildings and improvements includes the purchase price of property, legal fees and other acquisition costs. The Company capitalizes acquisition costs that it incurs to effect an asset acquisition and expenses acquisition costs that it incurs to effect a business combination, including legal, due diligence and other closing related costs. Costs directly related to the development of properties are capitalized. Capitalized development costs include interest, internal wages, property taxes, insurance, and other project costs incurred during the period of development. After the determination is made to capitalize a cost, it is allocated to the specific component of the project that benefited from the investment. Determination of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and capitalization must cease, involves a degree of judgment. The Company’s capitalization policy on development properties follows the guidance in ASC 835-20 “Capitalization of Interest” and ASC 970 “Real Estate-General.” The costs of land and buildings under development include specifically identifiable costs. Capitalized costs include pre-construction costs necessary to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. The Company begins the capitalization of costs during the pre-construction period, which it defines as activities that are necessary for the development of the property. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on the portion (1) substantially completed, (2) occupied or held available for occupancy, and capitalizes only those costs associated with the portion under construction or (3) if activities necessary for the development of the property have been suspended. Interest costs capitalized for the years ended December 31, 2019 , 2018 and 2017 were approximately $54.9 million , $65.8 million and $61.1 million , respectively. Salaries and related costs capitalized for the years ended December 31, 2019 , 2018 and 2017 were approximately $10.4 million , $12.5 million and $13.2 million , respectively. Expenditures for repairs and maintenance are charged to operations as incurred. Significant betterments are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company computes depreciation and amortization on properties using the straight-line method based on estimated useful asset lives. The Company allocates the acquisition cost of real estate to its components and depreciates or amortizes these assets (or liabilities) over their useful lives. The amortization of acquired “above-” and “below-market” leases and acquired in-place leases is recorded as an adjustment to revenue and depreciation and amortization, respectively, in the Consolidated Statements of Operations. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures, and equipment 3 to 7 years Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and investments with maturities of three months or less from the date of purchase. The majority of the Company’s cash and cash equivalents are held at major commercial banks which may at times exceed the Federal Deposit Insurance Corporation limit of $250,000 . Cash Held in Escrows Escrows include amounts established pursuant to various agreements for security deposits, property taxes, insurance and other costs. Escrows also include cash held by qualified intermediaries for possible investments in like-kind exchanges in accordance with Section 1031 of the Internal Revenue Code, as amended (the “Code”), in connection with sales of the Company’s properties. Investments in Securities The Company accounts for investments in equity securities at fair value, with gains or losses resulting from changes in fair value recognized currently in earnings. The Company maintains deferred compensation plans that are designed to allow officers and non-employee directors of Boston Properties, Inc. to defer a portion of the officer’s current income or the non-employee director’s current compensation on a pre-tax basis and receive a tax-deferred return on these deferrals based on the performance of specific investments selected by the officer or non-employee director. The Company’s obligation under the plans is that of an unsecured promise to pay the deferred compensation to the plan participants in the future. At December 31, 2019 and 2018 , the Company had maintained approximately $36.7 million and $28.2 million , respectively, in separate accounts, which are not restricted as to their use. The Company recognized gains (losses) of approximately $6.4 million , $(1.9) million and $3.7 million on its investments in the accounts associated with the Company’s deferred compensation plans during the years ended December 31, 2019 , 2018 and 2017 , respectively. Tenant and Other Receivables Tenant and other accounts receivable, other than accrued rents receivable, are expected to be collected within one year. Notes Receivable The Company accounts for notes receivable at their unamortized cost, net of any unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses (see “ New Accounting Pronouncements Issued but not yet Adopted—Financial Instruments - Credit Losses” ). Loan fees and direct costs associated with loans originated by the Company are deferred and amortized over the term of the note as interest income. Deferred Charges Deferred charges include leasing costs and certain financing fees. Leasing costs include acquired intangible in-place lease values and direct and incremental fees and costs incurred in the successful negotiation of leases, including brokerage and other costs which have been deferred and are being amortized on a straight-line basis over the terms of the respective leases. Unamortized leasing costs are charged to expense upon the early termination of the lease. Fully amortized deferred leasing costs are removed from the books upon the expiration of the lease. The Company did not capitalize any external legal costs and internal leasing salaries and related costs for the year ended December 31, 2019 (see “ New Accounting Pronouncements Adopted—Leases ”). Internal leasing salaries and related costs capitalized for the years ended December 31, 2018 and 2017 were approximately $5.4 million and $5.0 million , respectively. Financing fees included in deferred charges consist of external fees and costs incurred to obtain the Company’s revolving facility and if applicable, the delayed draw facility and construction financing arrangements where there are not sufficient amounts outstanding. Such financing costs have been deferred and are being amortized over the terms of the respective financing and included within interest expense. Unamortized financing costs are charged to expense upon the early repayment or significant modification of the financing. Fully amortized deferred financing costs are removed from the books upon the maturity of the debt. External fees and costs incurred to obtain mortgage financings and unsecured senior notes have been deferred and are presented as direct deductions from the carrying amounts of the corresponding debt liability. Such financing costs are being amortized over the terms of the respective financing and included within interest expense. Unamortized financing costs are charged to expense upon the early repayment or significant modification of the financing. Investments in Unconsolidated Joint Ventures The Company consolidates VIEs in which it is considered to be the primary beneficiary. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or that the holders of the equity investment at risk do not have substantive participating rights. The primary beneficiary 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 variable interest entity’s performance, and (2) the obligation to absorb losses and the right to receive the returns from the variable interest entity that could potentially be significant to the VIE. For ventures that are not VIEs, the Company consolidates entities for which it has significant decision making control over the ventures’ operations. The Company’s judgment with respect to its level of influence or control of an entity involves the consideration of various factors including the form of the Company’s ownership interest, its representation in the entity’s governance, the size of its investment (including loans), estimates of future cash flows, its ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace the Company as manager and/or liquidate the venture, if applicable. The Company’s assessment of its influence or control over an entity affects the presentation of these investments in the Company’s consolidated financial statements. In addition to evaluating control rights, the Company consolidates entities in which the outside partner has no substantive kick-out rights to remove the Company as the managing member. Accounts of the consolidated entity are included in the accounts of the Company and the noncontrolling interest is reflected on the Consolidated Balance Sheets as a component of equity or in temporary equity between liabilities and equity. Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in earnings of unconsolidated joint ventures over the life of the related asset. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Consolidated Statements of Operations. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company may account for cash distributions in excess of its investment in an unconsolidated joint venture as income when the Company is not the general partner in a limited partnership and when the Company has neither the requirement nor the intent to provide financial support to the joint venture. The Company classifies distributions received from equity method investees within its Consolidated Statements of Cash Flows using the nature of the distribution approach, which classifies the distributions received on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities). The Company’s investments in unconsolidated joint ventures are reviewed for impairment periodically and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying amounts has occurred and such decline is other-than-temporary. The evaluation of fair value is subjective and is based in part on assumptions regarding future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates that could differ materially from actual results in future periods . The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. The Company will record an impairment charge if it determines that a decline in the fair value below the carrying amount of an investment in an unconsolidated joint venture is other-than-temporary. To the extent that the Company contributed assets to a joint venture, the Company’s investment in the joint venture was recorded at the Company’s cost basis in the assets that were contributed to the joint venture. To the extent that the Company’s cost basis is different than the basis reflected at the joint venture level, the basis difference is amortized over the life of the related asset and included in the Company’s share of equity in net income of the joint venture. In accordance with the provisions of ASC 610-20 “Gains and Losses from the Derecognition of Nonfinancial Assets” (“ASC 610-20”), the Company will recognize a full gain on both the retained and sold portions of real estate contributed or sold to a joint venture by recognizing its new equity method investment interest at fair value. The combined summarized financial information of the unconsolidated joint ventures is disclosed in Note 5 . Revenue Recognition In general, the Company commences lease/rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. Contractual lease/rental revenue is reported on a straight-line basis over the terms of the respective leases. The impact of the straight-line rent adjustment increased revenue by approximately $58.4 million , $51.9 million and $54.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, as the revenue recorded exceeded amounts billed. Accrued rental income, as reported on the Consolidated Balance Sheets, represents cumulative lease/rental income earned in excess of rent payments received pursuant to the terms of the individual lease agreements. The Company maintains an allowance against accrued rental income for future potential tenant credit losses. The credit assessment is based on the estimated accrued rental income that is recoverable over the term of the lease. The Company also maintains an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required rent payments. The computation of this allowance is based on the tenants’ payment history and current credit status, as well as certain industry or geographic specific credit considerations. If the Company’s estimates of collectability differ from the cash received, then the timing and amount of the Company’s reported revenue could be impacted. The credit risk is mitigated by the high quality of the Company’s existing tenant base, reviews of prospective tenants’ risk profiles prior to lease execution and consistent monitoring of the Company’s portfolio to identify potential problem tenants. In accordance with ASC 805, the Company recognizes acquired in-place “above-” and “below-market” leases at their fair values as rental revenue over the original term of the respective leases. The impact of the acquired in-place “above-” and “below-market” leases increased revenue by approximately $20.9 million , $23.8 million and $23.5 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands). Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangibles 2020 $ 5,440 $ 10,673 2021 3,054 6,455 2022 357 5,699 2023 183 5,558 2024 135 4,043 Recoveries from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, are recognized as revenue in the period during which the expenses are incurred (see “ New Accounting Pronouncements Adopted—Leases” ). The Company recognizes these reimbursements on a gross basis, as the Company obtains control of the goods and services before they are transferred to the tenant. The Company also receives reimbursements of payroll and payroll related costs from unconsolidated joint venture entities and third party property owners in connection with management services contracts which the Company reflects on a gross basis instead of on a net basis as the Company has determined that it is the principal and not the agent under these arrangements in accordance with the guidance in ASC 606 “Revenue from Contracts with Customers” (“ASC 606”). The Company’s parking revenue is derived primarily from monthly and transient daily parking. In addition, the Company has certain lease arrangements for parking accounted for under the guidance in ASC 842 “Leases” (“ASC 842”). The monthly and transient daily parking revenue falls within the scope of ASC 606 and is accounted for at the point in time when control of the goods or services transfers to the customer and the Company’s performance obligation is satisfied. The Company’s hotel revenue is derived from room rentals and other sources such as charges to guests for telephone service, movie and vending commissions, meeting and banquet room revenue and laundry services. Hotel revenue is recognized as the hotel rooms are occupied and the services are rendered to the hotel customers. The Company earns management and development fees. Development and management services revenue is earned from unconsolidated joint venture entities and third-party property owners. The Company determined that the performance obligations associated with its development services contracts are satisfied over time and that the Company would recognize its development services revenue under the output method evenly over time from the development commencement date through the substantial completion date of the development management services project due to the stand-ready nature of the contracts. Significant judgments impacting the amount and timing of revenue recognized from the Company’s development services contracts include estimates of total development project costs from which the fees are typically derived and estimates of the period of time until substantial completion of the development project, the period of time over which the development services are required to be performed. The Company recognizes development fees earned from unconsolidated joint venture projects equal to its cost plus profit to the extent of the third party partners’ ownership interest. Property management fees are recorded and earned based on a percentage of collected rents at the properties under management, and not on a straight-line basis, because such fees are contingent upon the collection of rents. Gains on sales of real estate are recognized pursuant to the provisions included in ASC 610-20. Under ASC 610-20, the Company must first determine whether the transaction is a sale to a customer or non-customer. The Company typically sells real estate on a selective basis and not within the ordinary course of its business and therefore expects that its sale transactions will not be contracts with customers. The Company next determines whether it has a controlling financial interest in the property after the sale, consistent with the consolidation model in ASC 810 “Consolidation” (“ASC 810”). If the Company determines that it does not have a controlling financial interest in the real estate, it evaluates whether a contract exists under ASC 606 and whether the buyer has obtained control of the asset that was sold. The Company recognizes a full gain on sale of real estate when the derecognition criteria under ASC 610-20 have been met. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders, as adjusted for undistributed earnings (if any) of certain securities issued by Boston Properties Limited Partnership, by the weighted average number of shares of Common Stock outstanding during the year. Diluted EPS reflects the potential dilution that could occur from shares issuable in connection with awards under stock-based compensation plans, including upon the exercise of stock options, and securities of Boston Properties Limited Partnership that are exchangeable for Common Stock. Earnings Per Common Unit Basic earnings per common unit is computed by dividing net income available to common unitholders, as adjusted for undistributed earnings (if any) of certain securities issued by Boston Properties Limited Partnership, by the weighted average number of common units outstanding during the year. Diluted earnings per common unit reflects the potential dilution that could occur from units issuable in connection with awards under Boston Properties, Inc.’s stock-based compensation plans, including upon the exercise of stock options, and conversion of preferred units of Boston Properties Limited Partnership. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, marketable securities, escrows, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments. The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. Boston Properties Limited Partnership determines the fair value of its unsecured senior notes using market prices. The inputs used in determining the fair value of Boston Properties Limited Partnership’s unsecured senior notes is categorized at a Level 1 basis (as defined in ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”)) due to the fact that it uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized at a Level 2 basis (as defined in ASC 820) if trading volumes are low. The Company determines the fair value of its related party note receivable, note receivable and mortgage notes payable using discounted cash flow analysis by discounting the spread between the future contractual interest payments and hypothetical future interest payments on note receivables / mortgage debt based on current market rates for similar securities. In determining the current market rates, the Company adds its estimates of market spreads to the quoted yields on federal government treasury securities with similar maturity dates to its debt. The inputs used in determining the fair value of the Company’s related party note receivable, note receivable, and mortgage notes payable are categorized at a Level 3 basis (as defined in ASC 820) due to the fact that the Company considers the rates used in the valuation techniques to be unobservable inputs. To the extent that there are outstanding borrowings under the unsecured line of credit or unsecured term loan, the Company utilizes a discounted cash flow methodology in order to estimate the fair value. To the extent that credit spreads have changed since the origination, the net present value of the difference between future contractual interest payments and future interest payments based on the Company’s estimate of a current market rate would represent the difference between the book value and the fair value. The Company’s estimate of a current market rate is based upon the rate, considering current market conditions and Boston Properties Limited Partnership’s specific credit profile, at which it estimates it could obtain similar borrowings. To the extent there are outstanding borrowings, this current market rate is estimated and therefore would be primarily based upon a Level 3 input (see “ New Accounting Pronouncements Issued but not yet Adopted—Fair Value Measurement” ). Because the Company’s valuations of its financial instruments are based on these types of estimates, the actual fair values of its financial instruments may differ materially if the Company’s estimates do not prove to be accurate, and the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not 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, note receivable, 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 December 31, 2019 and December 31, 2018 (in thousands): December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Related party note receivable $ 80,000 $ 81,931 $ 80,000 $ 80,000 Note receivable 15,920 14,978 19,468 19,468 Total $ 95,920 $ 96,909 $ 99,468 $ 99,468 Mortgage notes payable, net $ 2,922,408 $ 2,984,956 $ 2,964,572 $ 2,903,925 Unsecured senior notes, net 8,390,459 8,826,375 7,544,697 7,469,338 Unsecured line of credit — — — — Unsecured term loan, net 498,939 500,561 498,488 500,783 Total $ 11,811,806 $ 12,311,892 $ 11,007,757 $ 10,874,046 The Company uses interest rate swap agreements to manage its interest ra |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
Real Estate | 3. Real Estate Boston Properties, Inc. Real estate consisted of the following at December 31, 2019 and December 31, 2018 (in thousands): 2019 2018 Land $ 5,111,606 $ 5,072,568 Right of use assets - finance leases 237,394 — Right of use assets - operating leases 148,640 — Land held for future development (1) 254,828 200,498 Buildings and improvements 13,646,054 13,356,751 Tenant improvements 2,656,439 2,396,932 Furniture, fixtures and equipment 44,313 44,351 Construction in progress 789,736 578,796 Total 22,889,010 21,649,896 Less: Accumulated depreciation (5,266,798 ) (4,897,777 ) $ 17,622,212 $ 16,752,119 _______________ (1) Includes pre-development costs. Boston Properties Limited Partnership Real estate consisted of the following at December 31, 2019 and December 31, 2018 (in thousands): 2019 2018 Land $ 5,011,153 $ 4,971,475 Right of use assets - finance leases 237,394 — Right of use assets - operating leases 148,640 — Land held for future development (1) 254,828 200,498 Buildings and improvements 13,351,286 13,059,488 Tenant improvements 2,656,439 2,396,932 Furniture, fixtures and equipment 44,313 44,351 Construction in progress 789,736 578,796 Total 22,493,789 21,251,540 Less: Accumulated depreciation (5,162,908 ) (4,800,475 ) $ 17,330,881 $ 16,451,065 _______________ (1) Includes pre-development costs. Developments/Redevelopments On May 9, 2019, the Company entered into a 15-year lease with Google, LLC for approximately 379,000 net rentable square feet of Class A office space in a build-to-suit development project located at the Company’s 325 Main Street property at Kendall Center in Cambridge, Massachusetts. 325 Main Street consisted of an approximately 115,000 net rentable square foot Class A office property that was demolished and is being developed into an approximately 420,000 net rentable square foot Class A office property, including approximately 41,000 net rentable square feet of retail space. On May 9, 2019, the Company commenced development of the project. Boston Properties, Inc. and Boston Properties Limited Partnership recognized approximately $9.9 million and $9.5 million , respectively, of depreciation expense associated with the acceleration of depreciation on the assets being removed from service and demolished as part of the redevelopment of the property. On June 1, 2019, the Company partially placed in-service 20 CityPoint, a Class A office project with approximately 211,000 net rentable square feet located in Waltham, Massachusetts. On September 30, 2019, the Company commenced the redevelopment of 200 West Street, a Class A office project with approximately 261,000 net rentable square feet located in Waltham, Massachusetts. The redevelopment is a conversion of a 126,000 square foot portion of the property to laboratory space. On October 24, 2019, the Company completed and placed in-service 145 Broadway, a build-to-suit Class A office project with approximately 483,000 net rentable square feet located in Cambridge, Massachusetts. Ground Leases On January 24, 2019, the ground lessor under the Company’s 65 -year ground lease for land totaling approximately 5.6 acres at Platform 16 located in San Jose, California made available for lease to the Company the remaining land parcels. As a result, the Company recognized the remaining portion of the right of use finance lease asset and finance lease liability. The Company entered into the ground lease in 2018, however, at the inception of the ground lease only a portion of the land was available for lease from the lessor, resulting in the Company recognizing only a portion of the ground lease. In the aggregate, the land will support the development of approximately 1.1 million square feet of commercial office space. The ground lease provides the Company with the right to purchase all of the land during a 12-month period commencing February 1, 2020 at a purchase price of approximately $134.8 million . The Company was reasonably certain it would exercise the option to purchase the land and as a result, the Company concluded that the lease should be accounted for as a finance lease. As a result, the Company recorded an approximately $122.6 million right of use asset - finance lease and a lease liability - finance lease on the Company’s Consolidated Balance Sheets reflecting the remaining land parcels made available for lease to the Company. Finance lease assets and liabilities are accounted for at the lower of fair market value or the present value of future lease payments. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. See also “ Dispositions ” below and Notes 5 and 19. As of January 24, 2019, the lease payments from the finance lease related to the remaining parcels made available for lease to the Company were as follows (in thousands): Period from January 24, 2019 through December 31, 2019 $ 17,918 2020 109,460 Total expected minimum lease payments 127,378 Interest portion (4,815 ) Present value of expected net lease payments $ 122,563 On July 16, 2019, the Company executed a 75 -year ground lease with The George Washington University for land parcels at 2100 Pennsylvania Avenue located in Washington, DC and commenced development of an approximately 470,000 net rentable square foot Class A office property pursuant to a development agreement that the Company entered into with The George Washington University in 2016. The development agreement provided for the execution of the ground lease upon completion of the entitlement process and relocation of existing tenants. Also in 2016, the Company made a deposit of $15.0 million that, upon execution of the ground lease, is credited against ground rent payable under the ground lease. The present value of the lease payments exceeds substantially all of the fair value of the underlying asset and as a result, the Company has concluded that the ground lease should be accounted for as a finance lease. As a result, the Company recorded an approximately $185.1 million right of use asset - finance lease and an approximately $165.0 million lease liability - finance lease on the Company’s Consolidated Balance Sheets. The difference between the right of use asset - finance lease and lease liability - finance lease is the $15.0 million deposit that was made in 2016 and approximately $5.1 million of initial direct costs. Although the finance lease is for land only, as this was not classified as a finance lease because of a purchase option, the right of use asset will be amortized over the shorter of the useful life of the asset or the lease term. As land is assumed to have an indefinite life, the right of use asset - finance lease will be amortized on a straight-line basis over the 75 -year term. In 2017, the Company entered into a 16-year lease with a tenant for approximately 300,000 net rentable square feet of space at the property. As of July 16, 2019, the lease payments from the finance lease were as follows (in thousands): Period from July 16, 2019 through December 31, 2019 $ — 2020 — 2021 3,863 2022 8,576 2023 8,669 Thereafter 1,358,518 Total expected minimum lease payments 1,379,626 Interest portion (1,214,649 ) Present value of expected net lease payments $ 164,977 Acquisitions On January 10, 2019, the Company acquired land parcels at its Carnegie Center property located in Princeton, New Jersey for a gross purchase price of approximately $51.5 million , which includes an aggregate of approximately $8.6 million of additional amounts that are payable in the future to the seller upon the development or sale of each of the parcels. The land parcels could support approximately 1.7 million square feet of development. On August 27, 2019, the Company acquired 880 and 890 Winter Street located in Waltham, Massachusetts for a gross purchase price of approximately $106.0 million in cash. 880 and 890 Winter Street consists of two Class A office properties aggregating approximately 392,000 net rentable square feet. The following table summarizes the allocation of the purchase price, including transaction costs, of 880 and 890 Winter Street at the date of acquisition (in thousands): Land $ 29,510 Building and improvements 59,788 Tenant improvements 6,024 In-place lease intangibles 11,494 Above-market lease intangibles 246 Below-market lease intangibles (1,092 ) Net assets acquired $ 105,970 The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles, the acquired above-market lease intangibles and the acquired below-market lease intangibles for 880 and 890 Winter Street for the remainder of 2019 and each of the next five succeeding fiscal years (in thousands): Acquired In-Place Lease Intangibles Acquired Above-Market Lease Intangibles Acquired Below- Market Lease Intangibles Period from August 27, 2019 through December 31, 2019 $ 1,801 $ 28 $ (226 ) 2020 4,485 80 (599 ) 2021 2,391 80 (237 ) 2022 1,121 43 (30 ) 2023 179 15 — 2024 60 — — 880 and 890 Winter Street contributed approximately $4.9 million of revenue and approximately ($0.6) million of earnings to the Company for the period from August 27, 2019 through December 31, 2019. Dispositions On January 24, 2019, the Company completed the sale of its 2600 Tower Oaks Boulevard property located in Rockville, Maryland for a gross sale price of approximately $22.7 million . Net cash proceeds totaled approximately $21.4 million , resulting in a loss on sale of real estate totaling approximately $0.6 million . The Company recognized an impairment loss totaling approximately $3.1 million for Boston Properties, Inc. and approximately $1.5 million for Boston Properties Limited Partnership during the year ended December 31, 2018. 2600 Tower Oaks Boulevard is an approximately 179,000 net rentable square foot Class A office property. 2600 Tower Oaks contributed approximately $(0.2) million of net loss to the Company for the period from January 1, 2019 through January 23, 2019 and contributed approximately $(0.6) million and $(0.1) million of net loss to the Company for the years ended December 31, 2018 and 2017, respectively. At March 31, 2019, the Company evaluated the expected hold period of its One Tower Center property located in East Brunswick, New Jersey and, based on a shorter-than-expected hold period, the Company reduced the carrying value of the property to its estimated fair value at March 31, 2019 and recognized an impairment loss totaling approximately $24.0 million for Boston Properties, Inc. and approximately $22.3 million for Boston Properties Limited Partnership. The Company’s estimated fair value was based on a pending offer from a third party to acquire the property and the subsequent execution of a purchase and sale agreement on April 18, 2019 for a gross sale price of $38.0 million . On June 3, 2019, the Company completed the sale of the property. Net cash proceeds totaled approximately $36.6 million , resulting in a loss on sale of real estate totaling approximately $0.8 million . One Tower Center is an approximately 410,000 net rentable square foot Class A office property. One Tower Center contributed approximately $(0.9) million of net loss to the Company for the period from January 1, 2019 through June 2, 2019 and contributed approximately $(2.7) million and $(3.5) million of net loss to the Company for the years ended December 31, 2018 and 2017, respectively. On June 28, 2019, the Company completed the sale of its 164 Lexington Road property located in Billerica, Massachusetts for a gross sale price of $4.0 million . Net cash proceeds totaled approximately $3.8 million , resulting in a gain on sale of real estate totaling approximately $2.5 million for Boston Properties, Inc. and approximately $2.6 million for Boston Properties Limited Partnership. 164 Lexington Road is an approximately 64,000 net rentable square foot Class A office property. 164 Lexington Road contributed approximately $(0.1) million of net loss to the Company for the period from January 1, 2019 through June 27, 2019 and contributed approximately $(0.2) million and $(0.2) million of net loss to the Company for the years ended December 31, 2018 and 2017, respectively. On September 20, 2019, the Company entered into a joint venture with Canada Pension Plan Investment Board (“CPPIB”) to develop Platform 16 located in San Jose, California. Platform 16 consists of a 65 -year ground lease for land totaling approximately 5.6 acres that will support the development of approximately 1.1 million square feet of commercial office space. During 2018, the Company entered into the ground lease, which provides for the right to purchase all of the land during a 12-month period commencing February 1, 2020 at a purchase price of approximately $134.8 million . The Company contributed the ground lease interest and improvements totaling approximately $28.2 million for its initial 55% interest in the joint venture. CPPIB contributed cash totaling approximately $23.1 million for its initial 45% interest in the joint venture. Upon the CPPIB contribution, the Company ceased accounting for the joint venture entity on a consolidated basis and is accounting for the joint venture entity on an unconsolidated basis using the equity method of accounting, as it has reduced its ownership interest and no longer has a controlling financial or operating interest in the joint venture entity (See Note 5 ). The Company did not recognize a gain on the retained or sold interest in the real estate contributed to the joint venture, as the fair value of the real estate approximated its carrying value. On December 20, 2019, the Company completed the sale of the remaining parcel of land at its Washingtonian North property located in Gaithersburg, Maryland for a gross sale price of approximately $7.8 million . Net cash proceeds totaled approximately $7.3 million , resulting in a loss on sale of real estate totaling approximately $0.1 million . The Company recognized an impairment loss totaling approximately $1.8 million |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Charges [Abstract] | |
Deferred Charges | 4. Deferred Charges Deferred charges consisted of the following at December 31, 2019 and December 31, 2018 (in thousands): 2019 2018 Leasing costs, including lease related intangibles $ 1,155,958 $ 1,191,297 Financing costs 12,728 12,796 1,168,686 1,204,093 Less: Accumulated amortization (479,473 ) (525,369 ) $ 689,213 $ 678,724 The following table summarizes the scheduled amortization of the Company’s acquired in-place lease intangibles for each of the five succeeding years (in thousands). Acquired In-Place Lease Intangibles 2020 $ 17,536 2021 11,001 2022 5,918 2023 4,286 2024 2,510 |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 and 2018 : Carrying Value of Investment (1) Entity Properties Nominal % Ownership December 31, December 31, (in thousands) Square 407 Limited Partnership Market Square North 50.0 % $ (4,872 ) $ (6,424 ) BP/CRF Metropolitan Square, LLC Metropolitan Square 20.0 % 9,134 2,644 901 New York, LLC 901 New York Avenue 25.0 % (2) (12,113 ) (13,640 ) WP Project Developer LLC Wisconsin Place Land and Infrastructure 33.3 % (3) 36,789 38,214 Annapolis Junction NFM LLC Annapolis Junction 50.0 % (4) 25,391 25,268 540 Madison Venture LLC 540 Madison Avenue 60.0 % (5) 2,953 66,391 500 North Capitol Venture LLC 500 North Capitol Street, NW 30.0 % (5,439 ) (5,026 ) 501 K Street LLC 1001 6th Street 50.0 % (6) 42,496 42,557 Podium Developer LLC The Hub on Causeway - Podium 50.0 % 49,466 69,302 Residential Tower Developer LLC Hub50House 50.0 % 55,092 47,505 Hotel Tower Developer LLC The Hub on Causeway - Hotel Air Rights 50.0 % 9,883 3,022 Office Tower Developer LLC 100 Causeway Street 50.0 % 56,606 23,804 1265 Main Office JV LLC 1265 Main Street 50.0 % 3,780 3,918 BNY Tower Holdings LLC Dock 72 50.0 % 94,804 82,520 BNYTA Amenity Operator LLC Dock 72 50.0 % — N/A CA-Colorado Center Limited Partnership Colorado Center 50.0 % 252,069 253,495 7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.0 % 56,247 69,724 BP-M 3HB Venture LLC 3 Hudson Boulevard 25.0 % 67,499 46,993 SMBP Venture LP Santa Monica Business Park 55.0 % 163,937 180,952 Platform 16 Holdings LP Platform 16 55.0 % (7) 29,501 N/A $ 933,223 $ 931,219 _______________ (1) Investments with deficit balances aggregating approximately $22.4 million and $25.1 million at December 31, 2019 and 2018 , 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. (3) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4) The joint venture owns three in-service buildings and two undeveloped land parcels. (5) T he property was sold on June 27, 2019. As of December 31, 2019, the investment is comprised of undistributed cash. See note below for additional details. (6) Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. (7) This entity is a VIE (See Note 1 ). Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. With limited exceptions under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved the partners or the Company will be entitled to an additional promoted interest or payments. The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows: December 31, December 31, (in thousands) ASSETS Real estate and development in process, net (1) $ 3,904,400 $ 3,545,906 Other assets 502,706 543,512 Total assets $ 4,407,106 $ 4,089,418 LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY Mortgage and notes payable, net $ 2,218,853 $ 2,017,609 Other liabilities (2) 749,675 582,006 Members’/Partners’ equity 1,438,578 1,489,803 Total liabilities and members’/partners’ equity $ 4,407,106 $ 4,089,418 Company’s share of equity $ 591,905 $ 622,498 Basis differentials (3) 341,318 308,721 Carrying value of the Company’s investments in unconsolidated joint ventures (4) $ 933,223 $ 931,219 _______________ (1) At December 31, 2019, this amount includes right of use assets - finance leases and right of use assets - operating leases totaling approximately $383.9 million and $12.1 million , respectively. (2) At December 31, 2019, this amount includes lease liabilities - finance leases and lease liabilities - operating leases totaling approximately $510.8 million and $17.3 million , respectively. (3) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. At December 31, 2019 and 2018 , there was an aggregate basis differential of approximately $311.3 million and $316.7 million , respectively, between the carrying value of the Company’s investment in the joint venture that owns Colorado Center and the joint venture’s basis in the assets and liabilities, which differential (excluding land) shall be amortized over the remaining lives of the related assets and liabilities. (4) Investments with deficit balances aggregating approximately $22.4 million and $25.1 million at December 31, 2019 and 2018 , respectively, have been 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: For the year ended December 31, 2019 2018 2017 (in thousands) Total revenue (1) $ 322,817 $ 271,951 $ 222,517 Expenses Operating 122,992 106,610 90,542 Transaction costs 1,000 — — Depreciation and amortization (2) 102,296 103,079 57,079 Total expenses 226,288 209,689 147,621 Other income (expense) Gains on sales of real estate (3) 32,706 16,951 — Interest expense (84,409 ) (71,308 ) (46,371 ) Net income $ 44,826 $ 7,905 $ 28,525 Company’s share of net income $ 24,423 $ 8,084 $ 18,439 Basis differential (3)(4) 22,169 (5,862 ) (7,207 ) Income from unconsolidated joint ventures $ 46,592 $ 2,222 $ 11,232 _______________ (1) Includes straight-line rent adjustments of approximately $32.4 million , $15.9 million and $21.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. (2) During the year ended December 31, 2018, the joint venture that owns Metropolitan Square in Washington, DC, commenced a renovation project and recorded accelerated depreciation expense of approximately $22.4 million related to the remaining book value of the assets to be replaced. The Company’s share of the accelerated depreciation expense totaled approximately $4.5 million . (3) For the year ended December 31, 2019, represents the gain on sale of 540 Madison Avenue recognized by the joint venture, as described below. During 2008, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture resulting in a basis differential between the carrying value of the Company’s investment in the joint venture and the joint venture’s basis in the assets and liabilities of the property. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $47.2 million for the year ended December 31, 2019, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for the basis differential. The gain on sale of real estate is included in Income from Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. (4) Includes straight-line rent adjustments of approximately $2.1 million , $2.4 million and $1.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. Also includes net above-/below-market rent adjustments of approximately $1.7 million , $1.6 million and $2.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. On January 24, 2019, a joint venture in which the Company has a 50% interest extended the loan collateralized by its Annapolis Junction Building Six property. At the time of the extension, the outstanding balance of the loan totaled approximately $13.0 million and was scheduled to mature on November 17, 2019, with a one -year extension option, subject to certain conditions. The extended loan has a total commitment amount of approximately $14.3 million , bears interest at a variable rate equal to LIBOR plus 2.00% per annum and matures on November 17, 2020. Annapolis Junction Building Six is a Class A office property with approximately 119,000 net rentable square feet located in Annapolis, Maryland. On April 26, 2019, a joint venture in which the Company has a 50% interest obtained construction financing with a total commitment of $255.0 million collateralized by its 7750 Wisconsin Avenue development project located in Bethesda, Maryland. The construction financing bears interest at a variable rate equal to LIBOR plus 1.25% per annum and matures on April 26, 2023, with two , one -year extension options, subject to certain conditions. As of December 31, 2019, approximately $64.5 million has been drawn under the loan. 7750 Wisconsin Avenue is a 734,000 net rentable square foot build-to-suit Class A office project and below-grade parking garage. On May 28, 2019, joint ventures in which the Company has a 50% interest and that own The Hub on Causeway - Podium and 100 Causeway Street development projects entered into an infrastructure development assistance agreement (the “IDAA”) with the Commonwealth of Massachusetts and the City of Boston. Per the IDAA, The Hub on Causeway - Podium development project would be reimbursed for certain costs of public infrastructure improvements using the proceeds of up to $30.0 million in aggregate principal amount of municipal bonds issued by the Commonwealth of Massachusetts. On September 16, 2019, the joint venture received the full reimbursement of costs for the public infrastructure improvements totaling approximately $28.8 million , which has been reflected as a reduction to the carrying value of the real estate of The Hub on Causeway - Podium property. The construction loan agreement for The Hub on Causeway - Podium was modified to require the joint venture to pay down the construction loan principal balance using the proceeds received from the reimbursement of costs of the public infrastructure improvements and on September 16, 2019, the joint venture that owns The Hub on Causeway - Podium development project paid down the construction loan principal balance in the amount of approximately $28.8 million . On November 22, 2019, the joint venture that owns The Hub on Causeway - Podium development project completed and fully placed in-service The Hub on Causeway - Podium development project, an approximately 382,000 net rentable square foot project containing retail and office space located in Boston, Massachusetts. On June 27, 2019, a joint venture in which the Company has a 60% interest completed the sale of 540 Madison Avenue in New York City for a gross sale price of approximately $310.3 million , including the assumption by the buyer of the mortgage loan collateralized by the property totaling $120.0 million . The mortgage loan bore interest at a variable rate equal to LIBOR plus 1.10% per annum and was scheduled to mature on June 5, 2023. Net cash proceeds totaled approximately $178.7 million , of which the Company’s share was approximately $107.1 million , after the payment of transaction costs. During 2008, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture. As a result, the Company recognized a gain on sale of real estate totaling approximately $47.2 million , which is included in Income from Unconsolidated Joint Ventures in the accompanying Consolidated Statements of Operations. 540 Madison Avenue is an approximately 284,000 net rentable square foot Class A office property. On September 5, 2019, a joint venture in which the Company has a 50% interest obtained construction financing with a total commitment of $400.0 million collateralized by its 100 Causeway Street development project located in Boston, Massachusetts. The construction financing bears interest at a variable rate equal to LIBOR plus 1.50% per annum (LIBOR plus 1.375% per annum upon stabilization, as defined in the loan agreement) and matures on September 5, 2023, with two , one -year extension options, subject to certain conditions. As of December 31, 2019, approximately $81.1 million has been drawn under the loan. 100 Causeway Street is an approximately 632,000 net rentable square foot Class A office project. On September 20, 2019, the Company entered into a joint venture with CPPIB to develop Platform 16 located in San Jose, California. Platform 16 consists of a 65 -year ground lease for land totaling approximately 5.6 acres that will support the development of approximately 1.1 million square feet of commercial office space (See Note 19). The Company contributed the ground lease interest and improvements totaling approximately $28.2 million for its initial 55% interest in the joint venture (See Note 3 ). CPPIB contributed cash totaling approximately $23.1 million for its initial 45% interest in the joint venture. The Company will provide customary development, property management and leasing services to the joint venture. On October 1, 2019, a joint venture in which the Company has a 50% interest partially placed in-service Dock 72, a Class A office project with approximately 670,000 net rentable square feet located in Brooklyn, New York. On October 1, 2019, a joint venture in which the Company has a 50% interest partially placed in-service Hub50House, an approximately 320,000 square foot project comprised of 440 residential units located in Boston, Massachusetts. On December 6, 2019, a joint venture in which the Company has a 50% interest extended the mortgage loan collateralized by Annapolis Junction Building Seven and Building Eight. At the time of the extension, the outstanding balance of the loan totaled approximately $34.8 million , bore interest at a variable rate equal to LIBOR plus 2.35% per annum and was scheduled to mature on December 7, 2019, with three , one -year extension options, subject to certain conditions. The extended loan matures on March 6, 2020. Annapolis Junction Building Seven and Building Eight are Class A office properties with approximately 127,000 and 126,000 net rentable square feet, respectively, located in Annapolis, Maryland. |
Mortgage Notes Payable, Net
Mortgage Notes Payable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Loans Payable [Abstract] | |
Mortgage Notes Payable, Net | 6. Mortgage Notes Payable, Net The Company had outstanding mortgage notes payable totaling approximately $2.9 billion and $3.0 billion as of December 31, 2019 and 2018 , respectively, each collateralized by one or more buildings and related land included in real estate assets. The mortgage notes payable are generally due in monthly installments and mature at various dates through June 9, 2027. Fixed rate mortgage notes payable totaled approximately $2.9 billion and $3.0 billion at December 31, 2019 and 2018 , respectively, with contractual interest rates ranging from 3.43% to 6.94% per annum at December 31, 2019 and 3.43% to 7.69% at December 31, 2018 (with a weighted-average interest rate of 3.73% and 3.77% per annum at December 31, 2019 and 2018 , respectively). There were no variable rate mortgage loans at December 31, 2019 and 2018 . On December 19, 2019, the Company used available cash to repay the bond financing collateralized by its New Dominion Technology Park, Building One property totaling approximately $26.5 million . The bond financing bore interest at a weighted-average fixed rate of approximately 7.69% per annum and was scheduled to mature on January 15, 2021. The Company recognized a loss from early extinguishment of debt totaling approximately $1.5 million , which amount included the payment of a prepayment penalty totaling approximately $1.4 million . New Dominion Technology Park, Building One is an approximately 235,000 net rentable square foot Class A office property located in Herndon, Virginia (See Note 19 ). No mortgage loans at December 31, 2019 and December 31, 2018 had been accounted for at fair value. Prior to December 31, 2017, the Company had mortgage loans that were accounted for at fair value and the impact of recording them at fair value resulted in a decrease to interest expense of approximately $19.6 million for the year ended December 31, 2017 . Contractual aggregate principal payments of mortgage notes payable at December 31, 2019 are as follows (in thousands): Principal Payments 2020 $ 17,168 2021 17,276 2022 614,710 2023 — 2024 — Thereafter 2,300,000 Total aggregate principal payments 2,949,154 Deferred financing costs, net (26,746 ) Total carrying value of mortgage notes payable, net $ 2,922,408 |
Unsecured Senior Notes
Unsecured Senior Notes | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Unsecured Senior Notes | 7. Unsecured Senior Notes The following summarizes the unsecured senior notes outstanding as of December 31, 2019 (dollars in thousands): Coupon/ Stated Rate Effective Rate(1) Principal Amount Maturity Date(2) 10 Year Unsecured Senior Notes 4.125 % 4.289 % $ 850,000 May 15, 2021 11 Year Unsecured Senior Notes 3.850 % 3.954 % 1,000,000 February 1, 2023 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 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 Total principal 8,450,000 Net unamortized discount (17,451 ) Deferred financing costs, net (42,090 ) Total $ 8,390,459 _______________ (1) Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs. (2) No principal amounts are due prior to maturity. On June 21, 2019, Boston Properties Limited Partnership completed a public offering of $850.0 million in aggregate principal amount of its 3.400% unsecured senior notes due 2029. The notes were priced at 99.815% of the principal amount to yield an effective rate (including financing fees) of approximately 3.505% per annum to maturity. The notes will mature on June 21, 2029, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $841.4 million after deducting underwriting discounts and transaction expenses. On September 3, 2019, Boston Properties Limited Partnership completed a public offering of $700.0 million in aggregate principal amount of its 2.900% unsecured senior notes due 2030. The notes were priced at 99.954% of the principal amount to yield an effective rate (including financing fees) of approximately 2.984% per annum to maturity. The notes will mature on March 15, 2030, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $693.8 million after deducting underwriting discounts and transaction expenses. On September 18, 2019, Boston Properties Limited Partnership completed the redemption of $700.0 million in aggregate principal amount of its 5.625% senior notes due November 15, 2020. The redemption price was approximately $740.7 million . The redemption price included approximately $13.5 million of accrued and unpaid interest to, but not including, the redemption date. Excluding the accrued and unpaid interest, the redemption price was approximately 103.90% of the principal amount being redeemed. The Company recognized a loss from early extinguishment of debt totaling approximately $28.0 million , which amount included the payment of the redemption premium totaling approximately $27.3 million . The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. At December 31, 2019, Boston Properties Limited Partnership was in compliance with each of these financial restrictions and requirements. |
Unsecured Credit Facility
Unsecured Credit Facility | 12 Months Ended |
Dec. 31, 2019 | |
Line of Credit Facility [Abstract] | |
Unsecured Credit Facility [Text Block] | 8. Unsecured Credit Facility On April 24, 2017, Boston Properties Limited Partnership amended and restated its unsecured revolving credit agreement (as amended and restated, the “2017 Credit Facility”). Among other things, the 2017 Credit Facility (1) increased the total commitment of the revolving line of credit (the “Revolving Facility”) from $1.0 billion to $1.5 billion , (2) extended the maturity date from July 26, 2018 to April 24, 2022, (3) reduced the per annum variable interest rates, and (4) added a $500.0 million delayed draw term loan facility (the “Delayed Draw Facility”) that permitted Boston Properties Limited Partnership to draw upon it provided that amounts drawn and subsequently repaid may not be borrowed again. In addition, Boston Properties Limited Partnership may increase the total commitment under the 2017 Credit Facility by up to $500.0 million through increases in the Revolving Facility or the Delayed Draw Facility, or both, subject to syndication of the increase and other conditions. On April 24, 2018, Boston Properties Limited Partnership exercised its option to draw $500.0 million on its Delayed Draw Facility. The Delayed Draw Facility bears interest at a variable rate equal to LIBOR plus 0.90% per annum based on Boston Properties Limited Partnership’s current credit rating and matures on April 24, 2022. At Boston Properties Limited Partnership’s option, loans under the Revolving Facility and Delayed Draw Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, Euro or Sterling, LIBOR, and (b) in the case of loans denominated in Canadian Dollars, CDOR, in each case, plus a margin ranging from 77.5 to 155 basis points for the Revolving Commitment and 85 to 175 basis points for the Delayed Draw Facility, based on Boston Properties Limited Partnership’s credit rating or (2) an alternate base rate equal to the greatest of (x) the Administrative Agent’s prime rate, (y) the Federal Funds rate plus 0.50% or (z) LIBOR for a one-month period plus 1.00%, in each case, plus a margin ranging from 0 to 55 basis points for the Revolving Facility and 0 to 75 basis points for the Delayed Draw Facility, based on Boston Properties Limited Partnership’s credit rating. The 2017 Credit Facility also contains a competitive bid option for up to 65% of the Revolving Facility that allows banks that are part of the lender consortium to bid to make loan advances to Boston Properties Limited Partnership at a reduced interest rate. In addition, Boston Properties Limited Partnership is obligated to pay (1) in quarterly installments a facility fee on the total commitment under the Revolving Facility at a rate per annum ranging from 0.10% to 0.30% based on Boston Properties Limited Partnership’s credit rating, (2) an annual fee on the undrawn amount of each letter of credit equal to the LIBOR margin on the Revolving Facility and (3) a fee on the unused commitments under the Delayed Draw Facility equal to 0.15% per annum. Based on Boston Properties Limited Partnership’s December 31, 2019 credit rating, (1) the applicable Eurocurrency margins for the Revolving Facility and Delayed Draw Facility are 0.825% and 0.90% , respectively, (2) the alternate base rate margin is zero basis points for each of the Revolving Facility and Delayed Draw Facility and (3) the facility fee on the Revolving Facility commitment is 0.125% per annum. At December 31, 2019 and 2018, Boston Properties Limited Partnership had $500.0 million of borrowings outstanding under its Delayed Draw Facility and no amounts outstanding under its Revolving Facility. The 2017 Credit Facility contains customary representations and warranties, affirmative and negative covenants and events of default provisions, including failure to pay indebtedness, breaches of covenants, and bankruptcy and other insolvency events, which could result in the acceleration of all amounts and cancellation of all commitments outstanding under the Credit Agreement. Among other covenants, the 2017 Credit Facility requires that Boston Properties Limited Partnership maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. At December 31, 2019, Boston Properties Limited Partnership was in compliance with each of these financial and other covenant requirements. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 9. Commitments and Contingencies General In the normal course of business, the Company guarantees its performance of services or indemnifies third parties against its negligence. In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of its subsidiaries for the payment of tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises. The Company has letter of credit and performance obligations related to lender and development requirements that total approximately $21.0 million . Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. With limited exception, under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners. From time to time, under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, either the Company or its partners may be entitled to an additional promoted interest or payments. See also Note 10 . From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and (3) provide guarantees to lenders, tenants and other third parties for the completion of development projects. The Company has agreements with its outside partners whereby the partners agree to reimburse the joint venture for their share of any payments made under the guarantee. In some cases, the Company earns a fee from the applicable joint venture for providing the guarantee. In connection with the refinancing of 767 Fifth Avenue’s (the General Motors Building) secured loan by the Company’s consolidated joint venture entity, 767 Venture, LLC, the Company guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits. As of December 31, 2019 , the maximum funding obligation under the guarantee was approximately $70.2 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 December 31, 2019 , no amounts related to the guarantee are recorded as liabilities in the Company’s consolidated financial statements. Pursuant to the lease agreement with Marriott, the Company has guaranteed the completion of the office building and parking garage on behalf of its 7750 Wisconsin Avenue joint venture and has also agreed to provide any financing guaranty that may be required with respect to third-party construction financing. The Company earns fees from the joint venture for providing the guarantees and any amounts the Company pays under the guarantee(s) will be deemed to be capital contributions by the Company to the joint venture. The Company has also agreed to fund construction costs through capital contributions to the joint venture in the event of unavailability or insufficiency of third-party construction financing. In addition, the Company has guaranteed to Marriott, as hotel manager, the completion of a hotel being developed by an affiliate of The Bernstein Companies (the Company’s partner in the 7750 Wisconsin Avenue joint venture) adjacent to the office property, for which the Company earns a fee from the affiliate of The Bernstein Companies. In addition, the Company entered into agreements with affiliates of The Bernstein Companies whereby the Company could be required to act as a mezzanine and/or mortgage lender and finance the construction of the hotel property. To secure such financing arrangements, affiliates of The Bernstein Companies are required to provide certain security, which varies depending on the specific loan, by pledges of their equity interest in the office property, a fee mortgage on the hotel property, or both. As of December 31, 2019 , no amounts related to the contingent aspect of any of the guarantees are recorded as liabilities in the Company’s consolidated financial statements. In connection with the sale and development of the Company’s 6595 Springfield Center Drive development project, the Company has guaranteed the completion of the project and the payment of certain cost overruns in accordance with the development management agreement with the buyer. Although the project has been sold and the lease with the Federal Government tenant has been assigned to the buyer, pursuant to the terms of the Federal Government lease, the Federal Government tenant is not obligated to release the prior owner/landlord from such landlord’s obligations under the lease until completion of the construction. As a result, the entity which previously owned the land remains liable to the Federal Government tenant for the completion of the construction obligations under the lease. The buyer is obligated to fund the balance of the costs to meet such construction obligations, subject to the Company’s obligation to fund cost overruns (if any), as noted above. An affiliate of the buyer has provided a guaranty of the obligations of the buyer to fund such construction costs and the buyer has agreed to use commercially reasonable efforts to require the construction lender to provide certain remedies to the Company in the event the buyer does not fund such construction obligations. As of December 31, 2019 , no amounts related to the contingent aspect of the guarantee are recorded as a liability in the Company’s consolidated financial statements (See Note 3 ). In connection with the redevelopment of the Company’s 325 Main Street property located in Cambridge, Massachusetts, the Company is required, pursuant to the local zoning ordinance, to commence construction of a residential building of at least 200,000 square feet with 25% of the project designated as income-restricted (with a minimum of 20% of the square footage devoted to home ownership units) prior to the occupancy of the 325 Main Street property. 325 Main Street consisted of an approximately 115,000 net rentable square foot Class A office property that was demolished and is being developed into an approximately 420,000 net rentable square foot Class A office property, including approximately 41,000 net rentable square feet of retail space (See Note 3 ). In 2009, the Company filed a general unsecured creditor’s claim against Lehman Brothers, Inc. for approximately $45.3 million related to its rejection of a lease at 399 Park Avenue in New York City. On January 10, 2014, the trustee for the liquidation of the business of Lehman Brothers allowed the Company’s claim in the amount of approximately $45.2 million . During the years 2014 through 2018, the Company received distributions aggregating approximately $18.0 million , leaving a remaining claim of approximately $27.2 million . The Company will continue to evaluate whether to attempt to sell the remaining claim or wait until the trustee distributes proceeds from the Lehman Brothers estate. Given the inherent uncertainties in bankruptcy proceedings, there can be no assurance as to the timing or amount of additional proceeds, if any, that the Company may ultimately realize on the remaining claim, whether by sale to a third party or by one or more distributions from the trustee. Accordingly, the Company has not recorded any estimated recoveries associated with this gain contingency within its Consolidated Financial Statements at December 31, 2019 . Concentrations of Credit Risk Management of the Company performs ongoing credit evaluations of tenants and may require tenants to provide some form of credit support such as corporate guarantees and/or other financial guarantees. Although the Company’s properties are geographically diverse and the tenants operate in a variety of industries, to the extent the Company has a significant concentration of rental revenue from any single tenant, the inability of that tenant to make its lease payments could have an adverse effect on the Company. Insurance The Company’s property insurance program per occurrence limits are $1.0 billion for its portfolio insurance program, including coverage for acts of terrorism other than nuclear, biological, chemical or radiological terrorism (“Terrorism Coverage”). The Company also carries $250 million of Terrorism Coverage for 601 Lexington Avenue, New York, New York (“601 Lexington Avenue”) in excess of the $1.0 billion of coverage in the Company’s property insurance program. Certain properties, including the General Motors Building located at 767 Fifth Avenue in New York, New York (“767 Fifth Avenue”), are currently insured in separate insurance programs. The property insurance program per occurrence limits for 767 Fifth Avenue are $1.625 billion , including Terrorism Coverage. The Company also currently carries nuclear, biological, chemical and radiological terrorism insurance coverage for acts of terrorism certified under the Federal Terrorism Risk Insurance Act (as amended, “TRIA”) (“NBCR Coverage”), which is provided by IXP as a direct insurer, for the properties in the Company’s portfolio, including 767 Fifth Avenue, but excluding certain other properties owned in joint ventures with third parties or which the Company manages. The per occurrence limit for NBCR Coverage is $1.0 billion . Under TRIA, after the payment of the required deductible and coinsurance, the NBCR Coverage provided by IXP is backstopped by the Federal Government if the aggregate industry insured losses resulting from a certified act of terrorism exceed a “program trigger.” In 2019, the program trigger was $180 million and the coinsurance was 19% , however, both will increase in subsequent years pursuant to TRIA. If the Federal Government pays out for a loss under TRIA, it is mandatory that the Federal Government recoup the full amount of the loss from insurers offering TRIA coverage after the payment of the loss pursuant to a formula in TRIA. The Company may elect to terminate the NBCR Coverage if the Federal Government seeks recoupment for losses paid under TRIA, if TRIA is not extended after its expiration on December 31, 2027, if there is a change in its portfolio or for any other reason. The Company intends to continue to monitor the scope, nature and cost of available terrorism insurance. The Company also currently carries earthquake insurance on its properties located in areas known to be subject to earthquakes. In addition, this insurance is subject to a deductible in the amount of 3% of the value of the affected property. Specifically, the Company currently carries earthquake insurance which covers its San Francisco and Los Angeles regions with a $240 million per occurrence limit, and a $240 million annual aggregate limit, $20 million of which is provided by IXP, as a direct insurer. The amount of the Company’s earthquake insurance coverage may not be sufficient to cover losses from earthquakes. In addition, the amount of earthquake coverage could impact the Company’s ability to finance properties subject to earthquake risk. The Company may discontinue earthquake insurance or change the structure of its earthquake insurance program on some or all of its properties in the future if the premiums exceed the Company’s estimation of the value of the coverage. IXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acts as a direct insurer with respect to a portion of the Company’s earthquake insurance coverage for its Greater San Francisco and Los Angeles properties and the Company’s NBCR Coverage. Insofar as the Company owns IXP, it is responsible for its liquidity and capital resources, and the accounts of IXP are part of the Company’s consolidated financial statements. In particular, if a loss occurs which is covered by the Company’s NBCR Coverage but is less than the applicable program trigger under TRIA, IXP would be responsible for the full amount of the loss without any backstop by the Federal Government. IXP would also be responsible for any recoupment charges by the Federal Government in the event losses are paid out and its insurance policy is maintained after the payout by the Federal Government. If the Company experiences a loss and IXP is required to pay under its insurance policy, the Company would ultimately record the loss to the extent of the required payment. Therefore, insurance coverage provided by IXP should not be considered as the equivalent of third-party insurance, but rather as a modified form of self-insurance. In addition, Boston Properties Limited Partnership has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million . The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism and California earthquake risk 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 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. Legal Matters The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company. State and Local Tax Matters Because Boston Properties, Inc. is organized and qualifies as a REIT, it is generally not subject to federal income taxes, but is subject to certain state and local taxes. In the normal course of business, certain entities through which the Company owns real estate either have undergone, or are currently undergoing, tax audits. Although the Company believes that it has substantial arguments in favor of its positions in the ongoing audits, in some instances there is no controlling precedent or interpretive guidance on the specific point at issue. Collectively, tax deficiency notices received to date from the jurisdictions conducting the ongoing audits have not been material. However, there can be no assurance that future audits will not occur with increased frequency or that the ultimate result of such audits will not have a material adverse effect on the Company’s results of operations. Environmental Matters It is the Company’s policy to retain independent environmental consultants to conduct or update Phase I environmental assessments (which generally do not involve invasive techniques such as soil or ground water sampling) and asbestos surveys in connection with the Company’s acquisition of properties. These pre-purchase environmental assessments have not revealed environmental conditions that the Company believes will have a material adverse effect on its business, assets, financial condition, results of operations or liquidity, and the Company is not otherwise aware of environmental conditions with respect to its properties that the Company believes would have such a material adverse effect. However, from time to time environmental conditions at the Company’s properties have required and may in the future require environmental testing and/or regulatory filings, as well as remedial action. In February 1999, the Company (through a joint venture) acquired from Exxon Corporation a property in Massachusetts that was formerly used as a petroleum bulk storage and distribution facility and was known by the state regulatory authority to contain soil and groundwater contamination. The Company developed an office park on the property. The Company engaged a specially licensed environmental consultant to oversee the management of contaminated soil and groundwater that was disturbed in the course of construction. Under the property acquisition agreement, Exxon agreed to (1) bear the liability arising from releases or discharges of oil and hazardous substances which occurred at the site prior to the Company’s ownership, (2) continue monitoring and/or remediating such releases and discharges as necessary and appropriate to comply with applicable requirements, and (3) indemnify the Company for certain losses arising from preexisting site conditions. Any indemnity claim may be subject to various defenses, and there can be no assurance that the amounts paid under the indemnity, if any, would be sufficient to cover the liabilities arising from any such releases and discharges. Environmental investigations at some of the Company’s properties and certain properties owned by affiliates of the Company have identified groundwater contamination migrating from off-site source properties. In each case the Company engaged a licensed environmental consultant to perform the necessary investigations and assessments and to prepare any required submittals to the regulatory authorities. In each case the environmental consultant concluded that the properties qualify under the regulatory program or the regulatory practice for a status which eliminates certain deadlines for conducting response actions at a site. The Company also believes that these properties qualify for liability relief under certain statutory provisions or regulatory practices regarding upgradient releases. Although the Company believes that the current or former owners of the upgradient source properties may bear responsibility for some or all of the costs of addressing the identified groundwater contamination, the Company will take such further response actions (if any) that it deems necessary or advisable. Other than periodic testing at some of these properties, no such additional response actions are anticipated at this time. Some of the Company’s properties and certain properties owned by the Company’s affiliates are located in urban, industrial and other previously developed areas where fill or current or historical uses of the areas have caused site contamination. Accordingly, it is sometimes necessary to institute special soil and/or groundwater handling procedures and/or include particular building design features in connection with development, construction and other property operations in order to achieve regulatory closure and/or ensure that contaminated materials are addressed in an appropriate manner. In these situations, it is the Company’s practice to investigate the nature and extent of detected contamination, including potential issues associated with contaminant migration, assess potential liability risks and estimate the costs of required response actions and special handling procedures. The Company then uses this information as part of its decision-making process with respect to the acquisition, deal structure and/or development of the property. For example, the Company owns a parcel in Massachusetts which was formerly used as a quarry/asphalt batching facility. Pre-purchase testing indicated that the site contained relatively low levels of certain contaminants. The Company has developed an office park on this property. Prior to and during redevelopment activities, the Company engaged a specially licensed environmental consultant to monitor environmental conditions at the site and prepare necessary regulatory submittals based on the results of an environmental risk characterization. A submittal has been made to the regulatory authorities in order to achieve regulatory closure at this site. The submittal included an environmental deed restriction that mandates compliance with certain protective measures in a portion of the site where low levels of residual soil contamination have been left in place in accordance with applicable laws. The Company expects that resolution of the environmental matters relating to the above will not have a material impact on its business, assets, financial condition, results of operations or liquidity. However, the Company cannot assure you that it has identified all environmental liabilities at its properties, that all necessary remediation actions have been or will be undertaken at the Company’s properties or that the Company will be indemnified, in full or at all, in the event that such environmental liabilities arise. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 10. Noncontrolling Interests Noncontrolling interests relate to the interests in Boston Properties Limited Partnership not owned by Boston Properties, Inc. and interests in consolidated property partnerships not wholly-owned by the Company. As of December 31, 2019 , the noncontrolling interests in Boston Properties Limited Partnership consisted of 16,764,466 OP Units, 1,143,215 LTIP Units (including 118,067 2012 OPP Units, 68,659 2013 MYLTIP Units, 23,100 2014 MYLTIP Units, 28,724 2015 MYLTIP Units and 98,706 2016 MYLTIP Units), 394,921 2017 MYLTIP Units, 336,195 2018 MYLTIP Units and 220,734 2019 MYLTIP Units held by parties other than Boston Properties, Inc. Noncontrolling Interest—Common Units During the years ended December 31, 2019 and 2018 , 144,481 and 83,136 OP Units, respectively, were presented by the holders for redemption (including 92,678 and 48,389 OP Units, respectively, issued upon conversion of LTIP Units, 2012 OPP Units, 2013 MYLTIP Units, 2014 MYLTIP Units and 2016 MYLTIP Units) and were redeemed by Boston Properties, Inc. in exchange for an equal number of shares of Common Stock. At December 31, 2019 , Boston Properties Limited Partnership had outstanding 394,921 2017 MYLTIP Units, 336,195 2018 MYLTIP Units and 220,734 2019 MYLTIP Units (See Note 16 ). Prior to the applicable measurement date (February 6, 2020 for 2017 MYLTIP Units (See Note 19 ), February 5, 2021 for 2018 MYLTIP Units and February 4, 2022 for 2019 MYLTIP Units), holders of MYLTIP Units will be entitled to receive per unit distributions equal to one-tenth ( 10% ) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions. After the measurement date, the number of MYLTIP Units, both vested and unvested, that MYLTIP award recipients have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an OP Unit. On February 3, 2017, the measurement period for the Company’s 2014 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 27.7% of target or an aggregate of approximately $3.5 million (after giving effect to employee separations and the unallocated reserve). As a result, an aggregate of 447,386 2014 MYLTIP Units that had been previously granted were automatically forfeited. On February 4, 2018, the measurement period for the Company’s 2015 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 22.0% of target or an aggregate of approximately $3.6 million (after giving effect to employee separations). As a result, an aggregate of 337,847 2015 MYLTIP Units that had been previously granted were automatically forfeited. On February 9, 2019, the measurement period for the Company’s 2016 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 69.5% of target or an aggregate of approximately $13.6 million (after giving effect to employee separations). As a result, an aggregate of 364,980 2016 MYLTIP Units that had been previously granted were automatically forfeited. The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 MYLTIP Units, 2014 MYLTIP Units and 2015 MYLTIP Units and, after the February 9, 2019 measurement date, the 2016 MYLTIP Units) and its distributions on the 2016 MYLTIP Units (prior to the February 9, 2019 measurement date), 2017 MYLTIP Units, 2018 MYLTIP Units and 2019 MYLTIP Units (after the February 5, 2019 issuance date) that occurred during the year ended December 31, 2019: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 31, 2019 January 30, 2020 $0.98 $0.098 September 30, 2019 October 31, 2019 $0.95 $0.095 June 28, 2019 July 31, 2019 $0.95 $0.095 March 29, 2019 April 30, 2019 $0.95 $0.095 December 31, 2018 January 30, 2019 $0.95 $0.095 The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 MYLTIP Units, 2014 MYLTIP Units and, after the February 4, 2018 measurement date, the 2015 MYLTIP Units) and its distributions on the 2015 MYLTIP Units (prior to the February 4, 2018 measurement date), 2016 MYLTIP Units, 2017 MYLTIP Units and 2018 MYLTIP Units (after the February 6, 2018 issuance date) that occurred during the year ended December 31, 2018: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 31, 2018 January 30, 2019 $0.95 $0.095 September 28, 2018 October 31, 2018 $0.95 $0.095 June 29, 2018 July 31, 2018 $0.80 $0.080 March 29, 2018 April 30, 2018 $0.80 $0.080 December 29, 2017 January 30, 2018 $0.80 $0.080 A holder of an OP Unit may present the OP Unit to Boston Properties Limited Partnership for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, Boston Properties Limited Partnership must redeem the OP Unit for cash equal to the then value of a share of common stock of Boston Properties, Inc. Boston Properties, Inc. may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock. The value of the OP Units (not owned by Boston Properties, Inc. and LTIP Units (including the 2012 OPP Units, 2013 MYLTIP Units, 2014 MYLTIP Units, 2015 MYLTIP Units and 2016 MYLTIP Units) assuming that all conditions had been met for the conversion thereof) had all of such units been redeemed at December 31, 2019 was approximately $2.5 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $137.86 per share on December 31, 2019 . Noncontrolling Interests—Property Partnerships The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties. The equity interests in these ventures that are not owned by the Company, totaling approximately $1.7 billion at December 31, 2019 and 2018 , are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets. On May 12, 2016, the partners in the Company’s consolidated entity that owns Salesforce Tower located in San Francisco, California amended the venture agreement. Under the original venture agreement, if the Company elected to fund the construction of Salesforce Tower without a construction loan (or a construction loan of less than 50% of project costs) and the venture commenced vertical construction of the project, then the partner’s capital funding obligation would be limited, in which event the Company would fund up to 2.5% of the total project costs (i.e., 50% of the partner’s 5% interest in the venture) in the form of a loan to the partner. This loan would bear interest at the then prevailing market interest rates for construction loans. Under the amended venture agreement, the partners agreed to structure this funding by the Company as preferred equity rather than a loan. The preferred equity contributed by the Company earned a preferred return equal to LIBOR plus 3.00% per annum and was payable to the Company out of any distributions to which the partner would otherwise be entitled until such preferred equity and preferred return was repaid to the Company. The Company contributed an aggregate of approximately $22.6 million of preferred equity to the venture. Also, under the amended venture agreement, (a) from and after the stabilization date, the partner had the right to cause the Company to purchase all (but not less than all) of the partner’s interest and (b) from and after the third anniversary of the stabilization date, the Company had the right to acquire all (but not less than all) of the partner’s interest, in each case, at an agreed upon purchase price or appraised value. In addition, if certain threshold returns were achieved the partner may be entitled to receive an additional promoted interest with respect to cash flow distributions. The term stabilization date was defined in the agreement to generally mean the first date after completion upon which Salesforce Tower is (1) at least 90% leased and (2) 50% occupied by tenants that are paying rent. Salesforce Tower is an approximately 1,421,000 net rentable square foot Class A office property. On January 18, 2019, the Company and its partner further amended the venture agreement. Per the amendment, the partner exercised its right to cause the Company to purchase, on April 1, 2019, its 5% ownership interest and promoted profits interest in the venture for cash totaling approximately $210.9 million , which amount was reduced by approximately $24.1 million , consisting of the repayment of the Company’s preferred equity and preferred return as provided for in the amended venture agreement. On April 1, 2019, the Company completed the acquisition of its partner’s 5% ownership interest and promoted profits interest in the consolidated entity for cash totaling approximately $210.9 million , which amount was reduced by approximately $24.1 million to $186.8 million to reflect the repayment of the Company’s preferred equity and preferred return in the venture, as described above. The Company now owns 100% of Salesforce Tower. The Company has accounted for the transaction as an equity transaction for financial reporting purposes and has reflected the difference between the fair value of the total consideration paid and the related carrying value of the noncontrolling interest - property partnership totaling approximately $162.5 million as a decrease to Additional Paid-in Capital and Partners’ Capital in the Consolidated Balance Sheets of Boston Properties, Inc. and Boston Properties Limited Partnership, respectively. On June 6, 2017, in conjunction with the refinancing of the indebtedness of the Company’s consolidated entity in which it has a 60% interest and that owns 767 Fifth Avenue (the General Motors Building) located in New York City, the members of the consolidated entity amended the limited liability company agreement to provide for the contribution of the remaining unpaid principal balance of the members’ notes payable totaling approximately $273.9 million (of which the Company’s share of approximately $164.4 million is eliminated in consolidation) to equity in the consolidated entity, resulting in an increase of approximately $109.6 million |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity / Partners' Capital | 11. Stockholders’ Equity / Partners’ Capital Boston Properties, Inc. As of December 31, 2019 , Boston Properties, Inc. had 154,790,298 shares of Common Stock outstanding. As of December 31, 2019 , Boston Properties, Inc. owned 1,726,980 general partnership units and 153,063,318 limited partnership units in Boston Properties Limited Partnership. On June 2, 2017, Boston Properties, Inc. renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its common stock through sales agents over a three -year period. This program replaced the Company’s prior $600.0 million ATM stock offering program that was scheduled to expire on June 3, 2017. The Company 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 year ended December 31, 2019 , Boston Properties, Inc. issued 145,088 shares of Common Stock upon the exercise of options to purchase Common Stock. During the year ended December 31, 2018, there were no options to purchase Common Stock exercised. During the years ended December 31, 2019 and 2018 , Boston Properties, Inc. issued 144,481 and 83,136 shares of Common Stock, respectively, in connection with the redemption of an equal number of redeemable OP Units from limited partners. The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or payable in 2019 and 2018 : Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 31, 2019 January 30, 2020 $0.98 $0.98 September 30, 2019 October 31, 2019 $0.95 $0.95 June 28, 2019 July 31, 2019 $0.95 $0.95 March 29, 2019 April 30, 2019 $0.95 $0.95 December 31, 2018 January 30, 2019 $0.95 $0.95 September 28, 2018 October 31, 2018 $0.95 $0.95 June 29, 2018 July 31, 2018 $0.80 $0.80 March 29, 2018 April 30, 2018 $0.80 $0.80 December 29, 2017 January 30, 2018 $0.80 $0.80 Preferred Stock As of December 31, 2019 , Boston Properties, Inc. had 80,000 shares ( 8,000,000 depositary shares each representing 1/100th of a share) outstanding of its 5.25% Series B Cumulative Redeemable Preferred Stock with a liquidation preference of $2,500.00 per share ( $25.00 per depositary share). Boston Properties, Inc. pays cumulative cash dividends on the Series B Preferred Stock at a rate of 5.25% per annum of the $2,500.00 liquidation preference per share. Boston Properties, Inc. did not redeem the Series B Preferred Stock prior to March 27, 2018, except in certain circumstances relating to the preservation of Boston Properties, Inc.’s REIT status. On and after March 27, 2018, Boston Properties, Inc., at its option, may redeem the Series B Preferred Stock for a cash redemption price of $2,500.00 per share ( $25.00 per depositary share), plus all accrued and unpaid dividends. The Series B Preferred Stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of Boston Properties, Inc. or its affiliates. The following table presents Boston Properties Inc.’s dividends per share on its outstanding Series B Preferred Stock paid or payable in 2019 and 2018 : Record Date Payment Date Dividend (Per Share) February 4, 2020 February 18, 2020 $32.8125 November 1, 2019 November 15, 2019 $32.8125 August 2, 2019 August 15, 2019 $32.8125 May 3, 2019 May 15, 2019 $32.8125 February 4, 2019 February 15, 2019 $32.8125 November 2, 2018 November 15, 2018 $32.8125 August 3, 2018 August 15, 2018 $32.8125 May 4, 2018 May 15, 2018 $32.8125 February 2, 2018 February 15, 2018 $32.8125 |
Future Minimum Rents
Future Minimum Rents | 12 Months Ended |
Dec. 31, 2019 | |
Future Minimum Rents [Abstract] | |
Future Minimum Rents [Text Block] | 12. Future Minimum Rents On January 1, 2019, the Company adopted ASU 2016-02, “Leases” (see “ New Accounting Pronouncements Adopted—Leases ” section of Note 2 ). The Company’s properties are leased to tenants under operating leases with initial term expiration dates ranging from 2020 to 2049. The future contractual minimum lease payments to be received (excluding operating expense reimbursements) by the Company as of December 31, 2018, under non-cancelable operating leases which expire on various dates through 2049: Years Ending December 31, (in thousands) 2019 $ 2,088,171 2020 2,106,963 2021 2,015,031 2022 1,838,699 2023 1,736,636 Thereafter 12,295,464 The future contractual lease payments to be received (excluding operating expense reimbursements) by the Company as of December 31, 2019, under non-cancelable operating leases which expire on various dates through 2049: Years Ending December 31, (in thousands) 2020 $ 2,205,675 2021 2,222,643 2022 2,126,968 2023 2,068,871 2024 1,974,144 Thereafter 13,892,504 No single tenant represented more than 10.0% of the Company’s total rental revenue for the years ended December 31, 2018 and 2017 and no single tenant represented more than 10.0% of the Company’s total lease revenue for the year ended December 31, 2019 . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 13. Segment Information The following tables present reconciliations of Net Income Attributable to Boston Properties, Inc. Common Shareholders to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership Common Unitholders to the Company’s share of Net Operating Income for the years ended December 31, 2019 , 2018 and 2017 . Boston Properties, Inc. Year ended December 31, 2019 2018 2017 (in thousands) Net income attributable to Boston Properties, Inc. common shareholders $ 511,034 $ 572,347 $ 451,939 Add: Preferred dividends 10,500 10,500 10,500 Noncontrolling interest—common units of the Operating Partnership 59,345 66,807 52,210 Noncontrolling interests in property partnerships 71,120 62,909 47,832 Interest expense 412,717 378,168 374,481 Losses (gains) from early extinguishments of debt 29,540 16,490 (496 ) Impairment losses 24,038 11,812 — Net operating income from unconsolidated joint ventures 97,716 79,893 64,008 Depreciation and amortization expense 677,764 645,649 617,547 Transaction costs 1,984 1,604 668 Payroll and related costs from management services contracts 10,386 9,590 — General and administrative expense 140,777 121,722 113,715 Less: Net operating income attributable to noncontrolling interests in property partnerships 183,989 177,365 174,245 Gains (losses) from investments in securities 6,417 (1,865 ) 3,678 Interest and other income 18,939 10,823 5,783 Gains on sales of real estate 709 182,356 7,663 Income from unconsolidated joint ventures 46,592 2,222 11,232 Direct reimbursements of payroll and related costs from management services contracts 10,386 9,590 — Development and management services revenue 40,039 45,158 34,605 Company’s share of Net Operating Income $ 1,739,850 $ 1,551,842 $ 1,495,198 Boston Properties Limited Partnership Year ended December 31, 2019 2018 2017 (in thousands) Net income attributable to Boston Properties Limited Partnership common unitholders $ 580,102 $ 656,903 $ 512,866 Add: Preferred distributions 10,500 10,500 10,500 Noncontrolling interests in property partnerships 71,120 62,909 47,832 Interest expense 412,717 378,168 374,481 Losses (gains) from early extinguishments of debt 29,540 16,490 (496 ) Impairment losses 22,272 10,181 — Net operating income from unconsolidated joint ventures 97,716 79,893 64,008 Depreciation and amortization expense 669,956 637,891 609,407 Transaction costs 1,984 1,604 668 Payroll and related costs from management services contracts 10,386 9,590 — General and administrative expense 140,777 121,722 113,715 Less: Net operating income attributable to noncontrolling interests in property partnerships 183,989 177,365 174,245 Gains (losses) from investments in securities 6,417 (1,865 ) 3,678 Interest and other income 18,939 10,823 5,783 Gains on sales of real estate 858 190,716 8,240 Income from unconsolidated joint ventures 46,592 2,222 11,232 Direct reimbursements of payroll and related costs from management services contracts 10,386 9,590 — Development and management services revenue 40,039 45,158 34,605 Company’s share of Net Operating Income $ 1,739,850 $ 1,551,842 $ 1,495,198 Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders, as applicable, the most directly comparable GAAP financial measures, plus (1) preferred dividends/distributions, net income attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, impairment losses, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) gains (losses) from investments in securities, interest and other income, gains on sales of real estate, income from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue. The Company believes NOI is useful to investors as a performance measure and believes it provides useful information to investors regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently. Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Preferred dividends/distributions, interest expense, losses (gains) from early extinguishments of debt, impairment losses, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, gains (losses) from investments in securities, interest and other income, gains on sales of real estate, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue are not included in NOI and are provided as reconciling items to the Company’s reconciliations of its share of NOI to net income attributable to common shareholders/unitholders. The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company also presents information for each segment by property type, including Office, Residential and Hotel. Beginning in 2019, the Company modified the presentation of its geographic area classification for all periods presented to include the Los Angeles geographic area to align with its method of internal reporting. The Company expanded its presence in the Los Angeles geographic area with its equity method investment in Santa Monica Business Park located in Santa Monica, California. As of December 31, 2019 , the Company has equity interests in a portfolio of 27 office and retail properties in the Los Angeles geographic area aggregating approximately 2.3 million net rentable square feet, all of which are owned through investments in unconsolidated joint ventures. The Company began presenting the Los Angeles geographic area as a reportable segment to align with its method of internal reporting given the increased significance as a result of commencing a full reporting period of ownership of the Santa Monica Business Park portfolio. The inclusion of the Los Angeles geographic area has also resulted in a change in the reported measure of segment profit or loss from NOI to the Company’s share of NOI. This change has been reflected in all periods presented and the impact of the change can been seen within the tables below. The Company has not presented rental revenue and rental expenses for properties owned through investments in unconsolidated joint ventures, including those in the Los Angeles geographic area, as the Company accounts for these properties using the equity method of accounting. Information by geographic area and property type (dollars in thousands): For the year ended December 31, 2019 : Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 895,098 $ — $ 1,011,912 $ 533,189 $ 384,435 $ 2,824,634 Residential 13,786 — — — 23,128 36,914 Hotel 48,589 — — — — 48,589 Total 957,473 — 1,011,912 533,189 407,563 2,910,137 % of Grand Totals 32.90 % — % 34.78 % 18.32 % 14.00 % 100.00 % Rental Expenses: Office 322,282 — 389,532 177,994 144,217 1,034,025 Residential 5,071 — — — 10,914 15,985 Hotel 34,004 — — — — 34,004 Total 361,357 — 389,532 177,994 155,131 1,084,014 % of Grand Totals 33.34 % — % 35.93 % 16.42 % 14.31 % 100.00 % Net operating income $ 596,116 $ — $ 622,380 $ 355,195 $ 252,432 $ 1,826,123 % of Grand Totals 32.64 % — % 34.09 % 19.45 % 13.82 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (40,109 ) — (143,432 ) (448 ) — (183,989 ) Add: Company’s share of net operating income from unconsolidated joint ventures 5,494 61,338 4,174 — 26,710 97,716 Company’s share of net operating income $ 561,501 $ 61,338 $ 483,122 $ 354,747 $ 279,142 $ 1,739,850 % of Grand Totals 32.27 % 3.53 % 27.77 % 20.39 % 16.04 % 100.00 % _______________ (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 year ended December 31, 2018 : Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 838,341 $ — $ 959,050 $ 397,180 $ 396,088 $ 2,590,659 Residential 6,694 — — — 15,857 22,551 Hotel 49,118 — — — — 49,118 Total 894,153 — 959,050 397,180 411,945 2,662,328 % of Grand Totals 33.59 % — % 36.02 % 14.92 % 15.47 % 100.00 % Rental Expenses: Office 315,653 — 377,992 130,016 142,886 966,547 Residential 3,632 — — — 8,972 12,604 Hotel 33,863 — — — — 33,863 Total 353,148 — 377,992 130,016 151,858 1,013,014 % of Grand Totals 34.86 % — % 37.32 % 12.83 % 14.99 % 100.00 % Net operating income $ 541,005 $ — $ 581,058 $ 267,164 $ 260,087 $ 1,649,314 % of Grand Totals 32.80 % — % 35.23 % 16.20 % 15.77 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (33,862 ) — (143,562 ) 59 — (177,365 ) Add: Company’s share of net operating income from unconsolidated joint ventures 2,866 42,750 6,590 — 27,687 79,893 Company’s share of net operating income $ 510,009 $ 42,750 $ 444,086 $ 267,223 $ 287,774 $ 1,551,842 % of Grand Totals 32.86 % 2.75 % 28.63 % 17.22 % 18.54 % 100.00 % _______________ (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 year ended December 31, 2017 : Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 776,279 $ — $ 969,371 $ 345,519 $ 414,103 $ 2,505,272 Residential 4,745 — — — 11,851 16,596 Hotel 45,603 — — — — 45,603 Total 826,627 — 969,371 345,519 425,954 2,567,471 % of Grand Totals 32.20 % — % 37.75 % 13.46 % 16.59 % 100.00 % Rental Expenses: Office 301,097 — 372,810 105,253 144,515 923,675 Residential 2,044 — — — 4,258 6,302 Hotel 32,059 — — — — 32,059 Total 335,200 — 372,810 105,253 148,773 962,036 % of Grand Totals 34.84 % — % 38.76 % 10.94 % 15.46 % 100.00 % Net operating income $ 491,427 $ — $ 596,561 $ 240,266 $ 277,181 $ 1,605,435 % of Grand Totals 30.61 % — % 37.15 % 14.97 % 17.27 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (31,857 ) — (142,916 ) 528 — (174,245 ) Add: Company’s share of net operating income from unconsolidated joint ventures 1,962 26,816 8,832 — 26,398 64,008 Company’s share of net operating income $ 461,532 $ 26,816 $ 462,477 $ 240,794 $ 303,579 $ 1,495,198 % of Grand Totals 30.87 % 1.79 % 30.94 % 16.10 % 20.30 % 100.00 % _______________ (1) Rental Revenue is equal to total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. |
Earnings Per Share _ Common Uni
Earnings Per Share / Common Unit | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share / Common Unit | 14. Earnings Per Share / Common Unit Boston Properties, Inc. The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. common shareholders and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to Boston Properties, Inc. common shareholders by the weighted-average number of common shares outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of Boston Properties, Inc. and Boston Properties Limited Partnership’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of Boston Properties, Inc. using the two -class method. Participating securities are included in the computation of diluted EPS of Boston Properties, Inc. using the if-converted method if the impact is dilutive. Because the 2012 OPP Units, 2013 MYLTIP Units, 2014 MYLTIP Units, 2015 MYLTIP Units and 2016 MYLTIP Units required, and the 2017-2019 MYLTIP Units require, Boston Properties, Inc. to outperform absolute and relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, Boston Properties, Inc. excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of Boston Properties Limited Partnership that are exchangeable for Boston Properties, Inc.’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS. For the Year Ended December 31, 2019 Income (Numerator) Shares (Denominator) Per Share Amount (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 511,034 154,582 $ 3.31 Effect of Dilutive Securities: Stock Based Compensation — 301 (0.01 ) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 511,034 154,883 $ 3.30 For the Year ended December 31, 2018 Income (Numerator) Shares (Denominator) Per Share Amount (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 572,347 154,427 $ 3.71 Allocation of undistributed earnings to participating securities (101 ) — — Net income attributable to Boston Properties, Inc. common shareholders $ 572,246 154,427 $ 3.71 Effect of Dilutive Securities: Stock Based Compensation — 255 (0.01 ) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 572,246 154,682 $ 3.70 For the Year ended December 31, 2017 Income (Numerator) Shares (Denominator) Per Share Amount (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 451,939 154,190 $ 2.93 Effect of Dilutive Securities: Stock Based Compensation — 200 — Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 451,939 154,390 $ 2.93 Boston Properties Limited Partnership The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership common unitholders and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership common unitholders by the weighted-average number of common units outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of Boston Properties, Inc. and Boston Properties Limited Partnership’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic earnings per common unit using the two -class method. Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive. Because the 2012 OPP Units, 2013 MYLTIP Units, 2014 MYLTIP Units, 2015 MYLTIP Units and 2016 MYLTIP Units required, and the 2017-2019 MYLTIP Units require, Boston Properties, Inc. to outperform absolute and relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, Boston Properties Limited Partnership excludes such units from the diluted earnings per common unit calculation. Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit. Included in the number of units (the denominator) below are approximately 17,618,000 , 17,485,000 and 17,471,000 redeemable common units for the years ended December 31, 2019 , 2018 and 2017 , respectively. For the Year Ended December 31, 2019 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 $ 580,102 172,200 $ 3.37 Effect of Dilutive Securities: Stock Based Compensation — 301 (0.01 ) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 580,102 172,501 $ 3.36 For the Year ended December 31, 2018 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 $ 656,903 171,912 $ 3.82 Allocation of undistributed earnings to participating securities (113 ) — — Net income attributable to Boston Properties Limited Partnership common unitholders $ 656,790 171,912 $ 3.82 Effect of Dilutive Securities: Stock Based Compensation — 255 (0.01 ) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 656,790 172,167 $ 3.81 For the Year ended December 31, 2017 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 $ 512,866 171,661 $ 2.99 Effect of Dilutive Securities: Stock Based Compensation — 200 (0.01 ) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 512,866 171,861 $ 2.98 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefit Plans [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 15. Employee Benefit Plans Effective January 1, 1985, the predecessor of the Company adopted a 401(k) Savings Plan (the “Plan”) for its employees. Upon formation, the Company adopted the Plan and the terms of the Plan. Under the Plan, as amended, the Company’s matching contribution equals 200% of the first 3% of participant’s eligible earnings contributed (utilizing earnings that are not in excess of an amount established by the IRS ( $280,000 , $275,000 and $270,000 in 2019 , 2018 and 2017 , respectively), indexed for inflation) with no vesting requirement. The Company’s aggregate matching contribution for the years ended December 31, 2019 , 2018 and 2017 was approximately $4.2 million , $4.1 million and $4.1 million , respectively. The Company also maintains a deferred compensation plan that is designed to allow officers of Boston Properties, Inc. to defer a portion of the officer’s current income on a pre-tax basis and receive a tax-deferred return on these deferrals based on the performance of specific investments selected by the officer. The Company’s obligation under the plan is that of an unsecured promise to pay the deferred compensation to the plan participants in the future. At December 31, 2019 and 2018 , the Company had maintained approximately $36.0 million and $28.2 million , respectively, in a separate account, which is not restricted as to its use. The Company’s liability under the plan is equal to the total amount of compensation deferred by the plan participants and earnings on the deferred compensation pursuant to investments elected by the plan participants. The Company’s liability as of December 31, 2019 and 2018 was approximately $36.0 million and $28.2 million , respectively, which are included in the accompanying Consolidated Balance Sheets. |
Stock Option and Incentive Plan
Stock Option and Incentive Plan | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option and Incentive Plan | 16. Stock Option and Incentive Plan At Boston Properties, Inc.’s 2012 annual meeting of stockholders held on May 15, 2012, its stockholders approved the Boston Properties, Inc. 2012 Stock Option and Incentive Plan (the “2012 Plan”). The 2012 Plan replaced the 1997 Stock Option and Incentive Plan (the “1997 Plan”). The material terms of the 2012 Plan include, among other things: (1) the maximum number of shares of common stock reserved and available for issuance under the 2012 Plan is the sum of (i) 13,000,000 newly authorized shares, plus (ii) the number of shares available for grant under the 1997 Stock Plan immediately prior to the effective date of the 2012 Plan, plus (iii) any shares underlying grants under the 1997 Plan that are forfeited, canceled or terminated (other than by exercise) in the future; (2) “full-value” awards (i.e., awards other than stock options) are multiplied by a 2.32 conversion ratio to calculate the number of shares available under the 2012 Plan that are used for each full-value award, as opposed to a 1.0 conversion ratio for each stock option awarded under the 2012 Plan; (3) shares tendered or held back for taxes will not be added back to the reserved pool under the 2012 Plan; (4) stock options may not be re-priced without stockholder approval; and (5) the term of the 2012 Plan is for 10 years from the date of stockholder approval. On February 5, 2019, Boston Properties, Inc.’s Compensation Committee approved the 2019 MYLTIP awards under the 2012 Plan to certain officers and employees of Boston Properties, Inc. The 2019 MYLTIP awards utilize Boston Properties, Inc.’s TSR over a three-year measurement period, on an annualized, compounded basis, as the performance metric. Earned awards will be based on Boston Properties, Inc.’s TSR relative to the Nareit Office Index, adjusted to include Vornado Realty Trust. Earned awards will range from zero to a maximum of 220,734 LTIP Units depending on Boston Properties, Inc.’s TSR relative to the Nareit Office Index, adjusted to include Vornado Realty Trust, with a target of approximately 110,367 LTIP Units and linear interpolation between zero and maximum. Earned awards (if any) will vest 50% on February 4, 2022 and 50% on February 4, 2023, based on continued employment. Vesting will be accelerated in the event of a change in control, termination of employment by Boston Properties, Inc. without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to February 4, 2022, earned awards will be calculated based on TSR performance up to the date of the change of control. The 2019 MYLTIP awards are in the form of LTIP Units issued on the grant date which (i) are subject to forfeiture to the extent awards are not earned and (ii) prior to the performance measurement date are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. Under ASC 718 “Compensation - Stock Compensation”, the 2019 MYLTIP awards have an aggregate value of approximately $13.5 million , which amount will generally be amortized into earnings over the four year plan period under the graded vesting method. On February 9, 2019, the measurement period for the Company’s 2016 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 69.5% of target or an aggregate of approximately $13.6 million (after giving effect to employee separations). As a result, an aggregate of 364,980 2016 MYLTIP Units that had been previously granted were automatically forfeited. On February 4, 2018, the measurement period for the Company’s 2015 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 22.0% of target or an aggregate of approximately $3.6 million (after giving effect to employee separations). As a result, an aggregate of 337,847 2015 MYLTIP Units that had been previously granted were automatically forfeited. On February 3, 2017, the measurement period for the Company’s 2014 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 27.7% of target or an aggregate of approximately $3.5 million (after giving effect to employee separations and the unallocated reserve). As a result, an aggregate of 447,386 2014 MYLTIP Units that had been previously granted were automatically forfeited. Boston Properties, Inc. issued 26,503 , 20,320 and 37,414 shares of restricted common stock and Boston Properties Limited Partnership issued 181,919 , 205,838 and 113,918 LTIP Units to employees and non-employee directors under the 2012 Plan during the years ended December 31, 2019 , 2018 and 2017 , respectively. Boston Properties, Inc. did not issue any non-qualified stock options under the 2012 Plan during the years ended December 31, 2019 , 2018 and 2017. Boston Properties Limited Partnership issued 220,734 2019 MYLTIP Units, 342,659 2018 MYLTIP Units and 400,000 2017 MYLTIP Units to employees under the 2012 Plan during the years ended December 31, 2019 , 2018 and 2017 , respectively. Employees and non-employee directors paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit, OPP Unit and 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. Grants of restricted stock and LTIP Units to employees vest in four equal annual installments. Restricted stock is measured at fair value on the date of grant based on the number of shares granted and the closing price of Boston Properties, Inc.’s Common Stock on the date of grant as quoted on the New York Stock Exchange. Such value is recognized as an expense ratably over the corresponding employee service period. Non-qualified stock options, which are valued using the Black-Scholes option-pricing model, are recognized as an expense ratably over the corresponding employee service period. As the 2012 OPP Awards, 2013 MYLTIP Awards, 2014 MYLTIP Awards, 2015 MYLTIP Awards, 2016 MYLTIP Awards, 2017 MYLTIP Awards, 2018 MYLTIP Awards and 2019 MYLTIP Awards are subject to both a service condition and a market condition, the Company recognizes the compensation expense related to the 2012 OPP Awards, 2013 MYLTIP Awards, 2014 MYLTIP Awards, 2015 MYLTIP Awards 2016 MYLTIP Awards, 2017 MYLTIP Awards, 2018 MYLTIP Awards and 2019 MYLTIP Awards 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, non-qualified stock options, LTIP Units, 2013 MYLTIP Units, 2014 MYLTIP Units, 2015 MYLTIP Units, 2016 MYLTIP Units, 2017 MYLTIP Units, 2018 MYLTIP Units and 2019 MYLTIP Units was approximately $39.8 million , $38.0 million and $33.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. At December 31, 2019 , there was (1) an aggregate of approximately $23.3 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and (2) an aggregate of approximately $12.4 million of unrecognized compensation expense related to unvested 2017 MYLTIP Units, 2018 MYLTIP Units and 2019 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.4 years . The shares of restricted stock were valued at approximately $3.5 million ( $131.27 per share weighted-average), $2.4 million ( $119.27 per share weighted-average) and $4.9 million ( $130.32 per share weighted-average) for the years ended December 31, 2019 , 2018 and 2017 , respectively. LTIP Units were valued using a Monte Carlo simulation method model in accordance with the provisions of ASC 718. LTIP Units issued during the years ended December 31, 2019 , 2018 and 2017 were valued at approximately $22.1 million , $22.7 million and $13.6 million , respectively. The weighted-average per unit fair value of LTIP Unit grants in 2019 , 2018 and 2017 was $121.50 , $110.29 and $119.41 , respectively. The per unit fair value of each LTIP Unit granted in 2019 , 2018 and 2017 was estimated on the date of grant using the following assumptions; an expected life of 5.7 years , 5.7 years and 5.7 years , a risk-free interest rate of 2.68% , 2.63% and 2.14% and an expected price volatility of 27.0% , 27.0% and 28.0% , respectively. There were no non-qualified stock options granted during the years ended December 31, 2019 , 2018 and 2017 . A summary of the status of Boston Properties, Inc.’s stock options as of December 31, 2019 , 2018 and 2017 and changes during the years then ended are presented below: Shares Weighted-Average Exercise Price Outstanding at December 31, 2016 547,129 $ 96.38 Exercised (6,688 ) $ 99.15 Outstanding at December 31, 2017 540,441 $ 96.35 Exercised — $ — Outstanding at December 31, 2018 540,441 $ 96.35 Exercised (145,088 ) $ 96.27 Outstanding at December 31, 2019 395,353 $ 96.37 The following table summarizes information about Boston Properties, Inc.’s stock options outstanding at December 31, 2019 : Options Outstanding Options Exercisable Number Outstanding at 12/31/19 Weighted-Average Remaining Contractual Life Exercise Price Number Exercisable at 12/31/19 Exercise Price 81,458 1.1 years $ 86.86 81,458 $ 86.86 54,282 3.3 years $ 95.69 54,282 $ 95.69 142,422 3.1 years $ 98.46 142,422 $ 98.46 117,191 2.1 years $ 100.77 117,191 $ 100.77 The total intrinsic value of the outstanding and exercisable stock options as of December 31, 2019 was approximately $16.4 million . In addition, Boston Properties, Inc. had 540,441 options exercisable at a weighted-average exercise price of $96.35 at December 31, 2018 and 2017. Boston Properties, Inc. adopted the 1999 Non-Qualified Employee Stock Purchase Plan (the “Stock Purchase Plan”) to encourage the ownership of Common Stock by eligible employees. The Stock Purchase Plan became effective on January 1, 1999 with an aggregate maximum of 250,000 shares of Common Stock available for issuance. The Stock Purchase Plan provides for eligible employees to purchase on the business day immediately following the end of the biannual purchase periods (i.e., January 1-June 30 and July 1-December 31) shares of Common Stock at a purchase price equal to 85% of the average closing prices of the Common Stock during the last ten business days of the purchase period. Boston Properties, Inc. issued 5,862 , 6,268 and 6,317 shares with the weighted-average purchase price equal to $104.11 per share, $107.20 per share and $105.97 per share under the Stock Purchase Plan during the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | 17. Related Party Transactions A firm controlled by Mr. Raymond A. Ritchey’s brother was paid aggregate leasing commissions of approximately $21,000 , $921,000 and $368,000 for the years ended December 31, 2019 , 2018 and 2017 , respectively, related to certain exclusive leasing arrangements for certain Northern Virginia properties. Mr. Ritchey is a Senior Executive Vice President of Boston Properties, Inc. In accordance with Boston Properties, Inc.’s 2012 Plan, and as approved by its Board of Directors, seven non-employee directors made elections to receive deferred stock units in lieu of cash fees for 2019 . As a result of these elections, the aggregate cash fees otherwise payable to a non-employee director during a fiscal quarter are converted into a number of deferred stock units equal to the aggregate cash fees divided by the last reported sales price of a share of Boston Properties, Inc.’s Common Stock on the last trading of the applicable fiscal quarter. The deferred stock units are also credited with dividend equivalents as dividends are paid by Boston Properties, Inc. The deferred stock units may be settled in shares of Common Stock upon the cessation of such director’s service on the Board of Directors of Boston Properties, Inc. The Company modified the terms of the non-employee director compensation program to provide, subject to certain conditions, the non-employee directors holding deferred stock units with the ability to elect, following cessation of their service on the Company’s Board of Directors, to diversify their investment elections into non-employer securities on a pre-tax basis and receive tax-deferred returns on such deferrals, which will ultimately be settled in cash. The Company’s obligation under the plan is that of an unsecured promise to pay the deferred compensation to the non-employee director in the future. At December 31, 2019, the Company had maintained approximately $0.7 million in a separate account, which is not restricted as to its use. The Company’s liability under the plan is equal to the total amount of compensation deferred by the non-employee director and earnings on the deferred compensation pursuant to investments elected by the non-employee director. The Company’s liability as of December 31, 2019 was approximately $0.7 million , which is included in the accompanying Consolidated Balance Sheets. The modification of the terms of the non-employee director compensation program required a change to the classification of these deferred stock units from permanent equity to temporary equity on the Consolidated Balance Sheets of Boston Properties, Inc. and Boston Properties Limited Partnership within Redeemable Deferred Stock Units (See Note 2 ). On May 21, 2019, in connection with the cessation of a director’s service on the Board of Directors of Boston Properties, Inc., Boston Properties, Inc. issued 17,949 shares of Common Stock in settlement of a portion of the director’s outstanding deferred stock units. In addition, on September 3, 2019, the Company converted 4,917 of such director’s deferred stock units as a result of such director’s election to diversify their investment elections into non-employer securities. On May 23, 2018, in connection with the cessation of a director’s service on the Board of Directors of Boston Properties, Inc., Boston Properties, Inc. issued 36,836 shares of Common Stock in settlement of the director’s outstanding deferred stock units. At December 31, 2019 and 2018 , Boston Properties, Inc. had outstanding 60,676 and 74,966 deferred stock units, respectively. |
Selected Interim Financial Info
Selected Interim Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 18. Selected Interim Financial Information (unaudited) Boston Properties, Inc. The tables below reflect Boston Properties, Inc.’s selected quarterly information for the years ended December 31, 2019 and 2018 . 2019 Quarter Ended March 31, June 30, September 30, December 31, (in thousands, except for per share amounts) Total revenue $ 725,767 $ 733,741 $ 743,553 $ 757,501 Net income $ 131,159 $ 203,461 $ 141,370 $ 176,009 Net income attributable to Boston Properties, Inc. common shareholders $ 98,105 $ 164,318 $ 107,771 $ 140,824 Income attributable to Boston Properties, Inc. per share—basic $ 0.63 $ 1.06 $ 0.70 $ 0.91 Income attributable to Boston Properties, Inc. per share—diluted $ 0.63 $ 1.06 $ 0.70 $ 0.91 2018 Quarter Ended March 31, June 30, September 30, December 31, (in thousands, except for per share amounts) Total revenue $ 661,151 $ 664,484 $ 686,284 $ 705,157 Net income $ 216,312 $ 160,565 $ 150,445 $ 185,241 Net income attributable to Boston Properties, Inc. common shareholders $ 176,021 $ 128,681 $ 119,118 $ 148,529 Income attributable to Boston Properties, Inc. per share—basic $ 1.14 $ 0.83 $ 0.77 $ 0.96 Income attributable to Boston Properties, Inc. per share—diluted $ 1.14 $ 0.83 $ 0.77 $ 0.96 Boston Properties Limited Partnership The tables below reflect Boston Properties Limited Partnership’s selected quarterly information for the years ended December 31, 2019 and 2018 . 2019 Quarter Ended March 31, June 30, September 30, December 31, (in thousands, except for per unit amounts) Total revenue $ 725,767 $ 733,741 $ 743,553 $ 757,501 Net income $ 134,837 $ 205,822 $ 143,212 $ 177,851 Net income attributable to Boston Properties Limited Partnership common unitholders $ 113,382 $ 185,715 $ 122,117 $ 158,888 Income attributable to Boston Properties Limited Partnership per unit—basic $ 0.66 $ 1.08 $ 0.71 $ 0.92 Income attributable to Boston Properties Limited Partnership per unit—diluted $ 0.66 $ 1.08 $ 0.71 $ 0.92 2018 Quarter Ended March 31, June 30, September 30, December 31, (in thousands, except for per unit amounts) Total revenue $ 661,151 $ 664,484 $ 686,284 $ 705,157 Net income $ 220,766 $ 162,986 $ 153,676 $ 192,884 Net income attributable to Boston Properties Limited Partnership common unitholders $ 200,907 $ 145,961 $ 136,201 $ 173,834 Income attributable to Boston Properties Limited Partnership per unit—basic $ 1.17 $ 0.85 $ 0.79 $ 1.01 Income attributable to Boston Properties Limited Partnership per unit—diluted $ 1.17 $ 0.85 $ 0.79 $ 1.01 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events On January 28, 2020, the Company entered into a joint venture with a third party to own, operate and develop properties at its Gateway Commons complex located in South San Francisco, California. The Company contributed its 601, 611 and 651 Gateway properties and development rights with an agreed upon value aggregating approximately $350.0 million for its 50% interest in the joint venture. 601, 611 and 651 Gateway consist of three Class A office properties aggregating approximately 768,000 net rentable square feet. The partner contributed three properties and development rights with an agreed upon value aggregating approximately $280.8 million at closing and will contribute cash totaling approximately $69.2 million in the future for its 50% ownership interest in the joint venture. On January 28, 2020 , a joint venture in which the Company has a 55% interest commenced development of the first phase of its Platform 16 project located in San Jose, California. The first phase of the Platform 16 development project consists of an approximately 390,000 net rentable square foot Class A office building and a below-grade parking garage. On February 20, 2020, the joint venture acquired the land under the ground lease for a purchase price totaling approximately $134.8 million . The joint venture had previously made a deposit totaling $15.0 million , which deposit was credited against the purchase price. Platform 16 consists of a parcel of land totaling approximately 5.6 acres that will support the development of approximately 1.1 million square feet of commercial office space (See Notes 3 and 5). On January 28, 2020, the Company exercised its option to acquire real property at 425 Fourth Street located in San Francisco, California for a purchase price totaling approximately $134.1 million . 425 Fourth Street will support the development of approximately 804,000 square feet of primarily commercial office space. The Company expects to complete the acquisition during the second quarter of 2020. On January 31, 2020 and February 4, 2020, Boston Properties, Inc. issued an aggregate of 24,503 shares of restricted Common Stock and Boston Properties Limited Partnership issued an aggregate of 196,927 LTIP Units under the 2012 Plan to certain employees of Boston Properties, Inc. On February 4, 2020, Boston Properties, Inc.’s Compensation Committee approved the 2020 Multi-Year Long-Term Incentive Program (the “2020 MYLTIP”) awards under Boston Properties, Inc.’s 2012 Plan to certain officers and employees of Boston Properties, Inc. Earned awards will range from zero to a maximum of 203,278 LTIP Units depending on Boston Properties, Inc.’s TSR relative to the FTSE Nareit Office Index, adjusted to include Vornado Realty Trust, with a target of approximately 101,638 LTIP Units and linear interpolation between zero and maximum. Under ASC 718, the 2020 MYLTIP awards have an aggregate value of approximately $13.7 million . On February 6, 2020, the measurement period for the Company’s 2017 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 83.8% of target or an aggregate of approximately $17.6 million (after giving effect to employee separations). As a result, an aggregate of 270,942 2017 MYLTIP Units that had been previously granted were automatically forfeited. On February 20, 2020 , the Company completed the sale of its New Dominion Technology Park located in Herndon, Virginia for a gross sale price of $256.0 million . New Dominion Technology Park is comprised of two Class A office properties aggregating approximately 493,000 net rentable square feet (See Note 6 |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation Disclosure [Text Block] | Item 15. Exhibits and Financial Statement Schedules (a) Financial Statement Schedule Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,274,028 $ 1,796,252 $ 1,532,654 $ 202,612 $ 1,796,252 $ 1,735,266 $ — $ — $ 3,531,518 $ 313,158 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 556,458 115,638 1,478,578 2,676 — 1,596,892 596,740 1965/1993/2002/2016-2017 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 415,228 195,987 1,246,348 — — 1,442,335 633,711 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 300,519 354,107 985,970 — — 1,340,077 358,960 1961/2018 2002 (1) 601 Lexington Avenue Office New York, NY 644,778 241,600 494,782 454,902 289,639 688,550 — 213,095 1,191,284 289,482 1977/1997 2001 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 — 200,349 946,205 — — 1,146,554 38,727 2018 2013 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 210,160 250,134 829,529 17,924 — 1,097,587 214,533 1976 2010 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 51,928 285,263 655,095 — — 940,358 116,857 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 102,984 131,067 538,938 — — 670,005 122,799 1971-1975/2017 2012 (1) Times Square Tower Office New York, NY — 165,413 380,438 113,222 169,193 489,880 — — 659,073 217,303 2004 2000 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 152,280 94,240 462,882 54,680 — 611,802 208,331 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 18,709 63,988 473,246 — — 537,234 131,828 2011 2007 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 25,495 103,000 279,160 — — 382,160 72,213 2012 2010 (1) Fountain Square Office Reston, VA — 56,853 306,298 12,140 56,853 318,438 — — 375,291 78,498 1986-1990 2012 (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 188,572 87,852 282,267 — — 370,119 183,291 1986 1997 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 7,907 72,545 227,673 — — 300,218 46,777 2014 2012 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 113,627 109,038 188,130 — — 297,168 59,190 2011 2008 (1) 145 Broadway Office Cambridge, MA — 121 273,013 23,246 23,367 273,013 — — 296,380 1,511 2019 1997 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 26,415 13,687 263,810 — — 277,497 99,478 2008-2009 2003 (1) 601 Massachusetts Avenue Office Washington, DC — 95,310 165,173 3,945 95,322 169,106 — — 264,428 24,502 2016 2008 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 80,077 18,789 228,528 — — 247,317 79,824 1985-1989 2011 (1) Gateway Center Office San Francisco, CA — 28,255 139,245 61,791 30,627 198,664 — — 229,291 106,680 1984/1986/2002 1999 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 3,276 40,933 151,654 — — 192,587 26,293 2015 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 53,718 20,108 156,339 — — 176,447 70,870 1955/1987/2017 1997/1998 (1) Mountain View Research Park Office Mountain View, CA — 95,066 68,373 12,704 95,066 81,077 — — 176,143 19,807 1977-1981/2007-2013 2013 (1) 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 36,847 27,135 118,005 — — 145,140 32,775 1984/2018 2004 (1) Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 3,376 18,062 112,373 — — 130,435 44,294 2003-2006 2007 (1) One Freedom Square Office Reston, VA — 9,929 84,504 34,372 11,293 117,512 — — 128,805 59,006 2000 2003 (1) Capital Gallery Office Washington, DC — 4,725 29,565 88,704 8,662 114,332 — — 122,994 71,631 1981/2006 2007 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 (123 ) 25,854 92,088 — — 117,942 29,227 2010 2001 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 23,209 15,420 99,458 — — 114,878 50,668 2001 2003 (1) One and Two Reston Overlook Office Reston, VA — 16,456 66,192 24,181 16,179 90,650 — — 106,829 51,503 1999 2000 (1) Discovery Square Office Reston, VA — 11,198 71,782 20,905 12,533 91,352 — — 103,885 43,619 2001 2003 (1) 140 Kendrick Street Office Needham, MA — 18,095 66,905 17,574 19,092 83,482 — — 102,574 35,721 2000 2004 (1) 355 Main Street Office Cambridge, MA — 18,863 53,346 27,582 21,173 78,618 — — 99,791 26,439 1981/1996/2013 2006 (1) 880 & 890 Winter Street Office Waltham, MA — 29,510 65,812 — 29,510 65,812 — — 95,322 1,458 1998-1999 2019 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 4,697 2,290 90,112 — — 92,402 10,928 2016 1997 (1) 90 Broadway Office Cambridge, MA — 19,104 52,078 19,857 20,785 70,254 — — 91,039 23,621 1983/1998/2013 2006 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 22,057 13,807 71,262 — — 85,069 29,255 1992 2005 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 10,556 14,023 70,763 — — 84,786 27,172 2008 2001 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 13,165 11,097 73,147 — — 84,244 35,567 2003 1999 (1) 3625-3635 Peterson Way Office Santa Clara, CA — 63,206 14,879 752 63,206 14,879 752 — 78,837 11,172 1979 2016 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 5,454 16,741 56,739 — — 73,480 13,090 1987/2003 2011 (1) 191 Spring Street Office Lexington, MA — 2,850 59,751 7,695 3,151 67,145 — — 70,296 21,917 1971/1995/2018 1997 (1) 300 Binney Street Office Cambridge, MA — 18,080 51,262 140 18,080 51,402 — — 69,482 11,146 2013 2009 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 14,924 — 68,273 — — 68,273 25,934 2009 2004 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 6,236 10,148 56,080 — — 66,228 29,860 1984 1998 (1) New Dominion Technology Park, Bldg. Two Office Herndon, VA — 5,584 51,868 4,157 6,510 55,099 — — 61,609 26,894 2004 1998 (1) 255 Main Street Office Cambridge, MA — 134 25,110 34,124 548 58,820 — — 59,368 33,543 1987 1997 (1) University Place Office Cambridge, MA 3,602 — 37,091 16,001 7,418 45,674 — — 53,092 29,423 1985 1998 (1) New Dominion Technology Park, Bldg. One Office Herndon, VA — 3,880 43,227 3,927 4,583 46,451 — — 51,034 29,141 2001 1998 (1) Sumner Square Office Washington, DC — 624 28,745 21,344 3,535 47,178 — — 50,713 27,093 1985 1999 (1) 200 West Street Office Waltham, MA — 16,148 24,983 8,211 16,813 30,425 — 2,104 49,342 17,001 1999 1997 (1) North First Business Park Office San Jose, CA — 23,398 13,069 4,571 23,377 17,661 — — 41,038 16,411 1981 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 8,540 1,323 33,109 — — 34,432 19,875 1999 1997 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 11,406 2,395 23,253 — — 25,648 11,870 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 18,547 1,264 19,707 — — 20,971 14,312 1982 1997 (1) 201 Spring Street Office Lexington, MA — 2,849 15,303 1,172 3,124 16,200 — — 19,324 8,587 1997 1997 (1) The Point Office Waltham, MA — 6,395 10,040 421 6,492 10,364 — — 16,856 1,349 2015 2007 (1) 33 Hayden Avenue Office Lexington, MA — 266 3,234 12,898 425 15,973 — — 16,398 5,678 1979 1997 (1) 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,157 3,219 12,195 — — 15,414 2,284 2015 2012 (1) Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 92-100 Hayden Avenue Office Lexington, MA — 594 6,748 7,529 802 14,069 — — 14,871 12,041 1985 1997 (1) 181 Spring Street Office Lexington, MA — 1,066 9,520 2,177 1,160 11,603 — — 12,763 5,597 1999 1997 (1) 195 West Street Office Waltham, MA — 1,611 6,652 4,218 1,858 10,623 — — 12,481 8,352 1990 1997 (1) 7501 Boston Boulevard, Building Seven Office Springfield, VA — 665 9,273 816 791 9,963 — — 10,754 5,393 1997 1997 (1) 7435 Boston Boulevard, Building One Office Springfield, VA — 392 3,822 4,983 659 8,538 — — 9,197 6,344 1982 1997 (1) 7450 Boston Boulevard, Building Three Office Springfield, VA — 1,165 4,681 2,591 1,430 7,007 — — 8,437 3,575 1987 1998 (1) 32 Hartwell Avenue Office Lexington, MA — 168 1,943 6,115 314 7,912 — — 8,226 1,975 1968/1979/1987 1997 (1) 250 Binney Street Office Cambridge, MA — 110 4,483 3,593 273 7,913 — — 8,186 5,829 1983 1997 (1) 8000 Grainger Court, Building Five Office Springfield, VA — 366 4,282 3,198 601 7,245 — — 7,846 5,752 1984 1997 (1) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 676 5,477 1,766 — — 7,243 690 1977 2012 (1) 7300 Boston Boulevard, Building Thirteen Office Springfield, VA — 608 4,773 1,007 661 5,727 — — 6,388 1,984 2002 1997 (1) 17 Hartwell Avenue Office Lexington, MA — 26 150 6,064 65 6,175 — — 6,240 1,966 1968 1997 (1) 7601 Boston Boulevard, Building Eight Office Springfield, VA — 200 878 5,060 551 5,587 — — 6,138 4,689 1986 1997 (1) 7500 Boston Boulevard, Building Six Office Springfield, VA — 138 3,749 1,640 367 5,160 — — 5,527 4,237 1985 1997 (1) 8000 Corporate Court, Building Eleven Office Springfield, VA — 136 3,071 1,596 774 4,029 — — 4,803 3,191 1989 1997 (1) 7375 Boston Boulevard, Building Ten Office Springfield, VA — 23 2,685 1,032 93 3,647 — — 3,740 2,606 1988 1997 (1) 7374 Boston Boulevard, Building Four Office Springfield, VA — 241 1,605 1,828 398 3,276 — — 3,674 2,779 1984 1997 (1) 7451 Boston Boulevard, Building Two Office Springfield, VA — 249 1,542 1,667 613 2,845 — — 3,458 2,610 1982 1997 (1) Signature at Reston Residential Reston, VA — 27,076 190,580 393 27,076 190,973 — — 218,049 8,773 2018 2013 (1) Proto Kendall Square Residential Cambridge, MA — 9,243 127,248 2,939 9,245 130,185 — — 139,430 4,566 2018 2015 (1) The Avant at Reston Town Center Residential Reston, VA — 20,350 91,995 830 20,350 92,825 — — 113,175 14,728 2014 2010 (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 1,897 3,529 56,788 — — 60,317 12,639 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 35,813 1,201 73,008 — — 74,209 46,605 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — — 35,035 7,329 103 42,261 — — 42,364 13,512 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 1,552 1,434 17,071 — — 18,505 6,031 2006 2004 (1) Kendall Center Blue Garage Garage Cambridge, MA — 1,163 11,633 2,151 1,579 13,368 — — 14,947 9,728 1990 1997 (1) The Skylyne (MacArthur Station Residences) Development Oakland, CA — — — 226,526 29,807 — — 196,719 226,526 — N/A N/A N/A 2100 Pennsylvania Avenue Development Washington, DC — — — 224,380 185,129 — — 39,251 224,380 1,024 N/A N/A N/A Reston Gateway Development Reston, VA — — — 150,632 — — — 150,632 150,632 — N/A 1998 N/A 17Fifty Presidents Street Development Reston, VA — — — 99,816 — — — 99,816 99,816 — N/A 2013 N/A Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 20 CityPoint Development Waltham, MA — 4,721 52,039 20,007 4,721 52,039 — 20,007 76,767 1,136 N/A 2007 N/A 325 Main Street Development Cambridge, MA — 174 — 68,903 965 — — 68,112 69,077 — N/A 1997 N/A North First Master Plan Land San Jose, CA — 35,004 — 3,932 — — 38,936 — 38,936 — N/A 2007 N/A Plaza at Almaden Land San Jose, CA — — — 34,889 — — 34,889 — 34,889 — N/A 2006 N/A 425 Fourth Street Land San Francisco, CA — — — 22,074 — — 22,074 — 22,074 — N/A N/A N/A Springfield Metro Center Land Springfield, VA — — — 19,844 — — 19,844 — 19,844 — N/A 2007 N/A Reston Gateway Master Plan Land Reston, VA — — — 18,292 — — 18,292 — 18,292 — N/A 1998 N/A 214 Third Avenue Land Waltham, MA — — — 17,692 — — 17,692 — 17,692 — N/A 2006 N/A 103 Fourth Avenue Land Waltham, MA — — — 12,826 — — 12,826 — 12,826 — N/A 2007 N/A Crane Meadow Land Marlborough, MA — — — 8,866 — — 8,866 — 8,866 — N/A 2000 N/A Broad Run Business Park Land Loudoun County, VA — — — 2,396 — — 2,396 — 2,396 — N/A 1998 N/A Kendall Center Master Plan Land Cambridge, MA — — — 1,693 — — 1,693 — 1,693 — N/A 1997 N/A Weston Quarry Land Weston, MA — — — 1,249 — — 1,249 — 1,249 — N/A 2001 N/A Reston Overlook Master Plan Land Reston, VA — — — 39 — — 39 — 39 — N/A 2000 N/A $ 2,922,408 (2 ) $ 5,024,060 $ 13,057,336 $ 4,763,301 $ 5,474,337 (3 ) $ 16,325,796 (4 ) $ 254,828 (5 ) $ 789,736 $ 22,844,697 $ 5,239,179 Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $44,313 . Accumulated Depreciation does not include approximately $27,619 of accumulated depreciation related to Furniture, Fixtures and Equipment. The aggregate cost and accumulated depreciation for tax purposes was approximately $18.6 billion and $4.0 billion , respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (2) Includes unamortized deferred financing costs totaling approximately $(26.7) million . (3) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $148,640 , respectively. (4) Includes Right of Use Assets - Finance Leases of approximately $23,303 . (5) Includes pre-development costs. Boston Properties, Inc. Real Estate and Accumulated Depreciation December 31, 2019 , 2018 and 2017 (dollars in thousands) A summary of activity for real estate and accumulated depreciation is as follows: 2019 2018 2017 Real Estate: Balance at the beginning of the year $ 21,605,545 $ 21,058,714 $ 20,114,576 Additions to/improvements of real estate 1,671,898 1,043,379 1,099,286 Assets sold/written-off (432,746 ) (496,548 ) (155,148 ) Balance at the end of the year $ 22,844,697 $ 21,605,545 $ 21,058,714 Accumulated Depreciation: Balance at the beginning of the year $ 4,871,102 $ 4,566,570 $ 4,201,891 Depreciation expense 564,938 533,342 497,059 Assets sold/written-off (196,861 ) (228,810 ) (132,380 ) Balance at the end of the year $ 5,239,179 $ 4,871,102 $ 4,566,570 Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment. |
Boston Properties Limited Partnership | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation Disclosure [Text Block] | Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,274,028 $ 1,796,252 $ 1,532,654 $ 202,612 $ 1,796,252 $ 1,735,266 $ — $ — $ 3,531,518 $ 313,158 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 496,088 100,540 1,433,306 2,676 — 1,536,522 580,797 1965/1993/2002/2016-2017 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 352,847 180,420 1,199,534 — — 1,379,954 617,163 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 240,911 339,200 941,269 — — 1,280,469 343,191 1961/2018 2002 (1) 601 Lexington Avenue Office New York, NY 644,778 241,600 494,782 417,816 279,281 661,822 — 213,095 1,154,198 280,028 1977/1997 2001 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 — 200,349 946,205 — — 1,146,554 38,727 2018 2013 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 210,160 250,134 829,529 17,924 — 1,097,587 214,533 1976 2010 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 51,928 285,263 655,095 — — 940,358 116,857 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 102,984 131,067 538,938 — — 670,005 122,799 1971-1975/2017 2012 (1) Times Square Tower Office New York, NY — 165,413 380,438 75,243 159,694 461,400 — — 621,094 207,272 2004 2000 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 137,317 90,498 451,661 54,680 — 596,839 204,380 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 18,709 63,988 473,246 — — 537,234 131,828 2011 2007 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 25,495 103,000 279,160 — — 382,160 72,213 2012 2010 (1) Fountain Square Office Reston, VA — 56,853 306,298 12,140 56,853 318,438 — — 375,291 78,498 1986-1990 2012 (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 161,330 81,040 261,837 — — 342,877 176,101 1986 1997 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 7,907 72,545 227,673 — — 300,218 46,777 2014 2012 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 113,627 109,038 188,130 — — 297,168 59,190 2011 2008 (1) 145 Broadway Office Cambridge, MA — 121 273,013 23,043 23,164 273,013 — — 296,177 1,511 2019 1997 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 26,079 13,603 263,558 — — 277,161 99,406 2008-2009 2003 (1) 601 Massachusetts Avenue Office Washington, DC — 95,310 165,173 3,933 95,310 169,106 — — 264,416 24,502 2016 2008 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 80,077 18,789 228,528 — — 247,317 79,824 1985-1989 2011 (1) Gateway Center Office San Francisco, CA — 28,255 139,245 55,402 29,029 193,873 — — 222,902 104,993 1984/1986/2002 1999 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 3,276 40,933 151,654 — — 192,587 26,293 2015 2013 (1) Mountain View Research Park Office Mountain View, CA — 95,066 68,373 12,704 95,066 81,077 — — 176,143 19,807 1977-1981/2007-2013 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 49,643 19,089 153,283 — — 172,372 69,794 1955/1987/2017 1997/1998 (1) 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 32,234 25,982 114,545 — — 140,527 31,553 1984/2018 2004 (1) Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 3,212 18,021 112,250 — — 130,271 44,258 2003-2006 2007 (1) One Freedom Square Office Reston, VA — 9,929 84,504 28,735 9,883 113,285 — — 123,168 57,516 2000 2003 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 (123 ) 25,854 92,088 — — 117,942 29,227 2010 2001 (1) Capital Gallery Office Washington, DC — 4,725 29,565 78,573 6,128 106,735 — — 112,863 68,953 1981/2006 2007 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 16,997 13,866 94,800 — — 108,666 49,028 2001 2003 (1) Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building One and Two Reston Overlook Office Reston, VA — 16,456 66,192 19,763 15,074 87,337 — — 102,411 50,336 1999 2000 (1) 355 Main Street Office Cambridge, MA — 18,863 53,346 27,284 21,098 78,395 — — 99,493 26,362 1981/1996/2013 2006 (1) 140 Kendrick Street Office Needham, MA — 18,095 66,905 13,584 18,095 80,489 — — 98,584 34,667 2000 2004 (1) Discovery Square Office Reston, VA — 11,198 71,782 15,360 11,146 87,194 — — 98,340 42,152 2001 2003 (1) 880 & 890 Winter Street Office Waltham, MA — 29,510 65,812 — 29,510 65,812 — — 95,322 1,458 1998-1999 2019 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 4,534 2,127 90,112 — — 92,239 10,928 2016 1997 (1) 90 Broadway Office Cambridge, MA — 19,104 52,078 19,678 20,741 70,119 — — 90,860 23,581 1983/1998/2013 2006 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 10,451 13,997 70,684 — — 84,681 27,148 2008 2001 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 20,440 13,403 70,049 — — 83,452 28,831 1992 2005 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 10,178 10,350 70,907 — — 81,257 34,777 2003 1999 (1) 3625-3635 Peterson Way Office Santa Clara, CA — 63,206 14,879 752 63,206 14,879 752 — 78,837 11,172 1979 2016 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 5,454 16,741 56,739 — — 73,480 13,090 1987/2003 2011 (1) 191 Spring Street Office Lexington, MA — 2,850 59,751 7,063 2,850 66,814 — — 69,664 21,801 1971/1995/2018 1997 (1) 300 Binney Street Office Cambridge, MA — 18,080 51,262 140 18,080 51,402 — — 69,482 11,146 2013 2009 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 14,924 — 68,273 — — 68,273 25,934 2009 2004 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 3,625 9,496 54,121 — — 63,617 29,170 1984 1998 (1) New Dominion Technology Park, Bldg. Two Office Herndon, VA — 5,584 51,868 412 5,574 52,290 — — 57,864 25,900 2004 1998 (1) 255 Main Street Office Cambridge, MA — 134 25,110 32,468 134 57,578 — — 57,712 33,108 1987 1997 (1) University Place Office Cambridge, MA 3,602 — 37,091 14,551 7,055 44,587 — — 51,642 29,044 1985 1998 (1) Sumner Square Office Washington, DC — 624 28,745 19,264 3,015 45,618 — — 48,633 26,547 1985 1999 (1) New Dominion Technology Park, Bldg. One Office Herndon, VA — 3,880 43,227 1,117 3,880 44,344 — — 48,224 28,398 2001 1998 (1) 200 West Street Office Waltham, MA — 16,148 24,983 5,550 16,148 28,429 — 2,104 46,681 16,298 1999 1997 (1) North First Business Park Office San Jose, CA — 23,398 13,069 4,548 23,371 17,644 — — 41,015 16,411 1981 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 6,535 822 31,605 — — 32,427 19,342 1999 1997 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 9,300 1,868 21,674 — — 23,542 11,312 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 17,783 1,073 19,134 — — 20,207 14,114 1982 1997 (1) 201 Spring Street Office Lexington, MA — 2,849 15,303 73 2,849 15,376 — — 18,225 8,295 1997 1997 (1) The Point Office Waltham, MA — 6,395 10,040 421 6,492 10,364 — — 16,856 1,349 2015 2007 (1) 33 Hayden Avenue Office Lexington, MA — 266 3,234 12,261 266 15,495 — — 15,761 5,510 1979 1997 (1) 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,157 3,219 12,195 — — 15,414 2,284 2015 2012 (1) 92-100 Hayden Avenue Office Lexington, MA — 594 6,748 6,800 619 13,523 — — 14,142 11,847 1985 1997 (1) 181 Spring Street Office Lexington, MA — 1,066 9,520 1,800 1,066 11,320 — — 12,386 5,498 1999 1997 (1) 195 West Street Office Waltham, MA — 1,611 6,652 3,229 1,611 9,881 — — 11,492 8,087 1990 1997 (1) 7501 Boston Boulevard, Building Seven Office Springfield, VA — 665 9,273 311 665 9,584 — — 10,249 5,257 1997 1997 (1) Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building 7435 Boston Boulevard, Building One Office Springfield, VA — 392 3,822 4,290 486 8,018 — — 8,504 6,162 1982 1997 (1) 7450 Boston Boulevard, Building Three Office Springfield, VA — 1,165 4,681 2,177 1,327 6,696 — — 8,023 3,462 1987 1998 (1) 32 Hartwell Avenue Office Lexington, MA — 168 1,943 5,529 168 7,472 — — 7,640 1,819 1968/1979/1987 1997 (1) 250 Binney Street Office Cambridge, MA — 110 4,483 2,939 110 7,422 — — 7,532 5,660 1983 1997 (1) 8000 Grainger Court, Building Five Office Springfield, VA — 366 4,282 2,604 453 6,799 — — 7,252 5,597 1984 1997 (1) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 676 5,477 1,766 — — 7,243 690 1977 2012 (1) 7300 Boston Boulevard, Building Thirteen Office Springfield, VA — 608 4,773 795 608 5,568 — — 6,176 1,928 2002 1997 (1) 17 Hartwell Avenue Office Lexington, MA — 26 150 5,907 26 6,057 — — 6,083 1,924 1968 1997 (1) 7601 Boston Boulevard, Building Eight Office Springfield, VA — 200 878 4,367 378 5,067 — — 5,445 4,507 1986 1997 (1) 7500 Boston Boulevard, Building Six Office Springfield, VA — 138 3,749 1,107 234 4,760 — — 4,994 4,097 1985 1997 (1) 8000 Corporate Court, Building Eleven Office Springfield, VA — 136 3,071 1,245 686 3,766 — — 4,452 3,094 1989 1997 (1) 7375 Boston Boulevard, Building Ten Office Springfield, VA — 23 2,685 851 47 3,512 — — 3,559 2,562 1988 1997 (1) 7374 Boston Boulevard, Building Four Office Springfield, VA — 241 1,605 1,445 303 2,988 — — 3,291 2,681 1984 1997 (1) 7451 Boston Boulevard, Building Two Office Springfield, VA — 249 1,542 1,354 535 2,610 — — 3,145 2,526 1982 1997 (1) Signature at Reston Residential Reston, VA — 27,076 190,580 393 27,076 190,973 — — 218,049 8,773 2018 2013 (1) Proto Kendall Square Residential Cambridge, MA — 9,243 127,248 2,939 9,245 130,185 — — 139,430 4,566 2018 2015 (1) The Avant at Reston Town Center Residential Reston, VA — 20,350 91,995 830 20,350 92,825 — — 113,175 14,728 2014 2010 (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 1,897 3,529 56,788 — — 60,317 12,639 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 32,922 478 70,840 — — 71,318 45,842 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — — 35,035 6,915 — 41,950 — — 41,950 13,404 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 840 1,256 16,537 — — 17,793 5,847 2006 2004 (1) Kendall Center Blue Garage Garage Cambridge, MA — 1,163 11,633 486 1,163 12,119 — — 13,282 9,290 1990 1997 (1) The Skylyne (MacArthur Station Residences) Development Oakland, CA — — — 226,526 29,807 — — 196,719 226,526 — N/A N/A N/A 2100 Pennsylvania Avenue Development Washington, DC — — — 224,380 185,129 — — 39,251 224,380 1,024 N/A N/A N/A Reston Gateway Development Reston, VA — — — 150,632 — — — 150,632 150,632 — N/A 1998 N/A 17Fifty Presidents Street Development Reston, VA — — — 99,816 — — — 99,816 99,816 — N/A 2013 N/A 20 CityPoint Development Waltham, MA — 4,721 52,039 20,007 4,721 52,039 — 20,007 76,767 1,136 N/A 2007 N/A 325 Main Street Development Cambridge, MA — 174 — 68,710 772 — — 68,112 68,884 — N/A 1997 N/A North First Master Plan Land San Jose, CA — 35,004 — 3,932 — — 38,936 — 38,936 — N/A 2007 N/A Plaza at Almaden Land San Jose, CA — — — 34,889 — — 34,889 — 34,889 — N/A 2006 N/A Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building 425 Fourth Street Land San Francisco, CA — — — 22,074 — — 22,074 — 22,074 — N/A N/A N/A Springfield Metro Center Land Springfield, VA — — — 19,844 — — 19,844 — 19,844 — N/A 2007 N/A Reston Gateway Master Plan Land Reston, VA — — — 18,292 — — 18,292 — 18,292 — N/A 1998 N/A 214 Third Avenue Land Waltham, MA — — — 17,692 — — 17,692 — 17,692 — N/A 2006 N/A 103 Fourth Avenue Land Waltham, MA — — — 12,826 — — 12,826 — 12,826 — N/A 2007 N/A Crane Meadow Land Marlborough, MA — — — 8,866 — — 8,866 — 8,866 — N/A 2000 N/A Broad Run Business Park Land Loudoun County, VA — — — 2,396 — — 2,396 — 2,396 — N/A 1998 N/A Kendall Center Master Plan Land Cambridge, MA — — — 1,693 — — 1,693 — 1,693 — N/A 1997 N/A Weston Quarry Land Weston, MA — — — 1,249 — — 1,249 — 1,249 — N/A 2001 N/A Reston Overlook Master Plan Land Reston, VA — — — 39 — — 39 — 39 — N/A 2000 N/A $ 2,922,408 (2 ) $ 5,024,060 $ 13,057,336 $ 4,368,080 $ 5,373,884 (3 ) $ 16,031,028 (4 ) $ 254,828 (5 ) $ 789,736 $ 22,449,476 $ 5,135,289 Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $44,313 . Accumulated Depreciation does not include approximately $27,619 of accumulated depreciation related to Furniture, Fixtures and Equipment. The aggregate cost and accumulated depreciation for tax purposes was approximately $20.7 billion and $4.5 billion , respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (2) Includes unamortized deferred financing costs totaling approximately $(26.7) million . (3) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $148,640 , respectively. (4) Includes Right of Use Assets - Finance Leases of approximately $23,303 . (5) Includes pre-development costs. Boston Properties Limited Partnership Real Estate and Accumulated Depreciation December 31, 2019 , 2018 and 2017 (dollars in thousands) A summary of activity for real estate and accumulated depreciation is as follows: 2019 2018 2017 Real Estate: Balance at the beginning of the year $ 21,207,189 $ 20,647,236 $ 19,701,185 Additions to/improvements of real estate 1,671,898 1,043,379 1,099,286 Assets sold/written-off (429,611 ) (483,426 ) (153,235 ) Balance at the end of the year $ 22,449,476 $ 21,207,189 $ 20,647,236 Accumulated Depreciation: Balance at the beginning of the year $ 4,773,800 $ 4,473,895 $ 4,116,020 Depreciation expense 557,130 525,584 488,919 Assets sold/written-off (195,641 ) (225,679 ) (131,044 ) Balance at the end of the year $ 5,135,289 $ 4,773,800 $ 4,473,895 Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment. |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation Activity of Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | Item 15. Exhibits and Financial Statement Schedules (a) Financial Statement Schedule Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,274,028 $ 1,796,252 $ 1,532,654 $ 202,612 $ 1,796,252 $ 1,735,266 $ — $ — $ 3,531,518 $ 313,158 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 556,458 115,638 1,478,578 2,676 — 1,596,892 596,740 1965/1993/2002/2016-2017 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 415,228 195,987 1,246,348 — — 1,442,335 633,711 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 300,519 354,107 985,970 — — 1,340,077 358,960 1961/2018 2002 (1) 601 Lexington Avenue Office New York, NY 644,778 241,600 494,782 454,902 289,639 688,550 — 213,095 1,191,284 289,482 1977/1997 2001 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 — 200,349 946,205 — — 1,146,554 38,727 2018 2013 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 210,160 250,134 829,529 17,924 — 1,097,587 214,533 1976 2010 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 51,928 285,263 655,095 — — 940,358 116,857 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 102,984 131,067 538,938 — — 670,005 122,799 1971-1975/2017 2012 (1) Times Square Tower Office New York, NY — 165,413 380,438 113,222 169,193 489,880 — — 659,073 217,303 2004 2000 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 152,280 94,240 462,882 54,680 — 611,802 208,331 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 18,709 63,988 473,246 — — 537,234 131,828 2011 2007 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 25,495 103,000 279,160 — — 382,160 72,213 2012 2010 (1) Fountain Square Office Reston, VA — 56,853 306,298 12,140 56,853 318,438 — — 375,291 78,498 1986-1990 2012 (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 188,572 87,852 282,267 — — 370,119 183,291 1986 1997 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 7,907 72,545 227,673 — — 300,218 46,777 2014 2012 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 113,627 109,038 188,130 — — 297,168 59,190 2011 2008 (1) 145 Broadway Office Cambridge, MA — 121 273,013 23,246 23,367 273,013 — — 296,380 1,511 2019 1997 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 26,415 13,687 263,810 — — 277,497 99,478 2008-2009 2003 (1) 601 Massachusetts Avenue Office Washington, DC — 95,310 165,173 3,945 95,322 169,106 — — 264,428 24,502 2016 2008 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 80,077 18,789 228,528 — — 247,317 79,824 1985-1989 2011 (1) Gateway Center Office San Francisco, CA — 28,255 139,245 61,791 30,627 198,664 — — 229,291 106,680 1984/1986/2002 1999 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 3,276 40,933 151,654 — — 192,587 26,293 2015 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 53,718 20,108 156,339 — — 176,447 70,870 1955/1987/2017 1997/1998 (1) Mountain View Research Park Office Mountain View, CA — 95,066 68,373 12,704 95,066 81,077 — — 176,143 19,807 1977-1981/2007-2013 2013 (1) 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 36,847 27,135 118,005 — — 145,140 32,775 1984/2018 2004 (1) Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 3,376 18,062 112,373 — — 130,435 44,294 2003-2006 2007 (1) One Freedom Square Office Reston, VA — 9,929 84,504 34,372 11,293 117,512 — — 128,805 59,006 2000 2003 (1) Capital Gallery Office Washington, DC — 4,725 29,565 88,704 8,662 114,332 — — 122,994 71,631 1981/2006 2007 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 (123 ) 25,854 92,088 — — 117,942 29,227 2010 2001 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 23,209 15,420 99,458 — — 114,878 50,668 2001 2003 (1) One and Two Reston Overlook Office Reston, VA — 16,456 66,192 24,181 16,179 90,650 — — 106,829 51,503 1999 2000 (1) Discovery Square Office Reston, VA — 11,198 71,782 20,905 12,533 91,352 — — 103,885 43,619 2001 2003 (1) 140 Kendrick Street Office Needham, MA — 18,095 66,905 17,574 19,092 83,482 — — 102,574 35,721 2000 2004 (1) 355 Main Street Office Cambridge, MA — 18,863 53,346 27,582 21,173 78,618 — — 99,791 26,439 1981/1996/2013 2006 (1) 880 & 890 Winter Street Office Waltham, MA — 29,510 65,812 — 29,510 65,812 — — 95,322 1,458 1998-1999 2019 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 4,697 2,290 90,112 — — 92,402 10,928 2016 1997 (1) 90 Broadway Office Cambridge, MA — 19,104 52,078 19,857 20,785 70,254 — — 91,039 23,621 1983/1998/2013 2006 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 22,057 13,807 71,262 — — 85,069 29,255 1992 2005 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 10,556 14,023 70,763 — — 84,786 27,172 2008 2001 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 13,165 11,097 73,147 — — 84,244 35,567 2003 1999 (1) 3625-3635 Peterson Way Office Santa Clara, CA — 63,206 14,879 752 63,206 14,879 752 — 78,837 11,172 1979 2016 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 5,454 16,741 56,739 — — 73,480 13,090 1987/2003 2011 (1) 191 Spring Street Office Lexington, MA — 2,850 59,751 7,695 3,151 67,145 — — 70,296 21,917 1971/1995/2018 1997 (1) 300 Binney Street Office Cambridge, MA — 18,080 51,262 140 18,080 51,402 — — 69,482 11,146 2013 2009 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 14,924 — 68,273 — — 68,273 25,934 2009 2004 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 6,236 10,148 56,080 — — 66,228 29,860 1984 1998 (1) New Dominion Technology Park, Bldg. Two Office Herndon, VA — 5,584 51,868 4,157 6,510 55,099 — — 61,609 26,894 2004 1998 (1) 255 Main Street Office Cambridge, MA — 134 25,110 34,124 548 58,820 — — 59,368 33,543 1987 1997 (1) University Place Office Cambridge, MA 3,602 — 37,091 16,001 7,418 45,674 — — 53,092 29,423 1985 1998 (1) New Dominion Technology Park, Bldg. One Office Herndon, VA — 3,880 43,227 3,927 4,583 46,451 — — 51,034 29,141 2001 1998 (1) Sumner Square Office Washington, DC — 624 28,745 21,344 3,535 47,178 — — 50,713 27,093 1985 1999 (1) 200 West Street Office Waltham, MA — 16,148 24,983 8,211 16,813 30,425 — 2,104 49,342 17,001 1999 1997 (1) North First Business Park Office San Jose, CA — 23,398 13,069 4,571 23,377 17,661 — — 41,038 16,411 1981 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 8,540 1,323 33,109 — — 34,432 19,875 1999 1997 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 11,406 2,395 23,253 — — 25,648 11,870 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 18,547 1,264 19,707 — — 20,971 14,312 1982 1997 (1) 201 Spring Street Office Lexington, MA — 2,849 15,303 1,172 3,124 16,200 — — 19,324 8,587 1997 1997 (1) The Point Office Waltham, MA — 6,395 10,040 421 6,492 10,364 — — 16,856 1,349 2015 2007 (1) 33 Hayden Avenue Office Lexington, MA — 266 3,234 12,898 425 15,973 — — 16,398 5,678 1979 1997 (1) 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,157 3,219 12,195 — — 15,414 2,284 2015 2012 (1) Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 92-100 Hayden Avenue Office Lexington, MA — 594 6,748 7,529 802 14,069 — — 14,871 12,041 1985 1997 (1) 181 Spring Street Office Lexington, MA — 1,066 9,520 2,177 1,160 11,603 — — 12,763 5,597 1999 1997 (1) 195 West Street Office Waltham, MA — 1,611 6,652 4,218 1,858 10,623 — — 12,481 8,352 1990 1997 (1) 7501 Boston Boulevard, Building Seven Office Springfield, VA — 665 9,273 816 791 9,963 — — 10,754 5,393 1997 1997 (1) 7435 Boston Boulevard, Building One Office Springfield, VA — 392 3,822 4,983 659 8,538 — — 9,197 6,344 1982 1997 (1) 7450 Boston Boulevard, Building Three Office Springfield, VA — 1,165 4,681 2,591 1,430 7,007 — — 8,437 3,575 1987 1998 (1) 32 Hartwell Avenue Office Lexington, MA — 168 1,943 6,115 314 7,912 — — 8,226 1,975 1968/1979/1987 1997 (1) 250 Binney Street Office Cambridge, MA — 110 4,483 3,593 273 7,913 — — 8,186 5,829 1983 1997 (1) 8000 Grainger Court, Building Five Office Springfield, VA — 366 4,282 3,198 601 7,245 — — 7,846 5,752 1984 1997 (1) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 676 5,477 1,766 — — 7,243 690 1977 2012 (1) 7300 Boston Boulevard, Building Thirteen Office Springfield, VA — 608 4,773 1,007 661 5,727 — — 6,388 1,984 2002 1997 (1) 17 Hartwell Avenue Office Lexington, MA — 26 150 6,064 65 6,175 — — 6,240 1,966 1968 1997 (1) 7601 Boston Boulevard, Building Eight Office Springfield, VA — 200 878 5,060 551 5,587 — — 6,138 4,689 1986 1997 (1) 7500 Boston Boulevard, Building Six Office Springfield, VA — 138 3,749 1,640 367 5,160 — — 5,527 4,237 1985 1997 (1) 8000 Corporate Court, Building Eleven Office Springfield, VA — 136 3,071 1,596 774 4,029 — — 4,803 3,191 1989 1997 (1) 7375 Boston Boulevard, Building Ten Office Springfield, VA — 23 2,685 1,032 93 3,647 — — 3,740 2,606 1988 1997 (1) 7374 Boston Boulevard, Building Four Office Springfield, VA — 241 1,605 1,828 398 3,276 — — 3,674 2,779 1984 1997 (1) 7451 Boston Boulevard, Building Two Office Springfield, VA — 249 1,542 1,667 613 2,845 — — 3,458 2,610 1982 1997 (1) Signature at Reston Residential Reston, VA — 27,076 190,580 393 27,076 190,973 — — 218,049 8,773 2018 2013 (1) Proto Kendall Square Residential Cambridge, MA — 9,243 127,248 2,939 9,245 130,185 — — 139,430 4,566 2018 2015 (1) The Avant at Reston Town Center Residential Reston, VA — 20,350 91,995 830 20,350 92,825 — — 113,175 14,728 2014 2010 (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 1,897 3,529 56,788 — — 60,317 12,639 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 35,813 1,201 73,008 — — 74,209 46,605 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — — 35,035 7,329 103 42,261 — — 42,364 13,512 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 1,552 1,434 17,071 — — 18,505 6,031 2006 2004 (1) Kendall Center Blue Garage Garage Cambridge, MA — 1,163 11,633 2,151 1,579 13,368 — — 14,947 9,728 1990 1997 (1) The Skylyne (MacArthur Station Residences) Development Oakland, CA — — — 226,526 29,807 — — 196,719 226,526 — N/A N/A N/A 2100 Pennsylvania Avenue Development Washington, DC — — — 224,380 185,129 — — 39,251 224,380 1,024 N/A N/A N/A Reston Gateway Development Reston, VA — — — 150,632 — — — 150,632 150,632 — N/A 1998 N/A 17Fifty Presidents Street Development Reston, VA — — — 99,816 — — — 99,816 99,816 — N/A 2013 N/A Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 20 CityPoint Development Waltham, MA — 4,721 52,039 20,007 4,721 52,039 — 20,007 76,767 1,136 N/A 2007 N/A 325 Main Street Development Cambridge, MA — 174 — 68,903 965 — — 68,112 69,077 — N/A 1997 N/A North First Master Plan Land San Jose, CA — 35,004 — 3,932 — — 38,936 — 38,936 — N/A 2007 N/A Plaza at Almaden Land San Jose, CA — — — 34,889 — — 34,889 — 34,889 — N/A 2006 N/A 425 Fourth Street Land San Francisco, CA — — — 22,074 — — 22,074 — 22,074 — N/A N/A N/A Springfield Metro Center Land Springfield, VA — — — 19,844 — — 19,844 — 19,844 — N/A 2007 N/A Reston Gateway Master Plan Land Reston, VA — — — 18,292 — — 18,292 — 18,292 — N/A 1998 N/A 214 Third Avenue Land Waltham, MA — — — 17,692 — — 17,692 — 17,692 — N/A 2006 N/A 103 Fourth Avenue Land Waltham, MA — — — 12,826 — — 12,826 — 12,826 — N/A 2007 N/A Crane Meadow Land Marlborough, MA — — — 8,866 — — 8,866 — 8,866 — N/A 2000 N/A Broad Run Business Park Land Loudoun County, VA — — — 2,396 — — 2,396 — 2,396 — N/A 1998 N/A Kendall Center Master Plan Land Cambridge, MA — — — 1,693 — — 1,693 — 1,693 — N/A 1997 N/A Weston Quarry Land Weston, MA — — — 1,249 — — 1,249 — 1,249 — N/A 2001 N/A Reston Overlook Master Plan Land Reston, VA — — — 39 — — 39 — 39 — N/A 2000 N/A $ 2,922,408 (2 ) $ 5,024,060 $ 13,057,336 $ 4,763,301 $ 5,474,337 (3 ) $ 16,325,796 (4 ) $ 254,828 (5 ) $ 789,736 $ 22,844,697 $ 5,239,179 Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $44,313 . Accumulated Depreciation does not include approximately $27,619 of accumulated depreciation related to Furniture, Fixtures and Equipment. The aggregate cost and accumulated depreciation for tax purposes was approximately $18.6 billion and $4.0 billion , respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (2) Includes unamortized deferred financing costs totaling approximately $(26.7) million . (3) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $148,640 , respectively. (4) Includes Right of Use Assets - Finance Leases of approximately $23,303 . (5) Includes pre-development costs. Boston Properties, Inc. Real Estate and Accumulated Depreciation December 31, 2019 , 2018 and 2017 (dollars in thousands) A summary of activity for real estate and accumulated depreciation is as follows: 2019 2018 2017 Real Estate: Balance at the beginning of the year $ 21,605,545 $ 21,058,714 $ 20,114,576 Additions to/improvements of real estate 1,671,898 1,043,379 1,099,286 Assets sold/written-off (432,746 ) (496,548 ) (155,148 ) Balance at the end of the year $ 22,844,697 $ 21,605,545 $ 21,058,714 Accumulated Depreciation: Balance at the beginning of the year $ 4,871,102 $ 4,566,570 $ 4,201,891 Depreciation expense 564,938 533,342 497,059 Assets sold/written-off (196,861 ) (228,810 ) (132,380 ) Balance at the end of the year $ 5,239,179 $ 4,871,102 $ 4,566,570 Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment. |
Organization (Policies)
Organization (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are presented using the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Boston Properties, Inc. does not have any other significant assets, liabilities or operations, other than its investment in Boston Properties Limited Partnership, nor does it have employees of its own. Boston Properties Limited Partnership, not Boston Properties, Inc., generally executes all significant business relationships other than transactions involving securities of Boston Properties, Inc. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Real Estate | Real Estate Upon acquisitions of real estate, the Company assesses whether the transaction should be accounted for as an asset acquisition or as a business combination by applying a screen to determine whether the integrated set of assets and activities acquired meets the definition of a business. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. The Company’s acquisitions of real estate or in-substance real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. The Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-” and “below-market” leases, leasing and assumed financing origination costs, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities, including land and buildings as if vacant. The Company assesses fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has been immaterial. The Company records acquired “above-” and “below-market” leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Acquired “above-” and “below-market” lease values have been reflected within Prepaid Expenses and Other Assets and Other Liabilities, respectively, in the Company’s Consolidated Balance Sheets. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Management reviews its long-lived assets for impairment following the end of each quarter and when there is an event or change in circumstances that indicates carrying amounts may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is subjective and is based in part on assumptions regarding anticipated hold periods, future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates that could differ materially from actual results in future periods. Because cash flows on properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s established strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. Guidance in Accounting Standards Codification (“ASC”) 360 “Property Plant and Equipment” (“ASC 360”) requires that qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as “held for sale,” be presented as discontinued operations in all periods presented if the property operations are expected to be eliminated and the Company will not have significant continuing involvement following the sale. Discontinued operations presentation applies only to disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). The components of the property’s net income that are reflected as discontinued operations include the net gain (or loss) upon the disposition of the property held for sale, operating results, depreciation and interest expense (if the property is subject to a secured loan). The Company generally considers assets to be “held for sale” when the transaction has been approved by Boston Properties, Inc.’s Board of Directors, or a committee thereof, and there are no known significant contingencies relating to the sale, such that a sale of the property within one year is considered probable. Following the classification of a property as “held for sale,” no further depreciation is recorded on the assets, and the asset is written down to the lower of carrying value or fair market value, less cost to sell. Real estate is stated at depreciated cost. A variety of costs are incurred in the acquisition, development and leasing of properties. The cost of buildings and improvements includes the purchase price of property, legal fees and other acquisition costs. The Company capitalizes acquisition costs that it incurs to effect an asset acquisition and expenses acquisition costs that it incurs to effect a business combination, including legal, due diligence and other closing related costs. Costs directly related to the development of properties are capitalized. Capitalized development costs include interest, internal wages, property taxes, insurance, and other project costs incurred during the period of development. After the determination is made to capitalize a cost, it is allocated to the specific component of the project that benefited from the investment. Determination of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and capitalization must cease, involves a degree of judgment. The Company’s capitalization policy on development properties follows the guidance in ASC 835-20 “Capitalization of Interest” and ASC 970 “Real Estate-General.” The costs of land and buildings under development include specifically identifiable costs. Capitalized costs include pre-construction costs necessary to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. The Company begins the capitalization of costs during the pre-construction period, which it defines as activities that are necessary for the development of the property. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on the portion (1) substantially completed, (2) occupied or held available for occupancy, and capitalizes only those costs associated with the portion under construction or (3) if activities necessary for the development of the property have been suspended. Interest costs capitalized for the years ended December 31, 2019 , 2018 and 2017 were approximately $54.9 million , $65.8 million and $61.1 million , respectively. Salaries and related costs capitalized for the years ended December 31, 2019 , 2018 and 2017 were approximately $10.4 million , $12.5 million and $13.2 million , respectively. Expenditures for repairs and maintenance are charged to operations as incurred. Significant betterments are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company computes depreciation and amortization on properties using the straight-line method based on estimated useful asset lives. The Company allocates the acquisition cost of real estate to its components and depreciates or amortizes these assets (or liabilities) over their useful lives. The amortization of acquired “above-” and “below-market” leases and acquired in-place leases is recorded as an adjustment to revenue and depreciation and amortization, respectively, in the Consolidated Statements of Operations. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures, and equipment 3 to 7 years |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and investments with maturities of three months or less from the date of purchase. The majority of the Company’s cash and cash equivalents are held at major commercial banks which may at times exceed the Federal Deposit Insurance Corporation limit of $250,000 . |
Cash Held in Escrows | Cash Held in Escrows Escrows include amounts established pursuant to various agreements for security deposits, property taxes, insurance and other costs. Escrows also include cash held by qualified intermediaries for possible investments in like-kind exchanges in accordance with Section 1031 of the Internal Revenue Code, as amended (the “Code”), in connection with sales of the Company’s properties. |
Investments in Securities | Investments in Securities The Company accounts for investments in equity securities at fair value, with gains or losses resulting from changes in fair value recognized currently in earnings. The Company maintains deferred compensation plans that are designed to allow officers and non-employee directors of Boston Properties, Inc. to defer a portion of the officer’s current income or the non-employee director’s current compensation on a pre-tax basis and receive a tax-deferred return on these deferrals based on the performance of specific investments selected by the officer or non-employee director. The Company’s obligation under the plans is that of an unsecured promise to pay the deferred compensation to the plan participants in the future. At December 31, 2019 and 2018 , the Company had maintained approximately $36.7 million and $28.2 million , respectively, in separate accounts, which are not restricted as to their use. The Company recognized gains (losses) of approximately $6.4 million , $(1.9) million and $3.7 million on its investments in the accounts associated with the Company’s deferred compensation plans during the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Tenant and Other Receivables and Notes Receivables | Tenant and Other Receivables Tenant and other accounts receivable, other than accrued rents receivable, are expected to be collected within one year. Notes Receivable The Company accounts for notes receivable at their unamortized cost, net of any unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses (see “ New Accounting Pronouncements Issued but not yet Adopted—Financial Instruments - Credit Losses” ). Loan fees and direct costs associated with loans originated by the Company are deferred and amortized over the term of the note as interest income. |
Deferred Charges | Deferred Charges Deferred charges include leasing costs and certain financing fees. Leasing costs include acquired intangible in-place lease values and direct and incremental fees and costs incurred in the successful negotiation of leases, including brokerage and other costs which have been deferred and are being amortized on a straight-line basis over the terms of the respective leases. Unamortized leasing costs are charged to expense upon the early termination of the lease. Fully amortized deferred leasing costs are removed from the books upon the expiration of the lease. The Company did not capitalize any external legal costs and internal leasing salaries and related costs for the year ended December 31, 2019 (see “ New Accounting Pronouncements Adopted—Leases ”). Internal leasing salaries and related costs capitalized for the years ended December 31, 2018 and 2017 were approximately $5.4 million and $5.0 million , respectively. Financing fees included in deferred charges consist of external fees and costs incurred to obtain the Company’s revolving facility and if applicable, the delayed draw facility and construction financing arrangements where there are not sufficient amounts outstanding. Such financing costs have been deferred and are being amortized over the terms of the respective financing and included within interest expense. Unamortized financing costs are charged to expense upon the early repayment or significant modification of the financing. Fully amortized deferred financing costs are removed from the books upon the maturity of the debt. External fees and costs incurred to obtain mortgage financings and unsecured senior notes have been deferred and are presented as direct deductions from the carrying amounts of the corresponding debt liability. Such financing costs are being amortized over the terms of the respective financing and included within interest expense. Unamortized financing costs are charged to expense upon the early repayment or significant modification of the financing. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures The Company consolidates VIEs in which it is considered to be the primary beneficiary. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or that the holders of the equity investment at risk do not have substantive participating rights. The primary beneficiary 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 variable interest entity’s performance, and (2) the obligation to absorb losses and the right to receive the returns from the variable interest entity that could potentially be significant to the VIE. For ventures that are not VIEs, the Company consolidates entities for which it has significant decision making control over the ventures’ operations. The Company’s judgment with respect to its level of influence or control of an entity involves the consideration of various factors including the form of the Company’s ownership interest, its representation in the entity’s governance, the size of its investment (including loans), estimates of future cash flows, its ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace the Company as manager and/or liquidate the venture, if applicable. The Company’s assessment of its influence or control over an entity affects the presentation of these investments in the Company’s consolidated financial statements. In addition to evaluating control rights, the Company consolidates entities in which the outside partner has no substantive kick-out rights to remove the Company as the managing member. Accounts of the consolidated entity are included in the accounts of the Company and the noncontrolling interest is reflected on the Consolidated Balance Sheets as a component of equity or in temporary equity between liabilities and equity. Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in earnings of unconsolidated joint ventures over the life of the related asset. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Consolidated Statements of Operations. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company may account for cash distributions in excess of its investment in an unconsolidated joint venture as income when the Company is not the general partner in a limited partnership and when the Company has neither the requirement nor the intent to provide financial support to the joint venture. The Company classifies distributions received from equity method investees within its Consolidated Statements of Cash Flows using the nature of the distribution approach, which classifies the distributions received on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities). The Company’s investments in unconsolidated joint ventures are reviewed for impairment periodically and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying amounts has occurred and such decline is other-than-temporary. The evaluation of fair value is subjective and is based in part on assumptions regarding future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates that could differ materially from actual results in future periods . The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. The Company will record an impairment charge if it determines that a decline in the fair value below the carrying amount of an investment in an unconsolidated joint venture is other-than-temporary. To the extent that the Company contributed assets to a joint venture, the Company’s investment in the joint venture was recorded at the Company’s cost basis in the assets that were contributed to the joint venture. To the extent that the Company’s cost basis is different than the basis reflected at the joint venture level, the basis difference is amortized over the life of the related asset and included in the Company’s share of equity in net income of the joint venture. In accordance with the provisions of ASC 610-20 “Gains and Losses from the Derecognition of Nonfinancial Assets” (“ASC 610-20”), the Company will recognize a full gain on both the retained and sold portions of real estate contributed or sold to a joint venture by recognizing its new equity method investment interest at fair value. |
Revenue Recognition | Revenue Recognition In general, the Company commences lease/rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. Contractual lease/rental revenue is reported on a straight-line basis over the terms of the respective leases. The impact of the straight-line rent adjustment increased revenue by approximately $58.4 million , $51.9 million and $54.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, as the revenue recorded exceeded amounts billed. Accrued rental income, as reported on the Consolidated Balance Sheets, represents cumulative lease/rental income earned in excess of rent payments received pursuant to the terms of the individual lease agreements. The Company maintains an allowance against accrued rental income for future potential tenant credit losses. The credit assessment is based on the estimated accrued rental income that is recoverable over the term of the lease. The Company also maintains an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required rent payments. The computation of this allowance is based on the tenants’ payment history and current credit status, as well as certain industry or geographic specific credit considerations. If the Company’s estimates of collectability differ from the cash received, then the timing and amount of the Company’s reported revenue could be impacted. The credit risk is mitigated by the high quality of the Company’s existing tenant base, reviews of prospective tenants’ risk profiles prior to lease execution and consistent monitoring of the Company’s portfolio to identify potential problem tenants. In accordance with ASC 805, the Company recognizes acquired in-place “above-” and “below-market” leases at their fair values as rental revenue over the original term of the respective leases. The impact of the acquired in-place “above-” and “below-market” leases increased revenue by approximately $20.9 million , $23.8 million and $23.5 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands). Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangibles 2020 $ 5,440 $ 10,673 2021 3,054 6,455 2022 357 5,699 2023 183 5,558 2024 135 4,043 Recoveries from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, are recognized as revenue in the period during which the expenses are incurred (see “ New Accounting Pronouncements Adopted—Leases” ). The Company recognizes these reimbursements on a gross basis, as the Company obtains control of the goods and services before they are transferred to the tenant. The Company also receives reimbursements of payroll and payroll related costs from unconsolidated joint venture entities and third party property owners in connection with management services contracts which the Company reflects on a gross basis instead of on a net basis as the Company has determined that it is the principal and not the agent under these arrangements in accordance with the guidance in ASC 606 “Revenue from Contracts with Customers” (“ASC 606”). The Company’s parking revenue is derived primarily from monthly and transient daily parking. In addition, the Company has certain lease arrangements for parking accounted for under the guidance in ASC 842 “Leases” (“ASC 842”). The monthly and transient daily parking revenue falls within the scope of ASC 606 and is accounted for at the point in time when control of the goods or services transfers to the customer and the Company’s performance obligation is satisfied. The Company’s hotel revenue is derived from room rentals and other sources such as charges to guests for telephone service, movie and vending commissions, meeting and banquet room revenue and laundry services. Hotel revenue is recognized as the hotel rooms are occupied and the services are rendered to the hotel customers. The Company earns management and development fees. Development and management services revenue is earned from unconsolidated joint venture entities and third-party property owners. The Company determined that the performance obligations associated with its development services contracts are satisfied over time and that the Company would recognize its development services revenue under the output method evenly over time from the development commencement date through the substantial completion date of the development management services project due to the stand-ready nature of the contracts. Significant judgments impacting the amount and timing of revenue recognized from the Company’s development services contracts include estimates of total development project costs from which the fees are typically derived and estimates of the period of time until substantial completion of the development project, the period of time over which the development services are required to be performed. The Company recognizes development fees earned from unconsolidated joint venture projects equal to its cost plus profit to the extent of the third party partners’ ownership interest. Property management fees are recorded and earned based on a percentage of collected rents at the properties under management, and not on a straight-line basis, because such fees are contingent upon the collection of rents. Gains on sales of real estate are recognized pursuant to the provisions included in ASC 610-20. Under ASC 610-20, the Company must first determine whether the transaction is a sale to a customer or non-customer. The Company typically sells real estate on a selective basis and not within the ordinary course of its business and therefore expects that its sale transactions will not be contracts with customers. The Company next determines whether it has a controlling financial interest in the property after the sale, consistent with the consolidation model in ASC 810 “Consolidation” (“ASC 810”). If the Company determines that it does not have a controlling financial interest in the real estate, it evaluates whether a contract exists under ASC 606 and whether the buyer has obtained control of the asset that was sold. The Company recognizes a full gain on sale of real estate when the derecognition criteria under ASC 610-20 have been met. |
Earnings Per Share and Earnings Per Common Unit | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders, as adjusted for undistributed earnings (if any) of certain securities issued by Boston Properties Limited Partnership, by the weighted average number of shares of Common Stock outstanding during the year. Diluted EPS reflects the potential dilution that could occur from shares issuable in connection with awards under stock-based compensation plans, including upon the exercise of stock options, and securities of Boston Properties Limited Partnership that are exchangeable for Common Stock. Earnings Per Common Unit Basic earnings per common unit is computed by dividing net income available to common unitholders, as adjusted for undistributed earnings (if any) of certain securities issued by Boston Properties Limited Partnership, by the weighted average number of common units outstanding during the year. Diluted earnings per common unit reflects the potential dilution that could occur from units issuable in connection with awards under Boston Properties, Inc.’s stock-based compensation plans, including upon the exercise of stock options, and conversion of preferred units of Boston Properties Limited Partnership. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, marketable securities, escrows, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments. The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. Boston Properties Limited Partnership determines the fair value of its unsecured senior notes using market prices. The inputs used in determining the fair value of Boston Properties Limited Partnership’s unsecured senior notes is categorized at a Level 1 basis (as defined in ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”)) due to the fact that it uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized at a Level 2 basis (as defined in ASC 820) if trading volumes are low. The Company determines the fair value of its related party note receivable, note receivable and mortgage notes payable using discounted cash flow analysis by discounting the spread between the future contractual interest payments and hypothetical future interest payments on note receivables / mortgage debt based on current market rates for similar securities. In determining the current market rates, the Company adds its estimates of market spreads to the quoted yields on federal government treasury securities with similar maturity dates to its debt. The inputs used in determining the fair value of the Company’s related party note receivable, note receivable, and mortgage notes payable are categorized at a Level 3 basis (as defined in ASC 820) due to the fact that the Company considers the rates used in the valuation techniques to be unobservable inputs. To the extent that there are outstanding borrowings under the unsecured line of credit or unsecured term loan, the Company utilizes a discounted cash flow methodology in order to estimate the fair value. To the extent that credit spreads have changed since the origination, the net present value of the difference between future contractual interest payments and future interest payments based on the Company’s estimate of a current market rate would represent the difference between the book value and the fair value. The Company’s estimate of a current market rate is based upon the rate, considering current market conditions and Boston Properties Limited Partnership’s specific credit profile, at which it estimates it could obtain similar borrowings. To the extent there are outstanding borrowings, this current market rate is estimated and therefore would be primarily based upon a Level 3 input (see “ New Accounting Pronouncements Issued but not yet Adopted—Fair Value Measurement” ). Because the Company’s valuations of its financial instruments are based on these types of estimates, the actual fair values of its financial instruments may differ materially if the Company’s estimates do not prove to be accurate, and the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not 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, note receivable, 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 December 31, 2019 and December 31, 2018 (in thousands): December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Related party note receivable $ 80,000 $ 81,931 $ 80,000 $ 80,000 Note receivable 15,920 14,978 19,468 19,468 Total $ 95,920 $ 96,909 $ 99,468 $ 99,468 Mortgage notes payable, net $ 2,922,408 $ 2,984,956 $ 2,964,572 $ 2,903,925 Unsecured senior notes, net 8,390,459 8,826,375 7,544,697 7,469,338 Unsecured line of credit — — — — Unsecured term loan, net 498,939 500,561 498,488 500,783 Total $ 11,811,806 $ 12,311,892 $ 11,007,757 $ 10,874,046 The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the Consolidated Statements of Operations as a component of net income or as a component of comprehensive income and as a component of equity on the Consolidated Balance Sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. The Company accounts for both the effective and ineffective portions of changes in the fair value of a derivative in other comprehensive income (loss) and subsequently reclassifies the fair value of the derivative to earnings over the term that the hedged transaction affects earnings and in the same line item as the hedged transaction within the statements of operations. |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans At December 31, 2019 |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates include such items as depreciation and allowances for doubtful accounts. Actual results could differ from those estimates. |
Lessee, Leases | For leases in which the Company is the lessee (generally ground leases), on January 1, 2019, the Company recognized a right-of-use asset and a lease liability of approximately $151.8 million and $199.3 million , respectively. The lease liability was equal to the present value of the minimum lease payments in accordance with Topic ASC 840. In addition, the Company did not know the rate implicit in any of its ground leases that were classified as operating leases, and accordingly used the Company’s incremental borrowing rate (“IBR”) to determine the net present value of the minimum lease payments. In order to determine the IBR, the Company utilized a market-based approach to estimate the incremental borrowing rate for each individual lease. The approach required significant judgment. Therefore, the Company utilized different data sets to estimate base IBRs via an analysis of the following weighted-components: • the interpolated rates from yields on outstanding U.S. Treasury issuances for up to 30 years and for years 31 and beyond, longer-term publicly traded educational institution debt issued by high credit quality educational institutions with maturity dates up to 2116, • observable mortgage rates spread over U.S. Treasury issuances, and • unlevered property yields and discount rates. The Company then applied adjustments to account for considerations related to term and interpolated the IBR. The Company has four non-cancelable ground lease obligations, which were classified as operating leases, with various initial term expiration dates through 2114. The Company recognizes ground rent expense on a straight-line basis over the term of the respective ground lease agreements. None of the amounts disclosed below for these ground leases contain variable payments, extension options or residual value guarantees. One of the ground leases does have an extension option. However, lease payments for this ground lease are based on fair market value and as such have not been included in the analysis below. |
Lessor, Leases | ASU 2018-11 provides lessors a practical expedient to not separate nonlease components from the associated lease component if certain criteria stated above are met for each class of underlying assets. The guidance in Topic 842 defines “underlying asset” as “an asset that is the subject of a lease for which a right to use that asset has been conveyed to a lessee. The underlying asset could be a physically distinct portion of a single asset.” Based on the above guidance, t he Company considers real estate assets as a class of underlying assets and will not be further delineating it into specific uses of the real estate asset as the risk profiles are similar in nature. Lease components are elements of an arrangement that provide the customer with the right to use an identified asset. Nonlease components are distinct elements of a contract that are not related to securing the use of the leased asset and revenue is recognized in accordance with ASC 606. The Company considers common area maintenance (CAM) and service income associated with tenant work orders to be nonlease components because they represent delivery of a separate service but are not considered a cost of securing the identified asset. In the case of the Company’s business, the identified asset would be the leased real estate (office, retail or residential). The Company assessed and concluded that the timing and pattern of transfer for nonlease components and the associated lease component are the same. The Company determined that the predominant component was the lease component and as such its leases will continue to qualify as operating leases and the Company has made a policy election to account for and present the lease component and the nonlease component as a single component in the revenue section of the Consolidated Statements of Operations labeled Lease. Prior to the adoption of Topic 842, nonlease components had been included within Recoveries from Tenants Revenue, Parking and Other Revenue and Development and Management Services Revenue on the Company’s Consolidated Statements of Operations. In addition, under ASU 2016-02, lessors will only capitalize incremental direct leasing costs. As a result, starting January 1, 2019, the Company no longer capitalizes non-incremental legal costs and internal leasing wages. These costs are expensed as incurred. The expensing of these items is included within General and Administrative Expense on the Consolidated Statements of Operations. |
New Accounting Pronouncements | New Accounting Pronouncements Adopted Leases General Adoption In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease for accounting purposes is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to the prior guidance in ASC 840 -“Leases” (“Topic 840”). ASU 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to Topic 840 for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes previous leasing standards. On July 30, 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”), that (1) simplifies transition requirements for both lessees and lessors by adding an option that permits an organization to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in its financial statements and (2) allows lessors to elect, as a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the revenue guidance in ASC 606 that was adopted on January 1, 2018, and both of the following are met: (1) the timing and pattern of transfer of the nonlease component(s) and associated lease components are the same; and (2) the lease component, if accounted for separately, would be classified as an operating lease. If the nonlease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606. The Company adopted ASU 2016-02 and ASU 2018-11 effective January 1, 2019. For purposes of transition, the Company elected the practical expedient package, which has been applied consistently to all of its leases, but did not elect the hindsight practical expedient. The practical expedient package did not require the Company to reassess the following: (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. This allows the Company to continue to account for its ground leases as operating leases. However, as of January 1, 2019, any new or modified ground leases may be classified as financing leases unless they meet certain conditions. The Company also elected to apply the transition provisions as of the adoption date, January 1, 2019, and not change its comparative statements. The Company recorded an adjustment to the opening balance of retained earnings related to initial direct costs that, as of January 1, 2019, had not started to amortize and are no longer allowed to be capitalized in accordance with ASU 2016-02, totaling approximately $3.9 million to Dividends in Excess of Earnings of Boston Properties, Inc. and Partners’ Capital of Boston Properties Limited Partnership, approximately $0.4 million to Noncontrolling interests - Common Units of Boston Properties, Inc. and Noncontrolling Interest - Redeemable Partnership Units of Boston Properties Limited Partnership and $70,000 to Noncontrolling Interests - Property Partnerships of Boston Properties, Inc. and Noncontrolling Interests in Property Partnerships of Boston Properties Limited Partnership on the corresponding Consolidated Balance Sheets. The Company made the policy election, when it is the lessee, to not apply the revenue recognition requirements of Topic 842 to short-term leases. This policy election is made by class of underlying assets and as described below, the Company considers real estate to be a class of underlying assets, and will not be further delineating it into specific uses of the real estate asset as the risk profiles are similar in nature. The Company will recognize the lease payments in net income on a straight-line basis over the lease term. Lease payments from operating leases are recognized on a straight-line basis over the term of the leases. The cumulative difference between lease revenue recognized under this method and the contractual lease payment terms is recorded as deferred rent receivable on the Company’s Consolidated Balance Sheets. The Company reviews its trade accounts receivable, including its straight-line rent receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee’s total accounts receivable balance on a lease-by-lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition claims. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to Lease revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all the remaining lessee’s lease payments under the lease term, the Company will then reinstate the straight-line balance, adjusting for the amount related to the period when the lease payments were considered not probable. The Company’s reported net earnings are directly affected by management’s estimate of the collectability of its trade accounts receivable. In January 2018, the FASB issued ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842” (“ASU 2018-01”), which provides an optional transition practical expedient to not evaluate, under Topic 842, existing or expired land easements that were not previously accounted for as leases under the leases guidance in Topic 840. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date that the entity adopts Topic 842. An entity that does not elect this practical expedient should evaluate all existing or expired land easements in connection with the adoption of the new lease requirements in Topic 842 to assess whether they meet the definition of a lease. The effective date and transition requirements for ASU 2018-01 are the same as the effective date and transition requirements in ASU 2016-02. The Company adopted ASU 2018-01 on January 1, 2019. Lessee For leases in which the Company is the lessee (generally ground leases), on January 1, 2019, the Company recognized a right-of-use asset and a lease liability of approximately $151.8 million and $199.3 million , respectively. The lease liability was equal to the present value of the minimum lease payments in accordance with Topic ASC 840. In addition, the Company did not know the rate implicit in any of its ground leases that were classified as operating leases, and accordingly used the Company’s incremental borrowing rate (“IBR”) to determine the net present value of the minimum lease payments. In order to determine the IBR, the Company utilized a market-based approach to estimate the incremental borrowing rate for each individual lease. The approach required significant judgment. Therefore, the Company utilized different data sets to estimate base IBRs via an analysis of the following weighted-components: • the interpolated rates from yields on outstanding U.S. Treasury issuances for up to 30 years and for years 31 and beyond, longer-term publicly traded educational institution debt issued by high credit quality educational institutions with maturity dates up to 2116, • observable mortgage rates spread over U.S. Treasury issuances, and • unlevered property yields and discount rates. The Company then applied adjustments to account for considerations related to term and interpolated the IBR. The Company has four non-cancelable ground lease obligations, which were classified as operating leases, with various initial term expiration dates through 2114. The Company recognizes ground rent expense on a straight-line basis over the term of the respective ground lease agreements. None of the amounts disclosed below for these ground leases contain variable payments, extension options or residual value guarantees. One of the ground leases does have an extension option. However, lease payments for this ground lease are based on fair market value and as such have not been included in the analysis below. The Company has four finance lease obligations with various initial term expiration dates through 2094, see Note 3 . The following table provides lease cost information for the Company’s operating and finance leases for the year ended December 31, 2019 (in thousands): Lease costs Operating lease costs $ 14,573 Finance lease costs Amortization of right of use asset (1) $ 29 Interest on lease liabilities (2) $ 47 _______________ (1) The finance leases relate to either land, buildings or assets that remain in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy. (2) Three of the finance leases relate to assets under development and as such, the entire interest amount was capitalized. The following table provides other quantitative information for the Company’s operating and finance leases as of December 31, 2019 : December 31, 2019 Other information Weighted-average remaining lease term (in years) Operating leases 51 Finance leases 71 Weighted-average discount rate Operating leases 5.7 % Finance leases 6.2 % The following table provides a maturity analysis for the Company’s future contractual minimum lease payments to be made by the Company as of December 31, 2018, under non-cancelable ground leases which expire on various dates through 2114: Years Ending December 31, (in thousands) 2019 $ 11,425 2020 18,425 2021 25,310 2022 8,894 2023 9,084 Thereafter 567,232 The following table provides a maturity analysis for the Company’s future minimum lease payments, as of December 31, 2018, related to the four capital leases, through 2036: Years Ending December 31, (in thousands) 2019 $ 1,441 2020 12,682 2021 2,123 2022 1,253 2023 944 Thereafter 73,241 Total expected minimum lease payments 91,684 Interest portion (27,497 ) Present value of expected net minimum lease payments $ 64,187 The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2019 (in thousands): Operating Finance 2020 $ 10,050 $ 834 2021 24,973 5,960 2022 18,041 10,208 2023 10,322 9,708 2024 (1) 9,277 48,518 Thereafter 557,954 1,383,242 Total lease payments 630,617 1,458,470 Less: interest portion (430,437 ) (1,234,428 ) Present value of lease payments $ 200,180 $ 224,042 _______________ (1) Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise. Lessor The Company leases primarily Class A office, retail and residential space to tenants. These leases may contain extension and termination options that are predominately at the sole discretion of the tenant, provided certain conditions are satisfied. In a few instances, the leases also contain purchase options, which would be exercisable at fair market value. Also, certain of the Company’s leases include rental payments that are based on a percentage of the tenant sales in excess of contractual amounts. ASU 2018-11 provides lessors a practical expedient to not separate nonlease components from the associated lease component if certain criteria stated above are met for each class of underlying assets. The guidance in Topic 842 defines “underlying asset” as “an asset that is the subject of a lease for which a right to use that asset has been conveyed to a lessee. The underlying asset could be a physically distinct portion of a single asset.” Based on the above guidance, t he Company considers real estate assets as a class of underlying assets and will not be further delineating it into specific uses of the real estate asset as the risk profiles are similar in nature. Lease components are elements of an arrangement that provide the customer with the right to use an identified asset. Nonlease components are distinct elements of a contract that are not related to securing the use of the leased asset and revenue is recognized in accordance with ASC 606. The Company considers common area maintenance (CAM) and service income associated with tenant work orders to be nonlease components because they represent delivery of a separate service but are not considered a cost of securing the identified asset. In the case of the Company’s business, the identified asset would be the leased real estate (office, retail or residential). The Company assessed and concluded that the timing and pattern of transfer for nonlease components and the associated lease component are the same. The Company determined that the predominant component was the lease component and as such its leases will continue to qualify as operating leases and the Company has made a policy election to account for and present the lease component and the nonlease component as a single component in the revenue section of the Consolidated Statements of Operations labeled Lease. Prior to the adoption of Topic 842, nonlease components had been included within Recoveries from Tenants Revenue, Parking and Other Revenue and Development and Management Services Revenue on the Company’s Consolidated Statements of Operations. In addition, under ASU 2016-02, lessors will only capitalize incremental direct leasing costs. As a result, starting January 1, 2019, the Company no longer capitalizes non-incremental legal costs and internal leasing wages. These costs are expensed as incurred. The expensing of these items is included within General and Administrative Expense on the Consolidated Statements of Operations. The following table summarizes the components of lease revenue recognized during the year ended December 31, 2019 included within the Company’s Consolidated Statements of Operations (in thousands): Lease Revenue Fixed contractual payments $ 2,261,260 Variable lease payments 496,754 $ 2,758,014 The Company’s properties are leased to tenants under operating leases with initial term expiration dates ranging from 2020 to 2049. For the future contractual lease payments to be received by the Company, refer to Note 12 . New Accounting Pronouncements Issued but not yet Adopted Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses” (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of ASC 326-20, “Financial Instruments - Credit Losses - Measured at Amortized Cost,” which addresses financial assets measured at amortized cost basis, including net investments in leases arising from sales-type and direct financing leases. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842. ASU 2016-13 and ASU 2018-19 are effective for the Company for reporting periods beginning after December 15, 2019, with early adoption permitted. ASU 2016-13 and ASU 2018-19 are applicable to the Company with respect to (1) certain of its accounts receivable, except for amounts arising from operating leases accounted for under ASC 842, (2) its related party note receivable, (3) its note receivable and (4) certain of its off-balance sheet credit exposures. The Company adopted ASU 2016-13 and ASU 2018-19 effective January 1, 2020 using the modified retrospective approach. The adoption of ASU 2016-13 and ASU 2018-19 did not have a material impact on the Company’s consolidated financial statements. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 is effective for the Company for reporting periods beginning after December 15, 2019, with early adoption permitted. The adoption of ASU 2018-13 will not have a material impact on the Company’s consolidated financial statements. Derivatives and Hedging In October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes” (“ASU 2018-16”). ASU 2018-16 permits the use of the overnight index swap rate based on the Secured Overnight Financing Rate (“SOFR”) to be used as a U.S. benchmark interest rate for purposes of applying hedge accounting under ASC 815. ASU 2018-16 is effective for the Company, which has already adopted ASU 2017-12, for reporting periods beginning after December 15, 2018 and is required to be adopted on a prospective basis for qualifying new or re-designated hedging relationships entered into on or after the date of adoption. The adoption of ASU 2018-16 will not have a material impact on the Company’s consolidated financial statements. Consolidation In October 2018, the FASB issued ASU 2018-17, “Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities” (“ASU 2018-17”). ASU 2018-17 is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. ASU 2018-17 is effective for the Company for reporting periods beginning after December 15, 2019, with early adoption permitted. The adoption of ASU 2018-17 will not have a material impact on the Company’s consolidated financial statements. |
Equity Offering Costs | Equity Offering Costs Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in capital. |
Treasury Stock | Treasury Stock Boston Properties, Inc.’s share repurchases are reflected as treasury stock utilizing the cost method of accounting and are presented as a reduction to consolidated stockholders’ equity. |
Dividends | Dividends Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains/losses on the sale of real property, revenue and expense recognition, compensation expense, and in the estimated useful lives and basis used to compute depreciation. |
Income Taxes | Income Taxes Boston Properties, Inc. has elected to be treated as a REIT under Sections 856 through 860 of the Code, commencing with its taxable year ended December 31, 1997. As a result, it generally will not be subject to federal corporate income tax on its taxable income that is distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual taxable income (with certain adjustments). Boston Properties, Inc.’s policy is to distribute at least 100% of its taxable income. Accordingly, the only provision for federal income taxes in the accompanying consolidated financial statements relates to Boston Properties, Inc.’s consolidated taxable REIT subsidiaries. Boston Properties, Inc.’s taxable REIT subsidiaries did not have significant tax provisions or deferred income tax items. Boston Properties, Inc. has no uncertain tax positions recognized as of December 31, 2019 and 2018 . The Company owns a hotel property that it leases to one of its taxable REIT subsidiaries and that is managed by Marriott International, Inc. The hotel taxable REIT subsidiary, a wholly owned subsidiary of Boston Properties Limited Partnership, is the lessee pursuant to the lease for the hotel property. As lessor, Boston Properties Limited Partnership is entitled to a percentage of gross receipts from the hotel property. Marriott International, Inc. continues to manage the hotel property under the Marriott name and under terms of a management agreement. The hotel taxable REIT subsidiary is subject to tax at the federal and state level and, accordingly, Boston Properties, Inc. has recorded a tax provision in its Consolidated Statements of Operations for the years ended December 31, 2019 , 2018 and 2017 . Certain entities included in Boston Properties, Inc.’s consolidated financial statements are subject to certain state and local taxes. These taxes are recorded as operating expenses in the accompanying consolidated financial statements. Boston Properties Limited Partnership Income Taxes The partners are required to report their respective share of Boston Properties Limited Partnership’s taxable income or loss on their respective tax returns and are liable for any related taxes thereon. Accordingly, the only provision for federal income taxes in the accompanying consolidated financial statements relates to Boston Properties Limited Partnership’s consolidated taxable REIT subsidiaries. Boston Properties Limited Partnership’s taxable REIT subsidiaries did not have significant tax provisions or deferred income tax items. Boston Properties Limited Partnership has no uncertain tax positions recognized as of December 31, 2019 and 2018 . The Company owns a hotel property which is managed through a taxable REIT subsidiary. The hotel taxable REIT subsidiary, a wholly owned subsidiary Boston Properties Limited Partnership, is the lessee pursuant to the lease for the hotel property. As lessor, Boston Properties Limited Partnership is entitled to a percentage of gross receipts from the hotel property. Marriott International, Inc. continues to manage the hotel property under the Marriott name and under terms of a management agreement. The hotel taxable REIT subsidiary is subject to tax at the federal and state level and, accordingly, Boston Properties Limited Partnership has recorded a tax provision in its Consolidated Statements of Operations for the years ended December 31, 2019 , 2018 and 2017 . Certain entities included in Boston Properties Limited Partnership’s consolidated financial statements are subject to certain state and local taxes. These taxes are recorded as operating expenses in the accompanying consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures, and equipment 3 to 7 years |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands). Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangibles 2020 $ 5,440 $ 10,673 2021 3,054 6,455 2022 357 5,699 2023 183 5,558 2024 135 4,043 The following table summarizes the scheduled amortization of the Company’s acquired in-place lease intangibles for each of the five succeeding years (in thousands). Acquired In-Place Lease Intangibles 2020 $ 17,536 2021 11,001 2022 5,918 2023 4,286 2024 2,510 |
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, note receivable, 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 December 31, 2019 and December 31, 2018 (in thousands): December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Related party note receivable $ 80,000 $ 81,931 $ 80,000 $ 80,000 Note receivable 15,920 14,978 19,468 19,468 Total $ 95,920 $ 96,909 $ 99,468 $ 99,468 Mortgage notes payable, net $ 2,922,408 $ 2,984,956 $ 2,964,572 $ 2,903,925 Unsecured senior notes, net 8,390,459 8,826,375 7,544,697 7,469,338 Unsecured line of credit — — — — Unsecured term loan, net 498,939 500,561 498,488 500,783 Total $ 11,811,806 $ 12,311,892 $ 11,007,757 $ 10,874,046 |
Lease, Cost [Table Text Block] | The following table provides lease cost information for the Company’s operating and finance leases for the year ended December 31, 2019 (in thousands): Lease costs Operating lease costs $ 14,573 Finance lease costs Amortization of right of use asset (1) $ 29 Interest on lease liabilities (2) $ 47 _______________ (1) The finance leases relate to either land, buildings or assets that remain in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy. (2) Three of the finance leases relate to assets under development and as such, the entire interest amount was capitalized. The following table provides other quantitative information for the Company’s operating and finance leases as of December 31, 2019 : December 31, 2019 Other information Weighted-average remaining lease term (in years) Operating leases 51 Finance leases 71 Weighted-average discount rate Operating leases 5.7 % Finance leases 6.2 % |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table provides a maturity analysis for the Company’s future contractual minimum lease payments to be made by the Company as of December 31, 2018, under non-cancelable ground leases which expire on various dates through 2114: Years Ending December 31, (in thousands) 2019 $ 11,425 2020 18,425 2021 25,310 2022 8,894 2023 9,084 Thereafter 567,232 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The following table provides a maturity analysis for the Company’s future minimum lease payments, as of December 31, 2018, related to the four capital leases, through 2036: Years Ending December 31, (in thousands) 2019 $ 1,441 2020 12,682 2021 2,123 2022 1,253 2023 944 Thereafter 73,241 Total expected minimum lease payments 91,684 Interest portion (27,497 ) Present value of expected net minimum lease payments $ 64,187 |
Lessee, Operating and Finance Lease Liability [Table Text Block] | The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2019 (in thousands): Operating Finance 2020 $ 10,050 $ 834 2021 24,973 5,960 2022 18,041 10,208 2023 10,322 9,708 2024 (1) 9,277 48,518 Thereafter 557,954 1,383,242 Total lease payments 630,617 1,458,470 Less: interest portion (430,437 ) (1,234,428 ) Present value of lease payments $ 200,180 $ 224,042 _______________ (1) Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise. |
Operating Lease, Lease Income [Table Text Block] | The following table summarizes the components of lease revenue recognized during the year ended December 31, 2019 included within the Company’s Consolidated Statements of Operations (in thousands): Lease Revenue Fixed contractual payments $ 2,261,260 Variable lease payments 496,754 $ 2,758,014 |
Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes, Table [Table Text Block] | The tax treatment of common dividends per share for federal income tax purposes is as follows: For the year ended December 31, 2019 2018 2017 Per Share % Per Share % Per Share % Ordinary income $ 2.99 94.84 % $ 2.79 78.17 % $ 2.86 98.29 % Capital gain income 0.16 5.16 % 0.78 21.83 % 0.05 1.71 % Total $ 3.15 (1) 100.00 % $ 3.57 (2) 100.00 % $ 2.91 (3) 100.00 % _____________ (1) The fourth quarter 2019 regular quarterly dividend was $0.98 per common share of which approximately $0.04 per common share was allocable to 2019 and approximately $0.94 per common share is allocable to 2020. (2) The fourth quarter 2018 regular quarterly dividend was $0.95 per common share of which approximately $0.69 per common share was allocable to 2018 and approximately $0.26 per common share is allocable to 2019. (3) The fourth quarter 2017 regular quarterly dividend was $0.80 per common share of which approximately $0.47 per common share was allocable to 2017 and approximately $0.33 per common share is allocable to 2018. The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or payable in 2019 and 2018 : Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 31, 2019 January 30, 2020 $0.98 $0.98 September 30, 2019 October 31, 2019 $0.95 $0.95 June 28, 2019 July 31, 2019 $0.95 $0.95 March 29, 2019 April 30, 2019 $0.95 $0.95 December 31, 2018 January 30, 2019 $0.95 $0.95 September 28, 2018 October 31, 2018 $0.95 $0.95 June 29, 2018 July 31, 2018 $0.80 $0.80 March 29, 2018 April 30, 2018 $0.80 $0.80 December 29, 2017 January 30, 2018 $0.80 $0.80 |
Finance Lease, Liability, Maturity [Table Text Block] | The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2019 (in thousands): Operating Finance 2020 $ 10,050 $ 834 2021 24,973 5,960 2022 18,041 10,208 2023 10,322 9,708 2024 (1) 9,277 48,518 Thereafter 557,954 1,383,242 Total lease payments 630,617 1,458,470 Less: interest portion (430,437 ) (1,234,428 ) Present value of lease payments $ 200,180 $ 224,042 _______________ (1) Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise. |
Real Estate (Tables)
Real Estate (Tables) | Aug. 27, 2019 | Jul. 16, 2019 | Jan. 24, 2019 | Dec. 31, 2019 |
Real Estate Properties [Line Items] | ||||
Schedule of Real Estate Properties | Boston Properties, Inc. Real estate consisted of the following at December 31, 2019 and December 31, 2018 (in thousands): 2019 2018 Land $ 5,111,606 $ 5,072,568 Right of use assets - finance leases 237,394 — Right of use assets - operating leases 148,640 — Land held for future development (1) 254,828 200,498 Buildings and improvements 13,646,054 13,356,751 Tenant improvements 2,656,439 2,396,932 Furniture, fixtures and equipment 44,313 44,351 Construction in progress 789,736 578,796 Total 22,889,010 21,649,896 Less: Accumulated depreciation (5,266,798 ) (4,897,777 ) $ 17,622,212 $ 16,752,119 _______________ (1) Includes pre-development costs. | |||
Finance Lease, Liability, Maturity [Table Text Block] | The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2019 (in thousands): Operating Finance 2020 $ 10,050 $ 834 2021 24,973 5,960 2022 18,041 10,208 2023 10,322 9,708 2024 (1) 9,277 48,518 Thereafter 557,954 1,383,242 Total lease payments 630,617 1,458,470 Less: interest portion (430,437 ) (1,234,428 ) Present value of lease payments $ 200,180 $ 224,042 _______________ (1) Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise. | |||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands). Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangibles 2020 $ 5,440 $ 10,673 2021 3,054 6,455 2022 357 5,699 2023 183 5,558 2024 135 4,043 The following table summarizes the scheduled amortization of the Company’s acquired in-place lease intangibles for each of the five succeeding years (in thousands). Acquired In-Place Lease Intangibles 2020 $ 17,536 2021 11,001 2022 5,918 2023 4,286 2024 2,510 | |||
880 & 890 Winter Street [Member] | ||||
Real Estate Properties [Line Items] | ||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the allocation of the purchase price, including transaction costs, of 880 and 890 Winter Street at the date of acquisition (in thousands): Land $ 29,510 Building and improvements 59,788 Tenant improvements 6,024 In-place lease intangibles 11,494 Above-market lease intangibles 246 Below-market lease intangibles (1,092 ) Net assets acquired $ 105,970 | |||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles, the acquired above-market lease intangibles and the acquired below-market lease intangibles for 880 and 890 Winter Street for the remainder of 2019 and each of the next five succeeding fiscal years (in thousands): Acquired In-Place Lease Intangibles Acquired Above-Market Lease Intangibles Acquired Below- Market Lease Intangibles Period from August 27, 2019 through December 31, 2019 $ 1,801 $ 28 $ (226 ) 2020 4,485 80 (599 ) 2021 2,391 80 (237 ) 2022 1,121 43 (30 ) 2023 179 15 — 2024 60 — — | |||
Platform 16 | ||||
Real Estate Properties [Line Items] | ||||
Finance Lease, Liability, Maturity [Table Text Block] | As of January 24, 2019, the lease payments from the finance lease related to the remaining parcels made available for lease to the Company were as follows (in thousands): Period from January 24, 2019 through December 31, 2019 $ 17,918 2020 109,460 Total expected minimum lease payments 127,378 Interest portion (4,815 ) Present value of expected net lease payments $ 122,563 | |||
2100 Pennsylvania Avenue | ||||
Real Estate Properties [Line Items] | ||||
Finance Lease, Liability, Maturity [Table Text Block] | As of July 16, 2019, the lease payments from the finance lease were as follows (in thousands): Period from July 16, 2019 through December 31, 2019 $ — 2020 — 2021 3,863 2022 8,576 2023 8,669 Thereafter 1,358,518 Total expected minimum lease payments 1,379,626 Interest portion (1,214,649 ) Present value of expected net lease payments $ 164,977 | |||
Boston Properties Limited Partnership | ||||
Real Estate Properties [Line Items] | ||||
Schedule of Real Estate Properties | Boston Properties Limited Partnership Real estate consisted of the following at December 31, 2019 and December 31, 2018 (in thousands): 2019 2018 Land $ 5,011,153 $ 4,971,475 Right of use assets - finance leases 237,394 — Right of use assets - operating leases 148,640 — Land held for future development (1) 254,828 200,498 Buildings and improvements 13,351,286 13,059,488 Tenant improvements 2,656,439 2,396,932 Furniture, fixtures and equipment 44,313 44,351 Construction in progress 789,736 578,796 Total 22,493,789 21,251,540 Less: Accumulated depreciation (5,162,908 ) (4,800,475 ) $ 17,330,881 $ 16,451,065 _______________ (1) Includes pre-development costs. |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Charges [Abstract] | |
Deferred Charges | Deferred charges consisted of the following at December 31, 2019 and December 31, 2018 (in thousands): 2019 2018 Leasing costs, including lease related intangibles $ 1,155,958 $ 1,191,297 Financing costs 12,728 12,796 1,168,686 1,204,093 Less: Accumulated amortization (479,473 ) (525,369 ) $ 689,213 $ 678,724 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands). Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangibles 2020 $ 5,440 $ 10,673 2021 3,054 6,455 2022 357 5,699 2023 183 5,558 2024 135 4,043 The following table summarizes the scheduled amortization of the Company’s acquired in-place lease intangibles for each of the five succeeding years (in thousands). Acquired In-Place Lease Intangibles 2020 $ 17,536 2021 11,001 2022 5,918 2023 4,286 2024 2,510 |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |
Investments In Unconsolidated Joint Ventures | The investments in unconsolidated joint ventures consist of the following at December 31, 2019 and 2018 : Carrying Value of Investment (1) Entity Properties Nominal % Ownership December 31, December 31, (in thousands) Square 407 Limited Partnership Market Square North 50.0 % $ (4,872 ) $ (6,424 ) BP/CRF Metropolitan Square, LLC Metropolitan Square 20.0 % 9,134 2,644 901 New York, LLC 901 New York Avenue 25.0 % (2) (12,113 ) (13,640 ) WP Project Developer LLC Wisconsin Place Land and Infrastructure 33.3 % (3) 36,789 38,214 Annapolis Junction NFM LLC Annapolis Junction 50.0 % (4) 25,391 25,268 540 Madison Venture LLC 540 Madison Avenue 60.0 % (5) 2,953 66,391 500 North Capitol Venture LLC 500 North Capitol Street, NW 30.0 % (5,439 ) (5,026 ) 501 K Street LLC 1001 6th Street 50.0 % (6) 42,496 42,557 Podium Developer LLC The Hub on Causeway - Podium 50.0 % 49,466 69,302 Residential Tower Developer LLC Hub50House 50.0 % 55,092 47,505 Hotel Tower Developer LLC The Hub on Causeway - Hotel Air Rights 50.0 % 9,883 3,022 Office Tower Developer LLC 100 Causeway Street 50.0 % 56,606 23,804 1265 Main Office JV LLC 1265 Main Street 50.0 % 3,780 3,918 BNY Tower Holdings LLC Dock 72 50.0 % 94,804 82,520 BNYTA Amenity Operator LLC Dock 72 50.0 % — N/A CA-Colorado Center Limited Partnership Colorado Center 50.0 % 252,069 253,495 7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.0 % 56,247 69,724 BP-M 3HB Venture LLC 3 Hudson Boulevard 25.0 % 67,499 46,993 SMBP Venture LP Santa Monica Business Park 55.0 % 163,937 180,952 Platform 16 Holdings LP Platform 16 55.0 % (7) 29,501 N/A $ 933,223 $ 931,219 _______________ (1) Investments with deficit balances aggregating approximately $22.4 million and $25.1 million at December 31, 2019 and 2018 , 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. (3) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4) The joint venture owns three in-service buildings and two undeveloped land parcels. (5) T he property was sold on June 27, 2019. As of December 31, 2019, the investment is comprised of undistributed cash. See note below for additional details. (6) Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. (7) This entity is a VIE (See Note 1 ). |
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: December 31, December 31, (in thousands) ASSETS Real estate and development in process, net (1) $ 3,904,400 $ 3,545,906 Other assets 502,706 543,512 Total assets $ 4,407,106 $ 4,089,418 LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY Mortgage and notes payable, net $ 2,218,853 $ 2,017,609 Other liabilities (2) 749,675 582,006 Members’/Partners’ equity 1,438,578 1,489,803 Total liabilities and members’/partners’ equity $ 4,407,106 $ 4,089,418 Company’s share of equity $ 591,905 $ 622,498 Basis differentials (3) 341,318 308,721 Carrying value of the Company’s investments in unconsolidated joint ventures (4) $ 933,223 $ 931,219 _______________ (1) At December 31, 2019, this amount includes right of use assets - finance leases and right of use assets - operating leases totaling approximately $383.9 million and $12.1 million , respectively. (2) At December 31, 2019, this amount includes lease liabilities - finance leases and lease liabilities - operating leases totaling approximately $510.8 million and $17.3 million , respectively. (3) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. At December 31, 2019 and 2018 , there was an aggregate basis differential of approximately $311.3 million and $316.7 million , respectively, between the carrying value of the Company’s investment in the joint venture that owns Colorado Center and the joint venture’s basis in the assets and liabilities, which differential (excluding land) shall be amortized over the remaining lives of the related assets and liabilities. (4) Investments with deficit balances aggregating approximately $22.4 million and $25.1 million at December 31, 2019 and 2018 , respectively, have been reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. |
Statements Of Operations Of The Joint Ventures | The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows: For the year ended December 31, 2019 2018 2017 (in thousands) Total revenue (1) $ 322,817 $ 271,951 $ 222,517 Expenses Operating 122,992 106,610 90,542 Transaction costs 1,000 — — Depreciation and amortization (2) 102,296 103,079 57,079 Total expenses 226,288 209,689 147,621 Other income (expense) Gains on sales of real estate (3) 32,706 16,951 — Interest expense (84,409 ) (71,308 ) (46,371 ) Net income $ 44,826 $ 7,905 $ 28,525 Company’s share of net income $ 24,423 $ 8,084 $ 18,439 Basis differential (3)(4) 22,169 (5,862 ) (7,207 ) Income from unconsolidated joint ventures $ 46,592 $ 2,222 $ 11,232 _______________ (1) Includes straight-line rent adjustments of approximately $32.4 million , $15.9 million and $21.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. (2) During the year ended December 31, 2018, the joint venture that owns Metropolitan Square in Washington, DC, commenced a renovation project and recorded accelerated depreciation expense of approximately $22.4 million related to the remaining book value of the assets to be replaced. The Company’s share of the accelerated depreciation expense totaled approximately $4.5 million . (3) For the year ended December 31, 2019, represents the gain on sale of 540 Madison Avenue recognized by the joint venture, as described below. During 2008, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture resulting in a basis differential between the carrying value of the Company’s investment in the joint venture and the joint venture’s basis in the assets and liabilities of the property. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $47.2 million for the year ended December 31, 2019, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for the basis differential. The gain on sale of real estate is included in Income from Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. (4) Includes straight-line rent adjustments of approximately $2.1 million , $2.4 million and $1.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. Also includes net above-/below-market rent adjustments of approximately $1.7 million , $1.6 million and $2.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Mortgage Notes Payable, Net Sch
Mortgage Notes Payable, Net Schedule of Aggregate Principal Payments On Mortgage Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Notes Payable [Abstract] | |
Schedule of Aggregate Principal Payments On Mortgage Notes [Table Text Block] | Contractual aggregate principal payments of mortgage notes payable at December 31, 2019 are as follows (in thousands): Principal Payments 2020 $ 17,168 2021 17,276 2022 614,710 2023 — 2024 — Thereafter 2,300,000 Total aggregate principal payments 2,949,154 Deferred financing costs, net (26,746 ) Total carrying value of mortgage notes payable, net $ 2,922,408 |
Unsecured Senior Notes (Tables)
Unsecured Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Senior Notes | The following summarizes the unsecured senior notes outstanding as of December 31, 2019 (dollars in thousands): Coupon/ Stated Rate Effective Rate(1) Principal Amount Maturity Date(2) 10 Year Unsecured Senior Notes 4.125 % 4.289 % $ 850,000 May 15, 2021 11 Year Unsecured Senior Notes 3.850 % 3.954 % 1,000,000 February 1, 2023 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 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 Total principal 8,450,000 Net unamortized discount (17,451 ) Deferred financing costs, net (42,090 ) Total $ 8,390,459 _______________ (1) Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs. (2) No principal amounts are due prior to maturity. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Line Items] | |
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The tax treatment of common dividends per share for federal income tax purposes is as follows: For the year ended December 31, 2019 2018 2017 Per Share % Per Share % Per Share % Ordinary income $ 2.99 94.84 % $ 2.79 78.17 % $ 2.86 98.29 % Capital gain income 0.16 5.16 % 0.78 21.83 % 0.05 1.71 % Total $ 3.15 (1) 100.00 % $ 3.57 (2) 100.00 % $ 2.91 (3) 100.00 % _____________ (1) The fourth quarter 2019 regular quarterly dividend was $0.98 per common share of which approximately $0.04 per common share was allocable to 2019 and approximately $0.94 per common share is allocable to 2020. (2) The fourth quarter 2018 regular quarterly dividend was $0.95 per common share of which approximately $0.69 per common share was allocable to 2018 and approximately $0.26 per common share is allocable to 2019. (3) The fourth quarter 2017 regular quarterly dividend was $0.80 per common share of which approximately $0.47 per common share was allocable to 2017 and approximately $0.33 per common share is allocable to 2018. The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or payable in 2019 and 2018 : Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 31, 2019 January 30, 2020 $0.98 $0.98 September 30, 2019 October 31, 2019 $0.95 $0.95 June 28, 2019 July 31, 2019 $0.95 $0.95 March 29, 2019 April 30, 2019 $0.95 $0.95 December 31, 2018 January 30, 2019 $0.95 $0.95 September 28, 2018 October 31, 2018 $0.95 $0.95 June 29, 2018 July 31, 2018 $0.80 $0.80 March 29, 2018 April 30, 2018 $0.80 $0.80 December 29, 2017 January 30, 2018 $0.80 $0.80 |
Noncontrolling Interests [Member] | |
Noncontrolling Interest [Line Items] | |
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 MYLTIP Units, 2014 MYLTIP Units and 2015 MYLTIP Units and, after the February 9, 2019 measurement date, the 2016 MYLTIP Units) and its distributions on the 2016 MYLTIP Units (prior to the February 9, 2019 measurement date), 2017 MYLTIP Units, 2018 MYLTIP Units and 2019 MYLTIP Units (after the February 5, 2019 issuance date) that occurred during the year ended December 31, 2019: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 31, 2019 January 30, 2020 $0.98 $0.098 September 30, 2019 October 31, 2019 $0.95 $0.095 June 28, 2019 July 31, 2019 $0.95 $0.095 March 29, 2019 April 30, 2019 $0.95 $0.095 December 31, 2018 January 30, 2019 $0.95 $0.095 The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 MYLTIP Units, 2014 MYLTIP Units and, after the February 4, 2018 measurement date, the 2015 MYLTIP Units) and its distributions on the 2015 MYLTIP Units (prior to the February 4, 2018 measurement date), 2016 MYLTIP Units, 2017 MYLTIP Units and 2018 MYLTIP Units (after the February 6, 2018 issuance date) that occurred during the year ended December 31, 2018: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 31, 2018 January 30, 2019 $0.95 $0.095 September 28, 2018 October 31, 2018 $0.95 $0.095 June 29, 2018 July 31, 2018 $0.80 $0.080 March 29, 2018 April 30, 2018 $0.80 $0.080 December 29, 2017 January 30, 2018 $0.80 $0.080 |
Stockholders' Equity _ Partne_2
Stockholders' Equity / Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Class of Stock [Line Items] | |
Dividends Declared [Table Text Block] | The tax treatment of common dividends per share for federal income tax purposes is as follows: For the year ended December 31, 2019 2018 2017 Per Share % Per Share % Per Share % Ordinary income $ 2.99 94.84 % $ 2.79 78.17 % $ 2.86 98.29 % Capital gain income 0.16 5.16 % 0.78 21.83 % 0.05 1.71 % Total $ 3.15 (1) 100.00 % $ 3.57 (2) 100.00 % $ 2.91 (3) 100.00 % _____________ (1) The fourth quarter 2019 regular quarterly dividend was $0.98 per common share of which approximately $0.04 per common share was allocable to 2019 and approximately $0.94 per common share is allocable to 2020. (2) The fourth quarter 2018 regular quarterly dividend was $0.95 per common share of which approximately $0.69 per common share was allocable to 2018 and approximately $0.26 per common share is allocable to 2019. (3) The fourth quarter 2017 regular quarterly dividend was $0.80 per common share of which approximately $0.47 per common share was allocable to 2017 and approximately $0.33 per common share is allocable to 2018. The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or payable in 2019 and 2018 : Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 31, 2019 January 30, 2020 $0.98 $0.98 September 30, 2019 October 31, 2019 $0.95 $0.95 June 28, 2019 July 31, 2019 $0.95 $0.95 March 29, 2019 April 30, 2019 $0.95 $0.95 December 31, 2018 January 30, 2019 $0.95 $0.95 September 28, 2018 October 31, 2018 $0.95 $0.95 June 29, 2018 July 31, 2018 $0.80 $0.80 March 29, 2018 April 30, 2018 $0.80 $0.80 December 29, 2017 January 30, 2018 $0.80 $0.80 |
Series B Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Dividends Declared [Table Text Block] | The following table presents Boston Properties Inc.’s dividends per share on its outstanding Series B Preferred Stock paid or payable in 2019 and 2018 : Record Date Payment Date Dividend (Per Share) February 4, 2020 February 18, 2020 $32.8125 November 1, 2019 November 15, 2019 $32.8125 August 2, 2019 August 15, 2019 $32.8125 May 3, 2019 May 15, 2019 $32.8125 February 4, 2019 February 15, 2019 $32.8125 November 2, 2018 November 15, 2018 $32.8125 August 3, 2018 August 15, 2018 $32.8125 May 4, 2018 May 15, 2018 $32.8125 February 2, 2018 February 15, 2018 $32.8125 |
Future Minimum Rents (Tables)
Future Minimum Rents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Future Minimum Rents [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity Table [Table Text Block] | The future contractual minimum lease payments to be received (excluding operating expense reimbursements) by the Company as of December 31, 2018, under non-cancelable operating leases which expire on various dates through 2049: Years Ending December 31, (in thousands) 2019 $ 2,088,171 2020 2,106,963 2021 2,015,031 2022 1,838,699 2023 1,736,636 Thereafter 12,295,464 The future contractual lease payments to be received (excluding operating expense reimbursements) by the Company as of December 31, 2019, under non-cancelable operating leases which expire on various dates through 2049: Years Ending December 31, (in thousands) 2020 $ 2,205,675 2021 2,222,643 2022 2,126,968 2023 2,068,871 2024 1,974,144 Thereafter 13,892,504 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Reconciliation Of Net Operating Income To Net Income | Boston Properties, Inc. Year ended December 31, 2019 2018 2017 (in thousands) Net income attributable to Boston Properties, Inc. common shareholders $ 511,034 $ 572,347 $ 451,939 Add: Preferred dividends 10,500 10,500 10,500 Noncontrolling interest—common units of the Operating Partnership 59,345 66,807 52,210 Noncontrolling interests in property partnerships 71,120 62,909 47,832 Interest expense 412,717 378,168 374,481 Losses (gains) from early extinguishments of debt 29,540 16,490 (496 ) Impairment losses 24,038 11,812 — Net operating income from unconsolidated joint ventures 97,716 79,893 64,008 Depreciation and amortization expense 677,764 645,649 617,547 Transaction costs 1,984 1,604 668 Payroll and related costs from management services contracts 10,386 9,590 — General and administrative expense 140,777 121,722 113,715 Less: Net operating income attributable to noncontrolling interests in property partnerships 183,989 177,365 174,245 Gains (losses) from investments in securities 6,417 (1,865 ) 3,678 Interest and other income 18,939 10,823 5,783 Gains on sales of real estate 709 182,356 7,663 Income from unconsolidated joint ventures 46,592 2,222 11,232 Direct reimbursements of payroll and related costs from management services contracts 10,386 9,590 — Development and management services revenue 40,039 45,158 34,605 Company’s share of Net Operating Income $ 1,739,850 $ 1,551,842 $ 1,495,198 Boston Properties Limited Partnership Year ended December 31, 2019 2018 2017 (in thousands) Net income attributable to Boston Properties Limited Partnership common unitholders $ 580,102 $ 656,903 $ 512,866 Add: Preferred distributions 10,500 10,500 10,500 Noncontrolling interests in property partnerships 71,120 62,909 47,832 Interest expense 412,717 378,168 374,481 Losses (gains) from early extinguishments of debt 29,540 16,490 (496 ) Impairment losses 22,272 10,181 — Net operating income from unconsolidated joint ventures 97,716 79,893 64,008 Depreciation and amortization expense 669,956 637,891 609,407 Transaction costs 1,984 1,604 668 Payroll and related costs from management services contracts 10,386 9,590 — General and administrative expense 140,777 121,722 113,715 Less: Net operating income attributable to noncontrolling interests in property partnerships 183,989 177,365 174,245 Gains (losses) from investments in securities 6,417 (1,865 ) 3,678 Interest and other income 18,939 10,823 5,783 Gains on sales of real estate 858 190,716 8,240 Income from unconsolidated joint ventures 46,592 2,222 11,232 Direct reimbursements of payroll and related costs from management services contracts 10,386 9,590 — Development and management services revenue 40,039 45,158 34,605 Company’s share of Net Operating Income $ 1,739,850 $ 1,551,842 $ 1,495,198 |
Schedule Of Segment Information By Geographic Area And Property Type | Information by geographic area and property type (dollars in thousands): For the year ended December 31, 2019 : Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 895,098 $ — $ 1,011,912 $ 533,189 $ 384,435 $ 2,824,634 Residential 13,786 — — — 23,128 36,914 Hotel 48,589 — — — — 48,589 Total 957,473 — 1,011,912 533,189 407,563 2,910,137 % of Grand Totals 32.90 % — % 34.78 % 18.32 % 14.00 % 100.00 % Rental Expenses: Office 322,282 — 389,532 177,994 144,217 1,034,025 Residential 5,071 — — — 10,914 15,985 Hotel 34,004 — — — — 34,004 Total 361,357 — 389,532 177,994 155,131 1,084,014 % of Grand Totals 33.34 % — % 35.93 % 16.42 % 14.31 % 100.00 % Net operating income $ 596,116 $ — $ 622,380 $ 355,195 $ 252,432 $ 1,826,123 % of Grand Totals 32.64 % — % 34.09 % 19.45 % 13.82 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (40,109 ) — (143,432 ) (448 ) — (183,989 ) Add: Company’s share of net operating income from unconsolidated joint ventures 5,494 61,338 4,174 — 26,710 97,716 Company’s share of net operating income $ 561,501 $ 61,338 $ 483,122 $ 354,747 $ 279,142 $ 1,739,850 % of Grand Totals 32.27 % 3.53 % 27.77 % 20.39 % 16.04 % 100.00 % _______________ (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 year ended December 31, 2018 : Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 838,341 $ — $ 959,050 $ 397,180 $ 396,088 $ 2,590,659 Residential 6,694 — — — 15,857 22,551 Hotel 49,118 — — — — 49,118 Total 894,153 — 959,050 397,180 411,945 2,662,328 % of Grand Totals 33.59 % — % 36.02 % 14.92 % 15.47 % 100.00 % Rental Expenses: Office 315,653 — 377,992 130,016 142,886 966,547 Residential 3,632 — — — 8,972 12,604 Hotel 33,863 — — — — 33,863 Total 353,148 — 377,992 130,016 151,858 1,013,014 % of Grand Totals 34.86 % — % 37.32 % 12.83 % 14.99 % 100.00 % Net operating income $ 541,005 $ — $ 581,058 $ 267,164 $ 260,087 $ 1,649,314 % of Grand Totals 32.80 % — % 35.23 % 16.20 % 15.77 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (33,862 ) — (143,562 ) 59 — (177,365 ) Add: Company’s share of net operating income from unconsolidated joint ventures 2,866 42,750 6,590 — 27,687 79,893 Company’s share of net operating income $ 510,009 $ 42,750 $ 444,086 $ 267,223 $ 287,774 $ 1,551,842 % of Grand Totals 32.86 % 2.75 % 28.63 % 17.22 % 18.54 % 100.00 % _______________ (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 year ended December 31, 2017 : Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 776,279 $ — $ 969,371 $ 345,519 $ 414,103 $ 2,505,272 Residential 4,745 — — — 11,851 16,596 Hotel 45,603 — — — — 45,603 Total 826,627 — 969,371 345,519 425,954 2,567,471 % of Grand Totals 32.20 % — % 37.75 % 13.46 % 16.59 % 100.00 % Rental Expenses: Office 301,097 — 372,810 105,253 144,515 923,675 Residential 2,044 — — — 4,258 6,302 Hotel 32,059 — — — — 32,059 Total 335,200 — 372,810 105,253 148,773 962,036 % of Grand Totals 34.84 % — % 38.76 % 10.94 % 15.46 % 100.00 % Net operating income $ 491,427 $ — $ 596,561 $ 240,266 $ 277,181 $ 1,605,435 % of Grand Totals 30.61 % — % 37.15 % 14.97 % 17.27 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (31,857 ) — (142,916 ) 528 — (174,245 ) Add: Company’s share of net operating income from unconsolidated joint ventures 1,962 26,816 8,832 — 26,398 64,008 Company’s share of net operating income $ 461,532 $ 26,816 $ 462,477 $ 240,794 $ 303,579 $ 1,495,198 % of Grand Totals 30.87 % 1.79 % 30.94 % 16.10 % 20.30 % 100.00 % _______________ (1) Rental Revenue is equal to total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. |
Earnings Per Share _ Common U_2
Earnings Per Share / Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Entity Information [Line Items] | |
Computation Of Basic And Diluted Earnings Per Share / Unit | For the Year Ended December 31, 2019 Income (Numerator) Shares (Denominator) Per Share Amount (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 511,034 154,582 $ 3.31 Effect of Dilutive Securities: Stock Based Compensation — 301 (0.01 ) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 511,034 154,883 $ 3.30 For the Year ended December 31, 2018 Income (Numerator) Shares (Denominator) Per Share Amount (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 572,347 154,427 $ 3.71 Allocation of undistributed earnings to participating securities (101 ) — — Net income attributable to Boston Properties, Inc. common shareholders $ 572,246 154,427 $ 3.71 Effect of Dilutive Securities: Stock Based Compensation — 255 (0.01 ) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 572,246 154,682 $ 3.70 For the Year ended December 31, 2017 Income (Numerator) Shares (Denominator) Per Share Amount (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 451,939 154,190 $ 2.93 Effect of Dilutive Securities: Stock Based Compensation — 200 — Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 451,939 154,390 $ 2.93 |
Boston Properties Limited Partnership | |
Entity Information [Line Items] | |
Computation Of Basic And Diluted Earnings Per Share / Unit | Included in the number of units (the denominator) below are approximately 17,618,000 , 17,485,000 and 17,471,000 redeemable common units for the years ended December 31, 2019 , 2018 and 2017 , respectively. For the Year Ended December 31, 2019 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 $ 580,102 172,200 $ 3.37 Effect of Dilutive Securities: Stock Based Compensation — 301 (0.01 ) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 580,102 172,501 $ 3.36 For the Year ended December 31, 2018 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 $ 656,903 171,912 $ 3.82 Allocation of undistributed earnings to participating securities (113 ) — — Net income attributable to Boston Properties Limited Partnership common unitholders $ 656,790 171,912 $ 3.82 Effect of Dilutive Securities: Stock Based Compensation — 255 (0.01 ) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 656,790 172,167 $ 3.81 For the Year ended December 31, 2017 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 $ 512,866 171,661 $ 2.99 Effect of Dilutive Securities: Stock Based Compensation — 200 (0.01 ) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 512,866 171,861 $ 2.98 |
Stock Option and Incentive Pl_2
Stock Option and Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock Option and Incentive Plan and Stock Purchase Plan [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the status of Boston Properties, Inc.’s stock options as of December 31, 2019 , 2018 and 2017 and changes during the years then ended are presented below: Shares Weighted-Average Exercise Price Outstanding at December 31, 2016 547,129 $ 96.38 Exercised (6,688 ) $ 99.15 Outstanding at December 31, 2017 540,441 $ 96.35 Exercised — $ — Outstanding at December 31, 2018 540,441 $ 96.35 Exercised (145,088 ) $ 96.27 Outstanding at December 31, 2019 395,353 $ 96.37 |
Schedule of Stock Options Outstanding [Table Text Block] | The following table summarizes information about Boston Properties, Inc.’s stock options outstanding at December 31, 2019 : Options Outstanding Options Exercisable Number Outstanding at 12/31/19 Weighted-Average Remaining Contractual Life Exercise Price Number Exercisable at 12/31/19 Exercise Price 81,458 1.1 years $ 86.86 81,458 $ 86.86 54,282 3.3 years $ 95.69 54,282 $ 95.69 142,422 3.1 years $ 98.46 142,422 $ 98.46 117,191 2.1 years $ 100.77 117,191 $ 100.77 |
Selected Interim Financial In_2
Selected Interim Financial Information (unaudited) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Boston Properties, Inc. The tables below reflect Boston Properties, Inc.’s selected quarterly information for the years ended December 31, 2019 and 2018 . 2019 Quarter Ended March 31, June 30, September 30, December 31, (in thousands, except for per share amounts) Total revenue $ 725,767 $ 733,741 $ 743,553 $ 757,501 Net income $ 131,159 $ 203,461 $ 141,370 $ 176,009 Net income attributable to Boston Properties, Inc. common shareholders $ 98,105 $ 164,318 $ 107,771 $ 140,824 Income attributable to Boston Properties, Inc. per share—basic $ 0.63 $ 1.06 $ 0.70 $ 0.91 Income attributable to Boston Properties, Inc. per share—diluted $ 0.63 $ 1.06 $ 0.70 $ 0.91 2018 Quarter Ended March 31, June 30, September 30, December 31, (in thousands, except for per share amounts) Total revenue $ 661,151 $ 664,484 $ 686,284 $ 705,157 Net income $ 216,312 $ 160,565 $ 150,445 $ 185,241 Net income attributable to Boston Properties, Inc. common shareholders $ 176,021 $ 128,681 $ 119,118 $ 148,529 Income attributable to Boston Properties, Inc. per share—basic $ 1.14 $ 0.83 $ 0.77 $ 0.96 Income attributable to Boston Properties, Inc. per share—diluted $ 1.14 $ 0.83 $ 0.77 $ 0.96 Boston Properties Limited Partnership The tables below reflect Boston Properties Limited Partnership’s selected quarterly information for the years ended December 31, 2019 and 2018 . 2019 Quarter Ended March 31, June 30, September 30, December 31, (in thousands, except for per unit amounts) Total revenue $ 725,767 $ 733,741 $ 743,553 $ 757,501 Net income $ 134,837 $ 205,822 $ 143,212 $ 177,851 Net income attributable to Boston Properties Limited Partnership common unitholders $ 113,382 $ 185,715 $ 122,117 $ 158,888 Income attributable to Boston Properties Limited Partnership per unit—basic $ 0.66 $ 1.08 $ 0.71 $ 0.92 Income attributable to Boston Properties Limited Partnership per unit—diluted $ 0.66 $ 1.08 $ 0.71 $ 0.92 2018 Quarter Ended March 31, June 30, September 30, December 31, (in thousands, except for per unit amounts) Total revenue $ 661,151 $ 664,484 $ 686,284 $ 705,157 Net income $ 220,766 $ 162,986 $ 153,676 $ 192,884 Net income attributable to Boston Properties Limited Partnership common unitholders $ 200,907 $ 145,961 $ 136,201 $ 173,834 Income attributable to Boston Properties Limited Partnership per unit—basic $ 1.17 $ 0.85 $ 0.79 $ 1.01 Income attributable to Boston Properties Limited Partnership per unit—diluted $ 1.17 $ 0.85 $ 0.79 $ 1.01 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, By Property [Table Text Block] | Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,274,028 $ 1,796,252 $ 1,532,654 $ 202,612 $ 1,796,252 $ 1,735,266 $ — $ — $ 3,531,518 $ 313,158 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 556,458 115,638 1,478,578 2,676 — 1,596,892 596,740 1965/1993/2002/2016-2017 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 415,228 195,987 1,246,348 — — 1,442,335 633,711 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 300,519 354,107 985,970 — — 1,340,077 358,960 1961/2018 2002 (1) 601 Lexington Avenue Office New York, NY 644,778 241,600 494,782 454,902 289,639 688,550 — 213,095 1,191,284 289,482 1977/1997 2001 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 — 200,349 946,205 — — 1,146,554 38,727 2018 2013 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 210,160 250,134 829,529 17,924 — 1,097,587 214,533 1976 2010 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 51,928 285,263 655,095 — — 940,358 116,857 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 102,984 131,067 538,938 — — 670,005 122,799 1971-1975/2017 2012 (1) Times Square Tower Office New York, NY — 165,413 380,438 113,222 169,193 489,880 — — 659,073 217,303 2004 2000 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 152,280 94,240 462,882 54,680 — 611,802 208,331 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 18,709 63,988 473,246 — — 537,234 131,828 2011 2007 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 25,495 103,000 279,160 — — 382,160 72,213 2012 2010 (1) Fountain Square Office Reston, VA — 56,853 306,298 12,140 56,853 318,438 — — 375,291 78,498 1986-1990 2012 (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 188,572 87,852 282,267 — — 370,119 183,291 1986 1997 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 7,907 72,545 227,673 — — 300,218 46,777 2014 2012 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 113,627 109,038 188,130 — — 297,168 59,190 2011 2008 (1) 145 Broadway Office Cambridge, MA — 121 273,013 23,246 23,367 273,013 — — 296,380 1,511 2019 1997 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 26,415 13,687 263,810 — — 277,497 99,478 2008-2009 2003 (1) 601 Massachusetts Avenue Office Washington, DC — 95,310 165,173 3,945 95,322 169,106 — — 264,428 24,502 2016 2008 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 80,077 18,789 228,528 — — 247,317 79,824 1985-1989 2011 (1) Gateway Center Office San Francisco, CA — 28,255 139,245 61,791 30,627 198,664 — — 229,291 106,680 1984/1986/2002 1999 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 3,276 40,933 151,654 — — 192,587 26,293 2015 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 53,718 20,108 156,339 — — 176,447 70,870 1955/1987/2017 1997/1998 (1) Mountain View Research Park Office Mountain View, CA — 95,066 68,373 12,704 95,066 81,077 — — 176,143 19,807 1977-1981/2007-2013 2013 (1) 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 36,847 27,135 118,005 — — 145,140 32,775 1984/2018 2004 (1) Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 3,376 18,062 112,373 — — 130,435 44,294 2003-2006 2007 (1) One Freedom Square Office Reston, VA — 9,929 84,504 34,372 11,293 117,512 — — 128,805 59,006 2000 2003 (1) Capital Gallery Office Washington, DC — 4,725 29,565 88,704 8,662 114,332 — — 122,994 71,631 1981/2006 2007 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 (123 ) 25,854 92,088 — — 117,942 29,227 2010 2001 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 23,209 15,420 99,458 — — 114,878 50,668 2001 2003 (1) One and Two Reston Overlook Office Reston, VA — 16,456 66,192 24,181 16,179 90,650 — — 106,829 51,503 1999 2000 (1) Discovery Square Office Reston, VA — 11,198 71,782 20,905 12,533 91,352 — — 103,885 43,619 2001 2003 (1) 140 Kendrick Street Office Needham, MA — 18,095 66,905 17,574 19,092 83,482 — — 102,574 35,721 2000 2004 (1) 355 Main Street Office Cambridge, MA — 18,863 53,346 27,582 21,173 78,618 — — 99,791 26,439 1981/1996/2013 2006 (1) 880 & 890 Winter Street Office Waltham, MA — 29,510 65,812 — 29,510 65,812 — — 95,322 1,458 1998-1999 2019 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 4,697 2,290 90,112 — — 92,402 10,928 2016 1997 (1) 90 Broadway Office Cambridge, MA — 19,104 52,078 19,857 20,785 70,254 — — 91,039 23,621 1983/1998/2013 2006 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 22,057 13,807 71,262 — — 85,069 29,255 1992 2005 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 10,556 14,023 70,763 — — 84,786 27,172 2008 2001 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 13,165 11,097 73,147 — — 84,244 35,567 2003 1999 (1) 3625-3635 Peterson Way Office Santa Clara, CA — 63,206 14,879 752 63,206 14,879 752 — 78,837 11,172 1979 2016 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 5,454 16,741 56,739 — — 73,480 13,090 1987/2003 2011 (1) 191 Spring Street Office Lexington, MA — 2,850 59,751 7,695 3,151 67,145 — — 70,296 21,917 1971/1995/2018 1997 (1) 300 Binney Street Office Cambridge, MA — 18,080 51,262 140 18,080 51,402 — — 69,482 11,146 2013 2009 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 14,924 — 68,273 — — 68,273 25,934 2009 2004 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 6,236 10,148 56,080 — — 66,228 29,860 1984 1998 (1) New Dominion Technology Park, Bldg. Two Office Herndon, VA — 5,584 51,868 4,157 6,510 55,099 — — 61,609 26,894 2004 1998 (1) 255 Main Street Office Cambridge, MA — 134 25,110 34,124 548 58,820 — — 59,368 33,543 1987 1997 (1) University Place Office Cambridge, MA 3,602 — 37,091 16,001 7,418 45,674 — — 53,092 29,423 1985 1998 (1) New Dominion Technology Park, Bldg. One Office Herndon, VA — 3,880 43,227 3,927 4,583 46,451 — — 51,034 29,141 2001 1998 (1) Sumner Square Office Washington, DC — 624 28,745 21,344 3,535 47,178 — — 50,713 27,093 1985 1999 (1) 200 West Street Office Waltham, MA — 16,148 24,983 8,211 16,813 30,425 — 2,104 49,342 17,001 1999 1997 (1) North First Business Park Office San Jose, CA — 23,398 13,069 4,571 23,377 17,661 — — 41,038 16,411 1981 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 8,540 1,323 33,109 — — 34,432 19,875 1999 1997 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 11,406 2,395 23,253 — — 25,648 11,870 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 18,547 1,264 19,707 — — 20,971 14,312 1982 1997 (1) 201 Spring Street Office Lexington, MA — 2,849 15,303 1,172 3,124 16,200 — — 19,324 8,587 1997 1997 (1) The Point Office Waltham, MA — 6,395 10,040 421 6,492 10,364 — — 16,856 1,349 2015 2007 (1) 33 Hayden Avenue Office Lexington, MA — 266 3,234 12,898 425 15,973 — — 16,398 5,678 1979 1997 (1) 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,157 3,219 12,195 — — 15,414 2,284 2015 2012 (1) Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 92-100 Hayden Avenue Office Lexington, MA — 594 6,748 7,529 802 14,069 — — 14,871 12,041 1985 1997 (1) 181 Spring Street Office Lexington, MA — 1,066 9,520 2,177 1,160 11,603 — — 12,763 5,597 1999 1997 (1) 195 West Street Office Waltham, MA — 1,611 6,652 4,218 1,858 10,623 — — 12,481 8,352 1990 1997 (1) 7501 Boston Boulevard, Building Seven Office Springfield, VA — 665 9,273 816 791 9,963 — — 10,754 5,393 1997 1997 (1) 7435 Boston Boulevard, Building One Office Springfield, VA — 392 3,822 4,983 659 8,538 — — 9,197 6,344 1982 1997 (1) 7450 Boston Boulevard, Building Three Office Springfield, VA — 1,165 4,681 2,591 1,430 7,007 — — 8,437 3,575 1987 1998 (1) 32 Hartwell Avenue Office Lexington, MA — 168 1,943 6,115 314 7,912 — — 8,226 1,975 1968/1979/1987 1997 (1) 250 Binney Street Office Cambridge, MA — 110 4,483 3,593 273 7,913 — — 8,186 5,829 1983 1997 (1) 8000 Grainger Court, Building Five Office Springfield, VA — 366 4,282 3,198 601 7,245 — — 7,846 5,752 1984 1997 (1) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 676 5,477 1,766 — — 7,243 690 1977 2012 (1) 7300 Boston Boulevard, Building Thirteen Office Springfield, VA — 608 4,773 1,007 661 5,727 — — 6,388 1,984 2002 1997 (1) 17 Hartwell Avenue Office Lexington, MA — 26 150 6,064 65 6,175 — — 6,240 1,966 1968 1997 (1) 7601 Boston Boulevard, Building Eight Office Springfield, VA — 200 878 5,060 551 5,587 — — 6,138 4,689 1986 1997 (1) 7500 Boston Boulevard, Building Six Office Springfield, VA — 138 3,749 1,640 367 5,160 — — 5,527 4,237 1985 1997 (1) 8000 Corporate Court, Building Eleven Office Springfield, VA — 136 3,071 1,596 774 4,029 — — 4,803 3,191 1989 1997 (1) 7375 Boston Boulevard, Building Ten Office Springfield, VA — 23 2,685 1,032 93 3,647 — — 3,740 2,606 1988 1997 (1) 7374 Boston Boulevard, Building Four Office Springfield, VA — 241 1,605 1,828 398 3,276 — — 3,674 2,779 1984 1997 (1) 7451 Boston Boulevard, Building Two Office Springfield, VA — 249 1,542 1,667 613 2,845 — — 3,458 2,610 1982 1997 (1) Signature at Reston Residential Reston, VA — 27,076 190,580 393 27,076 190,973 — — 218,049 8,773 2018 2013 (1) Proto Kendall Square Residential Cambridge, MA — 9,243 127,248 2,939 9,245 130,185 — — 139,430 4,566 2018 2015 (1) The Avant at Reston Town Center Residential Reston, VA — 20,350 91,995 830 20,350 92,825 — — 113,175 14,728 2014 2010 (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 1,897 3,529 56,788 — — 60,317 12,639 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 35,813 1,201 73,008 — — 74,209 46,605 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — — 35,035 7,329 103 42,261 — — 42,364 13,512 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 1,552 1,434 17,071 — — 18,505 6,031 2006 2004 (1) Kendall Center Blue Garage Garage Cambridge, MA — 1,163 11,633 2,151 1,579 13,368 — — 14,947 9,728 1990 1997 (1) The Skylyne (MacArthur Station Residences) Development Oakland, CA — — — 226,526 29,807 — — 196,719 226,526 — N/A N/A N/A 2100 Pennsylvania Avenue Development Washington, DC — — — 224,380 185,129 — — 39,251 224,380 1,024 N/A N/A N/A Reston Gateway Development Reston, VA — — — 150,632 — — — 150,632 150,632 — N/A 1998 N/A 17Fifty Presidents Street Development Reston, VA — — — 99,816 — — — 99,816 99,816 — N/A 2013 N/A Boston Properties, Inc. Schedule 3 - Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 20 CityPoint Development Waltham, MA — 4,721 52,039 20,007 4,721 52,039 — 20,007 76,767 1,136 N/A 2007 N/A 325 Main Street Development Cambridge, MA — 174 — 68,903 965 — — 68,112 69,077 — N/A 1997 N/A North First Master Plan Land San Jose, CA — 35,004 — 3,932 — — 38,936 — 38,936 — N/A 2007 N/A Plaza at Almaden Land San Jose, CA — — — 34,889 — — 34,889 — 34,889 — N/A 2006 N/A 425 Fourth Street Land San Francisco, CA — — — 22,074 — — 22,074 — 22,074 — N/A N/A N/A Springfield Metro Center Land Springfield, VA — — — 19,844 — — 19,844 — 19,844 — N/A 2007 N/A Reston Gateway Master Plan Land Reston, VA — — — 18,292 — — 18,292 — 18,292 — N/A 1998 N/A 214 Third Avenue Land Waltham, MA — — — 17,692 — — 17,692 — 17,692 — N/A 2006 N/A 103 Fourth Avenue Land Waltham, MA — — — 12,826 — — 12,826 — 12,826 — N/A 2007 N/A Crane Meadow Land Marlborough, MA — — — 8,866 — — 8,866 — 8,866 — N/A 2000 N/A Broad Run Business Park Land Loudoun County, VA — — — 2,396 — — 2,396 — 2,396 — N/A 1998 N/A Kendall Center Master Plan Land Cambridge, MA — — — 1,693 — — 1,693 — 1,693 — N/A 1997 N/A Weston Quarry Land Weston, MA — — — 1,249 — — 1,249 — 1,249 — N/A 2001 N/A Reston Overlook Master Plan Land Reston, VA — — — 39 — — 39 — 39 — N/A 2000 N/A $ 2,922,408 (2 ) $ 5,024,060 $ 13,057,336 $ 4,763,301 $ 5,474,337 (3 ) $ 16,325,796 (4 ) $ 254,828 (5 ) $ 789,736 $ 22,844,697 $ 5,239,179 Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $44,313 . Accumulated Depreciation does not include approximately $27,619 of accumulated depreciation related to Furniture, Fixtures and Equipment. The aggregate cost and accumulated depreciation for tax purposes was approximately $18.6 billion and $4.0 billion , respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (2) Includes unamortized deferred financing costs totaling approximately $(26.7) million . (3) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $148,640 , respectively. (4) Includes Right of Use Assets - Finance Leases of approximately $23,303 . (5) Includes pre-development costs. |
Activity of Real Estate and Accumulated Depreciation [Table Text Block] | A summary of activity for real estate and accumulated depreciation is as follows: 2019 2018 2017 Real Estate: Balance at the beginning of the year $ 21,605,545 $ 21,058,714 $ 20,114,576 Additions to/improvements of real estate 1,671,898 1,043,379 1,099,286 Assets sold/written-off (432,746 ) (496,548 ) (155,148 ) Balance at the end of the year $ 22,844,697 $ 21,605,545 $ 21,058,714 Accumulated Depreciation: Balance at the beginning of the year $ 4,871,102 $ 4,566,570 $ 4,201,891 Depreciation expense 564,938 533,342 497,059 Assets sold/written-off (196,861 ) (228,810 ) (132,380 ) Balance at the end of the year $ 5,239,179 $ 4,871,102 $ 4,566,570 Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment. |
Boston Properties Limited Partnership | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, By Property [Table Text Block] | Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,274,028 $ 1,796,252 $ 1,532,654 $ 202,612 $ 1,796,252 $ 1,735,266 $ — $ — $ 3,531,518 $ 313,158 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 496,088 100,540 1,433,306 2,676 — 1,536,522 580,797 1965/1993/2002/2016-2017 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 352,847 180,420 1,199,534 — — 1,379,954 617,163 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 240,911 339,200 941,269 — — 1,280,469 343,191 1961/2018 2002 (1) 601 Lexington Avenue Office New York, NY 644,778 241,600 494,782 417,816 279,281 661,822 — 213,095 1,154,198 280,028 1977/1997 2001 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 — 200,349 946,205 — — 1,146,554 38,727 2018 2013 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 210,160 250,134 829,529 17,924 — 1,097,587 214,533 1976 2010 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 51,928 285,263 655,095 — — 940,358 116,857 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 102,984 131,067 538,938 — — 670,005 122,799 1971-1975/2017 2012 (1) Times Square Tower Office New York, NY — 165,413 380,438 75,243 159,694 461,400 — — 621,094 207,272 2004 2000 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 137,317 90,498 451,661 54,680 — 596,839 204,380 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 18,709 63,988 473,246 — — 537,234 131,828 2011 2007 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 25,495 103,000 279,160 — — 382,160 72,213 2012 2010 (1) Fountain Square Office Reston, VA — 56,853 306,298 12,140 56,853 318,438 — — 375,291 78,498 1986-1990 2012 (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 161,330 81,040 261,837 — — 342,877 176,101 1986 1997 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 7,907 72,545 227,673 — — 300,218 46,777 2014 2012 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 113,627 109,038 188,130 — — 297,168 59,190 2011 2008 (1) 145 Broadway Office Cambridge, MA — 121 273,013 23,043 23,164 273,013 — — 296,177 1,511 2019 1997 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 26,079 13,603 263,558 — — 277,161 99,406 2008-2009 2003 (1) 601 Massachusetts Avenue Office Washington, DC — 95,310 165,173 3,933 95,310 169,106 — — 264,416 24,502 2016 2008 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 80,077 18,789 228,528 — — 247,317 79,824 1985-1989 2011 (1) Gateway Center Office San Francisco, CA — 28,255 139,245 55,402 29,029 193,873 — — 222,902 104,993 1984/1986/2002 1999 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 3,276 40,933 151,654 — — 192,587 26,293 2015 2013 (1) Mountain View Research Park Office Mountain View, CA — 95,066 68,373 12,704 95,066 81,077 — — 176,143 19,807 1977-1981/2007-2013 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 49,643 19,089 153,283 — — 172,372 69,794 1955/1987/2017 1997/1998 (1) 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 32,234 25,982 114,545 — — 140,527 31,553 1984/2018 2004 (1) Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 3,212 18,021 112,250 — — 130,271 44,258 2003-2006 2007 (1) One Freedom Square Office Reston, VA — 9,929 84,504 28,735 9,883 113,285 — — 123,168 57,516 2000 2003 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 (123 ) 25,854 92,088 — — 117,942 29,227 2010 2001 (1) Capital Gallery Office Washington, DC — 4,725 29,565 78,573 6,128 106,735 — — 112,863 68,953 1981/2006 2007 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 16,997 13,866 94,800 — — 108,666 49,028 2001 2003 (1) Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building One and Two Reston Overlook Office Reston, VA — 16,456 66,192 19,763 15,074 87,337 — — 102,411 50,336 1999 2000 (1) 355 Main Street Office Cambridge, MA — 18,863 53,346 27,284 21,098 78,395 — — 99,493 26,362 1981/1996/2013 2006 (1) 140 Kendrick Street Office Needham, MA — 18,095 66,905 13,584 18,095 80,489 — — 98,584 34,667 2000 2004 (1) Discovery Square Office Reston, VA — 11,198 71,782 15,360 11,146 87,194 — — 98,340 42,152 2001 2003 (1) 880 & 890 Winter Street Office Waltham, MA — 29,510 65,812 — 29,510 65,812 — — 95,322 1,458 1998-1999 2019 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 4,534 2,127 90,112 — — 92,239 10,928 2016 1997 (1) 90 Broadway Office Cambridge, MA — 19,104 52,078 19,678 20,741 70,119 — — 90,860 23,581 1983/1998/2013 2006 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 10,451 13,997 70,684 — — 84,681 27,148 2008 2001 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 20,440 13,403 70,049 — — 83,452 28,831 1992 2005 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 10,178 10,350 70,907 — — 81,257 34,777 2003 1999 (1) 3625-3635 Peterson Way Office Santa Clara, CA — 63,206 14,879 752 63,206 14,879 752 — 78,837 11,172 1979 2016 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 5,454 16,741 56,739 — — 73,480 13,090 1987/2003 2011 (1) 191 Spring Street Office Lexington, MA — 2,850 59,751 7,063 2,850 66,814 — — 69,664 21,801 1971/1995/2018 1997 (1) 300 Binney Street Office Cambridge, MA — 18,080 51,262 140 18,080 51,402 — — 69,482 11,146 2013 2009 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 14,924 — 68,273 — — 68,273 25,934 2009 2004 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 3,625 9,496 54,121 — — 63,617 29,170 1984 1998 (1) New Dominion Technology Park, Bldg. Two Office Herndon, VA — 5,584 51,868 412 5,574 52,290 — — 57,864 25,900 2004 1998 (1) 255 Main Street Office Cambridge, MA — 134 25,110 32,468 134 57,578 — — 57,712 33,108 1987 1997 (1) University Place Office Cambridge, MA 3,602 — 37,091 14,551 7,055 44,587 — — 51,642 29,044 1985 1998 (1) Sumner Square Office Washington, DC — 624 28,745 19,264 3,015 45,618 — — 48,633 26,547 1985 1999 (1) New Dominion Technology Park, Bldg. One Office Herndon, VA — 3,880 43,227 1,117 3,880 44,344 — — 48,224 28,398 2001 1998 (1) 200 West Street Office Waltham, MA — 16,148 24,983 5,550 16,148 28,429 — 2,104 46,681 16,298 1999 1997 (1) North First Business Park Office San Jose, CA — 23,398 13,069 4,548 23,371 17,644 — — 41,015 16,411 1981 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 6,535 822 31,605 — — 32,427 19,342 1999 1997 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 9,300 1,868 21,674 — — 23,542 11,312 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 17,783 1,073 19,134 — — 20,207 14,114 1982 1997 (1) 201 Spring Street Office Lexington, MA — 2,849 15,303 73 2,849 15,376 — — 18,225 8,295 1997 1997 (1) The Point Office Waltham, MA — 6,395 10,040 421 6,492 10,364 — — 16,856 1,349 2015 2007 (1) 33 Hayden Avenue Office Lexington, MA — 266 3,234 12,261 266 15,495 — — 15,761 5,510 1979 1997 (1) 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,157 3,219 12,195 — — 15,414 2,284 2015 2012 (1) 92-100 Hayden Avenue Office Lexington, MA — 594 6,748 6,800 619 13,523 — — 14,142 11,847 1985 1997 (1) 181 Spring Street Office Lexington, MA — 1,066 9,520 1,800 1,066 11,320 — — 12,386 5,498 1999 1997 (1) 195 West Street Office Waltham, MA — 1,611 6,652 3,229 1,611 9,881 — — 11,492 8,087 1990 1997 (1) 7501 Boston Boulevard, Building Seven Office Springfield, VA — 665 9,273 311 665 9,584 — — 10,249 5,257 1997 1997 (1) Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building 7435 Boston Boulevard, Building One Office Springfield, VA — 392 3,822 4,290 486 8,018 — — 8,504 6,162 1982 1997 (1) 7450 Boston Boulevard, Building Three Office Springfield, VA — 1,165 4,681 2,177 1,327 6,696 — — 8,023 3,462 1987 1998 (1) 32 Hartwell Avenue Office Lexington, MA — 168 1,943 5,529 168 7,472 — — 7,640 1,819 1968/1979/1987 1997 (1) 250 Binney Street Office Cambridge, MA — 110 4,483 2,939 110 7,422 — — 7,532 5,660 1983 1997 (1) 8000 Grainger Court, Building Five Office Springfield, VA — 366 4,282 2,604 453 6,799 — — 7,252 5,597 1984 1997 (1) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 676 5,477 1,766 — — 7,243 690 1977 2012 (1) 7300 Boston Boulevard, Building Thirteen Office Springfield, VA — 608 4,773 795 608 5,568 — — 6,176 1,928 2002 1997 (1) 17 Hartwell Avenue Office Lexington, MA — 26 150 5,907 26 6,057 — — 6,083 1,924 1968 1997 (1) 7601 Boston Boulevard, Building Eight Office Springfield, VA — 200 878 4,367 378 5,067 — — 5,445 4,507 1986 1997 (1) 7500 Boston Boulevard, Building Six Office Springfield, VA — 138 3,749 1,107 234 4,760 — — 4,994 4,097 1985 1997 (1) 8000 Corporate Court, Building Eleven Office Springfield, VA — 136 3,071 1,245 686 3,766 — — 4,452 3,094 1989 1997 (1) 7375 Boston Boulevard, Building Ten Office Springfield, VA — 23 2,685 851 47 3,512 — — 3,559 2,562 1988 1997 (1) 7374 Boston Boulevard, Building Four Office Springfield, VA — 241 1,605 1,445 303 2,988 — — 3,291 2,681 1984 1997 (1) 7451 Boston Boulevard, Building Two Office Springfield, VA — 249 1,542 1,354 535 2,610 — — 3,145 2,526 1982 1997 (1) Signature at Reston Residential Reston, VA — 27,076 190,580 393 27,076 190,973 — — 218,049 8,773 2018 2013 (1) Proto Kendall Square Residential Cambridge, MA — 9,243 127,248 2,939 9,245 130,185 — — 139,430 4,566 2018 2015 (1) The Avant at Reston Town Center Residential Reston, VA — 20,350 91,995 830 20,350 92,825 — — 113,175 14,728 2014 2010 (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 1,897 3,529 56,788 — — 60,317 12,639 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 32,922 478 70,840 — — 71,318 45,842 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — — 35,035 6,915 — 41,950 — — 41,950 13,404 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 840 1,256 16,537 — — 17,793 5,847 2006 2004 (1) Kendall Center Blue Garage Garage Cambridge, MA — 1,163 11,633 486 1,163 12,119 — — 13,282 9,290 1990 1997 (1) The Skylyne (MacArthur Station Residences) Development Oakland, CA — — — 226,526 29,807 — — 196,719 226,526 — N/A N/A N/A 2100 Pennsylvania Avenue Development Washington, DC — — — 224,380 185,129 — — 39,251 224,380 1,024 N/A N/A N/A Reston Gateway Development Reston, VA — — — 150,632 — — — 150,632 150,632 — N/A 1998 N/A 17Fifty Presidents Street Development Reston, VA — — — 99,816 — — — 99,816 99,816 — N/A 2013 N/A 20 CityPoint Development Waltham, MA — 4,721 52,039 20,007 4,721 52,039 — 20,007 76,767 1,136 N/A 2007 N/A 325 Main Street Development Cambridge, MA — 174 — 68,710 772 — — 68,112 68,884 — N/A 1997 N/A North First Master Plan Land San Jose, CA — 35,004 — 3,932 — — 38,936 — 38,936 — N/A 2007 N/A Plaza at Almaden Land San Jose, CA — — — 34,889 — — 34,889 — 34,889 — N/A 2006 N/A Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2019 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building 425 Fourth Street Land San Francisco, CA — — — 22,074 — — 22,074 — 22,074 — N/A N/A N/A Springfield Metro Center Land Springfield, VA — — — 19,844 — — 19,844 — 19,844 — N/A 2007 N/A Reston Gateway Master Plan Land Reston, VA — — — 18,292 — — 18,292 — 18,292 — N/A 1998 N/A 214 Third Avenue Land Waltham, MA — — — 17,692 — — 17,692 — 17,692 — N/A 2006 N/A 103 Fourth Avenue Land Waltham, MA — — — 12,826 — — 12,826 — 12,826 — N/A 2007 N/A Crane Meadow Land Marlborough, MA — — — 8,866 — — 8,866 — 8,866 — N/A 2000 N/A Broad Run Business Park Land Loudoun County, VA — — — 2,396 — — 2,396 — 2,396 — N/A 1998 N/A Kendall Center Master Plan Land Cambridge, MA — — — 1,693 — — 1,693 — 1,693 — N/A 1997 N/A Weston Quarry Land Weston, MA — — — 1,249 — — 1,249 — 1,249 — N/A 2001 N/A Reston Overlook Master Plan Land Reston, VA — — — 39 — — 39 — 39 — N/A 2000 N/A $ 2,922,408 (2 ) $ 5,024,060 $ 13,057,336 $ 4,368,080 $ 5,373,884 (3 ) $ 16,031,028 (4 ) $ 254,828 (5 ) $ 789,736 $ 22,449,476 $ 5,135,289 Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $44,313 . Accumulated Depreciation does not include approximately $27,619 of accumulated depreciation related to Furniture, Fixtures and Equipment. The aggregate cost and accumulated depreciation for tax purposes was approximately $20.7 billion and $4.5 billion , respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (2) Includes unamortized deferred financing costs totaling approximately $(26.7) million . (3) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $148,640 , respectively. (4) Includes Right of Use Assets - Finance Leases of approximately $23,303 . (5) Includes pre-development costs. |
Activity of Real Estate and Accumulated Depreciation [Table Text Block] | A summary of activity for real estate and accumulated depreciation is as follows: 2019 2018 2017 Real Estate: Balance at the beginning of the year $ 21,207,189 $ 20,647,236 $ 19,701,185 Additions to/improvements of real estate 1,671,898 1,043,379 1,099,286 Assets sold/written-off (429,611 ) (483,426 ) (153,235 ) Balance at the end of the year $ 22,449,476 $ 21,207,189 $ 20,647,236 Accumulated Depreciation: Balance at the beginning of the year $ 4,773,800 $ 4,473,895 $ 4,116,020 Depreciation expense 557,130 525,584 488,919 Assets sold/written-off (195,641 ) (225,679 ) (131,044 ) Balance at the end of the year $ 5,135,289 $ 4,773,800 $ 4,473,895 Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment. |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended | |
Dec. 31, 2019ft²Real_Estate_Propertiesyrshares | Dec. 31, 2018shares | |
Real Estate Properties [Line Items] | ||
General and limited partnership interest in the operating partnership (percent) | 89.60% | 89.70% |
Restriction on redemption of OP units from date of issuance (years) | yr | 1 | |
One OP unit is equivalent to one share of Common Stock (in shares) | shares | 1 | |
OP unit conversion rate (in shares) | shares | 1 | |
Number Of series Of preferred units outstanding | 1 | |
Number of VIEs - Consolidated | 6 | |
Number of VIEs - Total | 8 | |
Commercial Real Estate Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 196 | |
Net Rentable Area (in sf) | ft² | 52 | |
Total Properties Under Construction [ Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 11 | |
Net Rentable Area (in sf) | ft² | 5.5 | |
Total Office Properties [ Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 177 | |
Number of VIEs - Consolidated | 5 | |
Office Properties Under Construction [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 9 | |
Retail Properties [ Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 12 | |
Residential Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 6 | |
Residential Properties Under Construction [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 2 | |
Hotel Property [ Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||
Real Estate Properties [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 5.25% | |
Preferred stock / units, shares / units outstanding (in shares / units) | shares | 80,000 | 80,000 |
Depositary shares of Series B Cumulative Redeemable Preferred [Member] | ||
Real Estate Properties [Line Items] | ||
Preferred stock / units, shares / units outstanding (in shares / units) | shares | 8,000,000 | |
Series B Preferred Units [Member] | ||
Real Estate Properties [Line Items] | ||
Preferred stock / units, shares / units outstanding (in shares / units) | shares | 80,000 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)yr | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Entity Information [Line Items] | |||||
Probable Sale Term of Property After Classified As Held For Sale (Years) | yr | 1 | ||||
Interest costs capitalized | $ 54,911,000 | $ 65,766,000 | $ 61,070,000 | ||
Salaries And Related Costs Capitalized | 10,400,000 | 12,500,000 | 13,200,000 | ||
Cash FDIC Insured Limit | $ 250,000 | 250,000 | |||
Separate Unrestricted Cash For Deferred Compensation Plans | 36,700,000 | 36,700,000 | 28,200,000 | ||
Gains (losses) from investments in securities | 6,417,000 | (1,865,000) | 3,678,000 | ||
Internal Leasing Salaries And Related Costs Capitalized | 5,400,000 | 5,000,000 | |||
Straight-line rent adjustments | 58,400,000 | 51,900,000 | 54,800,000 | ||
Above and below market rent adjustments, net | $ 20,900,000 | 23,800,000 | 23,500,000 | ||
REIT Annual Taxable Income Distribution Requirement Percentage, Minimum | 90.00% | ||||
Company Annual Taxable Income Distribution Percentage | 100.00% | ||||
Cumulative effect of a change in accounting principle | $ 4,379,000 | (5,496,000) | 2,035,000 | ||
Right of use assets - operating leases | 148,640,000 | 148,640,000 | $ 151,800,000 | ||
Operating Lease, Liability | 200,180,000 | 200,180,000 | $ 199,300,000 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 8,365,000 | 8,365,000 | |||
Accounts Payable and Accrued Liabilities | $ 377,553,000 | 377,553,000 | 276,645,000 | ||
Lessee, Finance Lease, Description | four | ||||
Boston Properties Limited Partnership | |||||
Entity Information [Line Items] | |||||
Interest costs capitalized | 54,911,000 | 65,766,000 | 61,070,000 | ||
Gains (losses) from investments in securities | 6,417,000 | (1,865,000) | 3,678,000 | ||
Right of use assets - operating leases | $ 148,640,000 | 148,640,000 | |||
Operating Lease, Liability | 200,180,000 | 200,180,000 | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 8,365,000 | 8,365,000 | |||
Accounts Payable and Accrued Liabilities | 377,553,000 | 377,553,000 | 276,645,000 | ||
deferred compenstation for directors [Member] | |||||
Entity Information [Line Items] | |||||
Change in classification of director deferred compensation plan | 8,400,000 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 8,100,000 | 8,100,000 | |||
Accounts Payable and Accrued Liabilities | $ 300,000 | 300,000 | |||
Dividends In Excess Of Earnings [Member] | |||||
Entity Information [Line Items] | |||||
Cumulative effect of a change in accounting principle | 3,864,000 | (4,933,000) | 272,000 | ||
Noncontrolling Interests [Member] | |||||
Entity Information [Line Items] | |||||
Cumulative effect of a change in accounting principle | 445,000 | $ (563,000) | $ 1,763,000 | ||
Noncontrolling interest - property partnerships [Member] | |||||
Entity Information [Line Items] | |||||
Cumulative effect of a change in accounting principle | $ 70,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies Schedule of Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (years) | 25 years |
Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (years) | 40 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (years) | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (years) | 40 years |
Tenant Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life, description | Shorter of useful life or terms of related lease |
Furniture, fixtures and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (years) | 3 years |
Furniture, fixtures and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (years) | 7 years |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ 17,536 |
2021 | 11,001 |
2022 | 5,918 |
2023 | 4,286 |
2024 | 2,510 |
Acquired Above-Market Lease Intangibles [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2020 | 5,440 |
2021 | 3,054 |
2022 | 357 |
2023 | 183 |
2024 | 135 |
Acquired Below-Market Lease Intangibles [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2020 | 10,673 |
2021 | 6,455 |
2022 | 5,699 |
2023 | 5,558 |
2024 | $ 4,043 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable | $ 80,000 | $ 80,000 |
Note receivable | 15,920 | 19,468 |
Mortgage notes payable, net | 2,922,408 | 2,964,572 |
Unsecured senior notes, net | 8,390,459 | 7,544,697 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 498,939 | 498,488 |
Total | 2,949,154 | |
Carrying Amount [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable | 80,000 | 80,000 |
Note receivable | 15,920 | 19,468 |
Total | 95,920 | 99,468 |
Mortgage notes payable, net | 2,922,408 | 2,964,572 |
Unsecured senior notes, net | 8,390,459 | 7,544,697 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 498,939 | 498,488 |
Total | 11,811,806 | 11,007,757 |
Estimated Fair Value [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable | 81,931 | 80,000 |
Note receivable | 14,978 | 19,468 |
Total | 96,909 | 99,468 |
Mortgage notes payable, net | 2,984,956 | 2,903,925 |
Unsecured senior notes, net | 8,826,375 | 7,469,338 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 500,561 | 500,783 |
Total | $ 12,311,892 | $ 10,874,046 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies Lessee, Lease Costs and Other Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Leases [Abstract] | ||
Finance leases under development | 3 | |
Operating lease costs | $ 14,573 | |
Amortization of right of use asset | 29 | [1] |
Interest on lease liabilities | $ 47 | [2] |
Operating Lease, Weighted Average Remaining Lease Term | 51 years | |
Finance Lease, Weighted Average Remaining Lease Term | 71 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.70% | |
Finance Lease, Weighted Average Discount Rate, Percent | 6.20% | |
[1] | The finance leases relate to either land, buildings or assets that remain in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy. | |
[2] | Three of the finance leases relate to assets under development and as such, the entire interest amount was capitalized. |
Summary Of Significant Accoun_9
Summary Of Significant Accounting Policies Future Minimum Lease Payments for Ground Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 11,425 |
2020 | 18,425 |
2021 | 25,310 |
2022 | 8,894 |
2023 | 9,084 |
Thereafter | $ 567,232 |
Summary Of Significant Accou_10
Summary Of Significant Accounting Policies Future Minimum Lease Payments, Capital Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 1,441 |
2020 | 12,682 |
2021 | 2,123 |
2022 | 1,253 |
2023 | 944 |
Thereafter | 73,241 |
Total expected minimum lease payments | 91,684 |
Interest portion | (27,497) |
Present value of expected net minimum lease payments | $ 64,187 |
Summary Of Significant Accou_11
Summary Of Significant Accounting Policies Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | |||
Lessee, Finance Lease, Option to Extend, Reasonably Certain 2024 | $ 38,700 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2020 | 10,050 | ||
2021 | 24,973 | ||
2022 | 18,041 | ||
2023 | 10,322 | ||
2024 | 9,277 | ||
Thereafter | 557,954 | ||
Total lease payments | 630,617 | ||
Less: interest portion | (430,437) | ||
Present value of lease payments | 200,180 | $ 199,300 | |
Finance Lease Liabilities, Payments, Due [Abstract] | |||
2020 | 834 | ||
2021 | 5,960 | ||
2022 | 10,208 | ||
2023 | 9,708 | ||
2024 | [1] | 48,518 | |
Thereafter | 1,383,242 | ||
Total expected minimum lease payments | 1,458,470 | ||
Interest portion | (1,234,428) | ||
Present value of lease payments | $ 224,042 | ||
[1] | Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise. |
Summary Of Significant Accou_12
Summary Of Significant Accounting Policies Lessor, Lease Income Table (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Fixed contractual payments | $ 2,261,260 |
Variable lease payments | 496,754 |
Lease | $ 2,758,014 |
Summary Of Significant Accou_13
Summary Of Significant Accounting Policies Schedule of Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes (Details) - $ / shares | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 17, 2019 | ||||
Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes [Line Items] | |||||||
Dividends treatment for federal tax purposes. | $ 3.15 | [1] | $ 3.57 | [2] | $ 2.91 | [3] | |
Dividends Treatment For Federal Tax Purposes, Percentage | 100.00% | 100.00% | 100.00% | ||||
Dividends Payable, Amount Per Share | $ 0.98 | ||||||
Dividend Declared | |||||||
Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes [Line Items] | |||||||
Dividends Payable, Amount Per Share | $ 0.98 | $ 0.95 | $ 0.80 | ||||
Allocated to fiscal 2020 | |||||||
Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes [Line Items] | |||||||
Dividends Payable, Amount Per Share | 0.94 | ||||||
Allocated to fiscal 2019 | |||||||
Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes [Line Items] | |||||||
Special dividend / distribution (per share / common unit amount) | 0.04 | ||||||
Dividends Payable, Amount Per Share | 0.26 | ||||||
Allocated to fiscal 2018 | |||||||
Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes [Line Items] | |||||||
Special dividend / distribution (per share / common unit amount) | 0.69 | ||||||
Dividends Payable, Amount Per Share | 0.33 | ||||||
Allocated to fiscal 2017 | |||||||
Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes [Line Items] | |||||||
Special dividend / distribution (per share / common unit amount) | 0.47 | ||||||
Capital Gains Income | |||||||
Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes [Line Items] | |||||||
Dividends treatment for federal tax purposes. | $ 0.16 | $ 0.78 | $ 0.05 | ||||
Dividends Treatment For Federal Tax Purposes, Percentage | 5.16% | 21.83% | 1.71% | ||||
Ordinary Income | |||||||
Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes [Line Items] | |||||||
Dividends treatment for federal tax purposes. | $ 2.99 | $ 2.79 | $ 2.86 | ||||
Dividends Treatment For Federal Tax Purposes, Percentage | 94.84% | 78.17% | 98.29% | ||||
[1] | The fourth quarter 2019 regular quarterly dividend was $0.98 per common share of which approximately $0.04 per common share was allocable to 2019 and approximately $0.94 per common share is allocable to 2020. | ||||||
[2] | The fourth quarter 2018 regular quarterly dividend was $0.95 per common share of which approximately $0.69 per common share was allocable to 2018 and approximately $0.26 per common share is allocable to 2019. | ||||||
[3] | The fourth quarter 2017 regular quarterly dividend was $0.80 per common share of which approximately $0.47 per common share was allocable to 2017 and approximately $0.33 per common share is allocable to 2018. |
Real Estate Schedule of Real Es
Real Estate Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Real Estate Properties [Line Items] | ||||
Land | $ 5,111,606 | $ 5,072,568 | ||
Right-of-use assets - finance leases | 237,394 | |||
Right of use assets - operating leases | 148,640 | $ 151,800 | ||
Land held for future development | [1] | 254,828 | 200,498 | |
Buildings and improvements | 13,646,054 | 13,356,751 | ||
Tenant improvements | 2,656,439 | 2,396,932 | ||
Furniture, Fixtures and Equipment | 44,313 | 44,351 | ||
Construction in progress | 789,736 | 578,796 | ||
Total | 22,889,010 | 21,649,896 | ||
Less: accumulated depreciation | (5,266,798) | (4,897,777) | ||
Total real estate | 17,622,212 | 16,752,119 | ||
Boston Properties Limited Partnership | ||||
Real Estate Properties [Line Items] | ||||
Land | 5,011,153 | 4,971,475 | ||
Right-of-use assets - finance leases | 237,394 | |||
Right of use assets - operating leases | 148,640 | |||
Land held for future development | [1] | 254,828 | 200,498 | |
Buildings and improvements | 13,351,286 | 13,059,488 | ||
Tenant improvements | 2,656,439 | 2,396,932 | ||
Furniture, Fixtures and Equipment | 44,313 | 44,351 | ||
Construction in progress | 789,736 | 578,796 | ||
Total | 22,493,789 | 21,251,540 | ||
Less: accumulated depreciation | (5,162,908) | (4,800,475) | ||
Total real estate | $ 17,330,881 | $ 16,451,065 | ||
[1] | Includes pre-development costs. |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) $ in Thousands | Dec. 20, 2019USD ($) | Sep. 20, 2019USD ($)ft²a | Jul. 16, 2019USD ($)ft² | Jun. 28, 2019USD ($)ft² | Jun. 03, 2019USD ($)ft² | May 09, 2019USD ($)ft² | Jan. 24, 2019USD ($)ft²a | Jan. 23, 2019USD ($) | Dec. 31, 2019USD ($)ft² | Sep. 30, 2019USD ($)ft² | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)ft² | Jun. 02, 2019USD ($) | Jun. 27, 2019USD ($) | Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 24, 2019ft² | Aug. 27, 2019USD ($)ft²Real_Estate_Properties | Jun. 01, 2019ft² | Apr. 18, 2019USD ($) | Jan. 10, 2019USD ($)ft² | |||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Accelerated depreciation | $ 677,764 | $ 645,649 | $ 617,547 | |||||||||||||||||||||||||||
Right-of-use assets - finance leases | $ 237,394 | $ 237,394 | 237,394 | |||||||||||||||||||||||||||
Lease liabilities - finance leases | 224,042 | $ 224,042 | 224,042 | |||||||||||||||||||||||||||
Proceeds from sales of real estate | 90,824 | 455,409 | 29,810 | |||||||||||||||||||||||||||
Gains (loss) on sales of real estate | 709 | 182,356 | 7,663 | |||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | 87,392 | 345,717 | 109,015 | |||||||||||||||||||||||||||
Revenues | $ 757,501 | $ 743,553 | $ 733,741 | $ 725,767 | $ 705,157 | $ 686,284 | $ 664,484 | $ 661,151 | $ 2,960,562 | 2,717,076 | 2,602,076 | |||||||||||||||||||
2600 Tower Oaks Boulevard [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 179,000 | |||||||||||||||||||||||||||||
Contractual Sales Price | $ 22,700 | |||||||||||||||||||||||||||||
Proceeds from sales of real estate | 21,400 | |||||||||||||||||||||||||||||
Gains (loss) on sales of real estate | $ (600) | |||||||||||||||||||||||||||||
Impairment losses | 3,100 | |||||||||||||||||||||||||||||
Operating Income (Loss) | $ (200) | (600) | (100) | |||||||||||||||||||||||||||
One Tower Center [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 410,000 | |||||||||||||||||||||||||||||
Contractual Sales Price | $ 38,000 | |||||||||||||||||||||||||||||
Proceeds from sales of real estate | $ 36,600 | |||||||||||||||||||||||||||||
Gains (loss) on sales of real estate | $ (800) | |||||||||||||||||||||||||||||
Impairment losses | 24,000 | |||||||||||||||||||||||||||||
Operating Income (Loss) | $ (900) | (2,700) | (3,500) | |||||||||||||||||||||||||||
164 Lexington Road [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 64,000 | |||||||||||||||||||||||||||||
Contractual Sales Price | $ 4,000 | |||||||||||||||||||||||||||||
Proceeds from sales of real estate | 3,800 | |||||||||||||||||||||||||||||
Gains (loss) on sales of real estate | 2,500 | |||||||||||||||||||||||||||||
Operating Income (Loss) | $ (100) | (200) | (200) | |||||||||||||||||||||||||||
Washingtonian North [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Contractual Sales Price | $ 7,800 | |||||||||||||||||||||||||||||
Proceeds from sales of real estate | 7,300 | |||||||||||||||||||||||||||||
Gains (loss) on sales of real estate | $ (100) | |||||||||||||||||||||||||||||
Impairment losses | 1,800 | |||||||||||||||||||||||||||||
325 Main Street | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Term of Lease Signed (in years) | 15-year | |||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 115,000 | 115,000 | 115,000 | 115,000 | ||||||||||||||||||||||||||
Accelerated depreciation | $ 9,900 | |||||||||||||||||||||||||||||
20 CityPoint | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 211,000 | |||||||||||||||||||||||||||||
200 West Street | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 261,000 | |||||||||||||||||||||||||||||
145 Broadway | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 483,000 | |||||||||||||||||||||||||||||
Platform 16 | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 1,100,000 | |||||||||||||||||||||||||||||
Lessee, Finance Lease, Term of Contract | 65 years | |||||||||||||||||||||||||||||
Area of Land | a | 5.6 | |||||||||||||||||||||||||||||
Finance lease fixed purchase price | $ 134,800 | |||||||||||||||||||||||||||||
Right-of-use assets - finance leases | 122,600 | |||||||||||||||||||||||||||||
Lease liabilities - finance leases | $ 122,563 | |||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Term of Lease Signed (in years) | 16-year | |||||||||||||||||||||||||||||
Square Footage Of Signed Lease | ft² | 300,000 | |||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 470,000 | |||||||||||||||||||||||||||||
Lessee, Finance Lease, Term of Contract | 75 years | |||||||||||||||||||||||||||||
Right-of-use assets - finance leases | $ 185,100 | |||||||||||||||||||||||||||||
Prepaid Rent | 15,000 | |||||||||||||||||||||||||||||
Lease liabilities - finance leases | 164,977 | |||||||||||||||||||||||||||||
Finance lease - right of use asset -prepaid rent | 15,000 | |||||||||||||||||||||||||||||
Finance lease - right of use asset - initial direct costs | $ 5,100 | |||||||||||||||||||||||||||||
Lessee, finance lease, term of amortization | 75 years | |||||||||||||||||||||||||||||
Carnegie Center | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 1,700,000 | |||||||||||||||||||||||||||||
Aggregate purchase price | $ 51,500 | |||||||||||||||||||||||||||||
Deferred purchase price | $ 8,600 | |||||||||||||||||||||||||||||
880 & 890 Winter Street [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 392,000 | |||||||||||||||||||||||||||||
Aggregate purchase price | $ 106,000 | |||||||||||||||||||||||||||||
Number of real estate properties | Real_Estate_Properties | 2 | |||||||||||||||||||||||||||||
Operating Income (Loss) | $ (600) | |||||||||||||||||||||||||||||
Revenues | 4,900 | |||||||||||||||||||||||||||||
Boston Properties Limited Partnership | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Accelerated depreciation | $ 669,956 | 637,891 | ||||||||||||||||||||||||||||
Right-of-use assets - finance leases | $ 237,394 | 237,394 | 237,394 | |||||||||||||||||||||||||||
Lease liabilities - finance leases | 224,042 | $ 224,042 | 224,042 | |||||||||||||||||||||||||||
Proceeds from sales of real estate | 90,824 | 455,409 | 29,810 | |||||||||||||||||||||||||||
Gains (loss) on sales of real estate | 858 | 190,716 | 8,240 | |||||||||||||||||||||||||||
Impairment losses | 0 | |||||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | 87,392 | 345,717 | 109,015 | |||||||||||||||||||||||||||
Revenues | $ 757,501 | $ 743,553 | $ 733,741 | 725,767 | $ 705,157 | $ 686,284 | $ 664,484 | $ 661,151 | $ 2,960,562 | 2,717,076 | $ 2,602,076 | |||||||||||||||||||
Boston Properties Limited Partnership | 2600 Tower Oaks Boulevard [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Impairment losses | $ 1,500 | |||||||||||||||||||||||||||||
Boston Properties Limited Partnership | One Tower Center [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Impairment losses | $ 22,300 | |||||||||||||||||||||||||||||
Boston Properties Limited Partnership | 164 Lexington Road [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gains (loss) on sales of real estate | $ 2,600 | |||||||||||||||||||||||||||||
Boston Properties Limited Partnership | 325 Main Street | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Accelerated depreciation | $ 9,500 | |||||||||||||||||||||||||||||
Future Office Building [Member] | 325 Main Street | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Square Footage Of Signed Lease | ft² | 379,000 | |||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 420,000 | 420,000 | 420,000 | 420,000 | ||||||||||||||||||||||||||
Future Retail Building [Member] | 325 Main Street | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 41,000 | 41,000 | 41,000 | 41,000 | ||||||||||||||||||||||||||
Office Properties Under Construction [Member] | 200 West Street | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 126,000 | |||||||||||||||||||||||||||||
Platform 16 | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 1,100,000 | |||||||||||||||||||||||||||||
Lessee, Finance Lease, Term of Contract | 65 years | |||||||||||||||||||||||||||||
Area of Land | a | 5.6 | |||||||||||||||||||||||||||||
Finance lease fixed purchase price | $ 134,800 | |||||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 28,200 | |||||||||||||||||||||||||||||
Ownership Percentage | 55.00% | 55.00% | [1] | 55.00% | [1] | 55.00% | [1] | |||||||||||||||||||||||
Joint Venture Partner [Member] | Platform 16 | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 23,100 | |||||||||||||||||||||||||||||
Ownership Percentage | 45.00% | |||||||||||||||||||||||||||||
[1] | This entity is a VIE (See Note 1 ). |
Real Estate Finance Lease Liabi
Real Estate Finance Lease Liability, Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jul. 16, 2019 | Jan. 24, 2019 | |
Capital Leased Assets [Line Items] | ||||
2019 | $ 834 | |||
2020 | 5,960 | |||
2021 | 10,208 | |||
2022 | 9,708 | |||
2023 | [1] | 48,518 | ||
Thereafter | 1,383,242 | |||
Total expected minimum lease payments | 1,458,470 | |||
Interest portion | (1,234,428) | |||
Present value of lease payments | $ 224,042 | |||
Platform 16 | ||||
Capital Leased Assets [Line Items] | ||||
2019 | $ 17,918 | |||
2020 | 109,460 | |||
Total expected minimum lease payments | 127,378 | |||
Interest portion | (4,815) | |||
Present value of lease payments | $ 122,563 | |||
2100 Pennsylvania Avenue | ||||
Capital Leased Assets [Line Items] | ||||
2019 | $ 0 | |||
2020 | 0 | |||
2021 | 3,863 | |||
2022 | 8,576 | |||
2023 | 8,669 | |||
Thereafter | 1,358,518 | |||
Total expected minimum lease payments | 1,379,626 | |||
Interest portion | (1,214,649) | |||
Present value of lease payments | $ 164,977 | |||
[1] | Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise. |
Real Estate Asset Acquisition -
Real Estate Asset Acquisition - 880 & 890 Winter Street (Details) - 880 & 890 Winter Street [Member] $ in Thousands | Aug. 27, 2019USD ($) |
Business Acquisition [Line Items] | |
Land | $ 29,510 |
Building and improvements | 59,788 |
Tenant improvements | 6,024 |
Net assets acquired | 105,970 |
In-place lease intangibles | |
Business Acquisition [Line Items] | |
Lease intangibles | 11,494 |
Above-market lease intangibles | |
Business Acquisition [Line Items] | |
Lease intangibles | 246 |
Below-market lease intangibles | |
Business Acquisition [Line Items] | |
Lease intangibles | $ (1,092) |
Real Estate Asset Acquisition_2
Real Estate Asset Acquisition - Lease Intangibles Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Aug. 27, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Period from August 27, 2019 through December 31, 2019 | $ 17,536 | |
2020 | 11,001 | |
2021 | 5,918 | |
2022 | 4,286 | |
2023 | $ 2,510 | |
880 & 890 Winter Street [Member] | Acquired In-Place Lease Intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Period from August 27, 2019 through December 31, 2019 | $ 1,801 | |
2020 | 4,485 | |
2021 | 2,391 | |
2022 | 1,121 | |
2023 | 179 | |
2024 | 60 | |
880 & 890 Winter Street [Member] | Acquired Above-Market Lease Intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Period from August 27, 2019 through December 31, 2019 | 28 | |
2020 | 80 | |
2021 | 80 | |
2022 | 43 | |
2023 | 15 | |
2024 | 0 | |
880 & 890 Winter Street [Member] | Acquired Below-Market Lease Intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Period from August 27, 2019 through December 31, 2019 | (226) | |
2020 | (599) | |
2021 | (237) | |
2022 | (30) | |
2023 | 0 | |
2024 | $ 0 |
Deferred Charges (Details)
Deferred Charges (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Charges [Abstract] | ||
Leasing costs, including lease related intangibles | $ 1,155,958 | $ 1,191,297 |
Financing costs | 12,728 | 12,796 |
Deferred charges, gross | 1,168,686 | 1,204,093 |
Less: Accumulated amortization | (479,473) | (525,369) |
Deferred charges, total | $ 689,213 | $ 678,724 |
Deferred Charges Schedule of Ac
Deferred Charges Schedule of Acquired In-Place Lease Intangibles (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Deferred Charges [Abstract] | |
2020 | $ 17,536 |
2021 | 11,001 |
2022 | 5,918 |
2023 | 4,286 |
2024 | $ 2,510 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019USD ($)ft²Land_ParcelsBuildingspayments | Sep. 20, 2019 | Sep. 05, 2019 | Jun. 27, 2019 | Dec. 31, 2018USD ($) | |||
Schedule of Equity Method Investments [Line Items] | |||||||
Other Liabilities | $ 387,994 | $ 503,726 | |||||
Investments in unconsolidated joint ventures | 955,647 | 956,309 | |||||
Investments In Affiliates Subsidiaries Associates And Joint Ventures net | [1] | 933,223 | 931,219 | ||||
Unconsolidated Joint Ventures [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Other Liabilities | $ 22,400 | 25,100 | |||||
Square 407 Limited Partnership [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | Market Square North | ||||||
Ownership Percentage | 50.00% | ||||||
Other Liabilities | [1] | $ 4,872 | 6,424 | ||||
BP/CRF Metropolitan Square LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | Metropolitan Square | ||||||
Ownership Percentage | 20.00% | ||||||
Investments in unconsolidated joint ventures | [1] | $ 9,134 | 2,644 | ||||
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] | $ 12,113 | 13,640 | ||||
WP Project Developer LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | Wisconsin Place Land and Infrastructure | ||||||
Ownership Percentage | [3] | 33.30% | |||||
Investments in unconsolidated joint ventures | [1] | $ 36,789 | 38,214 | ||||
Annapolis Junction NFM, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | Annapolis Junction | ||||||
Ownership Percentage | [4] | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 25,391 | 25,268 | ||||
Number of real estate properties | Buildings | 3 | ||||||
Parcels of undeveloped land | Land_Parcels | 2 | ||||||
540 Madison Venture LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | 540 Madison Avenue | ||||||
Ownership Percentage | 60.00% | [5] | 60.00% | ||||
Investments in unconsolidated joint ventures | [1] | $ 2,953 | 66,391 | ||||
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] | $ 5,439 | 5,026 | ||||
501 K Street LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | 1001 6th Street | ||||||
Ownership Percentage | [6] | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 42,496 | 42,557 | ||||
Potential additonal payments to joint venture partner | payments | 2 | ||||||
Minimum square footage to make a potential additional payment to joint venture partner (in sqft) | ft² | 520,000 | ||||||
Podium Developer LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | The Hub on Causeway - Podium | ||||||
Ownership Percentage | 50.00% | ||||||
Investments in unconsolidated joint ventures | [1] | $ 49,466 | 69,302 | ||||
Residential Tower Developer LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | Hub50House | ||||||
Ownership Percentage | 50.00% | ||||||
Investments in unconsolidated joint ventures | [1] | $ 55,092 | 47,505 | ||||
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] | $ 9,883 | 3,022 | ||||
Office Tower Developer LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | 100 Causeway Street | ||||||
Ownership Percentage | 50.00% | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 56,606 | 23,804 | ||||
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] | $ 3,780 | 3,918 | ||||
BNY Tower Holdings LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | Dock 72 | ||||||
Ownership Percentage | 50.00% | ||||||
Investments in unconsolidated joint ventures | [1] | $ 94,804 | 82,520 | ||||
BNYA Amenity Operator LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | Dock 72 | ||||||
Ownership Percentage | 50.00% | ||||||
Investments in unconsolidated joint ventures | [1] | $ 0 | |||||
CA-Colorado Center Limited Partnership [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | Colorado Center | ||||||
Ownership Percentage | 50.00% | ||||||
Investments in unconsolidated joint ventures | [1] | $ 252,069 | 253,495 | ||||
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] | $ 56,247 | 69,724 | ||||
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] | $ 67,499 | 46,993 | ||||
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] | $ 163,937 | $ 180,952 | ||||
Platform 16 Holdings LP [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Properties | Platform 16 | ||||||
Ownership Percentage | 55.00% | [7] | 55.00% | ||||
Investments in unconsolidated joint ventures | [1] | $ 29,501 | |||||
Entity Owning Land And Infrastructure Of Project [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership Percentage | 33.30% | ||||||
[1] | Investments with deficit balances aggregating approximately $22.4 million and $25.1 million at December 31, 2019 and 2018 , respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. | ||||||
[2] | The Company’s economic ownership has increased based on the achievement of certain return thresholds. | ||||||
[3] | The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. | ||||||
[4] | The joint venture owns three in-service buildings and two undeveloped land parcels. | ||||||
[5] | T he property was sold on June 27, 2019. As of December 31, 2019, the investment is comprised of undistributed cash. See note below for additional details. | ||||||
[6] | Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. | ||||||
[7] | This entity is a VIE (See Note 1 ). |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
ASSETS | ||||
Real estate and development in process, net | $ 17,622,212 | $ 16,752,119 | ||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||
Mortgage and notes payable, net | 2,922,408 | 2,964,572 | ||
Other Liabilities | 387,994 | 503,726 | ||
Total liabilities and equity / capital | 21,284,905 | 20,256,477 | ||
Carying value of the Company's investment in unconsolidated joint ventures | 955,647 | 956,309 | ||
Right-of-use assets - finance leases | 237,394 | |||
Right of use assets - operating leases | 148,640 | $ 151,800 | ||
Lease liabilities - finance leases | 224,042 | |||
Lease liabilities - operating leases | 200,180 | $ 199,300 | ||
Unconsolidated Joint Ventures [Member] | ||||
ASSETS | ||||
Real estate and development in process, net | [1] | 3,904,400 | 3,545,906 | |
Other assets | 502,706 | 543,512 | ||
Total assets | 4,407,106 | 4,089,418 | ||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||
Mortgage and notes payable, net | 2,218,853 | 2,017,609 | ||
Other Liabilities | [2] | 749,675 | 582,006 | |
Members'/Partners' equity | 1,438,578 | 1,489,803 | ||
Total liabilities and equity / capital | 4,407,106 | 4,089,418 | ||
Company's share of equity | 591,905 | 622,498 | ||
Basis differentials | [3] | 341,318 | 308,721 | |
Carying value of the Company's investment in unconsolidated joint ventures | [4] | 933,223 | 931,219 | |
Right-of-use assets - finance leases | 383,900 | |||
Right of use assets - operating leases | 12,100 | |||
Lease liabilities - finance leases | 510,800 | |||
Lease liabilities - operating leases | 17,300 | |||
Colorado Center [Member] | ||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||
Basis differentials | 311,300 | 316,700 | ||
Unconsolidated Joint Ventures [Member] | ||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||
Other Liabilities | $ 22,400 | $ 25,100 | ||
[1] | At December 31, 2019, this amount includes right of use assets - finance leases and right of use assets - operating leases totaling approximately $383.9 million and $12.1 million , respectively. | |||
[2] | At December 31, 2019, this amount includes lease liabilities - finance leases and lease liabilities - operating leases totaling approximately $510.8 million and $17.3 million , respectively. | |||
[3] | This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. At December 31, 2019 and 2018 , there was an aggregate basis differential of approximately $311.3 million and $316.7 million , respectively, between the carrying value of the Company’s investment in the joint venture that owns Colorado Center and the joint venture’s basis in the assets and liabilities, which differential (excluding land) shall be amortized over the remaining lives of the related assets and liabilities. | |||
[4] | Investments with deficit balances aggregating approximately $22.4 million and $25.1 million at December 31, 2019 and 2018 , respectively, have been reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Total revenue | $ 757,501 | $ 743,553 | $ 733,741 | $ 725,767 | $ 705,157 | $ 686,284 | $ 664,484 | $ 661,151 | $ 2,960,562 | $ 2,717,076 | $ 2,602,076 | |||
Expenses | ||||||||||||||
Transaction costs | 1,984 | 1,604 | 668 | |||||||||||
Depreciation and amortization | 677,764 | 645,649 | 617,547 | |||||||||||
Total expenses | 1,914,925 | 1,791,579 | 1,693,966 | |||||||||||
Other income (expense) | ||||||||||||||
Gains on sales of real estate | 709 | 182,356 | 7,663 | |||||||||||
Interest expense | (412,717) | (378,168) | (374,481) | |||||||||||
Net income | 651,999 | 712,563 | 562,481 | |||||||||||
Income from unconsolidated joint ventures | 46,592 | 2,222 | 11,232 | |||||||||||
Straight-line rent adjustments | 58,400 | 51,900 | 54,800 | |||||||||||
Above and below market rent adjustments, net | 20,900 | 23,800 | 23,500 | |||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Total revenue | [1] | 322,817 | 271,951 | 222,517 | ||||||||||
Expenses | ||||||||||||||
Operating | 122,992 | 106,610 | 90,542 | |||||||||||
Transaction costs | 1,000 | 0 | 0 | |||||||||||
Depreciation and amortization | 102,296 | 103,079 | [2] | 57,079 | ||||||||||
Total expenses | 226,288 | 209,689 | 147,621 | |||||||||||
Other income (expense) | ||||||||||||||
Gains on sales of real estate | 32,706 | 16,951 | 0 | |||||||||||
Interest expense | (84,409) | (71,308) | (46,371) | |||||||||||
Net income | 44,826 | 7,905 | 28,525 | |||||||||||
Company's share of net income | 24,423 | 8,084 | 18,439 | |||||||||||
Basis differential | [4] | 22,169 | [3] | (5,862) | (7,207) | |||||||||
Income from unconsolidated joint ventures | 46,592 | 2,222 | 11,232 | |||||||||||
Straight-line rent adjustments | 32,400 | 15,900 | 21,700 | |||||||||||
Metropolitan Square [Member] | ||||||||||||||
Expenses | ||||||||||||||
Depreciation and amortization | 22,400 | |||||||||||||
Metropolitan Square [Member] | Boston Properties, Inc. [Member] | ||||||||||||||
Expenses | ||||||||||||||
Depreciation and amortization | 4,500 | |||||||||||||
540 Madison Avenue [Member] | ||||||||||||||
Other income (expense) | ||||||||||||||
Gain on sale of real estate | 47,200 | |||||||||||||
Colorado Center [Member] | ||||||||||||||
Other income (expense) | ||||||||||||||
Straight-line rent adjustments | 2,100 | 2,400 | 1,900 | |||||||||||
Above and below market rent adjustments, net | $ 1,700 | $ 1,600 | $ 2,900 | |||||||||||
[1] | Includes straight-line rent adjustments of approximately $32.4 million , $15.9 million and $21.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. | |||||||||||||
[2] | During the year ended December 31, 2018, the joint venture that owns Metropolitan Square in Washington, DC, commenced a renovation project and recorded accelerated depreciation expense of approximately $22.4 million related to the remaining book value of the assets to be replaced. The Company’s share of the accelerated depreciation expense totaled approximately $4.5 million . | |||||||||||||
[3] | For the year ended December 31, 2019, represents the gain on sale of 540 Madison Avenue recognized by the joint venture, as described below. During 2008, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture resulting in a basis differential between the carrying value of the Company’s investment in the joint venture and the joint venture’s basis in the assets and liabilities of the property. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $47.2 million for the year ended December 31, 2019, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for the basis differential. The gain on sale of real estate is included in Income from Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. | |||||||||||||
[4] | Includes straight-line rent adjustments of approximately $2.1 million , $2.4 million and $1.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. Also includes net above-/below-market rent adjustments of approximately $1.7 million , $1.6 million and $2.9 million |
Investment in unconsolidated Jo
Investment in unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | Dec. 06, 2019USD ($)ft²yr | Sep. 20, 2019USD ($)ft²a | Sep. 16, 2019USD ($) | Sep. 05, 2019USD ($)ft²yr | Jun. 27, 2019USD ($)ft² | Apr. 26, 2019USD ($)ft²yr | Jan. 24, 2019USD ($)ft² | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 22, 2019ft² | Oct. 01, 2019ft²apartments | May 28, 2019USD ($) | ||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Mortgage notes payable, net | $ 2,922,408 | $ 2,922,408 | $ 2,964,572 | |||||||||||||
Payments to Acquire Equity Method Investments | 87,392 | $ 345,717 | $ 109,015 | |||||||||||||
Annapolis Junction Building Six [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||
Mortgage notes payable, net | $ 13,000 | |||||||||||||||
Extension Option (in years) | 1 | |||||||||||||||
Debt instrument, borrowing capacity | $ 14,300 | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||||||
Net Rentable Area (in sf) | ft² | 119,000 | |||||||||||||||
7750 Wisconsin Avenue [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||
Extension Option (in years) | yr | 1 | |||||||||||||||
Proceeds from Construction Loans Payable | $ 64,500 | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||||||
Net Rentable Area (in sf) | ft² | 734,000 | |||||||||||||||
Construction Loan Facility Borrowing Capacity | $ 255,000 | |||||||||||||||
Number of extensions | 2 | |||||||||||||||
The Hub on Causeway - Podium and 100 Causeway Street [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||
Maximum proceeds from a state infrastructure development program | $ 30,000 | |||||||||||||||
Net proceeds from a state infrastructure development program | $ 28,800 | |||||||||||||||
Hub on Causeway - Podium [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 382,000 | |||||||||||||||
Repayments of Construction Loans Payable | $ 28,800 | |||||||||||||||
540 Madison Avenue [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Ownership Percentage | 60.00% | 60.00% | [1] | 60.00% | [1] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | |||||||||||||||
Net Rentable Area (in sf) | ft² | 284,000 | |||||||||||||||
Contractual Sales Price | $ 310,300 | |||||||||||||||
Loans Assumed | 120,000 | |||||||||||||||
Proceeds from Sale of Equity Method Investments | 178,700 | |||||||||||||||
Gain on sale of investment in unconsolidated joint venture | $ 47,200 | |||||||||||||||
100 Causeway Street [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | 50.00% | |||||||||||||
Extension Option (in years) | yr | 1 | |||||||||||||||
Proceeds from Construction Loans Payable | $ 81,100 | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||||||
Net Rentable Area (in sf) | ft² | 632,000 | |||||||||||||||
Construction Loan Facility Borrowing Capacity | $ 400,000 | |||||||||||||||
Number of extensions | 2 | |||||||||||||||
Platform 16 | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Ownership Percentage | 55.00% | 55.00% | [2] | 55.00% | [2] | |||||||||||
Net Rentable Area (in sf) | ft² | 1,100,000 | |||||||||||||||
Lessee, Finance Lease, Term of Contract | 65 years | |||||||||||||||
Area of Land | a | 5.6 | |||||||||||||||
Payments to Acquire Equity Method Investments | $ 28,200 | |||||||||||||||
Dock 72 [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||
Net Rentable Area (in sf) | ft² | 670,000 | |||||||||||||||
Annapolis Junction building seven and eight [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||
Mortgage notes payable, net | $ 34,800 | |||||||||||||||
Extension Option (in years) | yr | 1 | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | |||||||||||||||
Number of extensions | 3 | |||||||||||||||
Annapolis Junction Building Seven [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 127,000 | |||||||||||||||
Annapolis Junction Building Eight [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 126,000 | |||||||||||||||
Joint Venture Partner [Member] | Platform 16 | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Ownership Percentage | 45.00% | |||||||||||||||
Payments to Acquire Equity Method Investments | $ 23,100 | |||||||||||||||
Residential Properties [Member] | Hub50House [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||
Net Rentable Area (in sf) | ft² | 320,000 | |||||||||||||||
Number of Units in Real Estate Property | apartments | 440 | |||||||||||||||
Company's Share [Member] | 540 Madison Avenue [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 107,100 | |||||||||||||||
Stabilization as defined in the agreement [Member] | 100 Causeway Street [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||||||||||||
[1] | T he property was sold on June 27, 2019. As of December 31, 2019, the investment is comprised of undistributed cash. See note below for additional details. | |||||||||||||||
[2] | This entity is a VIE (See Note 1 ). |
Mortgage Notes Payable, Net S_2
Mortgage Notes Payable, Net Schedule Of Aggregate Principal Payments On Mortgage Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Mortgage Notes Payable [Abstract] | ||
2020 | $ 17,168 | |
2021 | 17,276 | |
2022 | 614,710 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 2,300,000 | |
Total | 2,949,154 | |
Deferred finance costs, net | (26,700) | |
Total carrying value of mortgage notes payable, net | $ 2,922,408 | $ 2,964,572 |
Mortgage Notes Payable, Net (Na
Mortgage Notes Payable, Net (Narrative) (Details) $ in Thousands | Dec. 19, 2019USD ($)ft² | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Mortgage Notes Payable [Line Items] | ||||
Mortgage notes payable, net (amounts related to VIEs of $2,918,806 and $2,929,326 at December 31, 2019 and 2018, respectively) | $ 2,922,408 | $ 2,964,572 | ||
Number Of Mortgage Loans Accounted For Fair Value | 0 | 0 | ||
Repayments of Secured Debt | $ 46,173 | $ 18,634 | $ 1,317,653 | |
Losses (gains) from early extinguishments of debt | 29,540 | 16,490 | (496) | |
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 28,716 | 15,973 | 12,784 | |
Interest Expense Decrease Due To Recording Mortgage Loans At Fair Value | $ 19,600 | |||
Minimum [Member] | ||||
Mortgage Notes Payable [Line Items] | ||||
Number Real Estate Assets Used For Mortgage Loan Collateral | 1 | |||
Fixed Rate Mortgages [Member] | ||||
Mortgage Notes Payable [Line Items] | ||||
Mortgage notes payable, net (amounts related to VIEs of $2,918,806 and $2,929,326 at December 31, 2019 and 2018, respectively) | $ 2,900,000 | $ 3,000,000 | ||
Debt, Weighted Average Interest Rate | 3.73% | 3.77% | ||
Fixed Rate Mortgages [Member] | Minimum [Member] | ||||
Mortgage Notes Payable [Line Items] | ||||
Coupon/Stated Rate | 3.43% | 3.43% | ||
Fixed Rate Mortgages [Member] | Maximum [Member] | ||||
Mortgage Notes Payable [Line Items] | ||||
Coupon/Stated Rate | 6.94% | 7.69% | ||
Variable Rate Mortgages [Member] | ||||
Mortgage Notes Payable [Line Items] | ||||
Number of variable rate mortgage loans | 0 | 0 | ||
New Dominion Technology Park, Bldg. One [Member] | ||||
Mortgage Notes Payable [Line Items] | ||||
Coupon/Stated Rate | 7.69% | |||
Repayments of Secured Debt | $ 26,500 | |||
Losses (gains) from early extinguishments of debt | 1,500 | |||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 1,400 | |||
Net Rentable Area (in sf) | ft² | 235,000 |
Unsecured Senior Notes Schedule
Unsecured Senior Notes Schedule of Unsecured Senior Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 03, 2019 | Jun. 21, 2019 | Dec. 31, 2018 | |||
Debt Instrument [Line Items] | ||||||
Deferred finance costs, net | $ (26,700) | |||||
Total | 8,390,459 | $ 7,544,697 | ||||
Boston Properties Limited Partnership | ||||||
Debt Instrument [Line Items] | ||||||
Deferred finance costs, net | (26,700) | |||||
Total | 8,390,459 | $ 7,544,697 | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal Amount | 8,450,000 | |||||
Net unamortized discount | (17,451) | |||||
Deferred finance costs, net | (42,090) | |||||
Total | $ 8,390,459 | |||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Notes 4.289% | ||||||
Debt Instrument [Line Items] | ||||||
Coupon/Stated Rate | 4.125% | |||||
Effective Rate | [1] | 4.289% | ||||
Principal Amount | $ 850,000 | |||||
Maturity date | [2] | May 15, 2021 | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Notes 3.954% | ||||||
Debt Instrument [Line Items] | ||||||
Coupon/Stated Rate | 3.85% | |||||
Effective Rate | [1] | 3.954% | ||||
Principal Amount | $ 1,000,000 | |||||
Maturity date | [2] | Feb. 1, 2023 | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Notes 3.279% | ||||||
Debt Instrument [Line Items] | ||||||
Coupon/Stated Rate | 3.125% | |||||
Effective Rate | [1] | 3.279% | ||||
Principal Amount | $ 500,000 | |||||
Maturity date | [2] | Sep. 1, 2023 | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Notes 3.916% | ||||||
Debt Instrument [Line Items] | ||||||
Coupon/Stated Rate | 3.80% | |||||
Effective Rate | [1] | 3.916% | ||||
Principal Amount | $ 700,000 | |||||
Maturity date | [2] | Feb. 1, 2024 | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Notes 3.35% | ||||||
Debt Instrument [Line Items] | ||||||
Coupon/Stated Rate | 3.20% | |||||
Effective Rate | [1] | 3.35% | ||||
Principal Amount | $ 850,000 | |||||
Maturity date | [2] | Jan. 15, 2025 | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Note 3.766% | ||||||
Debt Instrument [Line Items] | ||||||
Coupon/Stated Rate | 3.65% | |||||
Effective Rate | [1] | 3.766% | ||||
Principal Amount | $ 1,000,000 | |||||
Maturity date | [2] | Feb. 1, 2026 | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Note 3.495% | ||||||
Debt Instrument [Line Items] | ||||||
Coupon/Stated Rate | 2.75% | |||||
Effective Rate | [1] | 3.495% | ||||
Principal Amount | $ 1,000,000 | |||||
Maturity date | [2] | Oct. 1, 2026 | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Note 4.628% | ||||||
Debt Instrument [Line Items] | ||||||
Coupon/Stated Rate | 4.50% | |||||
Effective Rate | [1] | 4.628% | ||||
Principal Amount | $ 1,000,000 | |||||
Maturity date | [2] | Dec. 1, 2028 | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Note 3.505% | ||||||
Debt Instrument [Line Items] | ||||||
Coupon/Stated Rate | 3.40% | 3.40% | ||||
Effective Rate | 3.505% | [1] | 3.505% | |||
Principal Amount | $ 850,000 | $ 850,000 | ||||
Maturity date | [2] | Jun. 21, 2029 | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Note 2.984% | ||||||
Debt Instrument [Line Items] | ||||||
Coupon/Stated Rate | 2.90% | 2.90% | ||||
Effective Rate | 2.984% | [1] | 2.984% | |||
Principal Amount | $ 700,000 | $ 700,000 | ||||
Maturity date | [2] | Mar. 15, 2030 | ||||
[1] | Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs. | |||||
[2] | No principal amounts are due prior to maturity. |
Unsecured Senior Notes Unsecure
Unsecured Senior Notes Unsecured Senior Notes (Narrative) (Details) - USD ($) $ in Thousands | Sep. 18, 2019 | Sep. 03, 2019 | Jun. 21, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||||||
Proceeds from unsecured senior notes | $ 1,548,106 | $ 996,410 | $ 847,935 | ||||
Redemption of unsecured senior notes | 699,237 | 699,517 | 848,020 | ||||
Losses (gains) from early extinguishments of debt | 29,540 | 16,490 | (496) | ||||
Boston Properties Limited Partnership | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from unsecured senior notes | 1,548,106 | 996,410 | 847,935 | ||||
Redemption of unsecured senior notes | 699,237 | 699,517 | 848,020 | ||||
Losses (gains) from early extinguishments of debt | 29,540 | $ 16,490 | $ (496) | ||||
Boston Properties Limited Partnership | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal Amount | $ 8,450,000 | ||||||
Debt Instrument, Covenant Description | The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. | ||||||
Debt Instrument, Covenant Compliance | At December 31, 2019, Boston Properties Limited Partnership was in compliance with each of these financial restrictions and requirements. | ||||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Note 3.505% | |||||||
Debt Instrument [Line Items] | |||||||
Principal Amount | $ 850,000 | $ 850,000 | |||||
Coupon/Stated Rate | 3.40% | 3.40% | |||||
Senior Notes Pricing | 99.815% | ||||||
Effective Rate | 3.505% | 3.505% | [1] | ||||
Proceeds from unsecured senior notes | $ 841,400 | ||||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Note 2.984% | |||||||
Debt Instrument [Line Items] | |||||||
Principal Amount | $ 700,000 | $ 700,000 | |||||
Coupon/Stated Rate | 2.90% | 2.90% | |||||
Senior Notes Pricing | 99.954% | ||||||
Effective Rate | 2.984% | 2.984% | [1] | ||||
Proceeds from unsecured senior notes | $ 693,800 | ||||||
Boston Properties Limited Partnership | Senior Notes [Member] | Unsecured Senior Note 5.708% | |||||||
Debt Instrument [Line Items] | |||||||
Coupon/Stated Rate | 5.625% | ||||||
Debt Instrument, Face Amount | $ 700,000 | ||||||
Redemption of unsecured senior notes | 740,700 | ||||||
Accrued and Unpaid Interest | $ 13,500 | ||||||
Redemption Price, Percentage | 103.90% | ||||||
Losses (gains) from early extinguishments of debt | $ 28,000 | ||||||
Redemption Premium | $ 27,300 | ||||||
[1] | Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs. |
Unsecured Credit Facility (Deta
Unsecured Credit Facility (Details) - USD ($) $ in Thousands | Apr. 24, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 24, 2018 | Apr. 23, 2017 |
Line of Credit Facility [Line Items] | |||||
Unsecured term loan, net | $ 498,939 | $ 498,488 | |||
Document Period End Date | Dec. 31, 2019 | ||||
Long-term Line of Credit | $ 0 | 0 | |||
Line of Credit Facility, Covenant Compliance | At December 31, 2019, Boston Properties Limited Partnership was in compliance with each of these financial and other covenant requirements. | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,500,000 | $ 1,000,000 | |||
Potential increase to line of credit | $ 500,000 | ||||
Competitive bid quote | 65.00% | ||||
Long-term Line of Credit | $ 0 | 0 | |||
Line of Credit Facility, Covenant Terms | Among other covenants, the 2017 Credit Facility requires that Boston Properties Limited Partnership maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. | ||||
Delayed Draw Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 | ||||
Unsecured term loan, net | $ 500,000 | ||||
Margin added to Calculated Interest Rate | 0.90% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||||
Long-term Line of Credit | $ 500,000 | $ 500,000 | |||
Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Interest Rate Description | At Boston Properties Limited Partnership’s option, loans under the Revolving Facility and Delayed Draw Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, Euro or Sterling, LIBOR, and (b) in the case of loans denominated in Canadian Dollars, CDOR, in each case, plus a margin ranging from 77.5 to 155 basis points for the Revolving Commitment and 85 to 175 basis points for the Delayed Draw Facility, based on Boston Properties Limited Partnership’s credit rating or (2) an alternate base rate equal to the greatest of (x) the Administrative Agent’s prime rate, (y) the Federal Funds rate plus 0.50% or (z) LIBOR for a one-month period plus 1.00%, in each case, plus a margin ranging from 0 to 55 basis points for the Revolving Facility and 0 to 75 basis points for the Delayed Draw Facility, based on Boston Properties Limited Partnership’s credit rating. | ||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||||
Current credit rating [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Margin added to Calculated Interest Rate | 0.825% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | ||||
Current credit rating [Member] | Delayed Draw Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Margin added to Calculated Interest Rate | 0.90% |
Commitments And Contingencies (
Commitments And Contingencies (Details) | 12 Months Ended | |||||
Dec. 31, 2019USD ($)ft² | Dec. 31, 2009USD ($) | May 09, 2019ft² | Apr. 26, 2019ft² | Dec. 31, 2018USD ($) | Jan. 10, 2014USD ($) | |
Commitments And Contingencies [Line Items] | ||||||
Letter of credit and performance obligations | $ 21,000,000 | |||||
Property insurance program per occurrence limits | 1,000,000,000 | |||||
Per occurrence limit for NBCR Coverage | 1,000,000,000 | |||||
Value of program trigger | $ 180,000,000 | |||||
Coinsurance of program trigger | 19.00% | |||||
Deductible in insurance as a percentage of the value of the affected property, San Francisco and Los Angeles | 3.00% | |||||
Per occurrence limit of the earthquake insurance which covers San Francisco and Los Angeles regions | $ 240,000,000 | |||||
Annual aggregate limit of the earthquake insurance which covers San Francisco and Los Angeles regions | 240,000,000 | |||||
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco and Los Angeles | 20,000,000 | |||||
767 Venture, LLC [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Maximum funding obligation | 70,200,000 | |||||
Property insurance program per occurrence limits | 1,625,000,000 | |||||
7750 Wisconsin Avenue [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Liabilities for Contingent Guarantees | 0 | |||||
Net Rentable Area (in sf) | ft² | 734,000 | |||||
Lehman [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Bankruptcy claim, amount filed by general creditor | $ 45,300,000 | |||||
Bankruptcy claim amount allowed by court to creditor | $ 45,200,000 | |||||
Bankruptcy Claims, Amount of Claims Settled | $ 18,000,000 | |||||
Bankruptcy remaining claim amount allowed by court to creditor | 27,200,000 | |||||
6595 Springfield Center Drive [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Liabilities for Contingent Guarantees | $ 0 | |||||
325 Main Street | ||||||
Commitments And Contingencies [Line Items] | ||||||
Net Rentable Area (in sf) | ft² | 115,000 | 115,000 | ||||
601 Lexington Avenue | ||||||
Commitments And Contingencies [Line Items] | ||||||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP | $ 250,000,000 | |||||
Boston Properties Limited Partnership | ||||||
Commitments And Contingencies [Line Items] | ||||||
Operating partnership guarantee to cover liabilities of IXP | $ 20,000,000 | |||||
Future Residential Building [Member] | 325 Main Street | ||||||
Commitments And Contingencies [Line Items] | ||||||
Net Rentable Area (in sf) | ft² | 200,000 | |||||
Affordable Housing requirement | 25.00% | |||||
Future Office Building [Member] | 325 Main Street | ||||||
Commitments And Contingencies [Line Items] | ||||||
Net Rentable Area (in sf) | ft² | 420,000 | 420,000 | ||||
Future Retail Building [Member] | 325 Main Street | ||||||
Commitments And Contingencies [Line Items] | ||||||
Net Rentable Area (in sf) | ft² | 41,000 | 41,000 | ||||
Home Ownership Units [Member] | Future Residential Building [Member] | 325 Main Street | ||||||
Commitments And Contingencies [Line Items] | ||||||
Affordable Housing requirement | 20.00% |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - Boston Properties Limited Partnership | Dec. 31, 2019shares |
Noncontrolling Interest [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Operating Partnership (OP) Units (in shares) | 16,764,466 |
Long-Term Incentive Plan (LTIP) Units (in shares) | 1,143,215 |
OPP Units 2012 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Outperformance awards in LTIP Units (in shares) | 118,067 |
MYLTIP 2013 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
2013 MYLTIP | 68,659 |
MYLTIP 2014 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
2014 MYLTIP | 23,100 |
MYLTIP 2015 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
2015 MYLTIP | 28,724 |
MYLTIP 2016 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
2016 MYLTIP | 98,706 |
MYLTIP 2017 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
2017 MYLTIP | 394,921 |
MYLTIP 2018 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
2018 MYLTIP | 336,195 |
MYLTIP 2019 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
2019 MYLTIPS | 220,734 |
(Common Units) (Narrative) (Det
(Common Units) (Narrative) (Details) $ / shares in Units, $ in Thousands | Feb. 09, 2019USD ($)shares | Feb. 04, 2018USD ($)shares | Feb. 03, 2017USD ($)shares | Dec. 31, 2019USD ($)sharesyr$ / shares | Dec. 31, 2018USD ($)shares |
OP Units [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
OP Units for redemption (in shares) | 144,481 | 83,136 | |||
Redemption of OP units issued on conversion of LTIP, OPP and MYLTIP units (in shares) | 92,678 | 48,389 | |||
MYLTIP Units distribution as percentage of OP Unit distribution prior to measurement date | 10.00% | ||||
Restriction on redemption of OP Unit to Common Stock (in years) | yr | 1 | ||||
Redemption of OP Unit equivalent to Common Stock (in shares) | 1 | ||||
Common units of operating partnership if converted value | $ | $ 2,500,000 | ||||
Closing price of common stock (in dollars per share) | $ / shares | $ 137.86 | ||||
MYLTIP 2014 | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Final awards percentage of target | 27.70% | ||||
Value of MYLTIP Awards | $ | $ 3,500 | ||||
MYLTIP Units forfeited | 447,386 | ||||
MYLTIP 2015 [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Final awards percentage of target | 22.00% | ||||
Value of MYLTIP Awards | $ | $ 3,600 | ||||
MYLTIP Units forfeited | 337,847 | ||||
MYLTIP 2016 [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Final awards percentage of target | 69.50% | ||||
Value of MYLTIP Awards | $ | $ 13,600 | ||||
2016 MYLTIP Units forfeited | 364,980 | ||||
Boston Properties Limited Partnership | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Common units of operating partnership if converted value | $ | $ 2,468,753 | $ 2,000,591 | |||
Boston Properties Limited Partnership | MYLTIP 2017 [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
2017 MYLTIP | 394,921 | ||||
Boston Properties Limited Partnership | MYLTIP 2018 | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
2018 MYLTIP | 336,195 | ||||
Boston Properties Limited Partnership | MYLTIP 2019 [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
2019 MYLTIPS | 220,734 |
Noncontrolling Interests Common
Noncontrolling Interests Common Units Distributions (Details) - Boston Properties Limited Partnership - $ / shares | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 30, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 30, 2018 | Dec. 17, 2019 |
Dividends Payable [Line Items] | |||||||||
Distributions Declared To OP And LTIP Units Per Unit | $ 0.98 | ||||||||
Distributions Declared To MYLTIP Units Per Unit | $ 0.098 | ||||||||
Distributions made to OP and LTIP units per unit (in dollars per share) | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.80 | $ 0.80 | $ 0.80 | |
Distributions Made To MYLTIP Units Per Unit | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.080 | $ 0.080 | $ 0.080 |
Noncontrolling Interests (Prope
Noncontrolling Interests (Property Partnerships) (Narrative) (Details) $ in Thousands | Apr. 01, 2019USD ($) | May 12, 2016ft² | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 06, 2017USD ($) |
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest in Limited Partnerships | $ 1,728,689 | $ 1,711,445 | ||||
Payments to Noncontrolling Interests | 69,913 | $ 82,501 | $ 54,342 | |||
Acquisition of noncontrolling interest in property partnership | (186,963) | |||||
Salesforce Tower | Consolidated Properties [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Portion of costs funded (in percentage) | 50.00% | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
Stabilization definition for Salesforce Tower | The term stabilization date was defined in the agreement to generally mean the first date after completion upon which Salesforce Tower is (1) at least 90% leased and (2) 50% occupied by tenants that are paying rent. | |||||
Net Rentable Area (in sf) | ft² | 1,421,000 | |||||
Salesforce Tower | Boston Properties, Inc. [Member] | Consolidated Properties [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Costs funded (in percentage) | 2.50% | |||||
Preferred equity funded | $ 22,600 | |||||
Salesforce Tower | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | |||||
Payments to Noncontrolling Interests | $ 210,900 | |||||
Repayment of Preferred Equity | 24,100 | |||||
Net Payments To Minority Shareholders | 186,800 | |||||
Acquisition of noncontrolling interest in property partnership | $ 162,500 | |||||
767 Fifth Avenue (the General Motors Building) [Member] | Consolidated Properties [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest in Limited Partnerships | $ 109,600 | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | |||||
Unpaid principal balance of the members' notes payable contributed to equity | $ 273,900 | |||||
Consolidation, Eliminations [Member] | 767 Fifth Avenue (the General Motors Building) [Member] | Consolidated Properties [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Unpaid principal balance of the members' notes payable contributed to equity | $ 164,400 |
Stockholders' Equity _ Partne_3
Stockholders' Equity / Partners' Capital Narrative (Details) $ / shares in Units, $ in Millions | Jun. 02, 2017USD ($)yr | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017shares | Mar. 27, 2018$ / shares | Jun. 03, 2014USD ($) |
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Outstanding | 154,790,298 | 154,458,478 | ||||
General Partners' Capital Account, Units Outstanding (in units) | 1,726,980 | |||||
Limited Partners' Capital Account, Units Outstanding (in units) | 153,063,318 | |||||
Options exercised | 145,088 | 0 | 6,688 | |||
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares) | 144,481 | 83,136 | ||||
ATM Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
At The Market Stock Offering Program Aggregate Value Of Common Stock | $ | $ 600 | $ 600 | ||||
At Market Stock Offering Program Maximum Length Of Sale (in years) | yr | 3 | |||||
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||||||
Class of Stock [Line Items] | ||||||
Series B, Shares Outstanding (in shares) | 80,000 | 80,000 | ||||
Series B, Dividend Rate, Percentage | 5.25% | |||||
Series B, Liquidation Preference Per Share (dollars per share) | $ / shares | $ 2,500 | $ 2,500 | $ 2,500 | |||
Depositary shares of Series B Cumulative Redeemable Preferred [Member] | ||||||
Class of Stock [Line Items] | ||||||
Series B, Shares Outstanding (in shares) | 8,000,000 | |||||
Series B, Liquidation Preference Per Share (dollars per share) | $ / shares | $ 25 | $ 25 | ||||
Boston Properties Limited Partnership | ||||||
Class of Stock [Line Items] | ||||||
General Partners' Capital Account, Units Outstanding (in units) | 1,726,980 | 1,722,336 | ||||
Limited Partners' Capital Account, Units Outstanding (in units) | 153,063,318 | 152,736,142 | ||||
Boston Properties Limited Partnership | Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||||||
Class of Stock [Line Items] | ||||||
Series B, Shares Outstanding (in shares) | 80,000 | 80,000 | ||||
Series B, Liquidation Preference Per Share (dollars per share) | $ / shares | $ 2,500 | $ 2,500 |
Stockholders' Equity _ Partne_4
Stockholders' Equity / Partners' Capital Dividends / Distributions (Details) - $ / shares | Nov. 15, 2019 | Oct. 31, 2019 | Aug. 15, 2019 | Jul. 31, 2019 | May 15, 2019 | Apr. 30, 2019 | Feb. 15, 2019 | Jan. 30, 2019 | Nov. 15, 2018 | Oct. 31, 2018 | Aug. 15, 2018 | Jul. 31, 2018 | May 15, 2018 | Apr. 30, 2018 | Feb. 15, 2018 | Jan. 30, 2018 | Dec. 17, 2019 |
Dividends / Distributions [Line Items] | |||||||||||||||||
Dividends Payable, Amount Per Share / Unit | $ 0.98 | ||||||||||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.80 | $ 0.80 | $ 0.80 | |||||||||
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 | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.80 | $ 0.80 | $ 0.80 | |||||||||
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | |||||||||||||||||
Dividends / Distributions [Line Items] | |||||||||||||||||
Dividends Payable, Amount Per Share / Unit | $ 32.8125 | ||||||||||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 |
Future Minimum Rents Narrative
Future Minimum Rents Narrative (Details) - tenants | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Future Minimum Rent [Line Items] | |||
Number Of Tenants Above Concentration Amount. | 0 | 0 | 0 |
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Future Minimum Rents Future min
Future Minimum Rents Future minimum rent under non-cancelable operating leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Future minimum rent [Abstract] | ||
2020 | $ 2,205,675 | $ 2,088,171 |
2021 | 2,222,643 | 2,106,963 |
2022 | 2,126,968 | 2,015,031 |
2023 | 2,068,871 | 1,838,699 |
2024 | 1,974,144 | 1,736,636 |
Thereafter | $ 13,892,504 | $ 12,295,464 |
Future Minimum Rents Future M_2
Future Minimum Rents Future Minimum Rents for non-cancelable leases for 2018 (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Future minimum rent [Abstract] | ||
2019 | $ 2,205,675 | $ 2,088,171 |
2020 | 2,222,643 | 2,106,963 |
2021 | 2,126,968 | 2,015,031 |
2022 | 2,068,871 | 1,838,699 |
2023 | 1,974,144 | 1,736,636 |
Thereafter | $ 13,892,504 | $ 12,295,464 |
Segment Information (Schedule O
Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company's common shareholders / unitholders | $ 511,034 | $ 572,347 | $ 451,939 | |
Preferred dividends / distributions | (10,500) | (10,500) | (10,500) | |
Noncontrolling interest-common units of the Operating Partnership | (59,345) | (66,807) | (52,210) | |
Noncontrolling interest in property partnerships | (71,120) | (62,909) | (47,832) | |
Interest expense | (412,717) | (378,168) | (374,481) | |
Gains (losses) from early extinguishments of debt | 29,540 | 16,490 | (496) | |
Company's share of net operating income from joint ventures | (1,826,123) | (1,649,314) | (1,605,435) | |
Depreciation and amortization expense | (677,764) | (645,649) | (617,547) | |
Transaction costs | (1,984) | (1,604) | (668) | |
General and administrative expense | (140,777) | (121,722) | (113,715) | |
Gains (losses) from investments in securities | (6,417) | 1,865 | (3,678) | |
Interest and other income | (18,939) | (10,823) | (5,783) | |
Income from unconsolidated joint ventures | (46,592) | (2,222) | (11,232) | |
Business Intersegment, Eliminations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company's common shareholders / unitholders | 511,034 | 572,347 | 451,939 | |
Preferred dividends / distributions | 10,500 | 10,500 | 10,500 | |
Noncontrolling interest-common units of the Operating Partnership | 59,345 | 66,807 | 52,210 | |
Noncontrolling interest in property partnerships | 71,120 | 62,909 | 47,832 | |
Interest expense | 412,717 | 378,168 | 374,481 | |
Gains (losses) from early extinguishments of debt | 29,540 | 16,490 | (496) | |
Impairment losses | 24,038 | 11,812 | 0 | |
Depreciation and amortization expense | 677,764 | 645,649 | 617,547 | |
Transaction costs | 1,984 | 1,604 | 668 | |
Payroll and related costs from management services contracts | 10,386 | 9,590 | 0 | |
General and administrative expense | 140,777 | 121,722 | 113,715 | |
Gains (losses) from investments in securities | 6,417 | (1,865) | 3,678 | |
Interest and other income | 18,939 | 10,823 | 5,783 | |
Gains on sales of real estate | 709 | 182,356 | 7,663 | |
Income from unconsolidated joint ventures | 46,592 | 2,222 | 11,232 | |
Other revenue | 10,386 | 9,590 | 0 | |
Net Operating Income | 1,739,850 | 1,551,842 | 1,495,198 | |
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 | 580,102 | 656,903 | 512,866 | |
Preferred dividends / distributions | (10,500) | (10,500) | (10,500) | |
Noncontrolling interest in property partnerships | (71,120) | (62,909) | (47,832) | |
Interest expense | (412,717) | (378,168) | (374,481) | |
Gains (losses) from early extinguishments of debt | 29,540 | 16,490 | (496) | |
Impairment losses | 0 | |||
Depreciation and amortization expense | (669,956) | (637,891) | ||
Transaction costs | (1,984) | (1,604) | (668) | |
General and administrative expense | (140,777) | (121,722) | (113,715) | |
Gains (losses) from investments in securities | (6,417) | 1,865 | (3,678) | |
Interest and other income | (18,939) | (10,823) | (5,783) | |
Income from unconsolidated joint ventures | (46,592) | (2,222) | (11,232) | |
Boston Properties Limited Partnership | Business Intersegment, Eliminations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company's common shareholders / unitholders | 580,102 | 656,903 | 512,866 | |
Preferred dividends / distributions | 10,500 | 10,500 | 10,500 | |
Noncontrolling interest in property partnerships | 71,120 | 62,909 | 47,832 | |
Interest expense | 412,717 | 378,168 | 374,481 | |
Gains (losses) from early extinguishments of debt | 29,540 | 16,490 | 496 | |
Impairment losses | 22,272 | 10,181 | 0 | |
Depreciation and amortization expense | 669,956 | 637,891 | 609,407 | |
Transaction costs | 1,984 | 1,604 | 668 | |
Payroll and related costs from management services contracts | 10,386 | 9,590 | 0 | |
General and administrative expense | 140,777 | 121,722 | 113,715 | |
Gains (losses) from investments in securities | 6,417 | (1,865) | 3,678 | |
Interest and other income | 18,939 | 10,823 | 5,783 | |
Gains on sales of real estate | 858 | 190,716 | 8,240 | |
Income from unconsolidated joint ventures | 46,592 | 2,222 | 11,232 | |
Other revenue | 10,386 | 9,590 | 0 | |
Net Operating Income | 1,739,850 | 1,551,842 | 1,495,198 | |
Unconsolidated Joint Ventures [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Interest expense | (84,409) | (71,308) | (46,371) | |
Company's share of net operating income from joint ventures | (97,716) | (79,893) | (64,008) | |
Depreciation and amortization expense | (102,296) | (103,079) | [1] | (57,079) |
Transaction costs | (1,000) | 0 | 0 | |
Income from unconsolidated joint ventures | (46,592) | (2,222) | (11,232) | |
Unconsolidated Joint Ventures [Member] | Business Intersegment, Eliminations [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 | (97,716) | (79,893) | (64,008) | |
Unconsolidated Joint Ventures [Member] | Boston Properties Limited Partnership | Business Intersegment, Eliminations [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 | (97,716) | (79,893) | (64,008) | |
Management Service [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Payroll and related costs from management services contracts | (10,386) | (9,590) | 0 | |
Other revenue | (40,039) | (45,158) | (34,605) | |
Management Service [Member] | Business Intersegment, Eliminations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | 40,039 | 45,158 | 34,605 | |
Management Service [Member] | Boston Properties Limited Partnership | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Payroll and related costs from management services contracts | (10,386) | (9,590) | 0 | |
Other revenue | (40,039) | (45,158) | (34,605) | |
Management Service [Member] | Boston Properties Limited Partnership | Business Intersegment, Eliminations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | 40,039 | 45,158 | 34,605 | |
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 | 183,989 | 177,365 | 174,245 | |
Noncontrolling interest - property partnerships [Member] | Business Intersegment, Eliminations [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 | 183,989 | 177,365 | 174,245 | |
Noncontrolling interest - property partnerships [Member] | Boston Properties Limited Partnership | Business Intersegment, Eliminations [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 | $ 183,989 | $ 177,365 | $ 174,245 | |
[1] | During the year ended December 31, 2018, the joint venture that owns Metropolitan Square in Washington, DC, commenced a renovation project and recorded accelerated depreciation expense of approximately $22.4 million related to the remaining book value of the assets to be replaced. The Company’s share of the accelerated depreciation expense totaled approximately $4.5 million . |
Segment Information (Schedule_2
Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 2,824,634 | $ 2,590,659 | $ 2,505,272 |
Rental Revenue: Residential | [1] | 36,914 | 22,551 | 16,596 |
Rental Revenue Total | [1] | $ 2,910,137 | $ 2,662,328 | $ 2,567,471 |
Rental Revenue: % of Grand Totals | [1] | 100.00% | 100.00% | 100.00% |
Rental Expenses: Class A Office | $ 1,034,025 | $ 966,547 | $ 923,675 | |
Rental Expenses: Residential | 15,985 | 12,604 | 6,302 | |
Rental Expenses: Total | $ 1,084,014 | $ 1,013,014 | $ 962,036 | |
Rental Expenses: % Of Grand Totals | 100.00% | 100.00% | 100.00% | |
Net Operating Income: % of Grand Totals | 100.00% | 100.00% | 100.00% | |
Net Operating Income | $ 1,826,123 | $ 1,649,314 | $ 1,605,435 | |
Company's Share of Net Operating Income: % of Grand Totals | 100.00% | 100.00% | 100.00% | |
Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 895,098 | $ 838,341 | $ 776,279 |
Rental Revenue: Residential | [1] | 13,786 | 6,694 | 4,745 |
Rental Revenue Total | [1] | $ 957,473 | $ 894,153 | $ 826,627 |
Rental Revenue: % of Grand Totals | [1] | 32.90% | 33.59% | 32.20% |
Rental Expenses: Class A Office | $ 322,282 | $ 315,653 | $ 301,097 | |
Rental Expenses: Residential | 5,071 | 3,632 | 2,044 | |
Rental Expenses: Total | $ 361,357 | $ 353,148 | $ 335,200 | |
Rental Expenses: % Of Grand Totals | 33.34% | 34.86% | 34.84% | |
Net Operating Income: % of Grand Totals | 32.64% | 32.80% | 30.61% | |
Net Operating Income | $ 596,116 | $ 541,005 | $ 491,427 | |
Company's Share of Net Operating Income: % of Grand Totals | 32.27% | 32.86% | 30.87% | |
Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 0 | $ 0 | $ 0 |
Rental Revenue: Residential | [1] | 0 | 0 | 0 |
Rental Revenue Total | [1] | $ 0 | $ 0 | $ 0 |
Rental Revenue: % of Grand Totals | [1] | 0.00% | 0.00% | 0.00% |
Rental Expenses: Class A Office | $ 0 | $ 0 | $ 0 | |
Rental Expenses: Residential | 0 | 0 | 0 | |
Rental Expenses: Total | $ 0 | $ 0 | $ 0 | |
Rental Expenses: % Of Grand Totals | 0.00% | 0.00% | 0.00% | |
Net Operating Income: % of Grand Totals | 0.00% | 0.00% | 0.00% | |
Net Operating Income | $ 0 | $ 0 | $ 0 | |
Company's Share of Net Operating Income: % of Grand Totals | 3.53% | 2.75% | 1.79% | |
New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 1,011,912 | $ 959,050 | $ 969,371 |
Rental Revenue: Residential | [1] | 0 | 0 | 0 |
Rental Revenue Total | [1] | $ 1,011,912 | $ 959,050 | $ 969,371 |
Rental Revenue: % of Grand Totals | [1] | 34.78% | 36.02% | 37.75% |
Rental Expenses: Class A Office | $ 389,532 | $ 377,992 | $ 372,810 | |
Rental Expenses: Residential | 0 | 0 | 0 | |
Rental Expenses: Total | $ 389,532 | $ 377,992 | $ 372,810 | |
Rental Expenses: % Of Grand Totals | 35.93% | 37.32% | 38.76% | |
Net Operating Income: % of Grand Totals | 34.09% | 35.23% | 37.15% | |
Net Operating Income | $ 622,380 | $ 581,058 | $ 596,561 | |
Company's Share of Net Operating Income: % of Grand Totals | 27.77% | 28.63% | 30.94% | |
San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 533,189 | $ 397,180 | $ 345,519 |
Rental Revenue: Residential | [1] | 0 | 0 | 0 |
Rental Revenue Total | [1] | $ 533,189 | $ 397,180 | $ 345,519 |
Rental Revenue: % of Grand Totals | [1] | 18.32% | 14.92% | 13.46% |
Rental Expenses: Class A Office | $ 177,994 | $ 130,016 | $ 105,253 | |
Rental Expenses: Residential | 0 | 0 | 0 | |
Rental Expenses: Total | $ 177,994 | $ 130,016 | $ 105,253 | |
Rental Expenses: % Of Grand Totals | 16.42% | 12.83% | 10.94% | |
Net Operating Income: % of Grand Totals | 19.45% | 16.20% | 14.97% | |
Net Operating Income | $ 355,195 | $ 267,164 | $ 240,266 | |
Company's Share of Net Operating Income: % of Grand Totals | 20.39% | 17.22% | 16.10% | |
Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 384,435 | $ 396,088 | $ 414,103 |
Rental Revenue: Residential | [1] | 23,128 | 15,857 | 11,851 |
Rental Revenue Total | [1] | $ 407,563 | $ 411,945 | $ 425,954 |
Rental Revenue: % of Grand Totals | [1] | 14.00% | 15.47% | 16.59% |
Rental Expenses: Class A Office | $ 144,217 | $ 142,886 | $ 144,515 | |
Rental Expenses: Residential | 10,914 | 8,972 | 4,258 | |
Rental Expenses: Total | $ 155,131 | $ 151,858 | $ 148,773 | |
Rental Expenses: % Of Grand Totals | 14.31% | 14.99% | 15.46% | |
Net Operating Income: % of Grand Totals | 13.82% | 15.77% | 17.27% | |
Net Operating Income | $ 252,432 | $ 260,087 | $ 277,181 | |
Company's Share of Net Operating Income: % of Grand Totals | 16.04% | 18.54% | 20.30% | |
Hotel [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | $ 48,589 | $ 49,118 | $ 45,603 |
Payroll and related costs from management services contracts | 34,004 | 33,863 | 32,059 | |
Hotel [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 48,589 | 49,118 | 45,603 |
Payroll and related costs from management services contracts | 34,004 | 33,863 | 32,059 | |
Hotel [Member] | Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 0 | 0 | 0 |
Payroll and related costs from management services contracts | 0 | 0 | 0 | |
Hotel [Member] | New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 0 | 0 | 0 |
Payroll and related costs from management services contracts | 0 | 0 | 0 | |
Hotel [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 0 | 0 | 0 |
Payroll and related costs from management services contracts | 0 | 0 | 0 | |
Hotel [Member] | Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 0 | 0 | 0 |
Payroll and related costs from management services contracts | 0 | 0 | 0 | |
Noncontrolling interest - property partnerships [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | (183,989) | (177,365) | (174,245) | |
Noncontrolling interest - property partnerships [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | (40,109) | (33,862) | (31,857) | |
Noncontrolling interest - property partnerships [Member] | Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | |
Noncontrolling interest - property partnerships [Member] | New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | (143,432) | (143,562) | (142,916) | |
Noncontrolling interest - property partnerships [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | (448) | 59 | 528 | |
Noncontrolling interest - property partnerships [Member] | Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | |
Unconsolidated Joint Ventures [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 97,716 | 79,893 | 64,008 | |
Unconsolidated Joint Ventures [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 5,494 | 2,866 | 1,962 | |
Unconsolidated Joint Ventures [Member] | Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 61,338 | 42,750 | 26,816 | |
Unconsolidated Joint Ventures [Member] | New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 4,174 | 6,590 | 8,832 | |
Unconsolidated Joint Ventures [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | |
Unconsolidated Joint Ventures [Member] | Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 26,710 | 27,687 | 26,398 | |
Company's Share [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 1,739,850 | 1,551,842 | 1,495,198 | |
Company's Share [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 561,501 | 510,009 | 461,532 | |
Company's Share [Member] | Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 61,338 | 42,750 | 26,816 | |
Company's Share [Member] | New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 483,122 | 444,086 | 462,477 | |
Company's Share [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 354,747 | 267,223 | 240,794 | |
Company's Share [Member] | Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | $ 279,142 | $ 287,774 | $ 303,579 | |
[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. |
Segment Information Narrative (
Segment Information Narrative (Details) - Los Angeles [Member] ft² in Millions | Dec. 31, 2019ft²Buildings |
Segment Reporting Information [Line Items] | |
Number of real estate properties | Buildings | 27 |
Net Rentable Area (in sf) | ft² | 2.3 |
Earnings Per Share _ Common U_3
Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic Earnings: | |||||||||||
Net income attributable to the company's common shareholders / unitholders | $ 511,034 | $ 572,347 | $ 451,939 | ||||||||
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 154,582,000 | 154,427,000 | 154,190,000 | ||||||||
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 0.91 | $ 0.70 | $ 1.06 | $ 0.63 | $ 0.96 | $ 0.77 | $ 0.83 | $ 1.14 | $ 3.31 | $ 3.71 | $ 2.93 |
Allocation of undistributed earnings to participating securities | $ (101) | ||||||||||
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | ||||||||||
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 0 | ||||||||||
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities | $ 572,246 | ||||||||||
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities (in shares / units) | 154,427,000 | ||||||||||
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 3.71 | ||||||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation | $ 0 | $ 0 | $ 0 | ||||||||
Stock Based Compensation (in shares / units) | 301,000 | 255,000 | 200,000 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ (0.01) | $ (0.01) | $ 0 | ||||||||
Diluted Earnings: | |||||||||||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 511,034 | $ 572,246 | $ 451,939 | ||||||||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 154,883,000 | 154,682,000 | 154,390,000 | ||||||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | 0.91 | 0.70 | 1.06 | 0.63 | 0.96 | 0.77 | 0.83 | 1.14 | $ 3.30 | $ 3.70 | $ 2.93 |
Boston Properties Limited Partnership | |||||||||||
Redeemable Common Units | 17,618,000 | 17,485,000 | 17,471,000 | ||||||||
Basic Earnings: | |||||||||||
Net income attributable to the company's common shareholders / unitholders | $ 580,102 | $ 656,903 | $ 512,866 | ||||||||
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 172,200,000 | 171,912,000 | 171,661,000 | ||||||||
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | 0.92 | 0.71 | 1.08 | 0.66 | 1.01 | 0.79 | 0.85 | 1.17 | $ 3.37 | $ 3.82 | $ 2.99 |
Allocation of undistributed earnings to participating securities | $ (113) | ||||||||||
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | ||||||||||
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 0 | ||||||||||
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities | $ 656,790 | ||||||||||
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities (in shares / units) | 171,912,000 | ||||||||||
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 3.82 | ||||||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation | $ 0 | $ 0 | $ 0 | ||||||||
Stock Based Compensation (in shares / units) | 301,000 | 255,000 | 200,000 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ (0.01) | $ (0.01) | $ (0.01) | ||||||||
Diluted Earnings: | |||||||||||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 580,102 | $ 656,790 | $ 512,866 | ||||||||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 172,501,000 | 172,167,000 | 171,861,000 | ||||||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.92 | $ 0.71 | $ 1.08 | $ 0.66 | $ 1.01 | $ 0.79 | $ 0.85 | $ 1.17 | $ 3.36 | $ 3.81 | $ 2.98 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | 240 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Employer Matching Contribution, Percent of Match | 200.00% | |||
Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |||
Maximum Eligible Earnings As Established By IRS For Matching Contributions | $ 280,000 | $ 275,000 | $ 270,000 | |
Employer Contribution Amount | 4,200,000 | 4,100,000 | $ 4,100,000 | |
Separate Unrestricted Cash For Deferred Compensation Plans | 36,700,000 | 28,200,000 | $ 36,700,000 | |
Deferred Compensation Liability | 36,000,000 | 28,200,000 | 36,000,000 | |
Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Separate Unrestricted Cash For Deferred Compensation Plans | $ 36,000,000 | $ 28,200,000 | $ 36,000,000 |
Stock Option and Incentive Pl_3
Stock Option and Incentive Plan (Narrative) (Details) $ / shares in Units, $ in Millions | Feb. 09, 2019USD ($)shares | Feb. 05, 2019USD ($)shares | Feb. 04, 2018USD ($)shares | Feb. 03, 2017USD ($)shares | May 15, 2012shares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number Exercisable | 540,441 | 540,441 | |||||
Exercisable, Weighted Average Exercise Price | $ / shares | $ 96.35 | $ 96.35 | |||||
2012 Stock Option and Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Additional Shares Authorized | 13,000,000 | ||||||
Other Than Stock Options Awards Conversion Ratio | 2.32 | ||||||
Stock Option Awards Conversion Ratio | 1 | ||||||
Stock Option and Incentive Plan Term Period | 10 years | ||||||
MYLTIP 2019 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
TSR measurement (in years) | three-year | ||||||
Minimum earned awards | 0 | ||||||
Maximum Earned Awards | 220,734 | ||||||
Earned wards - Target | 110,367 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Earned awards (if any) will vest 50% on February 4, 2022 and 50% on February 4, 2023, based on continued employment. Vesting will be accelerated in the event of a change in control, termination of employment by Boston Properties, Inc. without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to February 4, 2022, earned awards will be calculated based on TSR performance up to the date of the change of control. The 2019 MYLTIP awards are in the form of LTIP Units issued on the grant date which (i) are subject to forfeiture to the extent awards are not earned and (ii) prior to the performance measurement date are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. | ||||||
Value of MYLTIP Awards | $ | $ 13.5 | ||||||
MYLTIP Value Amortized Into Earnings, Years | four year | ||||||
MYLTIP 2014 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Value of MYLTIP Awards | $ | $ 3.5 | ||||||
Final awards percentage of target | 27.70% | ||||||
MYLTIP Units forfeited | 447,386 | ||||||
MYLTIP 2016 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Value of MYLTIP Awards | $ | $ 13.6 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | 364,980 | ||||||
Final awards percentage of target | 69.50% | ||||||
MYLTIP 2015 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Value of MYLTIP Awards | $ | $ 3.6 | ||||||
Final awards percentage of target | 22.00% | ||||||
MYLTIP Units forfeited | 337,847 |
Stock Option and Incentive Pl_4
Stock Option and Incentive Plan (Restricted Stock) (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)d$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued | 154,869,198 | 154,537,378 | |
Stock based compensation expense | $ | $ 39,800 | $ 33,200 | |
Common Stock, Value, Issued | $ | 1,548 | $ 1,545 | |
Intrinsic Value of stock options | $ | $ 16,400 | ||
Number Exercisable | 540,441 | 540,441 | |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 96.35 | $ 96.35 | |
Non-qualified stock options issued | 0 | 0 | 0 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued | 26,503 | 20,320 | 37,414 |
Employee and director payment per share (in dollars per share) | $ / shares | $ 0.01 | ||
Common Stock, Value, Issued | $ | $ 3,500 | $ 2,400 | $ 4,900 |
Common Stock Weighted Average Price (in dollars per share) | $ / shares | $ 131.27 | $ 119.27 | $ 130.32 |
LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value Of LTIP Units Issued | $ | $ 22,100 | $ 22,700 | $ 13,600 |
Weighted Average Per Unit Fair Value (in dollars per share) | $ / shares | $ 121.50 | $ 110.29 | $ 119.41 |
Expected life assumed to calculate per unit fair value per LTIP unit (in years) | 5 years 8 months 12 days | 5 years 8 months 12 days | 5 years 8 months 12 days |
Risk-free rate | 2.68% | 2.63% | 2.14% |
Expected price volatility | 27.00% | 27.00% | 28.00% |
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 | ||
Unvested Restricted stock and LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expenses | $ | $ 23,300 | ||
Unvested 2017 - 2019 MYLTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expenses | $ | $ 12,400 | ||
Weighted-average period (years) | 2 years 4 months 24 days | ||
Non-Qualified Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock available for issuance | 250,000 | ||
Payment Award Discount From Market Price Based on Ten Business Day Average | 85.00% | ||
Number Of Days Used In Calculation, Average Closing Prices Of Common Stock | d | 10 | ||
Number of shares issued | 5,862 | 6,268 | 6,317 |
Weighted Average Purchase Price of Shares (in dollars per share) | $ / shares | $ 104.11 | $ 107.20 | $ 105.97 |
Boston Properties Limited Partnership | LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
LTIP units issued (in shares) | 181,919 | 205,838 | 113,918 |
Boston Properties Limited Partnership | MYLTIP 2019 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
MYLTIP units issued (in shares) | 220,734 | ||
Boston Properties Limited Partnership | MYLTIP 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
MYLTIP units issued (in shares) | 342,659 | ||
Boston Properties Limited Partnership | MYLTIP 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
MYLTIP units issued (in shares) | 400,000 |
Stock Option and Incentive Pl_5
Stock Option and Incentive Plan Schedule of Stock Options Status (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning Outstanding, Shares | 540,441 | 540,441 | 547,129 |
Beginning Outstanding, Weighted Average Exercise Price | $ 96.35 | $ 96.35 | $ 96.38 |
Exercised, Shares | (145,088) | 0 | (6,688) |
Exercised, Weighted Averge Exercise Price | $ 96.27 | $ 0 | $ 99.15 |
Ending Outstanding, Shares | 395,353 | 540,441 | 540,441 |
Ending Outstanding, Weighted Average Exercise Price | $ 96.37 | $ 96.35 | $ 96.35 |
Stock Option and Incentive Pl_6
Stock Option and Incentive Plan Schedule of Stock Options Outstanding (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number Outstanding at period end | 395,353 | 540,441 | 540,441 | 547,129 |
Outstanding, Weighted Average Exercise Price | $ 96.37 | $ 96.35 | $ 96.35 | $ 96.38 |
Number Exercisable | 540,441 | 540,441 | ||
Exercisable, Weighted Average Exercise Price | $ 96.35 | $ 96.35 | ||
Exercise Price of $86.86 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number Outstanding at period end | 81,458 | |||
Weighted Average Remaining Contractual Life (Years) | 1 year 1 month 6 days | |||
Outstanding, Weighted Average Exercise Price | $ 86.86 | |||
Number Exercisable | 81,458 | |||
Exercisable, Weighted Average Exercise Price | $ 86.86 | |||
Exercise Price of $95.69 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number Outstanding at period end | 54,282 | |||
Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 18 days | |||
Outstanding, Weighted Average Exercise Price | $ 95.69 | |||
Number Exercisable | 54,282 | |||
Exercisable, Weighted Average Exercise Price | $ 95.69 | |||
Exercise Price of $98.46 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number Outstanding at period end | 142,422 | |||
Weighted Average Remaining Contractual Life (Years) | 3 years 1 month 6 days | |||
Outstanding, Weighted Average Exercise Price | $ 98.46 | |||
Number Exercisable | 142,422 | |||
Exercisable, Weighted Average Exercise Price | $ 98.46 | |||
Exercise Price of $100.77 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number Outstanding at period end | 117,191 | |||
Weighted Average Remaining Contractual Life (Years) | 2 years 1 month 6 days | |||
Outstanding, Weighted Average Exercise Price | $ 100.77 | |||
Number Exercisable | 117,191 | |||
Exercisable, Weighted Average Exercise Price | $ 100.77 |
Related Party Transactions (Det
Related Party Transactions (Details) | Sep. 03, 2019shares | Dec. 31, 2019USD ($)nonemployeedirectorsshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | May 21, 2019shares | May 23, 2018shares |
Related Party Transaction [Line Items] | ||||||
Number Of Non Employee Directors Electing To Receive Deferred Stock Units | nonemployeedirectors | 7 | |||||
Shares issued | shares | 154,869,198 | 154,537,378 | ||||
Deferred Stock Units Outstanding | 60,676 | 74,966 | ||||
Separate Unrestricted Cash For Deferred Compensation Plans | $ 36,700,000 | $ 28,200,000 | ||||
Company's liability for Directors | 377,553,000 | 276,645,000 | ||||
Brother of Senior Executive Vice President [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Aggregate leasing commissions paid to related parties | 21,000 | $ 921,000 | $ 368,000 | |||
deferred compenstation for directors [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Separate Unrestricted Cash For Deferred Compensation Plans | 700,000 | |||||
Company's liability for Directors | $ 700,000 | |||||
Director Cessation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Shares issued | shares | 17,949 | 36,836 | ||||
Common Stock converted (Shares) | shares | 4,917 |
Selected Interim Financial In_3
Selected Interim Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenue | $ 757,501 | $ 743,553 | $ 733,741 | $ 725,767 | $ 705,157 | $ 686,284 | $ 664,484 | $ 661,151 | $ 2,960,562 | $ 2,717,076 | $ 2,602,076 |
Net income | 176,009 | 141,370 | 203,461 | 131,159 | 185,241 | 150,445 | 160,565 | 216,312 | |||
Net income attributable to the Company | $ 140,824 | $ 107,771 | $ 164,318 | $ 98,105 | $ 148,529 | $ 119,118 | $ 128,681 | $ 176,021 | $ 521,534 | $ 582,847 | $ 462,439 |
Income attributable to the Company (in dollars per share / unit) - Basic | $ 0.91 | $ 0.70 | $ 1.06 | $ 0.63 | $ 0.96 | $ 0.77 | $ 0.83 | $ 1.14 | $ 3.31 | $ 3.71 | $ 2.93 |
Income attributable to the Company (in dollars per share / unit) - Diluted | $ 0.91 | $ 0.70 | $ 1.06 | $ 0.63 | $ 0.96 | $ 0.77 | $ 0.83 | $ 1.14 | $ 3.30 | $ 3.70 | $ 2.93 |
Boston Properties Limited Partnership | |||||||||||
Total revenue | $ 757,501 | $ 743,553 | $ 733,741 | $ 725,767 | $ 705,157 | $ 686,284 | $ 664,484 | $ 661,151 | $ 2,960,562 | $ 2,717,076 | $ 2,602,076 |
Net income | 177,851 | 143,212 | 205,822 | 134,837 | 192,884 | 153,676 | 162,986 | 220,766 | |||
Net income attributable to the Company | $ 158,888 | $ 122,117 | $ 185,715 | $ 113,382 | $ 173,834 | $ 136,201 | $ 145,961 | $ 200,907 | $ 590,602 | $ 667,403 | $ 523,366 |
Income attributable to the Company (in dollars per share / unit) - Basic | $ 0.92 | $ 0.71 | $ 1.08 | $ 0.66 | $ 1.01 | $ 0.79 | $ 0.85 | $ 1.17 | $ 3.37 | $ 3.82 | $ 2.99 |
Income attributable to the Company (in dollars per share / unit) - Diluted | $ 0.92 | $ 0.71 | $ 1.08 | $ 0.66 | $ 1.01 | $ 0.79 | $ 0.85 | $ 1.17 | $ 3.36 | $ 3.81 | $ 2.98 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Feb. 20, 2020USD ($)ft²Buildings | Feb. 06, 2020USD ($)shares | Feb. 04, 2020USD ($)shares | Jan. 28, 2020USD ($)ft²aBuildings | Sep. 20, 2019USD ($)ft²a | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Jan. 31, 2020shares | |
Subsequent Event [Line Items] | ||||||||||
Common stock, shares issued | shares | 154,869,198 | 154,537,378 | ||||||||
Payments to Acquire Equity Method Investments | $ 87,392 | $ 345,717 | $ 109,015 | |||||||
MYLTIPS 2020 [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
MYLTIP Value Amortized Into Earnings, Years | four-year | |||||||||
Value of MYTIP to be recognized as expense during the first year of issuance | $ 7,900 | |||||||||
Subsequent Event [Member] | MYLTIPS 2020 [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Value of MYLTIP Awards | $ 13,700 | |||||||||
Subsequent Event [Member] | MYLTIPS 2020 [Member] | NAREIT Office Index adjusted [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Target Tier | shares | 101,638 | |||||||||
Subsequent Event [Member] | MYLTIP 2017 [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Value of MYLTIP Awards | $ 17,600 | |||||||||
Final awards percentage of target | 83.80% | |||||||||
MYLTIP Units forfeited | shares | 270,942 | |||||||||
Subsequent Event [Member] | Minimum [Member] | MYLTIPS 2020 [Member] | NAREIT Office Index adjusted [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Minimum earned awards | shares | 0 | |||||||||
Subsequent Event [Member] | Maximum [Member] | MYLTIPS 2020 [Member] | NAREIT Office Index adjusted [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Maximum Earned Awards | shares | 203,278 | |||||||||
Subsequent Event [Member] | Restricted Stock [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common stock, shares issued | shares | 24,503 | |||||||||
Subsequent Event [Member] | LTIP Units [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
LTIP units issued (in shares) | shares | 196,927 | |||||||||
New Dominion Technology Park [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Contractual Sales Price | $ 256,000 | |||||||||
number of buildings | Buildings | 2 | |||||||||
Net Rentable Area (in sf) | ft² | 493,000 | |||||||||
Gateway Commons Complex [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership Percentage | 50.00% | |||||||||
number of buildings | Buildings | 3 | |||||||||
Net Rentable Area (in sf) | ft² | 768,000 | |||||||||
Payments to Acquire Equity Method Investments | $ 350,000 | |||||||||
Platform 16 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership Percentage | 55.00% | 55.00% | [1] | |||||||
Net Rentable Area (in sf) | ft² | 1,100,000 | |||||||||
Finance lease fixed purchase price | $ 134,800 | |||||||||
Area of Land | a | 5.6 | |||||||||
Payments to Acquire Equity Method Investments | $ 28,200 | |||||||||
Platform 16 | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership Percentage | 55.00% | |||||||||
Net Rentable Area (in sf) | ft² | 1,100,000 | |||||||||
Finance lease fixed purchase price | $ 134,800 | |||||||||
Prepaid purchase price | $ 15,000 | |||||||||
Area of Land | a | 5.6 | |||||||||
Joint Venture Partner [Member] | Gateway Commons Complex [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership Percentage | 50.00% | |||||||||
number of buildings | Buildings | 3 | |||||||||
Payments to Acquire Equity Method Investments | $ 280,800 | |||||||||
Future payment to acquire interest in equity method investment | $ 69,200 | |||||||||
Joint Venture Partner [Member] | Platform 16 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership Percentage | 45.00% | |||||||||
Payments to Acquire Equity Method Investments | $ 23,100 | |||||||||
425 Fourth Street | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Net Rentable Area (in sf) | ft² | 804,000 | |||||||||
Aggregate purchase price | $ 134,100 | |||||||||
Future Office Building [Member] | Platform 16 | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Net Rentable Area (in sf) | ft² | 390,000 | |||||||||
[1] | This entity is a VIE (See Note 1 ). |
Real Estate and Accumulated D_4
Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | [1] | $ 2,922,408 | ||
Original Land | 5,024,060 | |||
Original Building | 13,057,336 | |||
Costs Capitalized Subsequent to Acquisition | 4,763,301 | |||
Land and improvements | [2] | 5,474,337 | ||
Buildings and Improvements | [3] | 16,325,796 | ||
Land Held for Development | [4] | 254,828 | ||
Development and Construction in Progress | 789,736 | |||
Total | 22,844,697 | |||
Accumulated Depreciation | 5,239,179 | |||
Furniture, Fixtures and Equipment | 44,313 | $ 44,351 | ||
Real Estate Aggregate Cost For Tax Purposes | 18,600,000 | |||
Real Estate Aggregate Accumulated Depreciation For Tax Purposes | $ 4,000,000 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Unamortized deferred finance costs | $ (26,700) | |||
Right-of-use assets - finance leases | 237,394 | |||
Right of use assets - operating leases | $ 148,640 | $ 151,800 | ||
767 Fifth Avenue (the General Motors Building) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 767 Fifth Avenue (the General Motors Building) | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 2,274,028 | |||
Original Land | 1,796,252 | |||
Original Building | 1,532,654 | |||
Costs Capitalized Subsequent to Acquisition | 202,612 | |||
Land and improvements | 1,796,252 | |||
Buildings and Improvements | 1,735,266 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,531,518 | |||
Accumulated Depreciation | $ 313,158 | |||
Year(s) Built / Renovated | 1968/2019 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Prudential Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Prudential Center | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 92,077 | |||
Original Building | 948,357 | |||
Costs Capitalized Subsequent to Acquisition | 556,458 | |||
Land and improvements | 115,638 | |||
Buildings and Improvements | 1,478,578 | |||
Land Held for Development | 2,676 | |||
Development and Construction in Progress | 0 | |||
Total | 1,596,892 | |||
Accumulated Depreciation | $ 596,740 | |||
Year(s) Built / Renovated | 1965/1993/2002/2016-2017 | |||
Year(s) Acquired | 1998/1999/2000 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Embarcadero Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Embarcadero Center | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 179,697 | |||
Original Building | 847,410 | |||
Costs Capitalized Subsequent to Acquisition | 415,228 | |||
Land and improvements | 195,987 | |||
Buildings and Improvements | 1,246,348 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,442,335 | |||
Accumulated Depreciation | $ 633,711 | |||
Year(s) Built / Renovated | 1970/1989 | |||
Year(s) Acquired | 1998-1999 | |||
Depreciable Lives (Years) | [5] | (1) | ||
399 Park Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 399 Park Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 339,200 | |||
Original Building | 700,358 | |||
Costs Capitalized Subsequent to Acquisition | 300,519 | |||
Land and improvements | 354,107 | |||
Buildings and Improvements | 985,970 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,340,077 | |||
Accumulated Depreciation | $ 358,960 | |||
Year(s) Built / Renovated | 1961/2018 | |||
Year(s) Acquired | 2002 | |||
Depreciable Lives (Years) | [5] | (1) | ||
601 Lexington Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 601 Lexington Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 644,778 | |||
Original Land | 241,600 | |||
Original Building | 494,782 | |||
Costs Capitalized Subsequent to Acquisition | 454,902 | |||
Land and improvements | 289,639 | |||
Buildings and Improvements | 688,550 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 213,095 | |||
Total | 1,191,284 | |||
Accumulated Depreciation | $ 289,482 | |||
Year(s) Built / Renovated | 1977/1997 | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Salesforce Tower | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Salesforce Tower | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 200,349 | |||
Original Building | 946,205 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and improvements | 200,349 | |||
Buildings and Improvements | 946,205 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,146,554 | |||
Accumulated Depreciation | $ 38,727 | |||
Year(s) Built / Renovated | 2018 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [5] | (1) | ||
200 Clarendon Street and Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 200 Clarendon Street and Garage | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 219,543 | |||
Original Building | 667,884 | |||
Costs Capitalized Subsequent to Acquisition | 210,160 | |||
Land and improvements | 250,134 | |||
Buildings and Improvements | 829,529 | |||
Land Held for Development | 17,924 | |||
Development and Construction in Progress | 0 | |||
Total | 1,097,587 | |||
Accumulated Depreciation | $ 214,533 | |||
Year(s) Built / Renovated | 1976 | |||
Year(s) Acquired | 2010 | |||
Depreciable Lives (Years) | [5] | (1) | ||
250 West 55th Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 250 West 55th Street | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 285,263 | |||
Original Building | 603,167 | |||
Costs Capitalized Subsequent to Acquisition | 51,928 | |||
Land and improvements | 285,263 | |||
Buildings and Improvements | 655,095 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 940,358 | |||
Accumulated Depreciation | $ 116,857 | |||
Year(s) Built / Renovated | 2014 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
100 Federal Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 100 Federal Street | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 131,067 | |||
Original Building | 435,954 | |||
Costs Capitalized Subsequent to Acquisition | 102,984 | |||
Land and improvements | 131,067 | |||
Buildings and Improvements | 538,938 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 670,005 | |||
Accumulated Depreciation | $ 122,799 | |||
Year(s) Built / Renovated | 1971-1975/2017 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Times Square Tower | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Times Square Tower | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 165,413 | |||
Original Building | 380,438 | |||
Costs Capitalized Subsequent to Acquisition | 113,222 | |||
Land and improvements | 169,193 | |||
Buildings and Improvements | 489,880 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 659,073 | |||
Accumulated Depreciation | $ 217,303 | |||
Year(s) Built / Renovated | 2004 | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Carnegie Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Carnegie Center | |||
Type | Office | |||
Location | Princeton, NJ | |||
Encumbrances | $ 0 | |||
Original Land | 142,666 | |||
Original Building | 316,856 | |||
Costs Capitalized Subsequent to Acquisition | 152,280 | |||
Land and improvements | 94,240 | |||
Buildings and Improvements | 462,882 | |||
Land Held for Development | 54,680 | |||
Development and Construction in Progress | 0 | |||
Total | 611,802 | |||
Accumulated Depreciation | $ 208,331 | |||
Year(s) Built / Renovated | 1983-2016 | |||
Year(s) Acquired | 1998/1999/2000/2007/2014/2017/2019 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Atlantic Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Atlantic Wharf | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 63,988 | |||
Original Building | 454,537 | |||
Costs Capitalized Subsequent to Acquisition | 18,709 | |||
Land and improvements | 63,988 | |||
Buildings and Improvements | 473,246 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 537,234 | |||
Accumulated Depreciation | $ 131,828 | |||
Year(s) Built / Renovated | 2011 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
510 Madison Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 510 Madison Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 103,000 | |||
Original Building | 253,665 | |||
Costs Capitalized Subsequent to Acquisition | 25,495 | |||
Land and improvements | 103,000 | |||
Buildings and Improvements | 279,160 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 382,160 | |||
Accumulated Depreciation | $ 72,213 | |||
Year(s) Built / Renovated | 2012 | |||
Year(s) Acquired | 2010 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Fountain Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Fountain Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 56,853 | |||
Original Building | 306,298 | |||
Costs Capitalized Subsequent to Acquisition | 12,140 | |||
Land and improvements | 56,853 | |||
Buildings and Improvements | 318,438 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 375,291 | |||
Accumulated Depreciation | $ 78,498 | |||
Year(s) Built / Renovated | 1986-1990 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [5] | (1) | ||
599 Lexington Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 599 Lexington Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 81,040 | |||
Original Building | 100,507 | |||
Costs Capitalized Subsequent to Acquisition | 188,572 | |||
Land and improvements | 87,852 | |||
Buildings and Improvements | 282,267 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 370,119 | |||
Accumulated Depreciation | $ 183,291 | |||
Year(s) Built / Renovated | 1986 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
680 Folsom Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 680 Folsom Street | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 72,545 | |||
Original Building | 219,766 | |||
Costs Capitalized Subsequent to Acquisition | 7,907 | |||
Land and improvements | 72,545 | |||
Buildings and Improvements | 227,673 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 300,218 | |||
Accumulated Depreciation | $ 46,777 | |||
Year(s) Built / Renovated | 2014 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [5] | (1) | ||
2200 Pennsylvania Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 2200 Pennsylvania Avenue | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 183,541 | |||
Costs Capitalized Subsequent to Acquisition | 113,627 | |||
Land and improvements | 109,038 | |||
Buildings and Improvements | 188,130 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 297,168 | |||
Accumulated Depreciation | $ 59,190 | |||
Year(s) Built / Renovated | 2011 | |||
Year(s) Acquired | 2008 | |||
Depreciable Lives (Years) | [5] | (1) | ||
145 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 145 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 121 | |||
Original Building | 273,013 | |||
Costs Capitalized Subsequent to Acquisition | 23,246 | |||
Land and improvements | 23,367 | |||
Buildings and Improvements | 273,013 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 296,380 | |||
Accumulated Depreciation | $ 1,511 | |||
Year(s) Built / Renovated | 2019 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
South of Market and Democracy Tower | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | South of Market and Democracy Tower | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 13,603 | |||
Original Building | 237,479 | |||
Costs Capitalized Subsequent to Acquisition | 26,415 | |||
Land and improvements | 13,687 | |||
Buildings and Improvements | 263,810 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 277,497 | |||
Accumulated Depreciation | $ 99,478 | |||
Year(s) Built / Renovated | 2008-2009 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [5] | (1) | ||
601 Massachusetts Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 601 Massachusetts Avenue | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 95,310 | |||
Original Building | 165,173 | |||
Costs Capitalized Subsequent to Acquisition | 3,945 | |||
Land and improvements | 95,322 | |||
Buildings and Improvements | 169,106 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 264,428 | |||
Accumulated Depreciation | $ 24,502 | |||
Year(s) Built / Renovated | 2016 | |||
Year(s) Acquired | 2008 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Bay Colony Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Bay Colony Corporate Center | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,789 | |||
Original Building | 148,451 | |||
Costs Capitalized Subsequent to Acquisition | 80,077 | |||
Land and improvements | 18,789 | |||
Buildings and Improvements | 228,528 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 247,317 | |||
Accumulated Depreciation | $ 79,824 | |||
Year(s) Built / Renovated | 1985-1989 | |||
Year(s) Acquired | 2011 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Gateway Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Gateway Center | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 28,255 | |||
Original Building | 139,245 | |||
Costs Capitalized Subsequent to Acquisition | 61,791 | |||
Land and improvements | 30,627 | |||
Buildings and Improvements | 198,664 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 229,291 | |||
Accumulated Depreciation | $ 106,680 | |||
Year(s) Built / Renovated | 1984/1986/2002 | |||
Year(s) Acquired | 1999 | |||
Depreciable Lives (Years) | [5] | (1) | ||
535 Mission Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 535 Mission Street | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 40,933 | |||
Original Building | 148,378 | |||
Costs Capitalized Subsequent to Acquisition | 3,276 | |||
Land and improvements | 40,933 | |||
Buildings and Improvements | 151,654 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 192,587 | |||
Accumulated Depreciation | $ 26,293 | |||
Year(s) Built / Renovated | 2015 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Reservoir Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reservoir Place | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,605 | |||
Original Building | 104,124 | |||
Costs Capitalized Subsequent to Acquisition | 53,718 | |||
Land and improvements | 20,108 | |||
Buildings and Improvements | 156,339 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 176,447 | |||
Accumulated Depreciation | $ 70,870 | |||
Year(s) Built / Renovated | 1955/1987/2017 | |||
Year(s) Acquired | 1997/1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Mountain View Research Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Mountain View Research Park | |||
Type | Office | |||
Location | Mountain View, CA | |||
Encumbrances | $ 0 | |||
Original Land | 95,066 | |||
Original Building | 68,373 | |||
Costs Capitalized Subsequent to Acquisition | 12,704 | |||
Land and improvements | 95,066 | |||
Buildings and Improvements | 81,077 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 176,143 | |||
Accumulated Depreciation | $ 19,807 | |||
Year(s) Built / Renovated | 1977-1981/2007-2013 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [5] | (1) | ||
1330 Connecticut Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 1330 Connecticut Avenue | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 25,982 | |||
Original Building | 82,311 | |||
Costs Capitalized Subsequent to Acquisition | 36,847 | |||
Land and improvements | 27,135 | |||
Buildings and Improvements | 118,005 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 145,140 | |||
Accumulated Depreciation | $ 32,775 | |||
Year(s) Built / Renovated | 1984/2018 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Kingstowne Towne Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kingstowne Towne Center | |||
Type | Office | |||
Location | Alexandria, VA | |||
Encumbrances | $ 0 | |||
Original Land | 18,021 | |||
Original Building | 109,038 | |||
Costs Capitalized Subsequent to Acquisition | 3,376 | |||
Land and improvements | 18,062 | |||
Buildings and Improvements | 112,373 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 130,435 | |||
Accumulated Depreciation | $ 44,294 | |||
Year(s) Built / Renovated | 2003-2006 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
One Freedom Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | One Freedom Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 9,929 | |||
Original Building | 84,504 | |||
Costs Capitalized Subsequent to Acquisition | 34,372 | |||
Land and improvements | 11,293 | |||
Buildings and Improvements | 117,512 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 128,805 | |||
Accumulated Depreciation | $ 59,006 | |||
Year(s) Built / Renovated | 2000 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Capital Gallery | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Capital Gallery | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 4,725 | |||
Original Building | 29,565 | |||
Costs Capitalized Subsequent to Acquisition | 88,704 | |||
Land and improvements | 8,662 | |||
Buildings and Improvements | 114,332 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 122,994 | |||
Accumulated Depreciation | $ 71,631 | |||
Year(s) Built / Renovated | 1981/2006 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Weston Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Weston Corporate Center | |||
Type | Office | |||
Location | Weston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 25,753 | |||
Original Building | 92,312 | |||
Costs Capitalized Subsequent to Acquisition | (123) | |||
Land and improvements | 25,854 | |||
Buildings and Improvements | 92,088 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 117,942 | |||
Accumulated Depreciation | $ 29,227 | |||
Year(s) Built / Renovated | 2010 | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Two Freedom Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Two Freedom Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 13,930 | |||
Original Building | 77,739 | |||
Costs Capitalized Subsequent to Acquisition | 23,209 | |||
Land and improvements | 15,420 | |||
Buildings and Improvements | 99,458 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 114,878 | |||
Accumulated Depreciation | $ 50,668 | |||
Year(s) Built / Renovated | 2001 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [5] | (1) | ||
One and Two Reston Overlook | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | One and Two Reston Overlook | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 16,456 | |||
Original Building | 66,192 | |||
Costs Capitalized Subsequent to Acquisition | 24,181 | |||
Land and improvements | 16,179 | |||
Buildings and Improvements | 90,650 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 106,829 | |||
Accumulated Depreciation | $ 51,503 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Discovery Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Discovery Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 11,198 | |||
Original Building | 71,782 | |||
Costs Capitalized Subsequent to Acquisition | 20,905 | |||
Land and improvements | 12,533 | |||
Buildings and Improvements | 91,352 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 103,885 | |||
Accumulated Depreciation | $ 43,619 | |||
Year(s) Built / Renovated | 2001 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [5] | (1) | ||
140 Kendrick Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 140 Kendrick Street | |||
Type | Office | |||
Location | Needham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,095 | |||
Original Building | 66,905 | |||
Costs Capitalized Subsequent to Acquisition | 17,574 | |||
Land and improvements | 19,092 | |||
Buildings and Improvements | 83,482 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 102,574 | |||
Accumulated Depreciation | $ 35,721 | |||
Year(s) Built / Renovated | 2000 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [5] | (1) | ||
355 Main Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 355 Main Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,863 | |||
Original Building | 53,346 | |||
Costs Capitalized Subsequent to Acquisition | 27,582 | |||
Land and improvements | 21,173 | |||
Buildings and Improvements | 78,618 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 99,791 | |||
Accumulated Depreciation | $ 26,439 | |||
Year(s) Built / Renovated | 1981/1996/2013 | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | [5] | (1) | ||
880 & 890 Winter Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 880 & 890 Winter Street | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 29,510 | |||
Original Building | 65,812 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and improvements | 29,510 | |||
Buildings and Improvements | 65,812 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 95,322 | |||
Accumulated Depreciation | $ 1,458 | |||
Year(s) Built / Renovated | 1998-1999 | |||
Year(s) Acquired | 2019 | |||
Depreciable Lives (Years) | [5] | (1) | ||
10 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 10 CityPoint | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,953 | |||
Original Building | 85,752 | |||
Costs Capitalized Subsequent to Acquisition | 4,697 | |||
Land and improvements | 2,290 | |||
Buildings and Improvements | 90,112 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 92,402 | |||
Accumulated Depreciation | $ 10,928 | |||
Year(s) Built / Renovated | 2016 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
90 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 90 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 19,104 | |||
Original Building | 52,078 | |||
Costs Capitalized Subsequent to Acquisition | 19,857 | |||
Land and improvements | 20,785 | |||
Buildings and Improvements | 70,254 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 91,039 | |||
Accumulated Depreciation | $ 23,621 | |||
Year(s) Built / Renovated | 1983/1998/2013 | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | [5] | (1) | ||
230 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 230 CityPoint | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 13,189 | |||
Original Building | 49,823 | |||
Costs Capitalized Subsequent to Acquisition | 22,057 | |||
Land and improvements | 13,807 | |||
Buildings and Improvements | 71,262 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 85,069 | |||
Accumulated Depreciation | $ 29,255 | |||
Year(s) Built / Renovated | 1992 | |||
Year(s) Acquired | 2005 | |||
Depreciable Lives (Years) | [5] | (1) | ||
77 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 77 CityPoint | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 13,847 | |||
Original Building | 60,383 | |||
Costs Capitalized Subsequent to Acquisition | 10,556 | |||
Land and improvements | 14,023 | |||
Buildings and Improvements | 70,763 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 84,786 | |||
Accumulated Depreciation | $ 27,172 | |||
Year(s) Built / Renovated | 2008 | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Waltham Weston Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Waltham Weston Corporate Center | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 10,385 | |||
Original Building | 60,694 | |||
Costs Capitalized Subsequent to Acquisition | 13,165 | |||
Land and improvements | 11,097 | |||
Buildings and Improvements | 73,147 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 84,244 | |||
Accumulated Depreciation | $ 35,567 | |||
Year(s) Built / Renovated | 2003 | |||
Year(s) Acquired | 1999 | |||
Depreciable Lives (Years) | [5] | (1) | ||
3625-3635 Peterson Way | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 3625-3635 Peterson Way | |||
Type | Office | |||
Location | Santa Clara, CA | |||
Encumbrances | $ 0 | |||
Original Land | 63,206 | |||
Original Building | 14,879 | |||
Costs Capitalized Subsequent to Acquisition | 752 | |||
Land and improvements | 63,206 | |||
Buildings and Improvements | 14,879 | |||
Land Held for Development | 752 | |||
Development and Construction in Progress | 0 | |||
Total | 78,837 | |||
Accumulated Depreciation | $ 11,172 | |||
Year(s) Built / Renovated | 1979 | |||
Year(s) Acquired | 2016 | |||
Depreciable Lives (Years) | [5] | (1) | ||
2440 West El Camino Real | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 2440 West El Camino Real | |||
Type | Office | |||
Location | Mountain View, CA | |||
Encumbrances | $ 0 | |||
Original Land | 16,741 | |||
Original Building | 51,285 | |||
Costs Capitalized Subsequent to Acquisition | 5,454 | |||
Land and improvements | 16,741 | |||
Buildings and Improvements | 56,739 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 73,480 | |||
Accumulated Depreciation | $ 13,090 | |||
Year(s) Built / Renovated | 1987/2003 | |||
Year(s) Acquired | 2011 | |||
Depreciable Lives (Years) | [5] | (1) | ||
191 Spring Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 191 Spring Street | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 2,850 | |||
Original Building | 59,751 | |||
Costs Capitalized Subsequent to Acquisition | 7,695 | |||
Land and improvements | 3,151 | |||
Buildings and Improvements | 67,145 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 70,296 | |||
Accumulated Depreciation | $ 21,917 | |||
Year(s) Built / Renovated | 1971/1995/2018 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
300 Binney Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 300 Binney Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,080 | |||
Original Building | 51,262 | |||
Costs Capitalized Subsequent to Acquisition | 140 | |||
Land and improvements | 18,080 | |||
Buildings and Improvements | 51,402 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 69,482 | |||
Accumulated Depreciation | $ 11,146 | |||
Year(s) Built / Renovated | 2013 | |||
Year(s) Acquired | 2009 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Wisconsin Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Wisconsin Place | |||
Type | Office | |||
Location | Chevy Chase, MD | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 53,349 | |||
Costs Capitalized Subsequent to Acquisition | 14,924 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 68,273 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 68,273 | |||
Accumulated Depreciation | $ 25,934 | |||
Year(s) Built / Renovated | 2009 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Reston Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Corporate Center | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 9,135 | |||
Original Building | 50,857 | |||
Costs Capitalized Subsequent to Acquisition | 6,236 | |||
Land and improvements | 10,148 | |||
Buildings and Improvements | 56,080 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 66,228 | |||
Accumulated Depreciation | $ 29,860 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
New Dominion Technology Park, Bldg. Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | New Dominion Technology Park, Bldg. Two | |||
Type | Office | |||
Location | Herndon, VA | |||
Encumbrances | $ 0 | |||
Original Land | 5,584 | |||
Original Building | 51,868 | |||
Costs Capitalized Subsequent to Acquisition | 4,157 | |||
Land and improvements | 6,510 | |||
Buildings and Improvements | 55,099 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 61,609 | |||
Accumulated Depreciation | $ 26,894 | |||
Year(s) Built / Renovated | 2004 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
255 Main Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 255 Main Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 134 | |||
Original Building | 25,110 | |||
Costs Capitalized Subsequent to Acquisition | 34,124 | |||
Land and improvements | 548 | |||
Buildings and Improvements | 58,820 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 59,368 | |||
Accumulated Depreciation | $ 33,543 | |||
Year(s) Built / Renovated | 1987 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
University Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | University Place | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 3,602 | |||
Original Land | 0 | |||
Original Building | 37,091 | |||
Costs Capitalized Subsequent to Acquisition | 16,001 | |||
Land and improvements | 7,418 | |||
Buildings and Improvements | 45,674 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 53,092 | |||
Accumulated Depreciation | $ 29,423 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
New Dominion Technology Park, Bldg. One | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | New Dominion Technology Park, Bldg. One | |||
Type | Office | |||
Location | Herndon, VA | |||
Encumbrances | $ 0 | |||
Original Land | 3,880 | |||
Original Building | 43,227 | |||
Costs Capitalized Subsequent to Acquisition | 3,927 | |||
Land and improvements | 4,583 | |||
Buildings and Improvements | 46,451 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 51,034 | |||
Accumulated Depreciation | $ 29,141 | |||
Year(s) Built / Renovated | 2001 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Sumner Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Sumner Square | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 624 | |||
Original Building | 28,745 | |||
Costs Capitalized Subsequent to Acquisition | 21,344 | |||
Land and improvements | 3,535 | |||
Buildings and Improvements | 47,178 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 50,713 | |||
Accumulated Depreciation | $ 27,093 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1999 | |||
Depreciable Lives (Years) | [5] | (1) | ||
200 West Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 200 West Street | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 16,148 | |||
Original Building | 24,983 | |||
Costs Capitalized Subsequent to Acquisition | 8,211 | |||
Land and improvements | 16,813 | |||
Buildings and Improvements | 30,425 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 2,104 | |||
Total | 49,342 | |||
Accumulated Depreciation | $ 17,001 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
North First Business Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | North First Business Park | |||
Type | Office | |||
Location | San Jose, CA | |||
Encumbrances | $ 0 | |||
Original Land | 23,398 | |||
Original Building | 13,069 | |||
Costs Capitalized Subsequent to Acquisition | 4,571 | |||
Land and improvements | 23,377 | |||
Buildings and Improvements | 17,661 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 41,038 | |||
Accumulated Depreciation | $ 16,411 | |||
Year(s) Built / Renovated | 1981 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
150 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 150 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 850 | |||
Original Building | 25,042 | |||
Costs Capitalized Subsequent to Acquisition | 8,540 | |||
Land and improvements | 1,323 | |||
Buildings and Improvements | 33,109 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 34,432 | |||
Accumulated Depreciation | $ 19,875 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
105 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 105 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,299 | |||
Original Building | 12,943 | |||
Costs Capitalized Subsequent to Acquisition | 11,406 | |||
Land and improvements | 2,395 | |||
Buildings and Improvements | 23,253 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 25,648 | |||
Accumulated Depreciation | $ 11,870 | |||
Year(s) Built / Renovated | 1990 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Lexington Office Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Lexington Office Park | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 998 | |||
Original Building | 1,426 | |||
Costs Capitalized Subsequent to Acquisition | 18,547 | |||
Land and improvements | 1,264 | |||
Buildings and Improvements | 19,707 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 20,971 | |||
Accumulated Depreciation | $ 14,312 | |||
Year(s) Built / Renovated | 1982 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
201 Spring Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 201 Spring Street | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 2,849 | |||
Original Building | 15,303 | |||
Costs Capitalized Subsequent to Acquisition | 1,172 | |||
Land and improvements | 3,124 | |||
Buildings and Improvements | 16,200 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 19,324 | |||
Accumulated Depreciation | $ 8,587 | |||
Year(s) Built / Renovated | 1997 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
The Point | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Point | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 6,395 | |||
Original Building | 10,040 | |||
Costs Capitalized Subsequent to Acquisition | 421 | |||
Land and improvements | 6,492 | |||
Buildings and Improvements | 10,364 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 16,856 | |||
Accumulated Depreciation | $ 1,349 | |||
Year(s) Built / Renovated | 2015 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
33 Hayden Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 33 Hayden Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 266 | |||
Original Building | 3,234 | |||
Costs Capitalized Subsequent to Acquisition | 12,898 | |||
Land and improvements | 425 | |||
Buildings and Improvements | 15,973 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 16,398 | |||
Accumulated Depreciation | $ 5,678 | |||
Year(s) Built / Renovated | 1979 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
690 Folsom Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 690 Folsom Street | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 3,219 | |||
Original Building | 11,038 | |||
Costs Capitalized Subsequent to Acquisition | 1,157 | |||
Land and improvements | 3,219 | |||
Buildings and Improvements | 12,195 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 15,414 | |||
Accumulated Depreciation | $ 2,284 | |||
Year(s) Built / Renovated | 2015 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [5] | (1) | ||
92-100 Hayden Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 92-100 Hayden Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 594 | |||
Original Building | 6,748 | |||
Costs Capitalized Subsequent to Acquisition | 7,529 | |||
Land and improvements | 802 | |||
Buildings and Improvements | 14,069 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 14,871 | |||
Accumulated Depreciation | $ 12,041 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
181 Spring Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 181 Spring Street | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,066 | |||
Original Building | 9,520 | |||
Costs Capitalized Subsequent to Acquisition | 2,177 | |||
Land and improvements | 1,160 | |||
Buildings and Improvements | 11,603 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 12,763 | |||
Accumulated Depreciation | $ 5,597 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
195 West Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 195 West Street | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,611 | |||
Original Building | 6,652 | |||
Costs Capitalized Subsequent to Acquisition | 4,218 | |||
Land and improvements | 1,858 | |||
Buildings and Improvements | 10,623 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 12,481 | |||
Accumulated Depreciation | $ 8,352 | |||
Year(s) Built / Renovated | 1990 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7501 Boston Boulevard, Building Seven | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7501 Boston Boulevard, Building Seven | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 665 | |||
Original Building | 9,273 | |||
Costs Capitalized Subsequent to Acquisition | 816 | |||
Land and improvements | 791 | |||
Buildings and Improvements | 9,963 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 10,754 | |||
Accumulated Depreciation | $ 5,393 | |||
Year(s) Built / Renovated | 1997 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7435 Boston Boulevard, Building One | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7435 Boston Boulevard, Building One | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 392 | |||
Original Building | 3,822 | |||
Costs Capitalized Subsequent to Acquisition | 4,983 | |||
Land and improvements | 659 | |||
Buildings and Improvements | 8,538 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 9,197 | |||
Accumulated Depreciation | $ 6,344 | |||
Year(s) Built / Renovated | 1982 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7450 Boston Boulevard, Building Three | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7450 Boston Boulevard, Building Three | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 1,165 | |||
Original Building | 4,681 | |||
Costs Capitalized Subsequent to Acquisition | 2,591 | |||
Land and improvements | 1,430 | |||
Buildings and Improvements | 7,007 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 8,437 | |||
Accumulated Depreciation | $ 3,575 | |||
Year(s) Built / Renovated | 1987 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
32 Hartwell Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 32 Hartwell Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 168 | |||
Original Building | 1,943 | |||
Costs Capitalized Subsequent to Acquisition | 6,115 | |||
Land and improvements | 314 | |||
Buildings and Improvements | 7,912 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 8,226 | |||
Accumulated Depreciation | $ 1,975 | |||
Year(s) Built / Renovated | 1968/1979/1987 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
250 Binney Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 250 Binney Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 110 | |||
Original Building | 4,483 | |||
Costs Capitalized Subsequent to Acquisition | 3,593 | |||
Land and improvements | 273 | |||
Buildings and Improvements | 7,913 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 8,186 | |||
Accumulated Depreciation | $ 5,829 | |||
Year(s) Built / Renovated | 1983 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
8000 Grainger Court, Building Five | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 8000 Grainger Court, Building Five | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 366 | |||
Original Building | 4,282 | |||
Costs Capitalized Subsequent to Acquisition | 3,198 | |||
Land and improvements | 601 | |||
Buildings and Improvements | 7,245 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,846 | |||
Accumulated Depreciation | $ 5,752 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
453 Ravendale Drive | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 453 Ravendale Drive | |||
Type | Office | |||
Location | Mountain View, CA | |||
Encumbrances | $ 0 | |||
Original Land | 5,477 | |||
Original Building | 1,090 | |||
Costs Capitalized Subsequent to Acquisition | 676 | |||
Land and improvements | 5,477 | |||
Buildings and Improvements | 1,766 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,243 | |||
Accumulated Depreciation | $ 690 | |||
Year(s) Built / Renovated | 1977 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7300 Boston Boulevard, Building Thirteen | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7300 Boston Boulevard, Building Thirteen | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 608 | |||
Original Building | 4,773 | |||
Costs Capitalized Subsequent to Acquisition | 1,007 | |||
Land and improvements | 661 | |||
Buildings and Improvements | 5,727 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 6,388 | |||
Accumulated Depreciation | $ 1,984 | |||
Year(s) Built / Renovated | 2002 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
17 Hartwell Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 17 Hartwell Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 26 | |||
Original Building | 150 | |||
Costs Capitalized Subsequent to Acquisition | 6,064 | |||
Land and improvements | 65 | |||
Buildings and Improvements | 6,175 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 6,240 | |||
Accumulated Depreciation | $ 1,966 | |||
Year(s) Built / Renovated | 1968 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7601 Boston Boulevard, Building Eight | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7601 Boston Boulevard, Building Eight | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 200 | |||
Original Building | 878 | |||
Costs Capitalized Subsequent to Acquisition | 5,060 | |||
Land and improvements | 551 | |||
Buildings and Improvements | 5,587 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 6,138 | |||
Accumulated Depreciation | $ 4,689 | |||
Year(s) Built / Renovated | 1986 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7500 Boston Boulevard, Building Six | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7500 Boston Boulevard, Building Six | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 138 | |||
Original Building | 3,749 | |||
Costs Capitalized Subsequent to Acquisition | 1,640 | |||
Land and improvements | 367 | |||
Buildings and Improvements | 5,160 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 5,527 | |||
Accumulated Depreciation | $ 4,237 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
8000 Corporate Court, Building Eleven | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 8000 Corporate Court, Building Eleven | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 136 | |||
Original Building | 3,071 | |||
Costs Capitalized Subsequent to Acquisition | 1,596 | |||
Land and improvements | 774 | |||
Buildings and Improvements | 4,029 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 4,803 | |||
Accumulated Depreciation | $ 3,191 | |||
Year(s) Built / Renovated | 1989 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7375 Boston Boulevard, Building Ten | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7375 Boston Boulevard, Building Ten | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 23 | |||
Original Building | 2,685 | |||
Costs Capitalized Subsequent to Acquisition | 1,032 | |||
Land and improvements | 93 | |||
Buildings and Improvements | 3,647 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,740 | |||
Accumulated Depreciation | $ 2,606 | |||
Year(s) Built / Renovated | 1988 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7374 Boston Boulevard, Building Four | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7374 Boston Boulevard, Building Four | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 241 | |||
Original Building | 1,605 | |||
Costs Capitalized Subsequent to Acquisition | 1,828 | |||
Land and improvements | 398 | |||
Buildings and Improvements | 3,276 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,674 | |||
Accumulated Depreciation | $ 2,779 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7451 Boston Boulevard, Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7451 Boston Boulevard, Building Two | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 249 | |||
Original Building | 1,542 | |||
Costs Capitalized Subsequent to Acquisition | 1,667 | |||
Land and improvements | 613 | |||
Buildings and Improvements | 2,845 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,458 | |||
Accumulated Depreciation | $ 2,610 | |||
Year(s) Built / Renovated | 1982 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Signature at Reston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Signature at Reston | |||
Type | Residential | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 27,076 | |||
Original Building | 190,580 | |||
Costs Capitalized Subsequent to Acquisition | 393 | |||
Land and improvements | 27,076 | |||
Buildings and Improvements | 190,973 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 218,049 | |||
Accumulated Depreciation | $ 8,773 | |||
Year(s) Built / Renovated | 2018 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Proto Kendall Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Proto Kendall Square | |||
Type | Residential | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 9,243 | |||
Original Building | 127,248 | |||
Costs Capitalized Subsequent to Acquisition | 2,939 | |||
Land and improvements | 9,245 | |||
Buildings and Improvements | 130,185 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 139,430 | |||
Accumulated Depreciation | $ 4,566 | |||
Year(s) Built / Renovated | 2018 | |||
Year(s) Acquired | 2015 | |||
Depreciable Lives (Years) | [5] | (1) | ||
The Avant at Reston Town Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Avant at Reston Town Center | |||
Type | Residential | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 20,350 | |||
Original Building | 91,995 | |||
Costs Capitalized Subsequent to Acquisition | 830 | |||
Land and improvements | 20,350 | |||
Buildings and Improvements | 92,825 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 113,175 | |||
Accumulated Depreciation | $ 14,728 | |||
Year(s) Built / Renovated | 2014 | |||
Year(s) Acquired | 2010 | |||
Depreciable Lives (Years) | [5] | (1) | ||
The Lofts at Atlantic Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Lofts at Atlantic Wharf | |||
Type | Residential | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 3,529 | |||
Original Building | 54,891 | |||
Costs Capitalized Subsequent to Acquisition | 1,897 | |||
Land and improvements | 3,529 | |||
Buildings and Improvements | 56,788 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 60,317 | |||
Accumulated Depreciation | $ 12,639 | |||
Year(s) Built / Renovated | 2011 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Boston Marriott Cambridge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Boston Marriott Cambridge | |||
Type | Hotel | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 478 | |||
Original Building | 37,918 | |||
Costs Capitalized Subsequent to Acquisition | 35,813 | |||
Land and improvements | 1,201 | |||
Buildings and Improvements | 73,008 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 74,209 | |||
Accumulated Depreciation | $ 46,605 | |||
Year(s) Built / Renovated | 1986/2017 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Kendall Center Green Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Green Garage | |||
Type | Garage | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 35,035 | |||
Costs Capitalized Subsequent to Acquisition | 7,329 | |||
Land and improvements | 103 | |||
Buildings and Improvements | 42,261 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 42,364 | |||
Accumulated Depreciation | $ 13,512 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Kendall Center Yellow Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Yellow Garage | |||
Type | Garage | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,256 | |||
Original Building | 15,697 | |||
Costs Capitalized Subsequent to Acquisition | 1,552 | |||
Land and improvements | 1,434 | |||
Buildings and Improvements | 17,071 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 18,505 | |||
Accumulated Depreciation | $ 6,031 | |||
Year(s) Built / Renovated | 2006 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Kendall Center Blue Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Blue Garage | |||
Type | Garage | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,163 | |||
Original Building | 11,633 | |||
Costs Capitalized Subsequent to Acquisition | 2,151 | |||
Land and improvements | 1,579 | |||
Buildings and Improvements | 13,368 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 14,947 | |||
Accumulated Depreciation | $ 9,728 | |||
Year(s) Built / Renovated | 1990 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
The Skylyne (MacArthur Station Residences) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Skylyne (MacArthur Station Residences) | |||
Type | Development | |||
Location | Oakland, CA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 226,526 | |||
Land and improvements | 29,807 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 196,719 | |||
Total | 226,526 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | N/A | |||
Depreciable Lives (Years) | N/A | |||
2100 Pennsylvania Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 2100 Pennsylvania Avenue | |||
Type | Development | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 224,380 | |||
Land and improvements | 185,129 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 39,251 | |||
Total | 224,380 | |||
Accumulated Depreciation | $ 1,024 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | N/A | |||
Depreciable Lives (Years) | N/A | |||
Reston Gateway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Gateway | |||
Type | Development | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 150,632 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 150,632 | |||
Total | 150,632 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | N/A | |||
17Fifty Presidents Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 17Fifty Presidents Street | |||
Type | Development | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 99,816 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 99,816 | |||
Total | 99,816 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | N/A | |||
20 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 20 CityPoint | |||
Type | Development | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 4,721 | |||
Original Building | 52,039 | |||
Costs Capitalized Subsequent to Acquisition | 20,007 | |||
Land and improvements | 4,721 | |||
Buildings and Improvements | 52,039 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 20,007 | |||
Total | 76,767 | |||
Accumulated Depreciation | $ 1,136 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
325 Main Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 325 Main Street | |||
Type | Development | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 174 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 68,903 | |||
Land and improvements | 965 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 68,112 | |||
Total | 69,077 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | N/A | |||
North First Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | North First Master Plan | |||
Type | Land | |||
Location | San Jose, CA | |||
Encumbrances | $ 0 | |||
Original Land | 35,004 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 3,932 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 38,936 | |||
Development and Construction in Progress | 0 | |||
Total | 38,936 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
Plaza at Almaden | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Plaza at Almaden | |||
Type | Land | |||
Location | San Jose, CA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 34,889 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 34,889 | |||
Development and Construction in Progress | 0 | |||
Total | 34,889 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | N/A | |||
425 Fourth Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 425 Fourth Street | |||
Type | Land | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 22,074 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 22,074 | |||
Development and Construction in Progress | 0 | |||
Total | 22,074 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | N/A | |||
Depreciable Lives (Years) | N/A | |||
Springfield Metro Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Springfield Metro Center | |||
Type | Land | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 19,844 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 19,844 | |||
Development and Construction in Progress | 0 | |||
Total | 19,844 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
Reston Gateway Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Gateway Master Plan | |||
Type | Land | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 18,292 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 18,292 | |||
Development and Construction in Progress | 0 | |||
Total | 18,292 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | N/A | |||
214 Third Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 214 Third Avenue | |||
Type | Land | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 17,692 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 17,692 | |||
Development and Construction in Progress | 0 | |||
Total | 17,692 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | N/A | |||
103 Fourth Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 103 Fourth Avenue | |||
Type | Land | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 12,826 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 12,826 | |||
Development and Construction in Progress | 0 | |||
Total | 12,826 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
Crane Meadow | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Crane Meadow | |||
Type | Land | |||
Location | Marlborough, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 8,866 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 8,866 | |||
Development and Construction in Progress | 0 | |||
Total | 8,866 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | N/A | |||
Broad Run Business Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Broad Run Business Park | |||
Type | Land | |||
Location | Loudoun County, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 2,396 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 2,396 | |||
Development and Construction in Progress | 0 | |||
Total | 2,396 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | N/A | |||
Kendall Center Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Master Plan | |||
Type | Land | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,693 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 1,693 | |||
Development and Construction in Progress | 0 | |||
Total | 1,693 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | N/A | |||
Weston Quarry | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Weston Quarry | |||
Type | Land | |||
Location | Weston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,249 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 1,249 | |||
Development and Construction in Progress | 0 | |||
Total | 1,249 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | N/A | |||
Reston Overlook Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Overlook Master Plan | |||
Type | Land | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 39 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 39 | |||
Development and Construction in Progress | 0 | |||
Total | 39 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | N/A | |||
Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreiation Life used for Depreciation | life of the lease | |||
Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Furniture and Fixtures [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 27,619 | |||
Land and Land Improvements [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Right-of-use assets - finance leases | 214,091 | |||
Building and Building Improvements [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Right-of-use assets - finance leases | $ 23,303 | |||
[1] | Includes unamortized deferred financing costs totaling approximately $(26.7) million . | |||
[2] | Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $148,640 , respectively. | |||
[3] | Includes Right of Use Assets - Finance Leases of approximately $23,303 . | |||
[4] | Includes pre-development costs. | |||
[5] | Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. |
Real Estate and Accumulated D_5
Real Estate and Accumulated Depreciation Activity of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Real Estate, Balance at the beginning of the year | $ 21,605,545 | $ 21,058,714 | $ 20,114,576 |
Real Estate, Additions to / improvements of real estate | 1,671,898 | 1,043,379 | 1,099,286 |
Real Estate, Assets sold / written off | (432,746) | (496,548) | (155,148) |
Real Estate, Balance at the end of the year | 22,844,697 | 21,605,545 | 21,058,714 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Accumulated depreciation, Balance at beginning of the year | 4,871,102 | 4,566,570 | 4,201,891 |
Accumulated depreciation, Depreciation expense | 564,938 | 533,342 | 497,059 |
Accumulated depreciation, Assets sold / written off | (196,861) | (228,810) | (132,380) |
Accumulated depreciation, Balance at end of the year | $ 5,239,179 | $ 4,871,102 | $ 4,566,570 |
Real Estate and Accumulated D_6
Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation (BPLP) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | [1] | $ 2,922,408 | ||
Original Land | 5,024,060 | |||
Original Building | 13,057,336 | |||
Costs Capitalized Subsequent to Acquisition | 4,763,301 | |||
Land and improvements | [2] | 5,474,337 | ||
Buildings and Improvements | [3] | 16,325,796 | ||
Land Held for Development | [4] | 254,828 | ||
Development and Construction in Progress | 789,736 | |||
Total | 22,844,697 | |||
Accumulated Depreciation | 5,239,179 | |||
Furniture, Fixtures and Equipment | 44,313 | $ 44,351 | ||
Real Estate Aggregate Accumulated Depreciation For Tax Purposes | $ 4,000,000 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Unamortized deferred finance costs | $ (26,700) | |||
Right-of-use assets - finance leases | 237,394 | |||
Right of use assets - operating leases | $ 148,640 | $ 151,800 | ||
767 Fifth Avenue (the General Motors Building) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 767 Fifth Avenue (the General Motors Building) | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 2,274,028 | |||
Original Land | 1,796,252 | |||
Original Building | 1,532,654 | |||
Costs Capitalized Subsequent to Acquisition | 202,612 | |||
Land and improvements | 1,796,252 | |||
Buildings and Improvements | 1,735,266 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,531,518 | |||
Accumulated Depreciation | $ 313,158 | |||
Year(s) Built / Renovated | 1968/2019 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Prudential Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Prudential Center | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 92,077 | |||
Original Building | 948,357 | |||
Costs Capitalized Subsequent to Acquisition | 556,458 | |||
Land and improvements | 115,638 | |||
Buildings and Improvements | 1,478,578 | |||
Land Held for Development | 2,676 | |||
Development and Construction in Progress | 0 | |||
Total | 1,596,892 | |||
Accumulated Depreciation | $ 596,740 | |||
Year(s) Built / Renovated | 1965/1993/2002/2016-2017 | |||
Year(s) Acquired | 1998/1999/2000 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Embarcadero Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Embarcadero Center | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 179,697 | |||
Original Building | 847,410 | |||
Costs Capitalized Subsequent to Acquisition | 415,228 | |||
Land and improvements | 195,987 | |||
Buildings and Improvements | 1,246,348 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,442,335 | |||
Accumulated Depreciation | $ 633,711 | |||
Year(s) Built / Renovated | 1970/1989 | |||
Year(s) Acquired | 1998-1999 | |||
Depreciable Lives (Years) | [5] | (1) | ||
399 Park Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 399 Park Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 339,200 | |||
Original Building | 700,358 | |||
Costs Capitalized Subsequent to Acquisition | 300,519 | |||
Land and improvements | 354,107 | |||
Buildings and Improvements | 985,970 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,340,077 | |||
Accumulated Depreciation | $ 358,960 | |||
Year(s) Built / Renovated | 1961/2018 | |||
Year(s) Acquired | 2002 | |||
Depreciable Lives (Years) | [5] | (1) | ||
601 Lexington Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 601 Lexington Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 644,778 | |||
Original Land | 241,600 | |||
Original Building | 494,782 | |||
Costs Capitalized Subsequent to Acquisition | 454,902 | |||
Land and improvements | 289,639 | |||
Buildings and Improvements | 688,550 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 213,095 | |||
Total | 1,191,284 | |||
Accumulated Depreciation | $ 289,482 | |||
Year(s) Built / Renovated | 1977/1997 | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Salesforce Tower | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Salesforce Tower | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 200,349 | |||
Original Building | 946,205 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and improvements | 200,349 | |||
Buildings and Improvements | 946,205 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,146,554 | |||
Accumulated Depreciation | $ 38,727 | |||
Year(s) Built / Renovated | 2018 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [5] | (1) | ||
200 Clarendon Street and Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 200 Clarendon Street and Garage | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 219,543 | |||
Original Building | 667,884 | |||
Costs Capitalized Subsequent to Acquisition | 210,160 | |||
Land and improvements | 250,134 | |||
Buildings and Improvements | 829,529 | |||
Land Held for Development | 17,924 | |||
Development and Construction in Progress | 0 | |||
Total | 1,097,587 | |||
Accumulated Depreciation | $ 214,533 | |||
Year(s) Built / Renovated | 1976 | |||
Year(s) Acquired | 2010 | |||
Depreciable Lives (Years) | [5] | (1) | ||
250 West 55th Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 250 West 55th Street | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 285,263 | |||
Original Building | 603,167 | |||
Costs Capitalized Subsequent to Acquisition | 51,928 | |||
Land and improvements | 285,263 | |||
Buildings and Improvements | 655,095 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 940,358 | |||
Accumulated Depreciation | $ 116,857 | |||
Year(s) Built / Renovated | 2014 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
100 Federal Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 100 Federal Street | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 131,067 | |||
Original Building | 435,954 | |||
Costs Capitalized Subsequent to Acquisition | 102,984 | |||
Land and improvements | 131,067 | |||
Buildings and Improvements | 538,938 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 670,005 | |||
Accumulated Depreciation | $ 122,799 | |||
Year(s) Built / Renovated | 1971-1975/2017 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Times Square Tower | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Times Square Tower | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 165,413 | |||
Original Building | 380,438 | |||
Costs Capitalized Subsequent to Acquisition | 113,222 | |||
Land and improvements | 169,193 | |||
Buildings and Improvements | 489,880 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 659,073 | |||
Accumulated Depreciation | $ 217,303 | |||
Year(s) Built / Renovated | 2004 | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Carnegie Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Carnegie Center | |||
Type | Office | |||
Location | Princeton, NJ | |||
Encumbrances | $ 0 | |||
Original Land | 142,666 | |||
Original Building | 316,856 | |||
Costs Capitalized Subsequent to Acquisition | 152,280 | |||
Land and improvements | 94,240 | |||
Buildings and Improvements | 462,882 | |||
Land Held for Development | 54,680 | |||
Development and Construction in Progress | 0 | |||
Total | 611,802 | |||
Accumulated Depreciation | $ 208,331 | |||
Year(s) Built / Renovated | 1983-2016 | |||
Year(s) Acquired | 1998/1999/2000/2007/2014/2017/2019 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Atlantic Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Atlantic Wharf | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 63,988 | |||
Original Building | 454,537 | |||
Costs Capitalized Subsequent to Acquisition | 18,709 | |||
Land and improvements | 63,988 | |||
Buildings and Improvements | 473,246 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 537,234 | |||
Accumulated Depreciation | $ 131,828 | |||
Year(s) Built / Renovated | 2011 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
510 Madison Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 510 Madison Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 103,000 | |||
Original Building | 253,665 | |||
Costs Capitalized Subsequent to Acquisition | 25,495 | |||
Land and improvements | 103,000 | |||
Buildings and Improvements | 279,160 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 382,160 | |||
Accumulated Depreciation | $ 72,213 | |||
Year(s) Built / Renovated | 2012 | |||
Year(s) Acquired | 2010 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Fountain Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Fountain Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 56,853 | |||
Original Building | 306,298 | |||
Costs Capitalized Subsequent to Acquisition | 12,140 | |||
Land and improvements | 56,853 | |||
Buildings and Improvements | 318,438 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 375,291 | |||
Accumulated Depreciation | $ 78,498 | |||
Year(s) Built / Renovated | 1986-1990 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [5] | (1) | ||
599 Lexington Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 599 Lexington Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 81,040 | |||
Original Building | 100,507 | |||
Costs Capitalized Subsequent to Acquisition | 188,572 | |||
Land and improvements | 87,852 | |||
Buildings and Improvements | 282,267 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 370,119 | |||
Accumulated Depreciation | $ 183,291 | |||
Year(s) Built / Renovated | 1986 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
680 Folsom Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 680 Folsom Street | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 72,545 | |||
Original Building | 219,766 | |||
Costs Capitalized Subsequent to Acquisition | 7,907 | |||
Land and improvements | 72,545 | |||
Buildings and Improvements | 227,673 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 300,218 | |||
Accumulated Depreciation | $ 46,777 | |||
Year(s) Built / Renovated | 2014 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [5] | (1) | ||
2200 Pennsylvania Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 2200 Pennsylvania Avenue | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 183,541 | |||
Costs Capitalized Subsequent to Acquisition | 113,627 | |||
Land and improvements | 109,038 | |||
Buildings and Improvements | 188,130 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 297,168 | |||
Accumulated Depreciation | $ 59,190 | |||
Year(s) Built / Renovated | 2011 | |||
Year(s) Acquired | 2008 | |||
Depreciable Lives (Years) | [5] | (1) | ||
145 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 145 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 121 | |||
Original Building | 273,013 | |||
Costs Capitalized Subsequent to Acquisition | 23,246 | |||
Land and improvements | 23,367 | |||
Buildings and Improvements | 273,013 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 296,380 | |||
Accumulated Depreciation | $ 1,511 | |||
Year(s) Built / Renovated | 2019 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
South of Market and Democracy Tower | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | South of Market and Democracy Tower | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 13,603 | |||
Original Building | 237,479 | |||
Costs Capitalized Subsequent to Acquisition | 26,415 | |||
Land and improvements | 13,687 | |||
Buildings and Improvements | 263,810 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 277,497 | |||
Accumulated Depreciation | $ 99,478 | |||
Year(s) Built / Renovated | 2008-2009 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [5] | (1) | ||
601 Massachusetts Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 601 Massachusetts Avenue | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 95,310 | |||
Original Building | 165,173 | |||
Costs Capitalized Subsequent to Acquisition | 3,945 | |||
Land and improvements | 95,322 | |||
Buildings and Improvements | 169,106 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 264,428 | |||
Accumulated Depreciation | $ 24,502 | |||
Year(s) Built / Renovated | 2016 | |||
Year(s) Acquired | 2008 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Bay Colony Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Bay Colony Corporate Center | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,789 | |||
Original Building | 148,451 | |||
Costs Capitalized Subsequent to Acquisition | 80,077 | |||
Land and improvements | 18,789 | |||
Buildings and Improvements | 228,528 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 247,317 | |||
Accumulated Depreciation | $ 79,824 | |||
Year(s) Built / Renovated | 1985-1989 | |||
Year(s) Acquired | 2011 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Gateway Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Gateway Center | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 28,255 | |||
Original Building | 139,245 | |||
Costs Capitalized Subsequent to Acquisition | 61,791 | |||
Land and improvements | 30,627 | |||
Buildings and Improvements | 198,664 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 229,291 | |||
Accumulated Depreciation | $ 106,680 | |||
Year(s) Built / Renovated | 1984/1986/2002 | |||
Year(s) Acquired | 1999 | |||
Depreciable Lives (Years) | [5] | (1) | ||
535 Mission Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 535 Mission Street | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 40,933 | |||
Original Building | 148,378 | |||
Costs Capitalized Subsequent to Acquisition | 3,276 | |||
Land and improvements | 40,933 | |||
Buildings and Improvements | 151,654 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 192,587 | |||
Accumulated Depreciation | $ 26,293 | |||
Year(s) Built / Renovated | 2015 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Mountain View Research Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Mountain View Research Park | |||
Type | Office | |||
Location | Mountain View, CA | |||
Encumbrances | $ 0 | |||
Original Land | 95,066 | |||
Original Building | 68,373 | |||
Costs Capitalized Subsequent to Acquisition | 12,704 | |||
Land and improvements | 95,066 | |||
Buildings and Improvements | 81,077 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 176,143 | |||
Accumulated Depreciation | $ 19,807 | |||
Year(s) Built / Renovated | 1977-1981/2007-2013 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Reservoir Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reservoir Place | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,605 | |||
Original Building | 104,124 | |||
Costs Capitalized Subsequent to Acquisition | 53,718 | |||
Land and improvements | 20,108 | |||
Buildings and Improvements | 156,339 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 176,447 | |||
Accumulated Depreciation | $ 70,870 | |||
Year(s) Built / Renovated | 1955/1987/2017 | |||
Year(s) Acquired | 1997/1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
1330 Connecticut Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 1330 Connecticut Avenue | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 25,982 | |||
Original Building | 82,311 | |||
Costs Capitalized Subsequent to Acquisition | 36,847 | |||
Land and improvements | 27,135 | |||
Buildings and Improvements | 118,005 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 145,140 | |||
Accumulated Depreciation | $ 32,775 | |||
Year(s) Built / Renovated | 1984/2018 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Kingstowne Towne Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kingstowne Towne Center | |||
Type | Office | |||
Location | Alexandria, VA | |||
Encumbrances | $ 0 | |||
Original Land | 18,021 | |||
Original Building | 109,038 | |||
Costs Capitalized Subsequent to Acquisition | 3,376 | |||
Land and improvements | 18,062 | |||
Buildings and Improvements | 112,373 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 130,435 | |||
Accumulated Depreciation | $ 44,294 | |||
Year(s) Built / Renovated | 2003-2006 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
One Freedom Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | One Freedom Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 9,929 | |||
Original Building | 84,504 | |||
Costs Capitalized Subsequent to Acquisition | 34,372 | |||
Land and improvements | 11,293 | |||
Buildings and Improvements | 117,512 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 128,805 | |||
Accumulated Depreciation | $ 59,006 | |||
Year(s) Built / Renovated | 2000 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Weston Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Weston Corporate Center | |||
Type | Office | |||
Location | Weston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 25,753 | |||
Original Building | 92,312 | |||
Costs Capitalized Subsequent to Acquisition | (123) | |||
Land and improvements | 25,854 | |||
Buildings and Improvements | 92,088 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 117,942 | |||
Accumulated Depreciation | $ 29,227 | |||
Year(s) Built / Renovated | 2010 | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Capital Gallery | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Capital Gallery | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 4,725 | |||
Original Building | 29,565 | |||
Costs Capitalized Subsequent to Acquisition | 88,704 | |||
Land and improvements | 8,662 | |||
Buildings and Improvements | 114,332 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 122,994 | |||
Accumulated Depreciation | $ 71,631 | |||
Year(s) Built / Renovated | 1981/2006 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Two Freedom Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Two Freedom Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 13,930 | |||
Original Building | 77,739 | |||
Costs Capitalized Subsequent to Acquisition | 23,209 | |||
Land and improvements | 15,420 | |||
Buildings and Improvements | 99,458 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 114,878 | |||
Accumulated Depreciation | $ 50,668 | |||
Year(s) Built / Renovated | 2001 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [5] | (1) | ||
One and Two Reston Overlook | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | One and Two Reston Overlook | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 16,456 | |||
Original Building | 66,192 | |||
Costs Capitalized Subsequent to Acquisition | 24,181 | |||
Land and improvements | 16,179 | |||
Buildings and Improvements | 90,650 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 106,829 | |||
Accumulated Depreciation | $ 51,503 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | [5] | (1) | ||
355 Main Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 355 Main Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,863 | |||
Original Building | 53,346 | |||
Costs Capitalized Subsequent to Acquisition | 27,582 | |||
Land and improvements | 21,173 | |||
Buildings and Improvements | 78,618 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 99,791 | |||
Accumulated Depreciation | $ 26,439 | |||
Year(s) Built / Renovated | 1981/1996/2013 | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | [5] | (1) | ||
140 Kendrick Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 140 Kendrick Street | |||
Type | Office | |||
Location | Needham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,095 | |||
Original Building | 66,905 | |||
Costs Capitalized Subsequent to Acquisition | 17,574 | |||
Land and improvements | 19,092 | |||
Buildings and Improvements | 83,482 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 102,574 | |||
Accumulated Depreciation | $ 35,721 | |||
Year(s) Built / Renovated | 2000 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Discovery Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Discovery Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 11,198 | |||
Original Building | 71,782 | |||
Costs Capitalized Subsequent to Acquisition | 20,905 | |||
Land and improvements | 12,533 | |||
Buildings and Improvements | 91,352 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 103,885 | |||
Accumulated Depreciation | $ 43,619 | |||
Year(s) Built / Renovated | 2001 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [5] | (1) | ||
880 & 890 Winter Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 880 & 890 Winter Street | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 29,510 | |||
Original Building | 65,812 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and improvements | 29,510 | |||
Buildings and Improvements | 65,812 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 95,322 | |||
Accumulated Depreciation | $ 1,458 | |||
Year(s) Built / Renovated | 1998-1999 | |||
Year(s) Acquired | 2019 | |||
Depreciable Lives (Years) | [5] | (1) | ||
10 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 10 CityPoint | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,953 | |||
Original Building | 85,752 | |||
Costs Capitalized Subsequent to Acquisition | 4,697 | |||
Land and improvements | 2,290 | |||
Buildings and Improvements | 90,112 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 92,402 | |||
Accumulated Depreciation | $ 10,928 | |||
Year(s) Built / Renovated | 2016 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
90 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 90 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 19,104 | |||
Original Building | 52,078 | |||
Costs Capitalized Subsequent to Acquisition | 19,857 | |||
Land and improvements | 20,785 | |||
Buildings and Improvements | 70,254 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 91,039 | |||
Accumulated Depreciation | $ 23,621 | |||
Year(s) Built / Renovated | 1983/1998/2013 | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | [5] | (1) | ||
77 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 77 CityPoint | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 13,847 | |||
Original Building | 60,383 | |||
Costs Capitalized Subsequent to Acquisition | 10,556 | |||
Land and improvements | 14,023 | |||
Buildings and Improvements | 70,763 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 84,786 | |||
Accumulated Depreciation | $ 27,172 | |||
Year(s) Built / Renovated | 2008 | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | [5] | (1) | ||
230 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 230 CityPoint | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 13,189 | |||
Original Building | 49,823 | |||
Costs Capitalized Subsequent to Acquisition | 22,057 | |||
Land and improvements | 13,807 | |||
Buildings and Improvements | 71,262 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 85,069 | |||
Accumulated Depreciation | $ 29,255 | |||
Year(s) Built / Renovated | 1992 | |||
Year(s) Acquired | 2005 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Waltham Weston Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Waltham Weston Corporate Center | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 10,385 | |||
Original Building | 60,694 | |||
Costs Capitalized Subsequent to Acquisition | 13,165 | |||
Land and improvements | 11,097 | |||
Buildings and Improvements | 73,147 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 84,244 | |||
Accumulated Depreciation | $ 35,567 | |||
Year(s) Built / Renovated | 2003 | |||
Year(s) Acquired | 1999 | |||
Depreciable Lives (Years) | [5] | (1) | ||
3625-3635 Peterson Way | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 3625-3635 Peterson Way | |||
Type | Office | |||
Location | Santa Clara, CA | |||
Encumbrances | $ 0 | |||
Original Land | 63,206 | |||
Original Building | 14,879 | |||
Costs Capitalized Subsequent to Acquisition | 752 | |||
Land and improvements | 63,206 | |||
Buildings and Improvements | 14,879 | |||
Land Held for Development | 752 | |||
Development and Construction in Progress | 0 | |||
Total | 78,837 | |||
Accumulated Depreciation | $ 11,172 | |||
Year(s) Built / Renovated | 1979 | |||
Year(s) Acquired | 2016 | |||
Depreciable Lives (Years) | [5] | (1) | ||
2440 West El Camino Real | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 2440 West El Camino Real | |||
Type | Office | |||
Location | Mountain View, CA | |||
Encumbrances | $ 0 | |||
Original Land | 16,741 | |||
Original Building | 51,285 | |||
Costs Capitalized Subsequent to Acquisition | 5,454 | |||
Land and improvements | 16,741 | |||
Buildings and Improvements | 56,739 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 73,480 | |||
Accumulated Depreciation | $ 13,090 | |||
Year(s) Built / Renovated | 1987/2003 | |||
Year(s) Acquired | 2011 | |||
Depreciable Lives (Years) | [5] | (1) | ||
191 Spring Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 191 Spring Street | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 2,850 | |||
Original Building | 59,751 | |||
Costs Capitalized Subsequent to Acquisition | 7,695 | |||
Land and improvements | 3,151 | |||
Buildings and Improvements | 67,145 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 70,296 | |||
Accumulated Depreciation | $ 21,917 | |||
Year(s) Built / Renovated | 1971/1995/2018 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
300 Binney Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 300 Binney Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,080 | |||
Original Building | 51,262 | |||
Costs Capitalized Subsequent to Acquisition | 140 | |||
Land and improvements | 18,080 | |||
Buildings and Improvements | 51,402 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 69,482 | |||
Accumulated Depreciation | $ 11,146 | |||
Year(s) Built / Renovated | 2013 | |||
Year(s) Acquired | 2009 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Wisconsin Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Wisconsin Place | |||
Type | Office | |||
Location | Chevy Chase, MD | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 53,349 | |||
Costs Capitalized Subsequent to Acquisition | 14,924 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 68,273 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 68,273 | |||
Accumulated Depreciation | $ 25,934 | |||
Year(s) Built / Renovated | 2009 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Reston Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Corporate Center | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 9,135 | |||
Original Building | 50,857 | |||
Costs Capitalized Subsequent to Acquisition | 6,236 | |||
Land and improvements | 10,148 | |||
Buildings and Improvements | 56,080 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 66,228 | |||
Accumulated Depreciation | $ 29,860 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
New Dominion Technology Park, Bldg. Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | New Dominion Technology Park, Bldg. Two | |||
Type | Office | |||
Location | Herndon, VA | |||
Encumbrances | $ 0 | |||
Original Land | 5,584 | |||
Original Building | 51,868 | |||
Costs Capitalized Subsequent to Acquisition | 4,157 | |||
Land and improvements | 6,510 | |||
Buildings and Improvements | 55,099 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 61,609 | |||
Accumulated Depreciation | $ 26,894 | |||
Year(s) Built / Renovated | 2004 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
255 Main Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 255 Main Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 134 | |||
Original Building | 25,110 | |||
Costs Capitalized Subsequent to Acquisition | 34,124 | |||
Land and improvements | 548 | |||
Buildings and Improvements | 58,820 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 59,368 | |||
Accumulated Depreciation | $ 33,543 | |||
Year(s) Built / Renovated | 1987 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
University Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | University Place | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 3,602 | |||
Original Land | 0 | |||
Original Building | 37,091 | |||
Costs Capitalized Subsequent to Acquisition | 16,001 | |||
Land and improvements | 7,418 | |||
Buildings and Improvements | 45,674 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 53,092 | |||
Accumulated Depreciation | $ 29,423 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Sumner Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Sumner Square | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 624 | |||
Original Building | 28,745 | |||
Costs Capitalized Subsequent to Acquisition | 21,344 | |||
Land and improvements | 3,535 | |||
Buildings and Improvements | 47,178 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 50,713 | |||
Accumulated Depreciation | $ 27,093 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1999 | |||
Depreciable Lives (Years) | [5] | (1) | ||
New Dominion Technology Park, Bldg. One | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | New Dominion Technology Park, Bldg. One | |||
Type | Office | |||
Location | Herndon, VA | |||
Encumbrances | $ 0 | |||
Original Land | 3,880 | |||
Original Building | 43,227 | |||
Costs Capitalized Subsequent to Acquisition | 3,927 | |||
Land and improvements | 4,583 | |||
Buildings and Improvements | 46,451 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 51,034 | |||
Accumulated Depreciation | $ 29,141 | |||
Year(s) Built / Renovated | 2001 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
200 West Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 200 West Street | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 16,148 | |||
Original Building | 24,983 | |||
Costs Capitalized Subsequent to Acquisition | 8,211 | |||
Land and improvements | 16,813 | |||
Buildings and Improvements | 30,425 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 2,104 | |||
Total | 49,342 | |||
Accumulated Depreciation | $ 17,001 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
North First Business Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | North First Business Park | |||
Type | Office | |||
Location | San Jose, CA | |||
Encumbrances | $ 0 | |||
Original Land | 23,398 | |||
Original Building | 13,069 | |||
Costs Capitalized Subsequent to Acquisition | 4,571 | |||
Land and improvements | 23,377 | |||
Buildings and Improvements | 17,661 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 41,038 | |||
Accumulated Depreciation | $ 16,411 | |||
Year(s) Built / Renovated | 1981 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
150 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 150 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 850 | |||
Original Building | 25,042 | |||
Costs Capitalized Subsequent to Acquisition | 8,540 | |||
Land and improvements | 1,323 | |||
Buildings and Improvements | 33,109 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 34,432 | |||
Accumulated Depreciation | $ 19,875 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
105 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 105 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,299 | |||
Original Building | 12,943 | |||
Costs Capitalized Subsequent to Acquisition | 11,406 | |||
Land and improvements | 2,395 | |||
Buildings and Improvements | 23,253 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 25,648 | |||
Accumulated Depreciation | $ 11,870 | |||
Year(s) Built / Renovated | 1990 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Lexington Office Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Lexington Office Park | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 998 | |||
Original Building | 1,426 | |||
Costs Capitalized Subsequent to Acquisition | 18,547 | |||
Land and improvements | 1,264 | |||
Buildings and Improvements | 19,707 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 20,971 | |||
Accumulated Depreciation | $ 14,312 | |||
Year(s) Built / Renovated | 1982 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
201 Spring Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 201 Spring Street | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 2,849 | |||
Original Building | 15,303 | |||
Costs Capitalized Subsequent to Acquisition | 1,172 | |||
Land and improvements | 3,124 | |||
Buildings and Improvements | 16,200 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 19,324 | |||
Accumulated Depreciation | $ 8,587 | |||
Year(s) Built / Renovated | 1997 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
The Point | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Point | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 6,395 | |||
Original Building | 10,040 | |||
Costs Capitalized Subsequent to Acquisition | 421 | |||
Land and improvements | 6,492 | |||
Buildings and Improvements | 10,364 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 16,856 | |||
Accumulated Depreciation | $ 1,349 | |||
Year(s) Built / Renovated | 2015 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
33 Hayden Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 33 Hayden Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 266 | |||
Original Building | 3,234 | |||
Costs Capitalized Subsequent to Acquisition | 12,898 | |||
Land and improvements | 425 | |||
Buildings and Improvements | 15,973 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 16,398 | |||
Accumulated Depreciation | $ 5,678 | |||
Year(s) Built / Renovated | 1979 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
690 Folsom Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 690 Folsom Street | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 3,219 | |||
Original Building | 11,038 | |||
Costs Capitalized Subsequent to Acquisition | 1,157 | |||
Land and improvements | 3,219 | |||
Buildings and Improvements | 12,195 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 15,414 | |||
Accumulated Depreciation | $ 2,284 | |||
Year(s) Built / Renovated | 2015 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [5] | (1) | ||
92-100 Hayden Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 92-100 Hayden Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 594 | |||
Original Building | 6,748 | |||
Costs Capitalized Subsequent to Acquisition | 7,529 | |||
Land and improvements | 802 | |||
Buildings and Improvements | 14,069 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 14,871 | |||
Accumulated Depreciation | $ 12,041 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
181 Spring Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 181 Spring Street | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,066 | |||
Original Building | 9,520 | |||
Costs Capitalized Subsequent to Acquisition | 2,177 | |||
Land and improvements | 1,160 | |||
Buildings and Improvements | 11,603 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 12,763 | |||
Accumulated Depreciation | $ 5,597 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
195 West Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 195 West Street | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,611 | |||
Original Building | 6,652 | |||
Costs Capitalized Subsequent to Acquisition | 4,218 | |||
Land and improvements | 1,858 | |||
Buildings and Improvements | 10,623 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 12,481 | |||
Accumulated Depreciation | $ 8,352 | |||
Year(s) Built / Renovated | 1990 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7501 Boston Boulevard, Building Seven | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7501 Boston Boulevard, Building Seven | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 665 | |||
Original Building | 9,273 | |||
Costs Capitalized Subsequent to Acquisition | 816 | |||
Land and improvements | 791 | |||
Buildings and Improvements | 9,963 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 10,754 | |||
Accumulated Depreciation | $ 5,393 | |||
Year(s) Built / Renovated | 1997 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7435 Boston Boulevard, Building One | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7435 Boston Boulevard, Building One | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 392 | |||
Original Building | 3,822 | |||
Costs Capitalized Subsequent to Acquisition | 4,983 | |||
Land and improvements | 659 | |||
Buildings and Improvements | 8,538 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 9,197 | |||
Accumulated Depreciation | $ 6,344 | |||
Year(s) Built / Renovated | 1982 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7450 Boston Boulevard, Building Three | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7450 Boston Boulevard, Building Three | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 1,165 | |||
Original Building | 4,681 | |||
Costs Capitalized Subsequent to Acquisition | 2,591 | |||
Land and improvements | 1,430 | |||
Buildings and Improvements | 7,007 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 8,437 | |||
Accumulated Depreciation | $ 3,575 | |||
Year(s) Built / Renovated | 1987 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [5] | (1) | ||
32 Hartwell Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 32 Hartwell Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 168 | |||
Original Building | 1,943 | |||
Costs Capitalized Subsequent to Acquisition | 6,115 | |||
Land and improvements | 314 | |||
Buildings and Improvements | 7,912 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 8,226 | |||
Accumulated Depreciation | $ 1,975 | |||
Year(s) Built / Renovated | 1968/1979/1987 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
250 Binney Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 250 Binney Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 110 | |||
Original Building | 4,483 | |||
Costs Capitalized Subsequent to Acquisition | 3,593 | |||
Land and improvements | 273 | |||
Buildings and Improvements | 7,913 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 8,186 | |||
Accumulated Depreciation | $ 5,829 | |||
Year(s) Built / Renovated | 1983 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
8000 Grainger Court, Building Five | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 8000 Grainger Court, Building Five | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 366 | |||
Original Building | 4,282 | |||
Costs Capitalized Subsequent to Acquisition | 3,198 | |||
Land and improvements | 601 | |||
Buildings and Improvements | 7,245 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,846 | |||
Accumulated Depreciation | $ 5,752 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
453 Ravendale Drive | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 453 Ravendale Drive | |||
Type | Office | |||
Location | Mountain View, CA | |||
Encumbrances | $ 0 | |||
Original Land | 5,477 | |||
Original Building | 1,090 | |||
Costs Capitalized Subsequent to Acquisition | 676 | |||
Land and improvements | 5,477 | |||
Buildings and Improvements | 1,766 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,243 | |||
Accumulated Depreciation | $ 690 | |||
Year(s) Built / Renovated | 1977 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7300 Boston Boulevard, Building Thirteen | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7300 Boston Boulevard, Building Thirteen | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 608 | |||
Original Building | 4,773 | |||
Costs Capitalized Subsequent to Acquisition | 1,007 | |||
Land and improvements | 661 | |||
Buildings and Improvements | 5,727 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 6,388 | |||
Accumulated Depreciation | $ 1,984 | |||
Year(s) Built / Renovated | 2002 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
17 Hartwell Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 17 Hartwell Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 26 | |||
Original Building | 150 | |||
Costs Capitalized Subsequent to Acquisition | 6,064 | |||
Land and improvements | 65 | |||
Buildings and Improvements | 6,175 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 6,240 | |||
Accumulated Depreciation | $ 1,966 | |||
Year(s) Built / Renovated | 1968 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7601 Boston Boulevard, Building Eight | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7601 Boston Boulevard, Building Eight | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 200 | |||
Original Building | 878 | |||
Costs Capitalized Subsequent to Acquisition | 5,060 | |||
Land and improvements | 551 | |||
Buildings and Improvements | 5,587 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 6,138 | |||
Accumulated Depreciation | $ 4,689 | |||
Year(s) Built / Renovated | 1986 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7500 Boston Boulevard, Building Six | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7500 Boston Boulevard, Building Six | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 138 | |||
Original Building | 3,749 | |||
Costs Capitalized Subsequent to Acquisition | 1,640 | |||
Land and improvements | 367 | |||
Buildings and Improvements | 5,160 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 5,527 | |||
Accumulated Depreciation | $ 4,237 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
8000 Corporate Court, Building Eleven | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 8000 Corporate Court, Building Eleven | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 136 | |||
Original Building | 3,071 | |||
Costs Capitalized Subsequent to Acquisition | 1,596 | |||
Land and improvements | 774 | |||
Buildings and Improvements | 4,029 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 4,803 | |||
Accumulated Depreciation | $ 3,191 | |||
Year(s) Built / Renovated | 1989 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7375 Boston Boulevard, Building Ten | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7375 Boston Boulevard, Building Ten | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 23 | |||
Original Building | 2,685 | |||
Costs Capitalized Subsequent to Acquisition | 1,032 | |||
Land and improvements | 93 | |||
Buildings and Improvements | 3,647 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,740 | |||
Accumulated Depreciation | $ 2,606 | |||
Year(s) Built / Renovated | 1988 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7374 Boston Boulevard, Building Four | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7374 Boston Boulevard, Building Four | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 241 | |||
Original Building | 1,605 | |||
Costs Capitalized Subsequent to Acquisition | 1,828 | |||
Land and improvements | 398 | |||
Buildings and Improvements | 3,276 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,674 | |||
Accumulated Depreciation | $ 2,779 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
7451 Boston Boulevard, Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7451 Boston Boulevard, Building Two | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 249 | |||
Original Building | 1,542 | |||
Costs Capitalized Subsequent to Acquisition | 1,667 | |||
Land and improvements | 613 | |||
Buildings and Improvements | 2,845 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,458 | |||
Accumulated Depreciation | $ 2,610 | |||
Year(s) Built / Renovated | 1982 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Signature at Reston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Signature at Reston | |||
Type | Residential | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 27,076 | |||
Original Building | 190,580 | |||
Costs Capitalized Subsequent to Acquisition | 393 | |||
Land and improvements | 27,076 | |||
Buildings and Improvements | 190,973 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 218,049 | |||
Accumulated Depreciation | $ 8,773 | |||
Year(s) Built / Renovated | 2018 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Proto Kendall Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Proto Kendall Square | |||
Type | Residential | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 9,243 | |||
Original Building | 127,248 | |||
Costs Capitalized Subsequent to Acquisition | 2,939 | |||
Land and improvements | 9,245 | |||
Buildings and Improvements | 130,185 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 139,430 | |||
Accumulated Depreciation | $ 4,566 | |||
Year(s) Built / Renovated | 2018 | |||
Year(s) Acquired | 2015 | |||
Depreciable Lives (Years) | [5] | (1) | ||
The Avant at Reston Town Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Avant at Reston Town Center | |||
Type | Residential | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 20,350 | |||
Original Building | 91,995 | |||
Costs Capitalized Subsequent to Acquisition | 830 | |||
Land and improvements | 20,350 | |||
Buildings and Improvements | 92,825 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 113,175 | |||
Accumulated Depreciation | $ 14,728 | |||
Year(s) Built / Renovated | 2014 | |||
Year(s) Acquired | 2010 | |||
Depreciable Lives (Years) | [5] | (1) | ||
The Lofts at Atlantic Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Lofts at Atlantic Wharf | |||
Type | Residential | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 3,529 | |||
Original Building | 54,891 | |||
Costs Capitalized Subsequent to Acquisition | 1,897 | |||
Land and improvements | 3,529 | |||
Buildings and Improvements | 56,788 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 60,317 | |||
Accumulated Depreciation | $ 12,639 | |||
Year(s) Built / Renovated | 2011 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Boston Marriott Cambridge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Boston Marriott Cambridge | |||
Type | Hotel | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 478 | |||
Original Building | 37,918 | |||
Costs Capitalized Subsequent to Acquisition | 35,813 | |||
Land and improvements | 1,201 | |||
Buildings and Improvements | 73,008 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 74,209 | |||
Accumulated Depreciation | $ 46,605 | |||
Year(s) Built / Renovated | 1986/2017 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Kendall Center Green Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Green Garage | |||
Type | Garage | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 35,035 | |||
Costs Capitalized Subsequent to Acquisition | 7,329 | |||
Land and improvements | 103 | |||
Buildings and Improvements | 42,261 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 42,364 | |||
Accumulated Depreciation | $ 13,512 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Kendall Center Yellow Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Yellow Garage | |||
Type | Garage | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,256 | |||
Original Building | 15,697 | |||
Costs Capitalized Subsequent to Acquisition | 1,552 | |||
Land and improvements | 1,434 | |||
Buildings and Improvements | 17,071 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 18,505 | |||
Accumulated Depreciation | $ 6,031 | |||
Year(s) Built / Renovated | 2006 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [5] | (1) | ||
Kendall Center Blue Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Blue Garage | |||
Type | Garage | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,163 | |||
Original Building | 11,633 | |||
Costs Capitalized Subsequent to Acquisition | 2,151 | |||
Land and improvements | 1,579 | |||
Buildings and Improvements | 13,368 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 14,947 | |||
Accumulated Depreciation | $ 9,728 | |||
Year(s) Built / Renovated | 1990 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [5] | (1) | ||
The Skylyne (MacArthur Station Residences) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Skylyne (MacArthur Station Residences) | |||
Type | Development | |||
Location | Oakland, CA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 226,526 | |||
Land and improvements | 29,807 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 196,719 | |||
Total | 226,526 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | N/A | |||
Depreciable Lives (Years) | N/A | |||
2100 Pennsylvania Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 2100 Pennsylvania Avenue | |||
Type | Development | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 224,380 | |||
Land and improvements | 185,129 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 39,251 | |||
Total | 224,380 | |||
Accumulated Depreciation | $ 1,024 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | N/A | |||
Depreciable Lives (Years) | N/A | |||
Reston Gateway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Gateway | |||
Type | Development | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 150,632 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 150,632 | |||
Total | 150,632 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | N/A | |||
17Fifty Presidents Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 17Fifty Presidents Street | |||
Type | Development | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 99,816 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 99,816 | |||
Total | 99,816 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | N/A | |||
20 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 20 CityPoint | |||
Type | Development | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 4,721 | |||
Original Building | 52,039 | |||
Costs Capitalized Subsequent to Acquisition | 20,007 | |||
Land and improvements | 4,721 | |||
Buildings and Improvements | 52,039 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 20,007 | |||
Total | 76,767 | |||
Accumulated Depreciation | $ 1,136 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
325 Main Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 325 Main Street | |||
Type | Development | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 174 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 68,903 | |||
Land and improvements | 965 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 68,112 | |||
Total | 69,077 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | N/A | |||
North First Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | North First Master Plan | |||
Type | Land | |||
Location | San Jose, CA | |||
Encumbrances | $ 0 | |||
Original Land | 35,004 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 3,932 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 38,936 | |||
Development and Construction in Progress | 0 | |||
Total | 38,936 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
Plaza at Almaden | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Plaza at Almaden | |||
Type | Land | |||
Location | San Jose, CA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 34,889 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 34,889 | |||
Development and Construction in Progress | 0 | |||
Total | 34,889 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | N/A | |||
4th and Harrison | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 425 Fourth Street | |||
Type | Land | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 22,074 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 22,074 | |||
Development and Construction in Progress | 0 | |||
Total | 22,074 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | N/A | |||
Depreciable Lives (Years) | N/A | |||
Springfield Metro Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Springfield Metro Center | |||
Type | Land | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 19,844 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 19,844 | |||
Development and Construction in Progress | 0 | |||
Total | 19,844 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
Reston Gateway Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Gateway Master Plan | |||
Type | Land | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 18,292 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 18,292 | |||
Development and Construction in Progress | 0 | |||
Total | 18,292 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | N/A | |||
214 Third Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 214 Third Avenue | |||
Type | Land | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 17,692 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 17,692 | |||
Development and Construction in Progress | 0 | |||
Total | 17,692 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | N/A | |||
103 Fourth Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 103 Fourth Avenue | |||
Type | Land | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 12,826 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 12,826 | |||
Development and Construction in Progress | 0 | |||
Total | 12,826 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
Crane Meadow | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Crane Meadow | |||
Type | Land | |||
Location | Marlborough, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 8,866 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 8,866 | |||
Development and Construction in Progress | 0 | |||
Total | 8,866 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | N/A | |||
Broad Run Business Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Broad Run Business Park | |||
Type | Land | |||
Location | Loudoun County, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 2,396 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 2,396 | |||
Development and Construction in Progress | 0 | |||
Total | 2,396 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | N/A | |||
Kendall Center Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Master Plan | |||
Type | Land | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,693 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 1,693 | |||
Development and Construction in Progress | 0 | |||
Total | 1,693 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | N/A | |||
Weston Quarry | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Weston Quarry | |||
Type | Land | |||
Location | Weston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,249 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 1,249 | |||
Development and Construction in Progress | 0 | |||
Total | 1,249 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | N/A | |||
Reston Overlook Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Overlook Master Plan | |||
Type | Land | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 39 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 39 | |||
Development and Construction in Progress | 0 | |||
Total | 39 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | [6] | $ 2,922,408 | ||
Original Land | 5,024,060 | |||
Original Building | 13,057,336 | |||
Costs Capitalized Subsequent to Acquisition | 4,368,080 | |||
Land and improvements | [7] | 5,373,884 | ||
Buildings and Improvements | [8] | 16,031,028 | ||
Land Held for Development | [9] | 254,828 | ||
Development and Construction in Progress | 789,736 | |||
Total | 22,449,476 | |||
Accumulated Depreciation | 5,135,289 | |||
Furniture, Fixtures and Equipment | 44,313 | $ 44,351 | ||
Real Estate Aggregate Cost For Tax Purposes | 20,700,000 | |||
Real Estate Aggregate Accumulated Depreciation For Tax Purposes | $ 4,500,000 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Unamortized deferred finance costs | $ (26,700) | |||
Right-of-use assets - finance leases | 237,394 | |||
Right of use assets - operating leases | $ 148,640 | |||
Boston Properties Limited Partnership | 767 Fifth Avenue (the General Motors Building) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 767 Fifth Avenue (the General Motors Building) | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 2,274,028 | |||
Original Land | 1,796,252 | |||
Original Building | 1,532,654 | |||
Costs Capitalized Subsequent to Acquisition | 202,612 | |||
Land and improvements | 1,796,252 | |||
Buildings and Improvements | 1,735,266 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,531,518 | |||
Accumulated Depreciation | $ 313,158 | |||
Year(s) Built / Renovated | 1968/2019 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Prudential Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Prudential Center | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 92,077 | |||
Original Building | 948,357 | |||
Costs Capitalized Subsequent to Acquisition | 496,088 | |||
Land and improvements | 100,540 | |||
Buildings and Improvements | 1,433,306 | |||
Land Held for Development | 2,676 | |||
Development and Construction in Progress | 0 | |||
Total | 1,536,522 | |||
Accumulated Depreciation | $ 580,797 | |||
Year(s) Built / Renovated | 1965/1993/2002/2016-2017 | |||
Year(s) Acquired | 1998/1999/2000 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Embarcadero Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Embarcadero Center | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 179,697 | |||
Original Building | 847,410 | |||
Costs Capitalized Subsequent to Acquisition | 352,847 | |||
Land and improvements | 180,420 | |||
Buildings and Improvements | 1,199,534 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,379,954 | |||
Accumulated Depreciation | $ 617,163 | |||
Year(s) Built / Renovated | 1970/1989 | |||
Year(s) Acquired | 1998-1999 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 399 Park Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 399 Park Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 339,200 | |||
Original Building | 700,358 | |||
Costs Capitalized Subsequent to Acquisition | 240,911 | |||
Land and improvements | 339,200 | |||
Buildings and Improvements | 941,269 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,280,469 | |||
Accumulated Depreciation | $ 343,191 | |||
Year(s) Built / Renovated | 1961/2018 | |||
Year(s) Acquired | 2002 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 601 Lexington Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 601 Lexington Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 644,778 | |||
Original Land | 241,600 | |||
Original Building | 494,782 | |||
Costs Capitalized Subsequent to Acquisition | 417,816 | |||
Land and improvements | 279,281 | |||
Buildings and Improvements | 661,822 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 213,095 | |||
Total | 1,154,198 | |||
Accumulated Depreciation | $ 280,028 | |||
Year(s) Built / Renovated | 1977/1997 | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Salesforce Tower | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Salesforce Tower | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 200,349 | |||
Original Building | 946,205 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and improvements | 200,349 | |||
Buildings and Improvements | 946,205 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,146,554 | |||
Accumulated Depreciation | $ 38,727 | |||
Year(s) Built / Renovated | 2018 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 200 Clarendon Street and Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 200 Clarendon Street and Garage | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 219,543 | |||
Original Building | 667,884 | |||
Costs Capitalized Subsequent to Acquisition | 210,160 | |||
Land and improvements | 250,134 | |||
Buildings and Improvements | 829,529 | |||
Land Held for Development | 17,924 | |||
Development and Construction in Progress | 0 | |||
Total | 1,097,587 | |||
Accumulated Depreciation | $ 214,533 | |||
Year(s) Built / Renovated | 1976 | |||
Year(s) Acquired | 2010 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 250 West 55th Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 250 West 55th Street | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 285,263 | |||
Original Building | 603,167 | |||
Costs Capitalized Subsequent to Acquisition | 51,928 | |||
Land and improvements | 285,263 | |||
Buildings and Improvements | 655,095 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 940,358 | |||
Accumulated Depreciation | $ 116,857 | |||
Year(s) Built / Renovated | 2014 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 100 Federal Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 100 Federal Street | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 131,067 | |||
Original Building | 435,954 | |||
Costs Capitalized Subsequent to Acquisition | 102,984 | |||
Land and improvements | 131,067 | |||
Buildings and Improvements | 538,938 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 670,005 | |||
Accumulated Depreciation | $ 122,799 | |||
Year(s) Built / Renovated | 1971-1975/2017 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Times Square Tower | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Times Square Tower | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 165,413 | |||
Original Building | 380,438 | |||
Costs Capitalized Subsequent to Acquisition | 75,243 | |||
Land and improvements | 159,694 | |||
Buildings and Improvements | 461,400 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 621,094 | |||
Accumulated Depreciation | $ 207,272 | |||
Year(s) Built / Renovated | 2004 | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Carnegie Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Carnegie Center | |||
Type | Office | |||
Location | Princeton, NJ | |||
Encumbrances | $ 0 | |||
Original Land | 142,666 | |||
Original Building | 316,856 | |||
Costs Capitalized Subsequent to Acquisition | 137,317 | |||
Land and improvements | 90,498 | |||
Buildings and Improvements | 451,661 | |||
Land Held for Development | 54,680 | |||
Development and Construction in Progress | 0 | |||
Total | 596,839 | |||
Accumulated Depreciation | $ 204,380 | |||
Year(s) Built / Renovated | 1983-2016 | |||
Year(s) Acquired | 1998/1999/2000/2007/2014/2017/2019 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Atlantic Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Atlantic Wharf | |||
Type | Office | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 63,988 | |||
Original Building | 454,537 | |||
Costs Capitalized Subsequent to Acquisition | 18,709 | |||
Land and improvements | 63,988 | |||
Buildings and Improvements | 473,246 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 537,234 | |||
Accumulated Depreciation | $ 131,828 | |||
Year(s) Built / Renovated | 2011 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 510 Madison Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 510 Madison Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 103,000 | |||
Original Building | 253,665 | |||
Costs Capitalized Subsequent to Acquisition | 25,495 | |||
Land and improvements | 103,000 | |||
Buildings and Improvements | 279,160 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 382,160 | |||
Accumulated Depreciation | $ 72,213 | |||
Year(s) Built / Renovated | 2012 | |||
Year(s) Acquired | 2010 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Fountain Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Fountain Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 56,853 | |||
Original Building | 306,298 | |||
Costs Capitalized Subsequent to Acquisition | 12,140 | |||
Land and improvements | 56,853 | |||
Buildings and Improvements | 318,438 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 375,291 | |||
Accumulated Depreciation | $ 78,498 | |||
Year(s) Built / Renovated | 1986-1990 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 599 Lexington Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 599 Lexington Avenue | |||
Type | Office | |||
Location | New York, NY | |||
Encumbrances | $ 0 | |||
Original Land | 81,040 | |||
Original Building | 100,507 | |||
Costs Capitalized Subsequent to Acquisition | 161,330 | |||
Land and improvements | 81,040 | |||
Buildings and Improvements | 261,837 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 342,877 | |||
Accumulated Depreciation | $ 176,101 | |||
Year(s) Built / Renovated | 1986 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 680 Folsom Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 680 Folsom Street | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 72,545 | |||
Original Building | 219,766 | |||
Costs Capitalized Subsequent to Acquisition | 7,907 | |||
Land and improvements | 72,545 | |||
Buildings and Improvements | 227,673 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 300,218 | |||
Accumulated Depreciation | $ 46,777 | |||
Year(s) Built / Renovated | 2014 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 2200 Pennsylvania Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 2200 Pennsylvania Avenue | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 183,541 | |||
Costs Capitalized Subsequent to Acquisition | 113,627 | |||
Land and improvements | 109,038 | |||
Buildings and Improvements | 188,130 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 297,168 | |||
Accumulated Depreciation | $ 59,190 | |||
Year(s) Built / Renovated | 2011 | |||
Year(s) Acquired | 2008 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 145 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 145 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 121 | |||
Original Building | 273,013 | |||
Costs Capitalized Subsequent to Acquisition | 23,043 | |||
Land and improvements | 23,164 | |||
Buildings and Improvements | 273,013 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 296,177 | |||
Accumulated Depreciation | $ 1,511 | |||
Year(s) Built / Renovated | 2019 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | South of Market and Democracy Tower | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | South of Market and Democracy Tower | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 13,603 | |||
Original Building | 237,479 | |||
Costs Capitalized Subsequent to Acquisition | 26,079 | |||
Land and improvements | 13,603 | |||
Buildings and Improvements | 263,558 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 277,161 | |||
Accumulated Depreciation | $ 99,406 | |||
Year(s) Built / Renovated | 2008-2009 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 601 Massachusetts Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 601 Massachusetts Avenue | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 95,310 | |||
Original Building | 165,173 | |||
Costs Capitalized Subsequent to Acquisition | 3,933 | |||
Land and improvements | 95,310 | |||
Buildings and Improvements | 169,106 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 264,416 | |||
Accumulated Depreciation | $ 24,502 | |||
Year(s) Built / Renovated | 2016 | |||
Year(s) Acquired | 2008 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Bay Colony Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Bay Colony Corporate Center | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,789 | |||
Original Building | 148,451 | |||
Costs Capitalized Subsequent to Acquisition | 80,077 | |||
Land and improvements | 18,789 | |||
Buildings and Improvements | 228,528 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 247,317 | |||
Accumulated Depreciation | $ 79,824 | |||
Year(s) Built / Renovated | 1985-1989 | |||
Year(s) Acquired | 2011 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Gateway Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Gateway Center | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 28,255 | |||
Original Building | 139,245 | |||
Costs Capitalized Subsequent to Acquisition | 55,402 | |||
Land and improvements | 29,029 | |||
Buildings and Improvements | 193,873 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 222,902 | |||
Accumulated Depreciation | $ 104,993 | |||
Year(s) Built / Renovated | 1984/1986/2002 | |||
Year(s) Acquired | 1999 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 535 Mission Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 535 Mission Street | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 40,933 | |||
Original Building | 148,378 | |||
Costs Capitalized Subsequent to Acquisition | 3,276 | |||
Land and improvements | 40,933 | |||
Buildings and Improvements | 151,654 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 192,587 | |||
Accumulated Depreciation | $ 26,293 | |||
Year(s) Built / Renovated | 2015 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Mountain View Research Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Mountain View Research Park | |||
Type | Office | |||
Location | Mountain View, CA | |||
Encumbrances | $ 0 | |||
Original Land | 95,066 | |||
Original Building | 68,373 | |||
Costs Capitalized Subsequent to Acquisition | 12,704 | |||
Land and improvements | 95,066 | |||
Buildings and Improvements | 81,077 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 176,143 | |||
Accumulated Depreciation | $ 19,807 | |||
Year(s) Built / Renovated | 1977-1981/2007-2013 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Reservoir Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reservoir Place | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,605 | |||
Original Building | 104,124 | |||
Costs Capitalized Subsequent to Acquisition | 49,643 | |||
Land and improvements | 19,089 | |||
Buildings and Improvements | 153,283 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 172,372 | |||
Accumulated Depreciation | $ 69,794 | |||
Year(s) Built / Renovated | 1955/1987/2017 | |||
Year(s) Acquired | 1997/1998 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 1330 Connecticut Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 1330 Connecticut Avenue | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 25,982 | |||
Original Building | 82,311 | |||
Costs Capitalized Subsequent to Acquisition | 32,234 | |||
Land and improvements | 25,982 | |||
Buildings and Improvements | 114,545 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 140,527 | |||
Accumulated Depreciation | $ 31,553 | |||
Year(s) Built / Renovated | 1984/2018 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Kingstowne Towne Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kingstowne Towne Center | |||
Type | Office | |||
Location | Alexandria, VA | |||
Encumbrances | $ 0 | |||
Original Land | 18,021 | |||
Original Building | 109,038 | |||
Costs Capitalized Subsequent to Acquisition | 3,212 | |||
Land and improvements | 18,021 | |||
Buildings and Improvements | 112,250 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 130,271 | |||
Accumulated Depreciation | $ 44,258 | |||
Year(s) Built / Renovated | 2003-2006 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | One Freedom Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | One Freedom Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 9,929 | |||
Original Building | 84,504 | |||
Costs Capitalized Subsequent to Acquisition | 28,735 | |||
Land and improvements | 9,883 | |||
Buildings and Improvements | 113,285 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 123,168 | |||
Accumulated Depreciation | $ 57,516 | |||
Year(s) Built / Renovated | 2000 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Weston Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Weston Corporate Center | |||
Type | Office | |||
Location | Weston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 25,753 | |||
Original Building | 92,312 | |||
Costs Capitalized Subsequent to Acquisition | (123) | |||
Land and improvements | 25,854 | |||
Buildings and Improvements | 92,088 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 117,942 | |||
Accumulated Depreciation | $ 29,227 | |||
Year(s) Built / Renovated | 2010 | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Capital Gallery | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Capital Gallery | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 4,725 | |||
Original Building | 29,565 | |||
Costs Capitalized Subsequent to Acquisition | 78,573 | |||
Land and improvements | 6,128 | |||
Buildings and Improvements | 106,735 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 112,863 | |||
Accumulated Depreciation | $ 68,953 | |||
Year(s) Built / Renovated | 1981/2006 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Two Freedom Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Two Freedom Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 13,930 | |||
Original Building | 77,739 | |||
Costs Capitalized Subsequent to Acquisition | 16,997 | |||
Land and improvements | 13,866 | |||
Buildings and Improvements | 94,800 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 108,666 | |||
Accumulated Depreciation | $ 49,028 | |||
Year(s) Built / Renovated | 2001 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | One and Two Reston Overlook | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | One and Two Reston Overlook | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 16,456 | |||
Original Building | 66,192 | |||
Costs Capitalized Subsequent to Acquisition | 19,763 | |||
Land and improvements | 15,074 | |||
Buildings and Improvements | 87,337 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 102,411 | |||
Accumulated Depreciation | $ 50,336 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 355 Main Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 355 Main Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,863 | |||
Original Building | 53,346 | |||
Costs Capitalized Subsequent to Acquisition | 27,284 | |||
Land and improvements | 21,098 | |||
Buildings and Improvements | 78,395 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 99,493 | |||
Accumulated Depreciation | $ 26,362 | |||
Year(s) Built / Renovated | 1981/1996/2013 | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 140 Kendrick Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 140 Kendrick Street | |||
Type | Office | |||
Location | Needham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,095 | |||
Original Building | 66,905 | |||
Costs Capitalized Subsequent to Acquisition | 13,584 | |||
Land and improvements | 18,095 | |||
Buildings and Improvements | 80,489 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 98,584 | |||
Accumulated Depreciation | $ 34,667 | |||
Year(s) Built / Renovated | 2000 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Discovery Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Discovery Square | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 11,198 | |||
Original Building | 71,782 | |||
Costs Capitalized Subsequent to Acquisition | 15,360 | |||
Land and improvements | 11,146 | |||
Buildings and Improvements | 87,194 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 98,340 | |||
Accumulated Depreciation | $ 42,152 | |||
Year(s) Built / Renovated | 2001 | |||
Year(s) Acquired | 2003 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 880 & 890 Winter Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 880 & 890 Winter Street | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 29,510 | |||
Original Building | 65,812 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and improvements | 29,510 | |||
Buildings and Improvements | 65,812 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 95,322 | |||
Accumulated Depreciation | $ 1,458 | |||
Year(s) Built / Renovated | 1998-1999 | |||
Year(s) Acquired | 2019 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 10 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 10 CityPoint | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,953 | |||
Original Building | 85,752 | |||
Costs Capitalized Subsequent to Acquisition | 4,534 | |||
Land and improvements | 2,127 | |||
Buildings and Improvements | 90,112 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 92,239 | |||
Accumulated Depreciation | $ 10,928 | |||
Year(s) Built / Renovated | 2016 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 90 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 90 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 19,104 | |||
Original Building | 52,078 | |||
Costs Capitalized Subsequent to Acquisition | 19,678 | |||
Land and improvements | 20,741 | |||
Buildings and Improvements | 70,119 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 90,860 | |||
Accumulated Depreciation | $ 23,581 | |||
Year(s) Built / Renovated | 1983/1998/2013 | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 77 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 77 CityPoint | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 13,847 | |||
Original Building | 60,383 | |||
Costs Capitalized Subsequent to Acquisition | 10,451 | |||
Land and improvements | 13,997 | |||
Buildings and Improvements | 70,684 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 84,681 | |||
Accumulated Depreciation | $ 27,148 | |||
Year(s) Built / Renovated | 2008 | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 230 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 230 CityPoint | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 13,189 | |||
Original Building | 49,823 | |||
Costs Capitalized Subsequent to Acquisition | 20,440 | |||
Land and improvements | 13,403 | |||
Buildings and Improvements | 70,049 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 83,452 | |||
Accumulated Depreciation | $ 28,831 | |||
Year(s) Built / Renovated | 1992 | |||
Year(s) Acquired | 2005 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Waltham Weston Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Waltham Weston Corporate Center | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 10,385 | |||
Original Building | 60,694 | |||
Costs Capitalized Subsequent to Acquisition | 10,178 | |||
Land and improvements | 10,350 | |||
Buildings and Improvements | 70,907 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 81,257 | |||
Accumulated Depreciation | $ 34,777 | |||
Year(s) Built / Renovated | 2003 | |||
Year(s) Acquired | 1999 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 3625-3635 Peterson Way | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 3625-3635 Peterson Way | |||
Type | Office | |||
Location | Santa Clara, CA | |||
Encumbrances | $ 0 | |||
Original Land | 63,206 | |||
Original Building | 14,879 | |||
Costs Capitalized Subsequent to Acquisition | 752 | |||
Land and improvements | 63,206 | |||
Buildings and Improvements | 14,879 | |||
Land Held for Development | 752 | |||
Development and Construction in Progress | 0 | |||
Total | 78,837 | |||
Accumulated Depreciation | $ 11,172 | |||
Year(s) Built / Renovated | 1979 | |||
Year(s) Acquired | 2016 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 2440 West El Camino Real | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 2440 West El Camino Real | |||
Type | Office | |||
Location | Mountain View, CA | |||
Encumbrances | $ 0 | |||
Original Land | 16,741 | |||
Original Building | 51,285 | |||
Costs Capitalized Subsequent to Acquisition | 5,454 | |||
Land and improvements | 16,741 | |||
Buildings and Improvements | 56,739 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 73,480 | |||
Accumulated Depreciation | $ 13,090 | |||
Year(s) Built / Renovated | 1987/2003 | |||
Year(s) Acquired | 2011 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 191 Spring Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 191 Spring Street | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 2,850 | |||
Original Building | 59,751 | |||
Costs Capitalized Subsequent to Acquisition | 7,063 | |||
Land and improvements | 2,850 | |||
Buildings and Improvements | 66,814 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 69,664 | |||
Accumulated Depreciation | $ 21,801 | |||
Year(s) Built / Renovated | 1971/1995/2018 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 300 Binney Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 300 Binney Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 18,080 | |||
Original Building | 51,262 | |||
Costs Capitalized Subsequent to Acquisition | 140 | |||
Land and improvements | 18,080 | |||
Buildings and Improvements | 51,402 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 69,482 | |||
Accumulated Depreciation | $ 11,146 | |||
Year(s) Built / Renovated | 2013 | |||
Year(s) Acquired | 2009 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Wisconsin Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Wisconsin Place | |||
Type | Office | |||
Location | Chevy Chase, MD | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 53,349 | |||
Costs Capitalized Subsequent to Acquisition | 14,924 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 68,273 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 68,273 | |||
Accumulated Depreciation | $ 25,934 | |||
Year(s) Built / Renovated | 2009 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Reston Corporate Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Corporate Center | |||
Type | Office | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 9,135 | |||
Original Building | 50,857 | |||
Costs Capitalized Subsequent to Acquisition | 3,625 | |||
Land and improvements | 9,496 | |||
Buildings and Improvements | 54,121 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 63,617 | |||
Accumulated Depreciation | $ 29,170 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | New Dominion Technology Park, Bldg. Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | New Dominion Technology Park, Bldg. Two | |||
Type | Office | |||
Location | Herndon, VA | |||
Encumbrances | $ 0 | |||
Original Land | 5,584 | |||
Original Building | 51,868 | |||
Costs Capitalized Subsequent to Acquisition | 412 | |||
Land and improvements | 5,574 | |||
Buildings and Improvements | 52,290 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 57,864 | |||
Accumulated Depreciation | $ 25,900 | |||
Year(s) Built / Renovated | 2004 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 255 Main Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 255 Main Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 134 | |||
Original Building | 25,110 | |||
Costs Capitalized Subsequent to Acquisition | 32,468 | |||
Land and improvements | 134 | |||
Buildings and Improvements | 57,578 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 57,712 | |||
Accumulated Depreciation | $ 33,108 | |||
Year(s) Built / Renovated | 1987 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | University Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | University Place | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 3,602 | |||
Original Land | 0 | |||
Original Building | 37,091 | |||
Costs Capitalized Subsequent to Acquisition | 14,551 | |||
Land and improvements | 7,055 | |||
Buildings and Improvements | 44,587 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 51,642 | |||
Accumulated Depreciation | $ 29,044 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Sumner Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Sumner Square | |||
Type | Office | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 624 | |||
Original Building | 28,745 | |||
Costs Capitalized Subsequent to Acquisition | 19,264 | |||
Land and improvements | 3,015 | |||
Buildings and Improvements | 45,618 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 48,633 | |||
Accumulated Depreciation | $ 26,547 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1999 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | New Dominion Technology Park, Bldg. One | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | New Dominion Technology Park, Bldg. One | |||
Type | Office | |||
Location | Herndon, VA | |||
Encumbrances | $ 0 | |||
Original Land | 3,880 | |||
Original Building | 43,227 | |||
Costs Capitalized Subsequent to Acquisition | 1,117 | |||
Land and improvements | 3,880 | |||
Buildings and Improvements | 44,344 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 48,224 | |||
Accumulated Depreciation | $ 28,398 | |||
Year(s) Built / Renovated | 2001 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 200 West Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 200 West Street | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 16,148 | |||
Original Building | 24,983 | |||
Costs Capitalized Subsequent to Acquisition | 5,550 | |||
Land and improvements | 16,148 | |||
Buildings and Improvements | 28,429 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 2,104 | |||
Total | 46,681 | |||
Accumulated Depreciation | $ 16,298 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | North First Business Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | North First Business Park | |||
Type | Office | |||
Location | San Jose, CA | |||
Encumbrances | $ 0 | |||
Original Land | 23,398 | |||
Original Building | 13,069 | |||
Costs Capitalized Subsequent to Acquisition | 4,548 | |||
Land and improvements | 23,371 | |||
Buildings and Improvements | 17,644 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 41,015 | |||
Accumulated Depreciation | $ 16,411 | |||
Year(s) Built / Renovated | 1981 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 150 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 150 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 850 | |||
Original Building | 25,042 | |||
Costs Capitalized Subsequent to Acquisition | 6,535 | |||
Land and improvements | 822 | |||
Buildings and Improvements | 31,605 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 32,427 | |||
Accumulated Depreciation | $ 19,342 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 105 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 105 Broadway | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,299 | |||
Original Building | 12,943 | |||
Costs Capitalized Subsequent to Acquisition | 9,300 | |||
Land and improvements | 1,868 | |||
Buildings and Improvements | 21,674 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 23,542 | |||
Accumulated Depreciation | $ 11,312 | |||
Year(s) Built / Renovated | 1990 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Lexington Office Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Lexington Office Park | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 998 | |||
Original Building | 1,426 | |||
Costs Capitalized Subsequent to Acquisition | 17,783 | |||
Land and improvements | 1,073 | |||
Buildings and Improvements | 19,134 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 20,207 | |||
Accumulated Depreciation | $ 14,114 | |||
Year(s) Built / Renovated | 1982 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 201 Spring Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 201 Spring Street | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 2,849 | |||
Original Building | 15,303 | |||
Costs Capitalized Subsequent to Acquisition | 73 | |||
Land and improvements | 2,849 | |||
Buildings and Improvements | 15,376 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 18,225 | |||
Accumulated Depreciation | $ 8,295 | |||
Year(s) Built / Renovated | 1997 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | The Point | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Point | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 6,395 | |||
Original Building | 10,040 | |||
Costs Capitalized Subsequent to Acquisition | 421 | |||
Land and improvements | 6,492 | |||
Buildings and Improvements | 10,364 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 16,856 | |||
Accumulated Depreciation | $ 1,349 | |||
Year(s) Built / Renovated | 2015 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 33 Hayden Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 33 Hayden Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 266 | |||
Original Building | 3,234 | |||
Costs Capitalized Subsequent to Acquisition | 12,261 | |||
Land and improvements | 266 | |||
Buildings and Improvements | 15,495 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 15,761 | |||
Accumulated Depreciation | $ 5,510 | |||
Year(s) Built / Renovated | 1979 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 690 Folsom Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 690 Folsom Street | |||
Type | Office | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 3,219 | |||
Original Building | 11,038 | |||
Costs Capitalized Subsequent to Acquisition | 1,157 | |||
Land and improvements | 3,219 | |||
Buildings and Improvements | 12,195 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 15,414 | |||
Accumulated Depreciation | $ 2,284 | |||
Year(s) Built / Renovated | 2015 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 92-100 Hayden Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 92-100 Hayden Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 594 | |||
Original Building | 6,748 | |||
Costs Capitalized Subsequent to Acquisition | 6,800 | |||
Land and improvements | 619 | |||
Buildings and Improvements | 13,523 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 14,142 | |||
Accumulated Depreciation | $ 11,847 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 181 Spring Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 181 Spring Street | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,066 | |||
Original Building | 9,520 | |||
Costs Capitalized Subsequent to Acquisition | 1,800 | |||
Land and improvements | 1,066 | |||
Buildings and Improvements | 11,320 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 12,386 | |||
Accumulated Depreciation | $ 5,498 | |||
Year(s) Built / Renovated | 1999 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 195 West Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 195 West Street | |||
Type | Office | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,611 | |||
Original Building | 6,652 | |||
Costs Capitalized Subsequent to Acquisition | 3,229 | |||
Land and improvements | 1,611 | |||
Buildings and Improvements | 9,881 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 11,492 | |||
Accumulated Depreciation | $ 8,087 | |||
Year(s) Built / Renovated | 1990 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 7501 Boston Boulevard, Building Seven | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7501 Boston Boulevard, Building Seven | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 665 | |||
Original Building | 9,273 | |||
Costs Capitalized Subsequent to Acquisition | 311 | |||
Land and improvements | 665 | |||
Buildings and Improvements | 9,584 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 10,249 | |||
Accumulated Depreciation | $ 5,257 | |||
Year(s) Built / Renovated | 1997 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 7435 Boston Boulevard, Building One | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7435 Boston Boulevard, Building One | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 392 | |||
Original Building | 3,822 | |||
Costs Capitalized Subsequent to Acquisition | 4,290 | |||
Land and improvements | 486 | |||
Buildings and Improvements | 8,018 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 8,504 | |||
Accumulated Depreciation | $ 6,162 | |||
Year(s) Built / Renovated | 1982 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 7450 Boston Boulevard, Building Three | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7450 Boston Boulevard, Building Three | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 1,165 | |||
Original Building | 4,681 | |||
Costs Capitalized Subsequent to Acquisition | 2,177 | |||
Land and improvements | 1,327 | |||
Buildings and Improvements | 6,696 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 8,023 | |||
Accumulated Depreciation | $ 3,462 | |||
Year(s) Built / Renovated | 1987 | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 32 Hartwell Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 32 Hartwell Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 168 | |||
Original Building | 1,943 | |||
Costs Capitalized Subsequent to Acquisition | 5,529 | |||
Land and improvements | 168 | |||
Buildings and Improvements | 7,472 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,640 | |||
Accumulated Depreciation | $ 1,819 | |||
Year(s) Built / Renovated | 1968/1979/1987 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 250 Binney Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 250 Binney Street | |||
Type | Office | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 110 | |||
Original Building | 4,483 | |||
Costs Capitalized Subsequent to Acquisition | 2,939 | |||
Land and improvements | 110 | |||
Buildings and Improvements | 7,422 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,532 | |||
Accumulated Depreciation | $ 5,660 | |||
Year(s) Built / Renovated | 1983 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 8000 Grainger Court, Building Five | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 8000 Grainger Court, Building Five | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 366 | |||
Original Building | 4,282 | |||
Costs Capitalized Subsequent to Acquisition | 2,604 | |||
Land and improvements | 453 | |||
Buildings and Improvements | 6,799 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,252 | |||
Accumulated Depreciation | $ 5,597 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 453 Ravendale Drive | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 453 Ravendale Drive | |||
Type | Office | |||
Location | Mountain View, CA | |||
Encumbrances | $ 0 | |||
Original Land | 5,477 | |||
Original Building | 1,090 | |||
Costs Capitalized Subsequent to Acquisition | 676 | |||
Land and improvements | 5,477 | |||
Buildings and Improvements | 1,766 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,243 | |||
Accumulated Depreciation | $ 690 | |||
Year(s) Built / Renovated | 1977 | |||
Year(s) Acquired | 2012 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 7300 Boston Boulevard, Building Thirteen | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7300 Boston Boulevard, Building Thirteen | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 608 | |||
Original Building | 4,773 | |||
Costs Capitalized Subsequent to Acquisition | 795 | |||
Land and improvements | 608 | |||
Buildings and Improvements | 5,568 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 6,176 | |||
Accumulated Depreciation | $ 1,928 | |||
Year(s) Built / Renovated | 2002 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 17 Hartwell Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 17 Hartwell Avenue | |||
Type | Office | |||
Location | Lexington, MA | |||
Encumbrances | $ 0 | |||
Original Land | 26 | |||
Original Building | 150 | |||
Costs Capitalized Subsequent to Acquisition | 5,907 | |||
Land and improvements | 26 | |||
Buildings and Improvements | 6,057 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 6,083 | |||
Accumulated Depreciation | $ 1,924 | |||
Year(s) Built / Renovated | 1968 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 7601 Boston Boulevard, Building Eight | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7601 Boston Boulevard, Building Eight | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 200 | |||
Original Building | 878 | |||
Costs Capitalized Subsequent to Acquisition | 4,367 | |||
Land and improvements | 378 | |||
Buildings and Improvements | 5,067 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 5,445 | |||
Accumulated Depreciation | $ 4,507 | |||
Year(s) Built / Renovated | 1986 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 7500 Boston Boulevard, Building Six | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7500 Boston Boulevard, Building Six | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 138 | |||
Original Building | 3,749 | |||
Costs Capitalized Subsequent to Acquisition | 1,107 | |||
Land and improvements | 234 | |||
Buildings and Improvements | 4,760 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 4,994 | |||
Accumulated Depreciation | $ 4,097 | |||
Year(s) Built / Renovated | 1985 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 8000 Corporate Court, Building Eleven | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 8000 Corporate Court, Building Eleven | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 136 | |||
Original Building | 3,071 | |||
Costs Capitalized Subsequent to Acquisition | 1,245 | |||
Land and improvements | 686 | |||
Buildings and Improvements | 3,766 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 4,452 | |||
Accumulated Depreciation | $ 3,094 | |||
Year(s) Built / Renovated | 1989 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 7375 Boston Boulevard, Building Ten | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7375 Boston Boulevard, Building Ten | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 23 | |||
Original Building | 2,685 | |||
Costs Capitalized Subsequent to Acquisition | 851 | |||
Land and improvements | 47 | |||
Buildings and Improvements | 3,512 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,559 | |||
Accumulated Depreciation | $ 2,562 | |||
Year(s) Built / Renovated | 1988 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 7374 Boston Boulevard, Building Four | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7374 Boston Boulevard, Building Four | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 241 | |||
Original Building | 1,605 | |||
Costs Capitalized Subsequent to Acquisition | 1,445 | |||
Land and improvements | 303 | |||
Buildings and Improvements | 2,988 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,291 | |||
Accumulated Depreciation | $ 2,681 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | 7451 Boston Boulevard, Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 7451 Boston Boulevard, Building Two | |||
Type | Office | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 249 | |||
Original Building | 1,542 | |||
Costs Capitalized Subsequent to Acquisition | 1,354 | |||
Land and improvements | 535 | |||
Buildings and Improvements | 2,610 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,145 | |||
Accumulated Depreciation | $ 2,526 | |||
Year(s) Built / Renovated | 1982 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Signature at Reston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Signature at Reston | |||
Type | Residential | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 27,076 | |||
Original Building | 190,580 | |||
Costs Capitalized Subsequent to Acquisition | 393 | |||
Land and improvements | 27,076 | |||
Buildings and Improvements | 190,973 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 218,049 | |||
Accumulated Depreciation | $ 8,773 | |||
Year(s) Built / Renovated | 2018 | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Proto Kendall Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Proto Kendall Square | |||
Type | Residential | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 9,243 | |||
Original Building | 127,248 | |||
Costs Capitalized Subsequent to Acquisition | 2,939 | |||
Land and improvements | 9,245 | |||
Buildings and Improvements | 130,185 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 139,430 | |||
Accumulated Depreciation | $ 4,566 | |||
Year(s) Built / Renovated | 2018 | |||
Year(s) Acquired | 2015 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | The Avant at Reston Town Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Avant at Reston Town Center | |||
Type | Residential | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 20,350 | |||
Original Building | 91,995 | |||
Costs Capitalized Subsequent to Acquisition | 830 | |||
Land and improvements | 20,350 | |||
Buildings and Improvements | 92,825 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 113,175 | |||
Accumulated Depreciation | $ 14,728 | |||
Year(s) Built / Renovated | 2014 | |||
Year(s) Acquired | 2010 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | The Lofts at Atlantic Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Lofts at Atlantic Wharf | |||
Type | Residential | |||
Location | Boston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 3,529 | |||
Original Building | 54,891 | |||
Costs Capitalized Subsequent to Acquisition | 1,897 | |||
Land and improvements | 3,529 | |||
Buildings and Improvements | 56,788 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 60,317 | |||
Accumulated Depreciation | $ 12,639 | |||
Year(s) Built / Renovated | 2011 | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Boston Marriott Cambridge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Boston Marriott Cambridge | |||
Type | Hotel | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 478 | |||
Original Building | 37,918 | |||
Costs Capitalized Subsequent to Acquisition | 32,922 | |||
Land and improvements | 478 | |||
Buildings and Improvements | 70,840 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 71,318 | |||
Accumulated Depreciation | $ 45,842 | |||
Year(s) Built / Renovated | 1986/2017 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Kendall Center Green Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Green Garage | |||
Type | Garage | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 35,035 | |||
Costs Capitalized Subsequent to Acquisition | 6,915 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 41,950 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 41,950 | |||
Accumulated Depreciation | $ 13,404 | |||
Year(s) Built / Renovated | 1984 | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Kendall Center Yellow Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Yellow Garage | |||
Type | Garage | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,256 | |||
Original Building | 15,697 | |||
Costs Capitalized Subsequent to Acquisition | 840 | |||
Land and improvements | 1,256 | |||
Buildings and Improvements | 16,537 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 17,793 | |||
Accumulated Depreciation | $ 5,847 | |||
Year(s) Built / Renovated | 2006 | |||
Year(s) Acquired | 2004 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | Kendall Center Blue Garage | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Blue Garage | |||
Type | Garage | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 1,163 | |||
Original Building | 11,633 | |||
Costs Capitalized Subsequent to Acquisition | 486 | |||
Land and improvements | 1,163 | |||
Buildings and Improvements | 12,119 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 13,282 | |||
Accumulated Depreciation | $ 9,290 | |||
Year(s) Built / Renovated | 1990 | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | [10] | (1) | ||
Boston Properties Limited Partnership | The Skylyne (MacArthur Station Residences) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | The Skylyne (MacArthur Station Residences) | |||
Type | Development | |||
Location | Oakland, CA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 226,526 | |||
Land and improvements | 29,807 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 196,719 | |||
Total | 226,526 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | N/A | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | 2100 Pennsylvania Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 2100 Pennsylvania Avenue | |||
Type | Development | |||
Location | Washington, DC | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 224,380 | |||
Land and improvements | 185,129 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 39,251 | |||
Total | 224,380 | |||
Accumulated Depreciation | $ 1,024 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | N/A | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | Reston Gateway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Gateway | |||
Type | Development | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 150,632 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 150,632 | |||
Total | 150,632 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | 17Fifty Presidents Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 17Fifty Presidents Street | |||
Type | Development | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 99,816 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 99,816 | |||
Total | 99,816 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2013 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | 20 CityPoint | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 20 CityPoint | |||
Type | Development | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 4,721 | |||
Original Building | 52,039 | |||
Costs Capitalized Subsequent to Acquisition | 20,007 | |||
Land and improvements | 4,721 | |||
Buildings and Improvements | 52,039 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 20,007 | |||
Total | 76,767 | |||
Accumulated Depreciation | $ 1,136 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | 325 Main Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 325 Main Street | |||
Type | Development | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 174 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 68,710 | |||
Land and improvements | 772 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 68,112 | |||
Total | 68,884 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | North First Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | North First Master Plan | |||
Type | Land | |||
Location | San Jose, CA | |||
Encumbrances | $ 0 | |||
Original Land | 35,004 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 3,932 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 38,936 | |||
Development and Construction in Progress | 0 | |||
Total | 38,936 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | Plaza at Almaden | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Plaza at Almaden | |||
Type | Land | |||
Location | San Jose, CA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 34,889 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 34,889 | |||
Development and Construction in Progress | 0 | |||
Total | 34,889 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | 4th and Harrison | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 425 Fourth Street | |||
Type | Land | |||
Location | San Francisco, CA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 22,074 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 22,074 | |||
Development and Construction in Progress | 0 | |||
Total | 22,074 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | N/A | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | Springfield Metro Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Springfield Metro Center | |||
Type | Land | |||
Location | Springfield, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 19,844 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 19,844 | |||
Development and Construction in Progress | 0 | |||
Total | 19,844 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | Reston Gateway Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Gateway Master Plan | |||
Type | Land | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 18,292 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 18,292 | |||
Development and Construction in Progress | 0 | |||
Total | 18,292 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | 214 Third Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 214 Third Avenue | |||
Type | Land | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 17,692 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 17,692 | |||
Development and Construction in Progress | 0 | |||
Total | 17,692 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2006 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | 103 Fourth Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | 103 Fourth Avenue | |||
Type | Land | |||
Location | Waltham, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 12,826 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 12,826 | |||
Development and Construction in Progress | 0 | |||
Total | 12,826 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2007 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | Crane Meadow | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Crane Meadow | |||
Type | Land | |||
Location | Marlborough, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 8,866 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 8,866 | |||
Development and Construction in Progress | 0 | |||
Total | 8,866 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | Broad Run Business Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Broad Run Business Park | |||
Type | Land | |||
Location | Loudoun County, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 2,396 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 2,396 | |||
Development and Construction in Progress | 0 | |||
Total | 2,396 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1998 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | Kendall Center Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Kendall Center Master Plan | |||
Type | Land | |||
Location | Cambridge, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,693 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 1,693 | |||
Development and Construction in Progress | 0 | |||
Total | 1,693 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 1997 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | Weston Quarry | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Weston Quarry | |||
Type | Land | |||
Location | Weston, MA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,249 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 1,249 | |||
Development and Construction in Progress | 0 | |||
Total | 1,249 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2001 | |||
Depreciable Lives (Years) | N/A | |||
Boston Properties Limited Partnership | Reston Overlook Master Plan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Property Name | Reston Overlook Master Plan | |||
Type | Land | |||
Location | Reston, VA | |||
Encumbrances | $ 0 | |||
Original Land | 0 | |||
Original Building | 0 | |||
Costs Capitalized Subsequent to Acquisition | 39 | |||
Land and improvements | 0 | |||
Buildings and Improvements | 0 | |||
Land Held for Development | 39 | |||
Development and Construction in Progress | 0 | |||
Total | 39 | |||
Accumulated Depreciation | $ 0 | |||
Year(s) Built / Renovated | N/A | |||
Year(s) Acquired | 2000 | |||
Depreciable Lives (Years) | N/A | |||
Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreiation Life used for Depreciation | life of the lease | |||
Minimum [Member] | Boston Properties Limited Partnership | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreiation Life used for Depreciation | life of the lease | |||
Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Boston Properties Limited Partnership | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Furniture and Fixtures [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 27,619 | |||
Furniture and Fixtures [Member] | Boston Properties Limited Partnership | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | 27,619 | |||
Land and Land Improvements [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Right-of-use assets - finance leases | 214,091 | |||
Land and Land Improvements [Member] | Boston Properties Limited Partnership | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Right-of-use assets - finance leases | 214,091 | |||
Building and Building Improvements [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Right-of-use assets - finance leases | 23,303 | |||
Building and Building Improvements [Member] | Boston Properties Limited Partnership | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Right-of-use assets - finance leases | $ 23,303 | |||
[1] | Includes unamortized deferred financing costs totaling approximately $(26.7) million . | |||
[2] | Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $148,640 , respectively. | |||
[3] | Includes Right of Use Assets - Finance Leases of approximately $23,303 . | |||
[4] | Includes pre-development costs. | |||
[5] | Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. | |||
[6] | Includes unamortized deferred financing costs totaling approximately $(26.7) million . | |||
[7] | Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $148,640 , respectively. | |||
[8] | Includes Right of Use Assets - Finance Leases of approximately $23,303 . | |||
[9] | Includes pre-development costs. | |||
[10] | Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. |
Real Estate and Accumulated D_7
Real Estate and Accumulated Depreciation Activity of Real Estate and Accumulated Depreciation (BPLP) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Real Estate, Balance at the beginning of the year | $ 21,605,545 | $ 21,058,714 | $ 20,114,576 |
Real Estate, Additions to / improvements of real estate | 1,671,898 | 1,043,379 | 1,099,286 |
Real Estate, Assets sold / written off | (432,746) | (496,548) | (155,148) |
Real Estate, Balance at the end of the year | 22,844,697 | 21,605,545 | 21,058,714 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated depreciation, Balance at beginning of the year | 4,871,102 | 4,566,570 | 4,201,891 |
Accumulated depreciation, Depreciation expense | 564,938 | 533,342 | 497,059 |
Accumulated depreciation, Assets sold / written off | (196,861) | (228,810) | (132,380) |
Accumulated depreciation, Balance at end of the year | 5,239,179 | 4,871,102 | 4,566,570 |
Boston Properties Limited Partnership | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Real Estate, Balance at the beginning of the year | 21,207,189 | 20,647,236 | 19,701,185 |
Real Estate, Additions to / improvements of real estate | 1,671,898 | 1,043,379 | 1,099,286 |
Real Estate, Assets sold / written off | (429,611) | (483,426) | (153,235) |
Real Estate, Balance at the end of the year | 22,449,476 | 21,207,189 | 20,647,236 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated depreciation, Balance at beginning of the year | 4,773,800 | 4,473,895 | 4,116,020 |
Accumulated depreciation, Depreciation expense | 557,130 | 525,584 | 488,919 |
Accumulated depreciation, Assets sold / written off | (195,641) | (225,679) | (131,044) |
Accumulated depreciation, Balance at end of the year | $ 5,135,289 | $ 4,773,800 | $ 4,473,895 |