Cover
Cover - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | 2023 | |
Document Fiscal Period Focus | Q2 | |
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 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Entity Listing, Par Value Per Share | $ 0.01 | |
Trading Symbol | BXP | |
Security Exchange Name | NYSE | |
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 Common Stock, Shares Outstanding | 156,864,549 | |
Boston Properties Limited Partnership | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2023 | |
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 | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3372948 | |
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 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively) | $ 25,762,722 | $ 25,389,663 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively) | 237,526 | 237,510 |
Right of use assets - operating leases | 166,421 | 167,351 |
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively) | (6,568,568) | (6,298,082) |
Total real estate | 19,598,101 | 19,496,442 |
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively) | 1,581,575 | 690,333 |
Cash held in escrows | 46,915 | 46,479 |
Investments in securities | 33,481 | 32,277 |
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively) | 91,968 | 81,389 |
Related party note receivable, net | 88,834 | 78,576 |
Sales-type lease receivable, net | 13,250 | 12,811 |
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively) | 1,318,320 | 1,276,580 |
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively) | 710,820 | 733,282 |
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively) | 77,457 | 43,589 |
Investments in unconsolidated joint ventures | 1,780,959 | 1,715,911 |
Total assets | 25,341,680 | 24,207,669 |
Liabilities: | ||
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively) | 3,274,764 | 3,272,368 |
Unsecured senior notes, net | 10,985,395 | 10,237,968 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan | 1,196,046 | 730,000 |
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively) | 251,874 | 249,335 |
Lease liabilities - operating leases | 204,826 | 204,686 |
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively) | 434,574 | 417,545 |
Dividends and distributions payable | 171,465 | 170,643 |
Accrued interest payable | 111,088 | 103,774 |
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively) | 418,813 | 450,918 |
Total liabilities | 17,048,845 | 15,837,237 |
Redeemable deferred stock units— 108,642 and 97,853 units outstanding at redemption value at June 30, 2023 and December 31, 2022, respectively | $ 6,292 | $ 6,613 |
Excess stock, shares outstanding | 0 | 0 |
Excess stock, shares issued | 0 | 0 |
Preferred stock / units, shares / units issued (in shares / units) | 0 | 0 |
Preferred stock / units, shares / units outstanding (in shares / units) | 0 | 0 |
Equity / Capital: | ||
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding | $ 0 | $ 0 |
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,932,300 and 156,836,767 issued and 156,853,400 and 156,757,867 outstanding at June 30, 2023 and December 31, 2022, respectively | 1,569 | 1,568 |
Additional paid-in capital | 6,561,161 | 6,539,147 |
Dividends in excess of earnings | (516,550) | (391,356) |
Treasury common stock at cost, 78,900 shares at June 30, 2023 and December 31, 2022 | (2,722) | (2,722) |
Accumulated other comprehensive loss | (3,406) | (13,718) |
Total stockholders' equity attributable to Boston Properties, Inc. | 6,040,052 | 6,132,919 |
Noncontrolling interests: | ||
Common units of the Operating Partnership | 689,123 | 683,583 |
Property partnerships | 1,557,368 | 1,547,317 |
Total equity / capital | 8,286,543 | 8,363,819 |
Total liabilities and equity / capital | 25,341,680 | 24,207,669 |
Boston Properties Limited Partnership | ||
ASSETS | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively) | 25,396,457 | 25,022,149 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively) | 237,526 | 237,510 |
Right of use assets - operating leases | 166,421 | 167,351 |
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively) | (6,448,665) | (6,180,474) |
Total real estate | 19,351,739 | 19,246,536 |
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively) | 1,581,575 | 690,333 |
Cash held in escrows | 46,915 | 46,479 |
Investments in securities | 33,481 | 32,277 |
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively) | 91,968 | 81,389 |
Related party note receivable, net | 88,834 | 78,576 |
Sales-type lease receivable, net | 13,250 | 12,811 |
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively) | 1,318,320 | 1,276,580 |
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively) | 710,820 | 733,282 |
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively) | 77,457 | 43,589 |
Investments in unconsolidated joint ventures | 1,780,959 | 1,715,911 |
Total assets | 25,095,318 | 23,957,763 |
Liabilities: | ||
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively) | 3,274,764 | 3,272,368 |
Unsecured senior notes, net | 10,985,395 | 10,237,968 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan | 1,196,046 | 730,000 |
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively) | 251,874 | 249,335 |
Lease liabilities - operating leases | 204,826 | 204,686 |
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively) | 434,574 | 417,545 |
Dividends and distributions payable | 171,465 | 170,643 |
Accrued interest payable | 111,088 | 103,774 |
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively) | 418,813 | 450,918 |
Total liabilities | 17,048,845 | 15,837,237 |
Redeemable deferred stock units— 108,642 and 97,853 units outstanding at redemption value at June 30, 2023 and December 31, 2022, respectively | 6,292 | 6,613 |
Noncontrolling interest: | ||
Redeemable partnership units— 16,522,540 and 16,531,172 common units and 2,135,852 and 1,679,175 long term incentive units outstanding at redemption value at June 30, 2023 and December 31, 2022, respectively | 1,135,053 | 1,280,886 |
Equity / Capital: | ||
Boston Properties Limited Partnership partners’ capital— 1,755,118 and 1,749,682 general partner units and 155,098,282 and 155,008,185 limited partner units outstanding at June 30, 2023 and December 31, 2022, respectively | 5,351,166 | 5,299,428 |
Accumulated other comprehensive loss | (3,406) | (13,718) |
Total partners’ capital | 5,347,760 | 5,285,710 |
Noncontrolling interests in property partnerships | 1,557,368 | 1,547,317 |
Noncontrolling interests: | ||
Total equity / capital | 6,905,128 | 6,833,027 |
Total liabilities and equity / capital | $ 25,095,318 | $ 23,957,763 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively) | $ 25,762,722 | $ 25,389,663 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively) | 237,526 | 237,510 |
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively) | (6,568,568) | (6,298,082) |
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively) | 1,581,575 | 690,333 |
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively) | 91,968 | 81,389 |
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively) | 1,318,320 | 1,276,580 |
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively) | 710,820 | 733,282 |
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively) | 77,457 | 43,589 |
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively) | 3,274,764 | 3,272,368 |
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively) | 251,874 | 249,335 |
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively) | 434,574 | 417,545 |
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively) | $ 418,813 | $ 450,918 |
Reedemable deferred stock units, units | 108,642 | 97,853 |
Limited Partners' Capital Account, Units Outstanding (in units) | 155,098,282 | |
General Partners' Capital Account, Units Outstanding (in units) | 1,755,118 | |
Excess stock, par value | $ 0.01 | $ 0.01 |
Excess stock, shares authorized | 150,000,000 | 150,000,000 |
Excess stock, shares outstanding | 0 | 0 |
Excess stock, shares issued | 0 | 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock / units, shares / units issued (in shares / units) | 0 | 0 |
Preferred stock / units, shares / units outstanding (in shares / units) | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 156,932,300 | 156,836,767 |
Common Stock, Shares, Outstanding | 156,853,400 | 156,757,867 |
Treasury common stock at cost, shares | 78,900 | 78,900 |
Boston Properties Limited Partnership | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively) | $ 25,396,457 | $ 25,022,149 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively) | 237,526 | 237,510 |
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively) | (6,448,665) | (6,180,474) |
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively) | 1,581,575 | 690,333 |
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively) | 91,968 | 81,389 |
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively) | 1,318,320 | 1,276,580 |
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively) | 710,820 | 733,282 |
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively) | 77,457 | 43,589 |
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively) | 3,274,764 | 3,272,368 |
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively) | 251,874 | 249,335 |
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively) | 434,574 | 417,545 |
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively) | $ 418,813 | $ 450,918 |
Reedemable deferred stock units, units | 108,642 | 97,853 |
Limited Partners' Capital Account, Units Outstanding (in units) | 155,098,282 | 155,008,185 |
General Partners' Capital Account, Units Outstanding (in units) | 1,755,118 | 1,749,682 |
NonControlling Interest Redeemable Partnership Units Common Units Shares Outstanding | 16,522,540 | 16,531,172 |
NonControlling Interest Redeemable Partnership Units Common Units Long Term Incentive Units At Redemption Value Shares Outstanding | 2,135,852 | 1,679,175 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively) | $ 6,870,107 | $ 6,789,029 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively) | 21,000 | 21,000 |
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively) | (1,434,592) | (1,381,401) |
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively) | 256,201 | 259,658 |
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively) | 13,921 | 16,521 |
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively) | 382,622 | 367,138 |
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively) | 172,655 | 176,597 |
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively) | 13,534 | 11,647 |
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively) | 3,274,764 | 3,272,368 |
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively) | 20,675 | 20,604 |
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively) | 57,852 | 29,466 |
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively) | 101,301 | 114,232 |
Variable Interest Entity, Primary Beneficiary [Member] | Boston Properties Limited Partnership | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively) | 6,870,107 | 6,789,029 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively) | 21,000 | 21,000 |
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively) | (1,434,592) | (1,381,401) |
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively) | 256,201 | 259,658 |
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively) | 13,921 | 16,521 |
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively) | 382,622 | 367,138 |
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively) | 172,655 | 176,597 |
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively) | 13,534 | 11,647 |
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively) | 3,274,764 | 3,272,368 |
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively) | 20,675 | 20,604 |
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively) | 57,852 | 29,466 |
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively) | $ 101,301 | $ 114,232 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||||
Revenue | ||||||||
Lease | $ 761,733 | $ 721,899 | $ 1,518,608 | $ 1,440,019 | ||||
Total revenue | 817,153 | 773,927 | 1,620,353 | 1,528,234 | ||||
Expenses | ||||||||
Rental | 291,036 | 273,848 | 582,344 | 544,103 | ||||
General and administrative | 44,175 | 34,665 | 99,977 | 77,859 | ||||
Transaction costs | 308 | 496 | 1,219 | 496 | ||||
Depreciation and amortization | 202,577 | 183,146 | 411,311 | 360,770 | ||||
Total expenses | 550,866 | 501,838 | 1,119,527 | 1,001,816 | ||||
Other income (expense) | ||||||||
income (loss() from unconsolidated joint ventures | (6,668) | (54) | (14,237) | 2,135 | ||||
Gains on sales of real estate | 0 | 96,247 | 0 | 118,948 | ||||
Interest and other income (loss) | 17,343 | 1,195 | 28,284 | 2,423 | ||||
Other Income - assignment fee | 0 | 6,624 | 0 | 6,624 | ||||
Gain (Loss) on Investments | 1,571 | (4,716) | 3,236 | (6,978) | ||||
Unrealized gain on non-real estate investment | 124 | 0 | 383 | 0 | ||||
Interest expense | (142,473) | (104,142) | (276,680) | (205,370) | ||||
Net income | 136,184 | 267,243 | 241,812 | 444,200 | ||||
Net income attributable to noncontrolling interests | ||||||||
Noncontrolling interests in property partnerships | (19,768) | (18,546) | (38,428) | (36,095) | ||||
Noncontrolling interest - common units of the Operating Partnership | (12,117) | (25,708) | (21,169) | (42,061) | ||||
Net income attributable to the Company | 104,299 | 222,989 | 182,215 | 366,044 | ||||
Net income attributable to the Company | $ 104,299 | $ 222,989 | $ 182,215 | $ 366,044 | ||||
Basic earnings per common share / unit attributable to the Company | ||||||||
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 0.67 | $ 1.42 | $ 1.16 | $ 2.33 | ||||
Weighted average number of common shares / units outstanding (in shares / units) | 156,826 | 156,720 | 156,815 | 156,685 | ||||
Diluted earnings per common share / unit attributable to the Company | ||||||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.66 | $ 1.42 | $ 1.16 | $ 2.33 | ||||
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 157,218 | 157,192 | 157,131 | 157,098 | ||||
Boston Properties Limited Partnership | ||||||||
Revenue | ||||||||
Lease | $ 761,733 | $ 721,899 | $ 1,518,608 | $ 1,440,019 | ||||
Total revenue | 817,153 | 773,927 | 1,620,353 | 1,528,234 | ||||
Expenses | ||||||||
Rental | 291,036 | 273,848 | 582,344 | 544,103 | ||||
General and administrative | 44,175 | 34,665 | 99,977 | 77,859 | ||||
Transaction costs | 308 | 496 | 1,219 | 496 | ||||
Depreciation and amortization | 200,895 | 181,416 | 407,767 | 357,302 | ||||
Total expenses | 549,184 | 500,108 | 1,115,983 | 998,348 | ||||
Other income (expense) | ||||||||
income (loss() from unconsolidated joint ventures | (6,668) | (54) | (14,237) | 2,135 | ||||
Gains on sales of real estate | 0 | 99,608 | 0 | 122,992 | ||||
Interest and other income (loss) | 17,343 | 1,195 | 28,284 | 2,423 | ||||
Other Income - assignment fee | 0 | 6,624 | 0 | 6,624 | ||||
Gain (Loss) on Investments | 1,571 | (4,716) | 3,236 | (6,978) | ||||
Unrealized gain on non-real estate investment | 124 | 0 | 383 | 0 | ||||
Interest expense | (142,473) | (104,142) | (276,680) | (205,370) | ||||
Net income | 137,866 | 272,334 | 245,356 | 451,712 | ||||
Net income attributable to noncontrolling interests | ||||||||
Noncontrolling interests in property partnerships | (19,768) | (18,546) | (38,428) | (36,095) | ||||
Net income attributable to the Company | 118,098 | 253,788 | 206,928 | 415,617 | ||||
Net income attributable to the Company | $ 118,098 | $ 253,788 | $ 206,928 | $ 415,617 | ||||
Basic earnings per common share / unit attributable to the Company | ||||||||
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 0.68 | $ 1.45 | $ 1.18 | $ 2.38 | ||||
Weighted average number of common shares / units outstanding (in shares / units) | 174,748 | 174,392 | 174,693 | 174,323 | ||||
Diluted earnings per common share / unit attributable to the Company | ||||||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.67 | $ 1.45 | $ 1.18 | $ 2.38 | ||||
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 175,140 | 174,864 | 175,009 | 174,736 | ||||
Parking and Other [Member] | ||||||||
Revenue | ||||||||
Other revenue | $ 26,984 | $ 30,346 | $ 50,993 | $ 52,080 | ||||
Parking and Other [Member] | Boston Properties Limited Partnership | ||||||||
Revenue | ||||||||
Other revenue | 26,984 | 30,346 | 50,993 | 52,080 | ||||
Hotel [Member] | ||||||||
Revenue | ||||||||
Other revenue | 13,969 | [1] | 12,089 | [1] | 22,070 | [2] | 16,646 | [2] |
Expenses | ||||||||
Operating expense | 8,161 | 6,444 | 14,832 | 11,284 | ||||
Hotel [Member] | Boston Properties Limited Partnership | ||||||||
Revenue | ||||||||
Other revenue | 13,969 | 12,089 | 22,070 | 16,646 | ||||
Expenses | ||||||||
Operating expense | 8,161 | 6,444 | 14,832 | 11,284 | ||||
Real Estate, Other [Member] | ||||||||
Revenue | ||||||||
Other revenue | 4,609 | 3,239 | 9,844 | 7,304 | ||||
Expenses | ||||||||
Operating expense | 4,609 | 3,239 | 9,844 | 7,304 | ||||
Real Estate, Other [Member] | Boston Properties Limited Partnership | ||||||||
Revenue | ||||||||
Other revenue | 4,609 | 3,239 | 9,844 | 7,304 | ||||
Expenses | ||||||||
Operating expense | 4,609 | 3,239 | 9,844 | 7,304 | ||||
Management Service [Member] | ||||||||
Revenue | ||||||||
Other revenue | 9,858 | 6,354 | 18,838 | 12,185 | ||||
Management Service [Member] | Boston Properties Limited Partnership | ||||||||
Revenue | ||||||||
Other revenue | $ 9,858 | $ 6,354 | $ 18,838 | $ 12,185 | ||||
[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.[2]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 | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Net income | $ 136,184 | $ 267,243 | $ 241,812 | $ 444,200 | |
Other comprehensive income : | |||||
Effective portion of interest rate contracts | 14,965 | 35 | 8,427 | 7,600 | |
Amortization of interest rate contracts | [1] | 1,674 | 1,677 | 3,349 | 3,353 |
Other comprehensive income | 16,639 | 1,712 | 11,776 | 10,953 | |
Comprehensive Income | 152,823 | 268,955 | 253,588 | 455,153 | |
Net income attributable to noncontrolling interests | (31,885) | (44,254) | (59,597) | (78,156) | |
Other comprehensive income attributable to noncontrolling interests | (1,831) | (304) | (1,463) | (1,368) | |
Comprehensive income attributable to the Company | 119,107 | 224,397 | 192,528 | 375,629 | |
Boston Properties Limited Partnership | |||||
Net income | 137,866 | 272,334 | 245,356 | 451,712 | |
Other comprehensive income : | |||||
Effective portion of interest rate contracts | 14,965 | 35 | 8,427 | 7,600 | |
Amortization of interest rate contracts | [2] | 1,674 | 1,677 | 3,349 | 3,353 |
Other comprehensive income | 16,639 | 1,712 | 11,776 | 10,953 | |
Comprehensive Income | 154,505 | 274,046 | 257,132 | 462,665 | |
Net income attributable to noncontrolling interests | (19,912) | (18,690) | (38,716) | (36,383) | |
Comprehensive income attributable to the Company | $ 134,593 | $ 255,356 | $ 218,416 | $ 426,282 | |
[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 Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Dividends In Excess Of Earnings [Member] | Treasury Stock, at cost [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noncontrolling interest - property partnerships [Member] |
Equity, shares at Dec. 31, 2021 | 156,545,000 | |||||||
Equity, value at Dec. 31, 2021 | $ 8,033,228 | $ 1,565 | $ 6,497,730 | $ (625,891) | $ (2,722) | $ (36,662) | $ 642,655 | $ 1,556,553 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of operating partnership units to common stock, shares | 152,000 | |||||||
Redemption of operating partnership units to common stock, value | 0 | $ 2 | 5,427 | (5,429) | ||||
Allocated net income for the period | 444,200 | 366,044 | 42,061 | 36,095 | ||||
Dividends declared | (343,028) | (307,169) | (35,859) | |||||
Shares issued pursuant to stock purchase plan, shares | 5,000 | |||||||
Shares issued pursuant to stock purchase plan, value | 600 | 600 | ||||||
Net activity from stock option and incentive plan, shares | 24,000 | |||||||
Net activity from stock option and incentive plan, value | 36,946 | 4,287 | 32,659 | |||||
Contributions from noncontrolling interests in property partnerships | 849 | 849 | ||||||
Distributions to noncontrolling interests in property partnerships | (41,079) | (41,079) | ||||||
Effective portion of interest rate contracts | 7,600 | 6,831 | 769 | |||||
Amortization of interest rate contracts | 3,353 | 2,754 | 311 | 288 | ||||
Reallocation of noncontrolling interest | 0 | 16,953 | (16,953) | |||||
Equity, shares at Jun. 30, 2022 | 156,726,000 | |||||||
Equity, value at Jun. 30, 2022 | 8,142,669 | $ 1,567 | 6,524,997 | (567,016) | (2,722) | (27,077) | 660,214 | 1,552,706 |
Equity, shares at Mar. 31, 2022 | 156,712,000 | |||||||
Equity, value at Mar. 31, 2022 | 8,041,659 | $ 1,567 | 6,509,663 | (636,421) | (2,722) | (28,485) | 649,602 | 1,548,455 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of operating partnership units to common stock, shares | 11,000 | |||||||
Redemption of operating partnership units to common stock, value | 0 | $ 0 | 401 | (401) | ||||
Allocated net income for the period | 267,243 | 222,997 | 25,700 | 18,546 | ||||
Dividends declared | (171,531) | (153,592) | (17,939) | |||||
Net activity from stock option and incentive plan, shares | 3,000 | |||||||
Net activity from stock option and incentive plan, value | 18,025 | 4,420 | 13,605 | |||||
Distributions to noncontrolling interests in property partnerships | (14,439) | (14,439) | ||||||
Effective portion of interest rate contracts | 35 | 31 | 4 | |||||
Amortization of interest rate contracts | 1,677 | 1,377 | 156 | 144 | ||||
Reallocation of noncontrolling interest | 0 | 10,513 | (10,513) | |||||
Equity, shares at Jun. 30, 2022 | 156,726,000 | |||||||
Equity, value at Jun. 30, 2022 | $ 8,142,669 | $ 1,567 | 6,524,997 | (567,016) | (2,722) | (27,077) | 660,214 | 1,552,706 |
Equity, shares at Dec. 31, 2022 | 156,757,867 | 156,758,000 | ||||||
Equity, value at Dec. 31, 2022 | $ 8,363,819 | $ 1,568 | 6,539,147 | (391,356) | (2,722) | (13,718) | 683,583 | 1,547,317 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of operating partnership units to common stock, shares | 21,000 | |||||||
Redemption of operating partnership units to common stock, value | 0 | $ 1 | 793 | (794) | ||||
Allocated net income for the period | 241,812 | 182,215 | 21,169 | 38,428 | ||||
Dividends declared | (344,146) | (307,409) | (36,737) | |||||
Shares issued pursuant to stock purchase plan, shares | 9,000 | |||||||
Shares issued pursuant to stock purchase plan, value | 586 | 586 | ||||||
Net activity from stock option and incentive plan, shares | 66,000 | |||||||
Net activity from stock option and incentive plan, value | 41,361 | 3,338 | 38,023 | |||||
Contributions from noncontrolling interests in property partnerships | 7,555 | 7,555 | ||||||
Distributions to noncontrolling interests in property partnerships | (36,220) | (36,220) | ||||||
Effective portion of interest rate contracts | 8,427 | 7,565 | 862 | |||||
Amortization of interest rate contracts | 3,349 | 2,747 | 314 | 288 | ||||
Reallocation of noncontrolling interest | $ 0 | 17,297 | (17,297) | |||||
Equity, shares at Jun. 30, 2023 | 156,853,400 | 156,854,000 | ||||||
Equity, value at Jun. 30, 2023 | $ 8,286,543 | $ 1,569 | 6,561,161 | (516,550) | (2,722) | (3,406) | 689,123 | 1,557,368 |
Equity, shares at Mar. 31, 2023 | 156,830,000 | |||||||
Equity, value at Mar. 31, 2023 | 8,306,484 | $ 1,568 | 6,549,314 | (467,159) | (2,722) | (18,214) | 691,627 | 1,552,070 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of operating partnership units to common stock, shares | 16,000 | |||||||
Redemption of operating partnership units to common stock, value | 0 | $ 1 | 598 | (599) | ||||
Allocated net income for the period | 136,184 | 104,325 | 12,091 | 19,768 | ||||
Dividends declared | (172,092) | (153,716) | (18,376) | |||||
Net activity from stock option and incentive plan, shares | 8,000 | |||||||
Net activity from stock option and incentive plan, value | 13,942 | (110) | 14,052 | |||||
Distributions to noncontrolling interests in property partnerships | (14,614) | (14,614) | ||||||
Effective portion of interest rate contracts | 14,965 | 13,435 | 1,530 | |||||
Amortization of interest rate contracts | 1,674 | 1,373 | 157 | 144 | ||||
Reallocation of noncontrolling interest | $ 0 | 11,359 | (11,359) | |||||
Equity, shares at Jun. 30, 2023 | 156,853,400 | 156,854,000 | ||||||
Equity, value at Jun. 30, 2023 | $ 8,286,543 | $ 1,569 | $ 6,561,161 | $ (516,550) | $ (2,722) | $ (3,406) | $ 689,123 | $ 1,557,368 |
Consolidated Statement of Capit
Consolidated Statement of Capital and Noncontrolling Interests - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Common Stock, Shares, Outstanding | 156,853,400 | 156,853,400 | 156,757,867 | |||||
Net activity from stock option and incentive plan, value | $ 13,942 | $ 18,025 | $ 41,361 | $ 36,946 | ||||
Effective portion of interest rate contracts | 14,965 | 35 | 8,427 | 7,600 | ||||
Amortization of interest rate contracts | 1,674 | 1,677 | 3,349 | 3,353 | ||||
Contributions from noncontrolling interests in property partnerships | 7,555 | 849 | ||||||
Distributions to noncontrolling interests in property partnerships | $ (14,614) | $ (14,439) | $ (36,220) | $ (41,079) | ||||
General Partner [Member] | ||||||||
Common Stock, Shares, Outstanding | 1,755,000 | 1,750,000 | 1,755,000 | 1,750,000 | 1,755,000 | 1,750,000 | 1,749,000 | 1,746,000 |
Net activity from contributions and unearned compensation | 0 | 1,000 | 5,000 | 1,000 | ||||
Conversion of redeemable partnership units | 0 | 3,000 | ||||||
Limited Partner [Member] | ||||||||
Common Stock, Shares, Outstanding | 155,098,000 | 154,977,000 | 155,098,000 | 154,977,000 | 155,075,000 | 155,008,000 | 154,962,000 | 154,799,000 |
Net activity from contributions and unearned compensation | 7,000 | 4,000 | 69,000 | 29,000 | ||||
Conversion of redeemable partnership units | 16,000 | 11,000 | 21,000 | 149,000 | ||||
Partners' Capital (General and Limited Partners)[Member] | ||||||||
Beginning Balance | $ 5,351,166 | $ 4,716,430 | $ 5,351,166 | $ 4,716,430 | $ 5,449,936 | $ 5,299,428 | $ 3,914,832 | $ 4,173,290 |
Net activity from contributions and unearned compensation, value | (110) | 4,418 | 3,922 | 4,885 | ||||
Allocated net income for the period | 106,007 | 228,088 | 185,759 | 373,556 | ||||
Distributions | (153,716) | (153,592) | (307,409) | (307,169) | ||||
Conversion of redeemable partnership units, value | 599 | 401 | 794 | 5,429 | ||||
Adjustment to reflect redeemable partnership units at redemption value | (51,550) | 722,283 | 168,672 | 466,439 | ||||
Accumulated Other Comprehensive Loss [Member] | ||||||||
Beginning Balance | (3,406) | (27,077) | (3,406) | (27,077) | (18,214) | (13,718) | (28,485) | (36,662) |
Effective portion of interest rate contracts | 13,435 | 31 | 7,565 | 6,831 | ||||
Amortization of interest rate contracts | 1,373 | 1,377 | 2,747 | 2,754 | ||||
Noncontrolling interest - property partnerships [Member] | ||||||||
Beginning Balance | 1,557,368 | 1,552,706 | 1,557,368 | 1,552,706 | 1,552,070 | 1,547,317 | 1,548,455 | 1,556,553 |
Allocated net income for the period | 19,768 | 18,546 | 38,428 | 36,095 | ||||
Amortization of interest rate contracts | 144 | 144 | 288 | 288 | ||||
Contributions from noncontrolling interests in property partnerships | 7,555 | 849 | ||||||
Distributions to noncontrolling interests in property partnerships | (14,614) | (14,439) | (36,220) | (41,079) | ||||
Total Capital [Member] | ||||||||
Beginning Balance | 6,905,128 | 6,242,059 | 6,905,128 | 6,242,059 | 6,983,792 | 6,833,027 | 5,434,802 | 5,693,181 |
Net activity from contributions and unearned compensation, value | (110) | 4,418 | 3,922 | 4,885 | ||||
Allocated net income for the period | 125,775 | 246,634 | 224,187 | 409,651 | ||||
Distributions | (153,716) | (153,592) | (307,409) | (307,169) | ||||
Conversion of redeemable partnership units, value | 599 | 401 | 794 | 5,429 | ||||
Adjustment to reflect redeemable partnership units at redemption value | (51,550) | 722,283 | 168,672 | 466,439 | ||||
Effective portion of interest rate contracts | 13,435 | 31 | 7,565 | 6,831 | ||||
Amortization of interest rate contracts | 1,517 | 1,521 | 3,035 | 3,042 | ||||
Contributions from noncontrolling interests in property partnerships | 7,555 | 849 | ||||||
Distributions to noncontrolling interests in property partnerships | (14,614) | (14,439) | (36,220) | (41,079) | ||||
Noncontrolling interest - Redeemable partnership units [Member] | ||||||||
Beginning Balance | 1,135,053 | 1,646,678 | 1,135,053 | 1,646,678 | $ 1,074,648 | $ 1,280,886 | $ 2,347,834 | $ 2,078,603 |
Net activity from contributions and unearned compensation, value | 14,052 | 13,607 | 38,025 | 32,661 | ||||
Allocated net income for the period | 12,091 | 25,700 | 21,169 | 42,061 | ||||
Distributions | (18,376) | (17,939) | (36,737) | (35,859) | ||||
Conversion of redeemable partnership units, value | (599) | (401) | (794) | (5,429) | ||||
Adjustment to reflect redeemable partnership units at redemption value | 51,550 | (722,283) | (168,672) | (466,439) | ||||
Effective portion of interest rate contracts | 1,530 | 4 | 862 | 769 | ||||
Amortization of interest rate contracts | $ 157 | $ 156 | $ 314 | $ 311 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Net income | $ 241,812 | $ 444,200 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 411,311 | 360,770 |
Amortization of right of use assets - operating leases | 929 | 1,407 |
Non-cash compensation expense | 41,524 | 36,195 |
Loss (income) from unconsolidated joint ventures | 14,237 | (2,135) |
Distributions of net cash flow from operations of unconsolidated joint ventures | 11,437 | 10,097 |
Losses (gains) from investments in securities | (3,236) | 6,978 |
Allowance for current expected credit losses | 264 | (458) |
Non-cash portion of interest expense | 14,940 | 12,528 |
Other Income - assignment fee | 0 | (6,624) |
Gains on sales of real estate | 0 | (118,948) |
Unrealized gain on non-real estate investment | (383) | 0 |
Change in assets and liabilities: | ||
Tenant and other receivables, net | 3,721 | 10,167 |
Notes receivable, net | 0 | (152) |
Accrued rental income, net | (42,965) | (48,901) |
Prepaid expenses and other assets | (24,758) | 6,326 |
Lease liabilities - operating leases | 140 | 82 |
Accounts payable and accrued expenses | 6,320 | (18,636) |
Accrued interest payable | 7,314 | 2,036 |
Other liabilities | (21,773) | (37,732) |
Tenant leasing costs | (47,651) | (40,561) |
Total adjustments | 371,371 | 172,439 |
Net cash provided by operating activities | 613,183 | 616,639 |
Cash flows from investing activities: | ||
Acquisitions of real estate | 0 | (727,835) |
Construction in progress | (235,331) | (237,182) |
Building and other capital improvements | (78,344) | (63,278) |
Tenant improvements | (135,743) | (97,844) |
Proceeds from sales of real estate | 0 | 157,345 |
Proceeds from assignment fee | 0 | 6,624 |
Capital contributions to unconsolidated joint ventures | (103,595) | (69,819) |
Capital distributions from unconsolidated joint ventures | 7,350 | 36,622 |
Investment in non-real estate investments | (733) | 0 |
Issuance of related party note receivable | (10,500) | 0 |
Proceeds from note receivable | 0 | 10,000 |
Investments in securities, net | 2,032 | 5,197 |
Net cash used in investing activities | (554,864) | (980,170) |
Cash flows from financing activities: | ||
Proceeds from unsecured senior notes | 747,727 | 0 |
Borrowings on unsecured line of credit | 0 | 340,000 |
Repayments of unsecured line of credit | 0 | (320,000) |
Borrowings on unsecured term loan | 1,200,000 | 730,000 |
Repayment of unsecured term loan | (730,000) | 0 |
Deferred financing costs | (12,339) | (2,230) |
Net activity from equity transactions | (39) | (366) |
Dividends and distributions | (343,325) | (341,951) |
Contributions from noncontrolling interests in property partnerships | 7,555 | 849 |
Distributions to noncontrolling interests in property partnerships | (36,220) | (41,079) |
Net cash provided by financing activities | 833,359 | 365,223 |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | 891,678 | 1,692 |
Cash and cash equivalents and cash held in escrows, beginning of period | 736,812 | 501,158 |
Cash and cash equivalents and cash held in escrows, end of period | 1,628,490 | 502,850 |
Reconciliation of cash and cash equivalents and cash held in escrow | ||
Cash and cash equivalents, beginning of period | 690,333 | 452,692 |
Cash held in escrows, beginning of period | 46,479 | 48,466 |
Cash and cash equivalents, end of period | 1,581,575 | 456,491 |
Cash held in escrows,end of period | 46,915 | 46,359 |
Supplemental disclosures: | ||
Cash paid for interest | 273,214 | 216,409 |
Interest capitalized | 21,153 | 27,819 |
Non-cash investing and financing activities: | ||
Write-off of fully depreciated real estate | (85,878) | (65,435) |
Change in real estate included in accounts payable and accrued expenses | 25,562 | 40,655 |
Construction in progress, net deconsolidated | 0 | (11,316) |
Investment in unconsolidated joint ventures recorded upon deconsolidation | 0 | 11,316 |
Dividends and distributions declared but not paid | 171,465 | 170,937 |
Conversions of noncontrolling interests to stockholders’ equity | 794 | 5,429 |
Issuance of restricted securities to employees and non-employee directors | 47,885 | 47,198 |
Boston Properties Limited Partnership | ||
Net income | 245,356 | 451,712 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 407,767 | 357,302 |
Amortization of right of use assets - operating leases | 929 | 1,407 |
Non-cash compensation expense | 41,524 | 36,195 |
Loss (income) from unconsolidated joint ventures | 14,237 | (2,135) |
Distributions of net cash flow from operations of unconsolidated joint ventures | 11,437 | 10,097 |
Losses (gains) from investments in securities | (3,236) | 6,978 |
Allowance for current expected credit losses | 264 | (458) |
Non-cash portion of interest expense | 14,940 | 12,528 |
Other Income - assignment fee | 0 | (6,624) |
Gains on sales of real estate | 0 | (122,992) |
Unrealized gain on non-real estate investment | (383) | 0 |
Change in assets and liabilities: | ||
Tenant and other receivables, net | 3,721 | 10,167 |
Notes receivable, net | 0 | (152) |
Accrued rental income, net | (42,965) | (48,901) |
Prepaid expenses and other assets | (24,758) | 6,326 |
Lease liabilities - operating leases | 140 | 82 |
Accounts payable and accrued expenses | 6,320 | (18,636) |
Accrued interest payable | 7,314 | 2,036 |
Other liabilities | (21,773) | (37,732) |
Tenant leasing costs | (47,651) | (40,561) |
Total adjustments | 367,827 | 164,927 |
Net cash provided by operating activities | 613,183 | 616,639 |
Cash flows from investing activities: | ||
Acquisitions of real estate | 0 | (727,835) |
Construction in progress | (235,331) | (237,182) |
Building and other capital improvements | (78,344) | (63,278) |
Tenant improvements | (135,743) | (97,844) |
Proceeds from sales of real estate | 0 | 157,345 |
Proceeds from assignment fee | 0 | 6,624 |
Capital contributions to unconsolidated joint ventures | (103,595) | (69,819) |
Capital distributions from unconsolidated joint ventures | 7,350 | 36,622 |
Investment in non-real estate investments | (733) | 0 |
Issuance of related party note receivable | (10,500) | 0 |
Proceeds from note receivable | 0 | 10,000 |
Investments in securities, net | 2,032 | 5,197 |
Net cash used in investing activities | (554,864) | (980,170) |
Cash flows from financing activities: | ||
Proceeds from unsecured senior notes | 747,727 | 0 |
Borrowings on unsecured line of credit | 0 | 340,000 |
Repayments of unsecured line of credit | 0 | (320,000) |
Borrowings on unsecured term loan | 1,200,000 | 730,000 |
Repayment of unsecured term loan | (730,000) | 0 |
Deferred financing costs | (12,339) | (2,230) |
Net activity from equity transactions | (39) | (366) |
Dividends and distributions | (343,325) | (341,951) |
Contributions from noncontrolling interests in property partnerships | 7,555 | 849 |
Distributions to noncontrolling interests in property partnerships | (36,220) | (41,079) |
Net cash provided by financing activities | 833,359 | 365,223 |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | 891,678 | 1,692 |
Cash and cash equivalents and cash held in escrows, beginning of period | 736,812 | 501,158 |
Cash and cash equivalents and cash held in escrows, end of period | 1,628,490 | 502,850 |
Reconciliation of cash and cash equivalents and cash held in escrow | ||
Cash and cash equivalents, beginning of period | 690,333 | 452,692 |
Cash held in escrows, beginning of period | 46,479 | 48,466 |
Cash and cash equivalents, end of period | 1,581,575 | 456,491 |
Cash held in escrows,end of period | 46,915 | 46,359 |
Supplemental disclosures: | ||
Cash paid for interest | 273,214 | 216,409 |
Interest capitalized | 21,153 | 27,819 |
Non-cash investing and financing activities: | ||
Write-off of fully depreciated real estate | (84,629) | (65,435) |
Change in real estate included in accounts payable and accrued expenses | 25,562 | 40,655 |
Construction in progress, net deconsolidated | 0 | (11,316) |
Investment in unconsolidated joint ventures recorded upon deconsolidation | 0 | 11,316 |
Dividends and distributions declared but not paid | 171,465 | 170,937 |
Conversions of noncontrolling interests to stockholders’ equity | 794 | 5,429 |
Issuance of restricted securities to employees and non-employee directors | $ 47,885 | $ 47,198 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization BXP is a fully integrated, self-administered and self-managed REIT. BXP is the sole general partner of BPLP, its operating partnership, and at June 30, 2023 owned an approximate 89.4% (89.6% at December 31, 2022) general and limited partnership interest in BPLP. Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries. Partnership interests in BPLP include: • common units of partnership interest (also referred to as “OP Units”) and • long term incentive units of partnership interest (also referred to as “LTIP Units”) Unless specifically noted otherwise, all references to OP Units exclude units held by BXP. A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of BXP (“Common Stock”). In lieu of such cash redemption, BXP may elect to acquire the OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that BXP owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock. The Company uses LTIP Units as a form of time-based, restricted equity compensation and as a form of performance-based equity compensation for employees, and has previously granted LTIP Units in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013 - 2023 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance-based and time-based vesting conditions, is convertible into one OP Unit. The three Properties At June 30, 2023, the Company owned or had joint venture interests in a portfolio of 191 commercial real estate properties (the “Properties”) aggregating approximately 54.1 million net rentable square feet of primarily premier workplaces, including 13 properties under construction/redevelopment totaling approximately 3.1 million net rentable square feet. At June 30, 2023, the Properties consisted of: • 170 office and life sciences properties (including 10 properties under construction/redevelopment); • 14 retail properties (including two properties under construction/redevelopment); • six residential properties (including one property under construction ) ; and • one hotel. The Company considers premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings and professionally managed and maintained. As such, these properties attract high-quality clients and command upper-tier rental rates. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2022. The Company bases its estimates on historical experience and on various other assumptions that it considers to be reasonable under the circumstances, including the impact of extraordinary events such as the coronavirus (“COVID-19”) pandemic, the results of which form the basis for making significant judgments about the carrying values of assets and liabilities, assessments of future collectability, and other areas of the financial statements that are impacted by the use of estimates. Actual results may differ from these estimates under different assumptions or conditions. Variable Interest Entities (VIEs) Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The assets of each VIE are only available to satisfy such VIE's respective liabilities. The Company has identified six entities that are VIEs as of June 30, 2023 and has determined that it is the primary beneficiary for all of these entities as of June 30, 2023. Consolidated Variable Interest Entities As of June 30, 2023, BXP has identified six consolidated VIEs, including BPLP. Excluding BPLP, the VIEs consisted of the following five in-service properties: 767 Fifth Avenue (the General Motors Building), Times Square Tower, 601 Lexington Avenue, Atlantic Wharf Office Building and 100 Federal Street. The Company consolidates these VIEs because it is the primary beneficiary. The third parties’ interests in these consolidated entities (excluding BPLP’s interest) are reflected as noncontrolling interests in property partnerships in the accompanying consolidated financial statements (See Note 9). In addition, BXP’s only significant asset is its investment in BPLP and, consequently, substantially all of BXP’s assets and liabilities are the assets and liabilities of BPLP. Fair Value Measurements The Company follows the authoritative guidance for fair value measurements. The table below presents for June 30, 2023 and December 31, 2022, the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized (as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”). Financial Instrument Level Unsecured senior notes (1) Level 1 Related party note receivable Level 3 Sales-type lease receivable Level 3 Mortgage notes payable Level 3 Unsecured line of credit Level 3 Unsecured term loan Level 3 _______________ (1) If trading volume for the period is low, the valuation could be categorized as Level 2. Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates. In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods. The following table presents the aggregate carrying value of the Company’s related party note receivable, net, sales-type lease receivable, net, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Related party note receivable, net $ 88,834 $ 90,500 $ 78,576 $ 79,220 Sales-type lease receivable, net 13,250 13,173 12,811 13,045 Total $ 102,084 $ 103,673 $ 91,387 $ 92,265 Mortgage notes payable, net $ 3,274,764 $ 2,765,657 $ 3,272,368 $ 2,744,479 Unsecured senior notes, net 10,985,395 9,751,688 10,237,968 9,135,512 Unsecured line of credit — — — — Unsecured term loan, net 1,196,046 1,194,895 730,000 730,000 Total $ 15,456,205 $ 13,712,240 $ 14,240,336 $ 12,609,991 In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Note 7). 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 has 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. However, as of June 30, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are 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. The following table presents the aggregate fair value of the Company’s interest rate swaps as of June 30, 2023 and December 31, 2022 (in thousands): Fair value June 30, 2023 December 31, 2022 Interest rate swaps $ 6,445 $ — |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2023 | |
Real Estate [Abstract] | |
Real Estate | 3. Real Estate BXP Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Land $ 5,189,287 $ 5,189,811 Right of use assets - finance leases 237,526 237,510 Right of use assets - operating leases 166,421 167,351 Land held for future development (1) 637,191 721,501 Buildings and improvements 16,054,447 15,820,724 Tenant improvements 3,345,766 3,200,743 Furniture, fixtures and equipment 53,181 50,310 Construction in progress 482,850 406,574 Total 26,166,669 25,794,524 Less: Accumulated depreciation (6,568,568) (6,298,082) $ 19,598,101 $ 19,496,442 _______________ (1) Includes pre-development costs. BPLP Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Land $ 5,094,578 $ 5,095,102 Right of use assets - finance leases 237,526 237,510 Right of use assets - operating leases 166,421 167,351 Land held for future development (1) 637,191 721,501 Buildings and improvements 15,782,891 15,547,919 Tenant improvements 3,345,766 3,200,743 Furniture, fixtures and equipment 53,181 50,310 Construction in progress 482,850 406,574 Total 25,800,404 25,427,010 Less: Accumulated depreciation (6,448,665) (6,180,474) $ 19,351,739 $ 19,246,536 _______________ (1) Includes pre-development costs. Developments/Redevelopments On January 5, 2023, the Company commenced the development of 290 Binney Street, an approximately 566,000 net rentable square foot laboratory/life sciences project in Cambridge, Massachusetts. Concurrent with the commencement of this project, the Kendall Center Blue Parking Garage was taken out of service and demolished to support the development of this project. 290 Binney Street is 100% pre-leased to AstraZeneca. On January 30, 2023, the Company commenced the redevelopment of 300 Binney Street at Kendall Center in Cambridge, Massachusetts. 300 Binney Street consisted of an approximately 195,000 net rentable square foot premier workplace that is being redeveloped into approximately 236,000 net rentable square feet of laboratory/life sciences space. BXP and BPLP recognized approximately $11.0 million of depreciation expense during the six months ended June 30, 2023 associated with the acceleration of depreciation on the assets being removed from service and demolished as part of the redevelopment of the property. The project is 100% pre-leased to the Broad Institute. On April 29, 2023, the Company completed and fully placed in-service 2100 Pennsylvania Avenue, a premier workplace project with approximately 476,000 net rentable square feet located in Washington, DC. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Lessor, Operating Leases [Text Block] | 4. Leases The Company estimates the collectability of its accrued rent and accounts receivable balances related to lease revenue. When evaluating the collectability of these accrued rent and accounts receivable balances, management considers tenant creditworthiness, current economic trends, including the impact of the COVID-19 pandemic on tenants’ businesses, and changes in tenants’ payment patterns, on a lease-by-lease basis. If the Company determines that the accrued rent and/or accounts receivable balances are no longer probable of collection then the balances are written-off and the lease is recognized on a cash basis. If applicable, information related to write-offs of accrued rent, net balances and accounts receivable, net balances and reinstatements of accrued rent balances for the Company’s unconsolidated joint ventures can be found in Note 5. Lessor The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and six months ended June 30, 2023 and 2022 and included within the Company's Consolidated Statements of Operations (in thousands): Three months ended June 30, Six months ended June 30, Lease Revenue 2023 2022 2023 2022 Fixed contractual payments $ 629,189 $ 601,351 $ 1,250,835 $ 1,200,958 Variable lease payments 132,315 120,548 267,318 239,061 Sales-type lease income 229 — 455 — $ 761,733 $ 721,899 $ 1,518,608 $ 1,440,019 |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2023 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Investments In Unconsolidated Joint Ventures | 5. Investments in Unconsolidated Joint Ventures The investments in unconsolidated joint ventures consist of the following at June 30, 2023 and December 31, 2022: Carrying Value of Investment (1) Entity Properties Nominal % Ownership June 30, 2023 December 31, 2022 (in thousands) Square 407 Limited Partnership Market Square North 50.00 % $ (6,053) $ (6,198) BP/CRF Metropolitan Square LLC Metropolitan Square 20.00 % (37,654) (37,629) 901 New York, LLC 901 New York Avenue 25.00 % (2) (12,150) (12,493) WP Project Developer LLC Wisconsin Place Land and Infrastructure 33.33 % (3) 31,398 31,971 500 North Capitol Venture LLC 500 North Capitol Street, NW 30.00 % (8,559) (9,185) 501 K Street LLC 1001 6th Street 50.00 % 43,443 42,922 Podium Developer LLC The Hub on Causeway - Podium 50.00 % 44,542 46,839 Residential Tower Developer LLC Hub50House 50.00 % 44,214 45,414 Hotel Tower Developer LLC The Hub on Causeway - Hotel Air Rights 50.00 % 12,750 12,366 Office Tower Developer LLC 100 Causeway Street 50.00 % 59,550 59,716 1265 Main Office JV LLC 1265 Main Street 50.00 % 3,583 3,465 BNY Tower Holdings LLC Dock 72 50.00 % (4) (13,511) (19,921) CA-Colorado Center, LLC Colorado Center 50.00 % 235,846 233,862 7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.00 % 50,789 52,152 BP-M 3HB Venture LLC 3 Hudson Boulevard 25.00 % 115,878 116,397 SMBP Venture LP Santa Monica Business Park 55.00 % 161,368 164,735 Platform 16 Holdings LP Platform 16 55.00 % (5) 184,642 158,109 Gateway Portfolio Holdings LLC Gateway Commons 50.00 % 349,055 324,038 Rosecrans-Sepulveda Partners 4, LLC Beach Cities Media Campus 50.00 % 27,013 27,000 Safeco Plaza REIT LLC Safeco Plaza 33.67 % (6) 70,331 69,785 360 PAS Holdco LLC 360 Park Avenue South 42.21 % (7) 112,219 114,992 PR II/BXP Reston Gateway LLC Reston Next Residential 20.00 % 11,796 11,351 751 Gateway Holdings LLC 751 Gateway 49.00 % 89,025 80,714 200 Fifth Avenue JV LLC 200 Fifth Avenue 26.69 % 116,335 120,083 ABXP Worldgate Investments LLC 13100 and 13150 Worldgate Drive 50.00 % 17,182 N/A $ 1,703,032 $ 1,630,485 _______________ (1) Investments with deficit balances aggregating approximately $77.9 million and $85.4 million at June 30, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2) The Company’s economic ownership has increased based on the achievement of certain return thresholds. At June 30, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%. (3) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4) This property includes net equity balances from the amenity joint venture. (5) At December 31, 2022, this entity was a VIE. (6) The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (7) The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, the partners or the Company will be entitled to an additional promoted interest or payments. The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows: June 30, 2023 December 31, 2022 (in thousands) ASSETS Real estate and development in process, net (1) $ 6,748,400 $ 6,537,554 Other assets 779,220 756,786 Total assets $ 7,527,620 $ 7,294,340 LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY Mortgage and notes payable, net $ 4,056,181 $ 4,022,746 Other liabilities (2) 724,078 716,271 Members’/Partners’ equity 2,747,361 2,555,323 Total liabilities and members’/partners’ equity $ 7,527,620 $ 7,294,340 Company’s share of equity $ 1,301,827 $ 1,238,929 Basis differentials (3) 401,205 391,556 Carrying value of the Company’s investments in unconsolidated joint ventures (4) $ 1,703,032 $ 1,630,485 _______________ (1) At June 30, 2023 and December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At June 30, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.6 million and $21.2 million, respectively. (2) At June 30, 2023 and December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $379.7 million and $382.2 million, respectively. At June 30, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (3) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows: June 30, 2023 December 31, 2022 Property (in thousands) Colorado Center $ 300,370 $ 301,820 200 Fifth Avenue 96,837 94,497 Gateway Commons 48,078 47,808 Dock 72 (97,232) (98,980) These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (4) Investments with deficit balances aggregating approximately $77.9 million and $85.4 million at June 30, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Total revenue (1) $ 164,771 $ 120,871 $ 316,194 $ 245,362 Expenses Operating 61,023 45,353 118,229 90,994 Transaction costs 27 811 101 811 Depreciation and amortization 51,233 43,293 101,211 87,957 Total expenses 112,283 89,457 219,541 179,762 Other income (expense) Loss from early extinguishment of debt (3) — (3) (1,327) Interest expense (58,799) (32,219) (116,049) (62,592) Unrealized gain on derivative instruments 14,457 — 3,847 — Net income (loss) $ 8,143 $ (805) $ (15,552) $ 1,681 Company’s share of net income (loss) $ 639 $ 1,082 $ (6,263) $ 4,476 Basis differential (2) (7,307) (1,136) (7,974) (2,341) Income (loss) from unconsolidated joint ventures $ (6,668) $ (54) $ (14,237) $ 2,135 _______________ (1) Includes straight-line rent adjustments of approximately $6.9 million and $17.8 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $13.2 million and $45.3 million for the six months ended June 30, 2023 and 2022, respectively. (2) Includes straight-line rent adjustments of approximately $0.4 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.7 million and $0.2 million for the six months ended June 30, 2023 and 2022, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.4 million and $0.2 million for the six months ended June 30, 2023 and 2022. On January 31, 2023, the Company acquired a 50% interest in a joint venture that owns 13100 and 13150 Worldgate Drive located in Herndon, Virginia for a gross purchase price of approximately $17.0 million. The acquisition was completed with available cash. 13100 and 13150 Worldgate Drive consists of two vacant office buildings aggregating approximately 350,000 rentable square feet and a 1,200-space structured parking deck situated on a 10-acre site. The joint venture intends to redevelop the property for residential use. There can be no assurance that the joint venture will commence the development as currently contemplated or at all. On April 21, 2023, a joint venture in which the Company owns a 50% interest exercised an option to extend the maturity date of the construction loan collateralized by its 7750 Wisconsin Avenue property. Prior to the extension, the loan had a total commitment amount of approximately $252.6 million, bore interest at a variable rate equal to London interbank offered rate (“LIBOR”) plus 1.25% per annum and was scheduled to mature on April 26, 2023, with two, one-year extension options, subject to certain conditions. The extended loan continued to bear interest at LIBOR plus 1.25% per annum through June 1, 2023 after which, the interest rate was converted to a variable rate equal to Term Secured Overnight Finance Rate (“SOFR”) plus 1.35% per annum. The extended loan now matures on April 26, 2024, with a one-year extension option, subject to certain conditions. 7750 Wisconsin Avenue is a premier workplace with approximately 734,000 net rentable square feet located in Bethesda, Maryland. On June 5, 2023, a joint venture in which the Company owns a 30% interest repaid the existing construction loan collateralized by its 500 North Capitol Street, NW property and obtained new mortgage loans with related parties. At the time of the pay off, the outstanding balance of the loan totaled approximately $105.0 million and the loan was scheduled to mature on June 6, 2023. The new mortgage loans have an aggregate principal balance of $105.0 million, bear interest at a weighted average fixed rate of 6.83% per annum and mature on June 5, 2026. The Company’s portion of the mortgage loans, $10.5 million, has been reflected as a Related Party Note Receivable on the Company’s Consolidated Balance Sheets. 500 North Capitol Street, NW is an approximately 231,000 net rentable square foot premier workplace in Washington, DC. On June 28, 2023, a joint venture in which the Company owns a 25% interest exercised an option to extend by 30 days the maturity date of the loan collateralized by its 3 Hudson Boulevard property. At the time of the modification, the outstanding balance of the loan totaled $80.0 million, bore interest at a variable rate equal to LIBOR plus 3.50% per annum and was scheduled to mature on July 13, 2023, with two extension options (30 days and 180 days, respectively), subject to certain conditions. The modified loan continued to bear interest at a variable rate equal to LIBOR plus 3.50% per annum for the period from June 28, 2023 through July 6, 2023. As of June 30, 2023, the loan had approximately $23.2 million of accrued interest due at the maturity date, August 13, 2023. For the period commencing on July 7, 2023 through the maturity date, the modified loan will bear interest at a variable rate equal to Term SOFR plus approximately 3.61% per annum. The modified loan now matures on August 13, 2023, with one 180 days extension option, subject to certain conditions. 3 Hudson Boulevard consists of land and improvements held for future development located in New York, New York. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Unsecured Debt Disclosure | 6. Debt Unsecured Senior Notes The following summarizes the unsecured senior notes outstanding as of June 30, 2023 (dollars in thousands): Coupon/Stated Rate Effective Rate(1) Principal Amount Maturity Date(2) 10.5 Year Unsecured Senior Notes 3.125 % 3.279 % $ 500,000 September 1, 2023 10.5 Year Unsecured Senior Notes 3.800 % 3.916 % 700,000 February 1, 2024 7 Year Unsecured Senior Notes 3.200 % 3.350 % 850,000 January 15, 2025 10 Year Unsecured Senior Notes 3.650 % 3.766 % 1,000,000 February 1, 2026 10 Year Unsecured Senior Notes 2.750 % 3.495 % 1,000,000 October 1, 2026 5 Year Unsecured Senior Notes 6.750 % 6.924 % 750,000 December 1, 2027 10 Year Unsecured Senior Notes 4.500 % 4.628 % 1,000,000 December 1, 2028 10 Year Unsecured Senior Notes 3.400 % 3.505 % 850,000 June 21, 2029 10.5 Year Unsecured Senior Notes 2.900 % 2.984 % 700,000 March 15, 2030 10.75 Year Unsecured Senior Notes 3.250 % 3.343 % 1,250,000 January 30, 2031 11 Year Unsecured Senior Notes 2.550 % 2.671 % 850,000 April 1, 2032 12 Year Unsecured Senior Notes 2.450 % 2.524 % 850,000 October 1, 2033 10.7 Year Unsecured Senior Notes 6.500 % 6.619 % 750,000 January 15, 2034 Total principal 11,050,000 Less: Net unamortized discount 14,831 Deferred financing costs, net 49,774 Total $ 10,985,395 _______________ (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 May 15, 2023, BPLP completed a public offering of $750.0 million in aggregate principal amount of its 6.500% unsecured senior notes due 2034. The notes were priced at 99.697% of the principal amount to yield an effective rate (including financing fees) of approximately 6.619% per annum to maturity. The notes will mature on January 15, 2034, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $741.3 million after deducting underwriting discounts and transaction expenses. The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. At June 30, 2023, BPLP was in compliance with each of these financial restrictions and requirements. Unsecured Credit Facility On June 1, 2023, BPLP amended its unsecured credit facility (as amended, the “2021 Credit Facility”) to replace the LIBOR-based daily floating rate option with a SOFR-based daily floating rate option and to add options for SOFR-based term floating rates and rates for alternative currency loans. In addition, the amendment added a SOFR credit spread adjustment of 0.10%. Other than the foregoing, the material terms of the 2021 Credit Facility remain unchanged. The 2021 Credit Facility provides for borrowings of up to $1.5 billion through BPLP’s revolving facility (the “Revolving Facility”), subject to customary conditions. The 2021 Credit Facility matures on June 15, 2026 and includes a sustainability-linked pricing component. Under the 2021 Credit Facility, BPLP may increase the total commitment by up to $500.0 million by increasing the amount of the Revolving Facility and/or by incurring one or more term loans, in each case, subject to syndication of the increase and other conditions. At BPLP’s option, loans under the 2021 Credit Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, Term SOFR and SOFR, (b) in the case of loans denominated in Euro, EURIBOR, (c) in the case of loans denominated in Canadian Dollars, CDOR, and (d) in the case of loans denominated in Sterling, SONIA, in each case, plus a margin ranging from 70.0 to 140.0 basis points based on BPLP’s credit rating or (2) an alternate base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 40 basis points based on BPLP’s credit rating. The 2021 Credit Facility also features a sustainability-linked pricing component such that if BPLP meets certain sustainability performance targets, the applicable per annum interest rate will be reduced by one basis point. In addition, the 2021 Credit Facility contains a competitive bid option for up to 65% of the Revolving Facility that allows banks that are part of the lender consortium to bid to make loan advances to BPLP at a reduced interest rate. Pursuant to the 2021 Credit Facility, BPLP 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 BPLP’s credit rating and (2) an annual fee on the undrawn amount of each letter of credit ranging from 0.70% to 1.40% based on BPLP ’s credit rating. Based on BPLP’s June 30, 2023 credit rating, (1) the applicable Daily SOFR, Term SOFR, alternative currency daily rate, and alternative currency term rate margins are 0.775%, (2) the alternate base rate margin is zero basis points and (3) the facility fee is 0.15% per annum. At June 30, 2023, BPLP had no amount outstanding under the Revolving Facility. Unsecured Term Loan On January 4, 2023, BPLP entered into a credit agreement that provided for a $1.2 billion unsecured term loan facility (the “2023 Unsecured Term Loan”). Under the credit agreement, BPLP may, at any time prior to the maturity date, increase total commitments by up to an additional $300.0 million in aggregate principal amount by increasing the existing 2023 Unsecured Term Loan or incurring one or more additional term loans, in each case, subject to syndication of the increase and other conditions. The 2023 Unsecured Term Loan matures on May 16, 2024, with one 12-month extension option, subject to customary conditions. Upon entry into the credit agreement, BPLP exercised its option to draw $1.2 billion under the 2023 Unsecured Term Loan, a portion of which was used to repay in full the $730.0 million outstanding under its prior unsecured credit agreement (the “2022 Unsecured Term Loan”), which was scheduled to mature on May 16, 2023. There was no prepayment penalty associated with the repayment of the 2022 Unsecured Term Loan. At BPLP’s option, loans under the 2023 Unsecured Term Loan will bear interest at a rate per annum equal to (1) a base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR for a one-month period plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 60 basis points based on BPLP’s credit rating; or (2) a rate equal to adjusted Term SOFR with a one-month period plus a margin ranging from 75 to 160 basis points based on BPLP’s credit rating. Based on BPLP’s credit rating upon entry into the credit agreement, the base rate margin is 0 basis points and the Term SOFR margin is 0.85%. As of June 30, 2023, the 2023 Unsecured Term Loan bears interest at a rate equal to adjusted Term SOFR plus 0.85% (see Note 7 ) . At June 30, 2023, BPLP had $1.2 billion outstanding under the 2023 Unsecured Term Loan. 2021 Credit Facility and 2023 Unsecured Term Loan Compliance The agreements governing the 2021 Credit Facility and 2023 Unsecured Term Loan contain customary representations and warranties, affirmative and negative covenants and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay, in the case of the 2021 Credit Facility, all outstanding amounts and the cancellation of all commitments outstanding under the 2021 Credit Facility and, in the case of the 2023 Unsecured Term Loan, any outstanding amount under the 2023 Unsecured Term Loan. Among other covenants, the 2021 Credit Facility and the 2023 Unsecured Term Loan require that BPLP maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. At June 30, 2023, BPLP was in compliance with each of these financial and other covenant requirements. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | 7. Derivative Instruments and Hedging Activities On May 2, 2023, BPLP entered into four interest rate swap contracts with notional amounts aggregating $1.2 billion. BPLP entered into these interest rate swap contracts to reduce its exposure to the variability in future cash flows attributable to changes in the 2023 Unsecured Term Loan interest rate. These interest rate swaps were entered into to fix Term SOFR, the reference rate for BPLP’s 2023 Unsecured Term Loan, at a weighted-average rate of 4.6420% for the period commencing on May 4, 2023 and ending on May 16, 2024 (see Note 6 ) . For the period from May 4, 2023 through June 30, 2023, the Company recognized approximately $(0.9) million of interest expense related to its interest rate swap contracts. BPLP assesses the effectiveness of its hedges both at inception and on an ongoing basis. If the hedges are deemed to be effective, the fair value is recorded in “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets and is subsequently reclassified into “Interest expense” in the Company’s Consolidated Statements of Operations in the period that the hedged forecasted transactions affect earnings. BPLP’s derivative financial instruments are cash flow hedges that are designated as effective hedges, and are carried at their estimated fair value on a recurring basis (See Note 2). The Company did not incur any ineffectiveness during the three months ended June 30, 2023. BPLP’s interest rate swap contracts consisted of the following at June 30, 2023 (dollars in thousands): Derivative Instrument Aggregate Notional Amount Strike Rate Range Balance Sheet Location Effective Date Maturity Date Low High Fair Value Interest Rate Swaps $ 1,200,000 May 4, 2023 May 16, 2024 4.638 % — 4.646 % Prepaid expenses and other assets $ 6,445 The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three and six months ended June 30, 2023 and 2022 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1) $ 14,965 $ 35 $ 8,427 $ 7,600 Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2) $ 1,674 $ 1,677 $ 3,349 $ 3,353 Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing $ — $ — $ — $ — _______________ (1) Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties. (2) Consists of amounts from previous interest rate programs. BPLP has formally documented all of its relationships between hedge instruments and hedging items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income (loss) and equity. BPLP’s agreements with the swap derivative counterparties contain provisions whereby if BPLP defaults on the underlying indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then BPLP could also be declared in default of the swap derivative obligation. As of June 30, 2023, the Company had not posted any collateral related to the agreements. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 8. Commitments and Contingencies General In the normal course of business, the Company guarantees its performance of services or indemnifies third parties against its negligence. In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of its subsidiaries for the payment of tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises. The Company had letter of credit and performance obligations related to lender and development requirements that total approximately $21.6 million at June 30, 2023. Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. From time to time, under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, either the Company or its partners may be entitled to an additional promoted interest or payments. From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and (3) provide guarantees to lenders, tenants and other third parties for the completion of development projects. The Company has agreements with its outside or joint venture partners whereby the partners agree to reimburse the joint venture for their share of any payments made under the guarantee. In some cases, the Company earns a fee from the applicable joint venture for providing the guarantee. In connection with the refinancing of 767 Fifth Avenue’s (the General Motors Building) secured loan by the Company’s consolidated joint venture entity, 767 Venture, LLC, the Company guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits. As of June 30, 2023, the maximum funding obligation under the guarantee was approximately $11.2 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 June 30, 2023, no amounts related to the guarantee were recorded as liabilities in the Company’s consolidated financial statements. In connection with the development of the Company’s 290 Binney Street project located in Cambridge, Massachusetts, which commenced on January 5, 2023 (see Note 3), the Cambridge Zoning Ordinance requires that a building permit for the construction of a residential project of at least 400,000 square feet be issued prior to or concurrently with the issuance of a building permit for the commercial building. 290 Binney Street and the residential project are components of the Company’s future life sciences development project located in the heart of Kendall Square in Cambridge, Massachusetts. When completed the Company expects the project will consist of two premier workplace properties aggregating approximately 1.1 million rentable square feet of life sciences space and the approximately 400,000 square foot residential building. The commencement of construction of each phase of the overall project is subject to various conditions, some of which are not within the Company’s control. There can be no assurance that the conditions will be satisfied or that the Company will commence the development of the remaining phases on the terms and schedule currently contemplated or at all. Insurance The Company’s property insurance program per occurrence limits are $1.0 billion for its portfolio insurance program, including coverage for acts of terrorism other than nuclear, biological, chemical or radiological terrorism (“Terrorism Coverage”). The Company also carries $1.35 billion of property insurance in excess of the $1.0 billion of coverage in the Company’s property insurance program for 601 Lexington Avenue, New York, New York, consisting of $750 million of property and Terrorism Coverage in excess of the Company’s property insurance program and $600 million of Terrorism Coverage only in excess of the $1.75 billion of coverage. Certain properties, including the General Motors Building located at 767 Fifth Avenue in New York, New York (“767 Fifth Avenue”), are currently insured in separate insurance programs. The property insurance program per occurrence limits for 767 Fifth Avenue are $1.625 billion, including Terrorism Coverage. The Company also currently carries nuclear, biological, chemical and radiological terrorism insurance coverage for acts of terrorism certified under the Federal Terrorism Risk Insurance Act (as amended, “TRIA”) (“NBCR Coverage”), which is provided by IXP as a direct insurer, for the properties in the Company’s portfolio, including 767 Fifth Avenue, but excluding certain other properties owned in joint ventures with third parties or which the Company manages. The per occurrence limit for NBCR Coverage is $1.0 billion. Under TRIA, after the payment of the required deductible and coinsurance, the NBCR Coverage provided by IXP is backstopped by the Federal Government if the aggregate industry insured losses resulting from a certified act of terrorism exceed a “program trigger.” The program trigger is $200 million, the coinsurance is 20% and the deductible is 20% of the premiums earned by the insurer for the year prior to a claim. If the Federal Government pays out for a loss under TRIA, it is mandatory that the Federal Government recoup the full amount of the loss from insurers offering TRIA coverage after the payment of the loss pursuant to a formula in TRIA. The Company may elect to terminate the NBCR Coverage if the Federal Government seeks recoupment for losses paid under TRIA, if TRIA is not extended after its expiration on December 31, 2027, if there is a change in its portfolio or for any other reason. The Company intends to continue to monitor the scope, nature and cost of available terrorism insurance. The Company also currently carries earthquake insurance on its properties located in areas known to be subject to earthquakes. Specifically, the Company currently carries earthquake insurance which covers its San Francisco and Los Angeles regions with a $330 million per occurrence limit, and a $330 million annual aggregate limit, $30 million of which is provided by IXP, as a direct insurer. This insurance is subject to a deductible in the amount of 5% of the value of the affected property. In addition, the Company currently carries earthquake insurance which covers its Seattle region with a $110 million per occurrence limit, and a $110 million annual aggregate limit. This insurance is subject to a deductible in the amount of 2% of the value of the affected property. The amount of the Company’s earthquake insurance coverage may not be sufficient to cover losses from earthquakes. In addition, the amount of earthquake coverage could impact the Company’s ability to finance properties subject to earthquake risk. The Company may discontinue earthquake insurance or change the structure of its earthquake insurance program on some or all of its properties in the future if the premiums exceed the Company’s estimation of the value of the coverage. IXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acts as a direct insurer with respect to a portion of the Company’s earthquake insurance coverage for its Greater San Francisco and Los Angeles properties and the Company’s NBCR Coverage. Insofar as the Company owns IXP, it is responsible for its liquidity and capital resources, and the accounts of IXP are part of the Company’s consolidated financial statements. In particular, if a loss occurs which is covered by the Company’s NBCR Coverage but is less than the applicable program trigger under TRIA, IXP would be responsible for the full amount of the loss without any backstop by the Federal Government. IXP would also be responsible for any recoupment charges by the Federal Government in the event losses are paid out and its insurance policy is maintained after the payout by the Federal Government. If the Company experiences a loss and IXP is required to pay under its insurance policy, the Company would ultimately record the loss to the extent of the required payment. Therefore, insurance coverage provided by IXP should not be considered as the equivalent of third-party insurance, but rather as a modified form of self-insurance. In addition, BPLP has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million. The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism, earthquakes and pandemics, in particular, but the Company cannot anticipate what coverage will be available on commercially reasonable terms in future policy years. There are other types of losses, such as from wars, for which the Company cannot obtain insurance at all or at a reasonable cost. With respect to such losses and losses from acts of terrorism, earthquakes, pandemics or other catastrophic events, if the Company experiences a loss that is uninsured or that exceeds policy limits, the Company could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties. Depending on the specific circumstances of each affected property, it is possible that the Company could be liable for mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect the Company’s business and financial condition and results of operations. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 9. Noncontrolling Interests Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company. As of June 30, 2023, the noncontrolling interests in BPLP consisted of 16,522,540 OP Units, 2,135,852 LTIP Units (including 514,715 LTIP Units earned by employees under the Company’s multi-year long-term incentive awards granted between 2012 and 2020 (i.e., 2012 OPP and 2013 - 2020 MYLTIP awards)), 349,267 2021 MYLTIP Units, 252,151 2022 MYLTIP Units and 322,053 2023 MYLTIP Units held by parties other than BXP. Noncontrolling Interest—Common Units During the six months ended June 30, 2023, 21,346 OP Units were presented by the holders for redemption (including an aggregate of 21,346 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock. At June 30, 2023, BPLP had outstanding 349,267 2021 MYLTIP Units, 252,151 2022 MYLTIP Units and 322,053 2023 MYLTIP Units. Prior to the end of the respective three On February 3, 2023, the measurement period for the Company’s 2020 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 50% of target, or an aggregate of approximately $3.8 million (after giving effect to employee separations). As a result, an aggregate of 152,460 2020 MYLTIP Units that had been previously granted were automatically forfeited. The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2019 MYLTIP Units and, after the February 3, 2023 measurement date, the 2020 MYLTIP Units) and its distributions on the 2020 MYLTIP Units (prior to the February 3, 2023 measurement date) and 2021 - 2023 MYLTIP Units (after the February 7, 2023 issuance date of the 2023 MYLTIP Units) that occurred during the six months ended June 30, 2023: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit June 30, 2023 July 31, 2023 $0.98 $0.098 March 31, 2023 April 28, 2023 $0.98 $0.098 December 30, 2022 January 30, 2023 $0.98 $0.098 The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2018 MYLTIP Units and, after the February 4, 2022 measurement date, the 2019 MYLTIP Units) and its distributions on the 2019 MYLTIP Units (prior to the February 4, 2022 measurement date) and 2020 - 2022 MYLTIP Units (after the February 1, 2022 issuance date of the 2022 MYLTIP Units) that occurred during the six months ended June 30, 2022: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit June 30, 2022 July 29, 2022 $0.98 $0.098 March 31, 2022 April 29, 2022 $0.98 $0.098 December 31, 2021 January 28, 2022 $0.98 $0.098 A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP must redeem the OP Unit for cash equal to the then value of a share of Common Stock of BXP. BXP may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock. The value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2020 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at June 30, 2023 was approximately $1.1 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $57.59 per share on June 30, 2023. Noncontrolling Interests—Property Partnerships The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties. The equity interests in these ventures that are not owned by the Company, totaling approximately $1.6 billion and $1.5 billion a t June 30, 2023 and December 31, 2022, respectively, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets. |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity / Partners' Capital | 10. Stockholders’ Equity / Partners’ Capital As of June 30, 2023, BXP had 156,853,400 shares of Common Stock outstanding. As of June 30, 2023, BXP owned 1,755,118 general partnership units and 155,098,282 limited partnership units in BPLP. On May 17, 2023, BXP renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its Common Stock through sales agents over a three-year period. Under the ATM stock offering program, BXP may also engage in forward sale transactions with affiliates of certain sales agents for the sale of its Common Stock on a forward basis. This program replaced BXP’s prior $600.0 million ATM stock offering program that was scheduled to expire on May 22, 2023. BXP intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction. No shares of Common Stock have been issued under this ATM stock offering program. During the six months ended June 30, 2023, BXP did not issue any shares of Common Stock upon the exercise of options to purchase Common Stock. As a result of the applicable exercise period ending, 103,641 options were forfeited during the six months ended June 30, 2023. As of June 30, 2023, BXP no longer has any outstanding options. During the six months ended June 30, 2023, BXP issued 21,346 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners. The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2023 and during the six months ended June 30, 2022: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) June 30, 2023 July 31, 2023 $0.98 $0.98 March 31, 2023 April 28, 2023 $0.98 $0.98 December 30, 2022 January 30, 2023 $0.98 $0.98 June 30, 2022 July 29, 2022 $0.98 $0.98 March 31, 2022 April 29, 2022 $0.98 $0.98 December 31, 2021 January 28, 2022 $0.98 $0.98 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 11. Segment Information The following tables present reconciliations of Net Income Attributable to Boston Properties, Inc. to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership to the Company’s share of Net Operating Income for the three and six months ended June 30, 2023 and 2022. BXP Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Net income attributable to Boston Properties, Inc. $ 104,299 $ 222,989 $ 182,215 $ 366,044 Add: Noncontrolling interest—common units of the Operating Partnership 12,117 25,708 21,169 42,061 Noncontrolling interests in property partnerships 19,768 18,546 38,428 36,095 Interest expense 142,473 104,142 276,680 205,370 Net operating income from unconsolidated joint ventures 42,254 35,710 83,010 73,031 Depreciation and amortization expense 202,577 183,146 411,311 360,770 Transaction costs 308 496 1,219 496 Payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 General and administrative expense 44,175 34,665 99,977 77,859 Less: Net operating income attributable to noncontrolling interests in property partnerships 47,958 47,862 95,055 94,917 Unrealized gain on non-real estate investment 124 — 383 — Gains (losses) from investments in securities 1,571 (4,716) 3,236 (6,978) Other income - assignment fee — 6,624 — 6,624 Interest and other income (loss) 17,343 1,195 28,284 2,423 Gains on sales of real estate — 96,247 — 118,948 Income (loss) from unconsolidated joint ventures (6,668) (54) (14,237) 2,135 Direct reimbursements of payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 Development and management services revenue 9,858 6,354 18,838 12,185 Company’s share of Net Operating Income $ 497,785 $ 471,890 $ 982,450 $ 931,472 BPLP Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Net income attributable to Boston Properties Limited Partnership $ 118,098 $ 253,788 $ 206,928 $ 415,617 Add: Noncontrolling interests in property partnerships 19,768 18,546 38,428 36,095 Interest expense 142,473 104,142 276,680 205,370 Net operating income from unconsolidated joint ventures 42,254 35,710 83,010 73,031 Depreciation and amortization expense 200,895 181,416 407,767 357,302 Transaction costs 308 496 1,219 496 Payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 General and administrative expense 44,175 34,665 99,977 77,859 Less: Net operating income attributable to noncontrolling interests in property partnerships 47,958 47,862 95,055 94,917 Unrealized gain on non-real estate investment 124 — 383 — Gains (losses) from investments in securities 1,571 (4,716) 3,236 (6,978) Other income - assignment fee — 6,624 — 6,624 Interest and other income (loss) 17,343 1,195 28,284 2,423 Gains on sales of real estate — 99,608 — 122,992 Income (loss) from unconsolidated joint ventures (6,668) (54) (14,237) 2,135 Direct reimbursements of payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 Development and management services revenue 9,858 6,354 18,838 12,185 Company’s share of Net Operating Income $ 497,785 $ 471,890 $ 982,450 $ 931,472 Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. and net income attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income attributable to noncontrolling interests, interest expense, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain on non-real estate investment, gains (losses) from investments in securities, other income - assignment fee, interest and other income (loss), gains on sales of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue. The Company believes NOI is useful to investors as a performance measure and believes it provides useful information to investors regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to Boston Properties, Inc. and net income attributable to Boston Properties Limited Partnership. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently. The Company’s internal reporting utilizes its share of NOI, which includes its share of NOI from consolidated and unconsolidated joint ventures, which is a non-GAAP financial measure that is calculated as the consolidated amount, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s economic percentage ownership interest and, in some cases, after priority allocations), less the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ economic percentage ownership interests and, in some cases, after priority allocations, income allocation to private REIT shareholders and their share of fees due to the Company). The Company’s share of NOI from unconsolidated joint ventures, as defined above, also does not include its share of losses from early extinguishment of debt from unconsolidated joint ventures and unrealized gain on derivative instruments, both of which are included within Income (Loss) From Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. Management utilizes its share of NOI in assessing its performance as the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, the presentations of the Company’s share of NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Interest expense, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, unrealized gain on non-real estate investment, gains (losses) from investments in securities, other income - assignment fee, interest and other income (loss), gains on sales of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue are not included in NOI and are provided as reconciling items to the Company’s reconciliations of its share of NOI to net income. The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. The Company also presents information for each segment by property type, including Premier Workplace (which includes office, life sciences and retail), Residential and Hotel. Information by geographic area and property type (dollars in thousands): For the three months ended June 30, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 269,464 $ — $ 262,979 $ 136,241 $ 17,060 $ 90,720 $ 776,464 Residential 4,124 — — 3,864 — 4,265 12,253 Hotel 13,969 — — — — — 13,969 Total 287,557 — 262,979 140,105 17,060 94,985 802,686 % of Grand Totals 35.83 % — % 32.76 % 17.45 % 2.13 % 11.83 % 100.00 % Rental Expenses: Premier Workplace 95,597 — 102,948 48,197 3,082 35,429 285,253 Residential 1,601 — — 2,215 — 1,967 5,783 Hotel 8,161 — — — — — 8,161 Total 105,359 — 102,948 50,412 3,082 37,396 299,197 % of Grand Totals 35.21 % — % 34.41 % 16.85 % 1.03 % 12.50 % 100.00 % Net operating income $ 182,198 $ — $ 160,031 $ 89,693 $ 13,978 $ 57,589 $ 503,489 % of Grand Totals 36.19 % — % 31.78 % 17.81 % 2.78 % 11.44 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (11,343) — (36,615) — — — (47,958) Add: Company’s share of net operating income from unconsolidated joint ventures 8,771 12,768 3,363 3,332 1,878 12,142 42,254 Company’s share of net operating income $ 179,626 $ 12,768 $ 126,779 $ 93,025 $ 15,856 $ 69,731 $ 497,785 % of Grand Totals 36.08 % 2.56 % 25.47 % 18.69 % 3.19 % 14.01 % 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 three months ended June 30, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 244,936 $ — $ 254,264 $ 133,707 $ 6,472 $ 95,954 $ 735,333 Residential 3,748 — — 5,850 — 7,314 16,912 Hotel 12,089 — — — — — 12,089 Total 260,773 — 254,264 139,557 6,472 103,268 764,334 % of Grand Totals 34.11 % — % 33.27 % 18.26 % 0.85 % 13.51 % 100.00 % Rental Expenses: Premier Workplace 87,027 — 95,363 45,201 1,680 34,759 264,030 Residential 1,492 — — 5,145 — 3,181 9,818 Hotel 6,444 — — — — — 6,444 Total 94,963 — 95,363 50,346 1,680 37,940 280,292 % of Grand Totals 33.88 % — % 34.02 % 17.96 % 0.60 % 13.54 % 100.00 % Net operating income $ 165,810 $ — $ 158,901 $ 89,211 $ 4,792 $ 65,328 $ 484,042 % of Grand Totals 34.25 % — % 32.83 % 18.43 % 0.99 % 13.50 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (11,377) — (36,485) — — — (47,862) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 8,134 13,247 18 3,183 1,944 9,184 35,710 Company’s share of net operating income $ 162,567 $ 13,247 $ 122,434 $ 92,394 $ 6,736 $ 74,512 $ 471,890 % of Grand Totals 34.44 % 2.81 % 25.95 % 19.58 % 1.43 % 15.79 % 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. Information by geographic area and property type (dollars in thousands): For the six months ended June 30, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 539,415 $ — $ 521,171 $ 272,334 $ 31,318 $ 181,384 $ 1,545,622 Residential 8,173 — — 7,506 — 8,300 23,979 Hotel 22,070 — — — — — 22,070 Total 569,658 — 521,171 279,840 31,318 189,684 1,591,671 % of Grand Totals 35.79 % — % 32.74 % 17.58 % 1.97 % 11.92 % 100.00 % Rental Expenses: Premier Workplace 195,646 — 205,433 94,282 6,042 69,695 571,098 Residential 3,153 — — 4,388 — 3,705 11,246 Hotel 14,832 — — — — — 14,832 Total 213,631 — 205,433 98,670 6,042 73,400 597,176 % of Grand Totals 35.78 % — % 34.40 % 16.52 % 1.01 % 12.29 % 100.00 % Net operating income $ 356,027 $ — $ 315,738 $ 181,170 $ 25,276 $ 116,284 $ 994,495 % of Grand Totals 35.80 % — % 31.75 % 18.22 % 2.54 % 11.69 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (22,160) — (72,895) — — — (95,055) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 17,348 25,993 7,013 6,796 3,724 22,136 83,010 Company’s share of net operating income $ 351,215 $ 25,993 $ 249,856 $ 187,966 $ 29,000 $ 138,420 $ 982,450 % of Grand Totals 35.75 % 2.65 % 25.43 % 19.13 % 2.95 % 14.09 % 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 six months ended June 30, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 487,014 $ — $ 511,134 $ 266,082 $ 6,472 $ 191,519 $ 1,462,221 Residential 7,344 — — 8,241 — 14,293 29,878 Hotel 16,646 — — — — — 16,646 Total 511,004 — 511,134 274,323 6,472 205,812 1,508,745 % of Grand Totals 33.87 % — % 33.88 % 18.18 % 0.43 % 13.64 % 100.00 % Rental Expenses: Premier Workplace 177,555 — 191,703 88,609 1,680 68,306 527,853 Residential 2,929 — — 7,013 — 6,308 16,250 Hotel 11,284 — — — — — 11,284 Total 191,768 — 191,703 95,622 1,680 — 74,614 555,387 % of Grand Totals 34.53 % — % 34.52 % 17.22 % 0.30 % 13.43 % 100.00 % Net operating income $ 319,236 $ — $ 319,431 $ 178,701 $ 4,792 $ 131,198 $ 953,358 % of Grand Totals 33.49 % — % 33.51 % 18.74 % 0.50 % 13.76 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (23,112) — (71,805) — — — (94,917) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 17,827 27,004 (138) 6,364 3,899 18,075 73,031 Company’s share of net operating income $ 313,951 $ 27,004 $ 247,488 $ 185,065 $ 8,691 $ 149,273 $ 931,472 % of Grand Totals 33.70 % 2.90 % 26.57 % 19.87 % 0.93 % 16.03 % 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 | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share / Common Unit | 12. Earnings Per Share / Common Unit BXP The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to Boston Properties, Inc. by the weighted-average number of common shares outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of BXP using the two-class method. Participating securities are included in the computation of diluted EPS of BXP using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2020 MYLTIP Units required, and the 2021 - 2023 MYLTIP Units require, BXP to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, BXP excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS. Three months ended June 30, 2023 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. $ 104,299 156,826 $ 0.67 Effect of Dilutive Securities: Stock Based Compensation — 392 (0.01) Diluted Earnings: Net income attributable to Boston Properties, Inc. $ 104,299 157,218 $ 0.66 Three months ended June 30, 2022 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. $ 222,989 156,720 $ 1.42 Allocation of undistributed earnings to participating securities (267) — — Net income attributable to Boston Properties, Inc. 222,722 156,720 1.42 Effect of Dilutive Securities: Stock Based Compensation — 472 — Diluted Earnings: Net income attributable to Boston Properties, Inc. $ 222,722 157,192 $ 1.42 Six months ended June 30, 2023 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. $ 182,215 156,815 $ 1.16 Effect of Dilutive Securities: Stock Based Compensation — 316 — Diluted Earnings: Net income attributable to Boston Properties, Inc. $ 182,215 157,131 $ 1.16 Six months ended June 30, 2022 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. $ 366,044 156,685 $ 2.33 Allocation of undistributed earnings to participating securities (236) — — Net income attributable to Boston Properties, Inc. 365,808 156,685 2.33 Effect of Dilutive Securities: Stock Based Compensation — 413 — Diluted Earnings: Net income attributable to Boston Properties, Inc. $ 365,808 157,098 $ 2.33 BPLP The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership by the weighted-average number of common units outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic earnings per common unit using the two-class method. Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2020 MYLTIP Units required, and the 2021 - 2023 MYLTIP Units require, BXP to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, BPLP excludes such units from the diluted earnings per common unit calculation. Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit. Included in the number of units (the denominator) below are approximately 17,922,000 and 17,672,000 redeemable common units for the three months ended June 30, 2023 and 2022, respectively, and 17,878,000 and 17,638,000 redeemable common units for the six months ended June 30, 2023 and 2022, respectively. Three months ended June 30, 2023 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership $ 118,098 174,748 $ 0.68 Effect of Dilutive Securities: Stock Based Compensation — 392 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership $ 118,098 175,140 $ 0.67 Three months ended June 30, 2022 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership $ 253,788 174,392 $ 1.45 Allocation of undistributed earnings to participating securities (297) — — Net income attributable to Boston Properties Limited Partnership 253,491 174,392 1.45 Effect of Dilutive Securities: Stock Based Compensation — 472 — Diluted Earnings: Net income attributable to Boston Properties Limited Partnership $ 253,491 174,864 $ 1.45 Six months ended June 30, 2023 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership $ 206,928 174,693 $ 1.18 Effect of Dilutive Securities: Stock Based Compensation — 316 — Diluted Earnings: Net income attributable to Boston Properties Limited Partnership $ 206,928 175,009 $ 1.18 Six months ended June 30, 2022 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership $ 415,617 174,323 $ 2.38 Allocation of undistributed earnings to participating securities (263) — — Net income attributable to Boston Properties Limited Partnership 415,354 174,323 2.38 Effect of Dilutive Securities: Stock Based Compensation — 413 — Diluted Earnings: Net income attributable to Boston Properties Limited Partnership $ 415,354 174,736 $ 2.38 |
Stock Option and Incentive Plan
Stock Option and Incentive Plan | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option and Incentive Plan | 13. Stock Option and Incentive Plan On January 25, 2023, BXP’s Compensation Committee approved the grant of 2023 MYLTIP awards under the Boston Properties, Inc. 2021 Stock Incentive Plan (the “2021 Plan”) to certain executive officers of BXP, effective February 7, 2023. The 2023 MYLTIP awards consist of two, equally weighted (50% each) components that utilize BXP’s TSR over a three-year measurement period as the performance metric. Total earned awards under the 2023 MYLTIP, if any, will equal the sum of the number of LTIP Units earned under the first and second components and will range from zero to a maximum of 322,053 LTIP Units with a target of approximately 161,026 LTIP Units and linear interpolation between zero and maximum. Earned awards (if any) will vest 100% on February 6, 2026, but, in general, may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. The 2023 MYLTIP awards are in the form of LTIP Units issued on the grant date, and they are subject to forfeiture to the extent awards are not earned. Prior to the performance measurement date holders of the 2023 MYLTIP Units are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. Following the completion of the three On February 3, 2023, the measurement period for the Company’s 2020 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 50% of target, or an aggregate of approximately $3.8 million (after giving effect to employee separations). As a result, an aggregate of 152,460 2020 MYLTIP Units that had been previously granted were automatically forfeited. During the six months ended June 30, 2023, BXP issued 73,414 shares of restricted common stock and BPLP issued 427,176 LTIP Units and 322,053 2023 MYLTIP Units to employees and non-employee directors under the 2021 Plan. Employees and non-employee directors paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit and 2023 MYLTIP Unit. When issued, LTIP Units are not economically equivalent in value to a share of Common Stock, but over time can increase in value to one-for-one parity with Common Stock if there is sufficient appreciation in the value of the Company’s assets. The aggregate value of the LTIP Units is included in noncontrolling interests in the Consolidated Balance Sheets of BXP and BPLP. A substantial majority of the grants of restricted common stock and LTIP Units to employees vest in four equal annual installments. Restricted common stock is measured at fair value on the date of grant based on the number of shares granted and the closing price of BXP’s Common Stock on the date of grant as quoted on the New York Stock Exchange. Such value is recognized as an expense ratably over the corresponding employee service period. The shares of restricted common stock granted during the six months ended June 30, 2023 were valued at approximately $5.4 million. The LTIP Units granted were valued at approximately $29.2 million using a Monte Carlo simulation method model. Because the 2012 OPP Units and 2013 - 2023 MYLTIP Units are subject to both a service condition and a market condition, the Company recognizes the related compensation expense under the graded vesting attribution method. Under the graded vesting attribution method, each portion of the award that vests at a different date is accounted for as a separate award and recognized over the period appropriate to that portion so that the compensation cost for each portion should be recognized in full by the time that portion vests. The Company recognizes forfeitures as they occur on its awards of stock-based compensation. Dividends paid on both vested and unvested shares of restricted stock are charged directly to Dividends in Excess of Earnings in Boston Properties, Inc.’s Consolidated Balance Sheets and Partners’ Capital in Boston Properties Limited Partnership’s Consolidated Balance Sheets. Aggregate stock-based compensation expense associated with restricted stock, LTIP Units and MYLTIP Units was approximately $14.9 million and $14.6 million for the three months ended June 30, 2023 and 2022, respectively, and $40.9 million and $35.5 million for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, there was (1) an aggregate of approximately $29.2 million of unrecognized compensation expense related to unvested restricted stock, LTIP Units and 2020 MYLTIP Units and (2) an aggregate of approximately $0.8 million of unrecognized compensation expense related to unvested 2021 - 2023 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.7 years. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On July 20, 2023, the Company completed and fully placed in-service 140 Kendrick Street - Building A, a premier workplace redevelopment project with approximately 104,000 net rentable square feet located in Needham, Massachusetts. On July 28, 2023, the Company entered into a joint venture agreement with an institutional investor for the future development of 343 Madison Avenue located on Madison Avenue between 44th and 45th Streets in New York City, New York adjacent to Grand Central Station. The Company owns a 55% interest in the venture and its partner owns a 45% interest, and the Company will provide customary development, property management, and leasing services. The 343 Madison Avenue project contemplates the construction of (1) a direct entrance to the Long Island Railroad’s new east side access project (Grand Central Madison) (“Phase 1”) and (2) an approximately 900,000 square foot premier workplace building with ground floor retail (“Phase 2”). Subsequently, on August 1, 2023, the joint venture executed a 99-year ground lease with the Metropolitan Transportation Authority for the approximately 25,000 square foot site. The ground lease requires the joint venture to construct the direct access to Grand Central Madison as Phase 1 of the development project. The joint venture has the option until July 31, 2025 to terminate the ground lease prior to construction of the new building and receive reimbursement for the cost of the construction of access to Grand Central Station. There can be no assurance that Phase 1 will be completed on the terms currently contemplated or that Phase 2 of the development project will commence on the terms currently contemplated or at all. On July 28, 2023, a joint venture in which the Company has a 50% interest modified and exercised an option to extend by one year the maturity date of its loan collateralized by 100 Causeway Street. At the time of the modification and extension, the loan had an outstanding balance totaling approximately $340.6 million, bore interest at Term SOFR plus 1.60% per annum, and was scheduled to mature on September 5, 2023. The modified and extended loan has an outstanding balance of $336.6 million, which included an approximately $4.0 million principal repayment, bears interest at Term SOFR plus 1.48% per annum, and matures on September 5, 2024, with an additional one-year extension option, subject to certain conditions. 100 Causeway Street is an approximately 634,000 square foot premier workplace located in Boston, Massachusetts and is approximately 95% leased. Effective July 28, 2023, BXP’s independent directors appointed Joel I. Klein to serve as the lead independent director, replacing Kelly A. Ayotte. Ms. Ayotte stepped down as the lead independent director due to the additional time commitment and responsibilities of that role, and the independent directors determined that it is in the best interests of BXP and its stockholders that Mr. Klein once again assume that role. Ms. Ayotte served as BXP’s lead independent director since May 2022 and will remain on BXP’s Board of Directors. Mr. Klein previously served as BXP’s lead independent director from May 2016 to May 2019 and as its independent Chairman from May 2019 to May 2022. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income.The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2022. |
Consolidation, Variable Interest Entity, Policy | Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. |
Use of Estimates in the Preparation of Financial Statements | The Company bases its estimates on historical experience and on various other assumptions that it considers to be reasonable under the circumstances, including the impact of extraordinary events such as the coronavirus (“COVID-19”) pandemic, the results of which form the basis for making significant judgments about the carrying values of assets and liabilities, assessments of future collectability, and other areas of the financial statements that are impacted by the use of estimates. Actual results may differ from these estimates under different assumptions or conditions. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary Of Significant Accounting Policies [Line Items] | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The Company follows the authoritative guidance for fair value measurements. The table below presents for June 30, 2023 and December 31, 2022, the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized (as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”). Financial Instrument Level Unsecured senior notes (1) Level 1 Related party note receivable Level 3 Sales-type lease receivable Level 3 Mortgage notes payable Level 3 Unsecured line of credit Level 3 Unsecured term loan Level 3 _______________ (1) If trading volume for the period is low, the valuation could be categorized as Level 2. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the aggregate carrying value of the Company’s related party note receivable, net, sales-type lease receivable, net, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Related party note receivable, net $ 88,834 $ 90,500 $ 78,576 $ 79,220 Sales-type lease receivable, net 13,250 13,173 12,811 13,045 Total $ 102,084 $ 103,673 $ 91,387 $ 92,265 Mortgage notes payable, net $ 3,274,764 $ 2,765,657 $ 3,272,368 $ 2,744,479 Unsecured senior notes, net 10,985,395 9,751,688 10,237,968 9,135,512 Unsecured line of credit — — — — Unsecured term loan, net 1,196,046 1,194,895 730,000 730,000 Total $ 15,456,205 $ 13,712,240 $ 14,240,336 $ 12,609,991 |
Schedule of Derivative Assets at Fair Value [Table Text Block] | In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Note 7). 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 has 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. However, as of June 30, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are 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. The following table presents the aggregate fair value of the Company’s interest rate swaps as of June 30, 2023 and December 31, 2022 (in thousands): Fair value June 30, 2023 December 31, 2022 Interest rate swaps $ 6,445 $ — |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Real Estate Properties [Line Items] | |
Schedule of Real Estate Properties | BXP Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Land $ 5,189,287 $ 5,189,811 Right of use assets - finance leases 237,526 237,510 Right of use assets - operating leases 166,421 167,351 Land held for future development (1) 637,191 721,501 Buildings and improvements 16,054,447 15,820,724 Tenant improvements 3,345,766 3,200,743 Furniture, fixtures and equipment 53,181 50,310 Construction in progress 482,850 406,574 Total 26,166,669 25,794,524 Less: Accumulated depreciation (6,568,568) (6,298,082) $ 19,598,101 $ 19,496,442 _______________ (1) Includes pre-development costs. |
Boston Properties Limited Partnership | |
Real Estate Properties [Line Items] | |
Schedule of Real Estate Properties | BPLP Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Land $ 5,094,578 $ 5,095,102 Right of use assets - finance leases 237,526 237,510 Right of use assets - operating leases 166,421 167,351 Land held for future development (1) 637,191 721,501 Buildings and improvements 15,782,891 15,547,919 Tenant improvements 3,345,766 3,200,743 Furniture, fixtures and equipment 53,181 50,310 Construction in progress 482,850 406,574 Total 25,800,404 25,427,010 Less: Accumulated depreciation (6,448,665) (6,180,474) $ 19,351,739 $ 19,246,536 _______________ (1) Includes pre-development costs. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Lessor, Lease, Description [Line Items] | |
Operating Lease, Lease Income [Table Text Block] | The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and six months ended June 30, 2023 and 2022 and included within the Company's Consolidated Statements of Operations (in thousands): Three months ended June 30, Six months ended June 30, Lease Revenue 2023 2022 2023 2022 Fixed contractual payments $ 629,189 $ 601,351 $ 1,250,835 $ 1,200,958 Variable lease payments 132,315 120,548 267,318 239,061 Sales-type lease income 229 — 455 — $ 761,733 $ 721,899 $ 1,518,608 $ 1,440,019 |
Sales-type Lease, Lease Income | The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and six months ended June 30, 2023 and 2022 and included within the Company's Consolidated Statements of Operations (in thousands): Three months ended June 30, Six months ended June 30, Lease Revenue 2023 2022 2023 2022 Fixed contractual payments $ 629,189 $ 601,351 $ 1,250,835 $ 1,200,958 Variable lease payments 132,315 120,548 267,318 239,061 Sales-type lease income 229 — 455 — $ 761,733 $ 721,899 $ 1,518,608 $ 1,440,019 |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | |
Investments In Unconsolidated Joint Ventures | The investments in unconsolidated joint ventures consist of the following at June 30, 2023 and December 31, 2022: Carrying Value of Investment (1) Entity Properties Nominal % Ownership June 30, 2023 December 31, 2022 (in thousands) Square 407 Limited Partnership Market Square North 50.00 % $ (6,053) $ (6,198) BP/CRF Metropolitan Square LLC Metropolitan Square 20.00 % (37,654) (37,629) 901 New York, LLC 901 New York Avenue 25.00 % (2) (12,150) (12,493) WP Project Developer LLC Wisconsin Place Land and Infrastructure 33.33 % (3) 31,398 31,971 500 North Capitol Venture LLC 500 North Capitol Street, NW 30.00 % (8,559) (9,185) 501 K Street LLC 1001 6th Street 50.00 % 43,443 42,922 Podium Developer LLC The Hub on Causeway - Podium 50.00 % 44,542 46,839 Residential Tower Developer LLC Hub50House 50.00 % 44,214 45,414 Hotel Tower Developer LLC The Hub on Causeway - Hotel Air Rights 50.00 % 12,750 12,366 Office Tower Developer LLC 100 Causeway Street 50.00 % 59,550 59,716 1265 Main Office JV LLC 1265 Main Street 50.00 % 3,583 3,465 BNY Tower Holdings LLC Dock 72 50.00 % (4) (13,511) (19,921) CA-Colorado Center, LLC Colorado Center 50.00 % 235,846 233,862 7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.00 % 50,789 52,152 BP-M 3HB Venture LLC 3 Hudson Boulevard 25.00 % 115,878 116,397 SMBP Venture LP Santa Monica Business Park 55.00 % 161,368 164,735 Platform 16 Holdings LP Platform 16 55.00 % (5) 184,642 158,109 Gateway Portfolio Holdings LLC Gateway Commons 50.00 % 349,055 324,038 Rosecrans-Sepulveda Partners 4, LLC Beach Cities Media Campus 50.00 % 27,013 27,000 Safeco Plaza REIT LLC Safeco Plaza 33.67 % (6) 70,331 69,785 360 PAS Holdco LLC 360 Park Avenue South 42.21 % (7) 112,219 114,992 PR II/BXP Reston Gateway LLC Reston Next Residential 20.00 % 11,796 11,351 751 Gateway Holdings LLC 751 Gateway 49.00 % 89,025 80,714 200 Fifth Avenue JV LLC 200 Fifth Avenue 26.69 % 116,335 120,083 ABXP Worldgate Investments LLC 13100 and 13150 Worldgate Drive 50.00 % 17,182 N/A $ 1,703,032 $ 1,630,485 _______________ (1) Investments with deficit balances aggregating approximately $77.9 million and $85.4 million at June 30, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2) The Company’s economic ownership has increased based on the achievement of certain return thresholds. At June 30, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%. (3) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4) This property includes net equity balances from the amenity joint venture. (5) At December 31, 2022, this entity was a VIE. (6) The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (7) The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. |
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: June 30, 2023 December 31, 2022 (in thousands) ASSETS Real estate and development in process, net (1) $ 6,748,400 $ 6,537,554 Other assets 779,220 756,786 Total assets $ 7,527,620 $ 7,294,340 LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY Mortgage and notes payable, net $ 4,056,181 $ 4,022,746 Other liabilities (2) 724,078 716,271 Members’/Partners’ equity 2,747,361 2,555,323 Total liabilities and members’/partners’ equity $ 7,527,620 $ 7,294,340 Company’s share of equity $ 1,301,827 $ 1,238,929 Basis differentials (3) 401,205 391,556 Carrying value of the Company’s investments in unconsolidated joint ventures (4) $ 1,703,032 $ 1,630,485 _______________ (1) At June 30, 2023 and December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At June 30, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.6 million and $21.2 million, respectively. (2) At June 30, 2023 and December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $379.7 million and $382.2 million, respectively. At June 30, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (3) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows: June 30, 2023 December 31, 2022 Property (in thousands) Colorado Center $ 300,370 $ 301,820 200 Fifth Avenue 96,837 94,497 Gateway Commons 48,078 47,808 Dock 72 (97,232) (98,980) These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (4) Investments with deficit balances aggregating approximately $77.9 million and $85.4 million at June 30, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. |
Statements Of Operations Of The Joint Ventures | The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Total revenue (1) $ 164,771 $ 120,871 $ 316,194 $ 245,362 Expenses Operating 61,023 45,353 118,229 90,994 Transaction costs 27 811 101 811 Depreciation and amortization 51,233 43,293 101,211 87,957 Total expenses 112,283 89,457 219,541 179,762 Other income (expense) Loss from early extinguishment of debt (3) — (3) (1,327) Interest expense (58,799) (32,219) (116,049) (62,592) Unrealized gain on derivative instruments 14,457 — 3,847 — Net income (loss) $ 8,143 $ (805) $ (15,552) $ 1,681 Company’s share of net income (loss) $ 639 $ 1,082 $ (6,263) $ 4,476 Basis differential (2) (7,307) (1,136) (7,974) (2,341) Income (loss) from unconsolidated joint ventures $ (6,668) $ (54) $ (14,237) $ 2,135 _______________ (1) Includes straight-line rent adjustments of approximately $6.9 million and $17.8 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $13.2 million and $45.3 million for the six months ended June 30, 2023 and 2022, respectively. (2) Includes straight-line rent adjustments of approximately $0.4 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.7 million and $0.2 million for the six months ended June 30, 2023 and 2022, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.4 million and $0.2 million for the six months ended June 30, 2023 and 2022. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following summarizes the unsecured senior notes outstanding as of June 30, 2023 (dollars in thousands): Coupon/Stated Rate Effective Rate(1) Principal Amount Maturity Date(2) 10.5 Year Unsecured Senior Notes 3.125 % 3.279 % $ 500,000 September 1, 2023 10.5 Year Unsecured Senior Notes 3.800 % 3.916 % 700,000 February 1, 2024 7 Year Unsecured Senior Notes 3.200 % 3.350 % 850,000 January 15, 2025 10 Year Unsecured Senior Notes 3.650 % 3.766 % 1,000,000 February 1, 2026 10 Year Unsecured Senior Notes 2.750 % 3.495 % 1,000,000 October 1, 2026 5 Year Unsecured Senior Notes 6.750 % 6.924 % 750,000 December 1, 2027 10 Year Unsecured Senior Notes 4.500 % 4.628 % 1,000,000 December 1, 2028 10 Year Unsecured Senior Notes 3.400 % 3.505 % 850,000 June 21, 2029 10.5 Year Unsecured Senior Notes 2.900 % 2.984 % 700,000 March 15, 2030 10.75 Year Unsecured Senior Notes 3.250 % 3.343 % 1,250,000 January 30, 2031 11 Year Unsecured Senior Notes 2.550 % 2.671 % 850,000 April 1, 2032 12 Year Unsecured Senior Notes 2.450 % 2.524 % 850,000 October 1, 2033 10.7 Year Unsecured Senior Notes 6.500 % 6.619 % 750,000 January 15, 2034 Total principal 11,050,000 Less: Net unamortized discount 14,831 Deferred financing costs, net 49,774 Total $ 10,985,395 _______________ (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. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | BPLP’s interest rate swap contracts consisted of the following at June 30, 2023 (dollars in thousands): Derivative Instrument Aggregate Notional Amount Strike Rate Range Balance Sheet Location Effective Date Maturity Date Low High Fair Value Interest Rate Swaps $ 1,200,000 May 4, 2023 May 16, 2024 4.638 % — 4.646 % Prepaid expenses and other assets $ 6,445 |
Derivative Instruments, Gain (Loss) | The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three and six months ended June 30, 2023 and 2022 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1) $ 14,965 $ 35 $ 8,427 $ 7,600 Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2) $ 1,674 $ 1,677 $ 3,349 $ 3,353 Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing $ — $ — $ — $ — _______________ (1) Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties. (2) Consists of amounts from previous interest rate programs. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Noncontrolling Interest [Line Items] | |
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2023 and during the six months ended June 30, 2022: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) June 30, 2023 July 31, 2023 $0.98 $0.98 March 31, 2023 April 28, 2023 $0.98 $0.98 December 30, 2022 January 30, 2023 $0.98 $0.98 June 30, 2022 July 29, 2022 $0.98 $0.98 March 31, 2022 April 29, 2022 $0.98 $0.98 December 31, 2021 January 28, 2022 $0.98 $0.98 |
Noncontrolling Interests [Member] | |
Noncontrolling Interest [Line Items] | |
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2019 MYLTIP Units and, after the February 3, 2023 measurement date, the 2020 MYLTIP Units) and its distributions on the 2020 MYLTIP Units (prior to the February 3, 2023 measurement date) and 2021 - 2023 MYLTIP Units (after the February 7, 2023 issuance date of the 2023 MYLTIP Units) that occurred during the six months ended June 30, 2023: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit June 30, 2023 July 31, 2023 $0.98 $0.098 March 31, 2023 April 28, 2023 $0.98 $0.098 December 30, 2022 January 30, 2023 $0.98 $0.098 The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2018 MYLTIP Units and, after the February 4, 2022 measurement date, the 2019 MYLTIP Units) and its distributions on the 2019 MYLTIP Units (prior to the February 4, 2022 measurement date) and 2020 - 2022 MYLTIP Units (after the February 1, 2022 issuance date of the 2022 MYLTIP Units) that occurred during the six months ended June 30, 2022: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit June 30, 2022 July 29, 2022 $0.98 $0.098 March 31, 2022 April 29, 2022 $0.98 $0.098 December 31, 2021 January 28, 2022 $0.98 $0.098 |
Stockholders' Equity _ Partne_2
Stockholders' Equity / Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Class of Stock [Line Items] | |
Dividends Declared [Table Text Block] | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2023 and during the six months ended June 30, 2022: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) June 30, 2023 July 31, 2023 $0.98 $0.98 March 31, 2023 April 28, 2023 $0.98 $0.98 December 30, 2022 January 30, 2023 $0.98 $0.98 June 30, 2022 July 29, 2022 $0.98 $0.98 March 31, 2022 April 29, 2022 $0.98 $0.98 December 31, 2021 January 28, 2022 $0.98 $0.98 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Reconciliation Of Net Operating Income To Net Income | BXP Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Net income attributable to Boston Properties, Inc. $ 104,299 $ 222,989 $ 182,215 $ 366,044 Add: Noncontrolling interest—common units of the Operating Partnership 12,117 25,708 21,169 42,061 Noncontrolling interests in property partnerships 19,768 18,546 38,428 36,095 Interest expense 142,473 104,142 276,680 205,370 Net operating income from unconsolidated joint ventures 42,254 35,710 83,010 73,031 Depreciation and amortization expense 202,577 183,146 411,311 360,770 Transaction costs 308 496 1,219 496 Payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 General and administrative expense 44,175 34,665 99,977 77,859 Less: Net operating income attributable to noncontrolling interests in property partnerships 47,958 47,862 95,055 94,917 Unrealized gain on non-real estate investment 124 — 383 — Gains (losses) from investments in securities 1,571 (4,716) 3,236 (6,978) Other income - assignment fee — 6,624 — 6,624 Interest and other income (loss) 17,343 1,195 28,284 2,423 Gains on sales of real estate — 96,247 — 118,948 Income (loss) from unconsolidated joint ventures (6,668) (54) (14,237) 2,135 Direct reimbursements of payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 Development and management services revenue 9,858 6,354 18,838 12,185 Company’s share of Net Operating Income $ 497,785 $ 471,890 $ 982,450 $ 931,472 BPLP Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Net income attributable to Boston Properties Limited Partnership $ 118,098 $ 253,788 $ 206,928 $ 415,617 Add: Noncontrolling interests in property partnerships 19,768 18,546 38,428 36,095 Interest expense 142,473 104,142 276,680 205,370 Net operating income from unconsolidated joint ventures 42,254 35,710 83,010 73,031 Depreciation and amortization expense 200,895 181,416 407,767 357,302 Transaction costs 308 496 1,219 496 Payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 General and administrative expense 44,175 34,665 99,977 77,859 Less: Net operating income attributable to noncontrolling interests in property partnerships 47,958 47,862 95,055 94,917 Unrealized gain on non-real estate investment 124 — 383 — Gains (losses) from investments in securities 1,571 (4,716) 3,236 (6,978) Other income - assignment fee — 6,624 — 6,624 Interest and other income (loss) 17,343 1,195 28,284 2,423 Gains on sales of real estate — 99,608 — 122,992 Income (loss) from unconsolidated joint ventures (6,668) (54) (14,237) 2,135 Direct reimbursements of payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 Development and management services revenue 9,858 6,354 18,838 12,185 Company’s share of Net Operating Income $ 497,785 $ 471,890 $ 982,450 $ 931,472 |
Schedule Of Segment Information By Geographic Area And Property Type | Information by geographic area and property type (dollars in thousands): For the three months ended June 30, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 269,464 $ — $ 262,979 $ 136,241 $ 17,060 $ 90,720 $ 776,464 Residential 4,124 — — 3,864 — 4,265 12,253 Hotel 13,969 — — — — — 13,969 Total 287,557 — 262,979 140,105 17,060 94,985 802,686 % of Grand Totals 35.83 % — % 32.76 % 17.45 % 2.13 % 11.83 % 100.00 % Rental Expenses: Premier Workplace 95,597 — 102,948 48,197 3,082 35,429 285,253 Residential 1,601 — — 2,215 — 1,967 5,783 Hotel 8,161 — — — — — 8,161 Total 105,359 — 102,948 50,412 3,082 37,396 299,197 % of Grand Totals 35.21 % — % 34.41 % 16.85 % 1.03 % 12.50 % 100.00 % Net operating income $ 182,198 $ — $ 160,031 $ 89,693 $ 13,978 $ 57,589 $ 503,489 % of Grand Totals 36.19 % — % 31.78 % 17.81 % 2.78 % 11.44 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (11,343) — (36,615) — — — (47,958) Add: Company’s share of net operating income from unconsolidated joint ventures 8,771 12,768 3,363 3,332 1,878 12,142 42,254 Company’s share of net operating income $ 179,626 $ 12,768 $ 126,779 $ 93,025 $ 15,856 $ 69,731 $ 497,785 % of Grand Totals 36.08 % 2.56 % 25.47 % 18.69 % 3.19 % 14.01 % 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 three months ended June 30, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 244,936 $ — $ 254,264 $ 133,707 $ 6,472 $ 95,954 $ 735,333 Residential 3,748 — — 5,850 — 7,314 16,912 Hotel 12,089 — — — — — 12,089 Total 260,773 — 254,264 139,557 6,472 103,268 764,334 % of Grand Totals 34.11 % — % 33.27 % 18.26 % 0.85 % 13.51 % 100.00 % Rental Expenses: Premier Workplace 87,027 — 95,363 45,201 1,680 34,759 264,030 Residential 1,492 — — 5,145 — 3,181 9,818 Hotel 6,444 — — — — — 6,444 Total 94,963 — 95,363 50,346 1,680 37,940 280,292 % of Grand Totals 33.88 % — % 34.02 % 17.96 % 0.60 % 13.54 % 100.00 % Net operating income $ 165,810 $ — $ 158,901 $ 89,211 $ 4,792 $ 65,328 $ 484,042 % of Grand Totals 34.25 % — % 32.83 % 18.43 % 0.99 % 13.50 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (11,377) — (36,485) — — — (47,862) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 8,134 13,247 18 3,183 1,944 9,184 35,710 Company’s share of net operating income $ 162,567 $ 13,247 $ 122,434 $ 92,394 $ 6,736 $ 74,512 $ 471,890 % of Grand Totals 34.44 % 2.81 % 25.95 % 19.58 % 1.43 % 15.79 % 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. Information by geographic area and property type (dollars in thousands): For the six months ended June 30, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 539,415 $ — $ 521,171 $ 272,334 $ 31,318 $ 181,384 $ 1,545,622 Residential 8,173 — — 7,506 — 8,300 23,979 Hotel 22,070 — — — — — 22,070 Total 569,658 — 521,171 279,840 31,318 189,684 1,591,671 % of Grand Totals 35.79 % — % 32.74 % 17.58 % 1.97 % 11.92 % 100.00 % Rental Expenses: Premier Workplace 195,646 — 205,433 94,282 6,042 69,695 571,098 Residential 3,153 — — 4,388 — 3,705 11,246 Hotel 14,832 — — — — — 14,832 Total 213,631 — 205,433 98,670 6,042 73,400 597,176 % of Grand Totals 35.78 % — % 34.40 % 16.52 % 1.01 % 12.29 % 100.00 % Net operating income $ 356,027 $ — $ 315,738 $ 181,170 $ 25,276 $ 116,284 $ 994,495 % of Grand Totals 35.80 % — % 31.75 % 18.22 % 2.54 % 11.69 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (22,160) — (72,895) — — — (95,055) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 17,348 25,993 7,013 6,796 3,724 22,136 83,010 Company’s share of net operating income $ 351,215 $ 25,993 $ 249,856 $ 187,966 $ 29,000 $ 138,420 $ 982,450 % of Grand Totals 35.75 % 2.65 % 25.43 % 19.13 % 2.95 % 14.09 % 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 six months ended June 30, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 487,014 $ — $ 511,134 $ 266,082 $ 6,472 $ 191,519 $ 1,462,221 Residential 7,344 — — 8,241 — 14,293 29,878 Hotel 16,646 — — — — — 16,646 Total 511,004 — 511,134 274,323 6,472 205,812 1,508,745 % of Grand Totals 33.87 % — % 33.88 % 18.18 % 0.43 % 13.64 % 100.00 % Rental Expenses: Premier Workplace 177,555 — 191,703 88,609 1,680 68,306 527,853 Residential 2,929 — — 7,013 — 6,308 16,250 Hotel 11,284 — — — — — 11,284 Total 191,768 — 191,703 95,622 1,680 — 74,614 555,387 % of Grand Totals 34.53 % — % 34.52 % 17.22 % 0.30 % 13.43 % 100.00 % Net operating income $ 319,236 $ — $ 319,431 $ 178,701 $ 4,792 $ 131,198 $ 953,358 % of Grand Totals 33.49 % — % 33.51 % 18.74 % 0.50 % 13.76 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (23,112) — (71,805) — — — (94,917) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 17,827 27,004 (138) 6,364 3,899 18,075 73,031 Company’s share of net operating income $ 313,951 $ 27,004 $ 247,488 $ 185,065 $ 8,691 $ 149,273 $ 931,472 % of Grand Totals 33.70 % 2.90 % 26.57 % 19.87 % 0.93 % 16.03 % 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) | 6 Months Ended |
Jun. 30, 2023 | |
Entity Information [Line Items] | |
Computation Of Basic And Diluted Earnings Per Share / Unit | Three months ended June 30, 2023 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. $ 104,299 156,826 $ 0.67 Effect of Dilutive Securities: Stock Based Compensation — 392 (0.01) Diluted Earnings: Net income attributable to Boston Properties, Inc. $ 104,299 157,218 $ 0.66 Three months ended June 30, 2022 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. $ 222,989 156,720 $ 1.42 Allocation of undistributed earnings to participating securities (267) — — Net income attributable to Boston Properties, Inc. 222,722 156,720 1.42 Effect of Dilutive Securities: Stock Based Compensation — 472 — Diluted Earnings: Net income attributable to Boston Properties, Inc. $ 222,722 157,192 $ 1.42 Six months ended June 30, 2023 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. $ 182,215 156,815 $ 1.16 Effect of Dilutive Securities: Stock Based Compensation — 316 — Diluted Earnings: Net income attributable to Boston Properties, Inc. $ 182,215 157,131 $ 1.16 Six months ended June 30, 2022 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. $ 366,044 156,685 $ 2.33 Allocation of undistributed earnings to participating securities (236) — — Net income attributable to Boston Properties, Inc. 365,808 156,685 2.33 Effect of Dilutive Securities: Stock Based Compensation — 413 — Diluted Earnings: Net income attributable to Boston Properties, Inc. $ 365,808 157,098 $ 2.33 |
Boston Properties Limited Partnership | |
Entity Information [Line Items] | |
Computation Of Basic And Diluted Earnings Per Share / Unit | Three months ended June 30, 2023 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership $ 118,098 174,748 $ 0.68 Effect of Dilutive Securities: Stock Based Compensation — 392 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership $ 118,098 175,140 $ 0.67 Three months ended June 30, 2022 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership $ 253,788 174,392 $ 1.45 Allocation of undistributed earnings to participating securities (297) — — Net income attributable to Boston Properties Limited Partnership 253,491 174,392 1.45 Effect of Dilutive Securities: Stock Based Compensation — 472 — Diluted Earnings: Net income attributable to Boston Properties Limited Partnership $ 253,491 174,864 $ 1.45 Six months ended June 30, 2023 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership $ 206,928 174,693 $ 1.18 Effect of Dilutive Securities: Stock Based Compensation — 316 — Diluted Earnings: Net income attributable to Boston Properties Limited Partnership $ 206,928 175,009 $ 1.18 Six months ended June 30, 2022 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership $ 415,617 174,323 $ 2.38 Allocation of undistributed earnings to participating securities (263) — — Net income attributable to Boston Properties Limited Partnership 415,354 174,323 2.38 Effect of Dilutive Securities: Stock Based Compensation — 413 — Diluted Earnings: Net income attributable to Boston Properties Limited Partnership $ 415,354 174,736 $ 2.38 |
Organization (Details)
Organization (Details) ft² in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 ft² Real_Estate_Properties yr shares | Dec. 31, 2022 | |
Real Estate Properties [Line Items] | ||
Restriction on redemption of OP units from date of issuance (years) | yr | 1 | |
One OP unit is equivalent to one share of Common Stock (in shares) | shares | 1 | |
OP unit conversion rate (in shares) | shares | 1 | |
2012 OPP Units and Vested MYLTIPs | ||
Real Estate Properties [Line Items] | ||
Vesting Period | 3 years | |
Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 13 | |
Net Rentable Area (in sf) | ft² | 3.1 | |
Commercial Real Estate Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 191 | |
Net Rentable Area (in sf) | ft² | 54.1 | |
Office and Life Sciences Building [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 170 | |
Office and Life Sciences Building [Member] | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 10 | |
Retail Site [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 14 | |
Retail Site [Member] | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 2 | |
Residential Building | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 6 | |
Residential Building | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Hotel [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Boston Properties Limited Partnership | ||
Real Estate Properties [Line Items] | ||
General and limited partnership interest in the operating partnership (percent) | 89.40% | 89.60% |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - Variable Interest Entity, Primary Beneficiary [Member] | Jun. 30, 2023 |
Summary Of Significant Accounting Policies [Line Items] | |
Number of VIEs | 6 |
Commercial Real Estate Properties [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of VIEs | 5 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | $ 88,834 | $ 78,576 |
Sales-type lease receivable, net | 13,250 | 12,811 |
Mortgage notes payable, net | 3,274,764 | 3,272,368 |
Unsecured senior notes, net | 10,985,395 | 10,237,968 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 1,196,046 | 730,000 |
Carrying Amount [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | 88,834 | 78,576 |
Sales-type lease receivable, net | 13,250 | 12,811 |
Total | 102,084 | 91,387 |
Mortgage notes payable, net | 3,274,764 | 3,272,368 |
Unsecured senior notes, net | 10,985,395 | 10,237,968 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 1,196,046 | 730,000 |
Total | 15,456,205 | 14,240,336 |
Estimated Fair Value [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | 90,500 | 79,220 |
Sales-type lease receivable, net | 13,173 | 13,045 |
Total | 103,673 | 92,265 |
Mortgage notes payable, net | 2,765,657 | 2,744,479 |
Unsecured senior notes, net | 9,751,688 | 9,135,512 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 1,194,895 | 730,000 |
Total | $ 13,712,240 | $ 12,609,991 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 6,445 | $ 0 |
Real Estate Schedule of Real Es
Real Estate Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Real Estate Properties [Line Items] | |||
Land | $ 5,189,287 | $ 5,189,811 | |
Right-of-use assets - finance leases | 237,526 | 237,510 | |
Right of use assets - operating leases | 166,421 | 167,351 | |
Land held for future development | [1] | 637,191 | 721,501 |
Buildings and improvements | 16,054,447 | 15,820,724 | |
Tenant improvements | 3,345,766 | 3,200,743 | |
Furniture, Fixtures and Equipment | 53,181 | 50,310 | |
Construction in progress | 482,850 | 406,574 | |
Total | 26,166,669 | 25,794,524 | |
Less: accumulated depreciation | (6,568,568) | (6,298,082) | |
Total real estate | 19,598,101 | 19,496,442 | |
Boston Properties Limited Partnership | |||
Real Estate Properties [Line Items] | |||
Land | 5,094,578 | 5,095,102 | |
Right-of-use assets - finance leases | 237,526 | 237,510 | |
Right of use assets - operating leases | 166,421 | 167,351 | |
Land held for future development | [1] | 637,191 | 721,501 |
Buildings and improvements | 15,782,891 | 15,547,919 | |
Tenant improvements | 3,345,766 | 3,200,743 | |
Furniture, Fixtures and Equipment | 53,181 | 50,310 | |
Construction in progress | 482,850 | 406,574 | |
Total | 25,800,404 | 25,427,010 | |
Less: accumulated depreciation | (6,448,665) | (6,180,474) | |
Total real estate | $ 19,351,739 | $ 19,246,536 | |
[1]Includes pre-development costs. |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) | Jun. 01, 2023 ft² | Apr. 29, 2023 ft² | Jan. 30, 2023 ft² | Jan. 05, 2023 ft² | |
Real Estate Properties [Line Items] | ||||||||
Depreciation and amortization | $ | $ 202,577 | $ 183,146 | $ 411,311 | $ 360,770 | ||||
Construction in Progress | ||||||||
Real Estate Properties [Line Items] | ||||||||
Net Rentable Area (in sf) | 3,100,000 | 3,100,000 | ||||||
290 Binney | ||||||||
Real Estate Properties [Line Items] | ||||||||
Net Rentable Area (in sf) | 566,000 | |||||||
Leased percentage | 100% | |||||||
300 Binney Street | ||||||||
Real Estate Properties [Line Items] | ||||||||
Net Rentable Area (in sf) | 195,000 | |||||||
Depreciation and amortization | $ | $ 11,000 | |||||||
300 Binney Street | Construction in Progress | ||||||||
Real Estate Properties [Line Items] | ||||||||
Net Rentable Area (in sf) | 236,000 | |||||||
Leased percentage | 100% | |||||||
2100 Pennsylvania Avenue | ||||||||
Real Estate Properties [Line Items] | ||||||||
Net Rentable Area (in sf) | 476,000 | |||||||
View Boston | ||||||||
Real Estate Properties [Line Items] | ||||||||
Net Rentable Area (in sf) | 63,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Fixed contractual payments | $ 629,189 | $ 601,351 | $ 1,250,835 | $ 1,200,958 |
Variable lease payments | 132,315 | 120,548 | 267,318 | 239,061 |
Sales-type lease income | 229 | 0 | 455 | 0 |
Lease | $ 761,733 | $ 721,899 | $ 1,518,608 | $ 1,440,019 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | ||
Schedule of Equity Method Investments [Line Items] | |||
Other Liabilities | $ (418,813) | $ (450,918) | |
Investments in unconsolidated joint ventures | 1,780,959 | 1,715,911 | |
Investments In Affiliates Subsidiaries Associates And Joint Ventures net | [1] | 1,703,032 | 1,630,485 |
Unconsolidated Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Other Liabilities | $ (77,900) | (85,400) | |
Square 407 Limited Partnership [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Market Square North | ||
Ownership Percentage | 50% | ||
Other Liabilities | [1] | $ (6,053) | (6,198) |
BP/CRF Metropolitan Square LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Metropolitan Square | ||
Ownership Percentage | 20% | ||
Other Liabilities | [1] | $ (37,654) | (37,629) |
901 New York Avenue LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 901 New York Avenue | ||
Ownership Percentage | [2] | 25% | |
Other Liabilities | [1] | $ (12,150) | $ (12,493) |
901 New York Avenue LLC (economic ownership) [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50% | 50% | |
WP Project Developer LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Wisconsin Place Land and Infrastructure | ||
Ownership Percentage | [3] | 33.33% | |
Investments in unconsolidated joint ventures | [1] | $ 31,398 | $ 31,971 |
500 North Capitol Venture LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 500 North Capitol Street, NW | ||
Ownership Percentage | 30% | ||
Other Liabilities | [1] | $ (8,559) | (9,185) |
501 K Street LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 1001 6th Street | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 43,443 | 42,922 |
Podium Developer LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | The Hub on Causeway - Podium | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 44,542 | 46,839 |
Residential Tower Developer LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Hub50House | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 44,214 | 45,414 |
Hotel Tower Developer LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | The Hub on Causeway - Hotel Air Rights | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 12,750 | 12,366 |
Office Tower Developer LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 100 Causeway Street | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 59,550 | 59,716 |
1265 Main Office JV LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 1265 Main Street | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 3,583 | 3,465 |
BNY Tower Holdings LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Dock 72 | ||
Ownership Percentage | [4] | 50% | |
Other Liabilities | [1] | $ (13,511) | (19,921) |
CA-Colorado Center LLC[Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Colorado Center | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 235,846 | 233,862 |
7750 Wisconsin Avenue LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 7750 Wisconsin Avenue | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 50,789 | 52,152 |
BP-M 3HB Venture LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 3 Hudson Boulevard | ||
Ownership Percentage | 25% | ||
Investments in unconsolidated joint ventures | [1] | $ 115,878 | 116,397 |
SMBP Venture LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Santa Monica Business Park | ||
Ownership Percentage | 55% | ||
Investments in unconsolidated joint ventures | [1] | $ 161,368 | 164,735 |
Platform 16 Holdings LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Platform 16 | ||
Ownership Percentage | [5] | 55% | |
Investments in unconsolidated joint ventures | [1] | $ 184,642 | 158,109 |
Gateway Portfolio Holdings LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Gateway Commons | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 349,055 | 324,038 |
Rosecrans-Sepulveda Partners 4, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Beach Cities Media Campus | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 27,013 | 27,000 |
Safeco Plaza REIT LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Safeco Plaza | ||
Ownership Percentage | [6] | 33.67% | |
Investments in unconsolidated joint ventures | [1] | $ 70,331 | 69,785 |
Safeco Plaza REIT LLC | Company's Share [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 33% | ||
360 PAS Holdco LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 360 Park Avenue South | ||
Ownership Percentage | [7] | 42.21% | |
Investments in unconsolidated joint ventures | [1] | $ 112,219 | 114,992 |
360 PAS Holdco LLC | Company's Share [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 35.79% | ||
360 PAS Holdco LLC | Joint Venture Partner [Member] | Scenario, Plan | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 58% | ||
PR II BXP Reston Gateway LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | Reston Next Residential | ||
Ownership Percentage | 20% | ||
Investments in unconsolidated joint ventures | [1] | $ 11,796 | 11,351 |
751 Gateway Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 751 Gateway | ||
Ownership Percentage | 49% | ||
Investments in unconsolidated joint ventures | [1] | $ 89,025 | 80,714 |
200 Fifth Avenue JV LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 200 Fifth Avenue | ||
Ownership Percentage | 26.69% | ||
Investments in unconsolidated joint ventures | [1] | $ 116,335 | $ 120,083 |
ABXP Worldgate Investments LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Properties | 13100 and 13150 Worldgate Drive | ||
Ownership Percentage | 50% | ||
Investments in unconsolidated joint ventures | [1] | $ 17,182 | |
Entity Owning Land And Infrastructure Of Project [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 33.33% | ||
Safeco Partner Entity One [Member] | Company's Share [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 1% | ||
Safeco Partner Entity Two | Company's Share [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 1% | ||
360 Park Avenue South Partners Entity | Company's Share [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 1% | ||
360 Park Avenue South Partners Entity Two | Company's Share [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 1% | ||
360 PAS Holdco LLC (indirect ownership) | Company's Share [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 5.837% | ||
[1]Investments with deficit balances aggregating approximately $77.9 million and $85.4 million at June 30, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.[2]The Company’s economic ownership has increased based on the achievement of certain return thresholds. At June 30, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%.[3]The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.[4]This property includes net equity balances from the amenity joint venture.[5]At December 31, 2022, this entity was a VIE.[6]The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture.[7]The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Total real estate | $ 19,598,101 | $ 19,496,442 | |
Total assets | 25,341,680 | 24,207,669 | |
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||
Mortgage and notes payable, net | 3,274,764 | 3,272,368 | |
Other Liabilities | 418,813 | 450,918 | |
Members’/Partners’ equity | 6,040,052 | 6,132,919 | |
Total liabilities and equity / capital | 25,341,680 | 24,207,669 | |
Carying value of the Company's investment in unconsolidated joint ventures | 1,780,959 | 1,715,911 | |
Right-of-use assets - finance leases | 237,526 | 237,510 | |
Right of use assets - operating leases | 166,421 | 167,351 | |
Lease liabilities - finance leases | 251,874 | 249,335 | |
Lease liabilities - operating leases | 204,826 | 204,686 | |
Unconsolidated Joint Ventures [Member] | |||
ASSETS | |||
Total real estate | [1] | 6,748,400 | 6,537,554 |
Other assets | 779,220 | 756,786 | |
Total assets | 7,527,620 | 7,294,340 | |
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||
Mortgage and notes payable, net | 4,056,181 | 4,022,746 | |
Other Liabilities | [2] | 724,078 | 716,271 |
Members’/Partners’ equity | 2,747,361 | 2,555,323 | |
Total liabilities and equity / capital | 7,527,620 | 7,294,340 | |
Company's share of equity | 1,301,827 | 1,238,929 | |
Basis differentials | [3] | 401,205 | 391,556 |
Carying value of the Company's investment in unconsolidated joint ventures | [4] | 1,703,032 | 1,630,485 |
Right-of-use assets - finance leases | 248,900 | 248,900 | |
Right of use assets - operating leases | 20,600 | 21,200 | |
Lease liabilities - finance leases | 379,700 | 382,200 | |
Lease liabilities - operating leases | 30,500 | 30,500 | |
Unconsolidated Joint Ventures [Member] | |||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||
Other Liabilities | 77,900 | 85,400 | |
Colorado Center | |||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||
Basis differentials | 300,370 | 301,820 | |
Carying value of the Company's investment in unconsolidated joint ventures | [5] | 235,846 | 233,862 |
200 Fifth Avenue JV LLC | |||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||
Basis differentials | 96,837 | 94,497 | |
Carying value of the Company's investment in unconsolidated joint ventures | [5] | 116,335 | 120,083 |
Gateway Commons Complex [Member] | |||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||
Basis differentials | 48,078 | 47,808 | |
Carying value of the Company's investment in unconsolidated joint ventures | [5] | 349,055 | 324,038 |
Dock 72 | |||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | |||
Other Liabilities | [5] | 13,511 | 19,921 |
Basis differentials | $ (97,232) | $ (98,980) | |
[1]At June 30, 2023 and December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At June 30, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.6 million and $21.2 million, respectively.[2]At June 30, 2023 and December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $379.7 million and $382.2 million, respectively. At June 30, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million.[3]This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows: June 30, 2023 December 31, 2022 Property (in thousands) Colorado Center $ 300,370 $ 301,820 200 Fifth Avenue 96,837 94,497 Gateway Commons 48,078 47,808 Dock 72 (97,232) (98,980) These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Total revenue | $ 817,153 | $ 773,927 | $ 1,620,353 | $ 1,528,234 | |
Expenses | |||||
Transaction costs | 308 | 496 | 1,219 | 496 | |
Depreciation and amortization | 202,577 | 183,146 | 411,311 | 360,770 | |
Total expenses | 550,866 | 501,838 | 1,119,527 | 1,001,816 | |
Other income (expense) | |||||
Interest expense | (142,473) | (104,142) | (276,680) | (205,370) | |
Gains on sales of real estate | 0 | 96,247 | 0 | 118,948 | |
Net income | 136,184 | 267,243 | 241,812 | 444,200 | |
Income (Loss) from Equity Method Investments | (6,668) | (54) | (14,237) | 2,135 | |
Unconsolidated Joint Ventures [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total revenue | [1] | 164,771 | 120,871 | 316,194 | 245,362 |
Expenses | |||||
Operating | 61,023 | 45,353 | 118,229 | 90,994 | |
Transaction costs | 27 | 811 | 101 | 811 | |
Depreciation and amortization | 51,233 | 43,293 | 101,211 | 87,957 | |
Total expenses | 112,283 | 89,457 | 219,541 | 179,762 | |
Other income (expense) | |||||
Losses from early extinguishment of debt | (3) | 0 | (3) | (1,327) | |
Interest expense | (58,799) | (32,219) | (116,049) | (62,592) | |
Unrealized gain on derivative instruments | 14,457 | 0 | (3,847) | 0 | |
Net income | 8,143 | (805) | (15,552) | 1,681 | |
Company's share of net income (loss) | 639 | 1,082 | (6,263) | 4,476 | |
Basis differential | [2] | (7,307) | (1,136) | (7,974) | (2,341) |
Income (Loss) from Equity Method Investments | (6,668) | (54) | (14,237) | 2,135 | |
Straight Line Rent Adjustments | 6,900 | 17,800 | 13,200 | 45,300 | |
Above and below market rent adjustments, net | 200 | 100 | 400 | 200 | |
Colorado Center [Member] | Unconsolidated Joint Ventures [Member] | |||||
Other income (expense) | |||||
Straight Line Rent Adjustments | $ 400 | $ 100 | $ 700 | $ 200 | |
[1]Includes straight-line rent adjustments of approximately $6.9 million and $17.8 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $13.2 million and $45.3 million for the six months ended June 30, 2023 and 2022, respectively.[2]Includes straight-line rent adjustments of approximately $0.4 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.7 million and $0.2 million for the six months ended June 30, 2023 and 2022, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.4 million and $0.2 million for the six months ended June 30, 2023 and 2022. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 59 Months Ended | ||||||||||||
Jul. 07, 2023 | Jun. 28, 2023 | Jun. 27, 2023 USD ($) | Jun. 02, 2023 | Apr. 21, 2023 ft² Year | Apr. 20, 2023 USD ($) | Jan. 31, 2023 USD ($) ft² a Vehicles Building | Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) ft² | Jun. 05, 2023 USD ($) ft² | Jun. 04, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Interest and Other Income | $ 17,343 | $ 1,195 | $ 28,284 | $ 2,423 | |||||||||||
Related party note receivable | $ 88,834 | $ 88,834 | $ 88,834 | $ 78,576 | |||||||||||
3 Hudson Boulevard [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 25% | 25% | 25% | ||||||||||||
Interest and Other Income | $ 23,200 | ||||||||||||||
Worldgate Drive | Unconsolidated Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 50% | ||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 17,000 | ||||||||||||||
Net Rentable Area (in sf) | ft² | 350,000 | ||||||||||||||
Number of buildings | Building | 2 | ||||||||||||||
Number of parking space | Vehicles | 1,200 | ||||||||||||||
Area of Land | a | 10 | ||||||||||||||
7750 Wisconsin Avenue [Member] | Unconsolidated Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 50% | ||||||||||||||
Net Rentable Area (in sf) | ft² | 734,000 | ||||||||||||||
Construction Loan | $ 252,600 | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | Term Secured Overnight Finance Rate (“SOFR”) | LIBOR | London interbank offered rate (“LIBOR”) | ||||||||||||
Extension Option (in years) | 1 | 1 | |||||||||||||
Number of extensions | 2 | ||||||||||||||
7750 Wisconsin Avenue [Member] | Unconsolidated Properties | London Interbank Offered Rate (LIBOR) | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.25% | |||||||||||||
7750 Wisconsin Avenue [Member] | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | ||||||||||||||
500 North Capitol Street, NW | Unconsolidated Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 30% | ||||||||||||||
Net Rentable Area (in sf) | ft² | 231,000 | ||||||||||||||
Debt | $ 105,000 | $ 105,000 | |||||||||||||
Debt, Weighted Average Interest Rate | 6.83% | ||||||||||||||
500 North Capitol Street, NW | Unconsolidated Properties | Company's Share [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Related party note receivable | $ 10,500 | ||||||||||||||
3 Hudson Boulevard [Member] | Unconsolidated Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 25% | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | 3.50% | |||||||||||||
Debt | $ 80,000 | ||||||||||||||
Number of extensions | 1 | 2 | |||||||||||||
Extension Option (in days) | 30 days | ||||||||||||||
Extension Option Two (in days) | 180 days | 180 days | |||||||||||||
3 Hudson Boulevard [Member] | Unconsolidated Properties | Subsequent Event [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | Term SOFR | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.61% | ||||||||||||||
3 Hudson Boulevard [Member] | Unconsolidated Properties | Extended Maturity | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt Instrument, Term | 30 days | ||||||||||||||
Platform 16 | Unconsolidated Properties | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Percentage | 55% | 55% | 55% | ||||||||||||
Net Rentable Area (in sf) | ft² | 390,000 | 390,000 | 390,000 |
Schedule of Unsecured Senior No
Schedule of Unsecured Senior Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | May 15, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 10,985,395 | $ 10,237,968 | |||
Boston Properties Limited Partnership | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 10,985,395 | $ 10,237,968 | |||
Boston Properties Limited Partnership | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt | 11,050,000 | ||||
Debt Instrument, Unamortized Discount | 14,831 | ||||
Debt Issuance Costs, Net | $ 49,774 | ||||
Boston Properties Limited Partnership | Senior Notes | 3.279% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.279% | |||
Debt | $ 500,000 | ||||
Long-term Debt, Maturity Date | [2] | Sep. 01, 2023 | |||
Boston Properties Limited Partnership | Senior Notes | 3.916% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.916% | |||
Debt | $ 700,000 | ||||
Long-term Debt, Maturity Date | [2] | Feb. 01, 2024 | |||
Boston Properties Limited Partnership | Senior Notes | 3.350% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.35% | |||
Debt | $ 850,000 | ||||
Long-term Debt, Maturity Date | [2] | Jan. 15, 2025 | |||
Boston Properties Limited Partnership | Senior Notes | 3.766% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.766% | |||
Debt | $ 1,000,000 | ||||
Long-term Debt, Maturity Date | [2] | Feb. 01, 2026 | |||
Boston Properties Limited Partnership | Senior Notes | 3.495% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.495% | |||
Debt | $ 1,000,000 | ||||
Long-term Debt, Maturity Date | [2] | Oct. 01, 2026 | |||
Boston Properties Limited Partnership | Senior Notes | 6.924% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 6.924% | |||
Debt | $ 750,000 | ||||
Long-term Debt, Maturity Date | [2] | Dec. 01, 2027 | |||
Boston Properties Limited Partnership | Senior Notes | 4.628% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 4.628% | |||
Debt | $ 1,000,000 | ||||
Long-term Debt, Maturity Date | [2] | Dec. 01, 2028 | |||
Boston Properties Limited Partnership | Senior Notes | 3.505% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.505% | |||
Debt | $ 850,000 | ||||
Long-term Debt, Maturity Date | [2] | Jun. 21, 2029 | |||
Boston Properties Limited Partnership | Senior Notes | 2.984% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 2.984% | |||
Debt | $ 700,000 | ||||
Long-term Debt, Maturity Date | [2] | Mar. 15, 2030 | |||
Boston Properties Limited Partnership | Senior Notes | 3.343 % unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.343% | |||
Debt | $ 1,250,000 | ||||
Long-term Debt, Maturity Date | [2] | Jan. 30, 2031 | |||
Boston Properties Limited Partnership | Senior Notes | 2.671% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.55% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 2.671% | |||
Debt | $ 850,000 | ||||
Long-term Debt, Maturity Date | [2] | Apr. 01, 2032 | |||
Boston Properties Limited Partnership | Senior Notes | 2.524% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.45% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 2.524% | |||
Debt | $ 850,000 | ||||
Long-term Debt, Maturity Date | [2] | Oct. 01, 2033 | |||
Boston Properties Limited Partnership | Senior Notes | 6.619% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.619% | [1] | 6.619% | ||
Debt | $ 750,000 | $ 750,000 | |||
Long-term Debt, Maturity Date | [2] | Jan. 15, 2034 | |||
[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 (Narrati
Unsecured Senior Notes (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
May 15, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Debt Instrument [Line Items] | ||||
Proceeds from unsecured senior notes | $ 747,727 | $ 0 | ||
Boston Properties Limited Partnership | ||||
Debt Instrument [Line Items] | ||||
Proceeds from unsecured senior notes | 747,727 | $ 0 | ||
Senior Notes | Boston Properties Limited Partnership | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 11,050,000 | |||
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. | |||
Leverage ratio | 60% | |||
Secured debt leverage ratio - maximum | 50% | |||
Interest Coverage - Minimum | 1.50 | |||
Unencumbered Asset Value - Minimum | 150% | |||
Debt Instrument, Covenant Compliance | At June 30, 2023, BPLP was in compliance with each of these financial restrictions and requirements. | |||
6.619% unsecured senior notes | Senior Notes | Boston Properties Limited Partnership | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 750,000 | $ 750,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||
Senior Notes Pricing | 99.697% | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.619% | 6.619% | [1] | |
Proceeds from unsecured senior notes | $ 741,300 | |||
[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 | Jun. 30, 2023 | Jun. 01, 2023 | Jun. 15, 2021 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Expiration Date | Jun. 15, 2026 | |||
Line of Credit Facility, Interest Rate Reduction | 0.01% | |||
Line of credit facility, maximum percent for loan advances | 65% | |||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||
Debt Instrument, Alternate Basis Spread on Variable Rate | 0% | |||
Long-term Line of Credit | $ 0 | $ 0 | ||
Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.40% | |||
Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.70% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.775% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | |||
Line of Credit, Additional Borrowing Capacity | $ 500,000 | |||
Line of Credit Facility, Interest Rate Description | At BPLP’s option, loans under the 2021 Credit Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, Term SOFR and SOFR, (b) in the case of loans denominated in Euro, EURIBOR, (c) in the case of loans denominated in Canadian Dollars, CDOR, and (d) in the case of loans denominated in Sterling, SONIA, in each case, plus a margin ranging from 70.0 to 140.0 basis points based on BPLP’s credit rating or (2) an alternate base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 40 basis points based on BPLP’s credit rating. | |||
Long-term Line of Credit | $ 0 | |||
Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% |
Unsecured Term Loan (Details)
Unsecured Term Loan (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Jan. 04, 2023 USD ($) mo Rate | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |||
Unsecured term loan | $ | $ 1,196,046 | $ 730,000 | |
2022 Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Repayments of Unsecured Debt | $ | $ 730,000 | ||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ | 0 | ||
2023 Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ | 1,200,000 | ||
Line of Credit, Additional Borrowing Capacity | $ | $ 300,000 | ||
Debt Instrument, Maturity Date | May 16, 2024 | ||
Number of extensions | 1 | ||
Extension Option (in months) | mo | 12 | ||
Proceeds from Unsecured Lines of Credit | $ | $ 1,200,000 | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1% | ||
Debt Instrument, Interest Rate Terms | At BPLP’s option, loans under the 2023 Unsecured Term Loan will bear interest at a rate per annum equal to (1) a base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR for a one-month period plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 60 basis points based on BPLP’s credit rating; or (2) a rate equal to adjusted Term SOFR with a one-month period plus a margin ranging from 75 to 160 basis points based on BPLP’s credit rating. Based on BPLP’s credit rating upon entry into the credit agreement, the base rate margin is 0 basis points and the Term SOFR margin is 0.85%. | ||
Unsecured term loan | $ | $ 1,200,000 | ||
2023 Unsecured Term Loan | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Number of Additional Term Loans | 1 | ||
2023 Unsecured Term Loan | Fed Funds Effective Rate Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.50% | ||
2023 Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1% | ||
2023 Unsecured Term Loan | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0% | ||
2023 Unsecured Term Loan | Base Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.60% | ||
2023 Unsecured Term Loan | Base Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0% | ||
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | 0.85% | |
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.60% | ||
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.75% |
2021 Credit Facility and 2023 U
2021 Credit Facility and 2023 Unsecured Term Loan Compliance (Details) - 2021 Credit Facility and 2023 Unsecured Term Loan [Member] | 6 Months Ended |
Jun. 30, 2023 | |
Debt Instrument [Line Items] | |
Debt Instrument, Covenant Description | Among other covenants, the 2021 Credit Facility and the 2023 Unsecured Term Loan require that BPLP 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. |
Leverage ratio | 60% |
Leverage ratio - maximum | 65% |
Secured debt leverage ratio - maximum | 55% |
Fixed charge coverage - minimum | 1.40 |
Unsecured debt leverage ratio | 60% |
Unsecured debt leverage ratio - maximum | 65% |
Unsecured debt interest coverage ratio | 1.75 |
Debt Instrument, Covenant Compliance | At June 30, 2023, BPLP was in compliance with each of these financial and other covenant requirements. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - Interest Rate Swap - USD ($) $ in Thousands | 3 Months Ended | ||
May 02, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | |||
Derivative, Swap Type | Interest Rate Swaps | ||
Derivative, Notional Amount | $ 1,200,000 | $ 1,200,000 | |
Derivative, Maturity Date | May 16, 2024 | May 16, 2024 | |
Fair Value Hedge Assets | $ 6,445 | $ 0 | |
Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative, Fixed Interest Rate | 4.638% | ||
Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, Fixed Interest Rate | 4.646% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 02, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Derivative [Line Items] | ||||||
Interest Expense | $ 142,473 | $ 104,142 | $ 276,680 | $ 205,370 | ||
Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | May 02, 2023 | |||||
Derivative, Notional Amount | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | ||
Derivative, Average Fixed Interest Rate | 4.642% | |||||
Derivative, Maturity Date | May 16, 2024 | May 16, 2024 | ||||
Derivative, Number of Instruments Held | 4 | |||||
Interest Expense | $ (900) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | [1] | $ 14,965 | $ 35 | $ 8,427 | $ 7,600 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | [2] | 1,674 | 1,677 | 3,349 | 3,353 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 | $ 0 | $ 0 | |
[1]Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties.[2]Consists of amounts from previous interest rate programs. |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) ft² Real_Estate_Properties | |
Commitments And Contingencies [Line Items] | |
Letter of credit and performance obligations | $ 21,600 |
Property insurance program per occurrence limits | 1,000,000 |
Per occurrence limit for NBCR Coverage | 1,000,000 |
Value of program trigger | $ 200,000 |
Coinsurance of program trigger | 20% |
Program trigger deductible | 20% |
Per occurrence limit of the earthquake insurance which covers San Francisco and Los Angeles regions | $ 330,000 |
Annual aggregate limit of the earthquake insurance which covers San Francisco and Los Angeles regions | 330,000 |
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco and Los Angeles | $ 30,000 |
Deductible in insurance as a percentage of the value of the affected property, San Francisco and Los Angeles | 5% |
Per Occurrence Limit of Earthquake Insurance Seattle | $ 110,000 |
Annual Aggregate Limit of Earthquake Insurance Seattle | $ 110,000 |
Earthquake Deductible Insurance Percentage of Value of the Affected Property Seattle | 2% |
Boston Properties Limited Partnership | |
Commitments And Contingencies [Line Items] | |
Operating partnership guarantee to cover liabilities of IXP | $ 20,000 |
767 Venture, LLC [Member] | |
Commitments And Contingencies [Line Items] | |
Maximum funding obligation | 11,200 |
Property insurance program per occurrence limits | 1,625,000 |
601 Lexington Avenue | |
Commitments And Contingencies [Line Items] | |
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP | 1,350,000 |
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Property and Terrorism | 750,000 |
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Terrorism | 600,000 |
Sum of Coverage Covered by IXP and Excess Coverage for Property and Terrorism | $ 1,750,000 |
Residential Properties [Member] | Scenario, Plan | |
Commitments And Contingencies [Line Items] | |
Net Rentable Area (in sf) | ft² | 400,000 |
Office and Life Sciences Building [Member] | |
Commitments And Contingencies [Line Items] | |
Number of real estate properties | Real_Estate_Properties | 170 |
Office and Life Sciences Building [Member] | Scenario, Plan | |
Commitments And Contingencies [Line Items] | |
Net Rentable Area (in sf) | ft² | 1,100,000 |
Number of real estate properties | 2 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - Boston Properties Limited Partnership | Jun. 30, 2023 shares |
OP Units [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 16,522,540 |
LTIP Units [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 2,135,852 |
2012 OPP and 2013-2020 MYLTIP [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 514,715 |
MYLTIP 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 349,267 |
MYLTIP 2022 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 252,151 |
MYLTIP 2023 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 322,053 |
(Common Units) (Narrative) (Det
(Common Units) (Narrative) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | |||
Feb. 07, 2023 USD ($) | Feb. 03, 2023 USD ($) shares | Jun. 30, 2023 USD ($) yr $ / shares shares | Dec. 31, 2022 USD ($) | |
Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ | $ 1,135,053 | $ 1,280,886 | ||
MYLTIP | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Vesting Period | 3 years | |||
Unvested MYLTIP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
unvested MYLTIP distributions as compared to total distributions (percentage) | 10% | |||
MYLTIP 2021 | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 349,267 | |||
MYLTIP 2020 [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Final awards percentage of target | 50% | |||
Value of MYLTIP Awards | $ | $ 3,800 | |||
Forfeitures, in units | 152,460 | |||
MYLTIP 2022 | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 252,151 | |||
MYLTIP 2023 | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Vesting Period | 3 years | |||
Value of MYLTIP Awards | $ | $ 13,100 | |||
MYLTIP 2023 | Boston Properties Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Outstanding | 322,053 | |||
OP Units [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
OP Units for redemption (in shares) | 21,346 | |||
Restriction on redemption of OP Unit to Common Stock (in years) | yr | 1 | |||
Redemption of OP Unit equivalent to Common Stock (in shares) | 1 | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ | $ 1,100,000 | |||
Closing price of common stock (in dollars per share) | $ / shares | $ 57.59 | |||
Vested 2012 OPP units and MYLTIPS | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
OP Units for redemption (in shares) | 21,346 |
Noncontrolling Interests Common
Noncontrolling Interests Common Units Distributions (Details) - $ / shares | Apr. 28, 2023 | Jan. 30, 2023 | Jul. 29, 2022 | Apr. 29, 2022 | Jan. 28, 2022 | Jun. 20, 2023 |
Dividends Payable [Line Items] | ||||||
Distributions Payable, Amount Per Unit | $ 0.98 | |||||
Dividends, Per Unit, Cash Paid | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | |
Boston Properties Limited Partnership | ||||||
Dividends Payable [Line Items] | ||||||
Distributions Payable, Amount Per Unit | 0.98 | |||||
Dividends, Per Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Op units and LTIP units | ||||||
Dividends Payable [Line Items] | ||||||
Distributions Payable, Amount Per Unit | 0.98 | |||||
Dividends, Per Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Unvested MYLTIP Units [Member] | ||||||
Dividends Payable [Line Items] | ||||||
Distributions Payable, Amount Per Unit | $ 0.098 | |||||
Dividends, Per Unit, Cash Paid | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 |
Noncontrolling Interests (Prope
Noncontrolling Interests (Property Partnerships) (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest in Limited Partnerships | $ 1,557,368 | $ 1,547,317 |
Stockholders' Equity _ Partne_3
Stockholders' Equity / Partners' Capital Narrative (Details) $ in Millions | 6 Months Ended | |||
May 17, 2023 USD ($) yr | Jun. 30, 2023 shares | Dec. 31, 2022 shares | May 22, 2020 USD ($) | |
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 156,853,400 | 156,757,867 | ||
General Partners' Capital Account, Units Outstanding (in units) | 1,755,118 | |||
Limited Partners' Capital Account, Units Outstanding (in units) | 155,098,282 | |||
Options exercised | 0 | |||
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares) | 21,346 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period | 103,641 | |||
Outstanding options | 0 | |||
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 |
Stockholders' Equity _ Partne_4
Stockholders' Equity / Partners' Capital Dividends / Distributions (Details) - $ / shares | Apr. 28, 2023 | Jan. 30, 2023 | Jul. 29, 2022 | Apr. 29, 2022 | Jan. 28, 2022 | Jun. 20, 2023 |
Dividends / Distributions [Line Items] | ||||||
Dividends Payable, Amount Per Share / Unit | $ 0.98 | |||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | |
Boston Properties Limited Partnership | ||||||
Dividends / Distributions [Line Items] | ||||||
Dividends Payable, Amount Per Share / Unit | 0.98 | |||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Op units and LTIP units | ||||||
Dividends / Distributions [Line Items] | ||||||
Dividends Payable, Amount Per Share / Unit | 0.98 | |||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Unvested MYLTIP Units [Member] | ||||||
Dividends / Distributions [Line Items] | ||||||
Dividends Payable, Amount Per Share / Unit | $ 0.098 | |||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 |
Segment Information (Schedule O
Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company | $ 104,299 | $ 222,989 | $ 182,215 | $ 366,044 |
Noncontrolling interest-common units of the Operating Partnership | (12,117) | (25,708) | (21,169) | (42,061) |
Noncontrolling interest in property partnerships | (19,768) | (18,546) | (38,428) | (36,095) |
Interest expense | (142,473) | (104,142) | (276,680) | (205,370) |
Company's share of net operating income from joint ventures | (503,489) | (484,042) | (994,495) | (953,358) |
Depreciation and amortization expense | (202,577) | (183,146) | (411,311) | (360,770) |
Transaction costs | (308) | (496) | (1,219) | (496) |
General and administrative expense | (44,175) | (34,665) | (99,977) | (77,859) |
Unrealized Gain (Loss) on Investments | (124) | 0 | (383) | 0 |
Gains (losses) from investments in securities | (1,571) | 4,716 | (3,236) | 6,978 |
Interest and other income (loss) | (17,343) | (1,195) | (28,284) | (2,423) |
Gains on sales of real estate | 0 | (96,247) | 0 | (118,948) |
Income (loss) from unconsolidated joint ventures | 6,668 | 54 | 14,237 | (2,135) |
Other Income - assignment fee | 0 | (6,624) | 0 | (6,624) |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company | 104,299 | 222,989 | 182,215 | 366,044 |
Noncontrolling interest-common units of the Operating Partnership | 12,117 | 25,708 | 21,169 | 42,061 |
Noncontrolling interest in property partnerships | 19,768 | 18,546 | 38,428 | 36,095 |
Interest expense | 142,473 | 104,142 | 276,680 | 205,370 |
Depreciation and amortization expense | 202,577 | 183,146 | 411,311 | 360,770 |
Transaction costs | 308 | 496 | 1,219 | 496 |
Operating expense | 4,609 | 3,239 | 9,844 | 7,304 |
General and administrative expense | 44,175 | 34,665 | 99,977 | 77,859 |
Unrealized Gain (Loss) on Investments | 124 | 0 | 383 | 0 |
Gains (losses) from investments in securities | 1,571 | (4,716) | 3,236 | (6,978) |
Interest and other income (loss) | 17,343 | 1,195 | 28,284 | 2,423 |
Gains on sales of real estate | 0 | 96,247 | 0 | 118,948 |
Income (loss) from unconsolidated joint ventures | (6,668) | (54) | (14,237) | 2,135 |
Other Income - assignment fee | 0 | 6,624 | 0 | 6,624 |
Other revenue | 4,609 | 3,239 | 9,844 | 7,304 |
Company's share of Net Operating Income | 497,785 | 471,890 | 982,450 | 931,472 |
Unconsolidated Joint Ventures [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Interest expense | (58,799) | (32,219) | (116,049) | (62,592) |
Depreciation and amortization expense | (51,233) | (43,293) | (101,211) | (87,957) |
Transaction costs | (27) | (811) | (101) | (811) |
Income (loss) from unconsolidated joint ventures | 6,668 | 54 | 14,237 | (2,135) |
Unconsolidated Joint Ventures [Member] | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | 42,254 | 35,710 | 83,010 | 73,031 |
Boston Properties Limited Partnership | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company | 118,098 | 253,788 | 206,928 | 415,617 |
Noncontrolling interest in property partnerships | (19,768) | (18,546) | (38,428) | (36,095) |
Interest expense | (142,473) | (104,142) | (276,680) | (205,370) |
Depreciation and amortization expense | (200,895) | (181,416) | (407,767) | (357,302) |
Transaction costs | (308) | (496) | (1,219) | (496) |
General and administrative expense | (44,175) | (34,665) | (99,977) | (77,859) |
Unrealized Gain (Loss) on Investments | (124) | 0 | (383) | 0 |
Gains (losses) from investments in securities | (1,571) | 4,716 | (3,236) | 6,978 |
Interest and other income (loss) | (17,343) | (1,195) | (28,284) | (2,423) |
Gains on sales of real estate | 0 | (99,608) | 0 | (122,992) |
Income (loss) from unconsolidated joint ventures | 6,668 | 54 | 14,237 | (2,135) |
Other Income - assignment fee | 0 | (6,624) | 0 | (6,624) |
Boston Properties Limited Partnership | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net income attributable to the Company | 118,098 | 253,788 | 206,928 | 415,617 |
Noncontrolling interest in property partnerships | 19,768 | 18,546 | 38,428 | 36,095 |
Interest expense | 142,473 | 104,142 | 276,680 | 205,370 |
Depreciation and amortization expense | 200,895 | 181,416 | 407,767 | 357,302 |
Transaction costs | 308 | 496 | 1,219 | 496 |
Operating expense | 4,609 | 3,239 | 9,844 | 7,304 |
General and administrative expense | 44,175 | 34,665 | 99,977 | 77,859 |
Unrealized Gain (Loss) on Investments | 124 | 0 | 383 | 0 |
Gains (losses) from investments in securities | 1,571 | (4,716) | 3,236 | (6,978) |
Interest and other income (loss) | 17,343 | 1,195 | 28,284 | 2,423 |
Gains on sales of real estate | 0 | 99,608 | 0 | 122,992 |
Income (loss) from unconsolidated joint ventures | (6,668) | (54) | (14,237) | 2,135 |
Other Income - assignment fee | 0 | 6,624 | 0 | 6,624 |
Other revenue | 4,609 | 3,239 | 9,844 | 7,304 |
Company's share of Net Operating Income | 497,785 | 471,890 | 982,450 | 931,472 |
Management Service [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | (9,858) | (6,354) | (18,838) | (12,185) |
Management Service [Member] | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | 9,858 | 6,354 | 18,838 | 12,185 |
Management Service [Member] | Boston Properties Limited Partnership | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | (9,858) | (6,354) | (18,838) | (12,185) |
Management Service [Member] | Boston Properties Limited Partnership | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other revenue | 9,858 | 6,354 | 18,838 | 12,185 |
Noncontrolling interest - property partnerships [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | 47,958 | 47,862 | 95,055 | 94,917 |
Noncontrolling interest - property partnerships [Member] | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | 47,958 | 47,862 | 95,055 | 94,917 |
Noncontrolling interest - property partnerships [Member] | Boston Properties Limited Partnership | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Company's share of net operating income from joint ventures | $ 47,958 | $ 47,862 | $ 95,055 | $ 94,917 |
Segment Information (Schedule_2
Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | $ 776,464 | [1] | $ 735,333 | [1] | $ 1,545,622 | [2] | $ 1,462,221 | [2] |
Rental Revenue: Residential | 12,253 | [1] | 16,912 | [1] | 23,979 | [2] | 29,878 | [2] |
Rental Revenue Total | $ 802,686 | [1] | $ 764,334 | [1] | $ 1,591,671 | [2] | $ 1,508,745 | [2] |
Rental Revenue: % of Grand Totals | 100% | 100% | 100% | 100% | ||||
Rental Expenses: Class A Office | $ 285,253 | $ 264,030 | $ 571,098 | $ 527,853 | ||||
Rental Expenses: Residential | 5,783 | 9,818 | 11,246 | 16,250 | ||||
Rental Expenses: Total | $ 299,197 | $ 280,292 | $ 597,176 | $ 555,387 | ||||
Rental Expenses: % Of Grand Totals | 100% | 100% | 100% | 100% | ||||
Net Operating Income | $ 503,489 | $ 484,042 | $ 994,495 | $ 953,358 | ||||
Net Operating Income: % of Grand Totals | 100% | 100% | 100% | 100% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 100% | 100% | 100% | 100% | ||||
Boston [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | $ 269,464 | [1] | $ 244,936 | [1] | $ 539,415 | [2] | $ 487,014 | [2] |
Rental Revenue: Residential | 4,124 | [1] | 3,748 | [1] | 8,173 | [2] | 7,344 | [2] |
Rental Revenue Total | $ 287,557 | [1] | $ 260,773 | [1] | $ 569,658 | [2] | $ 511,004 | [2] |
Rental Revenue: % of Grand Totals | 35.83% | 34.11% | 35.79% | 33.87% | ||||
Rental Expenses: Class A Office | $ 95,597 | $ 87,027 | $ 195,646 | $ 177,555 | ||||
Rental Expenses: Residential | 1,601 | 1,492 | 3,153 | 2,929 | ||||
Rental Expenses: Total | $ 105,359 | $ 94,963 | $ 213,631 | $ 191,768 | ||||
Rental Expenses: % Of Grand Totals | 35.21% | 33.88% | 35.78% | 34.53% | ||||
Net Operating Income | $ 182,198 | $ 165,810 | $ 356,027 | $ 319,236 | ||||
Net Operating Income: % of Grand Totals | 36.19% | 34.25% | 35.80% | 33.49% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 36.08% | 34.44% | 35.75% | 33.70% | ||||
Los Angeles [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | $ 0 | [1] | $ 0 | [1] | $ 0 | [2] | $ 0 | [2] |
Rental Revenue: Residential | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] |
Rental Revenue Total | $ 0 | [1] | $ 0 | [1] | $ 0 | [2] | $ 0 | [2] |
Rental Revenue: % of Grand Totals | 0% | 0% | 0% | 0% | ||||
Rental Expenses: Class A Office | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||
Rental Expenses: Total | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Rental Expenses: % Of Grand Totals | 0% | 0% | 0% | 0% | ||||
Net Operating Income | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Net Operating Income: % of Grand Totals | 0% | 0% | 0% | 0% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 2.56% | 2.81% | 2.65% | 2.90% | ||||
New York [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | $ 262,979 | [1] | $ 254,264 | [1] | $ 521,171 | [2] | $ 511,134 | [2] |
Rental Revenue: Residential | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] |
Rental Revenue Total | $ 262,979 | [1] | $ 254,264 | [1] | $ 521,171 | [2] | $ 511,134 | [2] |
Rental Revenue: % of Grand Totals | 32.76% | 33.27% | 32.74% | 33.88% | ||||
Rental Expenses: Class A Office | $ 102,948 | $ 95,363 | $ 205,433 | $ 191,703 | ||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||
Rental Expenses: Total | $ 102,948 | $ 95,363 | $ 205,433 | $ 191,703 | ||||
Rental Expenses: % Of Grand Totals | 34.41% | 34.02% | 34.40% | 34.52% | ||||
Net Operating Income | $ 160,031 | $ 158,901 | $ 315,738 | $ 319,431 | ||||
Net Operating Income: % of Grand Totals | 31.78% | 32.83% | 31.75% | 33.51% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 25.47% | 25.95% | 25.43% | 26.57% | ||||
San Francisco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | $ 136,241 | [1] | $ 133,707 | [1] | $ 272,334 | [2] | $ 266,082 | [2] |
Rental Revenue: Residential | 3,864 | [1] | 5,850 | [1] | 7,506 | [2] | 8,241 | [2] |
Rental Revenue Total | $ 140,105 | [1] | $ 139,557 | [1] | $ 279,840 | [2] | $ 274,323 | [2] |
Rental Revenue: % of Grand Totals | 17.45% | 18.26% | 17.58% | 18.18% | ||||
Rental Expenses: Class A Office | $ 48,197 | $ 45,201 | $ 94,282 | $ 88,609 | ||||
Rental Expenses: Residential | 2,215 | 5,145 | 4,388 | 7,013 | ||||
Rental Expenses: Total | $ 50,412 | $ 50,346 | $ 98,670 | $ 95,622 | ||||
Rental Expenses: % Of Grand Totals | 16.85% | 17.96% | 16.52% | 17.22% | ||||
Net Operating Income | $ 89,693 | $ 89,211 | $ 181,170 | $ 178,701 | ||||
Net Operating Income: % of Grand Totals | 17.81% | 18.43% | 18.22% | 18.74% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 18.69% | 19.58% | 19.13% | 19.87% | ||||
Seattle | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | $ 17,060 | [1] | $ 6,472 | $ 31,318 | [2] | $ 6,472 | [2] | |
Rental Revenue: Residential | 0 | [1] | 0 | 0 | [2] | 0 | [2] | |
Rental Revenue Total | $ 17,060 | [1] | $ 6,472 | $ 31,318 | [2] | $ 6,472 | [2] | |
Rental Revenue: % of Grand Totals | 2.13% | 0.85% | 1.97% | 0.43% | ||||
Rental Expenses: Class A Office | $ 3,082 | $ 1,680 | $ 6,042 | $ 1,680 | ||||
Rental Expenses: Residential | 0 | 0 | 0 | 0 | ||||
Rental Expenses: Total | $ 3,082 | $ 1,680 | $ 6,042 | $ 1,680 | ||||
Rental Expenses: % Of Grand Totals | 1.03% | 0.60% | 1.01% | 0.30% | ||||
Net Operating Income | $ 13,978 | $ 4,792 | $ 25,276 | $ 4,792 | ||||
Net Operating Income: % of Grand Totals | 2.78% | 0.99% | 2.54% | 0.50% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 3.19% | 1.43% | 2.95% | 0.93% | ||||
Washington, DC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental Revenue: Class A Office | $ 90,720 | [1] | $ 95,954 | [1] | $ 181,384 | [2] | $ 191,519 | [2] |
Rental Revenue: Residential | 4,265 | [1] | 7,314 | [1] | 8,300 | [2] | 14,293 | [2] |
Rental Revenue Total | $ 94,985 | [1] | $ 103,268 | [1] | $ 189,684 | [2] | $ 205,812 | [2] |
Rental Revenue: % of Grand Totals | 11.83% | 13.51% | 11.92% | 13.64% | ||||
Rental Expenses: Class A Office | $ 35,429 | $ 34,759 | $ 69,695 | $ 68,306 | ||||
Rental Expenses: Residential | 1,967 | 3,181 | 3,705 | 6,308 | ||||
Rental Expenses: Total | $ 37,396 | $ 37,940 | $ 73,400 | $ 74,614 | ||||
Rental Expenses: % Of Grand Totals | 12.50% | 13.54% | 12.29% | 13.43% | ||||
Net Operating Income | $ 57,589 | $ 65,328 | $ 116,284 | $ 131,198 | ||||
Net Operating Income: % of Grand Totals | 11.44% | 13.50% | 11.69% | 13.76% | ||||
Company's Share of Net Operating Income: % of Grand Totals | 14.01% | 15.79% | 14.09% | 16.03% | ||||
Hotel [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | $ 13,969 | [1] | $ 12,089 | [1] | $ 22,070 | [2] | $ 16,646 | [2] |
Operating expense | 8,161 | 6,444 | 14,832 | 11,284 | ||||
Hotel [Member] | Boston [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | 13,969 | [1] | 12,089 | [1] | 22,070 | [2] | 16,646 | [2] |
Operating expense | 8,161 | 6,444 | 14,832 | 11,284 | ||||
Hotel [Member] | Los Angeles [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] |
Operating expense | 0 | 0 | 0 | 0 | ||||
Hotel [Member] | New York [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] |
Operating expense | 0 | 0 | 0 | 0 | ||||
Hotel [Member] | San Francisco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] |
Operating expense | 0 | 0 | 0 | 0 | ||||
Hotel [Member] | Seattle | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | 0 | [1] | 0 | 0 | [2] | 0 | [2] | |
Operating expense | 0 | 0 | 0 | 0 | ||||
Hotel [Member] | Washington, DC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] |
Operating expense | 0 | 0 | 0 | 0 | ||||
Noncontrolling interest - property partnerships [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | (47,958) | (47,862) | (95,055) | (94,917) | ||||
Noncontrolling interest - property partnerships [Member] | Boston [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | (11,343) | (11,377) | (22,160) | (23,112) | ||||
Noncontrolling interest - property partnerships [Member] | Los Angeles [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||
Noncontrolling interest - property partnerships [Member] | New York [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | (36,615) | (36,485) | (72,895) | (71,805) | ||||
Noncontrolling interest - property partnerships [Member] | San Francisco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||
Noncontrolling interest - property partnerships [Member] | Seattle | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||
Noncontrolling interest - property partnerships [Member] | Washington, DC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 0 | 0 | 0 | 0 | ||||
Unconsolidated Joint Ventures [Member] | Boston [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 8,771 | 8,134 | 17,348 | 17,827 | ||||
Unconsolidated Joint Ventures [Member] | Los Angeles [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 12,768 | 13,247 | 25,993 | 27,004 | ||||
Unconsolidated Joint Ventures [Member] | New York [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 3,363 | 18 | 7,013 | (138) | ||||
Unconsolidated Joint Ventures [Member] | San Francisco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 3,332 | 3,183 | 6,796 | 6,364 | ||||
Unconsolidated Joint Ventures [Member] | Seattle | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 1,878 | 1,944 | 3,724 | 3,899 | ||||
Unconsolidated Joint Ventures [Member] | Washington, DC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 12,142 | 9,184 | 22,136 | 18,075 | ||||
Company's Share [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 497,785 | 471,890 | 982,450 | 931,472 | ||||
Company's Share [Member] | Boston [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 179,626 | 162,567 | 351,215 | 313,951 | ||||
Company's Share [Member] | Los Angeles [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 12,768 | 13,247 | 25,993 | 27,004 | ||||
Company's Share [Member] | New York [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 126,779 | 122,434 | 249,856 | 247,488 | ||||
Company's Share [Member] | San Francisco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 93,025 | 92,394 | 187,966 | 185,065 | ||||
Company's Share [Member] | Seattle | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | 15,856 | 6,736 | 29,000 | 8,691 | ||||
Company's Share [Member] | Washington, DC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Operating Income | $ 69,731 | $ 74,512 | $ 138,420 | $ 149,273 | ||||
[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.[2]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_3
Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic Earnings: | ||||
Net income attributable to the Company | $ 104,299 | $ 222,989 | $ 182,215 | $ 366,044 |
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 156,826,000 | 156,720,000 | 156,815,000 | 156,685,000 |
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 0.67 | $ 1.42 | $ 1.16 | $ 2.33 |
Allocation of undistributed earnings to participating securities | $ (267) | $ (236) | ||
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | 0 | ||
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 0 | $ 0 | ||
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic | $ 222,722 | $ 365,808 | ||
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares) | 156,720,000 | 156,685,000 | ||
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 0.67 | $ 1.42 | $ 1.16 | $ 2.33 |
Effect of Dilutive Securities: | ||||
Stock Based Compensation | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 392,000 | 472,000 | 316,000 | 413,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ (0.01) | $ 0 | $ 0 | $ 0 |
Diluted Earnings: | ||||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 104,299 | $ 222,722 | $ 182,215 | $ 365,808 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 157,218,000 | 157,192,000 | 157,131,000 | 157,098,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.66 | $ 1.42 | $ 1.16 | $ 2.33 |
Boston Properties Limited Partnership | ||||
Redeemable Common Units | 17,922,000 | 17,672,000 | 17,878,000 | 17,638,000 |
Basic Earnings: | ||||
Net income attributable to the Company | $ 118,098 | $ 253,788 | $ 206,928 | $ 415,617 |
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 174,748,000 | 174,392,000 | 174,693,000 | 174,323,000 |
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 0.68 | $ 1.45 | $ 1.18 | $ 2.38 |
Allocation of undistributed earnings to participating securities | $ (297) | $ (263) | ||
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | 0 | ||
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 0 | $ 0 | ||
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic | $ 253,491 | $ 415,354 | ||
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares) | 174,392,000 | 174,323,000 | ||
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 0.68 | $ 1.45 | $ 1.18 | $ 2.38 |
Effect of Dilutive Securities: | ||||
Stock Based Compensation | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 392,000 | 472,000 | 316,000 | 413,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ (0.01) | $ 0 | $ 0 | $ 0 |
Diluted Earnings: | ||||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 118,098 | $ 253,491 | $ 206,928 | $ 415,354 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 175,140,000 | 174,864,000 | 175,009,000 | 174,736,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 0.67 | $ 1.45 | $ 1.18 | $ 2.38 |
Stock Option and Incentive Pl_2
Stock Option and Incentive Plan (Narrative) (Details) - USD ($) $ in Thousands | Feb. 07, 2023 | Feb. 03, 2023 |
MYLTIP 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Value of MYLTIP Awards | $ 3,800 | |
Final awards percentage of target | 50% | |
Forfeitures, in units | 152,460 | |
MYLTIP 2023 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The 2023 MYLTIP awards consist of two, equally weighted (50% each) components that utilize BXP’s TSR over a three-year measurement period as the performance metric. | |
Distributions percent before measurement date | 10% | |
Vesting Period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Earned awards (if any) will vest 100% on February 6, 2026, but, in general, may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. | |
Value of MYLTIP Awards | $ 13,100 | |
Minimum [Member] | MYLTIP 2023 | Boston Properties Limited Partnership | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 0 | |
Maximum [Member] | MYLTIP 2023 | Boston Properties Limited Partnership | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 322,053 | |
Target | MYLTIP 2023 | Boston Properties Limited Partnership | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 161,026 |
Stock Option and Incentive Pl_3
Stock Option and Incentive Plan Stock and Units (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued | shares | 156,932,300 | 156,932,300 | 156,836,767 | ||
Stock based compensation expense | $ 14,900 | $ 14,600 | $ 40,900 | $ 35,500 | |
Common Stock, Value, Issued | $ 1,569 | $ 1,569 | $ 1,568 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued | shares | 73,414 | 73,414 | |||
LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Value Of LTIP Units Issued | $ 29,200 | ||||
Unvested Restricted stock and LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Annual Installments for Vesting | 4 | ||||
Boston Properties Limited Partnership | LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
LTIP units issued (in shares) | shares | 427,176 | 427,176 | |||
Boston Properties Limited Partnership | MYLTIP 2023 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued | shares | 322,053 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee and director payment per share (in dollars per share) | $ / shares | $ 0.01 | ||||
Common Stock, Value, Issued | $ 5,400 | $ 5,400 | |||
LTIP and MYLTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee and director payment per share (in dollars per share) | $ / shares | $ 0.25 | ||||
Ltips (including vested MYLTIPS) And Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expenses | 29,200 | $ 29,200 | |||
Unvested MYLTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expenses | $ 800 | $ 800 | |||
Weighted-average period (years) | 2 years 8 months 12 days |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Aug. 01, 2023 ft² | Jul. 28, 2023 USD ($) ft² Integer | Jul. 27, 2023 USD ($) | Jul. 20, 2023 ft² | Jun. 30, 2023 |
Office Tower Developer LLC | |||||
Subsequent Event [Line Items] | |||||
Ownership Percentage | 50% | ||||
Subsequent Event [Member] | 140 Kendrick Street - Building A | |||||
Subsequent Event [Line Items] | |||||
Net Rentable Area (in sf) | 104,000 | ||||
Subsequent Event [Member] | 100 Causeway Street [Member] | Unconsolidated Properties | |||||
Subsequent Event [Line Items] | |||||
Net Rentable Area (in sf) | 634,000 | ||||
Leased percentage | 95% | ||||
Subsequent Event [Member] | 100 Causeway Street [Member] | Office Tower Developer LLC | |||||
Subsequent Event [Line Items] | |||||
Ownership Percentage | 50% | ||||
Subsequent Event [Member] | 100 Causeway Street [Member] | Construction Loans | |||||
Subsequent Event [Line Items] | |||||
Debt | $ | $ 336,600 | $ 340,600 | |||
Extension Option (in years) | Integer | 1 | ||||
Repayments of Construction Loans Payable | $ | $ 4,000 | ||||
Subsequent Event [Member] | 100 Causeway Street [Member] | Construction Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | Term SOFR | Term SOFR | |||
Debt Instrument, Basis Spread on Variable Rate | 1.48% | 1.60% | |||
Subsequent Event [Member] | 100 Causeway Street [Member] | Extended Maturity | Construction Loans | |||||
Subsequent Event [Line Items] | |||||
Fiscal Period Duration | 1 year | ||||
Subsequent Event [Member] | 343 Madison Avenue | |||||
Subsequent Event [Line Items] | |||||
Ownership Percentage | 55% | ||||
Subsequent Event [Member] | 343 Madison Avenue | Unconsolidated Properties | |||||
Subsequent Event [Line Items] | |||||
Net Rentable Area (in sf) | 900,000 | ||||
Subsequent Event [Member] | 343 Madison Avenue | Ground Lease Term of Contract | Unconsolidated Properties | |||||
Subsequent Event [Line Items] | |||||
Fiscal Period Duration | 99 years | ||||
Land Subject to Ground Leases | 25,000 | ||||
Subsequent Event [Member] | Unconsolidated Joint Ventures [Member] | 343 Madison Avenue | |||||
Subsequent Event [Line Items] | |||||
Ownership Percentage | 45% |