| Segment Reporting Disclosure [Text Block] | 11. Segment Information The following tables present reconciliations of Net Income Attributable to BXP, 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, 2024 and 2023. BXP Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Net income attributable to BXP, Inc. $ 79,615 $ 104,299 $ 159,498 $ 182,215 Add: Noncontrolling interest—common units of the Operating Partnership 9,509 12,117 19,009 21,169 Noncontrolling interests in property partnerships 17,825 19,768 35,046 38,428 Interest expense 149,642 142,473 311,533 276,680 Impairment loss — — 13,615 — Net operating income from unconsolidated joint ventures 31,587 42,254 67,017 83,010 Depreciation and amortization expense 219,542 202,577 438,258 411,311 Transaction costs 189 308 702 1,219 Payroll and related costs from management services contracts 4,148 4,609 8,441 9,844 General and administrative expense 44,109 44,175 94,127 99,977 Less: Net operating income attributable to noncontrolling interests in property partnerships 47,391 47,958 93,961 95,055 Unrealized gain on non-real estate investment 58 124 454 383 Gains from investments in securities 315 1,571 2,587 3,236 Interest and other income (loss) 10,788 17,343 25,317 28,284 Income (loss) from unconsolidated joint ventures (5,799) (6,668) 13,387 (14,237) Direct reimbursements of payroll and related costs from management services contracts 4,148 4,609 8,441 9,844 Development and management services revenue 6,352 9,858 12,506 18,838 Company’s share of Net Operating Income $ 492,913 $ 497,785 $ 990,593 $ 982,450 BPLP Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Net income attributable to Boston Properties Limited Partnership $ 90,827 $ 118,098 $ 181,907 $ 206,928 Add: Noncontrolling interests in property partnerships 17,825 19,768 35,046 38,428 Interest expense 149,642 142,473 311,533 276,680 Impairment loss — — 13,615 — Net operating income from unconsolidated joint ventures 31,587 42,254 67,017 83,010 Depreciation and amortization expense 217,839 200,895 434,858 407,767 Transaction costs 189 308 702 1,219 Payroll and related costs from management services contracts 4,148 4,609 8,441 9,844 General and administrative expense 44,109 44,175 94,127 99,977 Less: Net operating income attributable to noncontrolling interests in property partnerships 47,391 47,958 93,961 95,055 Unrealized gain on non-real estate investment 58 124 454 383 Gains from investments in securities 315 1,571 2,587 3,236 Interest and other income (loss) 10,788 17,343 25,317 28,284 Income (loss) from unconsolidated joint ventures (5,799) (6,668) 13,387 (14,237) Direct reimbursements of payroll and related costs from management services contracts 4,148 4,609 8,441 9,844 Development and management services revenue 6,352 9,858 12,506 18,838 Company’s share of Net Operating Income $ 492,913 $ 497,785 $ 990,593 $ 982,450 Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to BXP, 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, impairment loss, 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 from investments in securities, interest and other income (loss), 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 BXP, 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, unrealized gain on derivative instruments and gain on sale / consolidation, all 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, impairment loss, 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 from investments in securities, interest and other income (loss), 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, 2024: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 285,352 $ 18,472 $ 261,805 $ 131,709 $ 10,520 $ 105,086 $ 812,944 Residential 4,272 — — 3,318 — 4,636 12,226 Hotel 14,812 — — — — — 14,812 Total 304,436 18,472 261,805 135,027 10,520 109,722 839,982 % of Grand Totals 36.25 % 2.20 % 31.17 % 16.07 % 1.25 % 13.06 % 100.00 % Rental Expenses: Premier Workplace 108,908 6,767 108,476 48,668 3,290 39,578 315,687 Residential 1,543 — — 2,169 — 2,027 5,739 Hotel 9,839 — — — — — 9,839 Total 120,290 6,767 108,476 50,837 3,290 41,605 331,265 % of Grand Totals 36.31 % 2.04 % 32.75 % 15.35 % 0.99 % 12.56 % 100.00 % Net operating income $ 184,146 $ 11,705 $ 153,329 $ 84,190 $ 7,230 $ 68,117 $ 508,717 % of Grand Totals 36.20 % 2.30 % 30.14 % 16.55 % 1.42 % 13.39 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (10,924) — (36,467) — — — (47,391) Add: Company’s share of net operating income from unconsolidated joint ventures 8,691 7,035 3,158 4,411 1,938 6,354 31,587 Company’s share of net operating income $ 181,913 $ 18,740 $ 120,020 $ 88,601 $ 9,168 $ 74,471 $ 492,913 % of Grand Totals 36.91 % 3.80 % 24.35 % 17.97 % 1.86 % 15.11 % 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, 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 six months ended June 30, 2024: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 565,818 $ 38,873 $ 522,614 $ 264,323 $ 21,430 $ 208,008 $ 1,621,066 Residential 8,468 — — 7,276 — 9,166 24,910 Hotel 22,998 — — — — — 22,998 Total 597,284 38,873 522,614 271,599 21,430 217,174 1,668,974 % of Grand Totals 35.80 % 2.33 % 31.31 % 16.27 % 1.28 % 13.01 % 100.00 % Rental Expenses: Premier Workplace 214,079 13,334 215,957 95,610 6,371 78,807 624,158 Residential 3,136 — — 4,387 — 3,902 11,425 Hotel 15,854 — — — — — 15,854 Total 233,069 13,334 215,957 99,997 6,371 82,709 651,437 % of Grand Totals 35.77 % 2.05 % 33.15 % 15.35 % 0.98 % 12.70 % 100.00 % Net operating income $ 364,215 $ 25,539 $ 306,657 $ 171,602 $ 15,059 $ 134,465 $ 1,017,537 % of Grand Totals 35.80 % 2.51 % 30.14 % 16.86 % 1.48 % 13.21 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (21,980) — (71,981) — — — (93,961) Add: Company’s share of net operating income from unconsolidated joint ventures 17,448 14,283 9,142 9,565 3,814 12,765 67,017 Company’s share of net operating income $ 359,683 $ 39,822 $ 243,818 $ 181,167 $ 18,873 $ 147,230 $ 990,593 % of Grand Totals 36.31 % 4.02 % 24.61 % 18.29 % 1.91 % 14.86 % 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, 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 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. |
