Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
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 | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-2473675 | ||
Entity Address, Address Line One | Prudential Center, 800 Boylston Street, Suite 1900 | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02199-8103 | ||
City Area Code | 617 | ||
Local Phone Number | 236-3300 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14,037,034,481 | ||
Entity Common Stock, Shares Outstanding | 155,805,646 | ||
Documents Incorporated by Reference | Certain information contained in Boston Properties Inc.’s Proxy Statement relating to its Annual Meeting of Stockholders to be held M ay 20, 2021 is incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III. Boston Properties, Inc. intends to file such Proxy Stat | ||
Boston Properties Limited Partnership | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
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 | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3372948 | ||
Title of 12(g) Security | Units of Limited Partnership | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | BXP | ||
Security Exchange Name | NYSE | ||
Entity Listing, Par Value Per Share | $ 0.01 | ||
5.25% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depository Shares Each Representing 1/100th of a share | ||
Trading Symbol | BXP PRB | ||
Security Exchange Name | NYSE | ||
Entity Listing, Par Value Per Share | $ 0.01 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,592,019 and $6,497,031 at December 31, 2020 and December 31, 2019, respectively) | $ 22,969,110 | $ 22,502,976 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2020 and December 31, 2019, respectively) | 237,393 | 237,394 |
Right of use assets - operating leases | 146,406 | 148,640 |
Less: accumulated depreciation (amounts related to VIEs of $(1,158,548) and $(1,058,495) at December 31, 2020 and December 31, 2019, respectively) | (5,534,102) | (5,266,798) |
Total real estate | 17,818,807 | 17,622,212 |
Cash and cash equivalents (amounts related to VIEs of $340,642 and $280,033 at December 31, 2020 and December 31, 2019, respectively) | 1,668,742 | 644,950 |
Cash held in escrows | 50,587 | 46,936 |
Investments in securities | 39,457 | 36,747 |
Tenant and other receivables, net (amounts related to VIEs of $10,911 and $28,918 at December 31, 2020 and December 31, 2019, respectively) | 77,411 | 112,807 |
Related party note receivable, net | 77,552 | 80,000 |
Notes receivable, net | 18,729 | 15,920 |
Accrued rental income, net (amounts related to VIEs of $336,594 and $298,318 at December 31, 2020 and December 31, 2019, respectively) | 1,122,502 | 1,038,788 |
Deferred charges, net (amounts related to VIEs of $183,306 and $214,769 at December 31, 2020 and December 31, 2019, respectively) | 640,085 | 689,213 |
Prepaid expenses and other assets (amounts related to VIEs of $13,137 and $20,931 at December 31, 2020 and December 31, 2019, respectively) | 33,840 | 41,685 |
Investments in unconsolidated joint ventures | 1,310,478 | 955,647 |
Total assets | 22,858,190 | 21,284,905 |
Liabilities: | ||
Mortgage notes payable, net (amounts related to VIEs of $2,907,590 and $2,918,806 at December 31, 2020 and December 31, 2019, respectively) | 2,909,081 | 2,922,408 |
Unsecured senior notes, net | 9,639,287 | 8,390,459 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 499,390 | 498,939 |
Lease liabilities - finance leases (amounts related to VIEs of $20,306 and $20,189 at December 31, 2020 and December 31, 2019, respectively) | 236,492 | 224,042 |
Lease liabilities - operating leases | 201,713 | 200,180 |
Accounts payable and accrued expenses (amounts related to VIEs of $23,128 and $45,777 at December 31, 2020 and December 31, 2019, respectively) | 336,264 | 377,553 |
Dividends and distributions payable | 171,082 | 170,713 |
Accrued interest payable | 106,288 | 90,016 |
Other liabilities (amounts related to VIEs of $158,805 and $140,110 at December 31, 2020 and December 31, 2019, respectively) | 412,084 | 387,994 |
Total liabilities | 14,511,681 | 13,262,304 |
Redeemable deferred stock units— 72,966 and 60,676 units outstanding at redemption value at December 31, 2020 and December 31, 2019, respectively | 6,897 | 8,365 |
Equity / Capital: | ||
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Preferred stock, $0.01 par value, 50,000,000 shares authorized; | ||
5.25% Series B cumulative redeemable preferred stock / units, liquidation preference $2,500 per share / unit, 80,000 shares / units issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 200,000 | 200,000 |
Common stock, $0.01 par value, 250,000,000 shares authorized, 155,797,725 and 154,869,198 issued and 155,718,825 and 154,790,298 outstanding at December 31, 2020 and December 31, 2019, respectively | 1,557 | 1,548 |
Additional paid-in capital | 6,356,791 | 6,294,719 |
Dividends in excess of earnings | (509,653) | (760,523) |
Treasury common stock at cost, 78,900 shares at December 31, 2020 and December 31, 2019 | (2,722) | (2,722) |
Accumulated other comprehensive loss | (49,890) | (48,335) |
Total stockholders' equity attributable to Boston Properties, Inc. | 5,996,083 | 5,684,687 |
Noncontrolling interests: | ||
Common units of the Operating Partnership | 616,596 | 600,860 |
Property partnerships | 1,726,933 | 1,728,689 |
Total equity / capital | 8,339,612 | 8,014,236 |
Total liabilities and equity / capital | 22,858,190 | 21,284,905 |
Boston Properties Limited Partnership | ||
ASSETS | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,592,019 and $6,497,031 at December 31, 2020 and December 31, 2019, respectively) | 22,592,301 | 22,107,755 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2020 and December 31, 2019, respectively) | 237,393 | 237,394 |
Right of use assets - operating leases | 146,406 | 148,640 |
Less: accumulated depreciation (amounts related to VIEs of $(1,158,548) and $(1,058,495) at December 31, 2020 and December 31, 2019, respectively) | (5,428,576) | (5,162,908) |
Total real estate | 17,547,524 | 17,330,881 |
Cash and cash equivalents (amounts related to VIEs of $340,642 and $280,033 at December 31, 2020 and December 31, 2019, respectively) | 1,668,742 | 644,950 |
Cash held in escrows | 50,587 | 46,936 |
Investments in securities | 39,457 | 36,747 |
Tenant and other receivables, net (amounts related to VIEs of $10,911 and $28,918 at December 31, 2020 and December 31, 2019, respectively) | 77,411 | 112,807 |
Related party note receivable, net | 77,552 | 80,000 |
Notes receivable, net | 18,729 | 15,920 |
Accrued rental income, net (amounts related to VIEs of $336,594 and $298,318 at December 31, 2020 and December 31, 2019, respectively) | 1,122,502 | 1,038,788 |
Deferred charges, net (amounts related to VIEs of $183,306 and $214,769 at December 31, 2020 and December 31, 2019, respectively) | 640,085 | 689,213 |
Prepaid expenses and other assets (amounts related to VIEs of $13,137 and $20,931 at December 31, 2020 and December 31, 2019, respectively) | 33,840 | 41,685 |
Investments in unconsolidated joint ventures | 1,310,478 | 955,647 |
Total assets | 22,586,907 | 20,993,574 |
Liabilities: | ||
Mortgage notes payable, net (amounts related to VIEs of $2,907,590 and $2,918,806 at December 31, 2020 and December 31, 2019, respectively) | 2,909,081 | 2,922,408 |
Unsecured senior notes, net | 9,639,287 | 8,390,459 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 499,390 | 498,939 |
Lease liabilities - finance leases (amounts related to VIEs of $20,306 and $20,189 at December 31, 2020 and December 31, 2019, respectively) | 236,492 | 224,042 |
Lease liabilities - operating leases | 201,713 | 200,180 |
Accounts payable and accrued expenses (amounts related to VIEs of $23,128 and $45,777 at December 31, 2020 and December 31, 2019, respectively) | 336,264 | 377,553 |
Dividends and distributions payable | 171,082 | 170,713 |
Accrued interest payable | 106,288 | 90,016 |
Other liabilities (amounts related to VIEs of $158,805 and $140,110 at December 31, 2020 and December 31, 2019, respectively) | 412,084 | 387,994 |
Total liabilities | 14,511,681 | 13,262,304 |
Redeemable deferred stock units— 72,966 and 60,676 units outstanding at redemption value at December 31, 2020 and December 31, 2019, respectively | 6,897 | 8,365 |
Redeemable partnership units— 16,037,121 and 16,764,466 common units and 1,336,115 and 1,143,215 long term incentive units outstanding at redemption value at December 31, 2020 and December 31, 2019, respectively | 1,643,024 | 2,468,753 |
Preferred stock, $0.01 par value, 50,000,000 shares authorized; | ||
5.25% Series B cumulative redeemable preferred stock / units, liquidation preference $2,500 per share / unit, 80,000 shares / units issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 193,623 | 193,623 |
Boston Properties Limited Partnership partners’ capital— 1,730,921 and 1,726,980 general partner units and 153,987,904 and 153,063,318 limited partner units outstanding at December 31, 2020 and December 31, 2019, respectively | 4,554,639 | 3,380,175 |
Accumulated other comprehensive loss | (49,890) | (48,335) |
Total partners’ capital | 4,698,372 | 3,525,463 |
Noncontrolling interests in property partnerships | 1,726,933 | 1,728,689 |
Noncontrolling interests: | ||
Total equity / capital | 6,425,305 | 5,254,152 |
Total liabilities and equity / capital | $ 22,586,907 | $ 20,993,574 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,592,019 and $6,497,031 at December 31, 2020 and December 31, 2019, respectively) | $ 22,969,110 | $ 22,502,976 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2020 and December 31, 2019, respectively) | 237,393 | 237,394 |
Less: accumulated depreciation (amounts related to VIEs of $(1,158,548) and $(1,058,495) at December 31, 2020 and December 31, 2019, respectively) | (5,534,102) | (5,266,798) |
Cash and cash equivalents (amounts related to VIEs of $340,642 and $280,033 at December 31, 2020 and December 31, 2019, respectively) | 1,668,742 | 644,950 |
Tenant and other receivables, net (amounts related to VIEs of $10,911 and $28,918 at December 31, 2020 and December 31, 2019, respectively) | 77,411 | 112,807 |
Accrued rental income, net (amounts related to VIEs of $336,594 and $298,318 at December 31, 2020 and December 31, 2019, respectively) | 1,122,502 | 1,038,788 |
Deferred charges, net (amounts related to VIEs of $183,306 and $214,769 at December 31, 2020 and December 31, 2019, respectively) | 640,085 | 689,213 |
Prepaid expenses and other assets (amounts related to VIEs of $13,137 and $20,931 at December 31, 2020 and December 31, 2019, respectively) | 33,840 | 41,685 |
Mortgage notes payable, net (amounts related to VIEs of $2,907,590 and $2,918,806 at December 31, 2020 and December 31, 2019, respectively) | 2,909,081 | 2,922,408 |
Lease liabilities - finance leases (amounts related to VIEs of $20,306 and $20,189 at December 31, 2020 and December 31, 2019, respectively) | 236,492 | 224,042 |
Accounts payable and accrued expenses (amounts related to VIEs of $23,128 and $45,777 at December 31, 2020 and December 31, 2019, respectively) | 336,264 | 377,553 |
Other liabilities (amounts related to VIEs of $158,805 and $140,110 at December 31, 2020 and December 31, 2019, respectively) | $ 412,084 | $ 387,994 |
Reddemable deferred stock units, units | 72,966 | 60,676 |
Limited Partners' Capital Account, Units Outstanding (in units) | 153,987,904 | |
General Partners' Capital Account, Units Outstanding (in units) | 1,730,921 | |
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 |
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 | 155,797,725 | 154,869,198 |
Common Stock, Shares, Outstanding | 155,718,825 | 154,790,298 |
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 $6,592,019 and $6,497,031 at December 31, 2020 and December 31, 2019, respectively) | $ 22,592,301 | $ 22,107,755 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2020 and December 31, 2019, respectively) | 237,393 | 237,394 |
Less: accumulated depreciation (amounts related to VIEs of $(1,158,548) and $(1,058,495) at December 31, 2020 and December 31, 2019, respectively) | (5,428,576) | (5,162,908) |
Cash and cash equivalents (amounts related to VIEs of $340,642 and $280,033 at December 31, 2020 and December 31, 2019, respectively) | 1,668,742 | 644,950 |
Tenant and other receivables, net (amounts related to VIEs of $10,911 and $28,918 at December 31, 2020 and December 31, 2019, respectively) | 77,411 | 112,807 |
Accrued rental income, net (amounts related to VIEs of $336,594 and $298,318 at December 31, 2020 and December 31, 2019, respectively) | 1,122,502 | 1,038,788 |
Deferred charges, net (amounts related to VIEs of $183,306 and $214,769 at December 31, 2020 and December 31, 2019, respectively) | 640,085 | 689,213 |
Prepaid expenses and other assets (amounts related to VIEs of $13,137 and $20,931 at December 31, 2020 and December 31, 2019, respectively) | 33,840 | 41,685 |
Mortgage notes payable, net (amounts related to VIEs of $2,907,590 and $2,918,806 at December 31, 2020 and December 31, 2019, respectively) | 2,909,081 | 2,922,408 |
Lease liabilities - finance leases (amounts related to VIEs of $20,306 and $20,189 at December 31, 2020 and December 31, 2019, respectively) | 236,492 | 224,042 |
Accounts payable and accrued expenses (amounts related to VIEs of $23,128 and $45,777 at December 31, 2020 and December 31, 2019, respectively) | 336,264 | 377,553 |
Other liabilities (amounts related to VIEs of $158,805 and $140,110 at December 31, 2020 and December 31, 2019, respectively) | $ 412,084 | $ 387,994 |
Reddemable deferred stock units, units | 72,966 | 60,676 |
NonControlling Interest Redeemable Partnership Units Common Units Shares Outstanding | 16,037,121 | 16,764,466 |
NonControlling Interest Redeemable Partnership Units Common Units Long Term Incentive Units At Redemption Value Shares Outstanding | 1,336,115 | 1,143,215 |
Limited Partners' Capital Account, Units Outstanding (in units) | 153,987,904 | 153,063,318 |
General Partners' Capital Account, Units Outstanding (in units) | 1,730,921 | 1,726,980 |
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 92,000 | 92,000 |
Preferred stock / units, shares / units issued (in shares / units) | 80,000 | 80,000 |
Preferred stock / units, shares / units outstanding (in shares / units) | 80,000 | 80,000 |
Series B Dividend Rate Percentage | 5.25% | 5.25% |
Series B Liquidation Preference Per Share/ Unit | $ 2,500 | $ 2,500 |
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | Boston Properties Limited Partnership | ||
Preferred stock / units, shares / units issued (in shares / units) | 80,000 | 80,000 |
Preferred stock / units, shares / units outstanding (in shares / units) | 80,000 | 80,000 |
Series B Dividend Rate Percentage | 5.25% | 5.25% |
Series B Liquidation Preference Per Share/ Unit | $ 2,500 | $ 2,500 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,592,019 and $6,497,031 at December 31, 2020 and December 31, 2019, respectively) | $ 6,592,019 | $ 6,497,031 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2020 and December 31, 2019, respectively) | 21,000 | 21,000 |
Less: accumulated depreciation (amounts related to VIEs of $(1,158,548) and $(1,058,495) at December 31, 2020 and December 31, 2019, respectively) | (1,158,548) | (1,058,495) |
Cash and cash equivalents (amounts related to VIEs of $340,642 and $280,033 at December 31, 2020 and December 31, 2019, respectively) | 340,642 | 280,033 |
Tenant and other receivables, net (amounts related to VIEs of $10,911 and $28,918 at December 31, 2020 and December 31, 2019, respectively) | 10,911 | 28,918 |
Accrued rental income, net (amounts related to VIEs of $336,594 and $298,318 at December 31, 2020 and December 31, 2019, respectively) | 336,594 | 298,318 |
Deferred charges, net (amounts related to VIEs of $183,306 and $214,769 at December 31, 2020 and December 31, 2019, respectively) | 183,306 | 214,769 |
Prepaid expenses and other assets (amounts related to VIEs of $13,137 and $20,931 at December 31, 2020 and December 31, 2019, respectively) | 13,137 | 20,931 |
Mortgage notes payable, net (amounts related to VIEs of $2,907,590 and $2,918,806 at December 31, 2020 and December 31, 2019, respectively) | 2,907,590 | 2,918,806 |
Lease liabilities - finance leases (amounts related to VIEs of $20,306 and $20,189 at December 31, 2020 and December 31, 2019, respectively) | 20,306 | 20,189 |
Accounts payable and accrued expenses (amounts related to VIEs of $23,128 and $45,777 at December 31, 2020 and December 31, 2019, respectively) | 23,128 | 45,777 |
Other liabilities (amounts related to VIEs of $158,805 and $140,110 at December 31, 2020 and December 31, 2019, respectively) | 158,805 | 140,110 |
Variable Interest Entity, Primary Beneficiary [Member] | Boston Properties Limited Partnership | ||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,592,019 and $6,497,031 at December 31, 2020 and December 31, 2019, respectively) | 6,592,019 | 6,497,031 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2020 and December 31, 2019, respectively) | 21,000 | 21,000 |
Less: accumulated depreciation (amounts related to VIEs of $(1,158,548) and $(1,058,495) at December 31, 2020 and December 31, 2019, respectively) | (1,158,548) | (1,058,495) |
Cash and cash equivalents (amounts related to VIEs of $340,642 and $280,033 at December 31, 2020 and December 31, 2019, respectively) | 340,642 | 280,033 |
Tenant and other receivables, net (amounts related to VIEs of $10,911 and $28,918 at December 31, 2020 and December 31, 2019, respectively) | 10,911 | 28,918 |
Accrued rental income, net (amounts related to VIEs of $336,594 and $298,318 at December 31, 2020 and December 31, 2019, respectively) | 336,594 | 298,318 |
Deferred charges, net (amounts related to VIEs of $183,306 and $214,769 at December 31, 2020 and December 31, 2019, respectively) | 183,306 | 214,769 |
Prepaid expenses and other assets (amounts related to VIEs of $13,137 and $20,931 at December 31, 2020 and December 31, 2019, respectively) | 13,137 | 20,931 |
Mortgage notes payable, net (amounts related to VIEs of $2,907,590 and $2,918,806 at December 31, 2020 and December 31, 2019, respectively) | 2,907,590 | 2,918,806 |
Lease liabilities - finance leases (amounts related to VIEs of $20,306 and $20,189 at December 31, 2020 and December 31, 2019, respectively) | 20,306 | 20,189 |
Accounts payable and accrued expenses (amounts related to VIEs of $23,128 and $45,777 at December 31, 2020 and December 31, 2019, respectively) | 23,128 | 45,777 |
Other liabilities (amounts related to VIEs of $158,805 and $140,110 at December 31, 2020 and December 31, 2019, respectively) | $ 158,805 | $ 140,110 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue | ||||
Lease | $ 2,646,261,000 | $ 2,758,014,000 | ||
Base rent | $ 2,103,723,000 | |||
Recoveries from tenants | 402,066,000 | |||
Total revenue | 2,765,686,000 | 2,960,562,000 | 2,717,076,000 | |
Expenses | ||||
Rental | 1,017,208,000 | 1,050,010,000 | 979,151,000 | |
General and administrative | 133,112,000 | 140,777,000 | 121,722,000 | |
Transaction costs | 1,531,000 | 1,984,000 | 1,604,000 | |
Depreciation, Depletion and Amortization | 683,751,000 | 677,764,000 | 645,649,000 | |
Depreciation and amortization | 683,751,000 | 677,764,000 | 645,649,000 | |
Total expenses | 1,860,364,000 | 1,914,925,000 | 1,791,579,000 | |
Other income (expense) | ||||
Income (Loss) from Unconsolidated Joint Ventures | (85,110,000) | 46,592,000 | 2,222,000 | |
Gains (losses) on sales of real estate | 618,982,000 | 709,000 | 182,356,000 | |
Interest and other income (loss) | 5,953,000 | 18,939,000 | 10,823,000 | |
Gains (losses) from investments in securities | 5,261,000 | 6,417,000 | (1,865,000) | |
Impairment loss | 0 | (24,038,000) | (11,812,000) | |
Loss from early extinguishment of debt | 0 | (29,540,000) | (16,490,000) | |
Interest expense | (431,717,000) | (412,717,000) | (378,168,000) | |
Net income | 1,018,691,000 | 651,999,000 | 712,563,000 | |
Net (income) loss attributable to noncontrolling interests | ||||
Noncontrolling interests in property partnerships | (48,260,000) | (71,120,000) | (62,909,000) | |
Noncontrolling interest - common units of the Operating Partnership | (97,704,000) | (59,345,000) | (66,807,000) | |
Net income attributable to the Company | 872,727,000 | 521,534,000 | 582,847,000 | |
Preferred dividends / distributions | (10,500,000) | (10,500,000) | (10,500,000) | |
Net income attributable to the company's common shareholders / unitholders | $ 862,227,000 | $ 511,034,000 | $ 572,347,000 | |
Basic earnings per common share / unit attributable to the Company | ||||
Earnings Per Share After Allccation of Undistributed Earnings to Particiapting Securities Basic (dollars per share) | $ 5.54 | $ 3.71 | ||
Net income (in dollars per share / unit) | $ 5.55 | $ 3.31 | $ 3.71 | |
Weighted average number of common shares / units outstanding (in shares / units) | 155,432 | 154,582 | 154,427 | |
Diluted earnings per common share / unit attributable to the Company | ||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 5.54 | $ 3.30 | $ 3.70 | |
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 155,517 | 154,883 | 154,682 | |
Boston Properties Limited Partnership | ||||
Revenue | ||||
Lease | $ 2,646,261,000 | $ 2,758,014,000 | ||
Base rent | $ 2,103,723,000 | |||
Recoveries from tenants | 402,066,000 | |||
Total revenue | 2,765,686,000 | 2,960,562,000 | 2,717,076,000 | |
Expenses | ||||
Rental | 1,017,208,000 | 1,050,010,000 | 979,151,000 | |
General and administrative | 133,112,000 | 140,777,000 | 121,722,000 | |
Transaction costs | 1,531,000 | 1,984,000 | 1,604,000 | |
Depreciation, Depletion and Amortization | 676,666,000 | 669,956,000 | 637,891,000 | |
Depreciation and amortization | 676,666,000 | 669,956,000 | ||
Total expenses | 1,853,279,000 | 1,907,117,000 | 1,783,821,000 | |
Other income (expense) | ||||
Income (Loss) from Unconsolidated Joint Ventures | (85,110,000) | 46,592,000 | 2,222,000 | |
Gains (losses) on sales of real estate | 631,945,000 | 858,000 | 190,716,000 | |
Interest and other income (loss) | 5,953,000 | 18,939,000 | 10,823,000 | |
Gains (losses) from investments in securities | 5,261,000 | 6,417,000 | (1,865,000) | |
Impairment loss | 0 | (22,272,000) | (10,181,000) | |
Loss from early extinguishment of debt | 0 | (29,540,000) | (16,490,000) | |
Interest expense | (431,717,000) | (412,717,000) | (378,168,000) | |
Net income | 1,038,739,000 | 661,722,000 | 730,312,000 | |
Net (income) loss attributable to noncontrolling interests | ||||
Noncontrolling interests in property partnerships | (48,260,000) | (71,120,000) | (62,909,000) | |
Net income attributable to the Company | 990,479,000 | 590,602,000 | 667,403,000 | |
Preferred dividends / distributions | (10,500,000) | (10,500,000) | (10,500,000) | |
Net income attributable to the company's common shareholders / unitholders | $ 979,979,000 | $ 580,102,000 | $ 656,903,000 | |
Basic earnings per common share / unit attributable to the Company | ||||
Earnings Per Share After Allccation of Undistributed Earnings to Particiapting Securities Basic (dollars per share) | $ 5.67 | $ 3.82 | ||
Net income (in dollars per share / unit) | $ 5.68 | $ 3.37 | $ 3.82 | |
Weighted average number of common shares / units outstanding (in shares / units) | 172,643 | 172,200 | 171,912 | |
Diluted earnings per common share / unit attributable to the Company | ||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 5.67 | $ 3.36 | $ 3.81 | |
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 172,728 | 172,501 | 172,167 | |
Parking and Other [Member] | ||||
Revenue | ||||
Other revenue | $ 70,680,000 | $ 103,534,000 | $ 107,421,000 | |
Parking and Other [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 70,680,000 | 103,534,000 | 107,421,000 | |
Hotel [Member] | ||||
Revenue | ||||
Other revenue | [1] | 7,478,000 | 48,589,000 | 49,118,000 |
Expenses | ||||
Operating expense | 13,136,000 | 34,004,000 | 33,863,000 | |
Hotel [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 7,478,000 | 48,589,000 | 49,118,000 | |
Expenses | ||||
Operating expense | 13,136,000 | 34,004,000 | 33,863,000 | |
Real Estate, Other [Member] | ||||
Revenue | ||||
Other revenue | 11,626,000 | 10,386,000 | 9,590,000 | |
Expenses | ||||
Operating expense | 11,626,000 | 10,386,000 | 9,590,000 | |
Real Estate, Other [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 11,626,000 | 10,386,000 | 9,590,000 | |
Expenses | ||||
Operating expense | 11,626,000 | 10,386,000 | 9,590,000 | |
Management Service [Member] | ||||
Revenue | ||||
Other revenue | 29,641,000 | 40,039,000 | 45,158,000 | |
Management Service [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | $ 29,641,000 | $ 40,039,000 | $ 45,158,000 | |
[1] | Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Net income | $ 1,018,691 | $ 651,999 | $ 712,563 | |
Other comprehensive income (loss): | ||||
Effective portion of interest rate contracts | (7,848) | (6,751) | (3,096) | |
Amortization of interest rate contracts | [1] | 6,697 | 6,664 | 6,664 |
Other comprehensive income (loss) | (1,151) | (87) | 3,568 | |
Comprehensive Income | 1,017,540 | 651,912 | 716,131 | |
Comprehensive income attributable to noncontrolling interests | (145,964) | (130,465) | (129,716) | |
Other comprehensive income attributable to noncontrolling interests | (404) | (507) | (880) | |
Comprehensive income attributable to the Company | 871,172 | 520,940 | 585,535 | |
Boston Properties Limited Partnership | ||||
Net income | 1,038,739 | 661,722 | 730,312 | |
Other comprehensive income (loss): | ||||
Effective portion of interest rate contracts | (7,848) | (6,751) | (3,096) | |
Amortization of interest rate contracts | [2] | 6,697 | 6,664 | 6,664 |
Other comprehensive income (loss) | (1,151) | (87) | 3,568 | |
Comprehensive Income | 1,037,588 | 661,635 | 733,880 | |
Comprehensive income attributable to noncontrolling interests | (48,836) | (71,696) | (63,485) | |
Comprehensive income attributable to the Company | $ 988,752 | $ 589,939 | $ 670,395 | |
[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 | Cumulative Effect, Period of Adoption, Adjustment | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-In Capital [Member] | Dividends In Excess Of Earnings [Member] | Dividends In Excess Of Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock, at cost [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling interest - property partnerships [Member] | Noncontrolling interest - property partnerships [Member]Cumulative Effect, Period of Adoption, Adjustment |
Equity, shares at Dec. 31, 2017 | 154,325,000 | ||||||||||||
Equity, value at Dec. 31, 2017 | $ 8,102,456 | $ 5,496 | $ 1,543 | $ 200,000 | $ 6,377,908 | $ (712,343) | $ 4,933 | $ (2,722) | $ (50,429) | $ 604,739 | $ 563 | $ 1,683,760 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Redemption of operating partnership units to common stock, shares | 83,000 | ||||||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 2 | 2,878 | (2,880) | |||||||||
Allocated net income for the year | 712,563 | 582,847 | 66,807 | 62,909 | |||||||||
Dividends/distributions declared | (613,702) | (550,971) | (62,731) | ||||||||||
Shares issued pursuant to stock purchase plan, shares | 6,000 | ||||||||||||
Shares issued pursuant to stock purchase plan, value | 797 | 797 | |||||||||||
Net activity from stock option and incentive plan, shares | 44,000 | ||||||||||||
Net activity from stock option and incentive plan, value | 38,590 | $ 0 | 1,729 | 36,861 | |||||||||
Contributions from noncontrolling interests in property partnerships | 46,701 | 46,701 | |||||||||||
Distributions to noncontrolling interests in property partnerships | (82,501) | (82,501) | |||||||||||
Effective portion of interest rate contracts | (3,096) | (2,781) | (315) | 0 | |||||||||
Amortization of interest rate contracts | 6,664 | 5,469 | 619 | 576 | |||||||||
Reallocation of noncontrolling interest | 0 | 24,311 | (24,311) | ||||||||||
Equity, shares at Dec. 31, 2018 | 154,458,000 | ||||||||||||
Equity, value at Dec. 31, 2018 | $ 8,213,968 | (4,379) | $ 1,545 | 200,000 | 6,407,623 | (675,534) | (3,864) | (2,722) | (47,741) | 619,352 | (445) | 1,711,445 | $ (70) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2014-09 | us-gaap:AccountingStandardsUpdate201409Member | ||||||||||||
Redemption of operating partnership units to common stock, shares | 145,000 | ||||||||||||
Redemption of operating partnership units to common stock, value | $ 0 | $ 2 | 4,883 | (4,885) | |||||||||
Allocated net income for the year | 651,999 | 521,534 | 59,345 | 71,120 | |||||||||
Dividends/distributions declared | (671,893) | (602,659) | (69,234) | ||||||||||
Shares issued pursuant to stock purchase plan, shares | 6,000 | ||||||||||||
Shares issued pursuant to stock purchase plan, value | 688 | 688 | |||||||||||
Net activity from stock option and incentive plan, shares | 181,000 | ||||||||||||
Net activity from stock option and incentive plan, value | 45,000 | $ 1 | 8,771 | 36,228 | |||||||||
Sale of an interest in property partnerships | 0 | (4,216) | 4,216 | ||||||||||
Acquisition of noncontrolling interest in property partnership | (186,963) | (162,462) | (24,501) | ||||||||||
Contributions from noncontrolling interests in property partnerships | 35,816 | 35,816 | |||||||||||
Distributions to noncontrolling interests in property partnerships | (69,913) | (69,913) | |||||||||||
Effective portion of interest rate contracts | (6,751) | (6,060) | (691) | 0 | |||||||||
Amortization of interest rate contracts | 6,664 | 5,466 | 622 | 576 | |||||||||
Reallocation of noncontrolling interest | $ 0 | 39,432 | (39,432) | ||||||||||
Equity, shares at Dec. 31, 2019 | 154,790,298 | 154,790,000 | |||||||||||
Equity, value at Dec. 31, 2019 | $ 8,014,236 | $ (1,679) | $ 1,548 | 200,000 | 6,294,719 | (760,523) | $ (1,505) | (2,722) | (48,335) | 600,860 | $ (174) | 1,728,689 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-02 | us-gaap:AccountingStandardsUpdate201602Member | ||||||||||||
Redemption of operating partnership units to common stock, shares | 857,000 | ||||||||||||
Redemption of operating partnership units to common stock, value | $ 0 | $ 9 | 29,689 | (29,698) | |||||||||
Allocated net income for the year | 1,018,691 | 872,727 | 97,704 | 48,260 | |||||||||
Dividends/distributions declared | (689,273) | (620,352) | (68,921) | ||||||||||
Shares issued pursuant to stock purchase plan, shares | 7,000 | ||||||||||||
Shares issued pursuant to stock purchase plan, value | 759 | 759 | |||||||||||
Net activity from stock option and incentive plan, shares | 65,000 | ||||||||||||
Net activity from stock option and incentive plan, value | 48,621 | $ 0 | 9,303 | 39,318 | |||||||||
Contributions from noncontrolling interests in property partnerships | 8,219 | 8,219 | |||||||||||
Distributions to noncontrolling interests in property partnerships | (58,811) | (58,811) | |||||||||||
Effective portion of interest rate contracts | (7,848) | (7,066) | (782) | 0 | |||||||||
Amortization of interest rate contracts | 6,697 | 5,511 | 610 | 576 | |||||||||
Reallocation of noncontrolling interest | $ 0 | 22,321 | (22,321) | ||||||||||
Equity, shares at Dec. 31, 2020 | 155,718,825 | 155,719,000 | |||||||||||
Equity, value at Dec. 31, 2020 | $ 8,339,612 | $ 1,557 | $ 200,000 | $ 6,356,791 | $ (509,653) | $ (2,722) | $ (49,890) | $ 616,596 | $ 1,726,933 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2018-09 | us-gaap:AccountingStandardsUpdate201809Member |
Consolidated Statement of Capit
Consolidated Statement of Capital and Noncontrolling Interests - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock, Shares, Outstanding | 155,718,825 | 154,790,298 | ||
Beginning Balance | ||||
Effective portion of interest rate contracts | $ (7,848) | $ (6,751) | $ (3,096) | |
Amortization of interest rate contracts | 6,697 | 6,664 | 6,664 | |
Acquisition of noncontrolling interest in property partnership | (186,963) | |||
Sale of an interest in property partnerships | 0 | |||
Contributions from noncontrolling interests in property partnerships | 8,219 | 35,816 | 46,701 | |
Distributions to noncontrolling interests in property partnerships | $ (58,811) | $ (69,913) | $ (82,501) | |
Accounting Standards Update 2014-09 | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201409Member | |||
Accounting Standards Update 2016-02 | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||
Accounting Standards Update 2018-09 | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201809Member | |||
General Partner [Member] | ||||
Common Stock, Shares, Outstanding | 1,731,000 | 1,727,000 | 1,722,000 | 1,720,000 |
Contributions, units | 1,000 | 3,000 | 1,000 | |
Conversion of redeemable partnership units | 3,000 | 2,000 | 1,000 | |
Limited Partner [Member] | ||||
Common Stock, Shares, Outstanding | 153,988,000 | 153,063,000 | 152,736,000 | 152,606,000 |
Contributions, units | 72,000 | 185,000 | 49,000 | |
Conversion of redeemable partnership units | 853,000 | 142,000 | 81,000 | |
Partners' Capital (General and Limited Partners)[Member] | ||||
Beginning Balance | $ 4,554,639 | $ 3,380,175 | $ 4,054,996 | $ 3,664,436 |
Contributions, value | 7,529 | 17,115 | 1,642 | |
Allocated net income for the period | 882,275 | 520,757 | 590,096 | |
Distributions | (609,852) | (592,159) | (540,471) | |
Unearned compensation | 2,533 | (7,655) | 884 | |
Conversion of redeemable partnership units, value | 29,689 | 4,885 | 2,880 | |
Adjustment to reflect redeemable partnership units at redemption value | 863,795 | (447,222) | 330,596 | |
Acquisition of noncontrolling interest in property partnership | (162,462) | |||
Sale of an interest in property partnerships | (4,216) | |||
Partners' Capital (General and Limited Partners)[Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Beginning Balance | (1,505) | (3,864) | 4,933 | |
Preferred Units [Member] | ||||
Beginning Balance | 193,623 | 193,623 | 193,623 | 193,623 |
Allocated net income for the period | 10,500 | 10,500 | 10,500 | |
Distributions | (10,500) | (10,500) | (10,500) | |
Accumulated Other Comprehensive Loss [Member] | ||||
Beginning Balance | (49,890) | (48,335) | (47,741) | (50,429) |
Effective portion of interest rate contracts | (7,066) | (6,060) | (2,781) | |
Amortization of interest rate contracts | 5,511 | 5,466 | 5,469 | |
Noncontrolling interest - property partnerships [Member] | ||||
Beginning Balance | 1,726,933 | 1,728,689 | 1,711,445 | 1,683,760 |
Allocated net income for the period | 48,260 | 71,120 | 62,909 | |
Effective portion of interest rate contracts | 0 | 0 | 0 | |
Amortization of interest rate contracts | 576 | 576 | 576 | |
Acquisition of noncontrolling interest in property partnership | (24,501) | |||
Sale of an interest in property partnerships | 4,216 | |||
Contributions from noncontrolling interests in property partnerships | 8,219 | 35,816 | 46,701 | |
Distributions to noncontrolling interests in property partnerships | (58,811) | (69,913) | (82,501) | |
Noncontrolling interest - property partnerships [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Beginning Balance | (70) | |||
Total Capital [Member] | ||||
Beginning Balance | 6,425,305 | 5,254,152 | 5,912,323 | 5,491,390 |
Contributions, value | 7,529 | 17,115 | 1,642 | |
Allocated net income for the period | 941,035 | 602,377 | 663,505 | |
Distributions | (620,352) | (602,659) | (550,971) | |
Unearned compensation | 2,533 | (7,655) | 884 | |
Conversion of redeemable partnership units, value | 29,689 | 4,885 | 2,880 | |
Adjustment to reflect redeemable partnership units at redemption value | 863,795 | (447,222) | 330,596 | |
Effective portion of interest rate contracts | (7,066) | (6,060) | (2,781) | |
Amortization of interest rate contracts | 6,087 | 6,042 | 6,045 | |
Acquisition of noncontrolling interest in property partnership | (186,963) | |||
Contributions from noncontrolling interests in property partnerships | 8,219 | 35,816 | 46,701 | |
Distributions to noncontrolling interests in property partnerships | (58,811) | (69,913) | (82,501) | |
Total Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Beginning Balance | (1,505) | (3,934) | 4,933 | |
Noncontrolling interest - Redeemable partnership units [Member] | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 1,643,024 | 2,468,753 | 2,000,591 | 2,292,263 |
Contributions, value | 38,841 | 34,217 | 34,680 | |
Allocated net income for the period | 97,704 | 59,345 | 66,807 | |
Distributions | (68,921) | (69,234) | (62,731) | |
Unearned compensation | 477 | 2,011 | 2,181 | |
Conversion of redeemable partnership units, value | (29,689) | (4,885) | (2,880) | |
Adjustment to reflect redeemable partnership units at redemption value | (863,795) | 447,222 | (330,596) | |
Effective portion of interest rate contracts | (782) | (691) | (315) | |
Amortization of interest rate contracts | $ 610 | 622 | 619 | |
Noncontrolling interest - Redeemable partnership units [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ (174) | $ (445) | $ 563 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 1,018,691 | $ 651,999 | $ 712,563 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 683,751 | 677,764 | 645,649 |
Amortization of right of use assets - operating leases | 2,234 | 2,412 | 0 |
Impairment losses | 0 | 24,038 | 11,812 |
Non-cash compensation expense | 44,142 | 40,958 | 40,117 |
(Income) Loss from unconsolidated joint ventures | 85,110 | (46,592) | (2,222) |
Distributions of net cash flow from operations of unconsolidated joint ventures | 31,892 | 17,155 | 6,703 |
(Gains) losses from investments in securities | (5,261) | (6,417) | 1,865 |
Allowance for current expected credit losses | 1,849 | 0 | 0 |
Non-cash portion of interest expense | 23,384 | 22,254 | 21,303 |
Settlement of accreted debt discount on redemption of unsecured senior notes | 0 | (763) | (483) |
Loss from early extinguishment of debt | 0 | 29,540 | 16,490 |
Gains on sales of real estate | (618,982) | (709) | (182,356) |
Change in assets and liabilities: | |||
Tenant and other receivables, net | 22,550 | (24,876) | 29,204 |
Notes receivable, net | (19) | 4 | (13) |
Accrued rental income, net | (97,099) | (56,817) | (43,662) |
Prepaid expenses and other assets | 12,488 | 2,965 | 12,472 |
Lease liabilities - finance leases | 568 | 0 | 0 |
Lease liabilities - operating leases | 1,533 | 1,616 | 0 |
Accounts payable and accrued expenses | (4,059) | 12,627 | 1,353 |
Accrued interest payable | 16,211 | 858 | 5,237 |
Other liabilities | 17,629 | (49,569) | 4,955 |
Tenant leasing costs | (79,772) | (117,282) | (130,742) |
Total adjustments | 138,149 | 529,166 | 437,682 |
Net cash provided by operating activities | 1,156,840 | 1,181,165 | 1,150,245 |
Cash flows from investing activities: | |||
Acquisitions of real estate | (137,976) | (149,031) | 0 |
Construction in progress | (482,507) | (546,060) | (694,791) |
Building and other capital improvements | (160,126) | (180,556) | (189,771) |
Tenant improvements | (234,423) | (251,831) | (210,034) |
Right of use assets - finance leases | 0 | (5,152) | 0 |
Proceeds from sales of real estate | 519,303 | 90,824 | 455,409 |
Capital contributions to unconsolidated joint ventures | (172,436) | (87,392) | (345,717) |
Capital distributions from unconsolidated joint ventures | 55,298 | 136,807 | 0 |
Cash and cash equivalents deconsolidated | 0 | (24,112) | 0 |
Deposit on capital lease | 0 | 0 | (13,615) |
Issuance of related party note receivable | 0 | 0 | (80,000) |
Issuance of notes receivable, net | (9,800) | 0 | (19,455) |
Proceeds from note receivable | 6,397 | 3,544 | 0 |
Investments in securities, net | 2,551 | (2,132) | (902) |
Net cash used in investing activities | (613,719) | (1,015,091) | (1,098,876) |
Cash flows from financing activities: | |||
Repayments of mortgage notes payable | (17,168) | (46,173) | (18,634) |
Proceeds from unsecured senior notes | 1,248,125 | 1,548,106 | 996,410 |
Redemption of unsecured senior notes | 0 | (699,237) | (699,517) |
Borrowings on unsecured line of credit | 265,000 | 380,000 | 745,000 |
Repayments of unsecured line of credit | (265,000) | (380,000) | (790,000) |
Proceeds from unsecured term loan | 0 | 0 | 500,000 |
Payments on finance lease obligations | 0 | (502) | 0 |
Payments on capital lease obligations | 0 | 0 | (1,353) |
Payments on real estate transaction | 0 | 0 | (960) |
Deferred financing costs | (10,416) | (13,213) | (8,362) |
Debt prepayment and extinguishment costs | 0 | (28,716) | (15,973) |
Net proceeds from equity transactions | 3,277 | 13,710 | (730) |
Dividends and distributions | (688,904) | (666,294) | (587,628) |
Contributions from noncontrolling interests in property partnerships | 8,219 | 35,816 | 46,701 |
Distributions to noncontrolling interests in property partnerships | (58,811) | (69,913) | (82,501) |
Acquisition of noncontrolling interest in property partnership | 0 | (186,963) | 0 |
Net cash provided by (used in) financing activities | 484,322 | (113,379) | 82,453 |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | 1,027,443 | 52,695 | 133,822 |
Cash and cash equivalents and cash held in escrows, beginning of period | 691,886 | 639,191 | 505,369 |
Cash and cash equivalents and cash held in escrows, end of period | 1,719,329 | 691,886 | 639,191 |
Reconciliation of cash and cash equivalents and cash held in escrow | |||
Cash and cash equivalents, beginning of period | 644,950 | 543,359 | 434,767 |
Cash held in escrows, beginning of period | 46,936 | 95,832 | 70,602 |
Cash and cash equivalents, end of period | 1,668,742 | 644,950 | 543,359 |
Cash held in escrows,end of period | 50,587 | 46,936 | 95,832 |
Supplemental disclosures: | |||
Cash paid for interest | 433,492 | 439,059 | 416,019 |
Interest capitalized | 53,881 | 54,911 | 65,766 |
Non-cash investing and financing activities: | |||
Write-off of fully depreciated real estate | (99,494) | (129,831) | (135,431) |
Change in real estate included in accounts payable and accrued expenses | (19,848) | 89,245 | (44,866) |
Real estate acquired through capital lease | 0 | 0 | 12,397 |
Right of use assets obtained in exchange for lease liabilities | 0 | 287,540 | 0 |
Prepaid rent reclassified to right of use asset | 0 | 15,000 | 0 |
Accrued rental income, net deconsolidated | (4,558) | 0 | 0 |
Tenant leasing costs, net deconsolidated | (3,462) | 0 | 0 |
Building and other capital improvements, net deconsolidated | (111,889) | (12,767) | 0 |
Tenant improvements, net deconsolidated | (12,331) | 0 | 0 |
Right of use asset - finance lease deconsolidated | 0 | (135,004) | 0 |
Lease liability - finance lease deconsolidated | 0 | 119,534 | 0 |
Investment in unconsolidated joint venture recorded upon deconsolidation | 347,898 | 29,246 | 0 |
Dividends and distributions declared but not paid | 171,082 | 170,713 | 165,114 |
Conversions of noncontrolling interests to stockholders’ equity | 29,698 | 4,885 | 2,880 |
Issuance of restricted securities to employees and non-employee directors | 42,607 | 37,622 | 37,052 |
Boston Properties Limited Partnership | |||
Net income | 1,038,739 | 661,722 | 730,312 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 676,666 | 669,956 | 637,891 |
Amortization of right of use assets - operating leases | 2,234 | 2,412 | 0 |
Impairment losses | 0 | 22,272 | 10,181 |
Non-cash compensation expense | 44,142 | 40,958 | 40,117 |
(Income) Loss from unconsolidated joint ventures | 85,110 | (46,592) | (2,222) |
Distributions of net cash flow from operations of unconsolidated joint ventures | 31,892 | 17,155 | 6,703 |
(Gains) losses from investments in securities | (5,261) | (6,417) | 1,865 |
Allowance for current expected credit losses | 1,849 | 0 | 0 |
Non-cash portion of interest expense | 23,384 | 22,254 | 21,303 |
Settlement of accreted debt discount on redemption of unsecured senior notes | 0 | (763) | (483) |
Loss from early extinguishment of debt | 0 | 29,540 | 16,490 |
Gains on sales of real estate | (631,945) | (858) | (190,716) |
Change in assets and liabilities: | |||
Tenant and other receivables, net | 22,550 | (24,876) | 29,204 |
Notes receivable, net | (19) | 4 | (13) |
Accrued rental income, net | (97,099) | (56,817) | (43,662) |
Prepaid expenses and other assets | 12,488 | 2,965 | 12,472 |
Lease liabilities - finance leases | 568 | 0 | 0 |
Lease liabilities - operating leases | 1,533 | 1,616 | 0 |
Accounts payable and accrued expenses | (4,059) | 12,627 | 1,353 |
Accrued interest payable | 16,211 | 858 | 5,237 |
Other liabilities | 17,629 | (49,569) | 4,955 |
Tenant leasing costs | (79,772) | (117,282) | (130,742) |
Total adjustments | 118,101 | 519,443 | 419,933 |
Net cash provided by operating activities | 1,156,840 | 1,181,165 | 1,150,245 |
Cash flows from investing activities: | |||
Acquisitions of real estate | (137,976) | (149,031) | 0 |
Construction in progress | (482,507) | (546,060) | (694,791) |
Building and other capital improvements | (160,126) | (180,556) | (189,771) |
Tenant improvements | (234,423) | (251,831) | (210,034) |
Right of use assets - finance leases | 0 | (5,152) | 0 |
Proceeds from sales of real estate | 519,303 | 90,824 | 455,409 |
Capital contributions to unconsolidated joint ventures | (172,436) | (87,392) | (345,717) |
Capital distributions from unconsolidated joint ventures | 55,298 | 136,807 | 0 |
Cash and cash equivalents deconsolidated | 0 | (24,112) | 0 |
Deposit on capital lease | 0 | 0 | (13,615) |
Issuance of related party note receivable | 0 | 0 | (80,000) |
Issuance of notes receivable, net | (9,800) | 0 | (19,455) |
Proceeds from note receivable | 6,397 | 3,544 | 0 |
Investments in securities, net | 2,551 | (2,132) | (902) |
Net cash used in investing activities | (613,719) | (1,015,091) | (1,098,876) |
Cash flows from financing activities: | |||
Repayments of mortgage notes payable | (17,168) | (46,173) | (18,634) |
Proceeds from unsecured senior notes | 1,248,125 | 1,548,106 | 996,410 |
Redemption of unsecured senior notes | 0 | (699,237) | (699,517) |
Borrowings on unsecured line of credit | 265,000 | 380,000 | 745,000 |
Repayments of unsecured line of credit | (265,000) | (380,000) | (790,000) |
Proceeds from unsecured term loan | 0 | 0 | 500,000 |
Payments on finance lease obligations | 0 | (502) | |
Payments on capital lease obligations | (1,353) | ||
Payments on real estate transaction | 0 | 0 | (960) |
Deferred financing costs | (10,416) | (13,213) | (8,362) |
Debt prepayment and extinguishment costs | 0 | (28,716) | (15,973) |
Net proceeds from equity transactions | 3,277 | 13,710 | (730) |
Dividends and distributions | (688,904) | (666,294) | (587,628) |
Contributions from noncontrolling interests in property partnerships | 8,219 | 35,816 | 46,701 |
Distributions to noncontrolling interests in property partnerships | (58,811) | (69,913) | (82,501) |
Acquisition of noncontrolling interest in property partnership | 0 | (186,963) | 0 |
Net cash provided by (used in) financing activities | 484,322 | (113,379) | 82,453 |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | 1,027,443 | 52,695 | 133,822 |
Cash and cash equivalents and cash held in escrows, beginning of period | 691,886 | 639,191 | 505,369 |
Cash and cash equivalents and cash held in escrows, end of period | 1,719,329 | 691,886 | 639,191 |
Reconciliation of cash and cash equivalents and cash held in escrow | |||
Cash and cash equivalents, beginning of period | 644,950 | 543,359 | 434,767 |
Cash held in escrows, beginning of period | 46,936 | 95,832 | 70,602 |
Cash and cash equivalents, end of period | 1,668,742 | 644,950 | 543,359 |
Cash held in escrows,end of period | 50,587 | 46,936 | 95,832 |
Supplemental disclosures: | |||
Cash paid for interest | 433,492 | 439,059 | 416,019 |
Interest capitalized | 53,881 | 54,911 | 65,766 |
Non-cash investing and financing activities: | |||
Write-off of fully depreciated real estate | (99,494) | (129,253) | (135,431) |
Change in real estate included in accounts payable and accrued expenses | (19,848) | 89,245 | (44,866) |
Real estate acquired through capital lease | 0 | 0 | 12,397 |
Right of use assets obtained in exchange for lease liabilities | 0 | 287,540 | 0 |
Prepaid rent reclassified to right of use asset | 0 | 15,000 | 0 |
Accrued rental income, net deconsolidated | (4,558) | 0 | 0 |
Tenant leasing costs, net deconsolidated | (3,462) | 0 | 0 |
Building and other capital improvements, net deconsolidated | (111,889) | (12,767) | 0 |
Tenant improvements, net deconsolidated | (12,331) | 0 | 0 |
Right of use asset - finance lease deconsolidated | 0 | (135,004) | 0 |
Lease liability - finance lease deconsolidated | 0 | 119,534 | 0 |
Investment in unconsolidated joint venture recorded upon deconsolidation | 347,898 | 29,246 | 0 |
Dividends and distributions declared but not paid | 171,082 | 170,713 | 165,114 |
Conversions of noncontrolling interests to stockholders’ equity | 29,698 | 4,885 | 2,880 |
Issuance of restricted securities to employees and non-employee directors | $ 42,607 | $ 37,622 | $ 37,052 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Boston Properties, Inc., a Delaware corporation, is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”). Boston Properties, Inc. is the sole general partner of Boston Properties Limited Partnership, its operating partnership, and at December 31, 2020 owned an approximate 90.0% (89.6% at December 31, 2019) general and limited partnership interest in Boston Properties Limited Partnership. Unless stated otherwise or the context requires, the “Company” refers to Boston Properties, Inc. and its subsidiaries, including Boston Properties Limited Partnership and its consolidated subsidiaries. Partnership interests in Boston Properties Limited Partnership include: • common units of partnership interest (also referred to as “OP Units”), • long term incentive units of partnership interest (also referred to as “LTIP Units”), and • preferred units of partnership interest (also referred to as “Preferred Units”). Unless specifically noted otherwise, all references to OP Units exclude units held by Boston Properties, Inc. A holder of an OP Unit may present such OP Unit to Boston Properties Limited Partnership for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, Boston Properties Limited Partnership is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of Boston Properties, Inc. (“Common Stock”). In lieu of a cash redemption, Boston Properties, Inc. may elect to acquire the OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that Boston Properties, Inc. owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock. The Company uses LTIP Units as a form of equity-based award for annual long term incentive equity compensation. The Company has also issued LTIP Units to employees in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013 - 2020 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance and vesting conditions, is convertible into one OP Unit. The three-year measurement periods for the 2012 OPP Units and the 2013 - 2017 MYLTIP Units have ended and Boston Properties, Inc.’s total stockholder return (“TSR”) was sufficient for employees to earn and therefore become eligible to vest in a portion of the awards. Unless and until they are earned, the rights, preferences and privileges of the 2018 - 2020 MYLTIP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units and the 2013 - 2017 MYLTIP Units, which have been earned). Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2018 - 2020 MYLTIP Units. LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2017 MYLTIP Units), whether vested or not, will receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 11, 16 and 18). At December 31, 2020 and 2019, there was one series of Preferred Units outstanding (i.e., Series B Preferred Units). The Series B Preferred Units were issued to Boston Properties, Inc. on March 27, 2013 in connection with the issuance of 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) of 5.25% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”). Boston Properties, Inc. contributed the net proceeds from the offering to Boston Properties Limited Partnership in exchange for 80,000 Series B Preferred Units having terms and preferences generally mirroring those of the Series B Preferred Stock (See Note 12). Properties At December 31, 2020, the Company owned or had joint venture interests in a portfolio of 196 commercial real estate properties (the “Properties”) aggregating approximately 51.2 million net rentable square feet (unaudited) of primarily Class A office properties, including six properties under construction/redevelopment totaling approximately 3.7 million net rentable square feet (unaudited). At December 31, 2020, the Properties consisted of: • 177 office properties (including six properties under construction/redevelopment); • 12 retail properties; • six residential properties; and • one hotel. The Company considers Class A office properties 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 tenants and command upper-tier rental rates. Basis of Presentation The accompanying consolidated financial statements are presented using the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Boston Properties, Inc. does not have any other significant assets, liabilities or operations, other than its investment in Boston Properties Limited Partnership, nor does it have employees of its own. Boston Properties Limited Partnership, not Boston Properties, Inc., generally executes all significant business relationships other than transactions involving securities of Boston Properties, Inc. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. Variable Interest Entities (VIEs) Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that it is the primary beneficiary for six of the seven entities that are VIEs as of December 31, 2020. Consolidated Variable Interest Entities As of December 31, 2020, Boston Properties, Inc. has identified six consolidated VIEs, including Boston Properties Limited Partnership. Excluding Boston Properties Limited Partnership, the VIEs consisted of the following five in-service properties: 767 Fifth Avenue (the General Motors Building), 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 Boston Properties Limited Partnership’s interest) are reflected as noncontrolling interests in property partnerships in the accompanying consolidated financial statements (See Note 11). In addition, Boston Properties, Inc.’s only significant asset is its investment in Boston Properties Limited Partnership and, consequently, substantially all of Boston Properties, Inc.’s assets and liabilities are the assets and liabilities of Boston Properties Limited Partnership. Variable Interest Entities Not Consolidated As of December 31, 2020, the Company has determined that the Platform 16 Holdings LP joint venture is a VIE. The Company does not consolidate this entity as the Company does not have the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and, therefore, the Company is not considered to be the primary beneficiary. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Real Estate Upon acquisitions of real estate, the Company assesses whether the transaction should be accounted for as an asset acquisition or as a business combination by applying a screen to determine whether the integrated set of assets and activities acquired meets the definition of a business. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. The Company’s acquisitions of real estate or in-substance real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. The Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-” and “below-market” leases, leasing and assumed financing origination costs, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities, including land and buildings as if vacant. The Company assesses fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has been immaterial. The Company records acquired “above-” and “below-market” leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Acquired “above-” and “below-market” lease values have been reflected within Prepaid Expenses and Other Assets and Other Liabilities, respectively, in the Company’s Consolidated Balance Sheets. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Management reviews its long-lived assets for indicators of imp airment following the end of each quarter and when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. This evaluation of long-lived assets is dependent on a number of factors, including when there is an event or adverse change in the operating performance of the long-lived asset or a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life or hold period. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is subjective and is based in part on assumptions regarding anticipated hold periods, future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates that could differ materially from actual results in future periods. Because cash flows on properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset may be impaired, the Company’s established strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s hold strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized, and such loss could be material. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. Guidance in Accounting Standards Codification (“ASC”) 360 “Property Plant and Equipment” requires that qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as “held for sale,” be presented as discontinued operations in all periods presented if the property operations are expected to be eliminated and the Company will not have significant continuing involvement following the sale. Discontinued operations presentation applies only to disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). The components of the property’s net income that are reflected as discontinued operations include the net gain (or loss) upon the disposition of the property held for sale, operating results, depreciation and interest expense (if the property is subject to a secured loan). The Company generally considers assets to be “held for sale” when the transaction has been approved by Boston Properties, Inc.’s Board of Directors, or a committee thereof, and there are no known significant contingencies relating to the sale, such that a sale of the property within one year is considered probable. Following the classification of a property as “held for sale,” no further depreciation is recorded on the assets, and the asset is written down to the lower of carrying value or fair market value, less cost to sell. Real estate is stated at depreciated cost. A variety of costs are incurred in the acquisition, development and leasing of properties. The cost of buildings and improvements includes the purchase price of property, legal fees and other acquisition costs. The Company capitalizes acquisition costs that it incurs to effect an asset acquisition and expenses acquisition costs that it incurs to effect a business combination, including legal, due diligence and other closing related costs. Costs directly related to the development of properties are capitalized. Capitalized development costs include interest, internal wages, property taxes, insurance, and other project costs incurred during the period of development. After the determination is made to capitalize a cost, it is allocated to the specific component of the project that benefited from the investment. Determination of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and capitalization must cease, involves a degree of judgment. The Company’s capitalization policy on development properties follows the guidance in ASC 835-20 “Capitalization of Interest” and ASC 970 “Real Estate-General.” The costs of land and buildings under development include specifically identifiable costs. Capitalized costs include pre-construction costs necessary to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. The Company begins the capitalization of costs during the pre-construction period, which it defines as activities that are necessary for the development of the property. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on the portion (1) substantially completed, (2) occupied or held available for occupancy, and capitalizes only those costs associated with the portion under construction or (3) if activities necessary for the development of the property have been suspended. Interest costs capitalized for the years ended December 31, 2020, 2019 and 2018 were approximately $53.9 million, $54.9 million and $65.8 million, respectively. Salaries and related costs capitalized for the years ended December 31, 2020, 2019 and 2018 were approximately $12.9 million, $10.4 million and $12.5 million, respectively. Expenditures for repairs and maintenance are charged to operations as incurred. Significant betterments are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company computes depreciation and amortization on properties using the straight-line method based on estimated useful asset lives. The Company allocates the acquisition cost of real estate to its components and depreciates or amortizes these assets (or liabilities) over their useful lives. The amortization of acquired “above-” and “below-market” leases and acquired in-place leases is recorded as an adjustment to revenue and depreciation and amortization, respectively, in the Consolidated Statements of Operations. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures, and equipment 3 to 7 years Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and investments with maturities of three months or less from the date of purchase. The majority of the Company’s cash and cash equivalents are held at major commercial banks which may at times exceed the Federal Deposit Insurance Corporation limit of $250,000. Cash Held in Escrows Escrows include amounts established pursuant to various agreements for security deposits, property taxes, insurance and other costs. Escrows also include cash held by qualified intermediaries for possible investments in like-kind exchanges in accordance with Section 1031 of the Internal Revenue Code, as amended (the “Code”), in connection with sales of the Company’s properties. Investments in Securities The Company accounts for investments in equity securities at fair value, with gains or losses resulting from changes in fair value recognized currently in earnings. The Company maintains deferred compensation plans that are designed to allow officers and non-employee directors of Boston Properties, Inc. to defer a portion of the officer’s current income or the non-employee director’s current compensation on a pre-tax basis and receive a tax-deferred return on these deferrals based on the performance of specific investments selected by the officer or non-employee director. The Company’s obligation under the plans is that of an unsecured promise to pay the deferred compensation to the plan participants in the future. At December 31, 2020 and 2019, the Company had maintained approximately $39.5 million and $36.7 million, respectively, in separate accounts, which are not restricted as to their use. The Company recognized gains (losses) of approximately $5.3 million, $6.4 million and $(1.9) million on its investments in the accounts associated with the Company’s deferred compensation plans during the years ended December 31, 2020, 2019 and 2018, respectively. Tenant and Other Receivables Tenant and other accounts receivable, other than accrued rents receivable, are expected to be collected within one year. Notes Receivable The Company accounts for notes receivable at their unamortized cost, net of any unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses (see “ New Accounting Pronouncements Adopted—Financial Instruments - Credit Losses” ). Loan fees and direct costs associated with loans originated by the Company are deferred and amortized over the term of the note as interest income. Deferred Charges Deferred charges include leasing costs and certain financing fees. Leasing costs include acquired intangible in-place lease values and direct and incremental fees and costs incurred in the successful negotiation of leases, including brokerage and other costs which have been deferred and are being amortized on a straight-line basis over the terms of the respective leases. Unamortized leasing costs are charged to expense upon the early termination of the lease. Fully amortized deferred leasing costs are removed from the books upon the expiration of the lease. The Company did not capitalize any external legal costs and internal leasing salaries and related costs for the years ended December 31, 2020 and 2019 (see “ Leases ”) . Internal leasing salaries and related costs capitalized for the year ended December 31, 2018 were approximately $5.4 million. Financing fees included in deferred charges consist of external fees and costs incurred to obtain the Company’s revolving facility and if applicable, the delayed draw facility and construction financing arrangements where there are not sufficient amounts outstanding. Such financing costs have been deferred and are being amortized over the terms of the respective financing and included within interest expense. Unamortized financing costs are charged to expense upon the early repayment or significant modification of the financing. Fully amortized deferred financing costs are removed from the books upon the maturity of the debt. External fees and costs incurred to obtain mortgage financings and unsecured senior notes have been deferred and are presented as direct deductions from the carrying amounts of the corresponding debt liability. Such financing costs are being amortized over the terms of the respective financing and included within interest expense. Unamortized financing costs are charged to expense upon the early repayment or significant modification of the financing. Investments in Unconsolidated Joint Ventures The Company consolidates VIEs in which it is considered to be the primary beneficiary. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or that the holders of the equity investment at risk do not have substantive participating rights. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance, and (2) the obligation to absorb losses and the right to receive the returns from the variable interest entity that could potentially be significant to the VIE. For ventures that are not VIEs, the Company consolidates entities for which it has significant decision making control over the ventures’ operations. The Company’s judgment with respect to its level of influence or control of an entity involves the consideration of various factors including the form of the Company’s ownership interest, its representation in the entity’s governance, the size of its investment (including loans), estimates of future cash flows, its ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace the Company as manager and/or liquidate the venture, if applicable. The Company’s assessment of its influence or control over an entity affects the presentation of these investments in the Company’s consolidated financial statements. In addition to evaluating control rights, the Company consolidates entities in which the outside partner has no substantive kick-out rights to remove the Company as the managing member. Accounts of the consolidated entity are included in the accounts of the Company and the noncontrolling interest is reflected on the Consolidated Balance Sheets as a component of equity or in temporary equity between liabilities and equity. Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in earnings of unconsolidated joint ventures over the life of the related asset. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Consolidated Statements of Operations. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company may account for cash distributions in excess of its investment in an unconsolidated joint venture as income when the Company is not the general partner in a limited partnership and when the Company has neither the requirement nor the intent to provide financial support to the joint venture. The Company classifies distributions received from equity method investees within its Consolidated Statements of Cash Flows using the nature of the distribution approach, which classifies the distributions received on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities). The Company’s investments in unconsolidated joint ventures are reviewed for indicators of impairment on a quarterly basis and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying amounts has occurred and such decline is other-than-temporary. This evaluation of the investments in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. The Company will record an impairment charge if it determines that a decline in the fair value below the carrying amount of an investment in an unconsolidated joint venture is other-than-temporary. The fair value is calculated using discounted cash flows which is subjective and considers assumptions regarding future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates that could differ materially from actual results in future periods. To the extent that the Company contributed assets to a joint venture, the Company’s investment in the joint venture was recorded at the Company’s cost basis in the assets that were contributed to the joint venture. To the extent that the Company’s cost basis is different than the basis reflected at the joint venture level, the basis difference is amortized over the life of the related asset and included in the Company’s share of equity in net income of the joint venture. In accordance with the provisions of ASC 610-20 “Gains and Losses from the Derecognition of Nonfinancial Assets” (“ASC 610-20”), the Company will recognize a full gain on both the retained and sold portions of real estate contributed or sold to a joint venture by recognizing its new equity method investment interest at fair value. The combined summarized financial information of the unconsolidated joint ventures is disclosed in Note 6. Revenue Recognition In general, the Company commences lease/rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. Contractual lease/rental revenue is reported on a straight-line basis over the terms of the respective leases. The impact of the straight-line rent adjustment increased revenue by approximately $104.9 million, $58.4 million and $51.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, as the revenue recorded exceeded amounts billed. Accrued rental income, as reported on the Consolidated Balance Sheets, represents cumulative lease/rental income earned in excess of rent payments received pursuant to the terms of the individual lease agreements. The Company must make estimates as to the collectability of its accrued rent and accounts receivable related to lease revenue. Management analyzes accrued rent and accounts receivable by considering tenant creditworthiness, current economic trends, including the impact of the novel coronavirus (“COVID-19”) pandemic on tenants’ businesses, and changes in tenants’ payment patterns when evaluating the collectability of the tenant’s receivable balance, including the accrued rent receivable, on a lease-by-lease basis. The Company writes-off the tenant’s receivable balance, including the accrued rent receivable, if the Company considers the balances no longer probable of collection. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition claims. If the balances are considered no longer probable of collection and therefore written off, the Company will cease to recognize lease income, including straight-line rent, unless cash is received (See Note 4). If the Company subsequently determines that it is probable it will collect substantially all the remaining lessee’s lease payments under the lease term, the Company will then reinstate the straight-line balance, adjusting for the amount related to the period when the lease payments were considered not probable. If the Company’s estimates of collectability differ from the cash received, then the timing and amount of the Company’s reported revenue could be impacted. The credit risk is mitigated by the high quality of the Company’s existing tenant base, reviews of prospective tenants’ risk profiles prior to lease execution and consistent monitoring of the Company’s portfolio to identify potential problem tenants. The Company recognizes acquired in-place “above-” and “below-market” leases at their fair values as rental revenue over the original term of the respective leases. The impact of the acquired in-place “above-” and “below-market” leases increased revenue by approximately $6.5 million, $20.9 million and $23.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands). Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangibles 2021 $ 3,019 $ 6,193 2022 354 5,437 2023 183 5,296 2024 135 3,780 2025 135 3,775 Recoveries from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, are recognized as revenue in the period during which the expenses are incurred (See “ Leases” ). The Company receives reimbursements of payroll and payroll related costs from unconsolidated joint venture entities and third party property owners in connection with management services contracts which the Company reflects on a gross basis instead of on a net basis as the Company has determined that it is the principal and not the agent under these arrangements in accordance with the guidance in ASC 606 “Revenue from Contracts with Customers” (“ASC 606”). The Company’s parking revenue is derived primarily from monthly and transient daily parking. In addition, the Company has certain lease arrangements for parking accounted for under the guidance in ASC 842 “Leases” (“ASC 842”). The monthly and transient daily parking revenue falls within the scope of ASC 606 and is accounted for at the point in time when control of the goods or services transfers to the customer and the Company’s performance obligation is satisfied. The Company’s hotel revenue is derived from room rentals and other sources such as charges to guests for telephone service, movie and vending commissions, meeting and banquet room revenue and laundry services. Hotel revenue is recognized as the hotel rooms are occupied and the services are rendered to the hotel customers. The Company earns management and development fees. Development and management services revenue is earned from unconsolidated joint venture entities and third-party property owners. The Company determined that the performance obligations associated with its development services contracts are satisfied over time and that the Company would recognize its development services revenue under the output method evenly over time from the development commencement date through the substantial completion date of the development management services project due to the stand-ready nature of the contracts. Significant judgments impacting the amount and timing of revenue recognized from the Company’s development services contracts include estimates of total development project costs from which the fees are typically derived and estimates of the period of time until substantial completion of the development project, the period of time over which the development services are required to be performed. The Company recognizes development fees earned from unconsolidated joint venture projects equal to its cost plus profit to the extent of the third party partners’ ownership interest. Property management fees are recorded and earned based on a percentage of collected rents at the properties under management, and not on a straight-line basis, because such fees are contingent upon the collection of rents. Gains on sales of real estate are recognized pursuant to the provisions included in ASC 610-20. Under ASC 610-20, the Company must first determine whether the transaction is a sale to a customer or non-customer. The Company typically sells real estate on a selective basis and not within the ordinary course of its business and therefore expects that its sale transactions will not be contracts with customers. The Company next determines whether it has a controlling financial interest in the property after the sale, consistent with the consolidation model in ASC 810 “Consolidation” (“ASC 810”). If the Company determines that it does not have a controlling financial interest in the real estate, it evaluates whether a contract exists under ASC 606 and whether the buyer has obtained control of the asset that was sold. The Company recognizes a full gain on sale of real estate when the derecognition criteria under ASC 610-20 have been met. Leases Lessee For leases in which the Company is the lessee (generally ground leases), in accordance with ASC 842 the Company recognizes a right-of-use asset and a lease liability. The Company made the policy election to not apply the revenue recognition requirements of ASC 842 to short-term leases. This policy election is made by class of underlying assets and as described below, the Company considers real estate to be a class of underlying assets, and will not be further delineating it into specific uses of the real estate asset as the risk profiles are similar in nature. The Company will recognize the lease payments in net income on a straight-line basis over the lease term. The lease liability is equal to the present value of the minimum lease payments in accordance with ASC 842. The Company will use its incremental borrowing rate (“IBR”) to determine the net present value of the minimum lease payments. In order to determine the IBR, the Company utilized a market-based approach to estimate the incremental borrowing rate for each individual lease. The approach required significant judgment. Therefore, the Company utilized different data sets to estimate base IBRs via an analysis of the following weighted-components: • the interpolated rates from yields on outstanding U.S. Treasury issuances for up to 30 years and for years 31 and beyond, longer-term publicly traded educational institution debt issued by high credit quality educational institutions with maturity dates exceeding 31 years, • observable mortgage rates spread over U.S. Treasury issuances, and • unlevered property yields and discount rates. The Company then applied adjustments to account for considerations related to term and interpolated the IBR. Lessor The Company leases primarily Class A office, life sciences, retail and residential space to tenants. These leases may contain extension and termination options that are predominately at the sole discretion of the tenant, provided certain conditions are satisfied. In a few instances, the leases also contain purchase options, which would be exercisable at fair market value. Also, certain of the Company’s leases include rental payments that are based on a percentage of the tenant sales in excess of contractual amounts. Per ASC 842, lessors do not need to separate nonlease components from the associated lease component if certain criteria stated above are met for each class of underlying assets. The guidance in ASC 842 defines “underlying asset” as “an asset that is the subject of a lease for which a right to use that asset has been conveyed to a lessee. The underlying asset could be a physically distinct portion of a single asset.” Based on the above guidance, the Company considers real estate assets as a class of underlying assets and will not be further delineating it into specific uses of the real estate asset as the risk profiles are similar in nature. Lease components are elements of an arrangement that provide the customer with the right to use an identified asset. Nonlease components are distinct elements of a contract that are not related to securing the use of the leased asset and revenue is recognized in accordance with ASC 606. The Company considers common area maintenance (CAM) and service income associated with tenant work orders to be nonlease components because they represent delivery of a separate service but are not considered a cost of securing the identified asset. In the case of the Company’s business, the identified asset would be the leased real estate (office, life sciences, retail or residential). The Company assessed and concluded that the timing and pattern of transfer for nonlease components and the associated lease component are the same. The Company determined that the predominant component was the lease component and as such its leases will continue to qualify as operating leases and the Company has made a policy election to account for and present the lease component and the nonlease component as a single component in the revenue section of the Consolidated Statements of Operations labeled Lease. Prior to the January 1, 2019 adoption of ASC 842, nonlease components had been included within Recoveries from Tenants Revenue, Parking and Other Revenue and Development and Management Services Revenue on the Company’s Consolidated Statements of Operations. Recoveries from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, are recognized as revenue in the period during which the expenses are incurred . The Company recognizes these reimburseme |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate | 3. Real Estate Boston Properties, Inc. Real estate consisted of the following at December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 December 31, 2019 Land $ 5,069,206 $ 5,111,606 Right of use assets - finance leases 237,393 237,394 Right of use assets - operating leases 146,406 148,640 Land held for future development (1) 450,954 254,828 Buildings and improvements 13,777,691 13,646,054 Tenant improvements 2,752,880 2,656,439 Furniture, fixtures and equipment 49,606 44,313 Construction in progress 868,773 789,736 Total 23,352,909 22,889,010 Less: Accumulated depreciation (5,534,102) (5,266,798) $ 17,818,807 $ 17,622,212 _______________ (1) Includes pre-development costs. Boston Properties Limited Partnership Real estate consisted of the following at December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 December 31, 2019 Land $ 4,971,990 $ 5,011,153 Right of use assets - finance leases 237,393 237,394 Right of use assets - operating leases 146,406 148,640 Land held for future development (1) 450,954 254,828 Buildings and improvements 13,498,098 13,351,286 Tenant improvements 2,752,880 2,656,439 Furniture, fixtures and equipment 49,606 44,313 Construction in progress 868,773 789,736 Total 22,976,100 22,493,789 Less: Accumulated depreciation (5,428,576) (5,162,908) $ 17,547,524 $ 17,330,881 _______________ (1) Includes pre-development costs. Developments On March 26, 2020, the Company completed and fully placed in-service 17Fifty Presidents Street located in Reston, Virginia. 17Fifty Presidents Street is a build-to-suit project with approximately 276,000 net rentable square feet of Class A office space that is 100% leased. On June 1, 2020, the Company completed and fully placed in-service 20 CityPoint, a Class A office project with approximately 211,000 net rentable square feet located in Waltham, Massachusetts. The office portion of the property is 100% leased, including a lease with a future commencement. On June 26, 2020, the Company completed the acquisition of real property at 777 Harrison Street (known as Fourth + Harrison and formerly known as 425 Fourth Street) located in San Francisco, California for a gross purchase price, including entitlements, totaling approximately $140.1 million. On July 31, 2020 and December 16, 2020, the Company acquired real property at 759 Harrison Street located in San Francisco, California, which is expected to be included in the Fourth + Harrison development project, for an aggregate purchase price totaling approximately $4.5 million. 759 Harrison Street and Fourth + Harrison are expected to support the development of approximately 850,000 square feet of primarily commercial office space. On August 15, 2020, the Company completed and fully placed in-service The Skylyne, an approximately 331,000 square foot project comprised of 402 residential units and retail space located in Oakland, California. On November 3, 2020, the Company signed an approximately 138,000 square-foot, 10-year lease with a new tenant at 200 West Street in Waltham, Massachusetts. The Company is currently redeveloping a portion of 200 West Street into life sciences space with expected completion in 2021. With this lease, the property is 100% leased. Dispositions On January 28, 2020, the Company entered into a joint venture with a third party to own, operate and develop properties at its Gateway Commons complex located in South San Francisco, California. The Company contributed its 601, 611 and 651 Gateway properties and development rights with an agreed upon value aggregating approximately $350.0 million for its 50% interest in the joint venture. 601, 611 and 651 Gateway consist of three Class A office properties aggregating approximately 768,000 net rentable square feet. The partner contributed three properties and development rights with an agreed upon value aggregating approximately $280.8 million at closing and will contribute cash totaling approximately $69.2 million in the future for its 50% ownership interest in the joint venture. As a result of the partner’s deferred contribution, the Company had an initial approximately 55% interest in the joint venture. Future development projects will be owned 49% by the Company and 51% by its partner. Upon the partner’s contribution, the Company ceased accounting for the joint venture entity on a consolidated basis and is accounting for the joint venture entity on an unconsolidated basis using the equity method of accounting, as it has reduced its ownership interest in the joint venture entity and no longer has a controlling financial or operating interest in the joint venture entity (See Note 6). The Company recognized a gain on the retained and sold interest in the real estate contributed to the joint venture totaling approximately $217.7 million for Boston Properties, Inc. and $222.4 million for Boston Properties Limited Partnership during the year ended December 31, 2020 within Gains on Sales of Real Estate on the respective Consolidated Statements of Operations, as the fair value of the real estate exceeded its carrying value. 601, 611 and 651 Gateway contributed approximately $0.2 million of net income to the Company for the period from January 1, 2020 through January 27, 2020 and contributed approximately $10.4 million and $8.6 million of net income to the Company for the years ended December 31, 2019 and 2018, respectively. On February 20, 2020, the Company completed the sale of New Dominion Technology Park located in Herndon, Virginia for a gross sale price of $256.0 million. Net cash proceeds totaled approximately $254.0 million, resulting in a gain on sale of real estate totaling approximately $192.3 million for Boston Properties, Inc. and approximately $197.1 million for Boston Properties Limited Partnership. New Dominion Technology Park is comprised of two Class A office properties aggregating approximately 493,000 net rentable square feet. New Dominion Technology Park contributed approximately $1.6 million of net income to the Company for the period from January 1, 2020 through February 19, 2020 and contributed approximately $6.8 million and $8.2 million of net income to the Company for the years ended December 31, 2019 and 2018, respectively. On June 25, 2020, the Company completed the sale of a portion of its Capital Gallery property located in Washington, DC for a gross sale price of approximately $253.7 million. Net cash proceeds totaled approximately $246.6 million, resulting in a gain on sale of real estate totaling approximately $203.5 million for Boston Properties, Inc. and approximately $207.0 million for Boston Properties Limited Partnership. Capital Gallery is an approximately 631,000 net rentable square foot Class A office property. The portion sold was comprised of approximately 455,000 net rentable square feet of commercial office space. The Company continues to own the land, underground parking garage and remaining commercial office and retail space containing approximately 176,000 net rentable square feet at the property. The sold portion of Capital Gallery contributed approximately $6.3 million of net income to the Company for the period from January 1, 2020 through June 24, 2020 and contributed approximately $15.0 million and $14.5 million of net income to the Company for the years ended December 31, 2019 and 2018, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases of Lessor Disclosure [Text Block] | 4. Leases The Company must make estimates as to the collectability of its accrued rent and accounts receivable related to lease revenue. Management analyzes accrued rent and accounts receivable by considering tenant creditworthiness, current economic trends, including the impact of COVID-19 on tenants’ businesses, and changes in tenants’ payment patterns when evaluating the collectability of the tenant’s receivable balance, including the accrued rent receivable, on a lease-by-lease basis. As a result of this analysis, during the year ended December 31, 2020, the Company wrote off approximately $67.7 million, related to accrued rent balances and approximately $22.6 million, related to accounts receivable balances. The write-offs were for tenants, primarily in the retail, entertainment and co-working sectors, that either terminated their leases or that the Company considered their accrued rent and/or accounts receivable balances no longer probable of collection. In April 2020, the FASB staff issued a question and answer document (“Lease Modification Q & A”) related to the application of lease accounting guidance for lease concessions, in accordance with ASC 842, as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q & A allows the Company, if certain criteria have been met, to assume that a lease concession was included within the enforceable rights and obligations of the existing lease agreement and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company did not utilize the guidance provided in the Lease Modification Q & A and instead elected to continue to account for the COVID-19 lease concessions on a lease-by-lease basis in accordance with the existing lease modification accounting framework. Lessee The Company has four non-cancelable ground lease obligations, as lessee, which were classified as operating leases, with various initial term expiration dates through 2114. The Company recognizes ground rent expense on a straight-line basis over the term of the respective ground lease agreements. None of the amounts disclosed below for these ground leases contain variable payments, extension options or residual value guarantees. One of the ground leases does have an extension option. However, lease payments, for the extension option, for this ground lease are based on fair market value and as such have not been included in the analysis below. The Company has four finance lease obligations with various initial term expiration dates through 2094. The following table provides lease cost information for the Company’s operating and finance leases for the year ended (in thousands): Lease costs December 31, 2020 December 31, 2019 Operating lease costs $ 13,948 $ 14,573 Finance lease costs Amortization of right of use asset (1) $ 56 $ 29 Interest on lease liabilities (2) $ 583 $ 47 _______________ (1) The finance leases relate to either land, buildings or assets that remain in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy. (2) Three of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2020 and December 31, 2019, respectively, and as such, a portion of the interest amount was capitalized. The following table provides other quantitative information for the Company’s operating and finance leases as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Other information Weighted-average remaining lease term (in years) Operating leases 51 51 Finance leases 70 71 Weighted-average discount rate Operating leases 5.7 % 5.7 % Finance leases 6.2 % 6.2 % The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2020 (in thousands): Operating Finance 2021 $ 25,092 $ 5,896 2022 18,020 10,206 2023 10,262 9,701 2024 (1) 9,277 48,518 2025 9,476 9,971 Thereafter 548,478 1,373,177 Total lease payments 620,605 1,457,469 Less: Interest portion (418,892) (1,220,977) Present value of lease payments $ 201,713 $ 236,492 _______________ (1) Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise. Lessor The following table summarizes the components of lease revenue recognized during the years ended December 31, 2020 and 2019 included within the Company's Consolidated Statements of Operations (in thousands): Year ended December 31, Lease Revenue 2020 2019 Fixed contractual payments $ 2,211,915 $ 2,261,260 Variable lease payments 434,346 496,754 $ 2,646,261 $ 2,758,014 |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Deferred Charges | 5. Deferred Charges Deferred charges consisted of the following at December 31, 2020 and 2019 (in thousands): 2020 2019 Leasing costs, including lease related intangibles $ 1,023,058 $ 1,155,958 Financing costs 12,728 12,728 1,035,786 1,168,686 Less: Accumulated amortization (395,701) (479,473) $ 640,085 $ 689,213 The following table summarizes the scheduled amortization of the Company’s acquired in-place lease intangibles for each of the five succeeding years (in thousands). Acquired In-Place Lease Intangibles 2021 $ 10,352 2022 5,464 2023 3,854 2024 2,220 2025 2,174 |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Investments In Unconsolidated Joint Ventures | 6. Investments in Unconsolidated Joint Ventures The investments in unconsolidated joint ventures consist of the following at December 31, 2020 and December 31, 2019: Carrying Value of Investment (1) Entity Properties Nominal % December 31, December 31, (in thousands) Square 407 Limited Partnership Market Square North 50.0 % $ (3,766) $ (4,872) BP/CRF Metropolitan Square, LLC Metropolitan Square 20.0 % (13,584) 9,134 901 New York, LLC 901 New York Avenue 25.0 % (2) (12,264) (12,113) WP Project Developer LLC Wisconsin Place Land and Infrastructure 33.3 % (3) 35,297 36,789 Annapolis Junction NFM LLC Annapolis Junction 50.0 % (4) 13,463 25,391 540 Madison Venture LLC 540 Madison Avenue 60.0 % (5) 122 2,953 500 North Capitol Venture LLC 500 North Capitol Street, NW 30.0 % (6,945) (5,439) 501 K Street LLC 1001 6th Street 50.0 % (6) 42,499 42,496 Podium Developer LLC The Hub on Causeway - Podium 50.0 % 48,818 49,466 Residential Tower Developer LLC Hub50House 50.0 % 50,943 55,092 Hotel Tower Developer LLC The Hub on Causeway - Hotel Air Rights 50.0 % 10,754 9,883 Office Tower Developer LLC 100 Causeway Street 50.0 % 56,312 56,606 1265 Main Office JV LLC 1265 Main Street 50.0 % 3,787 3,780 BNY Tower Holdings LLC Dock 72 50.0 % 29,536 94,804 BNYTA Amenity Operator LLC Dock 72 50.0 % 1,846 N/A CA-Colorado Center Limited Partnership Colorado Center 50.0 % 227,671 252,069 7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.0 % 58,112 56,247 BP-M 3HB Venture LLC 3 Hudson Boulevard 25.0 % 113,774 67,499 SMBP Venture LP Santa Monica Business Park 55.0 % 145,761 163,937 Platform 16 Holdings LP Platform 16 55.0 % (7) 108,393 29,501 Gateway Portfolio Holdings LLC Gateway Commons 50.0 % (8) 336,206 N/A Rosecrans-Sepulveda Partners 4, LLC Beach Cities Media Campus 50.0 % 27,184 N/A $ 1,273,919 $ 933,223 _______________ (1) Investments with deficit balances aggregating approximately $36.6 million and $22.4 million at December 31, 2020 and 2019, 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 December 31, 2020 and 2019, the Company’s economic ownership was approximately 50%. (3) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4) The joint venture owns two in-service buildings. (5) T he property was sold on June 27, 2019. As of December 31, 2020 and 2019, the investment consisted of undistributed cash. (6) Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. (7) This entity is a VIE (See Note 1). (8) As a result of the partner’s deferred contribution, the Company owns an approximately 55% interest in the joint venture at December 31, 2020. Future development projects will be owned 49% by the Company and 51% by its partner. Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. With limited exceptions under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, the partners or the Company will be entitled to an additional promoted interest or payments. The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows: December 31, December 31, (in thousands) ASSETS Real estate and development in process, net (1) $ 4,708,571 $ 3,904,400 Other assets 531,071 502,706 Total assets $ 5,239,642 $ 4,407,106 LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY Mortgage and notes payable, net $ 2,637,911 $ 2,218,853 Other liabilities (2) 650,433 749,675 Members’/Partners’ equity 1,951,298 1,438,578 Total liabilities and members’/partners’ equity $ 5,239,642 $ 4,407,106 Company’s share of equity $ 936,087 $ 591,905 Basis differentials (3) 337,832 341,318 Carrying value of the Company’s investments in unconsolidated joint ventures (4) $ 1,273,919 $ 933,223 _______________ (1) At December 31, 2020 and 2019, this amount included right of use assets - finance leases totaling approximately $248.9 million and $383.9 million, respectively, and right of use assets - operating leases totaling approximately $22.5 million and $12.1 million, respectively. (2) At December 31, 2020 and 2019, this amount included lease liabilities - finance leases totaling approximately $388.7 million and $510.8 million, respectively, and lease liabilities - operating leases totaling approximately $29.0 million and $17.3 million, respectively. (3) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. At December 31, 2020 and 2019, there was an aggregate basis differential of approximately $307.3 million and $311.3 million, respectively, between the carrying value of the Company’s investment in the joint venture that owns Colorado Center and the joint venture’s basis in the assets and liabilities. At December 31, 2020, there was an aggregate basis differential of approximately $51.9 million between the carrying value of the Company’s investment in the joint venture that owns Gateway Commons and the joint venture’s basis in the assets and liabilities. At December 31, 2020, there was an aggregate basis differential of approximately $(52.2) million between the carrying value of the Company’s investment in the joint venture that owns Dock 72 and the joint venture’s basis in the assets and liabilities. 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 $36.6 million and $22.4 million at December 31, 2020 and 2019, 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: Year ended December 31, 2020 2019 2018 (in thousands) Total revenue (1) $ 319,560 $ 322,817 $ 271,951 Expenses Operating 144,347 122,992 106,610 Transaction costs 1,027 1,000 — Depreciation and amortization (2) 141,853 102,296 103,079 Total expenses 287,227 226,288 209,689 Other income (expense) Interest expense (98,051) (84,409) (71,308) Gains on sales of real estate (3) 11,737 32,706 16,951 Net income (loss) $ (53,981) $ 44,826 $ 7,905 Company’s share of net income (loss) $ (16,256) $ 24,423 $ 8,084 Impairment loss on investment (4) (60,524) — — Basis differential (3)(4)(5) (8,330) 22,169 (5,862) (Loss) income from unconsolidated joint ventures $ (85,110) $ 46,592 $ 2,222 _______________ (1) Includes straight-line rent adjustments of approximately $(10.1) million, $32.4 million and $15.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. Due primarily to the impact of COVID-19, for the year ended December 31, 2020, write-offs of accounts receivable and accrued rent balances totaled approximately $51.7 million. (2) During the year ended December 31, 2018, the joint venture that owns Metropolitan Square in Washington, DC, commenced a renovation project and recorded accelerated depreciation expense of approximately $22.4 million related to the remaining book value of the assets to be replaced. The Company’s share of the accelerated depreciation expense totaled approximately $4.5 million. (3) For the year ended December 31, 2019, represents the gain on sale of 540 Madison Avenue recognized by the joint venture. During 2008, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture resulting in a basis differential between the carrying value of the Company’s investment in the joint venture and the joint venture’s basis in the assets and liabilities of the property. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $47.2 million for the year ended December 31, 2019, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for the basis differential. The gain on sale of real estate is included in Income from Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. (4) During the year ended December 31, 2020, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture that owns Dock 72 in Brooklyn, New York totaling approximately $60.5 million. (5) Includes straight-line rent adjustments of approximately $1.8 million, $2.1 million and $2.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Also includes net above-/below-market rent adjustments of approximately $0.9 million, $1.7 million and $1.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. On January 28, 2020, the Company entered into a joint venture with a third party to own, operate and develop properties at its Gateway Commons complex located in South San Francisco, California. The Company contributed its 601, 611 and 651 Gateway properties and development rights with an agreed upon value aggregating approximately $350.0 million for its 50% interest in the joint venture (See Note 3). 601, 611 and 651 Gateway consist of three Class A office properties aggregating approximately 768,000 net rentable square feet. The partner contributed three properties and development rights with an agreed upon value aggregating approximately $280.8 million at closing and will contribute cash totaling approximately $69.2 million in the future for its 50% ownership interest in the joint venture. As a result of the partner’s deferred contribution, the Company had an initial approximately 55% interest in the joint venture. Future development projects will be owned 49% by the Company and 51% by its partner. On February 20, 2020, a joint venture in which the Company has a 55% interest acquired the land underlying the ground lease at its Platform 16 property located in San Jose, California for a purchase price totaling approximately $134.8 million. The joint venture had previously made a deposit totaling $15.0 million, which was credited against the purchase price. Platform 16 consists of a parcel of land totaling approximately 5.6 acres that is expected to support the development of approximately 1.1 million square feet of commercial office space. On June 9, 2020, a joint venture in which the Company has a 20% interest refinanced with a new lender the mortgage loan collateralized by its Metropolitan Square property located in Washington, DC. The outstanding balance of the loan totaled approximately $155.9 million, bore interest at a fixed rate of 5.75% per annum and was scheduled to mature on August 5, 2020. The new mortgage loan totaling $325.0 million, of which $288.0 million was advanced at closing, bears interest at a variable rate equal to (1) the greater of (x) LIBOR or (y) 0.65%, plus (2) 4.75% per annum, and matures on July 7, 2022, with two, one-year extension options, subject to certain conditions. The joint venture entered into an interest rate cap agreement with a financial institution to limit its exposure to increases in the LIBOR at a cap of 3.00% per annum on a notional amount of $325.0 million through July 7, 2022. The joint venture distributed excess loan proceeds from the new mortgage loan totaling approximately $112.7 million, of which the Company’s share totaled approximately $22.5 million. Metropolitan Square is a Class A office property with approximately 654,000 net rentable square feet. On Jun e 25, 2020, a joint venture in which the Company has a 50% interest completed the sale of Annapolis Junction Building Eight and two land parcels located in Annapolis, Maryland for a gross sale price of $47.0 million. Net cash proceeds totaled approximately $45.8 million after the payment of transaction costs. The Company recognized a gain on sale of real estate totaling approximately $5.8 million, which is included in Income (Loss) from Unconsolidated Joint Ventures in the accompanying Consolidated Statements of Operations. The joint venture distributed approximately $36.8 million of available cash and the net proceeds from the sale after the pay down of the mortgage loan, of which the Company’s share totaled approximately $18.4 million. Annapolis Junction Building Eight is an approximately 126,000 net rentable square foot Class A office property, which is vacant. The two land parcels will support the development of approximately 300,000 square feet of commercial office space with one parcel currently containing surface parking for approximately 511 vehicles. On June 25, 2020, in conjunction with the joint venture’s sale of Annapolis Junction Building Eight, the joint venture in which the Company has a 50% interest modified the mortgage loan collateralized by Annapolis Junction Building Seven and Building Eight with the release of Annapolis Junction Building Eight as collateral under the loan in exchange for a principal pay down of approximately $16.1 million using a portion of the net proceeds from the sale of the property. At the time of the modification, the outstanding balance of the loan totaled approximately $34.5 million, bore interest at a variable rate equal to LIBOR plus 2.35% per annum and was scheduled to mature on June 30, 2020. The modified mortgage loan totaling approximately $18.4 million is collateralized by Annapolis Junction Building Seven, continues to bear interest at a variable rate equal to LIBOR plus 2.35% per annum and matures on March 25, 2021. Annapolis Junction Building Seven is a Class A office property with approximately 127,000 net rentable square feet located in Annapolis, Maryland. On July 23, 2020, the Company acquired a 50% interest in a joint venture entity that owns Beach Cities Media Campus, a 6.4-acre parcel of land located in El Segundo, California, for a purchase price of approximately $21.2 million. Beach Cities Media Campus is expected to support the development of approximately 275,000 square feet of Class A office space. On July 24, 2020, a joint venture in which the Company has a 50% interest completed and fully placed in-service Hub50House, an approximately 320,000 square foot project comprised of 440 residential units located in Boston, Massachusetts. On September 1, 2020, the Company entered into an agreement with its partner in the joint venture that owns 1265 Main Street located in Waltham, Massachusetts to (1) form additional joint ventures to own and develop a mixed-use property containing approximately 1,200,000 square feet to be developed in phases on an approximately 41-acre site adjacent to 1265 Main Street and (2) share the costs of certain offsite infrastructure improvements with its joint venture partner and other third-party abutting land owners. The Company will serve as the development manager and expects to own a 50% interest in each of the joint ventures. On September 30, 2020, a joint venture in which the Company has a 50% interest extended the mortgage loan collateralized by its Market Square North property. At the time of the extension, the outstanding balance of the loan totaled approximately $114.2 million, bore interest at a fixed rate of 4.85% per annum and was scheduled to mature on October 1, 2020. The extended loan was scheduled to mature on November 1, 2020. On October 30, 2020, the joint venture refinanced the mortgage loan. The new mortgage loan totals $125.0 million, bears interest at a variable rate equal to (1) the greater of (x) LIBOR or (y) 0.50%, plus (2) 2.30% per annum, and matures on November 10, 2025, with one, one-year extension option, subject to certain conditions. Market Square North is a Class A office property with approximately 418,000 net rentable square feet. On October 1, 2020, a joint venture in which the Company has a 50% interest completed and fully placed in-service Dock 72, a Class A office project with approximately 669,000 net rentable square feet located in Brooklyn, New York that is 33% leased. During December 2020, the Company recognized a non-cash impairment charge totaling approximately $60.5 million, which represented the other-than temporary decline in the fair value below the carrying value of the Company’s investment in the unconsolidated joint venture that owns Dock 72. The non-cash impairment charge was the result of an increase in costs, an extension of the projected period to fully lease the property and lower projected rental rates due to the COVID-19 pandemic, resulting in a current fair value that was less than the carrying value of the Company’s investment. The Company assessed the impairment and concluded that it was other than temporary. The Company determined that its valuation of the investment was categorized within Level 3 of the fair value hierarchy, as it utilized significant unobservable inputs in its assessment including an exit capitalization rate of 5.25%, a discount rate on the Company’s equity investment (the property is encumbered by mortgage debt) of 8.0% and an average lease commencement on currently vacant space of mid-2023. In addition, on December 14, 2020, the joint venture extended the mortgage loan collateralized by the property. At the time of the extension, the outstanding balance of the loan totaled approximately $198.6 million, bore interest at a variable rate equal to LIBOR plus 2.25% per annum and was scheduled to mature on December 18, 2020. The extended mortgage loan has a total commitment amount of $250.0 million, bears interest at an initial variable rate equal to (1) the greater of (x) LIBOR or (y) 0.25%, plus (2) 2.85% per annum and matures on December 18, 2023. On November 13, 2020, a joint venture in which the Company has a 50% interest extended the mortgage loan collateralized by its Annapolis Junction Building Six property located in Annapolis, Maryland. At the time of the extension, the outstanding balance of the loan totaled approximately $12.0 million, bore interest at a variable rate equal to LIBOR plus 2.00% per annum and was scheduled to mature on November 17, 2020. The extended mortgage loan has a total commitment amount of approximately $13.2 million, bears interest at a variable rate equal to (1) the greater of (x) LIBOR or (y) 0.50%, plus (2) 2.50% per annum and matures on November 16, 2021. Annapolis Junction Building Six is a Class A office property with approximately 119,000 net rentable square feet. |
Mortgage Notes Payable, Net
Mortgage Notes Payable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable Disclosure | 7. Mortgage Notes Payable, Net The Company had outstanding mortgage notes payable totaling approximately $2.9 billion as of December 31, 2020 and 2019, each collateralized by one or more buildings and related land included in real estate assets. The mortgage notes payable are generally due in monthly installments and mature at various dates through June 9, 2027. Fixed rate mortgage notes payable totaled approximately $2.9 billion at December 31, 2020 and 2019, with contractual interest rates ranging from 3.43% to 6.94% per annum at December 31, 2020 and 2019 (with a weighted-average interest rate of 3.72% and 3.73% per annum at December 31, 2020 and 2019, respectively). There were no variable rate mortgage loans at December 31, 2020 and 2019. Contractual aggregate principal payments of mortgage notes payable at December 31, 2020 are as follows (in thousands): Principal Payments 2021 $ 17,276 2022 614,710 2023 — 2024 — 2025 — Thereafter 2,300,000 Total aggregate principal payments 2,931,986 Deferred financing costs, net (22,905) Total carrying value of mortgage notes payable, net $ 2,909,081 |
Unsecured Senior Notes
Unsecured Senior Notes | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Unsecured Senior Notes | 8. Unsecured Senior Notes The following summarizes the unsecured senior notes outstanding as of December 31, 2020 (dollars in thousands): Coupon/ Effective Principal Maturity Date(2) 10 Year Unsecured Senior Notes 4.125 % 4.289 % $ 850,000 May 15, 2021 (3) 11 Year Unsecured Senior Notes 3.850 % 3.954 % 1,000,000 February 1, 2023 10.5 Year Unsecured Senior Notes 3.125 % 3.279 % 500,000 September 1, 2023 10.5 Year Unsecured Senior Notes 3.800 % 3.916 % 700,000 February 1, 2024 7 Year Unsecured Senior Notes 3.200 % 3.350 % 850,000 January 15, 2025 10 Year Unsecured Senior Notes 3.650 % 3.766 % 1,000,000 February 1, 2026 10 Year Unsecured Senior Notes 2.750 % 3.495 % 1,000,000 October 1, 2026 10 Year Unsecured Senior Notes 4.500 % 4.628 % 1,000,000 December 1, 2028 10 Year Unsecured Senior Notes 3.400 % 3.505 % 850,000 June 21, 2029 10.5 Year Unsecured Senior Notes 2.900 % 2.984 % 700,000 March 15, 2030 10.75 Year Unsecured Senior Notes 3.250 % 3.343 % 1,250,000 January 30, 2031 Total principal 9,700,000 Net unamortized discount (16,034) Deferred financing costs, net (44,679) Total $ 9,639,287 _______________ (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. (3) See Note 18. On May 5, 2020, Boston Properties Limited Partnership completed a public offering of $1.25 billion in aggregate principal amount of its 3.250% unsecured senior notes due 2031. The notes were priced at 99.850% of the principal amount to yield an effective rate (including financing fees) of approximately 3.343% per annum to maturity. The notes will mature on January 30, 2031, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $1.24 billion, after deducting underwriting discounts and transaction expenses. |
Unsecured Credit Facility
Unsecured Credit Facility | 12 Months Ended |
Dec. 31, 2020 | |
Line of Credit Facility [Abstract] | |
Unsecured line of Credit | 9. Unsecured Credit Facility On April 24, 2017, Boston Properties Limited Partnership amended and restated its unsecured revolving credit agreement (as amended and restated, the “2017 Credit Facility”). Among other things, the 2017 Credit Facility (1) increased the total commitment of the revolving line of credit (the “Revolving Facility”) from $1.0 billion to $1.5 billion, (2) extended the maturity date from July 26, 2018 to April 24, 2022, (3) reduced the per annum variable interest rates, and (4) added a $500.0 million delayed draw term loan facility (the “Delayed Draw Facility”) that permitted Boston Properties Limited Partnership to draw upon it provided that amounts drawn and subsequently repaid may not be borrowed again. In addition, Boston Properties Limited Partnership may increase the total commitment under the 2017 Credit Facility by up to $500.0 million through increases in the Revolving Facility or the Delayed Draw Facility, or both, subject to syndication of the increase and other conditions. On April 24, 2018, Boston Properties Limited Partnership exercised its option to draw $500.0 million on its Delayed Draw Facility. The Delayed Draw Facility bears interest at a variable rate equal to LIBOR plus 0.95% per annum based on Boston Properties Limited Partnership’s current credit rating and matures on April 24, 2022. At Boston Properties Limited Partnership’s option, loans under the Revolving Facility and Delayed Draw Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, Euro or Sterling, LIBOR, and (b) in the case of loans denominated in Canadian Dollars, CDOR, in each case, plus a margin ranging from 77.5 to 155 basis points for the Revolving Commitment and 85 to 175 basis points for the Delayed Draw Facility, based on Boston Properties Limited Partnership’s credit rating or (2) an alternate base rate equal to the greatest of (x) the Administrative Agent’s prime rate, (y) the Federal Funds rate plus 0.50% or (z) LIBOR for a one-month period plus 1.00%, in each case, plus a margin ranging from 0 to 55 basis points for the Revolving Facility and 0 to 75 basis points for the Delayed Draw Facility, based on Boston Properties Limited Partnership’s credit rating. The 2017 Credit Facility also contains a competitive bid option for up to 65% of the Revolving Facility that allows banks that are part of the lender consortium to bid to make loan advances to Boston Properties Limited Partnership at a reduced interest rate. In addition, Boston Properties Limited Partnership is obligated to pay (1) in quarterly installments a facility fee on the total commitment under the Revolving Facility at a rate per annum ranging from 0.10% to 0.30% based on Boston Properties Limited Partnership’s credit rating, (2) an annual fee on the undrawn amount of each letter of credit equal to the LIBOR margin on the Revolving Facility and (3) a fee on the unused commitments under the Delayed Draw Facility equal to 0.15% per annum. Based on Boston Properties Limited Partnership’s December 31, 2020 credit rating, (1) the applicable Eurocurrency margins for the Revolving Facility and Delayed Draw Facility are 0.875% and 0.95% per annum, respectively, (2) the alternate base rate margin is zero basis points for each of the Revolving Facility and Delayed Draw Facility and (3) the facility fee on the Revolving Facility commitment is 0.15% per annum. At December 31, 2020 and 2019, Boston Properties Limited Partnership had $500.0 million of borrowings outstanding under its Delayed Draw Facility and no amounts outstanding under its Revolving Facility. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 10. Commitments and Contingencies General In the normal course of business, the Company guarantees its performance of services or indemnifies third parties against its negligence. In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of its subsidiaries for the payment of tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises. The Company has letter of credit and performance obligations related to lender and development requirements that total approximately $20.0 million at December 31, 2020. Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. With limited exception, under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners. From time to time, under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, either the Company or its partners may be entitled to an additional promoted interest or payments. From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and (3) provide guarantees to lenders, tenants and other third parties for the completion of development projects. The Company has agreements with its outside partners whereby the partners agree to reimburse the joint venture for their share of any payments made under the guarantee. In some cases, the Company earns a fee from the applicable joint venture for providing the guarantee. In connection with the refinancing of 767 Fifth Avenue’s (the General Motors Building) secured loan by the Company’s consolidated joint venture entity, 767 Venture, LLC, the Company guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits. As of December 31, 2020, the maximum funding obligation under the guarantee was approximately $30.6 million. The Company earns a fee from the joint venture for providing the guarantee and has an agreement with the outside partners to reimburse the joint venture for their share of any payments made under the guarantee. As of December 31, 2020, no amounts related to the guarantee are recorded as liabilities in the Company’s consolidated financial statements. Pursuant to the lease agreement with Marriott, the Company has guaranteed the completion of the office building and parking garage on behalf of its 7750 Wisconsin Avenue joint venture and has also provided a financing guaranty as required with respect to the third-party construction financing. The Company earns fees from the joint venture for providing the guarantees and any amounts the Company pays under the guarantee(s) will be deemed to be capital contributions by the Company to the joint venture. The Company has also agreed to fund construction costs through capital contributions to the joint venture in the event of insufficiency of third-party construction financing. In addition, the Company has guaranteed to Marriott, as hotel manager, the completion of a hotel being developed by an affiliate of The Bernstein Companies (the Company’s partner in the 7750 Wisconsin Avenue joint venture) adjacent to the office property, for which the Company earns a fee from the affiliate of The Bernstein Companies. In addition, the Company entered into agreements with affiliates of The Bernstein Companies whereby the Company could be required to act as a mezzanine and/or mortgage lender and finance the construction of the hotel property. An affiliate of The Bernstein Companies exercised its option to borrow $10.0 million from the Company under such agreements, which financing was provided by the Company on June 1, 2020. The financing bears interest at a fixed rate of 8.00% per annum, compounded monthly, and matures on the fifth anniversary of the date on which the base building of the affiliate of The Bernstein Companies’ hotel property is substantially completed. The financing is collateralized by a pledge of the partner’s equity interest in the joint venture that owns and is developing 7750 Wisconsin Avenue . To secure such financing arrangements, affiliates of The Bernstein Companies are required to provide certain security, which varies depending on the specific loan, by pledges of their equity interest in the office property, a fee mortgage on the hotel property, or both. As of December 31, 2020, no amounts related to the contingent aspect of any of the guarantees are recorded as liabilities in the Company’s consolidated financial statements. In connection with the sale and development of the Company’s 6595 Springfield Center Drive development project, the Company has guaranteed the completion of the project and the payment of certain cost overruns in accordance with the development management agreement with the buyer. Although the project has been sold and the lease with the Federal Government tenant has been assigned to the buyer, pursuant to the terms of the Federal Government lease, the Federal Government tenant is not obligated to release the prior owner/landlord from such landlord’s obligations under the lease until completion of the construction. As a result, the entity which previously owned the land remains liable to the Federal Government tenant for the completion of the construction obligations under the lease. The buyer is obligated to fund the balance of the costs to meet such construction obligations, subject to the Company’s obligation to fund cost overruns (if any), as noted above. An affiliate of the buyer has provided a guaranty of the obligations of the buyer to fund such construction costs and the buyer has agreed to use commercially reasonable efforts to require the construction lender to provide certain remedies to the Company in the event the buyer does not fund such construction obligations. As of December 31, 2020, no amounts related to the contingent aspect of the guarantee are recorded as a liability in the Company’s consolidated financial statements. In connection with the redevelopment of the Company’s 325 Main Street property located in Cambridge, Massachusetts, the Company is required, pursuant to the local zoning ordinance, to commence construction of a residential building of at least 200,000 square feet with 25% of the project designated as income-restricted (with a minimum of 20% of the square footage devoted to home ownership units) prior to the occupancy of the 325 Main Street property, which is expected to occur during the third quarter of 2022. 325 Main Street consisted of an approximately 115,000 net rentable square foot Class A office property that was demolished and is being developed into an approximately 420,000 net rentable square foot Class A office property, including approximately 41,000 net rentable square feet of retail space. In 2009, the Company filed a general unsecured creditor’s claim against Lehman Brothers, Inc. for approximately $45.3 million related to its rejection of a lease at 399 Park Avenue in New York City. On January 10, 2014, the trustee for the liquidation of the business of Lehman Brothers allowed the Company’s claim in the amount of approximately $45.2 million. During 2020, the Company received a distribution totaling approximately $0.1 million. During the years 2014 through 2018, the Company received distributions aggregating approximately $18.0 million, leaving a remaining claim of approximately $27.1 million. The Company will continue to evaluate whether to attempt to sell the remaining claim or wait until the trustee distributes proceeds from the Lehman Brothers estate. Given the inherent uncertainties in bankruptcy proceedings, there can be no assurance as to the timing or amount of additional proceeds, if any, that the Company may ultimately realize on the remaining claim, whether by sale to a third party or by one or more distributions from the trustee. Accordingly, the Company has not recorded any estimated recoveries associated with this gain contingency within its Consolidated Financial Statements at December 31, 2020. Concentrations of Credit Risk Management of the Company performs ongoing credit evaluations of tenants and may require tenants to provide some form of credit support such as corporate guarantees and/or other financial guarantees. Although the Company’s properties are geographically diverse and the tenants operate in a variety of industries, to the extent the Company has a significant concentration of rental revenue from any single tenant, the inability of that tenant to make its lease payments could have an adverse effect on the Company. Insurance The Company’s property insurance program per occurrence limits are $1.0 billion for its portfolio insurance program, including coverage for acts of terrorism other than nuclear, biological, chemical or radiological terrorism (“Terrorism Coverage”). The Company also carries $250 million of Terrorism Coverage for 601 Lexington Avenue, New York, New York (“601 Lexington Avenue”) in excess of the $1.0 billion of coverage in the Company’s property insurance program. Certain properties, including the General Motors Building located at 767 Fifth Avenue in New York, New York (“767 Fifth Avenue”), are currently insured in separate insurance programs. The property insurance program per occurrence limits for 767 Fifth Avenue are $1.625 billion, including Terrorism Coverage. The Company also currently carries nuclear, biological, chemical and radiological terrorism insurance coverage for acts of terrorism certified under the Federal Terrorism Risk Insurance Act (as amended, “TRIA”) (“NBCR Coverage”), which is provided by IXP as a direct insurer, for the properties in the Company’s portfolio, including 767 Fifth Avenue, but excluding certain other properties owned in joint ventures with third parties or which the Company manages. The per occurrence limit for NBCR Coverage is $1.0 billion. Under TRIA, after the payment of the required deductible and coinsurance, the NBCR Coverage provided by IXP is backstopped by the Federal Government if the aggregate industry insured losses resulting from a certified act of terrorism exceed a “program trigger.” 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. In addition, this insurance is subject to a deductible in the amount of 3% of the value of the affected property. Specifically, the Company currently carries earthquake insurance which covers its San Francisco and Los Angeles regions with a $240 million per occurrence limit, and a $240 million annual aggregate limit, $20 million of which is provided by IXP, as a direct insurer. The amount of the Company’s earthquake insurance coverage may not be sufficient to cover losses from earthquakes. In addition, the amount of earthquake coverage could impact the Company’s ability to finance properties subject to earthquake risk. The Company may discontinue earthquake insurance or change the structure of its earthquake insurance program on some or all of its properties in the future if the premiums exceed the Company’s estimation of the value of the coverage. IXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acts as a direct insurer with respect to a portion of the Company’s earthquake insurance coverage for its Greater San Francisco and Los Angeles properties and the Company’s NBCR Coverage. Insofar as the Company owns IXP, it is responsible for its liquidity and capital resources, and the accounts of IXP are part of the Company’s consolidated financial statements. In particular, if a loss occurs which is covered by the Company’s NBCR Coverage but is less than the applicable program trigger under TRIA, IXP would be responsible for the full amount of the loss without any backstop by the Federal Government. IXP would also be responsible for any recoupment charges by the Federal Government in the event losses are paid out and its insurance policy is maintained after the payout by the Federal Government. If the Company experiences a loss and IXP is required to pay under its insurance policy, the Company would ultimately record the loss to the extent of the required payment. Therefore, insurance coverage provided by IXP should not be considered as the equivalent of third-party insurance, but rather as a modified form of self-insurance. In addition, Boston Properties Limited Partnership has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million. Due to the current COVID-19 pandemic, the Company anticipates the possibility of business interruption, loss of lease revenue and/or other associated expenses related to the Company’s operations across its portfolio. Because this is an ongoing situation it is not yet possible to quantify the Company’s losses and expenses, which continue to develop. Because of the complexity of the Company’s insurance policies and limited precedent for claims being made related to pandemics, it is not yet possible to determine if such losses and expenses will be covered by the Company’s insurance policies. Therefore, at this time, the Company is providing notice to the applicable insurers of the potential for claims in order to protect the Company’s rights under its policies. The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism, California earthquake risk 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 or other catastrophic events, if the Company experiences a loss that is uninsured or that exceeds policy limits, the Company could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties. Depending on the specific circumstances of each affected property, it is possible that the Company could be liable for mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect the Company’s business and financial condition and results of operations. Legal Matters The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company. State and Local Tax Matters Because Boston Properties, Inc. is organized and qualifies as a REIT, it is generally not subject to federal income taxes, but is subject to certain state and local taxes. In the normal course of business, certain entities through which the Company owns real estate either have undergone, or are currently undergoing, tax audits. Although the Company believes that it has substantial arguments in favor of its positions in the ongoing audits, in some instances there is no controlling precedent or interpretive guidance on the specific point at issue. Collectively, tax deficiency notices received to date from the jurisdictions conducting the ongoing audits have not been material. However, there can be no assurance that future audits will not occur with increased frequency or that the ultimate result of such audits will not have a material adverse effect on the Company’s results of operations. Environmental Matters It is the Company’s policy to retain independent environmental consultants to conduct or update Phase I environmental assessments (which generally do not involve invasive techniques such as soil or ground water sampling) and asbestos surveys in connection with the Company’s acquisition of properties. These pre-purchase environmental assessments have not revealed environmental conditions that the Company believes will have a material adverse effect on its business, assets, financial condition, results of operations or liquidity, and the Company is not otherwise aware of environmental conditions with respect to its properties that the Company believes would have such a material adverse effect. However, from time to time environmental conditions at the Company’s properties have required and may in the future require environmental testing and/or regulatory filings, as well as remedial action. For example, in February 1999, the Company (through a joint venture) acquired from Exxon Corporation a property in Massachusetts that was formerly used as a petroleum bulk storage and distribution facility and was known by the state regulatory authority to contain soil and groundwater contamination. The Company developed an office park on the property. The Company engaged a specially licensed environmental consultant to oversee the management of contaminated soil and groundwater that was disturbed in the course of construction. Under the property acquisition agreement, Exxon agreed to (1) bear the liability arising from releases or discharges of oil and hazardous substances which occurred at the site prior to the Company’s ownership, (2) continue monitoring and/or remediating such releases and discharges as necessary and appropriate to comply with applicable requirements, and (3) indemnify the Company for certain losses arising from preexisting site conditions. Any indemnity claim may be subject to various defenses and contractual limitations, including time limits, and there can be no assurance that the amounts paid under the indemnity, if any, would be sufficient to cover the liabilities arising from any such releases and discharges. Environmental investigations at some of the Company’s properties and certain properties owned by affiliates of the Company have identified groundwater contamination migrating from off-site source properties. In each case the Company engaged a licensed environmental consultant to perform the necessary investigations and assessments and to prepare any required submittals to the regulatory authorities. In each case the environmental consultant concluded that the properties qualify under the regulatory program or the regulatory practice for a status which eliminates certain deadlines for conducting response actions at a site. The Company also believes that these properties qualify for liability relief under certain statutory provisions or regulatory practices regarding upgradient releases. Although the Company believes that the current or former owners of the upgradient source properties may bear responsibility for some or all of the costs of addressing the identified groundwater contamination, the Company will take such further response actions (if any) that it deems necessary or advisable. Other than periodic testing at some of these properties, no such additional response actions are anticipated at this time. Some of the Company’s properties and certain properties owned by the Company’s affiliates are located in urban, industrial and other previously developed areas where fill or current or historical uses of the areas have caused site contamination. Accordingly, it is sometimes necessary to institute special soil and/or groundwater handling procedures and/or include particular building design features in connection with development, construction and other property operations in order to achieve regulatory closure and/or ensure that contaminated materials are addressed in an appropriate manner. In these situations, it is the Company’s practice to investigate the nature and extent of detected contamination, including potential issues associated with vapor intrusion concerns and/or potential contaminant migration to or from the subject property in groundwater, assess potential liability risks and estimate the costs of required response actions and special handling procedures contaminant migration, assess potential liability risks and estimate the costs of required response actions and special handling procedures. The Company then uses this information as part of its decision-making process with respect to the acquisition, deal structure and/or development of the property. For example, the Company owns a parcel in Massachusetts which was formerly used as a quarry/asphalt batching facility. Pre-purchase testing indicated that the site contained relatively low levels of certain contaminants. The Company has developed an office park on this property. Prior to and during redevelopment activities, the Company engaged a specially licensed environmental consultant to monitor environmental conditions at the site and prepare necessary regulatory submittals based on the results of an environmental risk characterization. A submittal has been made to the regulatory authorities in order to achieve regulatory closure at this site. The submittal included an environmental deed restriction that mandates compliance with certain protective measures in a portion of the site where low levels of residual soil contamination have been left in place in accordance with applicable laws. The Company expects that resolution of the environmental matters relating to the above will not have a material impact on its business, assets, financial condition, results of operations or liquidity. However, the Company cannot assure you that it has identified all environmental liabilities at its properties, that all necessary remediation actions have been or will be undertaken at the Company’s properties or that the Company will be indemnified, in full or at all, in the event that such environmental liabilities arise. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 11. Noncontrolling Interests Noncontrolling interests relate to the interests in Boston Properties Limited Partnership not owned by Boston Properties, Inc. and interests in consolidated property partnerships not wholly-owned by the Company. As of December 31, 2020, the noncontrolling interests in Boston Properties Limited Partnership consisted of 16,037,121 OP Units, 1,336,115 LTIP Units (including 105,080 2012 OPP Units, 64,468 2013 MYLTIP Units, 23,100 2014 MYLTIP Units, 24,966 2015 MYLTIP Units, 89,791 2016 MYLTIP Units and 116,078 2017 MYLTIP Units), 336,195 2018 MYLTIP Units, 219,916 2019 MYLTIP Units and 203,278 2020 MYLTIP Units held by parties other than Boston Properties, Inc. Noncontrolling Interest—Common Units During the years ended December 31, 2020 and 2019, 856,811 and 144,481 OP Units, respectively, were presented by the holders for redemption (including 88,168 and 92,678 OP Units, respectively, issued upon conversion of LTIP Units, 2012 OPP Units and 2013 - 2017 MYLTIP Units) and were redeemed by Boston Properties, Inc. in exchange for an equal number of shares of Common Stock. At December 31, 2020, Boston Properties Limited Partnership had outstanding 336,195 2018 MYLTIP Units, 219,916 2019 MYLTIP Units and 203,278 2020 MYLTIP Units. Prior to the applicable measurement date (February 5, 2021 for 2018 MYLTIP Units (See Note 18), February 4, 2022 for 2019 MYLTIP Units and February 3, 2023 for 2020 MYLTIP Units), holders of MYLTIP Units will be entitled to receive per unit distributions equal to one-tenth (10%) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions. After the measurement date, the number of MYLTIP Units, both vested and unvested, that MYLTIP award recipients have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an OP Unit. On February 4, 2018, the measurement period for the Company’s 2015 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 22.0% of target, or an aggregate of approximately $3.6 million (after giving effect to employee separations). As a result, an aggregate of 337,847 2015 MYLTIP Units that had been previously granted were automatically forfeited. On February 9, 2019, the measurement period for the Company’s 2016 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 69.5% of target, or an aggregate of approximately $13.6 million (after giving effect to employee separations). As a result, an aggregate of 364,980 2016 MYLTIP Units that had been previously granted were automatically forfeited. On February 6, 2020, the measurement period for the Company’s 2017 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 83.8% of target, or an aggregate of approximately $17.6 million (after giving effect to employee separations). As a result, an aggregate of 270,942 2017 MYLTIP Units that had been previously granted were automatically forfeited. The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2016 MYLTIP Units and, after the February 6, 2020 measurement date, the 2017 MYLTIP Units) and its distributions on the 2017 MYLTIP Units (prior to the February 6, 2020 measurement date) and 2018 - 2020 MYLTIP Units (after the February 4, 2020 issuance date) that occurred during the year ended December 31, 2020: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 31, 2020 January 28, 2021 $0.98 $0.098 September 30, 2020 October 30, 2020 $0.98 $0.098 June 30, 2020 July 31, 2020 $0.98 $0.098 March 31, 2020 April 30, 2020 $0.98 $0.098 December 31, 2019 January 30, 2020 $0.98 $0.098 The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2015 MYLTIP Units and, after the February 9, 2019 measurement date, the 2016 MYLTIP Units) and its distributions on the 2016 MYLTIP Units (prior to the February 9, 2019 measurement date) and 2017 - 2019 MYLTIP Units (after the February 5, 2019 issuance date) that occurred during the year ended December 31, 2019: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 31, 2019 January 30, 2020 $0.98 $0.098 September 30, 2019 October 31, 2019 $0.95 $0.095 June 28, 2019 July 31, 2019 $0.95 $0.095 March 29, 2019 April 30, 2019 $0.95 $0.095 December 31, 2018 January 30, 2019 $0.95 $0.095 A holder of an OP Unit may present the OP Unit to Boston Properties Limited Partnership for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, Boston Properties Limited Partnership must redeem the OP Unit for cash equal to the then value of a share of Common Stock of Boston Properties, Inc. Boston Properties, Inc. may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock. The value of the OP Units (not owned by Boston Properties, Inc. and LTIP Units (including the 2012 OPP Units and 2013 - 2017 MYLTIP Units) assuming that all conditions had been met for the conversion thereof) had all of such units been redeemed at December 31, 2020 was approximately $1.6 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $94.53 per share on December 31, 2020. Noncontrolling Interests—Property Partnerships The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties. The equity interests in these ventures that are not owned by the Company, totaling approximately $1.7 billion at December 31, 2020 and 2019, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets. On April 1, 2019, the Company completed the acquisition of its partner’s 5% ownership interest and promoted profits interest in the consolidated entity that owns Salesforce Tower located in San Francisco, California for cash totaling approximately $210.9 million, which amount was reduced by approximately $24.1 million to $186.8 million to reflect the repayment of the Company’s preferred equity and preferred return in the venture. The Company now owns 100% of Salesforce Tower. The Company has accounted for the transaction as an equity transaction for financial reporting purposes and has reflected the difference between the fair value of the total consideration paid and the related carrying value of the noncontrolling interest - property partnership totaling approximately $162.5 million as a decrease to Additional Paid-in Capital and Partners’ Capital in the Consolidated Balance Sheets of Boston Properties, Inc. and Boston Properties Limited Partnership, respectively. |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity / Partners' Capital | 12. Stockholders’ Equity / Partners’ Capital Boston Properties, Inc. As of December 31, 2020, Boston Properties, Inc. had 155,718,825 shares of Common Stock outstanding. As of December 31, 2020, Boston Properties, Inc. owned 1,730,921 general partnership units and 153,987,904 limited partnership units in Boston Properties Limited Partnership. On May 22, 2020, Boston Properties, Inc. renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its Common Stock through sales agents over a three-year period. Under the ATM stock offering program, Boston Properties, Inc. 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 Boston Properties, Inc.’s prior $600.0 million ATM stock offering program that was scheduled to expire on June 2, 2020. Boston Properties, Inc. 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 years ended December 31, 2020 and 2019, Boston Properties, Inc. issued 43,792 and 145,088 shares of Common Stock, respectively, upon the exercise of options to purchase Common Stock. During the years ended December 31, 2020 and 2019, Boston Properties, Inc. issued 856,811 and 144,481 shares of Common Stock, respectively, in connection with the redemption of an equal number of redeemable OP Units from limited partners. The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or declared in 2020 and during the year ended December 31, 2019: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 31, 2020 January 28, 2021 $0.98 $0.98 September 30, 2020 October 30, 2020 $0.98 $0.98 June 30, 2020 July 31, 2020 $0.98 $0.98 March 31, 2020 April 30, 2020 $0.98 $0.98 December 31, 2019 January 30, 2020 $0.98 $0.98 December 31, 2019 January 30, 2020 $0.98 $0.98 September 30, 2019 October 31, 2019 $0.95 $0.95 June 28, 2019 July 31, 2019 $0.95 $0.95 March 29, 2019 April 30, 2019 $0.95 $0.95 December 31, 2018 January 30, 2019 $0.95 $0.95 Preferred Stock As of December 31, 2020, Boston Properties, Inc. had 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) outstanding of its 5.25% Series B Cumulative Redeemable Preferred Stock with a liquidation preference of $2,500.00 per share ($25.00 per depositary share). Boston Properties, Inc. pays cumulative cash dividends on the Series B Preferred Stock at a rate of 5.25% per annum of the $2,500.00 liquidation preference per share. Boston Properties, Inc. did not have the right to redeem the Series B Preferred Stock prior to March 27, 2018, except in certain circumstances relating to the preservation of Boston Properties, Inc.’s REIT status. On and after March 27, 2018, Boston Properties, Inc., at its option, may redeem the Series B Preferred Stock for a cash redemption price of $2,500.00 per share ($25.00 per depositary share), plus all accrued and unpaid dividends. The Series B Preferred Stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of Boston Properties, Inc. or its affiliates. The following table presents Boston Properties, Inc.’s dividends per share on its outstanding Series B Preferred Stock paid or declared during 2020 and during the year ended December 31, 2019: Record Date Payment Date Dividend (Per Share) February 5, 2021 February 16, 2021 $32.8125 November 4, 2020 November 16, 2020 $32.8125 August 3, 2020 August 17, 2020 $32.8125 May 1, 2020 May 15, 2020 $32.8125 February 4, 2020 February 18, 2020 $32.8125 February 4, 2020 February 18, 2020 $32.8125 November 1, 2019 November 15, 2019 $32.8125 August 2, 2019 August 15, 2019 $32.8125 May 3, 2019 May 15, 2019 $32.8125 February 4, 2019 February 15, 2019 $32.8125 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 13. Segment Information The following tables present reconciliations of Net Income Attributable to Boston Properties, Inc. Common Shareholders to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership Common Unitholders to the Company’s share of Net Operating Income for the years ended December 31, 2020, 2019 and 2018. Boston Properties, Inc. Year ended December 31, 2020 2019 2018 (in thousands) Net income attributable to Boston Properties, Inc. common shareholders $ 862,227 $ 511,034 $ 572,347 Add: Preferred dividends 10,500 10,500 10,500 Noncontrolling interest—common units of the Operating Partnership 97,704 59,345 66,807 Noncontrolling interests in property partnerships 48,260 71,120 62,909 Interest expense 431,717 412,717 378,168 Loss from early extinguishment of debt — 29,540 16,490 Impairment loss — 24,038 11,812 Net operating income from unconsolidated joint ventures 94,943 97,716 79,893 Depreciation and amortization expense 683,751 677,764 645,649 Transaction costs 1,531 1,984 1,604 Payroll and related costs from management services contracts 11,626 10,386 9,590 General and administrative expense 133,112 140,777 121,722 Less: Net operating income attributable to noncontrolling interests in property partnerships 162,887 183,989 177,365 Gains (losses) from investments in securities 5,261 6,417 (1,865) Interest and other income (loss) 5,953 18,939 10,823 Gains on sales of real estate 618,982 709 182,356 Income (loss) from unconsolidated joint ventures (85,110) 46,592 2,222 Direct reimbursements of payroll and related costs from management services contracts 11,626 10,386 9,590 Development and management services revenue 29,641 40,039 45,158 Company’s share of Net Operating Income $ 1,626,131 $ 1,739,850 $ 1,551,842 Boston Properties Limited Partnership Year ended December 31, 2020 2019 2018 (in thousands) Net income attributable to Boston Properties Limited Partnership common unitholders $ 979,979 $ 580,102 $ 656,903 Add: Preferred distributions 10,500 10,500 10,500 Noncontrolling interests in property partnerships 48,260 71,120 62,909 Interest expense 431,717 412,717 378,168 Loss from early extinguishment of debt — 29,540 16,490 Impairment loss — 22,272 10,181 Net operating income from unconsolidated joint ventures 94,943 97,716 79,893 Depreciation and amortization expense 676,666 669,956 637,891 Transaction costs 1,531 1,984 1,604 Payroll and related costs from management services contracts 11,626 10,386 9,590 General and administrative expense 133,112 140,777 121,722 Less: Net operating income attributable to noncontrolling interests in property partnerships 162,887 183,989 177,365 Gains (losses) from investments in securities 5,261 6,417 (1,865) Interest and other income (loss) 5,953 18,939 10,823 Gains on sales of real estate 631,945 858 190,716 Income (loss) from unconsolidated joint ventures (85,110) 46,592 2,222 Direct reimbursements of payroll and related costs from management services contracts 11,626 10,386 9,590 Development and management services revenue 29,641 40,039 45,158 Company’s share of Net Operating Income $ 1,626,131 $ 1,739,850 $ 1,551,842 Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders, as applicable, the most directly comparable GAAP financial measures, plus (1) preferred dividends/distributions, net income attributable to noncontrolling interests, interest expense, loss from early extinguishment of debt, impairment loss, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) gains (losses) from investments in securities, interest and other income (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. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently. 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), minus 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 does not include impairment losses on its investments in unconsolidated joint ventures or its share of gains on sales of real estate from unconsolidated joint ventures, both of which are included within Income 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. Preferred dividends/distributions, interest expense, loss from early extinguishment of debt, impairment loss, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, gains (losses) from investments in securities, interest and other income (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 attributable to common shareholders/unitholders. The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company also presents information for each segment by property type, including Office, Residential and Hotel. Included within the Office property type are commercial office and retail leases, as well as parking revenue. Upon the adoption of ASC 842, any write-off for bad debt, including accrued rent, will be recorded as a reduction to lease revenue. As a result of COVID-19, during the year ended December 31, 2020, the Company wrote off approximately $67.7 million related to accrued rent balances and approximately $22.6 million related to accounts receivable balances. The write-offs were for tenants, primarily in the retail, entertainment and co-working sectors, that either terminated their leases or that the Company considered their accrued rent and/or accounts receivable balances no longer probable of collection. In addition, parking and other revenue for the year ended December 31, 2020 decreased by approximately $32.9 million compared to 2019. These decreases were primarily in transient and monthly parking revenue. The degree to which the Company’s commercial and retail tenants’ and parking operators’ businesses are, or will continue to be, negatively impacted by COVID-19, including by measures intended to reduce its spread, such as mandatory business closures and “stay-at-home” orders, could result in a reduction in the Company’s cash flows or require that the Company write off additional accrued rent and/or accounts receivable balances, and this could have a material adverse effect on lease revenue and thus the results of the Company’s Office property type. The Boston Marriott Cambridge closed in March 2020 due to COVID-19. The hotel re-opened on October 2, 2020 and has been operating at a diminished occupancy due to the continued impacts that COVID-19 has had on business and leisure travel. The closing of the hotel for more than two fiscal quarters, weak demand and low occupancy since its re-opening, have had, and are expected to continue to have, a material adverse effect on the hotel’s operations and thus the results of the Company’s Hotel property type. Information by geographic area and property type (dollars in thousands): For the year ended December 31, 2020: Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 897,915 $ — $ 935,966 $ 508,327 $ 336,587 $ 2,678,795 Residential 13,616 — — 155 24,375 38,146 Hotel 7,478 — — — — 7,478 Total 919,009 — 935,966 508,482 360,962 2,724,419 % of Grand Totals 33.73 % — % 34.36 % 18.66 % 13.25 % 100.00 % Rental Expenses: Office 318,509 — 384,753 163,156 132,051 998,469 Residential 5,378 — — 2,261 11,100 18,739 Hotel 13,136 — — — — 13,136 Total 337,023 — 384,753 165,417 143,151 1,030,344 % of Grand Totals 32.71 % — % 37.35 % 16.05 % 13.89 % 100.00 % Net operating income $ 581,986 $ — $ 551,213 $ 343,065 $ 217,811 $ 1,694,075 % of Grand Totals 34.35 % — % 32.54 % 20.25 % 12.86 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (41,849) — (121,038) — — (162,887) Add: Company’s share of net operating income from unconsolidated joint ventures 10,765 57,907 (5,326) 14,928 16,669 94,943 Company’s share of net operating income $ 550,902 $ 57,907 $ 424,849 $ 357,993 $ 234,480 $ 1,626,131 % of Grand Totals 33.88 % 3.56 % 26.12 % 22.02 % 14.42 % 100.00 % _______________ (1) Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. For the year ended December 31, 2019: Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 895,098 $ — $ 1,011,912 $ 533,189 $ 384,435 $ 2,824,634 Residential 13,786 — — — 23,128 36,914 Hotel 48,589 — — — — 48,589 Total 957,473 — 1,011,912 533,189 407,563 2,910,137 % of Grand Totals 32.90 % — % 34.78 % 18.32 % 14.00 % 100.00 % Rental Expenses: Office 322,282 — 389,532 177,994 144,217 1,034,025 Residential 5,071 — — — 10,914 15,985 Hotel 34,004 — — — — 34,004 Total 361,357 — 389,532 177,994 155,131 1,084,014 % of Grand Totals 33.34 % — % 35.93 % 16.42 % 14.31 % 100.00 % Net operating income $ 596,116 $ — $ 622,380 $ 355,195 $ 252,432 $ 1,826,123 % of Grand Totals 32.64 % — % 34.09 % 19.45 % 13.82 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (40,109) — (143,432) (448) — (183,989) Add: Company’s share of net operating income from unconsolidated joint ventures 5,494 61,338 4,174 — 26,710 97,716 Company’s share of net operating income $ 561,501 $ 61,338 $ 483,122 $ 354,747 $ 279,142 $ 1,739,850 % of Grand Totals 32.27 % 3.53 % 27.77 % 20.39 % 16.04 % 100.00 % _______________ (1) Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. For the year ended December 31, 2018: Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 838,341 $ — $ 959,050 $ 397,180 $ 396,088 $ 2,590,659 Residential 6,694 — — — 15,857 22,551 Hotel 49,118 — — — — 49,118 Total 894,153 — 959,050 397,180 411,945 2,662,328 % of Grand Totals 33.59 % — % 36.02 % 14.92 % 15.47 % 100.00 % Rental Expenses: Office 315,653 — 377,992 130,016 142,886 966,547 Residential 3,632 — — — 8,972 12,604 Hotel 33,863 — — — — 33,863 Total 353,148 — 377,992 130,016 151,858 1,013,014 % of Grand Totals 34.86 % — % 37.32 % 12.83 % 14.99 % 100.00 % Net operating income $ 541,005 $ — $ 581,058 $ 267,164 $ 260,087 $ 1,649,314 % of Grand Totals 32.80 % — % 35.23 % 16.20 % 15.77 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (33,862) — (143,562) 59 — (177,365) Add: Company’s share of net operating income from unconsolidated joint ventures 2,866 42,750 6,590 — 27,687 79,893 Company’s share of net operating income $ 510,009 $ 42,750 $ 444,086 $ 267,223 $ 287,774 $ 1,551,842 % of Grand Totals 32.86 % 2.75 % 28.63 % 17.22 % 18.54 % 100.00 % _______________ (1) Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. |
Earnings Per Share _ Common Uni
Earnings Per Share / Common Unit | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share / Common Unit | 14. Earnings Per Share / Common Unit Boston Properties, Inc. The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. common shareholders and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to Boston Properties, Inc. common shareholders by the weighted-average number of common shares outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of Boston Properties, Inc. and Boston Properties Limited Partnership’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of Boston Properties, Inc. using the two-class method. Participating securities are included in the computation of diluted EPS of Boston Properties, Inc. using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2017 MYLTIP Units required, and the 2018 - 2020 MYLTIP Units require, Boston Properties, Inc. to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, Boston Properties, Inc. excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of Boston Properties Limited Partnership that are exchangeable for Boston Properties, Inc.’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS. Year ended December 31, 2020 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 862,227 155,432 $ 5.55 Allocation of undistributed earnings to participating securities (748) — (0.01) Net income attributable to Boston Properties, Inc. common shareholders $ 861,479 155,432 $ 5.54 Effect of Dilutive Securities: Stock Based Compensation — 85 — Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 861,479 155,517 $ 5.54 Year ended December 31, 2019 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 511,034 154,582 $ 3.31 Effect of Dilutive Securities: Stock Based Compensation — 301 (0.01) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 511,034 154,883 $ 3.30 Year ended December 31, 2018 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 572,347 154,427 $ 3.71 Allocation of undistributed earnings to participating securities (101) — — Net income attributable to Boston Properties, Inc. common shareholders $ 572,246 154,427 $ 3.71 Effect of Dilutive Securities: Stock Based Compensation — 255 (0.01) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 572,246 154,682 $ 3.70 Boston Properties Limited Partnership The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership common unitholders and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership common unitholders by the weighted-average number of common units outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of Boston Properties, Inc. and Boston Properties Limited Partnership’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic earnings per common unit using the two-class method. Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2017 MYLTIP Units required, and the 2018 - 2020 MYLTIP Units require, Boston Properties, Inc. to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, Boston Properties Limited Partnership excludes such units from the diluted earnings per common unit calculation. Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit. Included in the number of units (the denominator) below are approximately 17,211,000 and 17,618,000 and 17,485,000 redeemable common units for the years ended December 31, 2020, 2019 and 2018, respectively. Year ended December 31, 2020 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 979,979 172,643 $ 5.68 Allocation of undistributed earnings to participating securities (830) — (0.01) Net income attributable to Boston Properties Limited Partnership common unitholders $ 979,149 172,643 $ 5.67 Effect of Dilutive Securities: Stock Based Compensation — 85 — Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 979,149 172,728 $ 5.67 Year ended December 31, 2019 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 580,102 172,200 $ 3.37 Effect of Dilutive Securities: Stock Based Compensation — 301 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 580,102 172,501 $ 3.36 Year ended December 31, 2018 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 656,903 171,912 $ 3.82 Allocation of undistributed earnings to participating securities (113) — — Net income attributable to Boston Properties Limited Partnership common unitholders $ 656,790 171,912 $ 3.82 Effect of Dilutive Securities: Stock Based Compensation — 255 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 656,790 172,167 $ 3.81 |
Employee Benefits Plan
Employee Benefits Plan | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans Effective January 1, 1985, the predecessor of the Company adopted a 401(k) Savings Plan (the “Plan”) for its employees. Upon formation, the Company adopted the Plan and the terms of the Plan. Under the Plan, as amended, the Company’s matching contribution equals 200% of the first 3% of participant’s eligible earnings contributed (utilizing earnings that are not in excess of an amount established by the IRS ($285,000, $280,000 and $275,000 in 2020, 2019 and 2018, respectively), indexed for inflation) with no vesting requirement. The Company’s aggregate matching contribution for the years ended December 31, 2020, 2019 and 2018 was approximately $4.0 million, $4.2 million and $4.1 million, respectively. The Company also maintains a deferred compensation plan that is designed to allow officers of Boston Properties, Inc. to defer a portion of the officer’s current income on a pre-tax basis and receive a tax-deferred return on these deferrals based on the performance of specific investments selected by the officer. The Company’s obligation under the plan is that of an unsecured promise to pay the deferred compensation to the plan participants in the future. At December 31, 2020 and 2019, the Company had maintained approximately $38.6 million and $36.0 million, respectively, in a separate account, which is not restricted as to its use. The Company’s liability under the plan is equal to the total amount of compensation deferred by the plan participants and earnings on the deferred compensation pursuant to investments elected by the plan participants. The Company’s liability as of December 31, 2020 and 2019 was approximately $38.6 million and $36.0 million, respectively, which are included in the accompanying Consolidated Balance Sheets. |
Stock Option and Incentive Plan
Stock Option and Incentive Plan | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option and Incentive Plan | 16. Stock Option and Incentive Plan At Boston Properties, Inc.’s 2012 annual meeting of stockholders held on May 15, 2012, its stockholders approved the Boston Properties, Inc. 2012 Stock Option and Incentive Plan (the “2012 Plan”). The 2012 Plan replaced the 1997 Stock Option and Incentive Plan (the “1997 Plan”). The material terms of the 2012 Plan include, among other things: (1) the maximum number of shares of common stock reserved and available for issuance under the 2012 Plan is the sum of (i) 13,000,000 newly authorized shares, plus (ii) the number of shares available for grant under the 1997 Stock Plan immediately prior to the effective date of the 2012 Plan, plus (iii) any shares underlying grants under the 1997 Plan that are forfeited, canceled or terminated (other than by exercise) in the future; (2) “full-value” awards (i.e., awards other than stock options) are multiplied by a 2.32 conversion ratio to calculate the number of shares available under the 2012 Plan that are used for each full-value award, as opposed to a 1.0 conversion ratio for each stock option awarded under the 2012 Plan; (3) shares tendered or held back for taxes will not be added back to the reserved pool under the 2012 Plan; (4) stock options may not be re-priced without stockholder approval; and (5) the term of the 2012 Plan is for 10 years from the date of stockholder approval. On February 4, 2020, Boston Properties, Inc.’s Compensation Committee granted the 2020 MYLTIP awards under the Boston Properties, Inc.’s 2012 Stock Option and Incentive Plan (the “2012 Plan”) to certain officers and employees of Boston Properties, Inc. The 2020 MYLTIP awards utilize Boston Properties, Inc.’s TSR over a three-year measurement period, on an annualized, compounded basis, as the performance metric. Earned awards will range from zero to a maximum of 203,278 LTIP Units depending on Boston Properties, Inc.’s TSR relative to the FTSE Russell Nareit Office Index, adjusted to include Vornado Realty Trust, with a target of approximately 101,638 LTIP Units and linear interpolation between zero and maximum. Earned awards (if any) will vest 50% on February 3, 2023 and 50% on February 3, 2024, based on continued employment. Vesting will be accelerated in the event of a change in control, termination of employment by Boston Properties, Inc. without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to February 3, 2023, earned awards will be calculated based on TSR performance up to the date of the change of control. The 2020 MYLTIP awards are in the form of LTIP Units issued on the grant date which (i) are subject to forfeiture to the extent awards are not earned and (ii) prior to the performance measurement date are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. Under ASC 718, the 2020 MYLTIP awards have an aggregate value of approximately $13.7 million, which amount will generally be amortized into earnings under the graded vesting method. On February 6, 2020, the measurement period for the Company’s 2017 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 83.8% of target, or an aggregate of approximately $17.6 million (after giving effect to employee separations). As a result, an aggregate of 270,942 2017 MYLTIP Units that had been previously granted were automatically forfeited. On February 9, 2019, the measurement period for the Company’s 2016 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 69.5% of target, or an aggregate of approximately $13.6 million (after giving effect to employee separations). As a result, an aggregate of 364,980 2016 MYLTIP Units that had been previously granted were automatically forfeited. On February 4, 2018, the measurement period for the Company’s 2015 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 22.0% of target, or an aggregate of approximately $3.6 million (after giving effect to employee separations). As a result, an aggregate of 337,847 2015 MYLTIP Units that had been previously granted were automatically forfeited. Boston Properties, Inc. issued 29,630, 26,503 and 20,320 shares of restricted common stock and Boston Properties Limited Partnership issued 207,181, 181,919 and 205,838 LTIP Units to employees and non-employee directors under the 2012 Plan during the years ended December 31, 2020, 2019 and 2018, respectively. Boston Properties, Inc. did not issue any non-qualified stock options under the 2012 Plan during the years ended December 31, 2020, 2019 and 2018. Boston Properties Limited Partnership issued 203,278 2020 MYLTIP Units, 220,734 2019 MYLTIP Units and 342,659 2018 MYLTIP Units to employees under the 2012 Plan during the years ended December 31, 2020, 2019 and 2018, respectively. Employees and non-employee directors paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit and MYLTIP Unit. When issued, LTIP Units are not economically equivalent in value to a share of Common Stock, but over time can increase in value to one-for-one parity with Common Stock if there is sufficient appreciation in the value of the Company’s assets. The aggregate value of the LTIP Units is included in noncontrolling interests in the Consolidated Balance Sheets of Boston Properties, Inc. and Boston Properties Limited Partnership. A majority of the grants of restricted common stock and LTIP Units to employees vest in 4 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 Boston Properties, Inc.’s Common Stock on the date of grant as quoted on the New York Stock Exchange. Such value is recognized as an expense ratably over the corresponding employee service period. Because the 2012 OPP Units and 2013 - 2020 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 2015 - 2020 MYLTIP Units was approximately $43.0 million, $39.8 million and $38.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 2020, there was (1) an aggregate of approximately $25.4 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and (2) an aggregate of approximately $10.3 million of unrecognized compensation expense related to unvested 2018 - 2020 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.1 years. The shares of restricted stock were valued at approximately $4.0 million ($133.81 per share weighted-average), $3.5 million ($131.27 per share weighted-average) and $2.4 million ($119.27 per share weighted-average) for the years ended December 31, 2020, 2019 and 2018, respectively. LTIP Units were valued using a Monte Carlo simulation method model in accordance with the provisions of ASC 718. LTIP Units issued during the years ended December 31, 2020, 2019 and 2018 were valued at approximately $26.3 million, $22.1 million and $22.7 million, respectively. The weighted-average per unit fair value of LTIP Unit grants in 2020, 2019 and 2018 was $127.14, $121.50 and $110.29, respectively. The per unit fair value of each LTIP Unit granted in 2020, 2019 and 2018 was estimated on the date of grant using the following assumptions; an expected life of 5.7 years, 5.7 years and 5.7 years, a risk-free interest rate of 1.47%, 2.68% and 2.63% and an expected price volatility of 18.0%, 27.0% and 27.0%, respectively. There were no non-qualified stock options granted during the years ended December 31, 2020, 2019 and 2018. A summary of the status of Boston Properties, Inc.’s stock options as of December 31, 2020, 2019 and 2018 and changes during the years then ended are presented below: Shares Weighted-Average Outstanding at December 31, 2017 540,441 $ 96.35 Exercised — $ — Outstanding at December 31, 2018 540,441 $ 96.35 Exercised (145,088) $ 96.27 Outstanding at December 31, 2019 395,353 $ 96.37 Exercised (43,792) $ 91.60 Outstanding at December 31, 2020 351,561 $ 96.97 The following table summarizes information about Boston Properties, Inc.’s stock options outstanding at December 31, 2020: Options Outstanding Options Exercisable Number Outstanding at 12/31/20 Weighted-Average Remaining Number Exercisable at 12/31/20 Exercise Price 54,003 0.1 years $ 86.86 54,003 $ 86.86 54,282 2.3 years $ 95.69 54,282 $ 95.69 133,834 2.1 years $ 98.46 133,834 $ 98.46 109,442 1.1 years $ 100.77 109,442 $ 100.77 The total intrinsic value of the outstanding and exercisable stock options as of December 31, 2020 was approximately $0.4 million. In addition, Boston Properties, Inc. had 395,353 and 540,441 options exercisable at a weighted-average exercise price of $96.37 and $96.35 at December 31, 2019 and 2018, respectively. Boston Properties, Inc. adopted the 1999 Non-Qualified Employee Stock Purchase Plan (the “Stock Purchase Plan”) to encourage the ownership of Common Stock by eligible employees. The Stock Purchase Plan became effective on January 1, 1999 with an aggregate maximum of 250,000 shares of Common Stock available for issuance. The Stock Purchase Plan provides for eligible employees to purchase on the business day immediately following the end of the biannual purchase periods (i.e., January 1-June 30 and July 1-December 31) shares of Common Stock at a purchase price equal to 85% of the average closing prices of the Common Stock during the last ten business days of the purchase period. Boston Properties, Inc. issued 7,195, 5,862 and 6,268 shares with the weighted-average purchase price equal to $90.53 per share, $104.11 per share and $107.20 per share under the Stock Purchase Plan during the years ended December 31, 2020, 2019 and 2018, respectively. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | 17. Related Party Transactions A fir m controlled by Mr. Raymond A. Ritchey’s brother was paid aggregate leasing commissions of approximately $914,000, $21,000 and $921,000 during the years ended December 31, 2020, 2019 and 2018, respectively, related to certain exclusive leasing arrangements for certain Northern Virginia properties. In addition, Mr. Ritchey’s brother is employed by a real estate brokerage firm and participated in brokerage activities for which the Company paid the firm approximately $3.4 million and $2.6 million for the years ended December 31, 2020 and 2019, respectively. Mr. Ritchey’s brother did not participate in brokerage activities related to such arrangement during the year ended December 31, 2018. Mr. Ritchey is a Senior Executive Vice President of Boston Properties, Inc. In accordance with Boston Properties, Inc.’s 2012 Plan, and as approved by its Board of Directors, seven non-employee directors made elections to receive deferred stock units in lieu of cash fees for 2020. As a result of these elections, the aggregate cash fees otherwise payable to a non-employee director during a fiscal quarter are converted into a number of deferred stock units equal to the aggregate cash fees divided by the last reported sales price of a share of Boston Properties, Inc.’s Common Stock on the last trading of the applicable fiscal quarter. The deferred stock units are also credited with dividend equivalents as dividends are paid by Boston Properties, Inc. The deferred stock units may be settled in shares of Common Stock upon the cessation of such director’s service on the Board of Directors of Boston Properties, Inc. The non-employee director compensation program provides, subject to certain conditions, the non-employee directors holding deferred stock units with the ability to elect, following cessation of their service on the Company’s Board of Directors, to diversify their investment elections into non-employer securities on a pre-tax basis and receive tax-deferred returns on such deferrals, which will ultimately be settled in cash. The Company’s obligation under the plan is that of an unsecured promise to pay the deferred compensation to the non-employee director in the future. At December 31, 2020 and 2019, the Company had maintained approximately $0.8 million and $0.7 million, respectively, in a separate account, which is not restricted as to its use. The Company’s liability under the plan is equal to the total amount of compensation deferred by the non-employee director and earnings on the deferred compensation pursuant to investments elected by the non-employee director. The Company’s liability as of December 31, 2020 and 2019 was approximately $0.8 million and $0.7 million, respectively, which is included in the accompanying Consolidated Balance Sheets. The terms of the non-employee director compensation program require the classification of these deferred stock units as temporary equity on the Consolidated Balance Sheets of Boston Properties, Inc. and Boston Properties Limited Partnership within Redeemable Deferred Stock Units. On May 21, 2019, in connection with the cessation of a director’s service on the Board of Directors of Boston Properties, Inc., Boston Properties, Inc. issued 17,949 shares of Common Stock in settlement of a portion of the director’s outstanding deferred stock units. In addition, on September 3, 2019, the Company converted 4,917 of such director’s deferred stock units as a result of such director’s election to diversify their investment elections into non-employer securities. At December 31, 2020 and 2019, Boston Properties, Inc. had outstanding 72,966 and 60,676 deferred stock units, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events On January 29, 2021 and February 2, 2021, Boston Properties, Inc. issued an aggregate of 33,449 shares of restricted Common Stock and Boston Properties Limited Partnership issued an aggregate of 263,527 LTIP Units under the 2012 Plan to certain employees of Boston Properties, Inc. On February 2, 2021, Boston Properties, Inc.’s Compensation Committee approved the 2021 Multi-Year Long-Term Incentive Program (the “2021 MYLTIP”) awards under Boston Properties, Inc.’s 2012 Plan to certain officers and employees of Boston Properties, Inc. Earned awards will range from zero to a maximum of 352,021 LTIP Units depending on Boston Properties, Inc.’s relative and absolute TSR performance with a target of approximately 176,009 LTIP Units. Under ASC 718, the 2021 MYLTIP awards have an aggregate value of approximately $15.3 million. On February 5, 2021, the measurement period for the Company’s 2018 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 29.2% of target, or an aggregate of approximately $4.6 million (after giving effect to employee separations). As a result, an aggregate of 285,925 2018 MYLTIP Units that had been previously granted were automatically forfeited. |
SEC Schedule, Article 12-28, Re
SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | Item 15. Exhibits and Financial Statement Schedules. (a) Financial Statement Schedule Boston Properties, Inc. Schedule 3—Real Estate and Accumulated Depreciation December 31, 2020 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Land and Improvements Building and Land Development Total Accumulated Year(s) Built/ Year(s) Acquired Depreciable Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,277,522 $ 1,796,252 $ 1,532,654 $ 227,450 $ 1,796,252 $ 1,760,104 $ — $ — $ 3,556,356 $ 364,145 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 573,187 115,638 1,480,302 17,681 — 1,613,621 634,402 1965/1993/2002/2016-2017 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 469,860 195,987 1,300,980 — — 1,496,967 680,507 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 340,960 354,107 1,026,411 — — 1,380,518 387,217 1961/2018 2002 (1) 601 Lexington Avenue Office New York, NY 630,068 241,600 494,782 446,950 289,639 663,694 — 229,999 1,183,332 284,477 1977/1997 2001 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 5,355 200,349 951,560 — — 1,151,909 68,918 2018 2013 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 218,821 251,374 854,874 — — 1,106,248 244,882 1976 2010 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 51,860 285,263 655,027 — — 940,290 138,004 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 111,196 131,067 547,150 — — 678,217 141,629 1971-1975/2017 2012 (1) Times Square Tower Office New York, NY — 165,413 380,438 108,206 169,193 484,864 — — 654,057 217,845 2004 2000 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 153,797 94,240 463,959 55,120 — 613,319 221,323 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 18,538 63,988 473,075 — — 537,063 146,860 2011 2007 (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 214,275 87,852 307,970 — — 395,822 193,058 1986 1997 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 28,446 103,000 282,111 — — 385,111 81,517 2012 2010 (1) Fountain Square Office Reston, VA — 56,853 306,298 21,030 56,853 327,328 — — 384,181 90,047 1986-1990 2012 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 7,917 72,545 227,683 — — 300,228 55,319 2014 2012 (1) 145 Broadway Office Cambridge, MA — 121 273,013 25,712 23,367 275,479 — — 298,846 9,941 2019 1997 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 112,436 107,356 188,621 — — 295,977 66,072 2011 2008 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 41,163 13,687 278,558 — — 292,245 107,358 2008-2009 2003 (1) 601 Massachusetts Avenue Office Washington, DC — 95,310 165,173 3,945 95,322 169,106 — — 264,428 30,743 2016 2008 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 81,302 18,789 229,753 — — 248,542 89,232 1985-1989 2011 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 3,287 40,933 151,665 — — 192,598 31,953 2015 2013 (1) Mountain View Research Park Office Mountain View, CA — 95,066 68,373 18,479 95,066 86,852 — — 181,918 21,725 1977-1981/2007-2013 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 57,154 20,108 159,775 — — 179,883 76,993 1955/1987/2017 1997/1998 (1) 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 37,049 27,135 118,207 — — 145,342 38,000 1984/2018 2004 (1) One Freedom Square Office Reston, VA — 9,929 84,504 39,884 11,293 123,024 — — 134,317 62,808 2000 2003 (1) Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 3,299 18,062 112,296 — — 130,358 46,469 2003-2006 2007 (1) Boston Properties, Inc. Schedule 3—Real Estate and Accumulated Depreciation December 31, 2020 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Land and Improvements Building and Land Development Total Accumulated Year(s) Built/ Year(s) Acquired Depreciable Land Building One and Two Reston Overlook Office Reston, VA — 16,456 66,192 46,762 16,179 113,231 — — 129,410 57,441 1999 2000 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 (5) 25,854 92,206 — — 118,060 32,278 2010 2001 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 25,510 15,420 101,759 — — 117,179 53,885 2001 2003 (1) 17Fifty Presidents Street Office Reston, VA — — 113,362 — — 113,362 — — 113,362 3,466 2020 2013 (1) 140 Kendrick Street Office Needham, MA — 18,095 66,905 26,458 19,092 92,366 — — 111,458 35,918 2000 2004 (1) Discovery Square Office Reston, VA — 11,198 71,782 20,742 12,533 91,189 — — 103,722 45,920 2001 2003 (1) 355 Main Street Office Cambridge, MA — 18,863 53,346 27,593 21,173 78,629 — — 99,802 29,479 1981/1996/2013 2006 (1) 880 & 890 Winter Street Office Waltham, MA — 29,510 65,812 1,367 29,510 66,561 618 — 96,689 5,706 1998-1999 2019 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 4,744 2,290 90,159 — — 92,449 14,073 2016 1997 (1) 90 Broadway Office Cambridge, MA — 19,104 52,078 18,077 20,785 68,474 — — 89,259 24,200 1983/1998/2013 2006 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 23,958 13,807 73,163 — — 86,970 32,678 1992 2005 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 11,937 14,023 72,144 — — 86,167 29,691 2008 2001 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 13,151 11,097 73,133 — — 84,230 38,118 2003 1999 (1) 3625-3635 Peterson Way Office Santa Clara, CA — 63,206 14,879 907 63,206 14,879 907 — 78,992 14,198 1979 2016 (1) 20 CityPoint Office Waltham, MA — 4,887 72,764 — 4,887 72,764 — — 77,651 3,325 2020 2007 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 5,518 16,741 56,803 — — 73,544 15,215 1987/2003 2011 (1) 191 Spring Street Office Lexington, MA — 2,850 59,751 7,543 3,151 66,993 — — 70,144 24,275 1971/1995/2018 1997 (1) 300 Binney Street Office Cambridge, MA — 18,080 51,262 140 18,080 51,402 — — 69,482 12,842 2013 2009 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 14,771 — 68,120 — — 68,120 28,305 2009 2004 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 6,236 10,148 56,080 — — 66,228 31,405 1984 1998 (1) 200 West Street Office Waltham, MA — 16,148 24,983 21,102 16,813 30,496 317 14,607 62,233 18,585 1999 1997 (1) 255 Main Street Office Cambridge, MA — 134 25,110 34,107 548 58,803 — — 59,351 37,353 1987 1997 (1) University Place Office Cambridge, MA 1,491 — 37,091 16,745 6,909 46,927 — — 53,836 30,983 1985 1998 (1) Sumner Square Office Washington, DC — 624 28,745 20,396 2,251 47,514 — — 49,765 28,329 1985 1999 (1) Capital Gallery Office Washington, DC — 4,725 29,565 8,679 8,662 34,307 — — 42,969 21,150 1981/2006 2007 (1) North First Business Park Office San Jose, CA — 23,398 13,069 4,580 23,377 17,670 — — 41,047 16,749 1981 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 2,253 1,323 26,822 — — 28,145 14,154 1999 1997 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 12,723 2,395 24,570 — — 26,965 13,041 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 18,567 1,264 19,727 — — 20,991 15,289 1982 1997 (1) 201 Spring Street Office Lexington, MA — 2,849 15,303 1,124 3,124 16,152 — — 19,276 8,985 1997 1997 (1) The Point Office Waltham, MA — 6,395 10,040 421 6,492 10,364 — — 16,856 1,667 2015 2007 (1) 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,157 3,219 12,195 — — 15,414 2,778 2015 2012 (1) 33 Hayden Avenue Office Lexington, MA — 266 3,234 11,566 425 14,641 — — 15,066 5,674 1979 1997 (1) 92-100 Hayden Avenue Office Lexington, MA — 594 6,748 7,669 802 14,209 — — 15,011 12,507 1985 1997 (1) 181 Spring Street Office Lexington, MA — 1,066 9,520 2,177 1,160 11,603 — — 12,763 5,908 1999 1997 (1) 195 West Street Office Waltham, MA — 1,611 6,652 4,221 1,858 10,626 — — 12,484 8,589 1990 1997 (1) Boston Properties, Inc. Schedule 3—Real Estate and Accumulated Depreciation December 31, 2020 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Land and Improvements Building and Land Development Total Accumulated Year(s) Built/ Year(s) Acquired Depreciable Land Building 7501 Boston Boulevard, Building Seven Office Springfield, VA — 665 9,273 819 791 9,966 — — 10,757 5,665 1997 1997 (1) 7435 Boston Boulevard, Building One Office Springfield, VA — 392 3,822 5,016 659 8,571 — — 9,230 6,756 1982 1997 (1) 32 Hartwell Avenue Office Lexington, MA — 168 1,943 6,944 314 8,741 — — 9,055 2,365 1968/1979/1987 1997 (1) 7450 Boston Boulevard, Building Three Office Springfield, VA — 1,165 4,681 2,591 1,430 7,007 — — 8,437 4,103 1987 1998 (1) 250 Binney Street Office Cambridge, MA — 110 4,483 3,593 273 7,913 — — 8,186 6,211 1983 1997 (1) 8000 Grainger Court, Building Five Office Springfield, VA — 366 4,282 3,198 601 7,245 — — 7,846 5,923 1984 1997 (1) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 676 5,477 1,766 — — 7,243 819 1977 2012 (1) 7300 Boston Boulevard, Building Thirteen Office Springfield, VA — 608 4,773 1,075 661 5,795 — — 6,456 2,269 2002 1997 (1) 17 Hartwell Avenue Office Lexington, MA — 26 150 6,064 65 6,175 — — 6,240 2,487 1968 1997 (1) 7601 Boston Boulevard, Building Eight Office Springfield, VA — 200 878 5,035 551 5,562 — — 6,113 4,838 1986 1997 (1) 7500 Boston Boulevard, Building Six Office Springfield, VA — 138 3,749 1,640 367 5,160 — — 5,527 4,399 1985 1997 (1) 8000 Corporate Court, Building Eleven Office Springfield, VA — 136 3,071 1,649 774 4,082 — — 4,856 3,320 1989 1997 (1) 7375 Boston Boulevard, Building Ten Office Springfield, VA — 23 2,685 1,035 93 3,650 — — 3,743 2,724 1988 1997 (1) 7374 Boston Boulevard, Building Four Office Springfield, VA — 241 1,605 1,821 398 3,269 — — 3,667 2,870 1984 1997 (1) 7451 Boston Boulevard, Building Two Office Springfield, VA — 249 1,542 1,658 613 2,836 — — 3,449 2,699 1982 1997 (1) The Skylyne Residential Oakland, CA — 28,962 239,077 — 28,962 239,077 — — 268,039 2,128 2020 N/A (1) Signature at Reston Residential Reston, VA — 27,076 190,580 659 27,076 191,239 — — 218,315 13,650 2018 2013 (1) Proto Kendall Square Residential Cambridge, MA — 9,243 127,248 3,336 9,245 130,582 — — 139,827 7,883 2018 2015 (1) The Avant at Reston Town Center Residential Reston, VA — 20,350 91,995 846 20,350 92,841 — — 113,191 17,204 2014 2010 (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 2,129 3,529 57,020 — — 60,549 14,166 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 35,486 1,201 72,681 — — 73,882 49,103 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — — 35,035 6,846 103 41,778 — — 41,881 14,442 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 1,552 1,434 17,071 — — 18,505 6,485 2006 2004 (1) Kendall Center Blue Garage Garage Cambridge, MA — 1,163 11,633 2,111 1,579 13,328 — — 14,907 10,044 1990 1997 (1) Reston Next (formerly Reston Gateway) Development Reston, VA — — — 354,174 — — — 354,174 354,174 — N/A 1998 N/A 2100 Pennsylvania Avenue Development Washington, DC — — — 294,445 185,129 — — 109,316 294,445 3,481 N/A N/A N/A 325 Main Street Development Cambridge, MA — 174 — 161,468 965 — — 160,677 161,642 — N/A 1997 N/A 777 Harrison Street (formerly 425 Fourth Street) Land San Francisco, CA — 144,647 — 25,930 — 47 170,530 — 170,577 — N/A 2020 N/A North First Master Plan Land San Jose, CA — 35,004 — 3,937 — — 38,941 — 38,941 — N/A 2007 N/A Boston Properties, Inc. Schedule 3—Real Estate and Accumulated Depreciation December 31, 2020 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Land and Improvements Building and Land Development Total Accumulated Year(s) Built/ Year(s) Acquired Depreciable Land Building Plaza at Almaden Land San Jose, CA — — — 36,431 — — 36,431 — 36,431 — N/A 2006 N/A Back Bay Station Master Plan Land Boston, MA — — — 30,643 — — 30,643 — 30,643 — N/A N/A N/A Reston Gateway Master Plan Land Reston, VA — — — 28,610 — — 28,610 — 28,610 — N/A 1998 N/A Springfield Metro Center Land Springfield, VA — — — 19,871 — — 19,871 — 19,871 — N/A 2007 N/A 214 Third Avenue Land Waltham, MA — — — 19,206 — — 19,206 — 19,206 — N/A 2006 N/A CityPoint South Master Plan Land Waltham, MA — — — 13,363 — — 13,363 — 13,363 — N/A N/A N/A 103 Fourth Avenue Land Waltham, MA — — — 12,888 — — 12,888 — 12,888 — N/A 2007 N/A Broad Run Business Park Land Loudoun County, VA — — — 2,392 — — 2,392 — 2,392 — N/A 1998 N/A Kendall Center Master Plan Land Cambridge, MA — — — 2,145 — — 2,145 — 2,145 — N/A 1997 N/A Weston Quarry Land Weston, MA — — — 1,249 — — 1,249 — 1,249 — N/A 2001 N/A Reston Overlook Master Plan Land Reston, VA — — — 42 — — 42 — 42 — N/A 2000 N/A $ 2,909,081 (2) $ 5,160,116 $ 13,196,160 $ 4,947,027 $ 5,429,703 (3) $ 16,553,873 (4) $ 450,954 (5) $ 868,773 $ 23,303,303 $ 5,501,637 Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $49,606. Accumulated Depreciation does not include approximately $32,465 of accumulated depreciation related to Furniture, Fixtures and Equipment. The aggregate cost and accumulated depreciation for tax purposes was approximately $20.7 billion and $4.5 billion, respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (2) Includes unamortized deferred financing costs totaling approximately $(22.9) million. (3) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $146,406, respectively. (4) Includes Right of Use Assets - Finance Leases of approximately $23,302. (5) Includes pre-development costs. Boston Properties, Inc. Real Estate and Accumulated Depreciation December 31, 2020, 2019 and 2018 (dollars in thousands) A summary of activity for real estate and accumulated depreciation is as follows: 2020 2019 2018 Real Estate: Balance at the beginning of the year $ 22,844,697 $ 21,605,545 $ 21,058,714 Additions to/improvements of real estate 996,989 1,671,898 1,043,379 Assets sold/written-off (538,383) (432,746) (496,548) Balance at the end of the year $ 23,303,303 $ 22,844,697 $ 21,605,545 Accumulated Depreciation: Balance at the beginning of the year $ 5,239,179 $ 4,871,102 $ 4,566,570 Depreciation expense 573,898 564,938 533,342 Assets sold/written-off (311,440) (196,861) (228,810) Balance at the end of the year $ 5,501,637 $ 5,239,179 $ 4,871,102 Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment. Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2020 (dollars in thousands) Original Costs Land and Building Land Held Development Total Accumulated Year(s) Built/ Year(s) Acquired Depreciable Property Name Type Location Encumbrances Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,277,522 $ 1,796,252 $ 1,532,654 $ 227,450 $ 1,796,252 $ 1,760,104 $ — $ — $ 3,556,356 $ 364,145 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 512,816 100,540 1,435,029 17,681 — 1,553,250 617,331 1965/1993/2002/2016-2017 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 407,480 180,420 1,254,167 — — 1,434,587 662,756 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 281,352 339,200 981,710 — — 1,320,910 370,361 1961/2018 2002 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 5,355 200,349 951,560 — — 1,151,909 68,918 2018 2013 (1) 601 Lexington Avenue Office New York, NY 630,068 241,600 494,782 409,864 279,281 636,966 — 229,999 1,146,246 274,343 1977/1997 2001 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 218,821 251,374 854,874 — — 1,106,248 244,882 1976 2010 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 51,860 285,263 655,027 — — 940,290 138,004 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 111,196 131,067 547,150 — — 678,217 141,629 1971-1975/2017 2012 (1) Times Square Tower Office New York, NY — 165,413 380,438 70,227 159,694 456,384 — — 616,078 207,106 2004 2000 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 138,834 90,498 452,738 55,120 — 598,356 217,092 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 18,538 63,988 473,075 — — 537,063 146,860 2011 2007 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 28,446 103,000 282,111 — — 385,111 81,517 2012 2010 (1) Fountain Square Office Reston, VA — 56,853 306,298 21,030 56,853 327,328 — — 384,181 90,047 1986-1990 2012 (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 187,033 81,040 287,540 — — 368,580 185,354 1986 1997 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 7,917 72,545 227,683 — — 300,228 55,319 2014 2012 (1) 145 Broadway Office Cambridge, MA — 121 273,013 25,509 23,164 275,479 — — 298,643 9,941 2019 1997 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 112,436 107,356 188,621 — — 295,977 66,072 2011 2008 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 40,827 13,603 278,306 — — 291,909 107,279 2008-2009 2003 (1) 601 Massachusetts Avenue Office Washington, DC — 95,310 165,173 3,933 95,310 169,106 — — 264,416 30,743 2016 2008 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 81,302 18,789 229,753 — — 248,542 89,232 1985-1989 2011 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 3,287 40,933 151,665 — — 192,598 31,953 2015 2013 (1) Mountain View Research Park Office Mountain View, CA — 95,066 68,373 18,479 95,066 86,852 — — 181,918 21,725 1977-1981/2007-2013 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 53,079 19,089 156,719 — — 175,808 75,841 1955/1987/2017 1997/1998 (1) 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 32,436 25,982 114,747 — — 140,729 36,695 1984/2018 2004 (1) Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 3,135 18,021 112,173 — — 130,194 46,430 2003-2006 2007 (1) One Freedom Square Office Reston, VA — 9,929 84,504 34,247 9,883 118,797 — — 128,680 61,215 2000 2003 (1) One and Two Reston Overlook Office Reston, VA — 16,456 66,192 42,344 15,074 109,918 — — 124,992 56,191 1999 2000 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 (5) 25,854 92,206 — — 118,060 32,278 2010 2001 (1) 17Fifty Presidents Street Office Reston, VA — — 113,362 — — 113,362 — — 113,362 3,466 2020 2013 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 19,298 13,866 97,101 — — 110,967 52,128 2001 2003 (1) 140 Kendrick Street Office Needham, MA — 18,095 66,905 22,468 18,095 89,373 — — 107,468 34,790 2000 2004 (1) Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2020 (dollars in thousands) Original Costs Land and Building Land Held Development Total Accumulated Year(s) Built/ Year(s) Acquired Depreciable Property Name Type Location Encumbrances Land Building 355 Main Street Office Cambridge, MA — 18,863 53,346 27,295 21,098 78,406 — — 99,504 29,397 1981/1996/2013 2006 (1) Discovery Square Office Reston, VA — 11,198 71,782 15,197 11,146 87,031 — — 98,177 44,352 2001 2003 (1) 880 & 890 Winter Street Office Waltham, MA — 29,510 65,812 1,367 29,510 66,561 618 — 96,689 5,706 1998-1999 2019 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 4,581 2,127 90,159 — — 92,286 14,073 2016 1997 (1) 90 Broadway Office Cambridge, MA — 19,104 52,078 17,898 20,741 68,339 — — 89,080 24,156 1983/1998/2013 2006 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 11,832 13,997 72,065 — — 86,062 29,665 2008 2001 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 22,341 13,403 71,950 — — 85,353 32,224 1992 2005 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 10,164 10,350 70,893 — — 81,243 37,273 2003 1999 (1) 3625-3635 Peterson Way Office Santa Clara, CA — 63,206 14,879 907 63,206 14,879 907 — 78,992 14,198 1979 2016 (1) 20 CityPoint Office Waltham, MA — 4,887 72,764 — 4,887 72,764 — — 77,651 3,325 2020 2007 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 5,518 16,741 56,803 — — 73,544 15,215 1987/2003 2011 (1) 191 Spring Street Office Lexington, MA — 2,850 59,751 6,911 2,850 66,662 — — 69,512 24,150 1971/1995/2018 1997 (1) 300 Binney Street Office Cambridge, MA — 18,080 51,262 140 18,080 51,402 — — 69,482 12,842 2013 2009 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 14,771 — 68,120 — — 68,120 28,305 2009 2004 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 3,625 9,496 54,121 — — 63,617 30,666 1984 1998 (1) 200 West Street Office Waltham, MA — 16,148 24,983 18,441 16,148 28,500 317 14,607 59,572 17,832 1999 1997 (1) 255 Main Street Office Cambridge, MA — 134 25,110 32,451 134 57,561 — — 57,695 36,887 1987 1997 (1) University Place Office Cambridge, MA 1,491 — 37,091 15,295 6,546 45,840 — — 52,386 30,577 1985 1998 (1) Sumner Square Office Washington, DC — 624 28,745 18,316 1,731 45,954 — — 47,685 27,744 1985 1999 (1) North First Business Park Office San Jose, CA — 23,398 13,069 4,557 23,371 17,653 — — 41,024 16,743 1981 2007 (1) Capital Gallery Office Washington, DC — 4,725 29,565 4,016 6,128 32,178 — — 38,306 20,348 1981/2006 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 248 822 25,318 — — 26,140 13,584 1999 1997 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 10,617 1,868 22,991 — — 24,859 12,445 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 17,803 1,073 19,154 — — 20,227 15,076 1982 1997 (1) 201 Spring Street Office Lexington, MA — 2,849 15,303 25 2,849 15,328 — — 18,177 8,672 1997 1997 (1) The Point Office Waltham, MA — 6,395 10,040 421 6,492 10,364 — — 16,856 1,667 2015 2007 (1) 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,157 3,219 12,195 — — 15,414 2,778 2015 2012 (1) 33 Hayden Avenue Office Lexington, MA — 266 3,234 10,929 266 14,163 — — 14,429 5,494 1979 1997 (1) 92-100 Hayden Avenue Office Lexington, MA — 594 6,748 6,940 619 13,663 — — 14,282 12,300 1985 1997 (1) 181 Spring Street Office Lexington, MA — 1,066 9,520 1,800 1,066 11,320 — — 12,386 5,802 1999 1997 (1) 195 West Street Office Waltham, MA — 1,611 6,652 3,232 1,611 9,884 — — 11,495 8,306 1990 1997 (1) 7501 Boston Boulevard, Building Seven Office Springfield, VA — 665 9,273 314 665 9,587 — — 10,252 5,520 1997 1997 (1) 7435 Boston Boulevard, Building One Office Springfield, VA — 392 3,822 4,323 486 8,051 — — 8,537 6,561 1982 1997 (1) 32 Hartwell Avenue Office Lexington, MA — 168 1,943 6,358 168 8,301 — — 8,469 2,199 1968/1979/1987 1997 (1) 7450 Boston Boulevard, Building Three Office Springfield, VA — 1,165 4,681 2,177 1,327 6,696 — — 8,023 3,983 1987 1998 (1) Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2020 (dollars in thousands) Original Costs Land and Building Land Held Development Total Accumulated Year(s) Built/ Year(s) Acquired Depreciable Property Name Type Location Encumbrances Land Building 250 Binney Street Office Cambridge, MA — 110 4,483 2,939 110 7,422 — — 7,532 6,030 1983 1997 (1) 8000 Grainger Court, Building Five Office Springfield, VA — 366 4,282 2,604 453 6,799 — — 7,252 5,756 1984 1997 (1) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 676 5,477 1,766 — — 7,243 819 1977 2012 (1) 7300 Boston Boulevard, Building Thirteen Office Springfield, VA — 608 4,773 863 608 5,636 — — 6,244 2,209 2002 1997 (1) 17 Hartwell Avenue Office Lexington, MA — 26 150 5,907 26 6,057 — — 6,083 2,442 1968 1997 (1) 7601 Boston Boulevard, Building Eight Office Springfield, VA — 200 878 4,342 378 5,042 — — 5,420 4,643 1986 1997 (1) 7500 Boston Boulevard, Building Six Office Springfield, VA — 138 3,749 1,107 234 4,760 — — 4,994 4,249 1985 1997 (1) 8000 Corporate Court, Building Eleven Office Springfield, VA — 136 3,071 1,298 686 3,819 — — 4,505 3,217 1989 1997 (1) 7375 Boston Boulevard, Building Ten Office Springfield, VA — 23 2,685 854 47 3,515 — — 3,562 2,676 1988 1997 (1) 7374 Boston Boulevard, Building Four Office Springfield, VA — 241 1,605 1,438 303 2,981 — — 3,284 2,765 1984 1997 (1) 7451 Boston Boulevard, Building Two Office Springfield, VA — 249 1,542 1,345 535 2,601 — — 3,136 2,609 1982 1997 (1) The Skylyne Residential Oakland, CA — 28,962 239,077 — 28,962 239,077 — — 268,039 2,128 2020 N/A (1) Signature at Reston Residential Reston, VA — 27,076 190,580 659 27,076 191,239 — — 218,315 13,650 2018 2013 (1) Proto Kendall Square Residential Cambridge, MA — 9,243 127,248 3,336 9,245 130,582 — — 139,827 7,883 2018 2015 (1) The Avant at Reston Town Center Residential Reston, VA — 20,350 91,995 846 20,350 92,841 — — 113,191 17,204 2014 2010 (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 2,129 3,529 57,020 — — 60,549 14,166 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 32,595 478 70,513 — — 70,991 48,286 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — — 35,035 6,432 — 41,467 — — 41,467 14,327 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 840 1,256 16,537 — — 17,793 6,287 2006 2004 (1) Kendall Center Blue Garage Garage Cambridge, MA — 1,163 11,633 446 1,163 12,079 — — 13,242 9,576 1990 1997 (1) Reston Next (formerly Reston Gateway) Development Reston, VA — — — 354,174 — — — 354,174 354,174 — N/A 1998 N/A 2100 Pennsylvania Avenue Development Washington, DC — — — 294,445 185,129 — — 109,316 294,445 3,481 N/A N/A N/A 325 Main Street Development Cambridge, MA — 174 — 161,275 772 — — 160,677 161,449 — N/A 1997 N/A 777 Harrison Street (formerly 425 Fourth Street) Land San Francisco, CA — 144,647 — 25,930 — 47 170,530 — 170,577 — N/A 2020 N/A North First Master Plan Land San Jose, CA — 35,004 — 3,937 — — 38,941 — 38,941 — N/A 2007 N/A Plaza at Almaden Land San Jose, CA — — — 36,431 — — 36,431 — 36,431 — N/A 2006 N/A Back Bay Station Master Plan Land Boston, MA — — — 30,643 — — 30,643 — 30,643 — N/A N/A N/A Reston Gateway Master Plan Land Reston, VA — — — 28,610 — — 28,610 — 28,610 — N/A 1998 N/A Springfield Metro Center Land Springfield, VA — — — 19,871 — — 19,871 — 19,871 — N/A 2007 N/A 214 Third Avenue Land Waltham, MA — — — 19,206 — — 19,206 — 19,206 — N/A 2006 N/A Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2020 (dollars in thousands) Original Costs Land and Building Land Held Development Total Accumulated Year(s) Built/ Year(s) Acquired Depreciable Property Name Type Location Encumbrances Land Building CityPoint South Master Plan Land Waltham, MA — — — 13,363 — — 13,363 — 13,363 — N/A N/A N/A 103 Fourth Avenue Land Waltham, MA — — — 12,888 — — 12,888 — 12,888 — N/A 2007 N/A Broad Run Business Park Land Loudoun County, VA — — — 2,392 — — 2,392 — 2,392 — N/A 1998 N/A Kendall Center Master Plan Land Cambridge, MA — — — 2,145 — — 2,145 — 2,145 — N/A 1997 N/A Weston Quarry Land Weston, MA — — — 1,249 — — 1,249 — 1,249 — N/A 2001 N/A Reston Overlook Master Plan Land Reston, VA — — — 42 — — 42 — 42 — N/A 2000 N/A $ 2,909,081 (2) $ 5,160,116 $ 13,196,160 $ 4,570,218 $ 5,332,487 (3) $ 16,274,280 (4) $ 450,954 (5) $ 868,773 $ 22,926,494 $ 5,396,111 Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $49,606. Accumulated Depreciation does not include approximately $32,465 of accumulated depreciation related to Furniture, Fixtures and Equipment. The aggregate cost and accumulated depreciation for tax purposes was approximately $23.0 billion and $5.0 billion, respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (2) Includes unamortized deferred financing costs totaling approximately $(22.9) million. (3) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $148,640, respectively. (4) Includes Right of Use Assets - Finance Leases of approximately $23,302. (5) Includes pre-development costs. Boston Properties Limited Partnership Real Estate and Accumulated Depreciation December 31, 2020, 2019 and 2018 (dollars in thousands) A summary of activity for real estate and accumulated depreciation is as follows: 2020 2019 2018 Real Estate: Balance at the beginning of the year $ 22,449,476 $ 21,207,189 $ 20,647,236 Additions to/improvements of real estate 996,989 1,671,898 1,043,379 Assets sold/written-off (519,971) (429,611) (483,426) Balance at the end of the year $ 22,926,494 $ 22,449,476 $ 21,207,189 Accumulated Depreciation: Balance at the beginning of the year $ 5,135,289 $ 4,773,800 $ 4,473,895 Depreciation expense 566,813 557,130 525,584 Assets sold/written-off (305,991) (195,641) (225,679) Balance at the end of the year $ 5,396,111 $ 5,135,289 $ 4,773,800 Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment. |
Organization (Policies)
Organization (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are presented using the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Boston Properties, Inc. does not have any other significant assets, liabilities or operations, other than its investment in Boston Properties Limited Partnership, nor does it have employees of its own. Boston Properties Limited Partnership, not Boston Properties, Inc., generally executes all significant business relationships other than transactions involving securities of Boston Properties, Inc. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. |
Consolidation, Policy | 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. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are presented using the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Boston Properties, Inc. does not have any other significant assets, liabilities or operations, other than its investment in Boston Properties Limited Partnership, nor does it have employees of its own. Boston Properties Limited Partnership, not Boston Properties, Inc., generally executes all significant business relationships other than transactions involving securities of Boston Properties, Inc. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. |
Real Estate | Real Estate Upon acquisitions of real estate, the Company assesses whether the transaction should be accounted for as an asset acquisition or as a business combination by applying a screen to determine whether the integrated set of assets and activities acquired meets the definition of a business. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. The Company’s acquisitions of real estate or in-substance real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. The Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-” and “below-market” leases, leasing and assumed financing origination costs, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities, including land and buildings as if vacant. The Company assesses fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has been immaterial. The Company records acquired “above-” and “below-market” leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Acquired “above-” and “below-market” lease values have been reflected within Prepaid Expenses and Other Assets and Other Liabilities, respectively, in the Company’s Consolidated Balance Sheets. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Management reviews its long-lived assets for indicators of imp airment following the end of each quarter and when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. This evaluation of long-lived assets is dependent on a number of factors, including when there is an event or adverse change in the operating performance of the long-lived asset or a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life or hold period. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is subjective and is based in part on assumptions regarding anticipated hold periods, future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates that could differ materially from actual results in future periods. Because cash flows on properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset may be impaired, the Company’s established strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s hold strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized, and such loss could be material. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. Guidance in Accounting Standards Codification (“ASC”) 360 “Property Plant and Equipment” requires that qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as “held for sale,” be presented as discontinued operations in all periods presented if the property operations are expected to be eliminated and the Company will not have significant continuing involvement following the sale. Discontinued operations presentation applies only to disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). The components of the property’s net income that are reflected as discontinued operations include the net gain (or loss) upon the disposition of the property held for sale, operating results, depreciation and interest expense (if the property is subject to a secured loan). The Company generally considers assets to be “held for sale” when the transaction has been approved by Boston Properties, Inc.’s Board of Directors, or a committee thereof, and there are no known significant contingencies relating to the sale, such that a sale of the property within one year is considered probable. Following the classification of a property as “held for sale,” no further depreciation is recorded on the assets, and the asset is written down to the lower of carrying value or fair market value, less cost to sell. Real estate is stated at depreciated cost. A variety of costs are incurred in the acquisition, development and leasing of properties. The cost of buildings and improvements includes the purchase price of property, legal fees and other acquisition costs. The Company capitalizes acquisition costs that it incurs to effect an asset acquisition and expenses acquisition costs that it incurs to effect a business combination, including legal, due diligence and other closing related costs. Costs directly related to the development of properties are capitalized. Capitalized development costs include interest, internal wages, property taxes, insurance, and other project costs incurred during the period of development. After the determination is made to capitalize a cost, it is allocated to the specific component of the project that benefited from the investment. Determination of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and capitalization must cease, involves a degree of judgment. The Company’s capitalization policy on development properties follows the guidance in ASC 835-20 “Capitalization of Interest” and ASC 970 “Real Estate-General.” The costs of land and buildings under development include specifically identifiable costs. Capitalized costs include pre-construction costs necessary to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. The Company begins the capitalization of costs during the pre-construction period, which it defines as activities that are necessary for the development of the property. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on the portion (1) substantially completed, (2) occupied or held available for occupancy, and capitalizes only those costs associated with the portion under construction or (3) if activities necessary for the development of the property have been suspended. Interest costs capitalized for the years ended December 31, 2020, 2019 and 2018 were approximately $53.9 million, $54.9 million and $65.8 million, respectively. Salaries and related costs capitalized for the years ended December 31, 2020, 2019 and 2018 were approximately $12.9 million, $10.4 million and $12.5 million, respectively. Expenditures for repairs and maintenance are charged to operations as incurred. Significant betterments are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company computes depreciation and amortization on properties using the straight-line method based on estimated useful asset lives. The Company allocates the acquisition cost of real estate to its components and depreciates or amortizes these assets (or liabilities) over their useful lives. The amortization of acquired “above-” and “below-market” leases and acquired in-place leases is recorded as an adjustment to revenue and depreciation and amortization, respectively, in the Consolidated Statements of Operations. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures, and equipment 3 to 7 years |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash Held in Escrows | Cash Held in Escrows Escrows include amounts established pursuant to various agreements for security deposits, property taxes, insurance and other costs. Escrows also include cash held by qualified intermediaries for possible investments in |
Investment in Securities | Investments in Securities |
Tenant and Other Receivables and Notes Receivable | Tenant and Other Receivables Tenant and other accounts receivable, other than accrued rents receivable, are expected to be collected within one year. Notes Receivable The Company accounts for notes receivable at their unamortized cost, net of any unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses (see “ New Accounting Pronouncements Adopted—Financial Instruments - Credit Losses” |
Deferred Charges | Deferred Charges Deferred charges include leasing costs and certain financing fees. Leasing costs include acquired intangible in-place lease values and direct and incremental fees and costs incurred in the successful negotiation of leases, including brokerage and other costs which have been deferred and are being amortized on a straight-line basis over the terms of the respective leases. Unamortized leasing costs are charged to expense upon the early termination of the lease. Fully amortized deferred leasing costs are removed from the books upon the expiration of the lease. The Company did not capitalize any external legal costs and internal leasing salaries and related costs for the years ended December 31, 2020 and 2019 (see “ Leases ”) . Internal leasing salaries and related costs capitalized for the year ended December 31, 2018 were approximately $5.4 million. Financing fees included in deferred charges consist of external fees and costs incurred to obtain the Company’s revolving facility and if applicable, the delayed draw facility and construction financing arrangements where there are not sufficient amounts outstanding. Such financing costs have been deferred and are being amortized over the terms of the respective financing and included within interest expense. Unamortized financing costs are charged to expense upon the early repayment or significant modification of the financing. Fully amortized deferred financing costs are removed from the books upon the maturity of the debt. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures The Company consolidates VIEs in which it is considered to be the primary beneficiary. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or that the holders of the equity investment at risk do not have substantive participating rights. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance, and (2) the obligation to absorb losses and the right to receive the returns from the variable interest entity that could potentially be significant to the VIE. For ventures that are not VIEs, the Company consolidates entities for which it has significant decision making control over the ventures’ operations. The Company’s judgment with respect to its level of influence or control of an entity involves the consideration of various factors including the form of the Company’s ownership interest, its representation in the entity’s governance, the size of its investment (including loans), estimates of future cash flows, its ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace the Company as manager and/or liquidate the venture, if applicable. The Company’s assessment of its influence or control over an entity affects the presentation of these investments in the Company’s consolidated financial statements. In addition to evaluating control rights, the Company consolidates entities in which the outside partner has no substantive kick-out rights to remove the Company as the managing member. Accounts of the consolidated entity are included in the accounts of the Company and the noncontrolling interest is reflected on the Consolidated Balance Sheets as a component of equity or in temporary equity between liabilities and equity. Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in earnings of unconsolidated joint ventures over the life of the related asset. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Consolidated Statements of Operations. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company may account for cash distributions in excess of its investment in an unconsolidated joint venture as income when the Company is not the general partner in a limited partnership and when the Company has neither the requirement nor the intent to provide financial support to the joint venture. The Company classifies distributions received from equity method investees within its Consolidated Statements of Cash Flows using the nature of the distribution approach, which classifies the distributions received on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities). The Company’s investments in unconsolidated joint ventures are reviewed for indicators of impairment on a quarterly basis and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying amounts has occurred and such decline is other-than-temporary. This evaluation of the investments in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. The Company will record an impairment charge if it determines that a decline in the fair value below the carrying amount of an investment in an unconsolidated joint venture is other-than-temporary. The fair value is calculated using discounted cash flows which is subjective and considers assumptions regarding future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates that could differ materially from actual results in future periods. To the extent that the Company contributed assets to a joint venture, the Company’s investment in the joint venture was recorded at the Company’s cost basis in the assets that were contributed to the joint venture. To the extent that the Company’s cost basis is different than the basis reflected at the joint venture level, the basis difference is amortized over the life of the related asset and included in the Company’s share of equity in net income of the joint venture. In accordance with the provisions of ASC 610-20 “Gains and Losses from the Derecognition of Nonfinancial Assets” (“ASC 610-20”), the Company will recognize a full gain on both the retained and sold portions of real estate contributed or sold to a joint venture by recognizing its new equity method investment interest at fair value. |
Revenue Recognition | Revenue Recognition In general, the Company commences lease/rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. Contractual lease/rental revenue is reported on a straight-line basis over the terms of the respective leases. The impact of the straight-line rent adjustment increased revenue by approximately $104.9 million, $58.4 million and $51.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, as the revenue recorded exceeded amounts billed. Accrued rental income, as reported on the Consolidated Balance Sheets, represents cumulative lease/rental income earned in excess of rent payments received pursuant to the terms of the individual lease agreements. The Company must make estimates as to the collectability of its accrued rent and accounts receivable related to lease revenue. Management analyzes accrued rent and accounts receivable by considering tenant creditworthiness, current economic trends, including the impact of the novel coronavirus (“COVID-19”) pandemic on tenants’ businesses, and changes in tenants’ payment patterns when evaluating the collectability of the tenant’s receivable balance, including the accrued rent receivable, on a lease-by-lease basis. The Company writes-off the tenant’s receivable balance, including the accrued rent receivable, if the Company considers the balances no longer probable of collection. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition claims. If the balances are considered no longer probable of collection and therefore written off, the Company will cease to recognize lease income, including straight-line rent, unless cash is received (See Note 4). If the Company subsequently determines that it is probable it will collect substantially all the remaining lessee’s lease payments under the lease term, the Company will then reinstate the straight-line balance, adjusting for the amount related to the period when the lease payments were considered not probable. If the Company’s estimates of collectability differ from the cash received, then the timing and amount of the Company’s reported revenue could be impacted. The credit risk is mitigated by the high quality of the Company’s existing tenant base, reviews of prospective tenants’ risk profiles prior to lease execution and consistent monitoring of the Company’s portfolio to identify potential problem tenants. The Company recognizes acquired in-place “above-” and “below-market” leases at their fair values as rental revenue over the original term of the respective leases. The impact of the acquired in-place “above-” and “below-market” leases increased revenue by approximately $6.5 million, $20.9 million and $23.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands). Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangibles 2021 $ 3,019 $ 6,193 2022 354 5,437 2023 183 5,296 2024 135 3,780 2025 135 3,775 Recoveries from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, are recognized as revenue in the period during which the expenses are incurred (See “ Leases” ). The Company receives reimbursements of payroll and payroll related costs from unconsolidated joint venture entities and third party property owners in connection with management services contracts which the Company reflects on a gross basis instead of on a net basis as the Company has determined that it is the principal and not the agent under these arrangements in accordance with the guidance in ASC 606 “Revenue from Contracts with Customers” (“ASC 606”). The Company’s parking revenue is derived primarily from monthly and transient daily parking. In addition, the Company has certain lease arrangements for parking accounted for under the guidance in ASC 842 “Leases” (“ASC 842”). The monthly and transient daily parking revenue falls within the scope of ASC 606 and is accounted for at the point in time when control of the goods or services transfers to the customer and the Company’s performance obligation is satisfied. The Company’s hotel revenue is derived from room rentals and other sources such as charges to guests for telephone service, movie and vending commissions, meeting and banquet room revenue and laundry services. Hotel revenue is recognized as the hotel rooms are occupied and the services are rendered to the hotel customers. The Company earns management and development fees. Development and management services revenue is earned from unconsolidated joint venture entities and third-party property owners. The Company determined that the performance obligations associated with its development services contracts are satisfied over time and that the Company would recognize its development services revenue under the output method evenly over time from the development commencement date through the substantial completion date of the development management services project due to the stand-ready nature of the contracts. Significant judgments impacting the amount and timing of revenue recognized from the Company’s development services contracts include estimates of total development project costs from which the fees are typically derived and estimates of the period of time until substantial completion of the development project, the period of time over which the development services are required to be performed. The Company recognizes development fees earned from unconsolidated joint venture projects equal to its cost plus profit to the extent of the third party partners’ ownership interest. Property management fees are recorded and earned based on a percentage of collected rents at the properties under management, and not on a straight-line basis, because such fees are contingent upon the collection of rents. Gains on sales of real estate are recognized pursuant to the provisions included in ASC 610-20. Under ASC 610-20, the Company must first determine whether the transaction is a sale to a customer or non-customer. The Company typically sells real estate on a selective basis and not within the ordinary course of its business and therefore expects that its sale transactions will not be contracts with customers. The Company next determines whether it has a controlling financial interest in the property after the sale, consistent with the consolidation model in ASC 810 “Consolidation” (“ASC 810”). If the Company determines that it does not have a controlling financial interest in the real estate, it evaluates whether a contract exists under ASC 606 and whether the buyer has obtained control of the asset that was sold. The Company recognizes a full gain on sale of real estate when the derecognition criteria under ASC 610-20 have been met. |
Lessee, Leases | Lessee For leases in which the Company is the lessee (generally ground leases), in accordance with ASC 842 the Company recognizes a right-of-use asset and a lease liability. The Company made the policy election to not apply the revenue recognition requirements of ASC 842 to short-term leases. This policy election is made by class of underlying assets and as described below, the Company considers real estate to be a class of underlying assets, and will not be further delineating it into specific uses of the real estate asset as the risk profiles are similar in nature. The Company will recognize the lease payments in net income on a straight-line basis over the lease term. The lease liability is equal to the present value of the minimum lease payments in accordance with ASC 842. The Company will use its incremental borrowing rate (“IBR”) to determine the net present value of the minimum lease payments. In order to determine the IBR, the Company utilized a market-based approach to estimate the incremental borrowing rate for each individual lease. The approach required significant judgment. Therefore, the Company utilized different data sets to estimate base IBRs via an analysis of the following weighted-components: • the interpolated rates from yields on outstanding U.S. Treasury issuances for up to 30 years and for years 31 and beyond, longer-term publicly traded educational institution debt issued by high credit quality educational institutions with maturity dates exceeding 31 years, • observable mortgage rates spread over U.S. Treasury issuances, and • unlevered property yields and discount rates. |
Lessor, Leases | Lessor The Company leases primarily Class A office, life sciences, retail and residential space to tenants. These leases may contain extension and termination options that are predominately at the sole discretion of the tenant, provided certain conditions are satisfied. In a few instances, the leases also contain purchase options, which would be exercisable at fair market value. Also, certain of the Company’s leases include rental payments that are based on a percentage of the tenant sales in excess of contractual amounts. Per ASC 842, lessors do not need to separate nonlease components from the associated lease component if certain criteria stated above are met for each class of underlying assets. The guidance in ASC 842 defines “underlying asset” as “an asset that is the subject of a lease for which a right to use that asset has been conveyed to a lessee. The underlying asset could be a physically distinct portion of a single asset.” Based on the above guidance, the Company considers real estate assets as a class of underlying assets and will not be further delineating it into specific uses of the real estate asset as the risk profiles are similar in nature. Lease components are elements of an arrangement that provide the customer with the right to use an identified asset. Nonlease components are distinct elements of a contract that are not related to securing the use of the leased asset and revenue is recognized in accordance with ASC 606. The Company considers common area maintenance (CAM) and service income associated with tenant work orders to be nonlease components because they represent delivery of a separate service but are not considered a cost of securing the identified asset. In the case of the Company’s business, the identified asset would be the leased real estate (office, life sciences, retail or residential). The Company assessed and concluded that the timing and pattern of transfer for nonlease components and the associated lease component are the same. The Company determined that the predominant component was the lease component and as such its leases will continue to qualify as operating leases and the Company has made a policy election to account for and present the lease component and the nonlease component as a single component in the revenue section of the Consolidated Statements of Operations labeled Lease. Prior to the January 1, 2019 adoption of ASC 842, nonlease components had been included within Recoveries from Tenants Revenue, Parking and Other Revenue and Development and Management Services Revenue on the Company’s Consolidated Statements of Operations. Recoveries from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, are recognized as revenue in the period during which the expenses are incurred . The Company recognizes these reimbursements on a gross basis, as the Company obtains control of the goods and services before they are transferred to the tenant. |
Earnings Per Share and Earnings Per Common Unit | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders, as adjusted for undistributed earnings (if any) of certain securities issued by Boston Properties Limited Partnership, by the weighted average number of shares of Common Stock outstanding during the year. Diluted EPS reflects the potential dilution that could occur from shares issuable in connection with awards under stock-based compensation plans, including upon the exercise of stock options, and securities of Boston Properties Limited Partnership that are exchangeable for Common Stock. Earnings Per Common Unit Basic earnings per common unit is computed by dividing net income available to common unitholders, as adjusted for undistributed earnings (if any) of certain securities issued by Boston Properties Limited Partnership, by the weighted average number of common units outstanding during the year. Diluted earnings per common unit reflects the potential dilution that could occur from units issuable in connection with awards under Boston Properties, Inc.’s stock-based compensation plans, including upon the exercise of stock options, and conversion of preferred units of Boston Properties Limited Partnership. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized as defined in ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) (see “ New Accounting Pronouncements Adopted— Fair Value Measurement” ). Financial Instrument Level Unsecured senior notes (1) Level 1 Related party note receivable Level 3 Notes receivable Level 3 Mortgage notes payable Level 3 Unsecured term loan / line of credit 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. The following table identifies the range and weighted average discount rate for the significant unobservable inputs for the Company’s Level 3 fair value measured instruments as of December 31, 2020. Financial Instrument Level Range Weighted Average Related party note receivable Level 3 3.64% 3.64% Notes receivable Level 3 3.60% - 8.00% 5.87% Mortgage notes payable Level 3 2.00% - 3.04% 2.21% Unsecured term loan / line of credit Level 3 1.04% 1.04% 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, notes 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 December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 December 31, 2019 Carrying Estimated Carrying Estimated Related party note receivable, net $ 77,552 $ 84,579 $ 80,000 $ 81,931 Note receivable, net 18,729 19,372 15,920 14,978 Total $ 96,281 $ 103,951 $ 95,920 $ 96,909 Mortgage notes payable, net $ 2,909,081 $ 3,144,150 $ 2,922,408 $ 2,984,956 Unsecured senior notes, net 9,639,287 10,620,527 8,390,459 8,826,375 Unsecured line of credit — — — — Unsecured term loan, net 499,390 500,326 498,939 500,561 Total $ 13,047,758 $ 14,265,003 $ 11,811,806 $ 12,311,892 The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the Consolidated Statements of Operations as a component of net income or as a component of comprehensive income and as a component of equity on the Consolidated Balance Sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. The Company accounts for both the effective and ineffective portions of changes in the fair value of a derivative in other comprehensive income (loss) and subsequently reclassifies the fair value of the derivative to earnings over the term that the hedged transaction affects earnings and in the same line item as the hedged transaction within the statements of operatio ns (see “ New Accounting Pronouncements Adopted—Derivatives and Hedging” |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation PlansAt December 31, 2020, the Company had a stock-based employee compensation plan. The Company accounts for the plan under the guidance in ASC 718 “Compensation – Stock Compensation” (“ASC 718”), which revised the fair value based method of accounting for share-based payment liabilities, forfeitures and modifications of stock-based awards and clarified previous guidance in several areas, including measuring fair value, classifying an award as equity or as a liability and attributing compensation cost to reporting periods. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates include such items as depreciation and allowances for doubtful accounts. Actual results could differ from those estimates. 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 COVID-19, 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. |
New Accounting Pronouncements | New Accounting Pronouncements Adopted Financial Instruments - Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses” (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of ASC 326-20, “Financial Instruments - Credit Losses - Measured at Amortized Cost,” which addresses financial assets measured at amortized cost basis, including net investments in leases arising from sales-type and direct financing leases. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 - “Leases” (“ASC 842”). ASU 2016-13 and ASU 2018-19 were effective for the Company for reporting periods beginning after December 15, 2019, with early adoption permitted. ASU 2016-13 and ASU 2018-19 are applicable to the Company with respect to (1) certain of its accounts receivable, except for amounts arising from operating leases accounted for under ASC 842, (2) its related party note receivable, (3) its notes receivable and (4) certain of its off-balance sheet credit exposures. The Company adopted ASU 2016-13 and ASU 2018-19 effective January 1, 2020 using the modified retrospective approach. The adoption of ASU 2016-13 and ASU 2018-19 resulted in the Company recognizing an allowance for current expected credit losses associated with (1) its related party note receivable, (2) its notes receivable and (3) an off-balance sheet loan commitment arrangement. As a result, the modified retrospective approach resulted in the Company recognizing on January 1, 2020, the cumulative effect of adopting ASU 2016-13 and ASU 2018-19 aggregating approximately $1.5 million to Dividends in Excess of Earnings of Boston Properties, Inc. and Partners’ Capital of Boston Properties Limited Partnership and approximately $0.2 million to Noncontrolling Interests - Common Units of Boston Properties, Inc. and Noncontrolling Interests - Redeemable Partnership Units of Boston Properties Limited Partnership on the corresponding Consolidated Balance Sheets. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 was effective for the Company for reporting periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2018-13 on January 1, 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements. Derivatives and Hedging In October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes” (“ASU 2018-16”). ASU 2018-16 permits the use of the overnight index swap rate based on the Secured Overnight Financing Rate (“SOFR”) to be used as a U.S. benchmark interest rate for purposes of applying hedge accounting under ASC 815, “Derivatives and Hedging (Topic 815).” ASU 2018-16 was effective for the Company, which has already adopted ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” for reporting periods beginning after December 15, 2018 and was required to be adopted on a prospective basis for qualifying new or re-designated hedging relationships entered into on or after the date of adoption. The Company adopted ASU 2018-16 on January 1, 2019 and the adoption did not have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”). ASU 2021-01 amends the scope of the recent reference rate reform guidance (Topic 848). ASU 2021-01 permits entities to elect certain optional expedients when accounting for derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment (i.e., discount transition). The new optional expedients for contract modifications and hedge accounting are expected to benefit companies, including those with certain centrally cleared derivatives affected by a discount rate transition in 2020. ASU 2021-01 is effective immediately and can be applied retrospectively to any interim period beginning January 1, 2020 or prospectively to any new modifications in any period including or subsequent to the issuance date. ASU 2021-01 did not have a material impact on the Company’s consolidated financial statements. Consolidation |
Equity Offering Costs | Equity Offering Costs |
Treasury Stock | Treasury Stock |
Dividends | Dividends |
Income Taxes | Income Taxes Boston Properties, Inc. has elected to be treated as a REIT under Sections 856 through 860 of the Code, commencing with its taxable year ended December 31, 1997. As a result, it generally will not be subject to federal corporate income tax on its taxable income that is distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual taxable income (with certain adjustments). Boston Properties, Inc.’s policy is to distribute at least 100% of its taxable income. Accordingly, the only provision for federal income taxes in the accompanying consolidated financial statements relates to Boston Properties, Inc.’s consolidated taxable REIT subsidiaries. Boston Properties, Inc.’s taxable REIT subsidiaries did not have significant tax provisions or deferred income tax items. Boston Properties, Inc. has no uncertain tax positions recognized as of December 31, 2020 and 2019. At December 31, 2020, Boston Properties, Inc.’s tax returns for the years 2017 forward remain subject to examination by the major tax jurisdictions under the statute of limitations. The Company owns a hotel property that it leases to one of its taxable REIT subsidiaries and that is managed by Marriott International, Inc. The hotel taxable REIT subsidiary, a wholly owned subsidiary of Boston Properties Limited Partnership, is the lessee pursuant to the lease for the hotel property. As lessor, Boston Properties Limited Partnership is entitled to a percentage of gross receipts from the hotel property. Marriott International, Inc. continues to manage the hotel property under the Marriott name and under terms of a management agreement. The hotel taxable REIT subsidiary is subject to tax at the federal and state level and, accordingly, Boston Properties, Inc. has recorded a tax provision in its Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018. Certain entities included in Boston Properties, Inc.’s consolidated financial statements are subject to certain state and local taxes. These taxes are recorded as operating expenses in the accompanying consolidated financial statements. Boston Properties Limited Partnership Income Taxes The partners are required to report their respective share of Boston Properties Limited Partnership’s taxable income or loss on their respective tax returns and are liable for any related taxes thereon. Accordingly, the only provision for federal income taxes in the accompanying consolidated financial statements relates to Boston Properties Limited Partnership’s consolidated taxable REIT subsidiaries. Boston Properties Limited Partnership’s taxable REIT subsidiaries did not have significant tax provisions or deferred income tax items. Boston Properties Limited Partnership has no uncertain tax positions recognized as of December 31, 2020 and 2019. At December 31, 2020, Boston Properties Limited Partnership’s tax returns for the years 2017 forward remain subject to examination by the major tax jurisdictions under the statute of limitations. The Company owns a hotel property which is managed through a taxable REIT subsidiary. The hotel taxable REIT subsidiary, a wholly owned subsidiary Boston Properties Limited Partnership, is the lessee pursuant to the lease for the hotel property. As lessor, Boston Properties Limited Partnership is entitled to a percentage of gross receipts from the hotel property. Marriott International, Inc. continues to manage the hotel property under the Marriott name and under terms of a management agreement. The hotel taxable REIT subsidiary is subject to tax at the federal and state level and, accordingly, Boston Properties Limited Partnership has recorded a tax provision in its Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018. Certain entities included in Boston Properties Limited Partnership’s consolidated financial statements are subject to certain state and local taxes. These taxes are recorded as operating expenses in the accompanying consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value of Financial Instruments The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized as defined in ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) (see “ New Accounting Pronouncements Adopted— Fair Value Measurement” ). Financial Instrument Level Unsecured senior notes (1) Level 1 Related party note receivable Level 3 Notes receivable Level 3 Mortgage notes payable Level 3 Unsecured term loan / line of credit 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. The following table identifies the range and weighted average discount rate for the significant unobservable inputs for the Company’s Level 3 fair value measured instruments as of December 31, 2020. Financial Instrument Level Range Weighted Average Related party note receivable Level 3 3.64% 3.64% Notes receivable Level 3 3.60% - 8.00% 5.87% Mortgage notes payable Level 3 2.00% - 3.04% 2.21% Unsecured term loan / line of credit Level 3 1.04% 1.04% |
Property, Plant and Equipment | Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures, and equipment 3 to 7 years |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands). Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangibles 2021 $ 3,019 $ 6,193 2022 354 5,437 2023 183 5,296 2024 135 3,780 2025 135 3,775 Recoveries from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, are recognized as revenue in the period during which the expenses are incurred (See “ Leases” |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2020 December 31, 2019 Carrying Estimated Carrying Estimated Related party note receivable, net $ 77,552 $ 84,579 $ 80,000 $ 81,931 Note receivable, net 18,729 19,372 15,920 14,978 Total $ 96,281 $ 103,951 $ 95,920 $ 96,909 Mortgage notes payable, net $ 2,909,081 $ 3,144,150 $ 2,922,408 $ 2,984,956 Unsecured senior notes, net 9,639,287 10,620,527 8,390,459 8,826,375 Unsecured line of credit — — — — Unsecured term loan, net 499,390 500,326 498,939 500,561 Total $ 13,047,758 $ 14,265,003 $ 11,811,806 $ 12,311,892 |
Dividends Declared | The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or declared in 2020 and during the year ended December 31, 2019: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 31, 2020 January 28, 2021 $0.98 $0.98 September 30, 2020 October 30, 2020 $0.98 $0.98 June 30, 2020 July 31, 2020 $0.98 $0.98 March 31, 2020 April 30, 2020 $0.98 $0.98 December 31, 2019 January 30, 2020 $0.98 $0.98 December 31, 2019 January 30, 2020 $0.98 $0.98 September 30, 2019 October 31, 2019 $0.95 $0.95 June 28, 2019 July 31, 2019 $0.95 $0.95 March 29, 2019 April 30, 2019 $0.95 $0.95 December 31, 2018 January 30, 2019 $0.95 $0.95 |
Dividend Paid [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Dividends Declared | The tax treatment of common dividends per share for federal income tax purposes is as follows: For the year ended December 31, 2020 2019 2018 Per Share % Per Share % Per Share % Ordinary income $ 2.52 64.91 % $ 2.99 94.84 % $ 2.79 78.17 % Capital gain income 0.99 25.49 % 0.16 5.16 % 0.78 21.83 % Return of capital 0.37 9.60 % — — % — — % Total $ 3.88 (1) 100.00 % $ 3.15 (2) 100.00 % $ 3.57 (3) 100.00 % _____________ (1) The fourth quarter 2020 regular quarterly dividend was $0.98 per common share, all of which was allocable to 2021. (2) The fourth quarter 2019 regular quarterly dividend was $0.98 per common share of which approximately $0.04 per common share was allocable to 2019 and approximately $0.94 per common share was allocable to 2020. (3) The fourth quarter 2018 regular quarterly dividend was $0.95 per common share of which approximately $0.69 per common share was allocable to 2018 and approximately $0.26 per common share was allocable to 2019. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Properties [Line Items] | |
Schedule of Real Estate Properties | Boston Properties, Inc. Real estate consisted of the following at December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 December 31, 2019 Land $ 5,069,206 $ 5,111,606 Right of use assets - finance leases 237,393 237,394 Right of use assets - operating leases 146,406 148,640 Land held for future development (1) 450,954 254,828 Buildings and improvements 13,777,691 13,646,054 Tenant improvements 2,752,880 2,656,439 Furniture, fixtures and equipment 49,606 44,313 Construction in progress 868,773 789,736 Total 23,352,909 22,889,010 Less: Accumulated depreciation (5,534,102) (5,266,798) $ 17,818,807 $ 17,622,212 _______________ (1) Includes pre-development costs. |
Boston Properties Limited Partnership | |
Real Estate Properties [Line Items] | |
Schedule of Real Estate Properties | Boston Properties Limited Partnership Real estate consisted of the following at December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 December 31, 2019 Land $ 4,971,990 $ 5,011,153 Right of use assets - finance leases 237,393 237,394 Right of use assets - operating leases 146,406 148,640 Land held for future development (1) 450,954 254,828 Buildings and improvements 13,498,098 13,351,286 Tenant improvements 2,752,880 2,656,439 Furniture, fixtures and equipment 49,606 44,313 Construction in progress 868,773 789,736 Total 22,976,100 22,493,789 Less: Accumulated depreciation (5,428,576) (5,162,908) $ 17,547,524 $ 17,330,881 _______________ (1) Includes pre-development costs. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | The following table provides lease cost information for the Company’s operating and finance leases for the year ended (in thousands): Lease costs December 31, 2020 December 31, 2019 Operating lease costs $ 13,948 $ 14,573 Finance lease costs Amortization of right of use asset (1) $ 56 $ 29 Interest on lease liabilities (2) $ 583 $ 47 _______________ (1) The finance leases relate to either land, buildings or assets that remain in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy. (2) Three of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2020 and December 31, 2019, respectively, and as such, a portion of the interest amount was capitalized. The following table provides other quantitative information for the Company’s operating and finance leases as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Other information Weighted-average remaining lease term (in years) Operating leases 51 51 Finance leases 70 71 Weighted-average discount rate Operating leases 5.7 % 5.7 % Finance leases 6.2 % 6.2 % |
Finance Lease, Liability, Maturity | The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2020 (in thousands): Operating Finance 2021 $ 25,092 $ 5,896 2022 18,020 10,206 2023 10,262 9,701 2024 (1) 9,277 48,518 2025 9,476 9,971 Thereafter 548,478 1,373,177 Total lease payments 620,605 1,457,469 Less: Interest portion (418,892) (1,220,977) Present value of lease payments $ 201,713 $ 236,492 |
Operating Lease, Lease Income [Table Text Block] | The following table summarizes the components of lease revenue recognized during the years ended December 31, 2020 and 2019 included within the Company's Consolidated Statements of Operations (in thousands): Year ended December 31, Lease Revenue 2020 2019 Fixed contractual payments $ 2,211,915 $ 2,261,260 Variable lease payments 434,346 496,754 $ 2,646,261 $ 2,758,014 |
Lessor, Operating Lease, Payments to be Received, Maturity | The future contractual lease payments to be received (excluding operating expense reimbursements and percentage rent) by the Company as of December 31, 2020, under non-cancelable operating leases which expire on various dates through 2049 (in thousands): Years Ending December 31, 2021 $ 2,177,848 2022 2,188,846 2023 2,144,213 2024 2,043,264 2025 1,901,624 Thereafter 12,577,660 |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Deferred Costs | Deferred charges consisted of the following at December 31, 2020 and 2019 (in thousands): 2020 2019 Leasing costs, including lease related intangibles $ 1,023,058 $ 1,155,958 Financing costs 12,728 12,728 1,035,786 1,168,686 Less: Accumulated amortization (395,701) (479,473) $ 640,085 $ 689,213 |
Finite-lived Intangible Assets Amortization Expense | The following table summarizes the scheduled amortization of the Company’s acquired in-place lease intangibles for each of the five succeeding years (in thousands). Acquired In-Place Lease Intangibles 2021 $ 10,352 2022 5,464 2023 3,854 2024 2,220 2025 2,174 |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |
Investments In Unconsolidated Joint Ventures | The investments in unconsolidated joint ventures consist of the following at December 31, 2020 and December 31, 2019: Carrying Value of Investment (1) Entity Properties Nominal % December 31, December 31, (in thousands) Square 407 Limited Partnership Market Square North 50.0 % $ (3,766) $ (4,872) BP/CRF Metropolitan Square, LLC Metropolitan Square 20.0 % (13,584) 9,134 901 New York, LLC 901 New York Avenue 25.0 % (2) (12,264) (12,113) WP Project Developer LLC Wisconsin Place Land and Infrastructure 33.3 % (3) 35,297 36,789 Annapolis Junction NFM LLC Annapolis Junction 50.0 % (4) 13,463 25,391 540 Madison Venture LLC 540 Madison Avenue 60.0 % (5) 122 2,953 500 North Capitol Venture LLC 500 North Capitol Street, NW 30.0 % (6,945) (5,439) 501 K Street LLC 1001 6th Street 50.0 % (6) 42,499 42,496 Podium Developer LLC The Hub on Causeway - Podium 50.0 % 48,818 49,466 Residential Tower Developer LLC Hub50House 50.0 % 50,943 55,092 Hotel Tower Developer LLC The Hub on Causeway - Hotel Air Rights 50.0 % 10,754 9,883 Office Tower Developer LLC 100 Causeway Street 50.0 % 56,312 56,606 1265 Main Office JV LLC 1265 Main Street 50.0 % 3,787 3,780 BNY Tower Holdings LLC Dock 72 50.0 % 29,536 94,804 BNYTA Amenity Operator LLC Dock 72 50.0 % 1,846 N/A CA-Colorado Center Limited Partnership Colorado Center 50.0 % 227,671 252,069 7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.0 % 58,112 56,247 BP-M 3HB Venture LLC 3 Hudson Boulevard 25.0 % 113,774 67,499 SMBP Venture LP Santa Monica Business Park 55.0 % 145,761 163,937 Platform 16 Holdings LP Platform 16 55.0 % (7) 108,393 29,501 Gateway Portfolio Holdings LLC Gateway Commons 50.0 % (8) 336,206 N/A Rosecrans-Sepulveda Partners 4, LLC Beach Cities Media Campus 50.0 % 27,184 N/A $ 1,273,919 $ 933,223 _______________ (1) Investments with deficit balances aggregating approximately $36.6 million and $22.4 million at December 31, 2020 and 2019, 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 December 31, 2020 and 2019, the Company’s economic ownership was approximately 50%. (3) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4) The joint venture owns two in-service buildings. (5) T he property was sold on June 27, 2019. As of December 31, 2020 and 2019, the investment consisted of undistributed cash. (6) Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. (7) This entity is a VIE (See Note 1). (8) As a result of the partner’s deferred contribution, the Company owns an approximately 55% interest in the joint venture at December 31, 2020. Future development projects will be owned 49% by the Company and 51% by its partner. |
Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block] | The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows: December 31, December 31, (in thousands) ASSETS Real estate and development in process, net (1) $ 4,708,571 $ 3,904,400 Other assets 531,071 502,706 Total assets $ 5,239,642 $ 4,407,106 LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY Mortgage and notes payable, net $ 2,637,911 $ 2,218,853 Other liabilities (2) 650,433 749,675 Members’/Partners’ equity 1,951,298 1,438,578 Total liabilities and members’/partners’ equity $ 5,239,642 $ 4,407,106 Company’s share of equity $ 936,087 $ 591,905 Basis differentials (3) 337,832 341,318 Carrying value of the Company’s investments in unconsolidated joint ventures (4) $ 1,273,919 $ 933,223 _______________ (1) At December 31, 2020 and 2019, this amount included right of use assets - finance leases totaling approximately $248.9 million and $383.9 million, respectively, and right of use assets - operating leases totaling approximately $22.5 million and $12.1 million, respectively. (2) At December 31, 2020 and 2019, this amount included lease liabilities - finance leases totaling approximately $388.7 million and $510.8 million, respectively, and lease liabilities - operating leases totaling approximately $29.0 million and $17.3 million, respectively. (3) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. At December 31, 2020 and 2019, there was an aggregate basis differential of approximately $307.3 million and $311.3 million, respectively, between the carrying value of the Company’s investment in the joint venture that owns Colorado Center and the joint venture’s basis in the assets and liabilities. At December 31, 2020, there was an aggregate basis differential of approximately $51.9 million between the carrying value of the Company’s investment in the joint venture that owns Gateway Commons and the joint venture’s basis in the assets and liabilities. At December 31, 2020, there was an aggregate basis differential of approximately $(52.2) million between the carrying value of the Company’s investment in the joint venture that owns Dock 72 and the joint venture’s basis in the assets and liabilities. 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 $36.6 million and $22.4 million at December 31, 2020 and 2019, 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: Year ended December 31, 2020 2019 2018 (in thousands) Total revenue (1) $ 319,560 $ 322,817 $ 271,951 Expenses Operating 144,347 122,992 106,610 Transaction costs 1,027 1,000 — Depreciation and amortization (2) 141,853 102,296 103,079 Total expenses 287,227 226,288 209,689 Other income (expense) Interest expense (98,051) (84,409) (71,308) Gains on sales of real estate (3) 11,737 32,706 16,951 Net income (loss) $ (53,981) $ 44,826 $ 7,905 Company’s share of net income (loss) $ (16,256) $ 24,423 $ 8,084 Impairment loss on investment (4) (60,524) — — Basis differential (3)(4)(5) (8,330) 22,169 (5,862) (Loss) income from unconsolidated joint ventures $ (85,110) $ 46,592 $ 2,222 _______________ (1) Includes straight-line rent adjustments of approximately $(10.1) million, $32.4 million and $15.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. Due primarily to the impact of COVID-19, for the year ended December 31, 2020, write-offs of accounts receivable and accrued rent balances totaled approximately $51.7 million. (2) During the year ended December 31, 2018, the joint venture that owns Metropolitan Square in Washington, DC, commenced a renovation project and recorded accelerated depreciation expense of approximately $22.4 million related to the remaining book value of the assets to be replaced. The Company’s share of the accelerated depreciation expense totaled approximately $4.5 million. (3) For the year ended December 31, 2019, represents the gain on sale of 540 Madison Avenue recognized by the joint venture. During 2008, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture resulting in a basis differential between the carrying value of the Company’s investment in the joint venture and the joint venture’s basis in the assets and liabilities of the property. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $47.2 million for the year ended December 31, 2019, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for the basis differential. The gain on sale of real estate is included in Income from Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. (4) During the year ended December 31, 2020, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture that owns Dock 72 in Brooklyn, New York totaling approximately $60.5 million. |
Mortgage Notes Payable, Net (Ta
Mortgage Notes Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Notes Payable [Abstract] | |
Schedule Of Aggregate Principal Payments On Mortgage Notes | Contractual aggregate principal payments of mortgage notes payable at December 31, 2020 are as follows (in thousands): Principal Payments 2021 $ 17,276 2022 614,710 2023 — 2024 — 2025 — Thereafter 2,300,000 Total aggregate principal payments 2,931,986 Deferred financing costs, net (22,905) Total carrying value of mortgage notes payable, net $ 2,909,081 |
Unsecured Senior Notes (Tables)
Unsecured Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following summarizes the unsecured senior notes outstanding as of December 31, 2020 (dollars in thousands): Coupon/ Effective Principal Maturity Date(2) 10 Year Unsecured Senior Notes 4.125 % 4.289 % $ 850,000 May 15, 2021 (3) 11 Year Unsecured Senior Notes 3.850 % 3.954 % 1,000,000 February 1, 2023 10.5 Year Unsecured Senior Notes 3.125 % 3.279 % 500,000 September 1, 2023 10.5 Year Unsecured Senior Notes 3.800 % 3.916 % 700,000 February 1, 2024 7 Year Unsecured Senior Notes 3.200 % 3.350 % 850,000 January 15, 2025 10 Year Unsecured Senior Notes 3.650 % 3.766 % 1,000,000 February 1, 2026 10 Year Unsecured Senior Notes 2.750 % 3.495 % 1,000,000 October 1, 2026 10 Year Unsecured Senior Notes 4.500 % 4.628 % 1,000,000 December 1, 2028 10 Year Unsecured Senior Notes 3.400 % 3.505 % 850,000 June 21, 2029 10.5 Year Unsecured Senior Notes 2.900 % 2.984 % 700,000 March 15, 2030 10.75 Year Unsecured Senior Notes 3.250 % 3.343 % 1,250,000 January 30, 2031 Total principal 9,700,000 Net unamortized discount (16,034) Deferred financing costs, net (44,679) Total $ 9,639,287 _______________ (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. (3) See Note 18. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | |
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or declared in 2020 and during the year ended December 31, 2019: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 31, 2020 January 28, 2021 $0.98 $0.98 September 30, 2020 October 30, 2020 $0.98 $0.98 June 30, 2020 July 31, 2020 $0.98 $0.98 March 31, 2020 April 30, 2020 $0.98 $0.98 December 31, 2019 January 30, 2020 $0.98 $0.98 December 31, 2019 January 30, 2020 $0.98 $0.98 September 30, 2019 October 31, 2019 $0.95 $0.95 June 28, 2019 July 31, 2019 $0.95 $0.95 March 29, 2019 April 30, 2019 $0.95 $0.95 December 31, 2018 January 30, 2019 $0.95 $0.95 |
Noncontrolling Interests [Member] | |
Noncontrolling Interest [Line Items] | |
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2016 MYLTIP Units and, after the February 6, 2020 measurement date, the 2017 MYLTIP Units) and its distributions on the 2017 MYLTIP Units (prior to the February 6, 2020 measurement date) and 2018 - 2020 MYLTIP Units (after the February 4, 2020 issuance date) that occurred during the year ended December 31, 2020: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 31, 2020 January 28, 2021 $0.98 $0.098 September 30, 2020 October 30, 2020 $0.98 $0.098 June 30, 2020 July 31, 2020 $0.98 $0.098 March 31, 2020 April 30, 2020 $0.98 $0.098 December 31, 2019 January 30, 2020 $0.98 $0.098 The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2015 MYLTIP Units and, after the February 9, 2019 measurement date, the 2016 MYLTIP Units) and its distributions on the 2016 MYLTIP Units (prior to the February 9, 2019 measurement date) and 2017 - 2019 MYLTIP Units (after the February 5, 2019 issuance date) that occurred during the year ended December 31, 2019: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 31, 2019 January 30, 2020 $0.98 $0.098 September 30, 2019 October 31, 2019 $0.95 $0.095 June 28, 2019 July 31, 2019 $0.95 $0.095 March 29, 2019 April 30, 2019 $0.95 $0.095 December 31, 2018 January 30, 2019 $0.95 $0.095 |
Stockholders' Equity _ Partne_2
Stockholders' Equity / Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Class of Stock [Line Items] | |
Dividends Declared [Table Text Block] | The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or declared in 2020 and during the year ended December 31, 2019: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 31, 2020 January 28, 2021 $0.98 $0.98 September 30, 2020 October 30, 2020 $0.98 $0.98 June 30, 2020 July 31, 2020 $0.98 $0.98 March 31, 2020 April 30, 2020 $0.98 $0.98 December 31, 2019 January 30, 2020 $0.98 $0.98 December 31, 2019 January 30, 2020 $0.98 $0.98 September 30, 2019 October 31, 2019 $0.95 $0.95 June 28, 2019 July 31, 2019 $0.95 $0.95 March 29, 2019 April 30, 2019 $0.95 $0.95 December 31, 2018 January 30, 2019 $0.95 $0.95 |
Series B Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Dividends Declared [Table Text Block] | The following table presents Boston Properties, Inc.’s dividends per share on its outstanding Series B Preferred Stock paid or declared during 2020 and during the year ended December 31, 2019: Record Date Payment Date Dividend (Per Share) February 5, 2021 February 16, 2021 $32.8125 November 4, 2020 November 16, 2020 $32.8125 August 3, 2020 August 17, 2020 $32.8125 May 1, 2020 May 15, 2020 $32.8125 February 4, 2020 February 18, 2020 $32.8125 February 4, 2020 February 18, 2020 $32.8125 November 1, 2019 November 15, 2019 $32.8125 August 2, 2019 August 15, 2019 $32.8125 May 3, 2019 May 15, 2019 $32.8125 February 4, 2019 February 15, 2019 $32.8125 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule Of Reconciliation Of Net Operating Income To Net Income | Boston Properties, Inc. Year ended December 31, 2020 2019 2018 (in thousands) Net income attributable to Boston Properties, Inc. common shareholders $ 862,227 $ 511,034 $ 572,347 Add: Preferred dividends 10,500 10,500 10,500 Noncontrolling interest—common units of the Operating Partnership 97,704 59,345 66,807 Noncontrolling interests in property partnerships 48,260 71,120 62,909 Interest expense 431,717 412,717 378,168 Loss from early extinguishment of debt — 29,540 16,490 Impairment loss — 24,038 11,812 Net operating income from unconsolidated joint ventures 94,943 97,716 79,893 Depreciation and amortization expense 683,751 677,764 645,649 Transaction costs 1,531 1,984 1,604 Payroll and related costs from management services contracts 11,626 10,386 9,590 General and administrative expense 133,112 140,777 121,722 Less: Net operating income attributable to noncontrolling interests in property partnerships 162,887 183,989 177,365 Gains (losses) from investments in securities 5,261 6,417 (1,865) Interest and other income (loss) 5,953 18,939 10,823 Gains on sales of real estate 618,982 709 182,356 Income (loss) from unconsolidated joint ventures (85,110) 46,592 2,222 Direct reimbursements of payroll and related costs from management services contracts 11,626 10,386 9,590 Development and management services revenue 29,641 40,039 45,158 Company’s share of Net Operating Income $ 1,626,131 $ 1,739,850 $ 1,551,842 Boston Properties Limited Partnership Year ended December 31, 2020 2019 2018 (in thousands) Net income attributable to Boston Properties Limited Partnership common unitholders $ 979,979 $ 580,102 $ 656,903 Add: Preferred distributions 10,500 10,500 10,500 Noncontrolling interests in property partnerships 48,260 71,120 62,909 Interest expense 431,717 412,717 378,168 Loss from early extinguishment of debt — 29,540 16,490 Impairment loss — 22,272 10,181 Net operating income from unconsolidated joint ventures 94,943 97,716 79,893 Depreciation and amortization expense 676,666 669,956 637,891 Transaction costs 1,531 1,984 1,604 Payroll and related costs from management services contracts 11,626 10,386 9,590 General and administrative expense 133,112 140,777 121,722 Less: Net operating income attributable to noncontrolling interests in property partnerships 162,887 183,989 177,365 Gains (losses) from investments in securities 5,261 6,417 (1,865) Interest and other income (loss) 5,953 18,939 10,823 Gains on sales of real estate 631,945 858 190,716 Income (loss) from unconsolidated joint ventures (85,110) 46,592 2,222 Direct reimbursements of payroll and related costs from management services contracts 11,626 10,386 9,590 Development and management services revenue 29,641 40,039 45,158 Company’s share of Net Operating Income $ 1,626,131 $ 1,739,850 $ 1,551,842 |
Schedule Of Segment Information By Geographic Area And Property Type | Information by geographic area and property type (dollars in thousands): For the year ended December 31, 2020: Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 897,915 $ — $ 935,966 $ 508,327 $ 336,587 $ 2,678,795 Residential 13,616 — — 155 24,375 38,146 Hotel 7,478 — — — — 7,478 Total 919,009 — 935,966 508,482 360,962 2,724,419 % of Grand Totals 33.73 % — % 34.36 % 18.66 % 13.25 % 100.00 % Rental Expenses: Office 318,509 — 384,753 163,156 132,051 998,469 Residential 5,378 — — 2,261 11,100 18,739 Hotel 13,136 — — — — 13,136 Total 337,023 — 384,753 165,417 143,151 1,030,344 % of Grand Totals 32.71 % — % 37.35 % 16.05 % 13.89 % 100.00 % Net operating income $ 581,986 $ — $ 551,213 $ 343,065 $ 217,811 $ 1,694,075 % of Grand Totals 34.35 % — % 32.54 % 20.25 % 12.86 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (41,849) — (121,038) — — (162,887) Add: Company’s share of net operating income from unconsolidated joint ventures 10,765 57,907 (5,326) 14,928 16,669 94,943 Company’s share of net operating income $ 550,902 $ 57,907 $ 424,849 $ 357,993 $ 234,480 $ 1,626,131 % of Grand Totals 33.88 % 3.56 % 26.12 % 22.02 % 14.42 % 100.00 % _______________ (1) Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. For the year ended December 31, 2019: Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 895,098 $ — $ 1,011,912 $ 533,189 $ 384,435 $ 2,824,634 Residential 13,786 — — — 23,128 36,914 Hotel 48,589 — — — — 48,589 Total 957,473 — 1,011,912 533,189 407,563 2,910,137 % of Grand Totals 32.90 % — % 34.78 % 18.32 % 14.00 % 100.00 % Rental Expenses: Office 322,282 — 389,532 177,994 144,217 1,034,025 Residential 5,071 — — — 10,914 15,985 Hotel 34,004 — — — — 34,004 Total 361,357 — 389,532 177,994 155,131 1,084,014 % of Grand Totals 33.34 % — % 35.93 % 16.42 % 14.31 % 100.00 % Net operating income $ 596,116 $ — $ 622,380 $ 355,195 $ 252,432 $ 1,826,123 % of Grand Totals 32.64 % — % 34.09 % 19.45 % 13.82 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (40,109) — (143,432) (448) — (183,989) Add: Company’s share of net operating income from unconsolidated joint ventures 5,494 61,338 4,174 — 26,710 97,716 Company’s share of net operating income $ 561,501 $ 61,338 $ 483,122 $ 354,747 $ 279,142 $ 1,739,850 % of Grand Totals 32.27 % 3.53 % 27.77 % 20.39 % 16.04 % 100.00 % _______________ (1) Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. For the year ended December 31, 2018: Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 838,341 $ — $ 959,050 $ 397,180 $ 396,088 $ 2,590,659 Residential 6,694 — — — 15,857 22,551 Hotel 49,118 — — — — 49,118 Total 894,153 — 959,050 397,180 411,945 2,662,328 % of Grand Totals 33.59 % — % 36.02 % 14.92 % 15.47 % 100.00 % Rental Expenses: Office 315,653 — 377,992 130,016 142,886 966,547 Residential 3,632 — — — 8,972 12,604 Hotel 33,863 — — — — 33,863 Total 353,148 — 377,992 130,016 151,858 1,013,014 % of Grand Totals 34.86 % — % 37.32 % 12.83 % 14.99 % 100.00 % Net operating income $ 541,005 $ — $ 581,058 $ 267,164 $ 260,087 $ 1,649,314 % of Grand Totals 32.80 % — % 35.23 % 16.20 % 15.77 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (33,862) — (143,562) 59 — (177,365) Add: Company’s share of net operating income from unconsolidated joint ventures 2,866 42,750 6,590 — 27,687 79,893 Company’s share of net operating income $ 510,009 $ 42,750 $ 444,086 $ 267,223 $ 287,774 $ 1,551,842 % of Grand Totals 32.86 % 2.75 % 28.63 % 17.22 % 18.54 % 100.00 % _______________ (1) Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. |
Earnings Per Share _ Common U_2
Earnings Per Share / Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Entity Information [Line Items] | |
Computation Of Basic And Diluted Earnings Per Share / Unit | Year ended December 31, 2020 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 862,227 155,432 $ 5.55 Allocation of undistributed earnings to participating securities (748) — (0.01) Net income attributable to Boston Properties, Inc. common shareholders $ 861,479 155,432 $ 5.54 Effect of Dilutive Securities: Stock Based Compensation — 85 — Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 861,479 155,517 $ 5.54 Year ended December 31, 2019 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 511,034 154,582 $ 3.31 Effect of Dilutive Securities: Stock Based Compensation — 301 (0.01) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 511,034 154,883 $ 3.30 Year ended December 31, 2018 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 572,347 154,427 $ 3.71 Allocation of undistributed earnings to participating securities (101) — — Net income attributable to Boston Properties, Inc. common shareholders $ 572,246 154,427 $ 3.71 Effect of Dilutive Securities: Stock Based Compensation — 255 (0.01) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 572,246 154,682 $ 3.70 |
Boston Properties Limited Partnership | |
Entity Information [Line Items] | |
Computation Of Basic And Diluted Earnings Per Share / Unit | Included in the number of units (the denominator) below are approximately 17,211,000 and 17,618,000 and 17,485,000 redeemable common units for the years ended December 31, 2020, 2019 and 2018, respectively. Year ended December 31, 2020 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 979,979 172,643 $ 5.68 Allocation of undistributed earnings to participating securities (830) — (0.01) Net income attributable to Boston Properties Limited Partnership common unitholders $ 979,149 172,643 $ 5.67 Effect of Dilutive Securities: Stock Based Compensation — 85 — Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 979,149 172,728 $ 5.67 Year ended December 31, 2019 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 580,102 172,200 $ 3.37 Effect of Dilutive Securities: Stock Based Compensation — 301 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 580,102 172,501 $ 3.36 Year ended December 31, 2018 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 656,903 171,912 $ 3.82 Allocation of undistributed earnings to participating securities (113) — — Net income attributable to Boston Properties Limited Partnership common unitholders $ 656,790 171,912 $ 3.82 Effect of Dilutive Securities: Stock Based Compensation — 255 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 656,790 172,167 $ 3.81 |
Stock Option and Incentive Pl_2
Stock Option and Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Share-based Payment Arrangement, Option, Activity | A summary of the status of Boston Properties, Inc.’s stock options as of December 31, 2020, 2019 and 2018 and changes during the years then ended are presented below: Shares Weighted-Average Outstanding at December 31, 2017 540,441 $ 96.35 Exercised — $ — Outstanding at December 31, 2018 540,441 $ 96.35 Exercised (145,088) $ 96.27 Outstanding at December 31, 2019 395,353 $ 96.37 Exercised (43,792) $ 91.60 Outstanding at December 31, 2020 351,561 $ 96.97 |
Schedule of Stock Options Outstanding | The following table summarizes information about Boston Properties, Inc.’s stock options outstanding at December 31, 2020: Options Outstanding Options Exercisable Number Outstanding at 12/31/20 Weighted-Average Remaining Number Exercisable at 12/31/20 Exercise Price 54,003 0.1 years $ 86.86 54,003 $ 86.86 54,282 2.3 years $ 95.69 54,282 $ 95.69 133,834 2.1 years $ 98.46 133,834 $ 98.46 109,442 1.1 years $ 100.77 109,442 $ 100.77 |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended | |
Dec. 31, 2020ft²Real_Estate_Propertiesyrshares | Dec. 31, 2019shares | |
Real Estate Properties [Line Items] | ||
General and limited partnership interest in the operating partnership (percent) | 89.60% | |
Restriction on redemption of OP units from date of issuance (years) | yr | 1 | |
One OP unit is equivalent to one share of Common Stock (in shares) | shares | 1 | |
OP unit conversion rate (in shares) | shares | 1 | |
Number Of series Of preferred units outstanding | 1 | 1 |
Number of VIEs | 6 | |
Number of VIEs - Total | 7 | |
Commercial Real Estate Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 196 | |
Net Rentable Area (in sf) | ft² | 51.2 | |
Number of VIEs | 5 | |
Total Properties Under Construction [ Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 6 | |
Net Rentable Area (in sf) | ft² | 3.7 | |
Total Office Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 177 | |
Office Properties Under Construction [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 6 | |
Retail Properties [ Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 12 | |
Residential Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 6 | |
Hotel Property [ Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||
Real Estate Properties [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 5.25% | 5.25% |
Preferred stock / units, shares / units outstanding (in shares / units) | shares | 80,000 | 80,000 |
Depositary shares of Series B Cumulative Redeemable Preferred [Member] | ||
Real Estate Properties [Line Items] | ||
Preferred stock / units, shares / units outstanding (in shares / units) | shares | 8,000,000 | 8,000,000 |
Series B Preferred Units [Member] | ||
Real Estate Properties [Line Items] | ||
Preferred stock / units, shares / units outstanding (in shares / units) | shares | 80,000 | 80,000 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 15, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Interest capitalized | $ 53,881,000 | $ 54,911,000 | $ 65,766,000 | |
Salaries And Related Costs Capitalized | 12,900,000 | 10,400,000 | 12,500,000 | |
Cash FDIC Insured Limit | 250,000 | |||
Gains (losses) from investments in securities | 5,261,000 | 6,417,000 | (1,865,000) | |
Internal Leasing Salaries And Related Costs Capitalized | 5,400,000 | |||
Straight Line Rent Adjustments | 104,900,000 | 58,400,000 | 51,900,000 | |
Above and below market rent adjustments, net | 6,500,000 | 20,900,000 | 23,800,000 | |
Separate Unrestricted Cash For Deferred Compensation Plan. | 39,500,000 | 36,700,000 | ||
Adoption of ASU 2016-13 and 2018-19 | (509,653,000) | (760,523,000) | ||
Adoption of ASU 2016-13 and 2018-19 | 616,596,000 | 600,860,000 | ||
Distributions Payable, Amount Per Unit | $ 0.98 | |||
Boston Properties Limited Partnership | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Interest capitalized | 53,881,000 | 54,911,000 | 65,766,000 | |
Gains (losses) from investments in securities | 5,261,000 | 6,417,000 | $ (1,865,000) | |
Adoption of ASU 2016-13 and 2018-19 | 4,554,639,000 | 3,380,175,000 | ||
Adoption of ASU 2016-13 and 2018-19 | 1,643,024,000 | $ 2,468,753,000 | ||
Distributions Payable, Amount Per Unit | $ 0.98 | |||
Boston Properties Limited Partnership | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Adoption of ASU 2016-13 and 2018-19 | 1,500,000 | |||
Dividends In Excess Of Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Adoption of ASU 2016-13 and 2018-19 | 1,500,000 | |||
Noncontrolling Interests [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Adoption of ASU 2016-13 and 2018-19 | 200,000 | |||
Noncontrolling Interests [Member] | Boston Properties Limited Partnership | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Adoption of ASU 2016-13 and 2018-19 | $ 200,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies Schedule of Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Land Improvements | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 25 to 40 years |
Land Improvements | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 25 to 40 years |
Buildings and improvements | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 to 40 years |
Buildings and improvements | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 to 40 years |
Tenant improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Shorter of useful life or terms of related lease |
Furniture, fixtures, and equipment | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 to 7 years |
Furniture, fixtures, and equipment | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 to 7 years |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies Fair Value of Debt (Level 3) (Details) - Measurement Input, Discount Rate [Member] | Dec. 31, 2020 |
Mortgage Notes [Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0200 |
Mortgage Notes [Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0304 |
Mortgage Notes [Member] | Weighted Average [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0221 |
Unsecured Term Loan / Line of Credit[Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0104 |
Unsecured Term Loan / Line of Credit[Member] | Weighted Average [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0104 |
Related Party Note Receivable [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0364 |
Related Party Note Receivable [Member] | Weighted Average [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0364 |
Notes Receivables [Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0360 |
Notes Receivables [Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0800 |
Notes Receivables [Member] | Weighted Average [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Debt Instrument, Measurement Input | 0.0587 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | $ 77,552 | $ 80,000 |
Notes receivable, net | 18,729 | 15,920 |
Mortgage notes payable, net | 2,909,081 | 2,922,408 |
Unsecured senior notes, net | 9,639,287 | 8,390,459 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 499,390 | 498,939 |
Total | 2,931,986 | |
Carrying Amount [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | 77,552 | 80,000 |
Notes receivable, net | 18,729 | 15,920 |
Total | 96,281 | 95,920 |
Mortgage notes payable, net | 2,909,081 | 2,922,408 |
Unsecured senior notes, net | 9,639,287 | 8,390,459 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 499,390 | 498,939 |
Total | 13,047,758 | 11,811,806 |
Estimated Fair Value [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Related party note receivable, net | 84,579 | 81,931 |
Notes receivable, net | 19,372 | 14,978 |
Total | 103,951 | 96,909 |
Mortgage notes payable, net | 3,144,150 | 2,984,956 |
Unsecured senior notes, net | 10,620,527 | 8,826,375 |
Unsecured line of credit | 0 | 0 |
Unsecured term loan, net | 500,326 | 500,561 |
Total | $ 14,265,003 | $ 12,311,892 |
Schedule of Finite Lived Intagi
Schedule of Finite Lived Intagible Assets Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2022 | $ 5,464 |
2023 | 3,854 |
2024 | 2,220 |
2025 | 2,174 |
Above Market Leases [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2021 | 3,019 |
2022 | 354 |
2023 | 183 |
2024 | 135 |
2025 | 135 |
Below Market Lease [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2021 | 6,193 |
2022 | 5,437 |
2023 | 5,296 |
2024 | 3,780 |
2025 | $ 3,775 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies of Tax Treatment of Common Dividends Per Share for Federal Tax Purposes (Details) - $ / shares | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 15, 2020 | ||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Dividends Treatment For Federal Tax Purposes, Percentage | 100.00% | 100.00% | 100.00% | ||||
Dividends treatment for federal tax purposes. | $ 3.88 | [1] | $ 3.15 | [2] | $ 3.57 | [3] | |
Distributions Payable, Amount Per Unit | $ 0.98 | ||||||
Ordinary income | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Dividends Treatment For Federal Tax Purposes, Percentage | 64.91% | 94.84% | 78.17% | ||||
Dividends treatment for federal tax purposes. | $ 2.52 | $ 2.99 | $ 2.79 | ||||
Capital Gain Income | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Dividends Treatment For Federal Tax Purposes, Percentage | 25.49% | 5.16% | 21.83% | ||||
Dividends treatment for federal tax purposes. | $ 0.99 | $ 0.16 | $ 0.78 | ||||
Return of Capital | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Dividends Treatment For Federal Tax Purposes, Percentage | 9.60% | 0.00% | 0.00% | ||||
Dividends treatment for federal tax purposes. | $ 0.37 | $ 0 | $ 0 | ||||
Dividend Declared | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Distributions Payable, Amount Per Unit | $ 0.98 | 0.98 | 0.95 | ||||
Allocated to 2019 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Distributions Payable, Amount Per Unit | 0.04 | 0.26 | |||||
Allocated to 2020 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Distributions Payable, Amount Per Unit | $ 0.94 | ||||||
Allocated to 2018 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Distributions Payable, Amount Per Unit | $ 0.69 | ||||||
[1] | The fourth quarter 2020 regular quarterly dividend was $0.98 per common share, all of which was allocable to 2021. | ||||||
[2] | The fourth quarter 2019 regular quarterly dividend was $0.98 per common share of which approximately $0.04 per common share was allocable to 2019 and approximately $0.94 per common share was allocable to 2020. | ||||||
[3] | The fourth quarter 2018 regular quarterly dividend was $0.95 per common share of which approximately $0.69 per common share was allocable to 2018 and approximately $0.26 per common share was allocable to 2019. |
Real Estate Schedule of Real Es
Real Estate Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Properties [Line Items] | |||
Land | $ 5,069,206 | $ 5,111,606 | |
Right-of-use assets - finance leases | 237,393 | 237,394 | |
Right of use assets - operating leases | 146,406 | 148,640 | |
Land held for future development | [1] | 450,954 | 254,828 |
Buildings and improvements | 13,777,691 | 13,646,054 | |
Tenant improvements | 2,752,880 | 2,656,439 | |
Furniture, Fixtures and Equipment | 49,606 | 44,313 | |
Construction in progress | 868,773 | 789,736 | |
Total | 23,352,909 | 22,889,010 | |
Less: accumulated depreciation | (5,534,102) | (5,266,798) | |
Total real estate | 17,818,807 | 17,622,212 | |
Boston Properties Limited Partnership | |||
Real Estate Properties [Line Items] | |||
Land | 4,971,990 | 5,011,153 | |
Right-of-use assets - finance leases | 237,393 | 237,394 | |
Right of use assets - operating leases | 146,406 | 148,640 | |
Land held for future development | [1] | 450,954 | 254,828 |
Buildings and improvements | 13,498,098 | 13,351,286 | |
Tenant improvements | 2,752,880 | 2,656,439 | |
Furniture, Fixtures and Equipment | 49,606 | 44,313 | |
Construction in progress | 868,773 | 789,736 | |
Total | 22,976,100 | 22,493,789 | |
Less: accumulated depreciation | (5,428,576) | (5,162,908) | |
Total real estate | $ 17,547,524 | $ 17,330,881 | |
[1] | Includes pre-development costs. |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) $ in Thousands | Dec. 16, 2020USD ($) | Nov. 03, 2020ft² | Jun. 25, 2020USD ($)ft² | Feb. 20, 2020USD ($)ft²Buildings | Jan. 28, 2020USD ($)ft²Buildings | Jan. 27, 2020USD ($) | Feb. 19, 2020USD ($) | Jun. 24, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 15, 2020ft²apartments | Jul. 31, 2020USD ($) | Jun. 26, 2020USD ($)ft² | Jun. 01, 2020ft² | Mar. 26, 2020ft² | |
Real Estate Properties [Line Items] | |||||||||||||||||
Proceeds from sales of real estate | $ 519,303 | $ 90,824 | $ 455,409 | ||||||||||||||
Gains on sales of real estate | 618,982 | 709 | 182,356 | ||||||||||||||
Payments to Acquire Equity Method Investments | 172,436 | 87,392 | 345,717 | ||||||||||||||
Revenues | $ 2,765,686 | 2,960,562 | 2,717,076 | ||||||||||||||
Capital Gallery [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Net Rentable Area (in sf) | ft² | 455,000 | ||||||||||||||||
Contractual Sales Price | $ 253,700 | ||||||||||||||||
Proceeds from sales of real estate | 246,600 | ||||||||||||||||
Gains on sales of real estate | $ 203,500 | ||||||||||||||||
Operating Income (Loss) | $ 6,300 | 15,000 | 14,500 | ||||||||||||||
Crane Meadow | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Contractual Sales Price | $ 14,300 | ||||||||||||||||
Proceeds from sales of real estate | 14,200 | ||||||||||||||||
Gains on sales of real estate | $ 5,200 | ||||||||||||||||
New Dominion Technology Park [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Net Rentable Area (in sf) | ft² | 493,000 | ||||||||||||||||
Contractual Sales Price | $ 256,000 | ||||||||||||||||
Proceeds from sales of real estate | 254,000 | ||||||||||||||||
Gains on sales of real estate | $ 192,300 | ||||||||||||||||
Operating Income (Loss) | $ 1,600 | 6,800 | 8,200 | ||||||||||||||
Number of buildings | Buildings | 2 | ||||||||||||||||
Gateway Center [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Gains on sales of real estate | $ 217,700 | ||||||||||||||||
Operating Income (Loss) | $ 200 | 10,400 | 8,600 | ||||||||||||||
425 Fourth Street [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Aggregate purchase price | $ 140,100 | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 850,000 | ||||||||||||||||
17Fifty Presidents Street | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Net Rentable Area (in sf) | ft² | 276,000 | ||||||||||||||||
Leased percentage | 100.00% | ||||||||||||||||
20 Citypoint | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Net Rentable Area (in sf) | ft² | 211,000 | ||||||||||||||||
Leased percentage | 100.00% | ||||||||||||||||
Capital Gallery [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Net Rentable Area (in sf) | ft² | 631,000 | 176,000 | |||||||||||||||
759 Harrison Street [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Aggregate purchase price | $ 4,500 | ||||||||||||||||
200 West Street | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Leased percentage | 100.00% | ||||||||||||||||
Lessor, Operating Lease, Lease Not yet Commenced, Description | 10-year | ||||||||||||||||
Lessor Operating Lease Lease Not Yet Commenced Leased SF | ft² | 138,000 | ||||||||||||||||
Residential Building | The Skylyne | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Net Rentable Area (in sf) | ft² | 331,000 | ||||||||||||||||
Number of Units in Real Estate Property | apartments | 402 | ||||||||||||||||
Gateway Commons Complex [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Net Rentable Area (in sf) | ft² | 768,000 | ||||||||||||||||
Payments to Acquire Equity Method Investments | $ 350,000 | ||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | [1] | ||||||||||||||
Number of buildings | Buildings | 3 | ||||||||||||||||
Gateway Commons Complex prior to deferred contribution [Member] [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Ownership Percentage | 55.00% | ||||||||||||||||
Gateway Commons Complex Future Development[Member] [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Ownership Percentage | 49.00% | ||||||||||||||||
Joint Venture Partner [Member] | Gateway Commons Complex [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Payments to Acquire Equity Method Investments | $ 280,800 | ||||||||||||||||
Future payment to acquire interest in equity method investment | $ 69,200 | ||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||
Number of buildings | Buildings | 3 | ||||||||||||||||
Joint Venture Partner [Member] | Gateway Commons Complex Future Development[Member] [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Ownership Percentage | 51.00% | ||||||||||||||||
Boston Properties Limited Partnership | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Proceeds from sales of real estate | $ 519,303 | 90,824 | 455,409 | ||||||||||||||
Gains on sales of real estate | 631,945 | 858 | 190,716 | ||||||||||||||
Payments to Acquire Equity Method Investments | 172,436 | 87,392 | 345,717 | ||||||||||||||
Revenues | $ 2,765,686 | $ 2,960,562 | $ 2,717,076 | ||||||||||||||
Boston Properties Limited Partnership | Capital Gallery [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Gains on sales of real estate | $ 207,000 | ||||||||||||||||
Boston Properties Limited Partnership | New Dominion Technology Park [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Gains on sales of real estate | $ 197,100 | ||||||||||||||||
Boston Properties Limited Partnership | Gateway Center [Member] | |||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||
Gains on sales of real estate | $ 222,400 | ||||||||||||||||
[1] | As a result of the partner’s deferred contribution, the Company owns an approximately 55% interest in the joint venture at December 31, 2020. Future development projects will be owned 49% by the Company and 51% by its partner. |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Fixed contractual payments | $ 2,211,915 | $ 2,261,260 |
Variable lease payments | 434,346 | 496,754 |
Lease | $ 2,646,261 | $ 2,758,014 |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Thousands | Oct. 21, 2020 | Dec. 31, 2020 |
Lessor, Lease, Description [Line Items] | ||
Write-off for accounts receivable | $ 22,600 | |
Write-off for accrued rent | $ 67,700 | |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Description | The Company has four non-cancelable ground lease obligations, as lessee, which were classified as operating leases, with various initial term expiration dates through 2114. | |
Hotel Ground Lease | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, Operating Lease, Option to Terminate | On July 29, 2020, the Company entered into a 99-year ground lease with a third-party hotel developer for land at its Reston Next property located in Reston Virginia, which will support the development of a 270-room, approximately 241,000 square foot hotel property. The lease commenced on October 21, 2020 and upon commencement, the Company performed classification testing. The ground lease is subject to termination rights with respect to the hotel developer’s ability to obtain construction financing for the property and as of the lease commencement date, the Company was not reasonably certain that those termination rights would not be exercised and as such it has accounted for this as an operating lease that will expire on August 28, 2022. |
Lessee, Lease Cost and Other In
Lessee, Lease Cost and Other Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Vehicles | Dec. 31, 2019USD ($)Vehicles | ||
Lessee, Lease, Description [Line Items] | |||
Operating lease costs | $ 13,948 | $ 14,573 | |
Amortization of right-of-use asset | [1] | 56 | 29 |
Interest on lease liabilities | [2] | $ 583 | $ 47 |
Operating leases, Weighted-average remaining lease term | 51 years | 51 years | |
Finance leases, Weighted-average remaining lease term | 70 years | 71 years | |
Operating leases, Weighted-average discount rate | 5.70% | 5.70% | |
Finance leases, Weighted-average discount rate | 6.20% | 6.20% | |
Finance leases under development | Vehicles | 3 | 3 | |
[1] | The finance leases relate to either land, buildings or assets that remain in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy. | ||
[2] | Three of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2020 and December 31, 2019, respectively, and as such, a portion of the interest amount was capitalized. |
Future Minimum Lease Payments f
Future Minimum Lease Payments for Capital Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Lessee purchase option reasonably certain of exercising | $ 38,700 |
Lease Liability Maturity Schedu
Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2021 | $ 25,092 | ||
2022 | 18,020 | ||
2023 | 10,262 | ||
2024 | 9,277 | ||
2025 | 9,476 | ||
Thereafter | 548,478 | ||
Total lease payments | 620,605 | ||
Less: Interest Portion | (418,892) | ||
Present value of lease payments | 201,713 | $ 200,180 | |
Finance Lease, Liability, Payment, Due [Abstract] | |||
2021 | 5,896 | ||
2022 | 10,206 | ||
2023 | 9,701 | ||
2024 | [1] | 48,518 | |
2025 | 9,971 | ||
Thereafter | 1,373,177 | ||
Total lease payments | 1,457,469 | ||
Less: Interest Portion | (1,220,977) | ||
Present value of lease payments | $ 236,492 | $ 224,042 | |
[1] | Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise |
Future Minimum Rent (Details)
Future Minimum Rent (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Leases [Abstract] | |
2021 | $ 2,177,848 |
2022 | 2,188,846 |
2023 | 2,144,213 |
2024 | 2,043,264 |
2025 | 1,901,624 |
Thereafter | $ 12,577,660 |
Schedule of Future Minimum Lease Payments | |
Concentration Risk, Percentage | 10.00% |
Number Of Tenants Above Concentration Amount. | 0 |
Deferred Charges (Details)
Deferred Charges (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Leasing costs, including lease related intangibles | $ 1,023,058 | $ 1,155,958 |
Financing costs | 12,728 | 12,728 |
Deferred Costs Gross | 1,035,786 | 1,168,686 |
Less: Accumulated amortization | (395,701) | (479,473) |
Deferred Costs, total | $ 640,085 | $ 689,213 |
Deferred Charges Schedule of Ac
Deferred Charges Schedule of Acquired In-Place Lease Intangibles (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 10,352 |
2022 | 5,464 |
2023 | 3,854 |
2024 | 2,220 |
2025 | $ 2,174 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($)ft²paymentsBuildings | Jun. 25, 2020Land_Parcels | Jan. 28, 2020 | Dec. 31, 2019USD ($) | |||
Schedule of Equity Method Investments [Line Items] | ||||||
Other Liabilities | $ (412,084) | $ (387,994) | ||||
Investments in unconsolidated joint ventures | 1,310,478 | 955,647 | ||||
Investments In Affiliates Subsidiaries Associates And Joint Ventures net | [1] | 1,273,919 | 933,223 | |||
Unconsolidated Joint Ventures [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Other Liabilities | $ (36,600) | (22,400) | ||||
Square 407 Limited Partnership [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Market Square North | |||||
Ownership Percentage | 50.00% | |||||
Other Liabilities | [1] | $ (3,766) | (4,872) | |||
BP/CRF Metropolitan Square LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Metropolitan Square | |||||
Ownership Percentage | 20.00% | |||||
Other Liabilities | [1] | $ (13,584) | ||||
Investments in unconsolidated joint ventures | [1] | 9,134 | ||||
901 New York Avenue LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 901 New York Avenue | |||||
Ownership Percentage | [2] | 25.00% | ||||
Other Liabilities | [1] | $ (12,264) | (12,113) | |||
901 New York Avenue LLC (economic ownership) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
WP Project Developer LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Wisconsin Place Land and Infrastructure | |||||
Ownership Percentage | [3] | 33.30% | ||||
Investments in unconsolidated joint ventures | [1] | $ 35,297 | 36,789 | |||
Annapolis Junction NFM, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Annapolis Junction | |||||
Ownership Percentage | 50.00% | [4] | 50.00% | |||
Investments in unconsolidated joint ventures | [1] | $ 13,463 | 25,391 | |||
Number of real estate properties | Buildings | 2 | |||||
Parcels of undeveloped land | Land_Parcels | 2 | |||||
540 Madison Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 540 Madison Avenue | |||||
Ownership Percentage | [5] | 60.00% | ||||
Investments in unconsolidated joint ventures | [1] | $ 122 | 2,953 | |||
500 North Capitol Venture LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 500 North Capitol Street, NW | |||||
Ownership Percentage | 30.00% | |||||
Other Liabilities | [1] | $ (6,945) | (5,439) | |||
501 K Street LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 1001 6th Street | |||||
Ownership Percentage | [6] | 50.00% | ||||
Investments in unconsolidated joint ventures | [1] | $ 42,499 | 42,496 | |||
Potential additonal payments to joint venture partner | payments | 2 | |||||
Minimum square footage to make a potential additional payment to joint venture partner (in sqft) | ft² | 520,000 | |||||
Podium Developer LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | The Hub on Causeway - Podium | |||||
Ownership Percentage | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 48,818 | 49,466 | |||
Residential Tower Developer LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Hub50House | |||||
Ownership Percentage | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 50,943 | 55,092 | |||
Hotel Tower Developer LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | The Hub on Causeway - Hotel Air Rights | |||||
Ownership Percentage | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 10,754 | 9,883 | |||
Office Tower Developer LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 100 Causeway Street | |||||
Ownership Percentage | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 56,312 | 56,606 | |||
1265 Main Office JV LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 1265 Main Street | |||||
Ownership Percentage | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 3,787 | 3,780 | |||
BNY Tower Holdings LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Dock 72 | |||||
Ownership Percentage | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 29,536 | 94,804 | |||
BNYA Amenity Operator LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Dock 72 | |||||
Ownership Percentage | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 1,846 | ||||
CA-Colorado Center Limited Partnership [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Colorado Center | |||||
Ownership Percentage | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 227,671 | 252,069 | |||
7750 Wisconsin Avenue LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 7750 Wisconsin Avenue | |||||
Ownership Percentage | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 58,112 | 56,247 | |||
BP-M 3HB Venture LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 3 Hudson Boulevard | |||||
Ownership Percentage | 25.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 113,774 | 67,499 | |||
SMBP Venture LP [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Santa Monica Business Park | |||||
Ownership Percentage | 55.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 145,761 | 163,937 | |||
Platform 16 Holdings LP [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Platform 16 | |||||
Ownership Percentage | 55.00% | [7] | 55.00% | |||
Investments in unconsolidated joint ventures | [1] | $ 108,393 | $ 29,501 | |||
Gateway Portfolio Holdings LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Gateway Commons | |||||
Ownership Percentage | 50.00% | [8] | 50.00% | |||
Investments in unconsolidated joint ventures | [1] | $ 336,206 | ||||
Rosecrans-Sepulveda Partners 4, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Beach Cities Media Campus | |||||
Ownership Percentage | 50.00% | |||||
Investments in unconsolidated joint ventures | [1] | $ 27,184 | ||||
Entity Owning Land And Infrastructure Of Project [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 33.30% | |||||
Gateway Commons Complex prior to deferred contribution [Member] [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 55.00% | |||||
Gateway Commons Complex Future Development[Member] [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 49.00% | |||||
Joint Venture Partner [Member] | Gateway Portfolio Holdings LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Joint Venture Partner [Member] | Gateway Commons Complex Future Development[Member] [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 51.00% | |||||
[1] | Investments with deficit balances aggregating approximately $36.6 million and $22.4 million at December 31, 2020 and 2019, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. | |||||
[2] | The Company’s economic ownership has increased based on the achievement of certain return thresholds. At December 31, 2020 and 2019, the Company’s economic ownership was approximately 50%. | |||||
[3] | The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. | |||||
[4] | The joint venture owns two in-service buildings. | |||||
[5] | T he property was sold on June 27, 2019. As of December 31, 2020 and 2019, the investment consisted of undistributed cash. | |||||
[6] | Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. | |||||
[7] | This entity is a VIE (See Note 1). | |||||
[8] | As a result of the partner’s deferred contribution, the Company owns an approximately 55% interest in the joint venture at December 31, 2020. Future development projects will be owned 49% by the Company and 51% by its partner. |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 13, 2020 | Dec. 31, 2019 | |
ASSETS | ||||
Real estate and development in process, net | $ 17,818,807 | $ 17,622,212 | ||
Total assets | 22,858,190 | 21,284,905 | ||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||
Mortgage and notes payable, net | 2,909,081 | 2,922,408 | ||
Other Liabilities | 412,084 | 387,994 | ||
Members’/Partners’ equity | 5,996,083 | 5,684,687 | ||
Total liabilities and equity / capital | 22,858,190 | 21,284,905 | ||
Carying value of the Company's investment in unconsolidated joint ventures | 1,310,478 | 955,647 | ||
Right-of-use assets - finance leases | 237,393 | 237,394 | ||
Right of use assets - operating leases | 146,406 | 148,640 | ||
Present value of lease payments | 236,492 | 224,042 | ||
Lease liabilities - operating leases | 201,713 | 200,180 | ||
Unconsolidated Joint Ventures [Member] | ||||
ASSETS | ||||
Real estate and development in process, net | [1] | 4,708,571 | 3,904,400 | |
Other assets | 531,071 | 502,706 | ||
Total assets | 5,239,642 | 4,407,106 | ||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||
Mortgage and notes payable, net | 2,218,853 | |||
Other Liabilities | [2] | 650,433 | 749,675 | |
Members’/Partners’ equity | 1,951,298 | 1,438,578 | ||
Total liabilities and equity / capital | 5,239,642 | 4,407,106 | ||
Company's share of equity | 936,087 | 591,905 | ||
Basis differentials | [3] | 337,832 | 341,318 | |
Carying value of the Company's investment in unconsolidated joint ventures | [4] | 1,273,919 | 933,223 | |
Right-of-use assets - finance leases | 248,900 | 383,900 | ||
Right of use assets - operating leases | 22,500 | 12,100 | ||
Present value of lease payments | 388,700 | 510,800 | ||
Lease liabilities - operating leases | 29,000 | 17,300 | ||
Colorado Center [Member] | ||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||
Basis differentials | 307,300 | 311,300 | ||
Unconsolidated Joint Ventures [Member] | ||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||
Other Liabilities | 36,600 | $ 22,400 | ||
Gateway Commons Complex [Member] | ||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||
Basis differentials | 51,900 | |||
Carying value of the Company's investment in unconsolidated joint ventures | [5] | 336,206 | ||
Dock 72 [Member] | ||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||
Mortgage and notes payable, net | $ 198,600 | |||
Basis differentials | $ (52,200) | |||
[1] | At December 31, 2020 and 2019, this amount included right of use assets - finance leases totaling approximately $248.9 million and $383.9 million, respectively, and right of use assets - operating leases totaling approximately $22.5 million and $12.1 million, respectively. | |||
[2] | At December 31, 2020 and 2019, this amount included lease liabilities - finance leases totaling approximately $388.7 million and $510.8 million, respectively, and lease liabilities - operating leases totaling approximately $29.0 million and $17.3 million, respectively. | |||
[3] | This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. At December 31, 2020 and 2019, there was an aggregate basis differential of approximately $307.3 million and $311.3 million, respectively, between the carrying value of the Company’s investment in the joint venture that owns Colorado Center and the joint venture’s basis in the assets and liabilities. At December 31, 2020, there was an aggregate basis differential of approximately $51.9 million between the carrying value of the Company’s investment in the joint venture that owns Gateway Commons and the joint venture’s basis in the assets and liabilities. At December 31, 2020, there was an aggregate basis differential of approximately $(52.2) million between the carrying value of the Company’s investment in the joint venture that owns Dock 72 and the joint venture’s basis in the assets and liabilities. 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 $36.6 million and $22.4 million at December 31, 2020 and 2019, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. | |||
[5] | Investments with deficit balances aggregating approximately $36.6 million and $22.4 million at December 31, 2020 and 2019, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Schedule of Equity Method Investments [Line Items] | |||||||
Total revenue | $ 2,765,686 | $ 2,960,562 | $ 2,717,076 | ||||
Expenses | |||||||
Transaction costs | 1,531 | 1,984 | 1,604 | ||||
Depreciation and amortization | 683,751 | 677,764 | 645,649 | ||||
Total expenses | 1,860,364 | 1,914,925 | 1,791,579 | ||||
Other income (expense) | |||||||
Interest expense | (431,717) | (412,717) | (378,168) | ||||
Gains on sales of real estate | 618,982 | 709 | 182,356 | ||||
Net income | 1,018,691 | 651,999 | 712,563 | ||||
Income (Loss) from Equity Method Investments | (85,110) | 46,592 | 2,222 | ||||
Straight-line rent adjustments | (104,900) | (58,400) | (51,900) | ||||
Above and below market rent adjustments, net | 6,500 | 20,900 | 23,800 | ||||
Write-off for accrued rent | 67,700 | ||||||
Unconsolidated Joint Ventures [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Total revenue | [1] | 319,560 | 322,817 | 271,951 | |||
Expenses | |||||||
Operating | 144,347 | 122,992 | 106,610 | ||||
Transaction costs | 1,027 | 1,000 | 0 | ||||
Depreciation and amortization | 141,853 | 102,296 | 103,079 | [2] | |||
Total expenses | 287,227 | 226,288 | 209,689 | ||||
Other income (expense) | |||||||
Interest expense | (98,051) | (84,409) | (71,308) | ||||
Gains on sales of real estate | 11,737 | 32,706 | [3] | 16,951 | |||
Net income | (53,981) | 44,826 | 7,905 | ||||
Company's share of net income | (16,256) | 24,423 | 8,084 | ||||
Impairment loss on investment | (60,524) | [4] | 0 | 0 | |||
Basis differential | [5] | (8,330) | [4] | 22,169 | [3] | (5,862) | |
Income (Loss) from Equity Method Investments | (85,110) | 46,592 | 2,222 | ||||
Straight-line rent adjustments | (10,100) | 32,400 | 15,900 | ||||
Write-off for accrued rent | 51,700 | ||||||
Colorado Center [Member] | |||||||
Other income (expense) | |||||||
Straight-line rent adjustments | 1,800 | 2,100 | 2,400 | ||||
Above and below market rent adjustments, net | 900 | 1,700 | 1,600 | ||||
Dock 72 [Member] | |||||||
Other income (expense) | |||||||
Impairment loss on investment | $ (60,500) | ||||||
540 Madison Avenue [Member] | |||||||
Other income (expense) | |||||||
Gains on sales of real estate | $ 47,200 | ||||||
Metropolitan Square | |||||||
Expenses | |||||||
Depreciation and amortization | 22,400 | ||||||
Metropolitan Square | Company's Share [Member] | |||||||
Expenses | |||||||
Depreciation and amortization | $ 4,500 | ||||||
[1] | Includes straight-line rent adjustments of approximately $(10.1) million, $32.4 million and $15.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. Due primarily to the impact of COVID-19, for the year ended December 31, 2020, write-offs of accounts receivable and accrued rent balances totaled approximately $51.7 million. | ||||||
[2] | During the year ended December 31, 2018, the joint venture that owns Metropolitan Square in Washington, DC, commenced a renovation project and recorded accelerated depreciation expense of approximately $22.4 million related to the remaining book value of the assets to be replaced. The Company’s share of the accelerated depreciation expense totaled approximately $4.5 million. | ||||||
[3] | For the year ended December 31, 2019, represents the gain on sale of 540 Madison Avenue recognized by the joint venture. During 2008, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture resulting in a basis differential between the carrying value of the Company’s investment in the joint venture and the joint venture’s basis in the assets and liabilities of the property. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $47.2 million for the year ended December 31, 2019, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for the basis differential. The gain on sale of real estate is included in Income from Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. | ||||||
[4] | During the year ended December 31, 2020, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture that owns Dock 72 in Brooklyn, New York totaling approximately $60.5 million. | ||||||
[5] | Includes straight-line rent adjustments of approximately $1.8 million, $2.1 million and $2.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Also includes net above-/below-market rent adjustments of approximately $0.9 million, $1.7 million and $1.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | Dec. 14, 2020USD ($) | Dec. 13, 2020USD ($) | Nov. 13, 2020USD ($)ft² | Nov. 12, 2020USD ($) | Oct. 30, 2020USD ($)ft²yr | Jul. 23, 2020USD ($)aft² | Jun. 25, 2020USD ($)ft²Land_ParcelsVehicles | Jun. 09, 2020USD ($)ft²yr | Jan. 28, 2020USD ($)ft²Buildings | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 01, 2020ft² | Sep. 30, 2020USD ($) | Sep. 01, 2020ft²a | Jul. 24, 2020ft²apartments | Jun. 08, 2020USD ($) | Feb. 20, 2020USD ($)aft² | ||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Mortgage notes payable, net | $ 2,909,081 | $ 2,909,081 | $ 2,922,408 | ||||||||||||||||||
Payments to Acquire Equity Method Investments | 172,436 | 87,392 | $ 345,717 | ||||||||||||||||||
Income (Loss) from Equity Method Investments | (85,110) | 46,592 | 2,222 | ||||||||||||||||||
Capital distributions from unconsolidated joint ventures | 55,298 | 136,807 | 0 | ||||||||||||||||||
Proceeds from sales of real estate | $ 519,303 | $ 90,824 | $ 455,409 | ||||||||||||||||||
Significant unobservable inputs used in other than temporary impairment analysis | The Company determined that its valuation of the investment was categorized within Level 3 of the fair value hierarchy, as it utilized significant unobservable inputs in its assessment including an exit capitalization rate of 5.25%, a discount rate on the Company’s equity investment (the property is encumbered by mortgage debt) of 8.0% and an average lease commencement on currently vacant space of mid-2023. | ||||||||||||||||||||
Gateway Commons Complex [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | [1] | 50.00% | [1] | ||||||||||||||||
Number of buildings | Buildings | 3 | ||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 768,000 | ||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 350,000 | ||||||||||||||||||||
Annapolis Junction Building Six [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||
Mortgage notes payable, net | $ 13,200 | $ 12,000 | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.00% | |||||||||||||||||||
Net Rentable Area (in sf) | ft² | 119,000 | ||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | bears interest at a variable rate equal to (1) the greater of (x) LIBOR or (y) 0.50%, plus (2) 2.50% per annum | ||||||||||||||||||||
Gateway Commons Complex prior to deferred contribution [Member] [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 55.00% | ||||||||||||||||||||
Gateway Commons Complex Future Development[Member] [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 49.00% | ||||||||||||||||||||
Platform 16 | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 55.00% | 55.00% | [2] | 55.00% | [2] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 1,100,000 | ||||||||||||||||||||
Finance Lease fixed purchase price | $ 134,800 | ||||||||||||||||||||
Prepaid purchase price | $ 15,000 | ||||||||||||||||||||
Area of Land | a | 5.6 | ||||||||||||||||||||
Metropolitan Square | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 20.00% | ||||||||||||||||||||
Number of extensions | 2 | ||||||||||||||||||||
Extension Option (in years) | yr | 1 | ||||||||||||||||||||
Debt instrument, borrowing capacity | $ 325,000 | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | ||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 654,000 | ||||||||||||||||||||
Debt | $ 288,000 | $ 155,900 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||||||||||||||||
Capital distributions from unconsolidated joint ventures | $ 112,700 | ||||||||||||||||||||
Derivative, Cap Interest Rate | 3.00% | ||||||||||||||||||||
Derivative, Notional Amount | $ 325,000 | ||||||||||||||||||||
Annapolis Junction NFM, LLC [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | [3] | 50.00% | [3] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 300,000 | ||||||||||||||||||||
Contractual Sales Price | $ 47,000 | ||||||||||||||||||||
Number of Vehicles | Vehicles | 511 | ||||||||||||||||||||
Parcels of undeveloped land | Land_Parcels | 2 | ||||||||||||||||||||
land parcel | Land_Parcels | 1 | ||||||||||||||||||||
Income (Loss) from Equity Method Investments | $ 5,800 | ||||||||||||||||||||
Capital distributions from unconsolidated joint ventures | 36,800 | ||||||||||||||||||||
Proceeds from sales of real estate | $ 45,800 | ||||||||||||||||||||
Annapolis Junction Building Eight [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||
Mortgage notes payable, net | $ 34,500 | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | ||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 126,000 | ||||||||||||||||||||
Repayments of Debt | $ 16,100 | ||||||||||||||||||||
Annapolis Junction Building Seven [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Mortgage notes payable, net | $ 18,400 | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | ||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 127,000 | ||||||||||||||||||||
Beach Cities Media Center [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 275,000 | ||||||||||||||||||||
Area of Land | a | 6.4 | ||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 21,200 | ||||||||||||||||||||
1265 Main Office JV LLC [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | |||||||||||||||||||
Market Square North [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||
Mortgage notes payable, net | $ 114,200 | ||||||||||||||||||||
Number of extensions | 1 | ||||||||||||||||||||
Extension Option (in years) | yr | 1 | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.30% | ||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 418,000 | ||||||||||||||||||||
Debt | $ 125,000 | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | ||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | variable rate equal to (1) the greater of (x) LIBOR or (y) 0.50%, plus (2) 2.30% per annum | ||||||||||||||||||||
Agreement with 1265 Main Office JV LLC partner [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 1,200,000 | ||||||||||||||||||||
Area of Land | a | 41 | ||||||||||||||||||||
Dock 72 [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||
Mortgage notes payable, net | $ 198,600 | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | 2.25% | |||||||||||||||||||
Net Rentable Area (in sf) | ft² | 669,000 | ||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | initial variable rate equal to (1) the greater of (x) LIBOR or (y) 0.25%, plus (2) 2.85% per annum | ||||||||||||||||||||
Leased percentage | 33.00% | ||||||||||||||||||||
Debt instrument, total commitment | $ 250,000 | ||||||||||||||||||||
Impairment loss on investment | $ 60,500 | ||||||||||||||||||||
Joint Venture Partner [Member] | Gateway Commons Complex [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||
Number of buildings | Buildings | 3 | ||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 280,800 | ||||||||||||||||||||
Future payment to acquire interest in equity method investment | $ 69,200 | ||||||||||||||||||||
Joint Venture Partner [Member] | Gateway Commons Complex Future Development[Member] [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 51.00% | ||||||||||||||||||||
Residential Building | Hub50House [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Ownership Percentage | 50.00% | ||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 320,000 | ||||||||||||||||||||
Number of Units in Real Estate Property | apartments | 440 | ||||||||||||||||||||
Company's Share [Member] | Metropolitan Square | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Capital distributions from unconsolidated joint ventures | $ 22,500 | ||||||||||||||||||||
Company's Share [Member] | Annapolis Junction NFM, LLC [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Parcels of undeveloped land | Land_Parcels | 2 | ||||||||||||||||||||
Capital distributions from unconsolidated joint ventures | $ 18,400 | ||||||||||||||||||||
Base Rate [Member] | Metropolitan Square | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | the greater of (x) LIBOR or (y) 0.65% | ||||||||||||||||||||
[1] | As a result of the partner’s deferred contribution, the Company owns an approximately 55% interest in the joint venture at December 31, 2020. Future development projects will be owned 49% by the Company and 51% by its partner. | ||||||||||||||||||||
[2] | This entity is a VIE (See Note 1). | ||||||||||||||||||||
[3] | The joint venture owns two in-service buildings. |
Mortgage Notes Payable, Net (De
Mortgage Notes Payable, Net (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Vehicles | Dec. 31, 2019USD ($)Vehicles | |
Debt Instrument [Line Items] | ||
Mortgage and notes payable, net | $ 2,909,081 | $ 2,922,408 |
Debt Instrument, Collateral | each collateralized by one or more buildings and related land included in real estate assets | each collateralized by one or more buildings and related land included in real estate assets |
Number Of Variable Mortgage Loans | Vehicles | 0 | 0 |
Fixed Rate Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage and notes payable, net | $ 2,909,081 | $ 2,922,408 |
Debt, Weighted Average Interest Rate | 3.72% | 3.73% |
Fixed Rate Mortgage [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.43% | 3.43% |
Fixed Rate Mortgage [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.94% | 6.94% |
Schedule of Aggregate Principal
Schedule of Aggregate Principal Payments on Mortgage Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 17,276 | |
2022 | 614,710 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 2,300,000 | |
Total | 2,931,986 | |
Deferred financing costs, net | (22,905) | |
Mortgage notes payable, net (amounts related to VIEs of $2,907,590 and $2,918,806 at December 31, 2020 and December 31, 2019, respectively) | $ 2,909,081 | $ 2,922,408 |
Schedule of Unsecured Senior No
Schedule of Unsecured Senior Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | May 05, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | |||||
Debt Issuance Costs, Net | $ (22,905) | ||||
Senior Notes | 9,639,287 | $ 8,390,459 | |||
Boston Properties Limited Partnership | |||||
Debt Instrument [Line Items] | |||||
Debt Issuance Costs, Net | (22,900) | ||||
Senior Notes | 9,639,287 | $ 8,390,459 | |||
Boston Properties Limited Partnership | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt | 9,700,000 | ||||
Debt Instrument, Unamortized Discount | (16,034) | ||||
Debt Issuance Costs, Net | (44,679) | ||||
Senior Notes | $ 9,639,287 | ||||
Boston Properties Limited Partnership | Senior Notes | 4.289% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 4.289% | |||
Debt | $ 850,000 | ||||
Long-term Debt, Maturity Date | [2],[3] | May 15, 2021 | |||
Boston Properties Limited Partnership | Senior Notes | 3.954% unsecured senior notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.954% | |||
Debt | $ 1,000,000 | ||||
Long-term Debt, Maturity Date | [2] | Feb. 1, 2023 | |||
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. 1, 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. 1, 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. 1, 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. 1, 2026 | |||
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. 1, 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 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.343% | [1] | 3.343% | ||
Debt | $ 1,250,000 | $ 1,250,000 | |||
Long-term Debt, Maturity Date | [2] | Jan. 30, 2031 | |||
[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. | ||||
[3] | See Note 18 |
Unsecured Senior Notes (Narrati
Unsecured Senior Notes (Narrative) (Details) - USD ($) $ in Thousands | May 05, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Proceeds from unsecured senior notes | $ 1,248,125 | $ 1,548,106 | $ 996,410 | ||
Boston Properties Limited Partnership | |||||
Debt Instrument [Line Items] | |||||
Proceeds from unsecured senior notes | $ 1,248,125 | $ 1,548,106 | $ 996,410 | ||
Debt Instrument, Covenant Description | The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. | ||||
Debt Instrument, Covenant Compliance | At December 31, 2020, Boston Properties Limited Partnership was in compliance with each of these financial restrictions and requirements. | ||||
Senior Notes | Boston Properties Limited Partnership | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 9,700,000 | ||||
3.343 % unsecured senior notes [Member] | Senior Notes | Boston Properties Limited Partnership | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 1,250,000 | $ 1,250,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |||
Senior Notes Pricing | 99.85% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.343% | 3.343% | [1] | ||
Proceeds from unsecured senior notes | $ 1,240,000 | ||||
[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 Line of Credit (Detai
Unsecured Line of Credit (Details) - USD ($) $ in Thousands | Apr. 24, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 24, 2018 | Apr. 23, 2017 |
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Covenant Terms | Among other covenants, the 2017 Credit Facility requires that Boston Properties Limited Partnership maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. | ||||
Unsecured term loan, net | $ 499,390 | $ 498,939 | |||
Long-term Line of Credit | $ 0 | 0 | |||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,500,000 | $ 1,000,000 | |||
Potential Increase to Line of Credit | $ 500,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | ||||
Competitive bid quote | 65.00% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||||
Long-term Line of Credit | $ 0 | 0 | |||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | ||||
Delayed Draw Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 | $ 500,000 | |||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||||
Unsecured term loan, net | $ 500,000 | $ 500,000 | |||
Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Interest Rate Description | At Boston Properties Limited Partnership’s option, loans under the Revolving Facility and Delayed Draw Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, Euro or Sterling, LIBOR, and (b) in the case of loans denominated in Canadian Dollars, CDOR, in each case, plus a margin ranging from 77.5 to 155 basis points for the Revolving Commitment and 85 to 175 basis points for the Delayed Draw Facility, based on Boston Properties Limited Partnership’s credit rating or (2) an alternate base rate equal to the greatest of (x) the Administrative Agent’s prime rate, (y) the Federal Funds rate plus 0.50% or (z) LIBOR for a one-month period plus 1.00%, in each case, plus a margin ranging from 0 to 55 basis points for the Revolving Facility and 0 to 75 basis points for the Delayed Draw Facility, based on Boston Properties Limited Partnership’s credit rating. |
Commitments And Contingencies (
Commitments And Contingencies (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)ft² | Dec. 31, 2009USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 10, 2014USD ($) | |
Commitments And Contingencies [Line Items] | |||||
Letter of credit and performance obligations | $ 20,000,000 | ||||
Notes Receivable, Related Parties | 77,552,000 | $ 80,000,000 | |||
Property insurance program per occurrence limits | 1,000,000,000 | ||||
Per occurrence limit for NBCR Coverage | 1,000,000,000 | ||||
Value of program trigger | $ 200,000,000 | ||||
Coinsurance of program trigger | 20.00% | ||||
Program trigger deductible | 20.00% | ||||
Deductible in insurance as a percentage of the value of the affected property, San Francisco and Los Angeles | 3.00% | ||||
Per occurrence limit of the earthquake insurance which covers San Francisco and Los Angeles regions | $ 240,000,000 | ||||
Annual aggregate limit of the earthquake insurance which covers San Francisco and Los Angeles regions | 240,000,000 | ||||
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco and Los Angeles | 20,000,000 | ||||
Notes receivable, net | 18,729,000 | 15,920,000 | |||
Affiliate of Bernstein Companies [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Notes receivable, net | $ 10,000,000 | ||||
Note receivable fixed interest rate | 8.00% | ||||
Boston Properties Limited Partnership | |||||
Commitments And Contingencies [Line Items] | |||||
Notes Receivable, Related Parties | $ 77,552,000 | 80,000,000 | |||
Operating partnership guarantee to cover liabilities of IXP | 20,000,000 | ||||
Notes receivable, net | 18,729,000 | $ 15,920,000 | |||
767 Venture, LLC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Maximum funding obligation | 30,600,000 | ||||
Property insurance program per occurrence limits | 1,625,000,000 | ||||
7750 Wisconsin Avenue [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Liabilities for Contingent Guarantees | 0 | ||||
Lehman [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Bankruptcy claim, amount filed by general creditor | $ 45,300,000 | ||||
Bankruptcy claim amount allowed by court to creditor | $ 45,200,000 | ||||
Bankruptcy Claims, Amount of Claims Settled | 100,000 | $ 18,000,000 | |||
Bankruptcy remaining claim amount allowed by court to creditor | 27,100,000 | ||||
6595 Springfield Center Drive [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Liabilities for Contingent Guarantees | $ 0 | ||||
325 Main Street | |||||
Commitments And Contingencies [Line Items] | |||||
Net Rentable Area (in sf) | ft² | 115,000 | ||||
601 Lexington Avenue | |||||
Commitments And Contingencies [Line Items] | |||||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP | $ 250,000,000 | ||||
Future Residential Building [Member] | 325 Main Street | |||||
Commitments And Contingencies [Line Items] | |||||
Net Rentable Area (in sf) | ft² | 200,000 | ||||
Affordable Housing requirement | 25.00% | ||||
Future Office Building [Member] | 325 Main Street | |||||
Commitments And Contingencies [Line Items] | |||||
Net Rentable Area (in sf) | ft² | 420,000 | ||||
Future Retail Building [Member] | 325 Main Street | |||||
Commitments And Contingencies [Line Items] | |||||
Net Rentable Area (in sf) | ft² | 41,000 | ||||
Home Ownership Units [Member] | Future Residential Building [Member] | 325 Main Street | |||||
Commitments And Contingencies [Line Items] | |||||
Affordable Housing requirement | 20.00% |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - Boston Properties Limited Partnership | Dec. 31, 2020shares |
OP Units [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 16,037,121 |
LTIP Units [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 1,336,115 |
OPP Units 2012 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 105,080 |
MYLTIP 2013 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 64,468 |
MYLTIP 2014 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 23,100 |
MYLTIP 2015 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 24,966 |
MYLTIP 2016 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 89,791 |
MYLTIP 2017 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 116,078 |
MYLTIP 2018 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 336,195 |
MYLTIP 2019 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 219,916 |
MYLTIP 2020 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 203,278 |
(Common Units) (Narrative) (Det
(Common Units) (Narrative) (Details) $ / shares in Units, $ in Thousands | Feb. 06, 2020USD ($)shares | Sep. 03, 2019shares | Feb. 09, 2019USD ($)shares | Feb. 04, 2018USD ($)shares | Dec. 31, 2020USD ($)yr$ / sharesshares | Dec. 31, 2019USD ($)shares |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
OP Units for redemption (in shares) | 4,917 | |||||
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 | $ | $ 1,643,024 | $ 2,468,753 | ||||
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) | 10.00% | |||||
MYLTIP 2017 [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Final awards percentage of target | 83.80% | |||||
Value of MYLTIP Awards | $ | $ 17,600 | |||||
Forfeitures, in units | 270,942 | |||||
MYLTIP 2017 [Member] | Boston Properties Limited Partnership | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Noncontrolling Interest, Outstanding | 116,078 | |||||
MYLTIP 2016 [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Final awards percentage of target | 69.50% | |||||
Value of MYLTIP Awards | $ | $ 13,600 | |||||
Forfeitures, in units | 364,980 | |||||
MYLTIP 2016 [Member] | Boston Properties Limited Partnership | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Noncontrolling Interest, Outstanding | 89,791 | |||||
MYLTIP 2015 [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Final awards percentage of target | 22.00% | |||||
Value of MYLTIP Awards | $ | $ 3,600 | |||||
Forfeitures, in units | 337,847 | |||||
MYLTIP 2015 [Member] | Boston Properties Limited Partnership | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Noncontrolling Interest, Outstanding | 24,966 | |||||
OP Units [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
OP Units for redemption (in shares) | 856,811 | 144,481 | ||||
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 | $ | $ 1,600,000 | |||||
Closing price of common stock (in dollars per share) | $ / shares | $ 94.53 | |||||
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) | 88,168 | 92,678 |
Noncontrolling Interests Common
Noncontrolling Interests Common Units Distributions (Details) - $ / shares | Oct. 30, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 30, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 30, 2019 | Dec. 15, 2020 |
Dividends Payable [Line Items] | |||||||||
Distributions Payable, Amount Per Unit | $ 0.98 | ||||||||
Dividends, Per Unit, Cash Paid | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.95 | |
Op units and LTIP units | |||||||||
Dividends Payable [Line Items] | |||||||||
Distributions Payable, Amount Per Unit | 0.98 | ||||||||
Unvested MYLTIP Units [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Distributions Payable, Amount Per Unit | 0.098 | ||||||||
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 | 0.95 | 0.95 | 0.95 | 0.95 | |
Boston Properties Limited Partnership | Op units and LTIP units | |||||||||
Dividends Payable [Line Items] | |||||||||
Dividends, Per Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.95 | 0.95 | 0.95 | 0.95 | |
Boston Properties Limited Partnership | Unvested MYLTIP Units [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Dividends, Per Unit, Cash Paid | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 |
Noncontrolling Interests (Prope
Noncontrolling Interests (Property Partnerships) (Narrative) (Details) - USD ($) $ in Thousands | Apr. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest in Limited Partnerships | $ 1,726,933 | $ 1,728,689 | ||
Payments to Noncontrolling Interests | $ 58,811 | 69,913 | $ 82,501 | |
Acquisition of noncontrolling interest in property partnership | $ (186,963) | |||
Salesforce Tower | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | |||
Payments to Noncontrolling Interests | $ 210,900 | |||
Repayment of Preferred Equity | 24,100 | |||
Net Payments To Minority Shareholder | 186,800 | |||
Acquisition of noncontrolling interest in property partnership | $ 162,500 |
Stockholders' Equity _ Partne_3
Stockholders' Equity / Partners' Capital Narrative (Details) $ / shares in Units, $ in Millions | May 22, 2020USD ($)yr | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Mar. 27, 2018$ / shares | Jun. 02, 2017USD ($) |
Class of Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 155,718,825 | 154,790,298 | |||
General Partners' Capital Account, Units Outstanding (in units) | 1,730,921 | ||||
Limited Partners' Capital Account, Units Outstanding (in units) | 153,987,904 | ||||
Options exercised | 43,792 | 145,088 | |||
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares) | 856,811 | 144,481 | |||
ATM Program [Member] | |||||
Class of Stock [Line Items] | |||||
At The Market Stock Offering Program Aggregate Value Of Common Stock | $ | $ 600 | $ 600 | |||
At Market Stock Offering Program Maximum Length Of Sale (in years) | yr | 3 | ||||
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | |||||
Class of Stock [Line Items] | |||||
Series B, Shares Outstanding (in shares) | 80,000 | 80,000 | |||
Series B, Dividend Rate, Percentage | 5.25% | 5.25% | |||
Series B, Liquidation Preference Per Share (dollars per share) | $ / shares | $ 2,500 | $ 2,500 | $ 2,500 | ||
Depositary shares of Series B Cumulative Redeemable Preferred [Member] | |||||
Class of Stock [Line Items] | |||||
Series B, Shares Outstanding (in shares) | 8,000,000 | 8,000,000 | |||
Series B, Liquidation Preference Per Share (dollars per share) | $ / shares | $ 25 | $ 25 |
Stockholders' Equity _ Partne_4
Stockholders' Equity / Partners' Capital Dividends / Distributions (Details) - $ / shares | Nov. 16, 2020 | Oct. 30, 2020 | Aug. 17, 2020 | Jul. 31, 2020 | May 15, 2020 | Apr. 30, 2020 | Feb. 18, 2020 | Jan. 30, 2020 | Nov. 15, 2019 | Oct. 31, 2019 | Aug. 15, 2019 | Jul. 31, 2019 | May 15, 2019 | Apr. 30, 2019 | Feb. 15, 2019 | Jan. 30, 2019 | Dec. 15, 2020 |
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 | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.95 | |||||||||
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 | $ 0.95 | $ 0.95 | $ 0.95 | $ 0.95 | |||||||||
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | |||||||||||||||||
Dividends / Distributions [Line Items] | |||||||||||||||||
Dividends Payable, Amount Per Share / Unit | $ 32.8125 | ||||||||||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 | $ 32.8125 |
Segment Information Narrative (
Segment Information Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |
Write-off for accrued rent | $ 67,700 |
Write-off for accounts receivable | 22,600 |
Parking and Other [Member] | |
Segment Reporting Information [Line Items] | |
Increase (decrease) in parking and other revenue primarily related to COVID-19 | $ 32,900 |
Segment Information (Schedule O
Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net income attributable to the Company's common shareholders / unitholders | $ 862,227,000 | $ 511,034,000 | $ 572,347,000 | ||
Preferred dividends / distributions | (10,500,000) | (10,500,000) | (10,500,000) | ||
Noncontrolling interest-common units of the Operating Partnership | (97,704,000) | (59,345,000) | (66,807,000) | ||
Noncontrolling interest in property partnerships | (48,260,000) | (71,120,000) | (62,909,000) | ||
Interest expense | (431,717,000) | (412,717,000) | (378,168,000) | ||
Loss from early extinguishment of debt | 0 | 29,540,000 | 16,490,000 | ||
Company's share of net operating income from joint ventures | (1,694,075,000) | (1,826,123,000) | (1,649,314,000) | ||
Depreciation and amortization expense | (683,751,000) | (677,764,000) | (645,649,000) | ||
Transaction costs | (1,531,000) | (1,984,000) | (1,604,000) | ||
General and administrative expense | (133,112,000) | (140,777,000) | (121,722,000) | ||
Gains (losses) from investments in securities | (5,261,000) | (6,417,000) | 1,865,000 | ||
Interest and other income (loss) | (5,953,000) | (18,939,000) | (10,823,000) | ||
Gains on sales of real estate | (618,982,000) | (709,000) | (182,356,000) | ||
Income (loss) from unconsolidated joint ventures | 85,110,000 | (46,592,000) | (2,222,000) | ||
Business Intersegment, Eliminations [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net income attributable to the Company's common shareholders / unitholders | 862,227,000 | 511,034,000 | 572,347,000 | ||
Preferred dividends / distributions | 10,500,000 | 10,500,000 | 10,500,000 | ||
Noncontrolling interest-common units of the Operating Partnership | 97,704,000 | 59,345,000 | 66,807,000 | ||
Noncontrolling interest in property partnerships | 48,260,000 | 71,120,000 | 62,909,000 | ||
Interest expense | 431,717,000 | 412,717,000 | 378,168,000 | ||
Loss from early extinguishment of debt | 0 | 29,540,000 | 16,490,000 | ||
Impairment loss | 0 | 24,038,000 | 11,812,000 | ||
Depreciation and amortization expense | 683,751,000 | 677,764,000 | 645,649,000 | ||
Transaction costs | 1,531,000 | 1,984,000 | 1,604,000 | ||
Operating expense | 11,626,000 | 10,386,000 | 9,590,000 | ||
General and administrative expense | 133,112,000 | 140,777,000 | 121,722,000 | ||
Gains (losses) from investments in securities | 5,261,000 | 6,417,000 | (1,865,000) | ||
Interest and other income (loss) | 5,953,000 | 18,939,000 | 10,823,000 | ||
Gains on sales of real estate | 618,982,000 | 709,000 | 182,356,000 | ||
Income (loss) from unconsolidated joint ventures | (85,110,000) | 46,592,000 | 2,222,000 | ||
Other revenue | 11,626,000 | 10,386,000 | 9,590,000 | ||
Company's share of Net Operating Income | 1,626,131,000 | 1,739,850,000 | 1,551,842,000 | ||
Unconsolidated Joint Ventures [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Interest expense | (98,051,000) | (84,409,000) | (71,308,000) | ||
Company's share of net operating income from joint ventures | (94,943,000) | (97,716,000) | (79,893,000) | ||
Depreciation and amortization expense | (141,853,000) | (102,296,000) | (103,079,000) | [1] | |
Transaction costs | (1,027,000) | (1,000,000) | 0 | ||
Gains on sales of real estate | (11,737,000) | (32,706,000) | [2] | (16,951,000) | |
Income (loss) from unconsolidated joint ventures | 85,110,000 | (46,592,000) | (2,222,000) | ||
Unconsolidated Joint Ventures [Member] | Business Intersegment, Eliminations [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Company's share of net operating income from joint ventures | 94,943,000 | 97,716,000 | 79,893,000 | ||
Boston Properties Limited Partnership | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net income attributable to the Company's common shareholders / unitholders | 979,979,000 | 580,102,000 | 656,903,000 | ||
Preferred dividends / distributions | (10,500,000) | (10,500,000) | (10,500,000) | ||
Noncontrolling interest in property partnerships | (48,260,000) | (71,120,000) | (62,909,000) | ||
Interest expense | (431,717,000) | (412,717,000) | (378,168,000) | ||
Loss from early extinguishment of debt | 0 | 29,540,000 | 16,490,000 | ||
Depreciation and amortization expense | (676,666,000) | (669,956,000) | |||
Transaction costs | (1,531,000) | (1,984,000) | (1,604,000) | ||
General and administrative expense | (133,112,000) | (140,777,000) | (121,722,000) | ||
Gains (losses) from investments in securities | (5,261,000) | (6,417,000) | 1,865,000 | ||
Interest and other income (loss) | (5,953,000) | (18,939,000) | (10,823,000) | ||
Gains on sales of real estate | (631,945,000) | (858,000) | (190,716,000) | ||
Income (loss) from unconsolidated joint ventures | 85,110,000 | (46,592,000) | (2,222,000) | ||
Boston Properties Limited Partnership | Business Intersegment, Eliminations [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net income attributable to the Company's common shareholders / unitholders | 979,979,000 | 580,102,000 | 656,903,000 | ||
Preferred dividends / distributions | 10,500,000 | 10,500,000 | 10,500,000 | ||
Noncontrolling interest in property partnerships | 48,260,000 | 71,120,000 | 62,909,000 | ||
Interest expense | 431,717,000 | 412,717,000 | 378,168,000 | ||
Loss from early extinguishment of debt | 0 | 29,540,000 | 16,490,000 | ||
Impairment loss | 0 | 22,272,000 | 10,181,000 | ||
Depreciation and amortization expense | 676,666,000 | 669,956,000 | 637,891,000 | ||
Transaction costs | 1,531,000 | 1,984,000 | 1,604,000 | ||
Operating expense | 11,626,000 | 10,386,000 | 9,590,000 | ||
General and administrative expense | 133,112,000 | 140,777,000 | 121,722,000 | ||
Gains (losses) from investments in securities | 5,261,000 | 6,417,000 | (1,865,000) | ||
Interest and other income (loss) | 5,953,000 | 18,939,000 | 10,823,000 | ||
Gains on sales of real estate | 631,945,000 | 858,000 | 190,716,000 | ||
Income (loss) from unconsolidated joint ventures | (85,110,000) | 46,592,000 | 2,222,000 | ||
Other revenue | 11,626,000 | 10,386,000 | 9,590,000 | ||
Company's share of Net Operating Income | 1,626,131,000 | 1,739,850,000 | 1,551,842,000 | ||
Management Service [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Other revenue | (29,641,000) | (40,039,000) | (45,158,000) | ||
Management Service [Member] | Business Intersegment, Eliminations [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Other revenue | 29,641,000 | 40,039,000 | 45,158,000 | ||
Management Service [Member] | Boston Properties Limited Partnership | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Other revenue | (29,641,000) | (40,039,000) | (45,158,000) | ||
Management Service [Member] | Boston Properties Limited Partnership | Business Intersegment, Eliminations [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Other revenue | 29,641,000 | 40,039,000 | 45,158,000 | ||
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 | 162,887,000 | 183,989,000 | 177,365,000 | ||
Noncontrolling interest - property partnerships [Member] | Business Intersegment, Eliminations [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Company's share of net operating income from joint ventures | 162,887,000 | 183,989,000 | 177,365,000 | ||
Noncontrolling interest - property partnerships [Member] | Boston Properties Limited Partnership | Business Intersegment, Eliminations [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Company's share of net operating income from joint ventures | $ 162,887,000 | $ 183,989,000 | $ 177,365,000 | ||
[1] | During the year ended December 31, 2018, the joint venture that owns Metropolitan Square in Washington, DC, commenced a renovation project and recorded accelerated depreciation expense of approximately $22.4 million related to the remaining book value of the assets to be replaced. The Company’s share of the accelerated depreciation expense totaled approximately $4.5 million. | ||||
[2] | For the year ended December 31, 2019, represents the gain on sale of 540 Madison Avenue recognized by the joint venture. During 2008, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture resulting in a basis differential between the carrying value of the Company’s investment in the joint venture and the joint venture’s basis in the assets and liabilities of the property. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $47.2 million for the year ended December 31, 2019, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for the basis differential. The gain on sale of real estate is included in Income from Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. |
Segment Information (Schedule_2
Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 2,678,795 | $ 2,824,634 | $ 2,590,659 |
Rental Revenue: Residential | [1] | 38,146 | 36,914 | 22,551 |
Rental Revenue Total | [1] | $ 2,724,419 | $ 2,910,137 | $ 2,662,328 |
Rental Revenue: % of Grand Totals | [1] | 100.00% | 100.00% | 100.00% |
Rental Expenses: Class A Office | $ 998,469 | $ 1,034,025 | $ 966,547 | |
Rental Expenses: Residential | 18,739 | 15,985 | 12,604 | |
Rental Expenses: Total | $ 1,030,344 | $ 1,084,014 | $ 1,013,014 | |
Rental Expenses: % Of Grand Totals | 100.00% | 100.00% | 100.00% | |
Net Operating Income | $ 1,694,075 | $ 1,826,123 | $ 1,649,314 | |
Net Operating Income: % of Grand Totals | 100.00% | 100.00% | 100.00% | |
Company's Share of Net Operating Income: % of Grand Totals | 100.00% | 100.00% | 100.00% | |
Total revenue | $ 2,765,686 | $ 2,960,562 | $ 2,717,076 | |
Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | 897,915 | 895,098 | 838,341 |
Rental Revenue: Residential | [1] | 13,616 | 13,786 | 6,694 |
Rental Revenue Total | [1] | $ 919,009 | $ 957,473 | $ 894,153 |
Rental Revenue: % of Grand Totals | [1] | 33.73% | 32.90% | 33.59% |
Rental Expenses: Class A Office | $ 318,509 | $ 322,282 | $ 315,653 | |
Rental Expenses: Residential | 5,378 | 5,071 | 3,632 | |
Rental Expenses: Total | $ 337,023 | $ 361,357 | $ 353,148 | |
Rental Expenses: % Of Grand Totals | 32.71% | 33.34% | 34.86% | |
Net Operating Income | $ 581,986 | $ 596,116 | $ 541,005 | |
Net Operating Income: % of Grand Totals | 34.35% | 32.64% | 32.80% | |
Company's Share of Net Operating Income: % of Grand Totals | 33.88% | 32.27% | 32.86% | |
Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 0 | $ 0 | $ 0 |
Rental Revenue: Residential | [1] | 0 | 0 | 0 |
Rental Revenue Total | [1] | $ 0 | $ 0 | $ 0 |
Rental Revenue: % of Grand Totals | [1] | 0.00% | 0.00% | 0.00% |
Rental Expenses: Class A Office | $ 0 | $ 0 | $ 0 | |
Rental Expenses: Residential | 0 | 0 | 0 | |
Rental Expenses: Total | $ 0 | $ 0 | $ 0 | |
Rental Expenses: % Of Grand Totals | 0.00% | 0.00% | 0.00% | |
Net Operating Income | $ 0 | $ 0 | $ 0 | |
Net Operating Income: % of Grand Totals | 0.00% | 0.00% | 0.00% | |
Company's Share of Net Operating Income: % of Grand Totals | 3.56% | 3.53% | 2.75% | |
New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 935,966 | $ 1,011,912 | $ 959,050 |
Rental Revenue: Residential | [1] | 0 | 0 | 0 |
Rental Revenue Total | [1] | $ 935,966 | $ 1,011,912 | $ 959,050 |
Rental Revenue: % of Grand Totals | [1] | 34.36% | 34.78% | 36.02% |
Rental Expenses: Class A Office | $ 384,753 | $ 389,532 | $ 377,992 | |
Rental Expenses: Residential | 0 | 0 | 0 | |
Rental Expenses: Total | $ 384,753 | $ 389,532 | $ 377,992 | |
Rental Expenses: % Of Grand Totals | 37.35% | 35.93% | 37.32% | |
Net Operating Income | $ 551,213 | $ 622,380 | $ 581,058 | |
Net Operating Income: % of Grand Totals | 32.54% | 34.09% | 35.23% | |
Company's Share of Net Operating Income: % of Grand Totals | 26.12% | 27.77% | 28.63% | |
San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 508,327 | $ 533,189 | $ 397,180 |
Rental Revenue: Residential | [1] | 155 | 0 | 0 |
Rental Revenue Total | [1] | $ 508,482 | $ 533,189 | $ 397,180 |
Rental Revenue: % of Grand Totals | [1] | 18.66% | 18.32% | 14.92% |
Rental Expenses: Class A Office | $ 163,156 | $ 177,994 | $ 130,016 | |
Rental Expenses: Residential | 2,261 | 0 | 0 | |
Rental Expenses: Total | $ 165,417 | $ 177,994 | $ 130,016 | |
Rental Expenses: % Of Grand Totals | 16.05% | 16.42% | 12.83% | |
Net Operating Income | $ 343,065 | $ 355,195 | $ 267,164 | |
Net Operating Income: % of Grand Totals | 20.25% | 19.45% | 16.20% | |
Company's Share of Net Operating Income: % of Grand Totals | 22.02% | 20.39% | 17.22% | |
Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 336,587 | $ 384,435 | $ 396,088 |
Rental Revenue: Residential | [1] | 24,375 | 23,128 | 15,857 |
Rental Revenue Total | [1] | $ 360,962 | $ 407,563 | $ 411,945 |
Rental Revenue: % of Grand Totals | [1] | 13.25% | 14.00% | 15.47% |
Rental Expenses: Class A Office | $ 132,051 | $ 144,217 | $ 142,886 | |
Rental Expenses: Residential | 11,100 | 10,914 | 8,972 | |
Rental Expenses: Total | $ 143,151 | $ 155,131 | $ 151,858 | |
Rental Expenses: % Of Grand Totals | 13.89% | 14.31% | 14.99% | |
Net Operating Income | $ 217,811 | $ 252,432 | $ 260,087 | |
Net Operating Income: % of Grand Totals | 12.86% | 13.82% | 15.77% | |
Company's Share of Net Operating Income: % of Grand Totals | 14.42% | 16.04% | 18.54% | |
Hotel [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | $ 7,478 | $ 48,589 | $ 49,118 |
Operating expense | 13,136 | 34,004 | 33,863 | |
Hotel [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 7,478 | 48,589 | 49,118 |
Operating expense | 13,136 | 34,004 | 33,863 | |
Hotel [Member] | Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 0 | 0 | 0 |
Operating expense | 0 | 0 | 0 | |
Hotel [Member] | New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 0 | 0 | 0 |
Operating expense | 0 | 0 | 0 | |
Hotel [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 0 | 0 | 0 |
Operating expense | 0 | 0 | 0 | |
Hotel [Member] | Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 0 | 0 | 0 |
Operating expense | 0 | 0 | 0 | |
Noncontrolling interest - property partnerships [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | (162,887) | (183,989) | (177,365) | |
Noncontrolling interest - property partnerships [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | (41,849) | (40,109) | (33,862) | |
Noncontrolling interest - property partnerships [Member] | Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | |
Noncontrolling interest - property partnerships [Member] | New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | (121,038) | (143,432) | (143,562) | |
Noncontrolling interest - property partnerships [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | (448) | 59 | |
Noncontrolling interest - property partnerships [Member] | Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | |
Unconsolidated Joint Ventures [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 94,943 | 97,716 | 79,893 | |
Total revenue | [2] | 319,560 | 322,817 | 271,951 |
Unconsolidated Joint Ventures [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 10,765 | 5,494 | 2,866 | |
Unconsolidated Joint Ventures [Member] | Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 57,907 | 61,338 | 42,750 | |
Unconsolidated Joint Ventures [Member] | New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | (5,326) | 4,174 | 6,590 | |
Unconsolidated Joint Ventures [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 14,928 | 0 | 0 | |
Unconsolidated Joint Ventures [Member] | Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 16,669 | 26,710 | 27,687 | |
Company's Share [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 1,626,131 | 1,739,850 | 1,551,842 | |
Company's Share [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 550,902 | 561,501 | 510,009 | |
Company's Share [Member] | Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 57,907 | 61,338 | 42,750 | |
Company's Share [Member] | New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 424,849 | 483,122 | 444,086 | |
Company's Share [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 357,993 | 354,747 | 267,223 | |
Company's Share [Member] | Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | $ 234,480 | $ 279,142 | $ 287,774 | |
[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] | Includes straight-line rent adjustments of approximately $(10.1) million, $32.4 million and $15.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. Due primarily to the impact of COVID-19, for the year ended December 31, 2020, write-offs of accounts receivable and accrued rent balances totaled approximately $51.7 million. |
Earnings Per Share _ Common U_3
Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic Earnings: | |||
Net income attributable to the company's common shareholders / unitholders | $ 862,227 | $ 511,034 | $ 572,347 |
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 155,432,000 | 154,582,000 | 154,427,000 |
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 5.55 | $ 3.31 | $ 3.71 |
Allocation of undistributed earnings to participating securities | $ (748) | $ (101) | |
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | 0 | |
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ (0.01) | $ 0 | |
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic | $ 861,479 | $ 572,246 | |
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares) | 155,432,000 | 154,427,000 | |
Earnings Per Share After Allccation of Undistributed Earnings to Particiapting Securities Basic (dollars per share) | $ 5.54 | $ 3.71 | |
Effect of Dilutive Securities: | |||
Stock Based Compensation | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 85,000 | 301,000 | 255,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ 0 | $ (0.01) | $ (0.01) |
Diluted Earnings: | |||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 861,479 | $ 511,034 | $ 572,246 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 155,517,000 | 154,883,000 | 154,682,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 5.54 | $ 3.30 | $ 3.70 |
Boston Properties Limited Partnership | |||
Redeemable Common Units | 17,211,000 | 17,618,000 | 17,485,000 |
Basic Earnings: | |||
Net income attributable to the company's common shareholders / unitholders | $ 979,979 | $ 580,102 | $ 656,903 |
Net income attributable to the company's common shareholders / unitholders (in shares / units) | 172,643,000 | 172,200,000 | 171,912,000 |
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 5.68 | $ 3.37 | $ 3.82 |
Allocation of undistributed earnings to participating securities | $ (830) | $ (113) | |
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | 0 | |
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ (0.01) | $ 0 | |
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic | $ 979,149 | $ 656,790 | |
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares) | 172,643,000 | 171,912,000 | |
Earnings Per Share After Allccation of Undistributed Earnings to Particiapting Securities Basic (dollars per share) | $ 5.67 | $ 3.82 | |
Effect of Dilutive Securities: | |||
Stock Based Compensation | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 85,000 | 301,000 | 255,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ 0 | $ (0.01) | $ (0.01) |
Diluted Earnings: | |||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 979,149 | $ 580,102 | $ 656,790 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 172,728,000 | 172,501,000 | 172,167,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 5.67 | $ 3.36 | $ 3.81 |
Employee Benefits Plan (Details
Employee Benefits Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 200.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Eligible Earnings Limit by IRS Amount | $ 285 | $ 280 | $ 275 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 4,000 | 4,200 | $ 4,100 |
Deferred Compensation Liability, Current and Noncurrent | 38,600 | 36,000 | |
Separate Unrestricted Cash For Deferred Compensation Plan. | 39,500 | 36,700 | |
Officer [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Separate Unrestricted Cash For Deferred Compensation Plan. | $ 38,600 | $ 36,000 |
Stock Option and Incentive Pl_3
Stock Option and Incentive Plan (Narrative) (Details) - USD ($) $ in Millions | Feb. 06, 2020 | Feb. 04, 2020 | Feb. 09, 2019 | Feb. 04, 2018 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Period | 4 years | ||||
MYLTIP 2017 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Value of MYLTIP Awards | $ 17.6 | ||||
Final awards percentage of target | 83.80% | ||||
Forfeitures, in units | 270,942 | ||||
MYLTIP 2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Value of MYLTIP Awards | $ 13.6 | ||||
Final awards percentage of target | 69.50% | ||||
Forfeitures, in units | 364,980 | ||||
MYLTIP 2015 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Value of MYLTIP Awards | $ 3.6 | ||||
Final awards percentage of target | 22.00% | ||||
Forfeitures, in units | 337,847 | ||||
2012 Stock Option and Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | At Boston Properties, Inc.’s 2012 annual meeting of stockholders held on May 15, 2012, its stockholders approved the Boston Properties, Inc. 2012 Stock Option and Incentive Plan (the “2012 Plan”). The 2012 Plan replaced the 1997 Stock Option and Incentive Plan (the “1997 Plan”). The material terms of the 2012 Plan include, among other things: (1) the maximum number of shares of common stock reserved and available for issuance under the 2012 Plan is the sum of (i) 13,000,000 newly authorized shares, plus (ii) the number of shares available for grant under the 1997 Stock Plan immediately prior to the effective date of the 2012 Plan, plus (iii) any shares underlying grants under the 1997 Plan that are forfeited, canceled or terminated (other than by exercise) in the future; (2) “full-value” awards (i.e., awards other than stock options) are multiplied by a 2.32 conversion ratio to calculate the number of shares available under the 2012 Plan that are used for each full-value award, as opposed to a 1.0 conversion ratio for each stock option awarded under the 2012 Plan; (3) shares tendered or held back for taxes will not be added back to the reserved pool under the 2012 Plan; (4) stock options may not be re-priced without stockholder approval; and (5) the term of the 2012 Plan is for 10 years from the date of stockholder approval. | ||||
MYLTIP 2020 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Period | 4 years | ||||
TSR measurement (in years) | three-year | ||||
Minimum earned awards | 0 | ||||
Maximum Earned Awards | 203,278 | ||||
Earned awards - Target | 101,638 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Earned awards (if any) will vest 50% on February 3, 2023 and 50% on February 3, 2024, based on continued employment. Vesting will be accelerated in the event of a change in control, termination of employment by Boston Properties, Inc. without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to February 3, 2023, earned awards will be calculated based on TSR performance up to the date of the change of control. The 2020 MYLTIP awards are in the form of LTIP Units issued on the grant date which (i) are subject to forfeiture to the extent awards are not earned and (ii) prior to the performance measurement date are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. | ||||
Value of MYLTIP Awards | $ 13.7 |
Stock Option and Incentive Pl_4
Stock Option and Incentive Plan Stock and Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 04, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued | 155,797,725 | 154,869,198 | |||
Stock based compensation expense | $ 43,000 | $ 39,800 | $ 38,000 | ||
Common Stock, Value, Issued | 1,557 | $ 1,548 | |||
Intrinsic Value of stock options | $ 400 | ||||
Vesting Period | 4 years | ||||
Beginning outstanding, shares | 351,561 | 395,353 | 540,441 | 540,441 | |
Weighted Average Exercise Price | $ 96.97 | $ 96.37 | $ 96.35 | $ 96.35 | |
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued | 29,630 | 26,503 | 20,320 | ||
LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Value Of LTIP Units Issued | $ 26,300 | $ 22,100 | $ 22,700 | ||
Expected life assumed to calculate per unit fair value per LTIP unit (in years) | 5 years 8 months 12 days | 5 years 8 months 12 days | 5 years 8 months 12 days | ||
Risk-free rate | 1.47% | 2.68% | 2.63% | ||
Expected price volatility | 18.00% | 27.00% | 27.00% | ||
Weighted average price (per unit) | $ 127.14 | $ 121.50 | $ 110.29 | ||
Employee Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock available for issuance | 250,000 | ||||
Number of shares issued | 7,195 | 5,862 | 6,268 | ||
Employee discount | 85.00% | ||||
Weighted Average Price of Shares Purchased | $ 90.53 | $ 104.11 | $ 107.20 | ||
stock option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Intrinsic Value of stock options | $ 0 | $ 0 | $ 0 | ||
Boston Properties Limited Partnership | LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued | 207,181 | 181,919 | 205,838 | ||
Boston Properties Limited Partnership | MYLTIP 2020 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued | 203,278 | ||||
Boston Properties Limited Partnership | MYLTIP 2019 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued | 220,734 | ||||
Boston Properties Limited Partnership | MYLTIP 2018 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued | 342,659 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee and director payment per share (in dollars per share) | $ 0.01 | ||||
Common Stock, Value, Issued | $ 4,000 | $ 3,500 | $ 2,400 | ||
Common Stock Weighted Average Price (in dollars per share) | $ 133.81 | $ 131.27 | $ 119.27 | ||
MYLTIP 2020 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Period | 4 years | ||||
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) | $ 0.25 | ||||
Ltips (including vested MYLTIPS) And Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expenses | $ 25,400 | ||||
Unvested MYLTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expenses | $ 10,300 | ||||
Weighted-average period (years) | 2 years 1 month 6 days |
Stock Option Rollforward Table
Stock Option Rollforward Table (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Text Block [Abstract] | |||
Beginning outstanding, shares | 395,353 | 540,441 | 540,441 |
Ending outstanding, shares | 351,561 | 395,353 | 540,441 |
Exercised | (43,792) | (145,088) | 0 |
Beginning outstanding, Weighted-average Exercise Price | $ 96.37 | $ 96.35 | $ 96.35 |
Weighted Average Exercise Price | 91.60 | 96.27 | 0 |
Ending outstanding, Weighted-average Exercise Price | $ 96.97 | $ 96.37 | $ 96.35 |
Stock Options Outstanding Table
Stock Options Outstanding Table (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Text Block [Abstract] | ||||
Beginning outstanding, shares | 351,561 | 395,353 | 540,441 | 540,441 |
Weighted Average Exercise Price | $ 96.97 | $ 96.37 | $ 96.35 | $ 96.35 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning outstanding, shares | 351,561 | 395,353 | 540,441 | 540,441 |
Weighted Average Exercise Price | $ 96.97 | $ 96.37 | $ 96.35 | $ 96.35 |
Exercise price of $86.86 | ||||
Text Block [Abstract] | ||||
Beginning outstanding, shares | 54,003 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 month 6 days | |||
Weighted Average Exercise Price | $ 86.86 | |||
Number Exercisable | 54,003 | |||
Exercisable, Weighted Average Exercise Price | $ 86.86 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning outstanding, shares | 54,003 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 month 6 days | |||
Weighted Average Exercise Price | $ 86.86 | |||
Number Exercisable | 54,003 | |||
Exercisable, Weighted Average Exercise Price | $ 86.86 | |||
Exercise price $95.69 | ||||
Text Block [Abstract] | ||||
Beginning outstanding, shares | 54,282 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 3 months 18 days | |||
Weighted Average Exercise Price | $ 95.69 | |||
Number Exercisable | 54,282 | |||
Exercisable, Weighted Average Exercise Price | $ 95.69 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning outstanding, shares | 54,282 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 3 months 18 days | |||
Weighted Average Exercise Price | $ 95.69 | |||
Number Exercisable | 54,282 | |||
Exercisable, Weighted Average Exercise Price | $ 95.69 | |||
Exercise Price $98.46 | ||||
Text Block [Abstract] | ||||
Beginning outstanding, shares | 133,834 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | |||
Weighted Average Exercise Price | $ 98.46 | |||
Number Exercisable | 133,834 | |||
Exercisable, Weighted Average Exercise Price | $ 98.46 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning outstanding, shares | 133,834 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | |||
Weighted Average Exercise Price | $ 98.46 | |||
Number Exercisable | 133,834 | |||
Exercisable, Weighted Average Exercise Price | $ 98.46 | |||
Exercise price $100.77 | ||||
Text Block [Abstract] | ||||
Beginning outstanding, shares | 109,442 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 1 month 6 days | |||
Weighted Average Exercise Price | $ 100.77 | |||
Number Exercisable | 109,442 | |||
Exercisable, Weighted Average Exercise Price | $ 100.77 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning outstanding, shares | 109,442 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 1 month 6 days | |||
Weighted Average Exercise Price | $ 100.77 | |||
Number Exercisable | 109,442 | |||
Exercisable, Weighted Average Exercise Price | $ 100.77 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | Sep. 03, 2019shares | Dec. 31, 2020USD ($)Vehiclesshares | Dec. 31, 2019USD ($)Vehiclesshares | Dec. 31, 2018USD ($) | May 21, 2019shares |
Related Party Transaction [Line Items] | |||||
Number Of Non Employee Directors Electing To Receive Deferred Stock Units | Vehicles | 7 | ||||
Separate Unrestricted Cash For Deferred Compensation Plan. | $ 39,500 | $ 36,700 | |||
Liability for directors | $ 336,264 | $ 377,553 | |||
Common stock, shares issued | shares | 155,797,725 | 154,869,198 | |||
OP Units for redemption (in shares) | shares | 4,917 | ||||
Deferred stock units outstanding | Vehicles | 72,966 | 60,676 | |||
Director Cessation Member [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock, shares issued | shares | 17,949 | ||||
Director | |||||
Related Party Transaction [Line Items] | |||||
Separate Unrestricted Cash For Deferred Compensation Plan. | $ 800 | $ 700 | |||
Liability for directors | 800 | 700 | |||
Immediate Family Member of Management or Principal Owner | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 914 | 21 | $ 921 | ||
Real Estate Brokerage Firm | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 3,400 | $ 2,600 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Feb. 14, 2021 | Feb. 05, 2021 | Feb. 02, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 29, 2021 |
Subsequent Event [Line Items] | |||||||
Common stock, shares issued | 155,797,725 | 154,869,198 | |||||
Repayments of Unsecured Debt | $ 0 | $ 699,237 | $ 699,517 | ||||
Boston Properties Limited Partnership | |||||||
Subsequent Event [Line Items] | |||||||
Repayments of Unsecured Debt | 0 | $ 699,237 | $ 699,517 | ||||
Boston Properties Limited Partnership | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Debt | 9,700,000 | ||||||
Boston Properties Limited Partnership | 4.289% unsecured senior notes | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Debt | $ 850,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | ||||||
Restricted Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock, shares issued | 29,630 | 26,503 | 20,320 | ||||
LTIP Units [Member] | Boston Properties Limited Partnership | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares issued | 207,181 | 181,919 | 205,838 | ||||
Subsequent Event [Member] | Boston Properties Limited Partnership | 4.289% unsecured senior notes | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Debt | $ 850,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | ||||||
Repayments of Unsecured Debt | $ 858,700 | ||||||
Debt Instrument, Increase, Accrued Interest | $ 8,700 | ||||||
Subsequent Event [Member] | Restricted Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock, shares issued | 33,449 | ||||||
Subsequent Event [Member] | LTIP Units [Member] | Boston Properties Limited Partnership | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares issued | 263,527 | ||||||
Subsequent Event [Member] | MYLTIP 2021 | |||||||
Subsequent Event [Line Items] | |||||||
Value of MYLTIP Awards | $ 15,300 | ||||||
Minimum earned awards | 0 | ||||||
Maximum Earned Awards | 352,021 | ||||||
Earned awards - Target | 176,009 | ||||||
Subsequent Event [Member] | MYLTIP 2018 | |||||||
Subsequent Event [Line Items] | |||||||
Value of MYLTIP Awards | $ 4,600 | ||||||
Forfeitures, in units | 285,925 | ||||||
Final awards percentage of target | 29.20% |
SEC Schedule, Article 12-28, _2
SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 2,909,081 | ||||
Original Cost | |||||
Original Land | 5,160,116 | ||||
Original Building | 13,196,160 | ||||
Costs Capitalized Subsequent to Acquisition | 4,947,027 | ||||
Land and Improvements | 5,429,703 | ||||
Building and Improvements | 16,553,873 | ||||
Land held for development | [1] | 450,954 | $ 254,828 | ||
Development and Construction in Progress | 868,773 | 789,736 | |||
Total | 23,303,303 | 22,844,697 | $ 21,605,545 | $ 21,058,714 | |
Accumulated Depreciation | 5,501,637 | 5,239,179 | 4,871,102 | 4,566,570 | |
Furniture, Fixtures and Equipment | 49,606 | 44,313 | |||
Aggregate cost for tax purpose | 20,700,000 | ||||
Real Estate Aggregate Accumulated Depreciation For Tax Purposes | 4,500,000 | ||||
Debt Issuance Costs, Net | (22,905) | ||||
Right-of-use assets - finance leases | 237,393 | 237,394 | |||
Right of use assets - operating leases | $ 146,406 | 148,640 | |||
Maximum [Member] | |||||
Original Cost | |||||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Furniture, fixtures, and equipment | |||||
Original Cost | |||||
Accumulated Depreciation Related to Furniture, Fixtures and Equipment | $ 32,465 | ||||
Land and Land Improvements [Member] | |||||
Original Cost | |||||
Right-of-use assets - finance leases | 214,091 | ||||
Right of use assets - operating leases | 146,406 | ||||
Buildings and improvements | |||||
Original Cost | |||||
Right-of-use assets - finance leases | 23,302 | ||||
Boston Properties Limited Partnership | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | [2] | 2,909,081 | |||
Original Cost | |||||
Original Land | 5,160,116 | ||||
Original Building | 13,196,160 | ||||
Costs Capitalized Subsequent to Acquisition | 4,570,218 | ||||
Land and Improvements | [3] | 5,332,487 | |||
Building and Improvements | [4] | 16,274,280 | |||
Land held for development | [1] | 450,954 | 254,828 | ||
Development and Construction in Progress | 868,773 | 789,736 | |||
Total | 22,926,494 | 22,449,476 | 21,207,189 | 20,647,236 | |
Accumulated Depreciation | 5,396,111 | 5,135,289 | $ 4,773,800 | $ 4,473,895 | |
Furniture, Fixtures and Equipment | 49,606 | 44,313 | |||
Aggregate cost for tax purpose | 23,000,000 | ||||
Real Estate Aggregate Accumulated Depreciation For Tax Purposes | 5,000,000 | ||||
Debt Issuance Costs, Net | (22,900) | ||||
Right-of-use assets - finance leases | 237,393 | 237,394 | |||
Right of use assets - operating leases | $ 146,406 | $ 148,640 | |||
Boston Properties Limited Partnership | Maximum [Member] | |||||
Original Cost | |||||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Boston Properties Limited Partnership | Furniture, fixtures, and equipment | |||||
Original Cost | |||||
Accumulated Depreciation Related to Furniture, Fixtures and Equipment | $ 32,465 | ||||
Boston Properties Limited Partnership | Land and Land Improvements [Member] | |||||
Original Cost | |||||
Right-of-use assets - finance leases | 214,091 | ||||
Right of use assets - operating leases | 148,640 | ||||
Boston Properties Limited Partnership | Buildings and improvements | |||||
Original Cost | |||||
Right-of-use assets - finance leases | 23,302 | ||||
767Fifth Avenue (the General Motors Building) | Office Building [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,277,522 | ||||
Original Cost | |||||
Original Land | 1,796,252 | ||||
Original Building | 1,532,654 | ||||
Costs Capitalized Subsequent to Acquisition | 227,450 | ||||
Land and Improvements | 1,796,252 | ||||
Building and Improvements | 1,760,104 | ||||
Total | 3,556,356 | ||||
Accumulated Depreciation | $ 364,145 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
767Fifth Avenue (the General Motors Building) | Boston Properties Limited Partnership | Office Building [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 2,277,522 | ||||
Original Cost | |||||
Original Land | 1,796,252 | ||||
Original Building | 1,532,654 | ||||
Costs Capitalized Subsequent to Acquisition | 227,450 | ||||
Land and Improvements | 1,796,252 | ||||
Building and Improvements | 1,760,104 | ||||
Total | 3,556,356 | ||||
Accumulated Depreciation | $ 364,145 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Prudential Center | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 92,077 | ||||
Original Building | 948,357 | ||||
Costs Capitalized Subsequent to Acquisition | 573,187 | ||||
Land and Improvements | 115,638 | ||||
Building and Improvements | 1,480,302 | ||||
Land held for development | 17,681 | ||||
Total | 1,613,621 | ||||
Accumulated Depreciation | $ 634,402 | ||||
Depreciable Lives (Years) | (1) | ||||
Prudential Center | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 92,077 | ||||
Original Building | 948,357 | ||||
Costs Capitalized Subsequent to Acquisition | 512,816 | ||||
Land and Improvements | 100,540 | ||||
Building and Improvements | 1,435,029 | ||||
Land held for development | 17,681 | ||||
Total | 1,553,250 | ||||
Accumulated Depreciation | $ 617,331 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Embarcadero Center | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 179,697 | ||||
Original Building | 847,410 | ||||
Costs Capitalized Subsequent to Acquisition | 469,860 | ||||
Land and Improvements | 195,987 | ||||
Building and Improvements | 1,300,980 | ||||
Total | 1,496,967 | ||||
Accumulated Depreciation | $ 680,507 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Embarcadero Center | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 179,697 | ||||
Original Building | 847,410 | ||||
Costs Capitalized Subsequent to Acquisition | 407,480 | ||||
Land and Improvements | 180,420 | ||||
Building and Improvements | 1,254,167 | ||||
Total | 1,434,587 | ||||
Accumulated Depreciation | $ 662,756 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
399 Park Avenue | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 339,200 | ||||
Original Building | 700,358 | ||||
Costs Capitalized Subsequent to Acquisition | 340,960 | ||||
Land and Improvements | 354,107 | ||||
Building and Improvements | 1,026,411 | ||||
Total | 1,380,518 | ||||
Accumulated Depreciation | $ 387,217 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
399 Park Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 339,200 | ||||
Original Building | 700,358 | ||||
Costs Capitalized Subsequent to Acquisition | 281,352 | ||||
Land and Improvements | 339,200 | ||||
Building and Improvements | 981,710 | ||||
Total | 1,320,910 | ||||
Accumulated Depreciation | $ 370,361 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Salesforce Tower | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 200,349 | ||||
Original Building | 946,205 | ||||
Costs Capitalized Subsequent to Acquisition | 5,355 | ||||
Land and Improvements | 200,349 | ||||
Building and Improvements | 951,560 | ||||
Total | 1,151,909 | ||||
Accumulated Depreciation | $ 68,918 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Salesforce Tower | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 200,349 | ||||
Original Building | 946,205 | ||||
Costs Capitalized Subsequent to Acquisition | 5,355 | ||||
Land and Improvements | 200,349 | ||||
Building and Improvements | 951,560 | ||||
Total | 1,151,909 | ||||
Accumulated Depreciation | $ 68,918 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
601 Lexington Avenue | Office Building [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 630,068 | ||||
Original Cost | |||||
Original Land | 241,600 | ||||
Original Building | 494,782 | ||||
Costs Capitalized Subsequent to Acquisition | 446,950 | ||||
Land and Improvements | 289,639 | ||||
Building and Improvements | 663,694 | ||||
Development and Construction in Progress | 229,999 | ||||
Total | 1,183,332 | ||||
Accumulated Depreciation | $ 284,477 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
601 Lexington Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 630,068 | ||||
Original Cost | |||||
Original Land | 241,600 | ||||
Original Building | 494,782 | ||||
Costs Capitalized Subsequent to Acquisition | 409,864 | ||||
Land and Improvements | 279,281 | ||||
Building and Improvements | 636,966 | ||||
Development and Construction in Progress | 229,999 | ||||
Total | 1,146,246 | ||||
Accumulated Depreciation | $ 274,343 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
200 Clarendon Street and Garage | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 219,543 | ||||
Original Building | 667,884 | ||||
Costs Capitalized Subsequent to Acquisition | 218,821 | ||||
Land and Improvements | 251,374 | ||||
Building and Improvements | 854,874 | ||||
Total | 1,106,248 | ||||
Accumulated Depreciation | $ 244,882 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
200 Clarendon Street and Garage | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 219,543 | ||||
Original Building | 667,884 | ||||
Costs Capitalized Subsequent to Acquisition | 218,821 | ||||
Land and Improvements | 251,374 | ||||
Building and Improvements | 854,874 | ||||
Total | 1,106,248 | ||||
Accumulated Depreciation | $ 244,882 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
250 West 55th Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 285,263 | ||||
Original Building | 603,167 | ||||
Costs Capitalized Subsequent to Acquisition | 51,860 | ||||
Land and Improvements | 285,263 | ||||
Building and Improvements | 655,027 | ||||
Total | 940,290 | ||||
Accumulated Depreciation | $ 138,004 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
250 West 55th Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 285,263 | ||||
Original Building | 603,167 | ||||
Costs Capitalized Subsequent to Acquisition | 51,860 | ||||
Land and Improvements | 285,263 | ||||
Building and Improvements | 655,027 | ||||
Total | 940,290 | ||||
Accumulated Depreciation | $ 138,004 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
100 Federal Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 131,067 | ||||
Original Building | 435,954 | ||||
Costs Capitalized Subsequent to Acquisition | 111,196 | ||||
Land and Improvements | 131,067 | ||||
Building and Improvements | 547,150 | ||||
Total | 678,217 | ||||
Accumulated Depreciation | $ 141,629 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
100 Federal Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 131,067 | ||||
Original Building | 435,954 | ||||
Costs Capitalized Subsequent to Acquisition | 111,196 | ||||
Land and Improvements | 131,067 | ||||
Building and Improvements | 547,150 | ||||
Total | 678,217 | ||||
Accumulated Depreciation | $ 141,629 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Times Square Tower | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 165,413 | ||||
Original Building | 380,438 | ||||
Costs Capitalized Subsequent to Acquisition | 108,206 | ||||
Land and Improvements | 169,193 | ||||
Building and Improvements | 484,864 | ||||
Total | 654,057 | ||||
Accumulated Depreciation | $ 217,845 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Times Square Tower | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 165,413 | ||||
Original Building | 380,438 | ||||
Costs Capitalized Subsequent to Acquisition | 70,227 | ||||
Land and Improvements | 159,694 | ||||
Building and Improvements | 456,384 | ||||
Total | 616,078 | ||||
Accumulated Depreciation | $ 207,106 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Carnegie Center | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 142,666 | ||||
Original Building | 316,856 | ||||
Costs Capitalized Subsequent to Acquisition | 153,797 | ||||
Land and Improvements | 94,240 | ||||
Building and Improvements | 463,959 | ||||
Land held for development | 55,120 | ||||
Total | 613,319 | ||||
Accumulated Depreciation | $ 221,323 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Carnegie Center | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 142,666 | ||||
Original Building | 316,856 | ||||
Costs Capitalized Subsequent to Acquisition | 138,834 | ||||
Land and Improvements | 90,498 | ||||
Building and Improvements | 452,738 | ||||
Land held for development | 55,120 | ||||
Total | 598,356 | ||||
Accumulated Depreciation | $ 217,092 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Atlantic Wharf | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 63,988 | ||||
Original Building | 454,537 | ||||
Costs Capitalized Subsequent to Acquisition | 18,538 | ||||
Land and Improvements | 63,988 | ||||
Building and Improvements | 473,075 | ||||
Total | 537,063 | ||||
Accumulated Depreciation | $ 146,860 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Atlantic Wharf | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 63,988 | ||||
Original Building | 454,537 | ||||
Costs Capitalized Subsequent to Acquisition | 18,538 | ||||
Land and Improvements | 63,988 | ||||
Building and Improvements | 473,075 | ||||
Total | 537,063 | ||||
Accumulated Depreciation | $ 146,860 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
510 Madison Avenue | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 103,000 | ||||
Original Building | 253,665 | ||||
Costs Capitalized Subsequent to Acquisition | 28,446 | ||||
Land and Improvements | 103,000 | ||||
Building and Improvements | 282,111 | ||||
Total | 385,111 | ||||
Accumulated Depreciation | $ 81,517 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
510 Madison Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 103,000 | ||||
Original Building | 253,665 | ||||
Costs Capitalized Subsequent to Acquisition | 28,446 | ||||
Land and Improvements | 103,000 | ||||
Building and Improvements | 282,111 | ||||
Total | 385,111 | ||||
Accumulated Depreciation | $ 81,517 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Fountain Square | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 56,853 | ||||
Original Building | 306,298 | ||||
Costs Capitalized Subsequent to Acquisition | 21,030 | ||||
Land and Improvements | 56,853 | ||||
Building and Improvements | 327,328 | ||||
Total | 384,181 | ||||
Accumulated Depreciation | $ 90,047 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Fountain Square | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 56,853 | ||||
Original Building | 306,298 | ||||
Costs Capitalized Subsequent to Acquisition | 21,030 | ||||
Land and Improvements | 56,853 | ||||
Building and Improvements | 327,328 | ||||
Total | 384,181 | ||||
Accumulated Depreciation | $ 90,047 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
599 Lexington Avenue | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 81,040 | ||||
Original Building | 100,507 | ||||
Costs Capitalized Subsequent to Acquisition | 214,275 | ||||
Land and Improvements | 87,852 | ||||
Building and Improvements | 307,970 | ||||
Total | 395,822 | ||||
Accumulated Depreciation | $ 193,058 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
599 Lexington Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 81,040 | ||||
Original Building | 100,507 | ||||
Costs Capitalized Subsequent to Acquisition | 187,033 | ||||
Land and Improvements | 81,040 | ||||
Building and Improvements | 287,540 | ||||
Total | 368,580 | ||||
Accumulated Depreciation | $ 185,354 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
680 Folsom Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 72,545 | ||||
Original Building | 219,766 | ||||
Costs Capitalized Subsequent to Acquisition | 7,917 | ||||
Land and Improvements | 72,545 | ||||
Building and Improvements | 227,683 | ||||
Total | 300,228 | ||||
Accumulated Depreciation | $ 55,319 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
680 Folsom Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 72,545 | ||||
Original Building | 219,766 | ||||
Costs Capitalized Subsequent to Acquisition | 7,917 | ||||
Land and Improvements | 72,545 | ||||
Building and Improvements | 227,683 | ||||
Total | 300,228 | ||||
Accumulated Depreciation | $ 55,319 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
145 Broadway | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 121 | ||||
Original Building | 273,013 | ||||
Costs Capitalized Subsequent to Acquisition | 25,712 | ||||
Land and Improvements | 23,367 | ||||
Building and Improvements | 275,479 | ||||
Total | 298,846 | ||||
Accumulated Depreciation | $ 9,941 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
145 Broadway | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 121 | ||||
Original Building | 273,013 | ||||
Costs Capitalized Subsequent to Acquisition | 25,509 | ||||
Land and Improvements | 23,164 | ||||
Building and Improvements | 275,479 | ||||
Total | 298,643 | ||||
Accumulated Depreciation | $ 9,941 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
2200 Pennsylvania Avenue | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 183,541 | ||||
Costs Capitalized Subsequent to Acquisition | 112,436 | ||||
Land and Improvements | 107,356 | ||||
Building and Improvements | 188,621 | ||||
Total | 295,977 | ||||
Accumulated Depreciation | $ 66,072 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
2200 Pennsylvania Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 183,541 | ||||
Costs Capitalized Subsequent to Acquisition | 112,436 | ||||
Land and Improvements | 107,356 | ||||
Building and Improvements | 188,621 | ||||
Total | 295,977 | ||||
Accumulated Depreciation | $ 66,072 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
South of Market and Democracy Tower | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 13,603 | ||||
Original Building | 237,479 | ||||
Costs Capitalized Subsequent to Acquisition | 41,163 | ||||
Land and Improvements | 13,687 | ||||
Building and Improvements | 278,558 | ||||
Total | 292,245 | ||||
Accumulated Depreciation | $ 107,358 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
South of Market and Democracy Tower | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 13,603 | ||||
Original Building | 237,479 | ||||
Costs Capitalized Subsequent to Acquisition | 40,827 | ||||
Land and Improvements | 13,603 | ||||
Building and Improvements | 278,306 | ||||
Total | 291,909 | ||||
Accumulated Depreciation | $ 107,279 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
601 Massachusetts Avenue | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 95,310 | ||||
Original Building | 165,173 | ||||
Costs Capitalized Subsequent to Acquisition | 3,945 | ||||
Land and Improvements | 95,322 | ||||
Building and Improvements | 169,106 | ||||
Total | 264,428 | ||||
Accumulated Depreciation | $ 30,743 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
601 Massachusetts Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 95,310 | ||||
Original Building | 165,173 | ||||
Costs Capitalized Subsequent to Acquisition | 3,933 | ||||
Land and Improvements | 95,310 | ||||
Building and Improvements | 169,106 | ||||
Total | 264,416 | ||||
Accumulated Depreciation | $ 30,743 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Bay Colony Corporate Center | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,789 | ||||
Original Building | 148,451 | ||||
Costs Capitalized Subsequent to Acquisition | 81,302 | ||||
Land and Improvements | 18,789 | ||||
Building and Improvements | 229,753 | ||||
Total | 248,542 | ||||
Accumulated Depreciation | $ 89,232 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Bay Colony Corporate Center | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,789 | ||||
Original Building | 148,451 | ||||
Costs Capitalized Subsequent to Acquisition | 81,302 | ||||
Land and Improvements | 18,789 | ||||
Building and Improvements | 229,753 | ||||
Total | 248,542 | ||||
Accumulated Depreciation | $ 89,232 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
535 Mission Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 40,933 | ||||
Original Building | 148,378 | ||||
Costs Capitalized Subsequent to Acquisition | 3,287 | ||||
Land and Improvements | 40,933 | ||||
Building and Improvements | 151,665 | ||||
Total | 192,598 | ||||
Accumulated Depreciation | $ 31,953 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
535 Mission Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 40,933 | ||||
Original Building | 148,378 | ||||
Costs Capitalized Subsequent to Acquisition | 3,287 | ||||
Land and Improvements | 40,933 | ||||
Building and Improvements | 151,665 | ||||
Total | 192,598 | ||||
Accumulated Depreciation | $ 31,953 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Mountain View Research Park | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 95,066 | ||||
Original Building | 68,373 | ||||
Costs Capitalized Subsequent to Acquisition | 18,479 | ||||
Land and Improvements | 95,066 | ||||
Building and Improvements | 86,852 | ||||
Total | 181,918 | ||||
Accumulated Depreciation | $ 21,725 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Mountain View Research Park | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 95,066 | ||||
Original Building | 68,373 | ||||
Costs Capitalized Subsequent to Acquisition | 18,479 | ||||
Land and Improvements | 95,066 | ||||
Building and Improvements | 86,852 | ||||
Total | 181,918 | ||||
Accumulated Depreciation | $ 21,725 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Reservoir Place | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,605 | ||||
Original Building | 104,124 | ||||
Costs Capitalized Subsequent to Acquisition | 57,154 | ||||
Land and Improvements | 20,108 | ||||
Building and Improvements | 159,775 | ||||
Total | 179,883 | ||||
Accumulated Depreciation | $ 76,993 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Reservoir Place | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,605 | ||||
Original Building | 104,124 | ||||
Costs Capitalized Subsequent to Acquisition | 53,079 | ||||
Land and Improvements | 19,089 | ||||
Building and Improvements | 156,719 | ||||
Total | 175,808 | ||||
Accumulated Depreciation | $ 75,841 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
1330 Connecticut Avenue | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 25,982 | ||||
Original Building | 82,311 | ||||
Costs Capitalized Subsequent to Acquisition | 37,049 | ||||
Land and Improvements | 27,135 | ||||
Building and Improvements | 118,207 | ||||
Total | 145,342 | ||||
Accumulated Depreciation | $ 38,000 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
1330 Connecticut Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 25,982 | ||||
Original Building | 82,311 | ||||
Costs Capitalized Subsequent to Acquisition | 32,436 | ||||
Land and Improvements | 25,982 | ||||
Building and Improvements | 114,747 | ||||
Total | 140,729 | ||||
Accumulated Depreciation | $ 36,695 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Kingstowne Towne Center | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,021 | ||||
Original Building | 109,038 | ||||
Costs Capitalized Subsequent to Acquisition | 3,299 | ||||
Land and Improvements | 18,062 | ||||
Building and Improvements | 112,296 | ||||
Total | 130,358 | ||||
Accumulated Depreciation | $ 46,469 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Kingstowne Towne Center | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,021 | ||||
Original Building | 109,038 | ||||
Costs Capitalized Subsequent to Acquisition | 3,135 | ||||
Land and Improvements | 18,021 | ||||
Building and Improvements | 112,173 | ||||
Total | 130,194 | ||||
Accumulated Depreciation | $ 46,430 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
One Freedom Square | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 9,929 | ||||
Original Building | 84,504 | ||||
Costs Capitalized Subsequent to Acquisition | 39,884 | ||||
Land and Improvements | 11,293 | ||||
Building and Improvements | 123,024 | ||||
Total | 134,317 | ||||
Accumulated Depreciation | $ 62,808 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
One Freedom Square | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 9,929 | ||||
Original Building | 84,504 | ||||
Costs Capitalized Subsequent to Acquisition | 34,247 | ||||
Land and Improvements | 9,883 | ||||
Building and Improvements | 118,797 | ||||
Total | 128,680 | ||||
Accumulated Depreciation | $ 61,215 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
One and Two Reston Overlook | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 16,456 | ||||
Original Building | 66,192 | ||||
Costs Capitalized Subsequent to Acquisition | 46,762 | ||||
Land and Improvements | 16,179 | ||||
Building and Improvements | 113,231 | ||||
Total | 129,410 | ||||
Accumulated Depreciation | $ 57,441 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
One and Two Reston Overlook | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 16,456 | ||||
Original Building | 66,192 | ||||
Costs Capitalized Subsequent to Acquisition | 42,344 | ||||
Land and Improvements | 15,074 | ||||
Building and Improvements | 109,918 | ||||
Total | 124,992 | ||||
Accumulated Depreciation | $ 56,191 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Weston Corporate Center | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 25,753 | ||||
Original Building | 92,312 | ||||
Costs Capitalized Subsequent to Acquisition | (5) | ||||
Land and Improvements | 25,854 | ||||
Building and Improvements | 92,206 | ||||
Total | 118,060 | ||||
Accumulated Depreciation | $ 32,278 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Weston Corporate Center | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 25,753 | ||||
Original Building | 92,312 | ||||
Costs Capitalized Subsequent to Acquisition | (5) | ||||
Land and Improvements | 25,854 | ||||
Building and Improvements | 92,206 | ||||
Total | 118,060 | ||||
Accumulated Depreciation | $ 32,278 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
17Fifty Presidents Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 113,362 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 113,362 | ||||
Total | 113,362 | ||||
Accumulated Depreciation | $ 3,466 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
17Fifty Presidents Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 113,362 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 113,362 | ||||
Total | 113,362 | ||||
Accumulated Depreciation | $ 3,466 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Two Freedom Square | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 13,930 | ||||
Original Building | 77,739 | ||||
Costs Capitalized Subsequent to Acquisition | 25,510 | ||||
Land and Improvements | 15,420 | ||||
Building and Improvements | 101,759 | ||||
Total | 117,179 | ||||
Accumulated Depreciation | $ 53,885 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Two Freedom Square | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 13,930 | ||||
Original Building | 77,739 | ||||
Costs Capitalized Subsequent to Acquisition | 19,298 | ||||
Land and Improvements | 13,866 | ||||
Building and Improvements | 97,101 | ||||
Total | 110,967 | ||||
Accumulated Depreciation | $ 52,128 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
140 Kendrick Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,095 | ||||
Original Building | 66,905 | ||||
Costs Capitalized Subsequent to Acquisition | 26,458 | ||||
Land and Improvements | 19,092 | ||||
Building and Improvements | 92,366 | ||||
Total | 111,458 | ||||
Accumulated Depreciation | $ 35,918 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
140 Kendrick Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,095 | ||||
Original Building | 66,905 | ||||
Costs Capitalized Subsequent to Acquisition | 22,468 | ||||
Land and Improvements | 18,095 | ||||
Building and Improvements | 89,373 | ||||
Total | 107,468 | ||||
Accumulated Depreciation | $ 34,790 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
355 Main Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,863 | ||||
Original Building | 53,346 | ||||
Costs Capitalized Subsequent to Acquisition | 27,593 | ||||
Land and Improvements | 21,173 | ||||
Building and Improvements | 78,629 | ||||
Total | 99,802 | ||||
Accumulated Depreciation | $ 29,479 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
355 Main Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,863 | ||||
Original Building | 53,346 | ||||
Costs Capitalized Subsequent to Acquisition | 27,295 | ||||
Land and Improvements | 21,098 | ||||
Building and Improvements | 78,406 | ||||
Total | 99,504 | ||||
Accumulated Depreciation | $ 29,397 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Discovery Square | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 11,198 | ||||
Original Building | 71,782 | ||||
Costs Capitalized Subsequent to Acquisition | 20,742 | ||||
Land and Improvements | 12,533 | ||||
Building and Improvements | 91,189 | ||||
Total | 103,722 | ||||
Accumulated Depreciation | $ 45,920 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Discovery Square | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 11,198 | ||||
Original Building | 71,782 | ||||
Costs Capitalized Subsequent to Acquisition | 15,197 | ||||
Land and Improvements | 11,146 | ||||
Building and Improvements | 87,031 | ||||
Total | 98,177 | ||||
Accumulated Depreciation | $ 44,352 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
880 & 890 Winter Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 29,510 | ||||
Original Building | 65,812 | ||||
Costs Capitalized Subsequent to Acquisition | 1,367 | ||||
Land and Improvements | 29,510 | ||||
Building and Improvements | 66,561 | ||||
Land held for development | 618 | ||||
Total | 96,689 | ||||
Accumulated Depreciation | $ 5,706 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
880 & 890 Winter Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 29,510 | ||||
Original Building | 65,812 | ||||
Costs Capitalized Subsequent to Acquisition | 1,367 | ||||
Land and Improvements | 29,510 | ||||
Building and Improvements | 66,561 | ||||
Land held for development | 618 | ||||
Total | 96,689 | ||||
Accumulated Depreciation | $ 5,706 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
10 CityPoint | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 1,953 | ||||
Original Building | 85,752 | ||||
Costs Capitalized Subsequent to Acquisition | 4,744 | ||||
Land and Improvements | 2,290 | ||||
Building and Improvements | 90,159 | ||||
Total | 92,449 | ||||
Accumulated Depreciation | $ 14,073 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
10 CityPoint | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 1,953 | ||||
Original Building | 85,752 | ||||
Costs Capitalized Subsequent to Acquisition | 4,581 | ||||
Land and Improvements | 2,127 | ||||
Building and Improvements | 90,159 | ||||
Total | 92,286 | ||||
Accumulated Depreciation | $ 14,073 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
90 Broadway | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 19,104 | ||||
Original Building | 52,078 | ||||
Costs Capitalized Subsequent to Acquisition | 18,077 | ||||
Land and Improvements | 20,785 | ||||
Building and Improvements | 68,474 | ||||
Total | 89,259 | ||||
Accumulated Depreciation | $ 24,200 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
90 Broadway | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 19,104 | ||||
Original Building | 52,078 | ||||
Costs Capitalized Subsequent to Acquisition | 17,898 | ||||
Land and Improvements | 20,741 | ||||
Building and Improvements | 68,339 | ||||
Total | 89,080 | ||||
Accumulated Depreciation | $ 24,156 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
77 CityPoint | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 13,847 | ||||
Original Building | 60,383 | ||||
Costs Capitalized Subsequent to Acquisition | 11,937 | ||||
Land and Improvements | 14,023 | ||||
Building and Improvements | 72,144 | ||||
Total | 86,167 | ||||
Accumulated Depreciation | $ 29,691 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
77 CityPoint | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 13,847 | ||||
Original Building | 60,383 | ||||
Costs Capitalized Subsequent to Acquisition | 11,832 | ||||
Land and Improvements | 13,997 | ||||
Building and Improvements | 72,065 | ||||
Total | 86,062 | ||||
Accumulated Depreciation | $ 29,665 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
230 CityPoint | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 13,189 | ||||
Original Building | 49,823 | ||||
Costs Capitalized Subsequent to Acquisition | 23,958 | ||||
Land and Improvements | 13,807 | ||||
Building and Improvements | 73,163 | ||||
Total | 86,970 | ||||
Accumulated Depreciation | $ 32,678 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
230 CityPoint | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 13,189 | ||||
Original Building | 49,823 | ||||
Costs Capitalized Subsequent to Acquisition | 22,341 | ||||
Land and Improvements | 13,403 | ||||
Building and Improvements | 71,950 | ||||
Total | 85,353 | ||||
Accumulated Depreciation | $ 32,224 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Waltham Weston Corporate Center | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 10,385 | ||||
Original Building | 60,694 | ||||
Costs Capitalized Subsequent to Acquisition | 13,151 | ||||
Land and Improvements | 11,097 | ||||
Building and Improvements | 73,133 | ||||
Total | 84,230 | ||||
Accumulated Depreciation | $ 38,118 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Waltham Weston Corporate Center | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 10,385 | ||||
Original Building | 60,694 | ||||
Costs Capitalized Subsequent to Acquisition | 10,164 | ||||
Land and Improvements | 10,350 | ||||
Building and Improvements | 70,893 | ||||
Total | 81,243 | ||||
Accumulated Depreciation | $ 37,273 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
3625 - 3635 Peterson Way | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 63,206 | ||||
Original Building | 14,879 | ||||
Costs Capitalized Subsequent to Acquisition | 907 | ||||
Land and Improvements | 63,206 | ||||
Building and Improvements | 14,879 | ||||
Land held for development | 907 | ||||
Total | 78,992 | ||||
Accumulated Depreciation | $ 14,198 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
3625 - 3635 Peterson Way | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 63,206 | ||||
Original Building | 14,879 | ||||
Costs Capitalized Subsequent to Acquisition | 907 | ||||
Land and Improvements | 63,206 | ||||
Building and Improvements | 14,879 | ||||
Land held for development | 907 | ||||
Total | 78,992 | ||||
Accumulated Depreciation | $ 14,198 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
20 Citypoint | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 4,887 | ||||
Original Building | 72,764 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land and Improvements | 4,887 | ||||
Building and Improvements | 72,764 | ||||
Total | 77,651 | ||||
Accumulated Depreciation | $ 3,325 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
20 Citypoint | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 4,887 | ||||
Original Building | 72,764 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land and Improvements | 4,887 | ||||
Building and Improvements | 72,764 | ||||
Total | 77,651 | ||||
Accumulated Depreciation | $ 3,325 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
2440 West El Camino Real | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 16,741 | ||||
Original Building | 51,285 | ||||
Costs Capitalized Subsequent to Acquisition | 5,518 | ||||
Land and Improvements | 16,741 | ||||
Building and Improvements | 56,803 | ||||
Total | 73,544 | ||||
Accumulated Depreciation | $ 15,215 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
2440 West El Camino Real | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 16,741 | ||||
Original Building | 51,285 | ||||
Costs Capitalized Subsequent to Acquisition | 5,518 | ||||
Land and Improvements | 16,741 | ||||
Building and Improvements | 56,803 | ||||
Total | 73,544 | ||||
Accumulated Depreciation | $ 15,215 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
191 Spring Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 2,850 | ||||
Original Building | 59,751 | ||||
Costs Capitalized Subsequent to Acquisition | 7,543 | ||||
Land and Improvements | 3,151 | ||||
Building and Improvements | 66,993 | ||||
Total | 70,144 | ||||
Accumulated Depreciation | $ 24,275 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
191 Spring Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 2,850 | ||||
Original Building | 59,751 | ||||
Costs Capitalized Subsequent to Acquisition | 6,911 | ||||
Land and Improvements | 2,850 | ||||
Building and Improvements | 66,662 | ||||
Total | 69,512 | ||||
Accumulated Depreciation | $ 24,150 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
300 Binney Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,080 | ||||
Original Building | 51,262 | ||||
Costs Capitalized Subsequent to Acquisition | 140 | ||||
Land and Improvements | 18,080 | ||||
Building and Improvements | 51,402 | ||||
Total | 69,482 | ||||
Accumulated Depreciation | $ 12,842 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
300 Binney Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 18,080 | ||||
Original Building | 51,262 | ||||
Costs Capitalized Subsequent to Acquisition | 140 | ||||
Land and Improvements | 18,080 | ||||
Building and Improvements | 51,402 | ||||
Total | 69,482 | ||||
Accumulated Depreciation | $ 12,842 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Wisconsin Place | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 53,349 | ||||
Costs Capitalized Subsequent to Acquisition | 14,771 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 68,120 | ||||
Total | 68,120 | ||||
Accumulated Depreciation | $ 28,305 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Wisconsin Place | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 53,349 | ||||
Costs Capitalized Subsequent to Acquisition | 14,771 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 68,120 | ||||
Total | 68,120 | ||||
Accumulated Depreciation | $ 28,305 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Reston Corporate Center | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 9,135 | ||||
Original Building | 50,857 | ||||
Costs Capitalized Subsequent to Acquisition | 6,236 | ||||
Land and Improvements | 10,148 | ||||
Building and Improvements | 56,080 | ||||
Total | 66,228 | ||||
Accumulated Depreciation | $ 31,405 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Reston Corporate Center | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 9,135 | ||||
Original Building | 50,857 | ||||
Costs Capitalized Subsequent to Acquisition | 3,625 | ||||
Land and Improvements | 9,496 | ||||
Building and Improvements | 54,121 | ||||
Total | 63,617 | ||||
Accumulated Depreciation | $ 30,666 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
200 West Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 16,148 | ||||
Original Building | 24,983 | ||||
Costs Capitalized Subsequent to Acquisition | 21,102 | ||||
Land and Improvements | 16,813 | ||||
Building and Improvements | 30,496 | ||||
Land held for development | 317 | ||||
Development and Construction in Progress | 14,607 | ||||
Total | 62,233 | ||||
Accumulated Depreciation | $ 18,585 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
200 West Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 16,148 | ||||
Original Building | 24,983 | ||||
Costs Capitalized Subsequent to Acquisition | 18,441 | ||||
Land and Improvements | 16,148 | ||||
Building and Improvements | 28,500 | ||||
Land held for development | 317 | ||||
Development and Construction in Progress | 14,607 | ||||
Total | 59,572 | ||||
Accumulated Depreciation | $ 17,832 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
255 Main Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 134 | ||||
Original Building | 25,110 | ||||
Costs Capitalized Subsequent to Acquisition | 34,107 | ||||
Land and Improvements | 548 | ||||
Building and Improvements | 58,803 | ||||
Total | 59,351 | ||||
Accumulated Depreciation | $ 37,353 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
255 Main Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 134 | ||||
Original Building | 25,110 | ||||
Costs Capitalized Subsequent to Acquisition | 32,451 | ||||
Land and Improvements | 134 | ||||
Building and Improvements | 57,561 | ||||
Total | 57,695 | ||||
Accumulated Depreciation | $ 36,887 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
University Place | Office Building [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 1,491 | ||||
Original Cost | |||||
Original Land | 0 | ||||
Original Building | 37,091 | ||||
Costs Capitalized Subsequent to Acquisition | 16,745 | ||||
Land and Improvements | 6,909 | ||||
Building and Improvements | 46,927 | ||||
Total | 53,836 | ||||
Accumulated Depreciation | $ 30,983 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
University Place | Boston Properties Limited Partnership | Office Building [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 1,491 | ||||
Original Cost | |||||
Original Land | 0 | ||||
Original Building | 37,091 | ||||
Costs Capitalized Subsequent to Acquisition | 15,295 | ||||
Land and Improvements | 6,546 | ||||
Building and Improvements | 45,840 | ||||
Total | 52,386 | ||||
Accumulated Depreciation | $ 30,577 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Sumner Square | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 624 | ||||
Original Building | 28,745 | ||||
Costs Capitalized Subsequent to Acquisition | 20,396 | ||||
Land and Improvements | 2,251 | ||||
Building and Improvements | 47,514 | ||||
Total | 49,765 | ||||
Accumulated Depreciation | $ 28,329 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Sumner Square | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 624 | ||||
Original Building | 28,745 | ||||
Costs Capitalized Subsequent to Acquisition | 18,316 | ||||
Land and Improvements | 1,731 | ||||
Building and Improvements | 45,954 | ||||
Total | 47,685 | ||||
Accumulated Depreciation | $ 27,744 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
North First Business Park | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 23,398 | ||||
Original Building | 13,069 | ||||
Costs Capitalized Subsequent to Acquisition | 4,580 | ||||
Land and Improvements | 23,377 | ||||
Building and Improvements | 17,670 | ||||
Total | 41,047 | ||||
Accumulated Depreciation | $ 16,749 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
North First Business Park | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 23,398 | ||||
Original Building | 13,069 | ||||
Costs Capitalized Subsequent to Acquisition | 4,557 | ||||
Land and Improvements | 23,371 | ||||
Building and Improvements | 17,653 | ||||
Total | 41,024 | ||||
Accumulated Depreciation | $ 16,743 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Capital Gallery | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 4,725 | ||||
Original Building | 29,565 | ||||
Costs Capitalized Subsequent to Acquisition | 8,679 | ||||
Land and Improvements | 8,662 | ||||
Building and Improvements | 34,307 | ||||
Total | 42,969 | ||||
Accumulated Depreciation | $ 21,150 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Capital Gallery | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 4,725 | ||||
Original Building | 29,565 | ||||
Costs Capitalized Subsequent to Acquisition | 4,016 | ||||
Land and Improvements | 6,128 | ||||
Building and Improvements | 32,178 | ||||
Total | 38,306 | ||||
Accumulated Depreciation | $ 20,348 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
150 Broadway | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 850 | ||||
Original Building | 25,042 | ||||
Costs Capitalized Subsequent to Acquisition | 2,253 | ||||
Land and Improvements | 1,323 | ||||
Building and Improvements | 26,822 | ||||
Total | 28,145 | ||||
Accumulated Depreciation | $ 14,154 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
150 Broadway | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 850 | ||||
Original Building | 25,042 | ||||
Costs Capitalized Subsequent to Acquisition | 248 | ||||
Land and Improvements | 822 | ||||
Building and Improvements | 25,318 | ||||
Total | 26,140 | ||||
Accumulated Depreciation | $ 13,584 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
105 Broadway | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 1,299 | ||||
Original Building | 12,943 | ||||
Costs Capitalized Subsequent to Acquisition | 12,723 | ||||
Land and Improvements | 2,395 | ||||
Building and Improvements | 24,570 | ||||
Total | 26,965 | ||||
Accumulated Depreciation | $ 13,041 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
105 Broadway | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 1,299 | ||||
Original Building | 12,943 | ||||
Costs Capitalized Subsequent to Acquisition | 10,617 | ||||
Land and Improvements | 1,868 | ||||
Building and Improvements | 22,991 | ||||
Total | 24,859 | ||||
Accumulated Depreciation | $ 12,445 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Lexington Office Park | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 998 | ||||
Original Building | 1,426 | ||||
Costs Capitalized Subsequent to Acquisition | 18,567 | ||||
Land and Improvements | 1,264 | ||||
Building and Improvements | 19,727 | ||||
Total | 20,991 | ||||
Accumulated Depreciation | $ 15,289 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Lexington Office Park | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 998 | ||||
Original Building | 1,426 | ||||
Costs Capitalized Subsequent to Acquisition | 17,803 | ||||
Land and Improvements | 1,073 | ||||
Building and Improvements | 19,154 | ||||
Total | 20,227 | ||||
Accumulated Depreciation | $ 15,076 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
201 Spring Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 2,849 | ||||
Original Building | 15,303 | ||||
Costs Capitalized Subsequent to Acquisition | 1,124 | ||||
Land and Improvements | 3,124 | ||||
Building and Improvements | 16,152 | ||||
Total | 19,276 | ||||
Accumulated Depreciation | $ 8,985 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
201 Spring Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 2,849 | ||||
Original Building | 15,303 | ||||
Costs Capitalized Subsequent to Acquisition | 25 | ||||
Land and Improvements | 2,849 | ||||
Building and Improvements | 15,328 | ||||
Total | 18,177 | ||||
Accumulated Depreciation | $ 8,672 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
The Point | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 6,395 | ||||
Original Building | 10,040 | ||||
Costs Capitalized Subsequent to Acquisition | 421 | ||||
Land and Improvements | 6,492 | ||||
Building and Improvements | 10,364 | ||||
Total | 16,856 | ||||
Accumulated Depreciation | $ 1,667 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
The Point | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 6,395 | ||||
Original Building | 10,040 | ||||
Costs Capitalized Subsequent to Acquisition | 421 | ||||
Land and Improvements | 6,492 | ||||
Building and Improvements | 10,364 | ||||
Total | 16,856 | ||||
Accumulated Depreciation | $ 1,667 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
690 Folsom Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 3,219 | ||||
Original Building | 11,038 | ||||
Costs Capitalized Subsequent to Acquisition | 1,157 | ||||
Land and Improvements | 3,219 | ||||
Building and Improvements | 12,195 | ||||
Total | 15,414 | ||||
Accumulated Depreciation | $ 2,778 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
690 Folsom Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 3,219 | ||||
Original Building | 11,038 | ||||
Costs Capitalized Subsequent to Acquisition | 1,157 | ||||
Land and Improvements | 3,219 | ||||
Building and Improvements | 12,195 | ||||
Total | 15,414 | ||||
Accumulated Depreciation | $ 2,778 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
33 Hayden Avenue | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 266 | ||||
Original Building | 3,234 | ||||
Costs Capitalized Subsequent to Acquisition | 11,566 | ||||
Land and Improvements | 425 | ||||
Building and Improvements | 14,641 | ||||
Total | 15,066 | ||||
Accumulated Depreciation | $ 5,674 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
33 Hayden Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 266 | ||||
Original Building | 3,234 | ||||
Costs Capitalized Subsequent to Acquisition | 10,929 | ||||
Land and Improvements | 266 | ||||
Building and Improvements | 14,163 | ||||
Total | 14,429 | ||||
Accumulated Depreciation | $ 5,494 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
92-100 Hayden Avenue | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 594 | ||||
Original Building | 6,748 | ||||
Costs Capitalized Subsequent to Acquisition | 7,669 | ||||
Land and Improvements | 802 | ||||
Building and Improvements | 14,209 | ||||
Total | 15,011 | ||||
Accumulated Depreciation | $ 12,507 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
92-100 Hayden Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 594 | ||||
Original Building | 6,748 | ||||
Costs Capitalized Subsequent to Acquisition | 6,940 | ||||
Land and Improvements | 619 | ||||
Building and Improvements | 13,663 | ||||
Total | 14,282 | ||||
Accumulated Depreciation | $ 12,300 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
181 Spring Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 1,066 | ||||
Original Building | 9,520 | ||||
Costs Capitalized Subsequent to Acquisition | 2,177 | ||||
Land and Improvements | 1,160 | ||||
Building and Improvements | 11,603 | ||||
Total | 12,763 | ||||
Accumulated Depreciation | $ 5,908 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
181 Spring Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 1,066 | ||||
Original Building | 9,520 | ||||
Costs Capitalized Subsequent to Acquisition | 1,800 | ||||
Land and Improvements | 1,066 | ||||
Building and Improvements | 11,320 | ||||
Total | 12,386 | ||||
Accumulated Depreciation | $ 5,802 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
195 West Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 1,611 | ||||
Original Building | 6,652 | ||||
Costs Capitalized Subsequent to Acquisition | 4,221 | ||||
Land and Improvements | 1,858 | ||||
Building and Improvements | 10,626 | ||||
Total | 12,484 | ||||
Accumulated Depreciation | $ 8,589 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
195 West Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 1,611 | ||||
Original Building | 6,652 | ||||
Costs Capitalized Subsequent to Acquisition | 3,232 | ||||
Land and Improvements | 1,611 | ||||
Building and Improvements | 9,884 | ||||
Total | 11,495 | ||||
Accumulated Depreciation | $ 8,306 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
7501 Boston Boulevard, Building Seven | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 665 | ||||
Original Building | 9,273 | ||||
Costs Capitalized Subsequent to Acquisition | 819 | ||||
Land and Improvements | 791 | ||||
Building and Improvements | 9,966 | ||||
Total | 10,757 | ||||
Accumulated Depreciation | $ 5,665 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
7501 Boston Boulevard, Building Seven | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 665 | ||||
Original Building | 9,273 | ||||
Costs Capitalized Subsequent to Acquisition | 314 | ||||
Land and Improvements | 665 | ||||
Building and Improvements | 9,587 | ||||
Total | 10,252 | ||||
Accumulated Depreciation | $ 5,520 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
7435 Boston Boulevard, Building One | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 392 | ||||
Original Building | 3,822 | ||||
Costs Capitalized Subsequent to Acquisition | 5,016 | ||||
Land and Improvements | 659 | ||||
Building and Improvements | 8,571 | ||||
Total | 9,230 | ||||
Accumulated Depreciation | $ 6,756 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
7435 Boston Boulevard, Building One | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 392 | ||||
Original Building | 3,822 | ||||
Costs Capitalized Subsequent to Acquisition | 4,323 | ||||
Land and Improvements | 486 | ||||
Building and Improvements | 8,051 | ||||
Total | 8,537 | ||||
Accumulated Depreciation | $ 6,561 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
32 Hartwell Avenue | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 168 | ||||
Original Building | 1,943 | ||||
Costs Capitalized Subsequent to Acquisition | 6,944 | ||||
Land and Improvements | 314 | ||||
Building and Improvements | 8,741 | ||||
Total | 9,055 | ||||
Accumulated Depreciation | $ 2,365 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
32 Hartwell Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 168 | ||||
Original Building | 1,943 | ||||
Costs Capitalized Subsequent to Acquisition | 6,358 | ||||
Land and Improvements | 168 | ||||
Building and Improvements | 8,301 | ||||
Total | 8,469 | ||||
Accumulated Depreciation | $ 2,199 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
7450 Boston Boulevard, Building Three | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 1,165 | ||||
Original Building | 4,681 | ||||
Costs Capitalized Subsequent to Acquisition | 2,591 | ||||
Land and Improvements | 1,430 | ||||
Building and Improvements | 7,007 | ||||
Total | 8,437 | ||||
Accumulated Depreciation | $ 4,103 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
7450 Boston Boulevard, Building Three | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 1,165 | ||||
Original Building | 4,681 | ||||
Costs Capitalized Subsequent to Acquisition | 2,177 | ||||
Land and Improvements | 1,327 | ||||
Building and Improvements | 6,696 | ||||
Total | 8,023 | ||||
Accumulated Depreciation | $ 3,983 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
250 Binney Street | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 110 | ||||
Original Building | 4,483 | ||||
Costs Capitalized Subsequent to Acquisition | 3,593 | ||||
Land and Improvements | 273 | ||||
Building and Improvements | 7,913 | ||||
Total | 8,186 | ||||
Accumulated Depreciation | $ 6,211 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
250 Binney Street | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 110 | ||||
Original Building | 4,483 | ||||
Costs Capitalized Subsequent to Acquisition | 2,939 | ||||
Land and Improvements | 110 | ||||
Building and Improvements | 7,422 | ||||
Total | 7,532 | ||||
Accumulated Depreciation | $ 6,030 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
8000 Grainger Court Building Five | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 366 | ||||
Original Building | 4,282 | ||||
Costs Capitalized Subsequent to Acquisition | 3,198 | ||||
Land and Improvements | 601 | ||||
Building and Improvements | 7,245 | ||||
Total | 7,846 | ||||
Accumulated Depreciation | $ 5,923 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
8000 Grainger Court Building Five | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 366 | ||||
Original Building | 4,282 | ||||
Costs Capitalized Subsequent to Acquisition | 2,604 | ||||
Land and Improvements | 453 | ||||
Building and Improvements | 6,799 | ||||
Total | 7,252 | ||||
Accumulated Depreciation | $ 5,756 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
453 Ravendale Drive | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 5,477 | ||||
Original Building | 1,090 | ||||
Costs Capitalized Subsequent to Acquisition | 676 | ||||
Land and Improvements | 5,477 | ||||
Building and Improvements | 1,766 | ||||
Total | 7,243 | ||||
Accumulated Depreciation | $ 819 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
453 Ravendale Drive | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 5,477 | ||||
Original Building | 1,090 | ||||
Costs Capitalized Subsequent to Acquisition | 676 | ||||
Land and Improvements | 5,477 | ||||
Building and Improvements | 1,766 | ||||
Total | 7,243 | ||||
Accumulated Depreciation | $ 819 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
7300 Boston Boulevard Building Thirteen | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 608 | ||||
Original Building | 4,773 | ||||
Costs Capitalized Subsequent to Acquisition | 1,075 | ||||
Land and Improvements | 661 | ||||
Building and Improvements | 5,795 | ||||
Total | 6,456 | ||||
Accumulated Depreciation | $ 2,269 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
7300 Boston Boulevard Building Thirteen | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 608 | ||||
Original Building | 4,773 | ||||
Costs Capitalized Subsequent to Acquisition | 863 | ||||
Land and Improvements | 608 | ||||
Building and Improvements | 5,636 | ||||
Total | 6,244 | ||||
Accumulated Depreciation | $ 2,209 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
17 Hartwell Avenue | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 26 | ||||
Original Building | 150 | ||||
Costs Capitalized Subsequent to Acquisition | 6,064 | ||||
Land and Improvements | 65 | ||||
Building and Improvements | 6,175 | ||||
Total | 6,240 | ||||
Accumulated Depreciation | $ 2,487 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
17 Hartwell Avenue | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 26 | ||||
Original Building | 150 | ||||
Costs Capitalized Subsequent to Acquisition | 5,907 | ||||
Land and Improvements | 26 | ||||
Building and Improvements | 6,057 | ||||
Total | 6,083 | ||||
Accumulated Depreciation | $ 2,442 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
7601 Boston Boulevard Building Eight | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 200 | ||||
Original Building | 878 | ||||
Costs Capitalized Subsequent to Acquisition | 5,035 | ||||
Land and Improvements | 551 | ||||
Building and Improvements | 5,562 | ||||
Total | 6,113 | ||||
Accumulated Depreciation | $ 4,838 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
7601 Boston Boulevard Building Eight | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 200 | ||||
Original Building | 878 | ||||
Costs Capitalized Subsequent to Acquisition | 4,342 | ||||
Land and Improvements | 378 | ||||
Building and Improvements | 5,042 | ||||
Total | 5,420 | ||||
Accumulated Depreciation | $ 4,643 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
7500 Boston Boulevard Building Six | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 138 | ||||
Original Building | 3,749 | ||||
Costs Capitalized Subsequent to Acquisition | 1,640 | ||||
Land and Improvements | 367 | ||||
Building and Improvements | 5,160 | ||||
Total | 5,527 | ||||
Accumulated Depreciation | $ 4,399 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
7500 Boston Boulevard Building Six | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 138 | ||||
Original Building | 3,749 | ||||
Costs Capitalized Subsequent to Acquisition | 1,107 | ||||
Land and Improvements | 234 | ||||
Building and Improvements | 4,760 | ||||
Total | 4,994 | ||||
Accumulated Depreciation | $ 4,249 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
8000 Corporate Court Building Eleven | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 136 | ||||
Original Building | 3,071 | ||||
Costs Capitalized Subsequent to Acquisition | 1,649 | ||||
Land and Improvements | 774 | ||||
Building and Improvements | 4,082 | ||||
Total | 4,856 | ||||
Accumulated Depreciation | $ 3,320 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
8000 Corporate Court Building Eleven | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 136 | ||||
Original Building | 3,071 | ||||
Costs Capitalized Subsequent to Acquisition | 1,298 | ||||
Land and Improvements | 686 | ||||
Building and Improvements | 3,819 | ||||
Total | 4,505 | ||||
Accumulated Depreciation | $ 3,217 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
7375 Boston Boulevard Building Ten | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 23 | ||||
Original Building | 2,685 | ||||
Costs Capitalized Subsequent to Acquisition | 1,035 | ||||
Land and Improvements | 93 | ||||
Building and Improvements | 3,650 | ||||
Total | 3,743 | ||||
Accumulated Depreciation | $ 2,724 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
7375 Boston Boulevard Building Ten | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 23 | ||||
Original Building | 2,685 | ||||
Costs Capitalized Subsequent to Acquisition | 854 | ||||
Land and Improvements | 47 | ||||
Building and Improvements | 3,515 | ||||
Total | 3,562 | ||||
Accumulated Depreciation | $ 2,676 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
7374 Boston Boulevard Building Four | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 241 | ||||
Original Building | 1,605 | ||||
Costs Capitalized Subsequent to Acquisition | 1,821 | ||||
Land and Improvements | 398 | ||||
Building and Improvements | 3,269 | ||||
Total | 3,667 | ||||
Accumulated Depreciation | $ 2,870 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
7374 Boston Boulevard Building Four | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 241 | ||||
Original Building | 1,605 | ||||
Costs Capitalized Subsequent to Acquisition | 1,438 | ||||
Land and Improvements | 303 | ||||
Building and Improvements | 2,981 | ||||
Total | 3,284 | ||||
Accumulated Depreciation | $ 2,765 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
7451 Boston Boulevard Building Two | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 249 | ||||
Original Building | 1,542 | ||||
Costs Capitalized Subsequent to Acquisition | 1,658 | ||||
Land and Improvements | 613 | ||||
Building and Improvements | 2,836 | ||||
Total | 3,449 | ||||
Accumulated Depreciation | $ 2,699 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
7451 Boston Boulevard Building Two | Boston Properties Limited Partnership | Office Building [Member] | |||||
Original Cost | |||||
Original Land | $ 249 | ||||
Original Building | 1,542 | ||||
Costs Capitalized Subsequent to Acquisition | 1,345 | ||||
Land and Improvements | 535 | ||||
Building and Improvements | 2,601 | ||||
Total | 3,136 | ||||
Accumulated Depreciation | $ 2,609 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
The Skylyne | Residential Building | |||||
Original Cost | |||||
Original Land | $ 28,962 | ||||
Original Building | 239,077 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land and Improvements | 28,962 | ||||
Building and Improvements | 239,077 | ||||
Total | 268,039 | ||||
Accumulated Depreciation | $ 2,128 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
The Skylyne | Boston Properties Limited Partnership | Residential Building | |||||
Original Cost | |||||
Original Land | $ 28,962 | ||||
Original Building | 239,077 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land and Improvements | 28,962 | ||||
Building and Improvements | 239,077 | ||||
Total | 268,039 | ||||
Accumulated Depreciation | $ 2,128 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Signature at Reston | Residential Building | |||||
Original Cost | |||||
Original Land | $ 27,076 | ||||
Original Building | 190,580 | ||||
Costs Capitalized Subsequent to Acquisition | 659 | ||||
Land and Improvements | 27,076 | ||||
Building and Improvements | 191,239 | ||||
Total | 218,315 | ||||
Accumulated Depreciation | $ 13,650 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Signature at Reston | Boston Properties Limited Partnership | Residential Building | |||||
Original Cost | |||||
Original Land | $ 27,076 | ||||
Original Building | 190,580 | ||||
Costs Capitalized Subsequent to Acquisition | 659 | ||||
Land and Improvements | 27,076 | ||||
Building and Improvements | 191,239 | ||||
Total | 218,315 | ||||
Accumulated Depreciation | $ 13,650 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Proto Kendall Square | Residential Building | |||||
Original Cost | |||||
Original Land | $ 9,243 | ||||
Original Building | 127,248 | ||||
Costs Capitalized Subsequent to Acquisition | 3,336 | ||||
Land and Improvements | 9,245 | ||||
Building and Improvements | 130,582 | ||||
Total | 139,827 | ||||
Accumulated Depreciation | $ 7,883 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Proto Kendall Square | Boston Properties Limited Partnership | Residential Building | |||||
Original Cost | |||||
Original Land | $ 9,243 | ||||
Original Building | 127,248 | ||||
Costs Capitalized Subsequent to Acquisition | 3,336 | ||||
Land and Improvements | 9,245 | ||||
Building and Improvements | 130,582 | ||||
Total | 139,827 | ||||
Accumulated Depreciation | $ 7,883 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
The Avant at Reston Town Center | Residential Building | |||||
Original Cost | |||||
Original Land | $ 20,350 | ||||
Original Building | 91,995 | ||||
Costs Capitalized Subsequent to Acquisition | 846 | ||||
Land and Improvements | 20,350 | ||||
Building and Improvements | 92,841 | ||||
Total | 113,191 | ||||
Accumulated Depreciation | $ 17,204 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
The Avant at Reston Town Center | Boston Properties Limited Partnership | Residential Building | |||||
Original Cost | |||||
Original Land | $ 20,350 | ||||
Original Building | 91,995 | ||||
Costs Capitalized Subsequent to Acquisition | 846 | ||||
Land and Improvements | 20,350 | ||||
Building and Improvements | 92,841 | ||||
Total | 113,191 | ||||
Accumulated Depreciation | $ 17,204 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
The Lofts at Atlantic Wharf | Residential Building | |||||
Original Cost | |||||
Original Land | $ 3,529 | ||||
Original Building | 54,891 | ||||
Costs Capitalized Subsequent to Acquisition | 2,129 | ||||
Land and Improvements | 3,529 | ||||
Building and Improvements | 57,020 | ||||
Total | 60,549 | ||||
Accumulated Depreciation | $ 14,166 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
The Lofts at Atlantic Wharf | Boston Properties Limited Partnership | Residential Building | |||||
Original Cost | |||||
Original Land | $ 3,529 | ||||
Original Building | 54,891 | ||||
Costs Capitalized Subsequent to Acquisition | 2,129 | ||||
Land and Improvements | 3,529 | ||||
Building and Improvements | 57,020 | ||||
Total | 60,549 | ||||
Accumulated Depreciation | $ 14,166 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Boston Cambridge Marriott | Hotel [Member] | |||||
Original Cost | |||||
Original Land | $ 478 | ||||
Original Building | 37,918 | ||||
Costs Capitalized Subsequent to Acquisition | 35,486 | ||||
Land and Improvements | 1,201 | ||||
Building and Improvements | 72,681 | ||||
Total | 73,882 | ||||
Accumulated Depreciation | $ 49,103 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Boston Cambridge Marriott | Boston Properties Limited Partnership | Hotel [Member] | |||||
Original Cost | |||||
Original Land | $ 478 | ||||
Original Building | 37,918 | ||||
Costs Capitalized Subsequent to Acquisition | 32,595 | ||||
Land and Improvements | 478 | ||||
Building and Improvements | 70,513 | ||||
Total | 70,991 | ||||
Accumulated Depreciation | $ 48,286 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Kendall Center Green Garage | Garage | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 35,035 | ||||
Costs Capitalized Subsequent to Acquisition | 6,846 | ||||
Land and Improvements | 103 | ||||
Building and Improvements | 41,778 | ||||
Total | 41,881 | ||||
Accumulated Depreciation | $ 14,442 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Kendall Center Green Garage | Boston Properties Limited Partnership | Garage | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 35,035 | ||||
Costs Capitalized Subsequent to Acquisition | 6,432 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 41,467 | ||||
Total | 41,467 | ||||
Accumulated Depreciation | $ 14,327 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Kendall Center Yellow Garage | Garage | |||||
Original Cost | |||||
Original Land | $ 1,256 | ||||
Original Building | 15,697 | ||||
Costs Capitalized Subsequent to Acquisition | 1,552 | ||||
Land and Improvements | 1,434 | ||||
Building and Improvements | 17,071 | ||||
Total | 18,505 | ||||
Accumulated Depreciation | $ 6,485 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Kendall Center Yellow Garage | Boston Properties Limited Partnership | Garage | |||||
Original Cost | |||||
Original Land | $ 1,256 | ||||
Original Building | 15,697 | ||||
Costs Capitalized Subsequent to Acquisition | 840 | ||||
Land and Improvements | 1,256 | ||||
Building and Improvements | 16,537 | ||||
Total | 17,793 | ||||
Accumulated Depreciation | $ 6,287 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Kendall Center Blue Garage | Garage | |||||
Original Cost | |||||
Original Land | $ 1,163 | ||||
Original Building | 11,633 | ||||
Costs Capitalized Subsequent to Acquisition | 2,111 | ||||
Land and Improvements | 1,579 | ||||
Building and Improvements | 13,328 | ||||
Total | 14,907 | ||||
Accumulated Depreciation | $ 10,044 | ||||
Depreciable Lives (Years) | [5] | (1) | |||
Kendall Center Blue Garage | Boston Properties Limited Partnership | Garage | |||||
Original Cost | |||||
Original Land | $ 1,163 | ||||
Original Building | 11,633 | ||||
Costs Capitalized Subsequent to Acquisition | 446 | ||||
Land and Improvements | 1,163 | ||||
Building and Improvements | 12,079 | ||||
Total | 13,242 | ||||
Accumulated Depreciation | $ 9,576 | ||||
Depreciable Lives (Years) | [6] | (1) | |||
Reston Next | Development | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 354,174 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Development and Construction in Progress | 354,174 | ||||
Total | 354,174 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Reston Next | Boston Properties Limited Partnership | Development | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 354,174 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Development and Construction in Progress | 354,174 | ||||
Total | 354,174 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
2100 Pennsylvania Avenue | Development | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 294,445 | ||||
Land and Improvements | 185,129 | ||||
Building and Improvements | 0 | ||||
Development and Construction in Progress | 109,316 | ||||
Total | 294,445 | ||||
Accumulated Depreciation | $ 3,481 | ||||
Depreciable Lives (Years) | N/A | ||||
2100 Pennsylvania Avenue | Boston Properties Limited Partnership | Development | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 294,445 | ||||
Land and Improvements | 185,129 | ||||
Building and Improvements | 0 | ||||
Development and Construction in Progress | 109,316 | ||||
Total | 294,445 | ||||
Accumulated Depreciation | $ 3,481 | ||||
Depreciable Lives (Years) | N/A | ||||
325 Main Street | Development | |||||
Original Cost | |||||
Original Land | $ 174 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 161,468 | ||||
Land and Improvements | 965 | ||||
Building and Improvements | 0 | ||||
Development and Construction in Progress | 160,677 | ||||
Total | 161,642 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
325 Main Street | Boston Properties Limited Partnership | Development | |||||
Original Cost | |||||
Original Land | $ 174 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 161,275 | ||||
Land and Improvements | 772 | ||||
Building and Improvements | 0 | ||||
Development and Construction in Progress | 160,677 | ||||
Total | 161,449 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
777 Harrison Street | Land | |||||
Original Cost | |||||
Original Land | $ 144,647 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 25,930 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 47 | ||||
Land held for development | 170,530 | ||||
Total | 170,577 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
777 Harrison Street | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 144,647 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 25,930 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 47 | ||||
Land held for development | 170,530 | ||||
Total | 170,577 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
North First Master Plan | Land | |||||
Original Cost | |||||
Original Land | $ 35,004 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 3,937 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 38,941 | ||||
Total | 38,941 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
North First Master Plan | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 35,004 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 3,937 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 38,941 | ||||
Total | 38,941 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Plaza at Almaden | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 36,431 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 36,431 | ||||
Total | 36,431 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Plaza at Almaden | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 36,431 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 36,431 | ||||
Total | 36,431 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Back Bay Station Master Plan | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 30,643 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 30,643 | ||||
Total | 30,643 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Back Bay Station Master Plan | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 30,643 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 30,643 | ||||
Total | 30,643 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Reston Gateway Master Plan | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 28,610 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 28,610 | ||||
Total | 28,610 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Reston Gateway Master Plan | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 28,610 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 28,610 | ||||
Total | 28,610 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Springfield Metro Center | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 19,871 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 19,871 | ||||
Total | 19,871 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Springfield Metro Center | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 19,871 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 19,871 | ||||
Total | 19,871 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
214 Third Avenue | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 19,206 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 19,206 | ||||
Total | 19,206 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
214 Third Avenue | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 19,206 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 19,206 | ||||
Total | 19,206 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
CityPoint South Master Plan | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 13,363 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 13,363 | ||||
Total | 13,363 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
CityPoint South Master Plan | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 13,363 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 13,363 | ||||
Total | 13,363 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
103 Fourth Avenue | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 12,888 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 12,888 | ||||
Total | 12,888 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
103 Fourth Avenue | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 12,888 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 12,888 | ||||
Total | 12,888 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Broad Run Business Park | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 2,392 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 2,392 | ||||
Total | 2,392 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Broad Run Business Park | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 2,392 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 2,392 | ||||
Total | 2,392 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Kendall Center Master Plan | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 2,145 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 2,145 | ||||
Total | 2,145 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Kendall Center Master Plan | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 2,145 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 2,145 | ||||
Total | 2,145 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Weston Quarry | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 1,249 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 1,249 | ||||
Total | 1,249 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Weston Quarry | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 1,249 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 1,249 | ||||
Total | 1,249 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Reston Overlook Master Plan | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 42 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 42 | ||||
Total | 42 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
Reston Overlook Master Plan | Boston Properties Limited Partnership | Land | |||||
Original Cost | |||||
Original Land | $ 0 | ||||
Original Building | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 42 | ||||
Land and Improvements | 0 | ||||
Building and Improvements | 0 | ||||
Land held for development | 42 | ||||
Total | 42 | ||||
Accumulated Depreciation | $ 0 | ||||
Depreciable Lives (Years) | N/A | ||||
[1] | Includes pre-development costs. | ||||
[2] | Includes unamortized deferred financing costs totaling approximately $(22.9) million. | ||||
[3] | Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $214,091 and $148,640, respectively. | ||||
[4] | Includes Right of Use Assets - Finance Leases of approximately $23,302. | ||||
[5] | Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. | ||||
[6] | Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. |
SEC Schedule, Article 12-28, _3
SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at the beginning of the year | $ 22,844,697 | $ 21,605,545 | $ 21,058,714 |
Additions to / improvements of real estate | 996,989 | 1,671,898 | 1,043,379 |
Assets sold/written-off | (538,383) | (432,746) | (496,548) |
Balance at the end of the year | 23,303,303 | 22,844,697 | 21,605,545 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at the beginning of the year | 5,239,179 | 4,871,102 | 4,566,570 |
Depreciation expense | 573,898 | 564,938 | 533,342 |
Assets sold/written-off | (311,440) | (196,861) | (228,810) |
Balance at the end of the year | 5,501,637 | 5,239,179 | 4,871,102 |
Boston Properties Limited Partnership | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at the beginning of the year | 22,449,476 | 21,207,189 | 20,647,236 |
Additions to / improvements of real estate | 996,989 | 1,671,898 | 1,043,379 |
Assets sold/written-off | (519,971) | (429,611) | (483,426) |
Balance at the end of the year | 22,926,494 | 22,449,476 | 21,207,189 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at the beginning of the year | 5,135,289 | 4,773,800 | 4,473,895 |
Depreciation expense | 566,813 | 557,130 | 525,584 |
Assets sold/written-off | (305,991) | (195,641) | (225,679) |
Balance at the end of the year | $ 5,396,111 | $ 5,135,289 | $ 4,773,800 |