Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 20, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-13087 | ||
Entity Registrant Name | BOSTON PROPERTIES, INC. | ||
Entity Central Index Key | 0001037540 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | 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 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Entity Listing, Par Value Per Share | $ 0.01 | ||
Trading Symbol | BXP | ||
Security Exchange Name | NYSE | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,012,722,469 | ||
Documents Incorporated by Reference | Certain information contained in Boston Properties Inc.’s Proxy Statement relating to its Annual Meeting of Stockholders to be held May 22, 2024 i s incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III. Boston Properties, Inc. intends to file such Proxy Stat | ||
Entity Common Stock, Shares Outstanding | 157,010,980 | ||
Boston Properties Limited Partnership | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Entity File Number | 0-50209 | ||
Entity Registrant Name | BOSTON PROPERTIES LIMITED PARTNERSHIP | ||
Entity Central Index Key | 0001043121 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | 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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Boston, Massachusetts |
Auditor Firm ID | 238 |
Boston Properties Limited Partnership | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Boston, Massachusetts |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) | $ 26,749,209 | $ 25,389,663 | |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) | 401,680 | 237,510 | |
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) | [1] | 324,298 | 167,351 |
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) | (6,881,728) | (6,298,082) | |
Total real estate | 20,593,459 | 19,496,442 | |
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) | 1,531,477 | 690,333 | |
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) | 81,090 | 46,479 | |
Investments in securities | 36,337 | 32,277 | |
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) | 122,407 | 81,389 | |
Note receivable, net | 1,714 | 0 | |
Sales-type lease receivable, net | 13,704 | 12,811 | |
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) | 1,355,212 | 1,276,580 | |
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) | 760,421 | 733,282 | |
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) | 64,230 | 43,589 | |
Investments in unconsolidated joint ventures | 1,377,319 | 1,715,911 | |
Total assets | 26,026,149 | 24,207,669 | |
Liabilities: | |||
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) | 4,166,379 | 3,272,368 | |
Unsecured senior notes, net | 10,491,617 | 10,237,968 | |
Unsecured line of credit | 0 | 0 | |
Unsecured term loan, net | 1,198,301 | 730,000 | |
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) | 417,961 | 249,335 | |
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) | 350,391 | 204,686 | |
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) | 458,329 | 417,545 | |
Dividends and distributions payable | 171,176 | 170,643 | |
Accrued interest payable | 133,684 | 103,774 | |
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) | 445,947 | 450,918 | |
Total liabilities | 17,833,785 | 15,837,237 | |
Redeemable deferred stock units— 119,471 and 97,853 units outstanding at redemption value at December 31, 2023 and December 31, 2022, respectively | $ 8,383 | $ 6,613 | |
Excess stock, shares outstanding | 0 | 0 | |
Excess stock, shares issued | 0 | 0 | |
Preferred stock / units, shares / units issued (in shares / units) | 0 | 0 | |
Preferred stock / units, shares / units outstanding (in shares / units) | 0 | 0 | |
Equity / Capital: | |||
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding | $ 0 | $ 0 | |
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding | 0 | 0 | |
Common stock, $0.01 par value, 250,000,000 shares authorized, 157,019,766 and 156,836,767 issued and 156,940,866 and 156,757,867 outstanding at December 31, 2023 and December 31, 2022, respectively | 1,569 | 1,568 | |
Additional paid-in capital | 6,715,149 | 6,539,147 | |
Dividends in excess of earnings | $ (816,152) | $ (391,356) | |
Treasury common stock at cost, shares | 78,900 | 78,900 | |
Treasury common stock at cost, 78,900 shares at December 31, 2023 and December 31, 2022 | $ (2,722) | $ (2,722) | |
Accumulated other comprehensive loss | (21,147) | (13,718) | |
Total stockholders' equity attributable to Boston Properties, Inc. | 5,876,697 | 6,132,919 | |
Noncontrolling interests: | |||
Common units of the Operating Partnership | 666,580 | 683,583 | |
Property partnerships | 1,640,704 | 1,547,317 | |
Total equity / capital | 8,183,981 | 8,363,819 | |
Total liabilities and equity / capital | 26,026,149 | 24,207,669 | |
Related Party | |||
ASSETS | |||
Related party note receivable, net | 88,779 | 78,576 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
ASSETS | |||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) | 7,054,075 | 6,789,029 | |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) | 21,000 | 21,000 | |
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) | 158,885 | 0 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) | (1,501,483) | (1,381,401) | |
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) | 245,317 | 259,658 | |
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) | 22,160 | 0 | |
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) | 27,987 | 16,521 | |
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) | 401,159 | 367,138 | |
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) | 175,383 | 176,597 | |
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) | 11,824 | 11,647 | |
Liabilities: | |||
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) | 3,277,185 | 3,272,368 | |
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) | 20,794 | 20,604 | |
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) | 145,826 | 0 | |
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) | 59,667 | 29,466 | |
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) | 115,275 | 114,232 | |
Boston Properties Limited Partnership | |||
ASSETS | |||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) | 26,382,944 | 25,022,149 | |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) | 401,680 | 237,510 | |
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) | [1] | 324,298 | 167,351 |
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) | (6,758,361) | (6,180,474) | |
Total real estate | 20,350,561 | 19,246,536 | |
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) | 1,531,477 | 690,333 | |
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) | 81,090 | 46,479 | |
Investments in securities | 36,337 | 32,277 | |
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) | 122,407 | 81,389 | |
Note receivable, net | 1,714 | 0 | |
Sales-type lease receivable, net | 13,704 | 12,811 | |
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) | 1,355,212 | 1,276,580 | |
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) | 760,421 | 733,282 | |
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) | 64,230 | 43,589 | |
Investments in unconsolidated joint ventures | 1,377,319 | 1,715,911 | |
Total assets | 25,783,251 | 23,957,763 | |
Liabilities: | |||
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) | 4,166,379 | 3,272,368 | |
Unsecured senior notes, net | 10,491,617 | 10,237,968 | |
Unsecured line of credit | 0 | 0 | |
Unsecured term loan, net | 1,198,301 | 730,000 | |
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) | 417,961 | 249,335 | |
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) | 350,391 | 204,686 | |
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) | 458,329 | 417,545 | |
Dividends and distributions payable | 171,176 | 170,643 | |
Accrued interest payable | 133,684 | 103,774 | |
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) | 445,947 | 450,918 | |
Total liabilities | 17,833,785 | 15,837,237 | |
Redeemable deferred stock units— 119,471 and 97,853 units outstanding at redemption value at December 31, 2023 and December 31, 2022, respectively | 8,383 | 6,613 | |
Noncontrolling interest: | |||
Redeemable partnership units— 16,508,277 and 16,531,172 common units and 2,065,861 and 1,679,175 long term incentive units outstanding at redemption value at December 31, 2023 and December 31, 2022, respectively | 1,347,575 | 1,280,886 | |
Equity / Capital: | |||
Boston Properties Limited Partnership partners’ capital— 1,755,150 and 1,749,682 general partner units and 155,185,716 and 155,008,185 limited partner units outstanding at December 31, 2023 and December 31, 2022, respectively | 4,973,951 | 5,299,428 | |
Accumulated other comprehensive loss | (21,147) | (13,718) | |
Total partners’ capital | 4,952,804 | 5,285,710 | |
Noncontrolling interests in property partnerships | 1,640,704 | 1,547,317 | |
Noncontrolling interests: | |||
Total equity / capital | 6,593,508 | 6,833,027 | |
Total liabilities and equity / capital | 25,783,251 | 23,957,763 | |
Boston Properties Limited Partnership | Related Party | |||
ASSETS | |||
Related party note receivable, net | 88,779 | 78,576 | |
Boston Properties Limited Partnership | Variable Interest Entity, Primary Beneficiary [Member] | |||
ASSETS | |||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) | 7,054,075 | 6,789,029 | |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) | 21,000 | 21,000 | |
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) | 158,885 | 0 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) | (1,501,483) | (1,381,401) | |
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) | 245,317 | 259,658 | |
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) | 22,160 | 0 | |
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) | 27,987 | 16,521 | |
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) | 401,159 | 367,138 | |
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) | 175,383 | 176,597 | |
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) | 11,824 | 11,647 | |
Liabilities: | |||
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) | 3,277,185 | 3,272,368 | |
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) | 20,794 | 20,604 | |
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) | 145,826 | 0 | |
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) | 59,667 | 29,466 | |
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) | $ 115,275 | $ 114,232 | |
[1] See Note 4. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) | $ 26,749,209 | $ 25,389,663 | |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) | 401,680 | 237,510 | |
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) | [1] | 324,298 | 167,351 |
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) | (6,881,728) | (6,298,082) | |
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) | 1,531,477 | 690,333 | |
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) | 81,090 | 46,479 | |
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) | 122,407 | 81,389 | |
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) | 1,355,212 | 1,276,580 | |
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) | 760,421 | 733,282 | |
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) | 64,230 | 43,589 | |
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) | 4,166,379 | 3,272,368 | |
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) | 417,961 | 249,335 | |
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) | 350,391 | 204,686 | |
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) | 458,329 | 417,545 | |
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) | $ 445,947 | $ 450,918 | |
Reedemable deferred stock units, units | 119,471 | 97,853 | |
Limited Partners' Capital Account, Units Outstanding (in units) | 155,185,716 | ||
General Partners' Capital Account, Units Outstanding (in units) | 1,755,150 | ||
Excess stock, par value | $ 0.01 | $ 0.01 | |
Excess stock, shares authorized | 150,000,000 | 150,000,000 | |
Excess stock, shares outstanding | 0 | 0 | |
Excess stock, shares issued | 0 | 0 | |
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |
Preferred stock / units, shares / units issued (in shares / units) | 0 | 0 | |
Preferred stock / units, shares / units outstanding (in shares / units) | 0 | 0 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 250,000,000 | 250,000,000 | |
Common stock, shares issued | 157,019,766 | 156,836,767 | |
Common Stock, Shares, Outstanding | 156,940,866 | 156,757,867 | |
Treasury common stock at cost, shares | 78,900 | 78,900 | |
Boston Properties Limited Partnership | |||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) | $ 26,382,944 | $ 25,022,149 | |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) | 401,680 | 237,510 | |
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) | [1] | 324,298 | 167,351 |
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) | (6,758,361) | (6,180,474) | |
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) | 1,531,477 | 690,333 | |
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) | 81,090 | 46,479 | |
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) | 122,407 | 81,389 | |
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) | 1,355,212 | 1,276,580 | |
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) | 760,421 | 733,282 | |
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) | 64,230 | 43,589 | |
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) | 4,166,379 | 3,272,368 | |
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) | 417,961 | 249,335 | |
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) | 350,391 | 204,686 | |
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) | 458,329 | 417,545 | |
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) | $ 445,947 | $ 450,918 | |
Reedemable deferred stock units, units | 119,471 | 97,853 | |
Limited Partners' Capital Account, Units Outstanding (in units) | 155,185,716 | 155,008,185 | |
General Partners' Capital Account, Units Outstanding (in units) | 1,755,150 | 1,749,682 | |
NonControlling Interest Redeemable Partnership Units Common Units Shares Outstanding | 16,508,277 | 16,531,172 | |
NonControlling Interest Redeemable Partnership Units Common Units Long Term Incentive Units At Redemption Value Shares Outstanding | 2,065,861 | 1,679,175 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) | $ 7,054,075 | $ 6,789,029 | |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) | 21,000 | 21,000 | |
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) | 158,885 | 0 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) | (1,501,483) | (1,381,401) | |
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) | 245,317 | 259,658 | |
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) | 22,160 | 0 | |
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) | 27,987 | 16,521 | |
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) | 401,159 | 367,138 | |
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) | 175,383 | 176,597 | |
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) | 11,824 | 11,647 | |
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) | 3,277,185 | 3,272,368 | |
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) | 20,794 | 20,604 | |
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) | 145,826 | 0 | |
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) | 59,667 | 29,466 | |
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) | 115,275 | 114,232 | |
Variable Interest Entity, Primary Beneficiary [Member] | Boston Properties Limited Partnership | |||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,054,075 and $6,789,029 at December 31, 2023 and December 31, 2022, respectively) | 7,054,075 | 6,789,029 | |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2023 and December 31, 2022, respectively) | 21,000 | 21,000 | |
Right of use assets - operating leases (amounts related to VIEs of $158,885 and $0 at December 31, 2023 and December 31, 2022, respectively) | 158,885 | 0 | |
Less: accumulated depreciation (amounts related to VIEs of $(1,501,483) and $(1,381,401) at December 31, 2023 and December 31, 2022, respectively) | (1,501,483) | (1,381,401) | |
Cash and cash equivalents (amounts related to VIEs of $245,317 and $259,658 at December 31, 2023 and December 31, 2022, respectively) | 245,317 | 259,658 | |
Cash held in escrows (amounts related to VIEs of $22,160 and $0 at December 31, 2023 and December 31, 2022, respectively) | 22,160 | 0 | |
Tenant and other receivables, net (amounts related to VIEs of $27,987 and $16,521 at December 31, 2023 and December 31, 2022, respectively) | 27,987 | 16,521 | |
Accrued rental income, net (amounts related to VIEs of $401,159 and $367,138 at December 31, 2023 and December 31, 2022, respectively) | 401,159 | 367,138 | |
Deferred charges, net (amounts related to VIEs of $175,383 and $176,597 at December 31, 2023 and December 31, 2022, respectively) | 175,383 | 176,597 | |
Prepaid expenses and other assets (amounts related to VIEs of $11,824 and $11,647 at December 31, 2023 and December 31, 2022, respectively) | 11,824 | 11,647 | |
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) | 3,277,185 | 3,272,368 | |
Lease liabilities - finance leases (amounts related to VIEs of $20,794 and $20,604 at December 31, 2023 and December 31, 2022, respectively) | 20,794 | 20,604 | |
Lease liabilities - operating leases (amounts related to VIEs of $145,826 and $0 at December 31, 2023 and December 31, 2022, respectively) | 145,826 | 0 | |
Accounts payable and accrued expenses (amounts related to VIEs of $59,667 and $29,466 at December 31, 2023 and December 31, 2022, respectively) | 59,667 | 29,466 | |
Other liabilities (amounts related to VIEs of $115,275 and $114,232 at December 31, 2023 and December 31, 2022, respectively) | $ 115,275 | $ 114,232 | |
[1] See Note 4. |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue | ||||
Lease | $ 3,054,673 | $ 2,918,368 | $ 2,753,014 | |
Total revenue | 3,273,569 | 3,108,581 | 2,888,621 | |
Expenses | ||||
Rental | 1,183,947 | 1,108,070 | 1,021,151 | |
General and administrative | 170,158 | 146,378 | 151,573 | |
Transaction costs | 4,313 | 2,905 | 5,036 | |
Depreciation and amortization | 830,813 | 749,775 | 717,336 | |
Total expenses | 2,239,227 | 2,050,056 | 1,920,581 | |
Other income (expense) | ||||
Loss from unconsolidated joint ventures | (239,543) | (59,840) | (2,570) | |
Gains on sales of real estate | 517 | 437,019 | 123,660 | |
Gain on sales-type lease | 0 | 10,058 | 0 | |
Interest and other income (loss) | 69,964 | 11,940 | 5,704 | |
Other Income - assignment fee | 0 | 6,624 | 0 | |
Gains (losses) from investments in securities | 5,556 | (6,453) | 5,626 | |
Losses from interest rate contracts | (79) | 0 | 0 | |
Unrealized Gain (Loss) on Investments | 239 | (150) | 0 | |
Losses from early extinguishment of debt | 0 | 0 | (45,182) | |
Interest expense | (579,572) | (437,139) | (423,346) | |
Net Income (loss) | 291,424 | 1,020,584 | 631,932 | |
Net income attributable to noncontrolling interests | ||||
Noncontrolling interests in property partnerships | (78,661) | (74,857) | (70,806) | |
Noncontrolling interest - common units of the Operating Partnership | (22,548) | (96,780) | (55,931) | |
Net income attributable to Boston Properties, Inc. | 190,215 | 848,947 | 505,195 | |
Preferred dividends / distributions | 0 | 0 | (2,560) | |
Preferred Stock Redemption Charge | 0 | 0 | (6,412) | |
Net income attributable to the Company common shareholders / unitholders | $ 190,215 | $ 848,947 | $ 496,223 | |
Basic earnings per common share / unit attributable to the Company common shareholders / unitholders | ||||
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 1.21 | $ 5.41 | $ 3.18 | |
Weighted average number of common shares / units outstanding (in shares / units) | 156,863 | 156,726 | 156,116 | |
Diluted earnings per common share / unit attributable to the Company common shareholders / unitholders | ||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 1.21 | $ 5.40 | $ 3.17 | |
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 157,201 | 157,137 | 156,376 | |
Boston Properties Limited Partnership | ||||
Revenue | ||||
Lease | $ 3,054,673 | $ 2,918,368 | $ 2,753,014 | |
Total revenue | 3,273,569 | 3,108,581 | 2,888,621 | |
Expenses | ||||
Rental | 1,183,947 | 1,108,070 | 1,021,151 | |
General and administrative | 170,158 | 146,378 | 151,573 | |
Transaction costs | 4,313 | 2,905 | 5,036 | |
Depreciation and amortization | 823,805 | 742,293 | ||
Total expenses | 2,232,219 | 2,042,574 | 1,912,280 | |
Other income (expense) | ||||
Loss from unconsolidated joint ventures | (239,543) | (59,840) | (2,570) | |
Gains on sales of real estate | 517 | 441,075 | 125,198 | |
Gain on sales-type lease | 0 | 10,058 | 0 | |
Interest and other income (loss) | 69,964 | 11,940 | 5,704 | |
Other Income - assignment fee | 0 | 6,624 | 0 | |
Gains (losses) from investments in securities | 5,556 | (6,453) | 5,626 | |
Losses from interest rate contracts | (79) | 0 | 0 | |
Unrealized Gain (Loss) on Investments | 239 | (150) | 0 | |
Losses from early extinguishment of debt | 0 | 0 | (45,182) | |
Interest expense | (579,572) | (437,139) | (423,346) | |
Net Income (loss) | 298,432 | 1,032,122 | 641,771 | |
Net income attributable to noncontrolling interests | ||||
Noncontrolling interests in property partnerships | (78,661) | (74,857) | (70,806) | |
Net income attributable to Boston Properties, Inc. | 219,771 | 957,265 | 570,965 | |
Preferred dividends / distributions | 0 | 0 | (2,560) | |
Preferred Stock Redemption Charge | 0 | 0 | (6,412) | |
Net income attributable to the Company common shareholders / unitholders | $ 219,771 | $ 957,265 | $ 561,993 | |
Basic earnings per common share / unit attributable to the Company common shareholders / unitholders | ||||
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 1.26 | $ 5.48 | $ 3.25 | |
Weighted average number of common shares / units outstanding (in shares / units) | 174,796 | 174,360 | 173,150 | |
Diluted earnings per common share / unit attributable to the Company common shareholders / unitholders | ||||
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 1.25 | $ 5.47 | $ 3.24 | |
Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 175,134 | 174,771 | 173,410 | |
Parking and Other [Member] | ||||
Revenue | ||||
Other revenue | $ 112,918 | $ 107,225 | $ 81,814 | |
Parking and Other [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 112,918 | 107,225 | 81,814 | |
Hotel [Member] | ||||
Revenue | ||||
Other revenue | [1] | 47,357 | 39,482 | 13,609 |
Expenses | ||||
Operating expense | 32,225 | 27,478 | 12,998 | |
Hotel [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 47,357 | 39,482 | 13,609 | |
Expenses | ||||
Operating expense | 32,225 | 27,478 | 12,998 | |
Management Service [Member] | ||||
Revenue | ||||
Other revenue | 40,850 | 28,056 | 27,697 | |
Management Service [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 40,850 | 28,056 | 27,697 | |
Real Estate, Other [Member] | ||||
Revenue | ||||
Other revenue | 17,771 | 15,450 | 12,487 | |
Expenses | ||||
Operating expense | 17,771 | 15,450 | 12,487 | |
Real Estate, Other [Member] | Boston Properties Limited Partnership | ||||
Revenue | ||||
Other revenue | 17,771 | 15,450 | 12,487 | |
Expenses | ||||
Operating expense | $ 17,771 | $ 15,450 | $ 12,487 | |
[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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Net income (loss) | $ 291,424 | $ 1,020,584 | $ 631,932 | ||
Other comprehensive income : | |||||
Effective portion of interest rate contracts | (14,405) | 19,396 | 8,544 | ||
Amortization of interest rate contracts | [1] | 6,703 | 6,707 | 6,704 | |
Other comprehensive income (loss) | (7,702) | 26,103 | 15,248 | ||
Comprehensive income | 283,722 | 1,046,687 | 647,180 | ||
Net income attributable to noncontrolling interests | (101,209) | (171,637) | (126,737) | ||
Other comprehensive (income) loss attributable to noncontrolling interests | 274 | (3,156) | (2,020) | ||
Comprehensive income attributable to Boston Properties, Inc. | 182,787 | 871,894 | 518,423 | ||
Boston Properties Limited Partnership | |||||
Net income (loss) | 298,432 | 1,032,122 | 641,771 | ||
Other comprehensive income : | |||||
Effective portion of interest rate contracts | (14,405) | 19,396 | 8,544 | [2] | |
Amortization of interest rate contracts | [3] | 6,703 | 6,707 | 6,704 | |
Other comprehensive income (loss) | (7,702) | 26,103 | 15,248 | ||
Comprehensive income | 290,730 | 1,058,225 | 657,019 | ||
Net income attributable to noncontrolling interests | (79,237) | (75,433) | (71,382) | ||
Comprehensive income attributable to Boston Properties, Inc. | $ 211,493 | $ 982,792 | $ 585,637 | ||
[1]Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties, Inc.’s Consolidated Statements of Operations[2] Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties. Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties Limited Partnership’s Consolidated Statements of Operations. |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-In Capital [Member] | Dividends In Excess Of Earnings [Member] | Treasury Stock, at cost [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noncontrolling interest - property partnerships [Member] |
Equity, shares at Dec. 31, 2020 | 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] | |||||||||
Redemption of operating partnership units to common stock, shares | 524,000 | ||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 5 | 18,381 | (18,386) | |||||
Allocated net income for the period | 631,932 | 505,195 | 55,931 | 70,806 | |||||
Dividends declared | (683,843) | (615,021) | (68,822) | ||||||
Shares issued pursuant to stock purchase plan, shares | 9,000 | ||||||||
Shares issued pursuant to stock purchase plan, value | 1,004 | 1,004 | |||||||
Net activity from stock option and incentive plan, shares | 293,000 | ||||||||
Net activity from stock option and incentive plan, value | 71,383 | $ 3 | 25,607 | 45,773 | |||||
Issuance of operating partnership units for 360 Park Avenue South | 99,689 | 99,689 | |||||||
Preferred Stock, Redeemed | (193,623) | (200,000) | 6,377 | ||||||
Preferred Stock Redemption Charge | (6,412) | (6,412) | |||||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 18,002 | 18,002 | |||||||
Non-cash contributions from noncontrolling interest in property partnerhips | 0 | ||||||||
Distributions to noncontrolling interests in property partnerships | (259,764) | (259,764) | |||||||
Effective portion of interest rate contracts | 8,544 | 7,703 | 841 | ||||||
Amortization of interest rate contracts | 6,704 | 5,525 | 603 | 576 | |||||
Reallocation of noncontrolling interest | 0 | 89,570 | (89,570) | ||||||
Equity, shares at Dec. 31, 2021 | 156,545,000 | ||||||||
Equity, value at Dec. 31, 2021 | 8,033,228 | $ 1,565 | 0 | 6,497,730 | (625,891) | (2,722) | (36,662) | 642,655 | 1,556,553 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemption of operating partnership units to common stock, shares | 182,000 | ||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 3 | 6,536 | (6,539) | |||||
Allocated net income for the period | 1,020,584 | 848,947 | 96,780 | 74,857 | |||||
Dividends declared | (686,126) | (614,412) | (71,714) | ||||||
Shares issued pursuant to stock purchase plan, shares | 10,000 | ||||||||
Shares issued pursuant to stock purchase plan, value | 1,036 | 1,036 | |||||||
Net activity from stock option and incentive plan, shares | 21,000 | ||||||||
Net activity from stock option and incentive plan, value | 53,663 | 7,261 | 46,402 | ||||||
Issuance of operating partnership units for 360 Park Avenue South | 0 | ||||||||
Preferred Stock Redemption Charge | 0 | ||||||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 849 | 849 | |||||||
Non-cash contributions from noncontrolling interest in property partnerhips | 0 | ||||||||
Distributions to noncontrolling interests in property partnerships | (85,518) | (85,518) | |||||||
Effective portion of interest rate contracts | 19,396 | 17,435 | 1,961 | ||||||
Amortization of interest rate contracts | 6,707 | 5,509 | 622 | 576 | |||||
Reallocation of noncontrolling interest | $ 0 | 26,584 | (26,584) | ||||||
Equity, shares at Dec. 31, 2022 | 156,757,867 | 156,758,000 | |||||||
Equity, value at Dec. 31, 2022 | $ 8,363,819 | $ 1,568 | 0 | 6,539,147 | (391,356) | (2,722) | (13,718) | 683,583 | 1,547,317 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemption of operating partnership units to common stock, shares | 102,000 | ||||||||
Redemption of operating partnership units to common stock, value | 0 | $ 1 | 3,793 | (3,794) | |||||
Allocated net income for the period | 291,424 | 190,215 | 22,548 | 78,661 | |||||
Dividends declared | (688,342) | (615,011) | (73,331) | ||||||
Shares issued pursuant to stock purchase plan, shares | 19,000 | ||||||||
Shares issued pursuant to stock purchase plan, value | 1,156 | 1,156 | |||||||
Net activity from stock option and incentive plan, shares | 62,000 | ||||||||
Net activity from stock option and incentive plan, value | 49,060 | 3,165 | 45,895 | ||||||
Issuance of operating partnership units for 360 Park Avenue South | 0 | ||||||||
Preferred Stock Redemption Charge | 0 | ||||||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 244,541 | 160,416 | 84,125 | ||||||
Non-cash contributions from noncontrolling interest in property partnerhips | 17,519 | ||||||||
Distributions to noncontrolling interests in property partnerships | (69,975) | (69,975) | |||||||
Effective portion of interest rate contracts | (14,405) | (12,927) | (1,478) | ||||||
Amortization of interest rate contracts | 6,703 | 5,498 | 629 | 576 | |||||
Reallocation of noncontrolling interest | $ 0 | 7,472 | (7,472) | ||||||
Equity, shares at Dec. 31, 2023 | 156,940,866 | 156,941,000 | |||||||
Equity, value at Dec. 31, 2023 | $ 8,183,981 | $ 1,569 | $ 0 | $ 6,715,149 | $ (816,152) | $ (2,722) | $ (21,147) | $ 666,580 | $ 1,640,704 |
Consolidated Statement of Capit
Consolidated Statement of Capital and Noncontrolling Interests - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock, Shares, Outstanding | 156,940,866 | 156,757,867 | ||
Net activity from stock option and incentive plan, value | $ 49,060 | $ 53,663 | $ 71,383 | |
Issuance of operating partnership units for 360 Park Avenue South | 0 | 0 | 99,689 | |
Preferred Stock Redemption Charge | 0 | 0 | (6,412) | |
Effective portion of interest rate contracts | (14,405) | 19,396 | 8,544 | |
Amortization of interest rate contracts | 6,703 | 6,707 | 6,704 | |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 244,541 | 849 | 18,002 | |
Non-cash contributions from noncontrolling interest in property partnerhips | 17,519 | 0 | 0 | |
Distributions to noncontrolling interests in property partnerships | $ (69,975) | $ (85,518) | $ (259,764) | |
General Partner [Member] | ||||
Common Stock, Shares, Outstanding | 1,755,000 | 1,750,000 | 1,746,000 | 1,731,000 |
Net activity from contributions and unearned compensation | 5,000 | 1,000 | 5,000 | |
Conversion of redeemable partnership units | 0 | 3,000 | 10,000 | |
Limited Partner [Member] | ||||
Common Stock, Shares, Outstanding | 155,185,000 | 155,008,000 | 154,799,000 | 153,988,000 |
Net activity from contributions and unearned compensation | 75,000 | 30,000 | 295,000 | |
Conversion of redeemable partnership units | 102,000 | 179,000 | 516,000 | |
Partners' Capital (General and Limited Partners)[Member] | ||||
Beginning Balance | $ 4,973,951 | $ 5,299,428 | $ 4,173,290 | $ 4,554,639 |
Net activity from contributions and unearned compensation, value | 4,321 | 8,291 | 26,614 | |
Allocated net income for the period | 197,223 | 860,485 | 512,474 | |
Distributions | (615,011) | (614,412) | (612,461) | |
Preferred Stock Redemption Charge | (6,412) | |||
Conversion of redeemable partnership units, value | 3,794 | 6,539 | 18,386 | |
Adjustment to reflect redeemable partnership units at redemption value | (76,220) | 865,235 | (319,950) | |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 160,416 | |||
Preferred Units [Member] | ||||
Beginning Balance | 0 | 0 | 0 | 193,623 |
Allocated net income for the period | 2,560 | |||
Distributions | (2,560) | |||
Preferred Stock, Redemption Amount | (193,623) | |||
Accumulated Other Comprehensive Loss [Member] | ||||
Beginning Balance | (21,147) | (13,718) | (36,662) | (49,890) |
Effective portion of interest rate contracts | (12,927) | 17,435 | 7,703 | |
Amortization of interest rate contracts | 5,498 | 5,509 | 5,525 | |
Noncontrolling interest - property partnerships [Member] | ||||
Beginning Balance | 1,640,704 | 1,547,317 | 1,556,553 | 1,726,933 |
Allocated net income for the period | 78,661 | 74,857 | 70,806 | |
Amortization of interest rate contracts | 576 | 576 | 576 | |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 84,125 | 849 | 18,002 | |
Distributions to noncontrolling interests in property partnerships | (69,975) | (85,518) | (259,764) | |
Total Capital [Member] | ||||
Beginning Balance | 6,593,508 | 6,833,027 | 5,693,181 | 6,425,305 |
Net activity from contributions and unearned compensation, value | 4,321 | 8,291 | 26,614 | |
Allocated net income for the period | 275,884 | 935,342 | 585,840 | |
Distributions | (615,011) | (614,412) | (615,021) | |
Preferred Stock, Redemption Amount | (193,623) | |||
Preferred Stock Redemption Charge | (6,412) | |||
Conversion of redeemable partnership units, value | 3,794 | 6,539 | 18,386 | |
Adjustment to reflect redeemable partnership units at redemption value | (76,220) | 865,235 | (319,950) | |
Effective portion of interest rate contracts | (12,927) | 17,435 | 7,703 | |
Amortization of interest rate contracts | 6,074 | 6,085 | 6,101 | |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 244,541 | 849 | 18,002 | |
Distributions to noncontrolling interests in property partnerships | (69,975) | (85,518) | (259,764) | |
Noncontrolling interest - Redeemable partnership units [Member] | ||||
Beginning Balance | 1,347,575 | 1,280,886 | 2,078,603 | $ 1,643,024 |
Net activity from contributions and unearned compensation, value | 45,895 | 46,408 | 45,773 | |
Allocated net income for the period | 22,548 | 96,780 | 55,931 | |
Distributions | (73,331) | (71,714) | (68,822) | |
Issuance of operating partnership units for 360 Park Avenue South | 99,689 | |||
Conversion of redeemable partnership units, value | (3,794) | (6,539) | (18,386) | |
Adjustment to reflect redeemable partnership units at redemption value | 76,220 | (865,235) | 319,950 | |
Effective portion of interest rate contracts | (1,478) | 1,961 | 841 | |
Amortization of interest rate contracts | $ 629 | $ 622 | $ 603 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ 291,424 | $ 1,020,584 | $ 631,932 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 830,813 | 749,775 | 717,336 |
Amortization of right of use assets - operating leases | 1,940 | 2,427 | 3,516 |
Non-cash compensation expense | 51,478 | 52,026 | 50,860 |
Loss (income) from unconsolidated joint ventures | 239,543 | 59,840 | 2,570 |
Distributions of net cash flow from operations of unconsolidated joint ventures | 24,637 | 26,827 | 21,542 |
Losses (gains) from investments in securities | (5,556) | 6,453 | (5,626) |
Allowance for current expected credit losses (gains) | 373 | (224) | (1,207) |
Non-cash portion of interest expense | 30,523 | 25,831 | 23,368 |
Settlement of accreted debt discount on redemption of unsecured senior notes | 0 | 0 | (8,500) |
Losses from early extinguishment of debt | 0 | 0 | 45,182 |
Other Income - assignment fee | 0 | (6,624) | 0 |
Gains on sales of real estate | (517) | (437,019) | (123,660) |
Gain on sales-type lease | 0 | (10,058) | 0 |
Unrealized Gain (Loss) on non-real estate Investments | (239) | 150 | 0 |
Change in assets and liabilities: | |||
Tenant and other receivables, net | (31,470) | (7,621) | 4,820 |
Notes receivable, net | 0 | (152) | (545) |
Accrued rental income, net | (99,539) | (98,075) | (101,548) |
Prepaid expenses and other assets | (7,336) | 20,099 | (20,811) |
Right of use assets - operating lease | (25,640) | 0 | 0 |
Lease liabilities - operating leases | (121) | 125 | (23,599) |
Accounts payable and accrued expenses | 41,696 | (22,777) | 20,025 |
Accrued interest payable | 29,910 | 8,989 | (10,839) |
Other liabilities | 7,267 | (24,120) | (28,739) |
Tenant leasing costs | (77,666) | (84,057) | (62,850) |
Total adjustments | 1,010,096 | 261,815 | 501,295 |
Net cash provided by operating activities | 1,301,520 | 1,282,399 | 1,133,227 |
Cash flows from investing activities: | |||
Acquisitions of real estate | 0 | (1,320,273) | (222,260) |
Construction in progress | (525,963) | (500,273) | (513,878) |
Building and other capital improvements | (171,424) | (177,004) | (150,998) |
Tenant improvements | (310,925) | (218,685) | (263,952) |
Proceeds from sales of real estate | 517 | 834,770 | 179,887 |
Acquisition of real estate (net of cash received upon consolidation) | (13,155) | 0 | 0 |
Proceeds from assignment fee | 0 | 6,624 | 0 |
Capital contributions to unconsolidated joint ventures | (192,650) | (277,581) | (98,152) |
Capital distributions from unconsolidated joint ventures | 32,787 | 37,122 | 122 |
Proceeds from Sale of Equity Method Investments | 0 | 0 | 17,789 |
Investment in non-real estate investments | (2,187) | (2,404) | 0 |
Issuance of note receivables (including related party) | (12,177) | 0 | 0 |
Proceeds from note receivable | 0 | 10,000 | 10,035 |
Investments in securities, net | 1,496 | 4,902 | 1,451 |
Net cash used in investing activities | (1,193,681) | (1,602,802) | (1,039,956) |
Cash flows from financing activities: | |||
Proceeds from Secured Notes Payable | 600,000 | 0 | 1,201,388 |
Repayments of mortgage notes payable | 0 | 0 | (832,296) |
Proceeds from unsecured senior notes | 747,727 | 749,557 | 1,695,996 |
Redemption of unsecured senior notes | (500,000) | 0 | (1,841,500) |
Borrowings on unsecured line of credit | 0 | 985,000 | 770,000 |
Repayments of unsecured line of credit | 0 | (1,130,000) | (625,000) |
Borrowings on unsecured term loan | 1,200,000 | 730,000 | 0 |
Redemption of preferred stock | 0 | 0 | (200,000) |
Payments on finance lease obligations | 0 | 0 | 1,250 |
Repayment of unsecured term loan | (730,000) | 0 | (500,000) |
Deferred financing costs | (19,416) | (8,460) | (20,757) |
Debt Issuance Costs | 0 | 0 | (16,186) |
Debt prepayment and extinguishment costs | 0 | 0 | (43,036) |
Net activity from equity transactions | 367 | (352) | 24,214 |
Dividends and distributions | (687,809) | (685,019) | (683,753) |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 244,541 | 849 | 18,002 |
Distributions to noncontrolling interests in property partnerships | (69,975) | (85,518) | (259,764) |
Net cash provided by (used in) financing activities | 767,916 | 556,057 | (1,311,442) |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | 875,755 | 235,654 | (1,218,171) |
Cash and cash equivalents and cash held in escrows, beginning of period | 736,812 | 501,158 | 1,719,329 |
Cash and cash equivalents and cash held in escrows, end of period | 1,612,567 | 736,812 | 501,158 |
Reconciliation of cash and cash equivalents and cash held in escrow | |||
Cash and cash equivalents, beginning of period | 690,333 | 452,692 | 1,668,742 |
Cash held in escrows, beginning of period | 46,479 | 48,466 | 50,587 |
Cash and cash equivalents, end of period | 1,531,477 | 690,333 | 452,692 |
Cash held in escrows,end of period | 81,090 | 46,479 | 48,466 |
Supplemental disclosures: | |||
Cash paid for interest | 553,989 | 449,903 | 465,442 |
Interest capitalized | 42,633 | 52,130 | 53,097 |
Non-cash investing and financing activities: | |||
Write-off of fully depreciated real estate | (135,093) | (119,534) | (239,317) |
Change in real estate included in accounts payable and accrued expenses | 3,668 | 97,586 | (25,183) |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 141,179 | 0 | 26,887 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 163,056 | 0 | 0 |
Non-cash contributions from noncontrolling interest in property partnerhips | 17,519 | 0 | 0 |
Capitalized operating lease costs | 12,580 | 0 | 0 |
Construction in progress from prepaid expenses and other assets | 25,577 | 0 | 0 |
Investment in unconsolidated joint ventures eliminated upon consolidation | 183,817 | 0 | 0 |
Mortgage notes payable recorded upon consolidation | 300,000 | 0 | 0 |
Real estate and intangibles recorded upon consolidation | (490,720) | 0 | 0 |
Interest rate swaps recorded upon consolidation | (7,337) | 0 | 0 |
Construction in progress, net deconsolidated | 0 | (11,316) | (299,947) |
Investment in unconsolidated joint ventures recorded upon deconsolidation | 0 | 11,316 | 107,132 |
Sales-type lease origination | 0 | 13,045 | 0 |
Derecognition of assets in exchange for sales-type lease obligation | 0 | (2,987) | 0 |
Prepaid expenses and other assets, net deconsolidated | 0 | 0 | (5,011) |
Assumption of mortgage notes payable | 0 | 0 | 200,311 |
Mortgage notes payable, net deconsolidation | 0 | 0 | (198,381) |
Issuance of operating partnership units | 0 | 0 | 99,689 |
Dividends and distributions declared but not paid | 171,176 | 170,643 | 169,859 |
Conversions of noncontrolling interests to stockholders’ equity | 3,794 | 6,539 | 18,386 |
Issuance of restricted securities to employees and non-employee directors | 48,141 | 48,417 | 44,405 |
Cash | |||
Cash flows from financing activities: | |||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 227,022 | 849 | 18,002 |
Boston Properties Limited Partnership | |||
Net income (loss) | 298,432 | 1,032,122 | 641,771 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 823,805 | 742,293 | 709,035 |
Amortization of right of use assets - operating leases | 1,940 | 2,427 | 3,516 |
Non-cash compensation expense | 51,478 | 52,026 | 50,860 |
Loss (income) from unconsolidated joint ventures | 239,543 | 59,840 | 2,570 |
Distributions of net cash flow from operations of unconsolidated joint ventures | 24,637 | 26,827 | 21,542 |
Losses (gains) from investments in securities | (5,556) | 6,453 | (5,626) |
Allowance for current expected credit losses (gains) | 373 | (224) | (1,207) |
Non-cash portion of interest expense | 30,523 | 25,831 | 23,368 |
Settlement of accreted debt discount on redemption of unsecured senior notes | 0 | 0 | (8,500) |
Losses from early extinguishment of debt | 0 | 0 | 45,182 |
Other Income - assignment fee | 0 | (6,624) | 0 |
Gains on sales of real estate | (517) | (441,075) | (125,198) |
Gain on sales-type lease | 0 | (10,058) | 0 |
Unrealized Gain (Loss) on non-real estate Investments | (239) | 150 | 0 |
Change in assets and liabilities: | |||
Tenant and other receivables, net | (31,470) | (7,621) | 4,820 |
Notes receivable, net | 0 | (152) | (545) |
Accrued rental income, net | (99,539) | (98,075) | (101,548) |
Prepaid expenses and other assets | (7,336) | 20,099 | (20,811) |
Right of use assets - operating lease | (25,640) | 0 | 0 |
Lease liabilities - operating leases | (121) | 125 | (23,599) |
Accounts payable and accrued expenses | 41,696 | (22,777) | 20,025 |
Accrued interest payable | 29,910 | 8,989 | (10,839) |
Other liabilities | 7,267 | (24,120) | (28,739) |
Tenant leasing costs | (77,666) | (84,057) | (62,850) |
Total adjustments | 1,003,088 | 250,277 | 491,456 |
Net cash provided by operating activities | 1,301,520 | 1,282,399 | 1,133,227 |
Cash flows from investing activities: | |||
Acquisitions of real estate | 0 | (1,320,273) | (222,260) |
Construction in progress | (525,963) | (500,273) | (513,878) |
Building and other capital improvements | (171,424) | (177,004) | (150,998) |
Tenant improvements | (310,925) | (218,685) | (263,952) |
Proceeds from sales of real estate | 517 | 834,770 | 179,887 |
Acquisition of real estate (net of cash received upon consolidation) | (13,155) | 0 | 0 |
Proceeds from assignment fee | 0 | 6,624 | 0 |
Capital contributions to unconsolidated joint ventures | (192,650) | (277,581) | (98,152) |
Capital distributions from unconsolidated joint ventures | 32,787 | 37,122 | 122 |
Proceeds from Sale of Equity Method Investments | 0 | 0 | 17,789 |
Investment in non-real estate investments | (2,187) | (2,404) | 0 |
Issuance of note receivables (including related party) | (12,177) | 0 | 0 |
Proceeds from note receivable | 0 | 10,000 | 10,035 |
Investments in securities, net | 1,496 | 4,902 | 1,451 |
Net cash used in investing activities | (1,193,681) | (1,602,802) | (1,039,956) |
Cash flows from financing activities: | |||
Proceeds from Secured Notes Payable | 600,000 | 0 | 1,201,388 |
Repayments of mortgage notes payable | 0 | 0 | (832,296) |
Proceeds from unsecured senior notes | 747,727 | 749,557 | 1,695,996 |
Redemption of unsecured senior notes | (500,000) | 0 | (1,841,500) |
Borrowings on unsecured line of credit | 0 | 985,000 | 770,000 |
Repayments of unsecured line of credit | 0 | (1,130,000) | (625,000) |
Borrowings on unsecured term loan | 1,200,000 | 730,000 | 0 |
Redemption of preferred stock | 0 | 0 | (200,000) |
Payments on finance lease obligations | 0 | 0 | 1,250 |
Repayment of unsecured term loan | (730,000) | 0 | (500,000) |
Deferred financing costs | (19,416) | (8,460) | (20,757) |
Debt Issuance Costs | 0 | 0 | (16,186) |
Debt prepayment and extinguishment costs | 0 | 0 | (43,036) |
Net activity from equity transactions | 367 | (352) | 24,214 |
Dividends and distributions | (687,809) | (685,019) | (683,753) |
Distributions to noncontrolling interests in property partnerships | (69,975) | (85,518) | (259,764) |
Net cash provided by (used in) financing activities | 767,916 | 556,057 | (1,311,442) |
Net increase (decrease) in cash and cash equivalents and cash held in escrows | 875,755 | 235,654 | (1,218,171) |
Cash and cash equivalents and cash held in escrows, beginning of period | 736,812 | 501,158 | 1,719,329 |
Cash and cash equivalents and cash held in escrows, end of period | 1,612,567 | 736,812 | 501,158 |
Reconciliation of cash and cash equivalents and cash held in escrow | |||
Cash and cash equivalents, beginning of period | 690,333 | 452,692 | 1,668,742 |
Cash held in escrows, beginning of period | 46,479 | 48,466 | 50,587 |
Cash and cash equivalents, end of period | 1,531,477 | 690,333 | 452,692 |
Cash held in escrows,end of period | 81,090 | 46,479 | 48,466 |
Supplemental disclosures: | |||
Cash paid for interest | 553,989 | 449,903 | 465,442 |
Interest capitalized | 42,633 | 52,130 | 53,097 |
Non-cash investing and financing activities: | |||
Write-off of fully depreciated real estate | (133,844) | (119,534) | (238,003) |
Change in real estate included in accounts payable and accrued expenses | 3,668 | 97,586 | (25,183) |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 141,179 | 0 | 26,887 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 163,056 | 0 | 0 |
Non-cash contributions from noncontrolling interest in property partnerhips | 17,519 | 0 | 0 |
Capitalized operating lease costs | 12,580 | 0 | 0 |
Construction in progress from prepaid expenses and other assets | 25,577 | 0 | 0 |
Investment in unconsolidated joint ventures eliminated upon consolidation | 183,817 | 0 | 0 |
Mortgage notes payable recorded upon consolidation | 300,000 | 0 | 0 |
Real estate and intangibles recorded upon consolidation | (490,720) | 0 | 0 |
Interest rate swaps recorded upon consolidation | (7,337) | 0 | 0 |
Construction in progress, net deconsolidated | 0 | (11,316) | (299,947) |
Investment in unconsolidated joint ventures recorded upon deconsolidation | 0 | 11,316 | 107,132 |
Sales-type lease origination | 0 | 13,045 | 0 |
Derecognition of assets in exchange for sales-type lease obligation | 0 | (2,987) | 0 |
Prepaid expenses and other assets, net deconsolidated | 0 | 0 | (5,011) |
Assumption of mortgage notes payable | 0 | 0 | 200,311 |
Mortgage notes payable, net deconsolidation | 0 | 0 | (198,381) |
Issuance of operating partnership units | 0 | 0 | 99,689 |
Dividends and distributions declared but not paid | 171,176 | 170,643 | 169,859 |
Conversions of noncontrolling interests to stockholders’ equity | 3,794 | 6,539 | 18,386 |
Issuance of restricted securities to employees and non-employee directors | 48,141 | 48,417 | 44,405 |
Boston Properties Limited Partnership | Cash | |||
Cash flows from financing activities: | |||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | $ 227,022 | $ 849 | $ 18,002 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization BXP is a fully integrated, self-administered and self-managed REIT. BXP is the sole general partner of BPLP, its operating partnership, and at December 31, 2023 owned an approximate 89.4% (89.6% at December 31, 2022) general and limited partnership interest in BPLP. Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries. Partnership interests in BPLP include: • common units of partnership interest (also referred to as “OP Units”) and • long term incentive units of partnership interest (also referred to as “LTIP Units”) Unless specifically noted otherwise, all references to OP Units exclude units held by BXP. A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of BXP (“Common Stock”). In lieu of such cash redemption, BXP may elect to acquire the OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that BXP owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock. The Company uses LTIP Units as a form of time-based, restricted equity compensation and as a form of performance-based equity compensation for employees, and has previously granted LTIP Units in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013 - 2023 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance-based and time-based vesting conditions, is convertible into one OP Unit. The three Properties At December 31, 2023, the Company owned or had joint venture interests in a portfolio of 188 commercial real estate properties (the “Properties”) aggregating approximately 53.3 million net rentable square feet of primarily premier workplaces, including 10 properties under construction/redevelopment totaling approximately 2.7 million net rentable square feet. At December 31, 2023, the Properties consisted of: • 167 office and life sciences properties (including seven properties under construction/redevelopment); • 14 retail properties (including two properties under construction/redevelopment); • six residential properties (including one property under construction ) ; and • one hotel. The Company considers premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings and professionally managed and maintained. As such, these properties attract high-quality tenants and command upper-tier rental rates. All references to acres and square footage in the Notes are unaudited. 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. BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. Variable Interest Entities (VIEs) Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The assets of each VIE are only available to satisfy such VIE's respective liabilities. The Company has identified eight entities that are VIEs as of December 31, 2023 and has determined that it is the primary beneficiary for all of these entities as of December 31, 2023. Consolidated Variable Interest Entities As of December 31, 2023, BXP has identified eight consolidated VIEs, including BPLP. Excluding BPLP, the consolidated VIEs consisted of (i) 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, (ii) 343 Madison Avenue, which is categorized as land held for future development, and (iii) 300 Binney Street which is currently under redevelopment. The Company consolidates these VIEs because it is the primary beneficiary. The third parties’ interests in these consolidated entities (excluding BPLP’s interest) are reflected as noncontrolling interests in property partnerships in the accompanying consolidated financial statements (See Note 10). In addition, BXP’s only significant asset is its investment in BPLP and, consequently, substantially all of BXP’s assets and liabilities are the assets and liabilities of BPLP. Variable Interest Entities Not Consolidated |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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 (including ground leases)) 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 a shorter hold, 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 BXP’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 (including architectural, engineering and design 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, 2023, 2022 and 2021 were approximately $42.6 million, $52.1 million and $53.1 million, respectively. Salaries and related costs capitalized for the years ended December 31, 2023, 2022 and 2021 were approximately $16.1 million, $16.1 million and $13.7 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 10 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 BXP 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, 2023 and 2022, the Company had maintained approximately $36.1 million and $32.3 million, respectively, in separate accounts, which are not restricted as to their use. The Company recognized gains (losses) of approximately $5.6 million, $(6.5) million and $5.6 million on its investments in the accounts associated with the Company’s deferred compensation plans during the years ended December 31, 2023, 2022 and 2021, respectively. The Company follows ASC 320, ”Investment–Debt and Equity Securities” (“ASC 320”) which requires that debt and equity securities be classified into one of three categories: held to maturity, trading securities or available for sale. At December 31, 2023, the Company had outstanding three Non-Real Estate Investments The Company measures its investments in non-real estate investments, which are primarily environmentally focused investment funds, at the readily determinable fair value of the investment. Changes in the fair value of these non-real estate investments are included in unrealized gain (loss) on non-real estate investments on the Consolidated Statements of Operations. The Company’s investment in non-real estate investments is shown within Prepaid and Other Assets in the Consolidated Balance Sheet and was approximately $4.6 million and $2.4 million at December 31, 2023 and 2022, respectively. The Company recognized a net unrealized gain (loss) of approximately $0.2 million and $(0.2) million for the years ended December 31, 2023 and 2022, respectively, due to the observable changes in fair value. Prior to the year ended December 31, 2022, the Company had not invested in non-real estate investments 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 credit losses. Loan fees and direct costs associated with loans originated by the Company are deferred and amortized using the effective interest method 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. Financing fees included in deferred charges consist of external fees and costs incurred to obtain the Company’s revolving facility and if applicable, unsecured term loan and construction financing arrangements where there are not sufficient amounts outstanding to report the fees net of the debt liability. 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, debt interest rates and availability, discount rates and capitalization rates that could differ materially from actual results in future periods. During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investments in four joint ventures totaling approximately $272.6 million, as described below in Note 6. During the year ended December 31, 2022, 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 $50.7 million. 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. Therefore, the Company recognizes non-cash revenue each reporting period (i.e., the sum of all contractual lease/rental payments due over the term of the lease divided by the number of years in the term). The impact of the straight-line rent adjustment increased revenue by approximately $99.1 million, $108.0 million and $104.3 million for the years ended December 31, 2023, 2022 and 2021, respectively, as the lease/rental 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 estimate the collectability of its accrued rent and accounts receivable balances related to lease revenue. When evaluating the collectability of tenants ’ accrued rent and accounts receivable balances, management considers tenants’ creditworthiness, public statements made by the tenant, current economic trends and changes in tenants ’ payment patterns, 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 Company deems the balances no longer probable of collection, the Company writes them off and ceases recognizing lease income, including straight-line rent, unless cash is received. Following a write-off, if (1) the Company subsequently determines that it is probable it will collect substantially all the remaining lessee’s lease payments under the lease term and (2) the lease has not been modified since the write-off, the Company will then reinstate the accrued rent and accounts receivable write-offs, adjusting for the amount related to the period when the lease payments were considered not probable of collection. If the Company’s estimates of collectability differs 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 $19.2 million, $9.1 million and $4.2 million for the years ended December 31, 2023, 2022 and 2021, 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 2024 $ 3,985 $ 9,961 2025 1,880 9,756 2026 982 8,602 2027 743 5,432 2028 605 2,125 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” below). 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 View Boston observatory at The Prudential Center revenue (which is included within Parking and Other Revenue on the Consolidated Statement of Operations) is derived from ticket, special event, food and beverage and merchandise sales. The revenue is recognized when the ticket is used by the purchaser or the special event occurs and when the food and beverage and merchandise are sold. 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 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. For operating leases, the Company will recognize the lease payments it pays in net income on a straight-line basis over the lease term. For finance leases, the Company will recognize interest expense. 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 Operating Leases The Company leases primarily premier workplaces, including 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 provide the tenants with options to purchase the underlying asset, which would be exercisable at fair market value. Also, certain of the Company’s retail 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 are met for each class o |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Real Estate | 3. Real Estate BXP Real estate consisted of the following at December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Land $ 5,251,224 $ 5,189,811 Right of use assets - finance leases (1) 401,680 237,510 Right of use assets - operating leases (1) 324,298 167,351 Land held for future development (2) 697,061 721,501 Buildings and improvements 16,607,756 15,820,724 Tenant improvements 3,592,172 3,200,743 Furniture, fixtures and equipment 53,716 50,310 Construction in progress 547,280 406,574 Total 27,475,187 25,794,524 Less: Accumulated depreciation (6,881,728) (6,298,082) $ 20,593,459 $ 19,496,442 _______________ (1) See Note 4. (2) Includes pre-development costs. BPLP Real estate consisted of the following at December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Land $ 5,156,515 $ 5,095,102 Right of use assets - finance leases (1) 401,680 237,510 Right of use assets - operating leases (1) 324,298 167,351 Land held for future development (2) 697,061 721,501 Buildings and improvements 16,336,200 15,547,919 Tenant improvements 3,592,172 3,200,743 Furniture, fixtures and equipment 53,716 50,310 Construction in progress 547,280 406,574 Total 27,108,922 25,427,010 Less: Accumulated depreciation (6,758,361) (6,180,474) $ 20,350,561 $ 19,246,536 _______________ (1) See Note 4. (2) Includes pre-development costs. Acquisition On December 14, 2023, the Company completed the acquisition of its joint venture partner’s 45% interest in the joint venture entity that owns Santa Monica Business Park located in Santa Monica, California (See Note 6). Santa Monica Business Park is a 47-acre office park consisting of 21 buildings totaling approximately 1.2 million net rentable square feet. Approximately 70% of the rentable square footage is subject to a ground lease with 75 years remaining, including renewal periods (See Note 4). The property is subject to existing mortgage indebtedness of $300.0 million (See Note 7). The acquisition was completed for a gross purchase price of $38.0 million and the Company acquired net working capital, including cash and cash equivalents of approximately $20 million. The purchase of the joint venture partner’s interest was at a discount and therefore the net assets were recorded at the Company’s relative fair value. Prior to consolidation, the Company had an approximately $149.9 million investment in the joint venture. As the purchase was at a discount, the gain on consolidation was calculated based on the Company’s share of the determined fair market value of the net acquired assets. This resulted in the Company recording a gain upon consolidation of approximately $29.9 million, which is included within income (loss) from unconsolidated joint ventures in the Consolidated Statement of Operations. The total equity acquired was equal to the Company’s share of the calculated fair market value, used in the gain on consolidation calculation, plus the cash consideration paid. The difference between the determined fair market value and recorded equity is adjusted based on the relative fair value and used to calculate the net assets that were recorded. The following table summarizes the allocation of the relative fair value of the net assets the Company received at the date of acquisition for Santa Monica Business Park (in thousands): Land and site improvements $ 46,360 Building and improvements 390,305 Tenant improvements 20,116 In-place lease intangibles 74,022 Above-market lease intangibles 6,715 Below-market lease intangibles (4,630) Ground lease intangible (46,659) Mortgage note payable adjustment 4,491 Net assets acquired $ 490,720 The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles, acquired ground lease intangible and the acquired above- and below-market lease intangibles for Santa Monica Business Park for each of the five succeeding fiscal years (in thousands): Acquired In-Place Lease Intangibles Acquired Ground Lease Intangible Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangible 2024 $ 32,362 $ 10,979 $ 3,584 $ 1,109 2025 20,782 10,979 1,491 944 2026 7,986 10,979 593 910 2027 4,078 10,979 354 910 2028 2,726 2,193 216 553 The following table summarizes the weighted-average useful life of the acquired in-place lease intangibles, acquired ground lease intangible and the acquired above- and below-market lease intangibles for Santa Monica Business Park as of the acquisition (in years): Acquired In-Place Lease Intangibles Acquired Ground Lease Intangible Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangible Weighted-average useful life 2.9 4.2 2.3 5.1 Santa Monica Business Park contributed approximately $3.9 million of revenue and $(0.9) million of net income to the Company for the period December 14, 2023 through December 31, 2023. Developments/Redevelopments On January 5, 2023, the Company commenced the development of 290 Binney Street, an approximately 566,000 net rentable square foot laboratory/life sciences project in Cambridge, Massachusetts. Concurrently with the commencement of this project, the Kendall Center Blue Parking Garage was taken out of service and demolished to support the development of this project. 290 Binney Street is 100% pre-leased to AstraZeneca. There can be no assurance that the Company will complete development of the project on the terms and schedule currently contemplated or at all. On January 30, 2023, the Company commenced the redevelopment of 300 Binney Street at Kendall Center in Cambridge, Massachusetts. 300 Binney Street consisted of an approximately 195,000 net rentable square foot premier workplace that is being redeveloped into approximately 236,000 net rentable square feet of laboratory/life sciences space. BXP and BPLP recognized approximately $11.0 million of depreciation expense during the year ended December 31, 2023 associated with the acceleration of depreciation on the assets being removed from service and demolished as part of the redevelopment of the property. The project is 100% pre-leased to the Broad Institute. On November 13, 2023, the Company completed the sale of a 45% interest in 300 Binney Street to an institutional investor (See Note 10). On April 29, 2023, the Company completed and fully placed in-service 2100 Pennsylvania Avenue, a premier workplace project with approximately 476,000 net rentable square feet located in Washington, DC. On June 1, 2023, the Company completed and fully placed in-service its View Boston observatory at The Prudential Center, a redevelopment of the top three floors of 800 Boylston Street - The Prudential Center, located in Boston, Massachusetts. View Boston observatory at The Prudential Center consists of approximately 63,000 net rentable square feet of retail, including food and beverage, and observation space. On July 20, 2023, the Company completed and fully placed in-service 140 Kendrick Street - Building A, a premier workplace redevelopment project with approximately 104,000 net rentable square feet located in Needham, Massachusetts. The property is the first net-zero, carbon-neutral office repositioning of its scale in Massachusetts. On September 26, 2023, the Company partially placed in-service 180 CityPoint, an approximately 329,000 net rentable square feet laboratory/life sciences project located in Waltham, Massachusetts. On October 5, 2023, the Company partially placed in-service 103 CityPoint, an approximately 113,000 net rentable square feet laboratory/life sciences project located in Waltham, Massachusetts. On November 30, 2023, the Company elected to suspend redevelopment on 105 Carnegie Center located in Princeton, New Jersey and as a result ceased capitalization on the project. 105 Carnegie Center was a premier workplace that consisted of approximately 70,000 net rentable square feet that was being redeveloped into approximately 73,000 net rentable square feet of laboratory/life sciences space. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases of Lessor Disclosure [Text Block] | 4. Leases The Company estimates the collectability of its accrued rent and accounts receivable balances related to lease revenue. When evaluating the collectability of these accrued rent and accounts receivable balances, management considers tenant creditworthiness, current economic trends and changes in tenants’ payment patterns, on a lease-by-lease basis. If the Company determines that the accrued rent and/or accounts receivable balances are no longer probable of collection then the balances are written-off and the lease is recognized on a cash basis. If applicable, information related to write-offs of accrued rent, net balances and accounts receivable, net balances and reinstatements of accrued rent balances for the Company’s unconsolidated joint ventures can be found in Note 6. Lessor Operating Leases The following table summarizes the components of lease revenue recognized during the years ended December 31, 2023, 2022 and 2021 included within the Company's Consolidated Statements of Operations (in thousands): Year ended December 31, Lease Revenue 2023 2022 2021 Fixed contractual payments $ 2,503,106 $ 2,426,007 $ 2,319,362 Variable lease payments 550,641 492,361 433,652 Sales-type lease 926 — — $ 3,054,673 $ 2,918,368 $ 2,753,014 The future contractual lease payments to be received (excluding operating expense reimbursements and percentage rent) by the Company as of December 31, 2023, under non-cancelable operating leases which expire on various dates through 2049 (in thousands): Years Ending December 31, 2024 $ 2,420,047 2025 2,444,826 2026 2,379,371 2027 2,281,437 2028 2,140,919 Thereafter 15,592,965 No single tenant represented more than 10.0% of the Company’s total lease revenue for the years ended December 31, 2023, 2022 and 2021 . On November 6, 2023, WeWork Inc. and certain of its direct and indirect subsidiaries (collectively, “WeWork”) filed voluntary petitions to commence proceedings under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of New Jersey. At December 31, 2023, WeWork is a tenant at four of the Company’s premier workplaces and leases an aggregate of approximately 367,338 square feet, representing approximately 0.87% of the Company’s share of its in-service portfolio square footage. There can be no assurance that WeWork will not reject one or more of the four leases. Sales-type Lease For the years ended December 31, 2023 and 2022, the Company had one non-cancelable ground lease obligation, as lessor, that is classified as a sales-type lease with an expiration date through 2119. Upon commencement of this lease, the Company recognized a gain on sale of approximately $10.1 million associated with the derecognition of the asset. The Company recognized approximately $0.9 million of interest income that is recorded in lease revenue on its Consolidated Statement of Operations for the year ended December 31, 2023. The Company did not recognize any interest income during the year ended December 31, 2022. The following table provides the future contractual payments to be received as of December 31, 2023 (in thousands): December 31, 2023 2024 $ 31 2025 124 2026 372 2027 756 2028 775 Thereafter 267,474 Total lease payments to be received 269,532 Less: Interest portion 255,579 Sales-type lease receivable 13,953 Unguaranteed residual asset 18 Current expected credit loss adjustment (267) Sales-type lease receivable, net $ 13,704 The following table provides the future contractual payments to be received as of December 31, 2022 (in thousands): December 31, 2022 2023 $ — 2024 31 2025 124 2026 372 2027 756 Thereafter 268,249 Total lease payments to be received 269,532 Less: Interest portion 256,504 Sales-type lease receivable 13,028 Unguaranteed residual asset 17 Current expected credit loss adjustment (234) Sales-type lease receivable, net $ 12,811 |
Lessee, Operating Leases | Lessee For the year ended December 31, 2023, the Company had one cancelable and four non-cancelable ground lease obligations, as lessee, which were classified as operating leases, with various initial term expiration dates through 2125. For the years ended December 31, 2022 and 2021, the Company had 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 terms of the respective ground lease agreements. As of December 31, 2023, the amounts disclosed below include a ground lease that is subject to variable payments and extension options. At December 31, 2022 and December 31, 2021, no ground leases were subject to variable payments and extension options. As of December 31, 2023, December 31, 2022 and December 31, 2021, none of the amounts disclosed below contains residual value guarantees. For the year ended December 31, 2023, the Company had five finance lease obligations with various initial term expiration dates through 2094. For the years ended December 31, 2022 and 2021, the Company had 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 years ended December 31, 2023, 2022 and 2021 (in thousands): Year ended December 31, Lease costs 2023 2022 2021 Operating lease costs (1) $ 14,451 $ 12,700 $ 13,151 Finance lease costs Amortization of right of use asset (2) $ 2,821 $ 697 $ 547 Interest on lease liabilities (3) $ 13,747 $ 3,236 $ 2,471 _______________ (1) One of the operating leases relate to assets under development for a portion of the year ended December 31, 2023 and as such, the operating lease costs were capitalized. For December 31, 2022 and 2021, no operating leases related to assets under development. (2) 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. (3) One, one and two of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2023, December 31, 2022 and December 31, 2021, 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, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Other information Weighted-average remaining lease term (in years) Operating leases 70 49 Finance leases 60 68 Weighted-average discount rate Operating leases 6.6 % 5.7 % Finance leases 6.1 % 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, 2023 (in thousands): Operating Finance 2024 (1) $ 29,989 $ 70,370 2025 35,733 32,232 2026 10,100 31,972 2027 9,885 32,170 2028 (1) 14,637 118,232 Thereafter 3,546,537 1,342,174 Total lease payments 3,646,881 1,627,150 Less: Interest portion 3,296,490 1,209,189 Present value of lease payments $ 350,391 $ 417,961 _______________ (1) Finance lease payments in 2024 and 2028 include approximately $38.7 million and $105.3 million, respectively, related to purchase options that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated or at all. The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2022 (in thousands): Operating Finance 2023 $ 22,415 $ 9,306 2024 (1) 22,274 49,343 2025 10,308 9,971 2026 10,100 10,166 2027 9,885 10,364 Thereafter 528,915 1,352,647 Total lease payments 603,897 1,441,797 Less: Interest portion 399,211 1,192,462 Present value of lease payments $ 204,686 $ 249,335 _______________ (1) Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground lease. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated. On August 1, 2023, a consolidated joint venture in which the Company has a 55% interest executed an up to 99-year ground lease with the Metropolitan Transportation Authority for an approximately 25,000 square foot site, the 343 Madison Avenue project in New York City (see Note 10). The 343 Madison Avenue project contemplates the construction of (1) a direct entrance to the Long Island Railroad’s new east side access project (Grand Central Madison) (“Phase 1”) and (2) an approximately 900,000 square foot premier workplace building with ground floor retail (“Phase 2”). The joint venture has the option until July 31, 2025 to terminate the ground lease prior to construction of the new building and receive reimbursement of up to $117.0 million for the cost of the construction of Phase 1. The Company is reasonably certain that it will not exercise this termination option as the Company completed a long-term competitive process to obtain the right to ground lease this site. There can be no assurance that Phase 1 will be completed on the terms currently contemplated or that Phase 2 of the development project will commence on the terms currently contemplated or at all. There is no rent due under the ground lease for the period from August 1, 2023 through July 31, 2028, with the exception of a payment of approximately $21.8 million that is due on July 31, 2025. Beginning August 1, 2028, the lease requires rent of approximately $10.9 million per year with adjustments every five years, with a minimum increase of 110% of the ground rent from the prior year. The incremental borrowing rate for this lease is 8.14% per annum. The net present value of the ground lease payments is approximately $141.1 million. The lease required the joint venture to pay a non-refundable deposit totaling $25.0 million, of which $15.0 million was placed in escrow in 2022 with the signing of a pre-lease agreement and $10.0 million was paid in 2023 as a requirement of entering into the ground lease. The consolidated joint venture classifies this ground lease as an operating lease. As a result, the consolidated joint venture recorded a Right of Use Assets – Operating Leases and Lease Liabilities – Operating Leases of approximately $166.8 million and $141.1 million, respectively, on its Consolidated Balance Sheets as of December 31, 2023 . The 343 Madison Avenue ground lease had operating lease costs of approximately $12.6 million, that was all capitalized, for the year ended December 31, 2023 . On December 14, 2023, the Company completed the acquisition of its joint venture partner’s 45% interest in the joint venture entity that owns Santa Monica Business Park located in Santa Monica, California (See Note 3). Approximately 70% of Santa Monica Business Park’s rentable square footage is subject to a ground lease. The ground lease has an expiration date of February 4, 2054 with the option to renew the term for four additional periods of 11 years each, subject to certain conditions. The ground lease requires monthly rental payments with increases every five |
Lessor, Operating Leases [Text Block] | Lessor Operating Leases The following table summarizes the components of lease revenue recognized during the years ended December 31, 2023, 2022 and 2021 included within the Company's Consolidated Statements of Operations (in thousands): Year ended December 31, Lease Revenue 2023 2022 2021 Fixed contractual payments $ 2,503,106 $ 2,426,007 $ 2,319,362 Variable lease payments 550,641 492,361 433,652 Sales-type lease 926 — — $ 3,054,673 $ 2,918,368 $ 2,753,014 The future contractual lease payments to be received (excluding operating expense reimbursements and percentage rent) by the Company as of December 31, 2023, under non-cancelable operating leases which expire on various dates through 2049 (in thousands): Years Ending December 31, 2024 $ 2,420,047 2025 2,444,826 2026 2,379,371 2027 2,281,437 2028 2,140,919 Thereafter 15,592,965 No single tenant represented more than 10.0% of the Company’s total lease revenue for the years ended December 31, 2023, 2022 and 2021 . On November 6, 2023, WeWork Inc. and certain of its direct and indirect subsidiaries (collectively, “WeWork”) filed voluntary petitions to commence proceedings under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of New Jersey. At December 31, 2023, WeWork is a tenant at four of the Company’s premier workplaces and leases an aggregate of approximately 367,338 square feet, representing approximately 0.87% of the Company’s share of its in-service portfolio square footage. There can be no assurance that WeWork will not reject one or more of the four leases. |
Lessor, Sales-type Leases | Sales-type Lease For the years ended December 31, 2023 and 2022, the Company had one non-cancelable ground lease obligation, as lessor, that is classified as a sales-type lease with an expiration date through 2119. Upon commencement of this lease, the Company recognized a gain on sale of approximately $10.1 million associated with the derecognition of the asset. The Company recognized approximately $0.9 million of interest income that is recorded in lease revenue on its Consolidated Statement of Operations for the year ended December 31, 2023. The Company did not recognize any interest income during the year ended December 31, 2022. The following table provides the future contractual payments to be received as of December 31, 2023 (in thousands): December 31, 2023 2024 $ 31 2025 124 2026 372 2027 756 2028 775 Thereafter 267,474 Total lease payments to be received 269,532 Less: Interest portion 255,579 Sales-type lease receivable 13,953 Unguaranteed residual asset 18 Current expected credit loss adjustment (267) Sales-type lease receivable, net $ 13,704 The following table provides the future contractual payments to be received as of December 31, 2022 (in thousands): December 31, 2022 2023 $ — 2024 31 2025 124 2026 372 2027 756 Thereafter 268,249 Total lease payments to be received 269,532 Less: Interest portion 256,504 Sales-type lease receivable 13,028 Unguaranteed residual asset 17 Current expected credit loss adjustment (234) Sales-type lease receivable, net $ 12,811 |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Deferred Charges | 5. Deferred Charges Deferred charges consisted of the following at December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Leasing costs, including lease related intangibles $ 1,168,940 $ 1,095,231 Financing costs 20,600 19,311 1,189,540 1,114,542 Less: Accumulated amortization (429,119) (381,260) $ 760,421 $ 733,282 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 2024 $ 52,489 2025 40,739 2026 27,095 2027 20,823 2028 11,113 |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and December 31, 2022: Carrying Value of Investment (1) Entity Properties Nominal % Ownership December 31, 2023 December 31, 2022 (in thousands) Square 407 Limited Partnership Market Square North 50.00 % $ (5,996) $ (6,198) BP/CRF Metropolitan Square LLC Metropolitan Square 20.00 % (2) — (37,629) 901 New York, LLC 901 New York Avenue 25.00 % (3) (11,764) (12,493) WP Project Developer LLC Wisconsin Place Land and Infrastructure 33.33 % (4) 30,375 31,971 500 North Capitol Venture LLC 500 North Capitol Street, NW 30.00 % (10,253) (9,185) 501 K Street LLC 1001 6th Street 50.00 % 44,774 42,922 Podium Developer LLC The Hub on Causeway - Podium 50.00 % 45,201 46,839 Residential Tower Developer LLC Hub50House 50.00 % 40,235 45,414 Hotel Tower Developer LLC The Hub on Causeway - Hotel Air Rights 50.00 % 13,494 12,366 Office Tower Developer LLC 100 Causeway Street 50.00 % 57,660 59,716 1265 Main Office JV LLC 1265 Main Street 50.00 % 3,585 3,465 BNY Tower Holdings LLC Dock 72 50.00 % (5) (11,890) (19,921) CA-Colorado Center, LLC Colorado Center 50.00 % 237,815 233,862 7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.00 % 50,064 52,152 BP-M 3HB Venture LLC 3 Hudson Boulevard 25.00 % 115,103 116,397 SMBP Venture LP Santa Monica Business Park 55.00 % (6) — 164,735 Platform 16 Holdings LP Platform 16 55.00 % (7)(8) 45,564 158,109 Gateway Portfolio Holdings LLC Gateway Commons 50.00 % 376,834 324,038 Rosecrans-Sepulveda Partners 4, LLC Beach Cities Media Campus 50.00 % 27,034 27,000 Safeco Plaza REIT LLC Safeco Plaza 33.67 % (8)(9) 44,734 69,785 360 PAS Holdco LLC 360 Park Avenue South 71.11 % (8)(10) 42,988 114,992 PR II/BXP Reston Gateway LLC Skymark - Reston Next Residential 20.00 % 15,184 11,351 751 Gateway Holdings LLC 751 Gateway 49.00 % 93,411 80,714 200 Fifth Avenue JV LLC 200 Fifth Avenue 26.69 % (8) 75,718 120,083 ABXP Worldgate Investments LLC 13100 and 13150 Worldgate Drive 50.00 % 17,546 N/A $ 1,337,416 $ 1,630,485 _______________ (1) Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2) During the year ended December 31, 2023 , the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6 . (3) The Company’s economic ownership increased based on the achievement of certain return thresholds. At December 31, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%. On January 8, 2024, the Company’s joint venture partner transferred all of its interest in the joint venture to the Company for a gross purchase price of $10.0 million, see Note 17 for more information. (4) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (5) This property includes net equity balances from the amenity joint venture. (6) During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3. (7) At December 31, 2022, this entity was a VIE. (8) During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investment. (9) The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (10) On December 14, 2023, the Company completed the acquisition of all of one of its joint venture partners ownership interest. As a result of this acquisition, at December 31, 2023, the Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the partner owns its interest in the joint venture. The Company’s partner will fund required capital until its aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. At December 31, 2022, the Company’s ownership included (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, the partners or the Company will be entitled to an additional promoted interest or payments. The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows: December 31, 2023 December 31, 2022 (in thousands) ASSETS Real estate and development in process, net (1) $ 5,811,763 $ 6,537,554 Other assets (2) 682,291 756,786 Total assets $ 6,494,054 $ 7,294,340 LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY Mortgage and notes payable, net $ 3,351,873 $ 4,022,746 Other liabilities (3) 361,357 716,271 Members’/Partners’ equity 2,780,824 2,555,323 Total liabilities and members’/partners’ equity $ 6,494,054 $ 7,294,340 Company’s share of equity $ 1,278,483 $ 1,238,929 Basis differentials (4) 58,933 391,556 Carrying value of the Company’s investments in unconsolidated joint ventures (5) $ 1,337,416 $ 1,630,485 _______________ (1) At December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At December 31, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.1 million and $21.2 million, respectively. (2) At December 31, 2023, this amount included sales-type lease receivable, net totaling approximately $13.9 million. (3) At December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $382.2 million. At December 31, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (4) 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. During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as well as a $35.8 million gain on investment related to Metropolitan Square, as described below in this Note 6. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows: December 31, 2023 December 31, 2022 Property (in thousands) Colorado Center $ 298,906 $ 301,820 200 Fifth Avenue 58,308 94,497 Gateway Commons 48,971 47,808 Safeco Plaza (29,678) (15) 360 Park Avenue South (116,534) 3,798 Dock 72 (95,521) (98,980) Platform 16 (143,052) 7,108 These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (5) Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows: Year ended December 31, 2023 2022 2021 (in thousands) Total revenue (1) $ 612,589 $ 512,078 $ 383,649 Expenses Operating 239,947 198,632 158,498 Transaction costs 301 837 470 Depreciation and amortization 197,228 181,041 147,121 Total expenses 437,476 380,510 306,089 Other income (expense) Loss from early extinguishment of debt (3) (1,327) — Interest expense (227,537) (154,065) (108,884) Unrealized gain (loss) on derivative instruments (6,582) 1,681 — Gain on sales-type lease 2,737 — — Net loss $ (56,272) $ (22,143) $ (31,324) Company’s share of net loss $ (19,599) $ (2,551) $ (10,254) Gain on sale of investment (2) — — 10,257 Gain on investment (3) 35,756 — — Gain (loss) on sale / consolidation (3)(4) 28,412 — — Impairment losses on investments (5) (272,603) (50,705) — Basis differential (6) (11,509) (6,584) (2,573) Loss from unconsolidated joint ventures $ (239,543) $ (59,840) $ (2,570) _______________ (1) Includes straight-line rent adjustments of approximately $28.7 million, $62.9 million and $17.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. (2) During the year ended December 31, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million. (3) During the year ended December 31, 2023 , the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6 . (4) During the year ended December 31, 2023, the Company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6. (5) During the year ended December 31, 2023 , the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as described below in this Note 6 . During the year ended December 31, 2022, 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 $50.7 million. (6) Includes straight-line rent adjustments of approximately $1.5 million, $0.5 million and $0.8 million for the years ended December 31, 2023, 2022 and 2020, respectively. Also includes net above-/below-market rent adjustments of approximately $0.8 million, $0.4 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. On January 31, 2023, the Company acquired a 50% interest in a joint venture that owns 13100 and 13150 Worldgate Drive located in Herndon, Virginia for a gross purchase price of approximately $17.0 million. The acquisition was completed with available cash. 13100 and 13150 Worldgate Drive consists of two vacant office buildings aggregating approximately 350,000 rentable square feet and a 1,200-space structured parking deck situated on a 10-acre site. The joint venture intends to redevelop the property for residential use. There can be no assurance that the joint venture will commence the development as currently contemplated or at all. On April 21, 2023, a joint venture in which the Company owns a 50% interest exercised an option to extend the maturity date of the construction loan collateralized by its 7750 Wisconsin Avenue property. Prior to the extension, the loan had a total commitment amount of approximately $252.6 million, bore interest at a variable rate equal to London Interbank Offered Rate (“LIBOR”) plus 1.25% per annum and was scheduled to mature on April 26, 2023, with two, one-year extension options, subject to certain conditions. The extended loan continued to bear interest at LIBOR plus 1.25% per annum through June 1, 2023 after which, the interest rate was converted to a variable rate equal to Term Secured Overnight Finance Rate (“SOFR”) plus 1.35% per annum. The extended loan now matures on April 26, 2024, with a one-year extension option, subject to certain conditions (See Note 17). 7750 Wisconsin Avenue is a premier workplace with approximately 736,000 net rentable square feet located in Bethesda, Maryland. On June 5, 2023, a joint venture in which the Company owns a 30% interest repaid the existing construction loan collateralized by its 500 North Capitol Street, NW property and obtained new mortgage loans with related parties. At the time of the repayment, the outstanding balance of the loan totaled approximately $105.0 million and the loan was scheduled to mature on June 6, 2023. The new mortgage loans have an aggregate principal balance of $105.0 million, bear interest at a weighted average fixed rate of 6.83% per annum and mature on June 5, 2026. The Company’s portion of the mortgage loans, $10.5 million, has been reflected as a Related Party Note Receivable on the Company’s Consolidated Balance Sheets. 500 North Capitol Street, NW is an approximately 231,000 net rentable square foot premier workplace in Washington, DC. On June 28, 2023, a joint venture in which the Company owns a 25% interest exercised an option to extend by 30 days the maturity date of the loan collateralized by its 3 Hudson Boulevard property. At the time of the extension, the loan had an outstanding balance of $80.0 million, bore interest at a variable rate equal to LIBOR plus 3.50% per annum and was scheduled to mature on July 13, 2023, with two extension options (30 days and 180 days, respectively), subject to certain conditions. Following the extension, the modified loan was scheduled to mature on August 13, 2023, with one 180-day extension option, subject to certain conditions. The extended loan continued to bear interest at a variable rate equal to LIBOR plus 3.50% per annum for the period from June 28, 2023 through July 6, 2023. For the period commencing on July 7, 2023 through the maturity date, the modified loan bears interest at a variable rate equal to Term SOFR plus approximately 3.61% per annum. On August 11, 2023, the joint venture exercised its second extension option of 180 days. The extended loan now matures on February 9, 2024 (See Note 17). As of December 31, 2023, the loan had approximately $28.0 million of accrued interest due at the maturity date. 3 Hudson Boulevard consists of land and improvements held for future development located in New York, New York. On July 28, 2023, a joint venture in which the Company has a 50% interest modified and exercised an option to extend by one year the maturity date of its loan collateralized by 100 Causeway Street. At the time of the modification and extension, the loan had an outstanding balance totaling approximately $340.6 million, bore interest at Term SOFR plus 1.60% per annum, and was scheduled to mature on September 5, 2023. Following the modification and extension, the loan had an outstanding balance of $336.6 million, which included an approximately $4.0 million principal repayment, bears interest at Term SOFR plus 1.48% per annum, and matures on September 5, 2024, with an additional one-year extension option, subject to certain conditions. 100 Causeway Street is an approximately 634,000 net rentable square foot premier workplace located in Boston, Massachusetts and is approximately 95% leased. On September 1, 2023, a joint venture in which the Company has a 49% interest completed and fully placed in-service 751 Gateway, an approximately 231,000 net rentable square foot laboratory/life sciences project in South San Francisco, California. The property is 100% leased. On September 6, 2023, a joint venture in which the Company has a 50% interest modified the loan collateralized by its Hub on Causeway - Podium property. At the time of the modification, the loan had an outstanding balance of approximately $174.3 million, bore interest at Term SOFR plus 2.35% per annum, and was scheduled to mature on September 6, 2023. Following the modification, the modified loan had an outstanding balance of $154.3 million, which included an approximately $20.0 million principal repayment, bore interest at Daily SOFR plus 2.50% per annum, and matures on September 8, 2025, with a one-year extension option, subject to certain conditions. On September 8, 2023, the joint venture entered into interest rate swap contracts with notional amounts aggregating approximately $154.3 million through September 2, 2025, resulting in a fixed interest rate of approximately 7.35% per annum through the expiration of the interest rate swap contracts. The Hub on Causeway - Podium is an approximately 383,000 net rentable square foot premier workplace located in Boston, Massachusetts and is approximately 94% leased. On September 13, 2023, a joint venture in which the Company owned a 20% equity interest completed the first step of a two-step restructuring of its ownership in Metropolitan Square. The two-step restructuring resulted in (i) an affiliate of the existing mezzanine lender purchasing the property and becoming the new property owner and the Company no longer having an equity interest in the property and (ii) the Company becoming a co-lender of up to $20.0 million under a new $100.0 million mezzanine loan (“New Mezz Loan”). Prior to the restructuring, the property was encumbered by an aggregate of $420.0 million of debt, consisting of a senior loan with an outstanding principal balance of $305.0 million (“Senior Loan”) and the existing $115.0 million mezzanine loan (“Existing Mezz Loan”). The joint venture completed step one of the restructuring on September 13, 2023, resulted in, among other things, (i) the cessation of the Company’s obligation to fund future investments through its then 20% equity interest, which resulted in the recognition of gain on investment of approximately $35.8 million related to its deficit investment balance, which was primarily due to excess distributions, and (ii) the removal of the property from the Company’s in-service portfolio. On October 2, 2023, step two of the restructuring was completed and included (i) the sale of the property, which resulted in a loss on the sale of approximately $1.5 million and assignment of the Senior Loan to the new owner, and (ii) the closing of the New Mezz Loan (See Note 9). In addition, the Company will continue to provide property management and leasing services to the property with the potential to earn additional incentive fees. Metropolitan Square is a 657,000 net rentable square foot premier workplace located at 655 15th Street, NW in the heart of downtown Washington, DC. O n October 31, 2023, a joint venture in which the Company has a 50% interest modified the lease of a third-party hotel developer/operator at its Hub on Causeway – Hotel Air Rights property. The third-party hotel developer/operator paid $4.5 million in connection with this modification to fulfill its obligation to repay the joint venture’s investment. This modification resulted in a reassessment of the lease classification per ASC 842. Based on this reassessment this lease was reclassified as a sales-type lease. The joint venture recorded a sales-type lease receivable of approximately $18.6 million. In addition, the joint venture recorded a gain on sales-type lease of approximately $2.7 million associated with the derecognition of the asset. On December 14, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in the joint venture that owns Santa Monica Business Park for a purchase price of $38.0 million and the Company acquired net working capital, including cash and cash equivalents of approximately $20 million. Prior to the acquisition, the Company had a 55% ownership interest in the joint venture and accounted for it under the equity method of accounting. The acquisition resulted in the Company having full ownership of the joint venture such that the Company now accounts for the assets, liabilities, and operations of it on a consolidated basis in its financials statements instead of under the equity method of accounting (See Note 3) and as a result recognized a gain on consolidation of approximately $29.9 million. On December 14, 2023, the Company completed the acquisition of its joint venture partner’s approximate 29% ownership interest in the joint venture that owns 360 Park Avenue South for a purchase price of $1, increasing the Company’s ownership in the joint venture to approximately 71%. The Company also assumed the partner’s share of the joint venture’s cash and working capital aggregating approximately $25.4 million, as well as the partner’s share of the outstanding $220.0 million mortgage debt. 360 Park Avenue South, a 20-story, approximately 450,000 square foot premier workplace, is currently under re-development. Impairments 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 indicate that a decline in the fair values below the carrying amounts has occurred and such decline is other-than-temporary. During the year ended December 31, 2023, the Company continued to evaluate declining market conditions and underlying key assumptions of certain investments in unconsolidated joint ventures, including the receipt and consideration of certain third-party joint venture property appraisals. Such evaluation of key impairment indicators resulted in the Company determining that the decline in value, for certain joint venture properties, was other-than-temporary and therefore the Company recorded impairment charges during the year ended December 31, 2023, as described below. During the year ended December 31, 2023, a joint venture in which the Company has a 55% interest elected to pause vertical construction on Platform 16 in San Jose, California. Platform 16 was planned to be constructed in phases to best accommodate market demand. The first phase of the development project included the construction of an approximately 390,000 net rentable square foot premier workplace building and below-grade parking garage. The joint venture intends to complete the construction of the below-grade parking garage and building foundation elements over the next several months to facilitate a restart of construction in the future as demand improves. Upon electing to pause vertical construction, the Company performed an analysis to determine if there was an other-than temporary impairment. Based on the market rent assumptions and new expected timeline for completion of the project, as of June 30, 2023, the Company concluded there was not an other-than temporary impairment present. During the three months ended September 30, 2023, the real estate and leasing conditions in the San Jose, California market continued to deteriorate and the Company further extended its construction pause assumption. These conditions, combined with a decrease in market rent assumptions, resulted in the Company recognizing a non-cash impairment charge totaling approximately $155.2 million, which represented the decline in the fair value below the carrying value of the Company’s investment in the unconsolidated joint venture that owns Platform 16. The Company determined that its 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 6.0%, and a discount rate of 12.0%. During the year ended December 31, 2023, the Company recognized a non-cash impairment charge totaling approximately $54.0 million, which represented the decline in the fair value below the carrying value of the Company’s investment in the unconsolidated joint venture that owns 360 Park Avenue South. The Company assessed the impairment and concluded that it was other than temporary. The Company determined that its 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 5.5% and leasing the currently available space over a longer period of time ending in 2026. 360 Park Avenue South is currently under redevelopment to be a premier workplace with approximately 450,000 net rentable square feet located in New York City, New York. During the year ended December 31, 2023, the Company recognized a non-cash impairment charge totaling approximately $33.4 million, which represented the decline in the fair value below the carrying value of the Company’s investment in the unconsolidated joint venture that owns 200 Fifth Avenue. The Company assessed the impairment and concluded that it was other than temporary. The Company determined that its 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 5.0% and a discount rate of 8.0%. 200 Fifth Avenue is a premier workplace with approximately 855,000 net rentable square feet located in New York City, New York. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 7. Debt Mortgage Notes Payable The Company had outstanding mortgage notes payable totaling approximately $4.2 billion and $3.3 billion as of December 31, 2023 and 2022, respectively, each collateralized by one or more buildings and related land included in real estate assets. The mortgage notes payable are generally due in monthly installments and mature at various dates through January 9, 2032. Including the effects of interest rate swaps, there were no variable rate mortgage loans at December 31, 2023 and 2022 (see Note 8). Therefore, fixed rate mortgage notes payable totaled approximately $4.2 billion and $3.3 billion at December 31, 2023 and 2022, respectively, with contractual interest rates ranging from 2.79% to 6.04% per annum at December 31, 2023 and 2.79% to 3.43% per annum at December 31, 2022 (with a weighted-average interest rate of 3.70% and 3.24% at December 31, 2023 and 2022, respectively). Contractual aggregate principal payments of mortgage notes payable at December 31, 2023 are as follows (dollars in thousands): Principal Payments 2024 $ — 2025 300,000 2026 — 2027 2,300,000 2028 600,000 Thereafter 1,000,000 Total aggregate principal payments 4,200,000 Less: Deferred financing costs, net 29,270 Fair value debt adjustment 4,351 Total carrying value of mortgage notes payable, net $ 4,166,379 On October 26, 2023, the Company closed on a mortgage loan collateralized by its 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties located in Cambridge, Massachusetts. The mortgage loan has a principal amount of $600.0 million, bears interest at a variable rate of Daily Compounded SOFR plus 2.25% per annum and matures on October 26, 2028 (See Note 8). The loan requires monthly interest-only payments during the term of the loan, with the entire principal amount due at maturity. 325 Main Street, 355 Main Street and 90 Broadway are three premier workplaces that aggregate approximately 898,000 net rentable square feet. On December 14, 2023, the Company completed the acquisition of its joint venture partner’s 45% interest in the joint venture entity that owns Santa Monica Business Park located in Santa Monica, California (See Note 3). The property is subject to existing mortgage indebtedness. The mortgage loan has a principal amount of $300.0 million, bears interest at a variable rate equal to SOFR plus 1.38% per annum and matures on July 19, 2025. The entire principal is subject to interest rate swap contracts through April 1, 2025 (See Note 8). The loan requires monthly interest-only payments during the term of the loan, with the entire principal due at maturity. The mortgage loan was recorded at fair value of approximately $295.5 million. Unsecured Senior Notes The following summarizes the unsecured senior notes outstanding as of December 31, 2023 (dollars in thousands): Coupon/Stated Rate Effective Rate(1) Principal Amount Maturity Date(2) 10.5 Year Unsecured Senior Notes (3) 3.800 % 3.916 % $ 700,000 February 1, 2024 7 Year Unsecured Senior Notes 3.200 % 3.350 % 850,000 January 15, 2025 10 Year Unsecured Senior Notes 3.650 % 3.766 % 1,000,000 February 1, 2026 10 Year Unsecured Senior Notes 2.750 % 3.495 % 1,000,000 October 1, 2026 5 Year Unsecured Senior Notes 6.750 % 6.924 % 750,000 December 1, 2027 10 Year Unsecured Senior Notes 4.500 % 4.628 % 1,000,000 December 1, 2028 10 Year Unsecured Senior Notes 3.400 % 3.505 % 850,000 June 21, 2029 10.5 Year Unsecured Senior Notes 2.900 % 2.984 % 700,000 March 15, 2030 10.75 Year Unsecured Senior Notes 3.250 % 3.343 % 1,250,000 January 30, 2031 11 Year Unsecured Senior Notes 2.550 % 2.671 % 850,000 April 1, 2032 12 Year Unsecured Senior Notes 2.450 % 2.524 % 850,000 October 1, 2033 10.7 Year Unsecured Senior Notes 6.500 % 6.619 % 750,000 January 15, 2034 Total principal 10,550,000 Less: Net unamortized discount 13,302 Deferred financing costs, net 45,081 Total $ 10,491,617 _______________ (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 17. On May 15, 2023, BPLP completed a public offering of $750.0 million in aggregate principal amount of its 6.500% unsecured senior notes due 2034. The notes were priced at 99.697% of the principal amount to yield an effective rate (including financing fees) of approximately 6.619% per annum to maturity. The notes will mature on January 15, 2034, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $741.3 million after deducting underwriting discounts and transaction expenses. On September 1, 2023, BPLP completed the repayment of $500.0 million in aggregate principal amount of its 3.125% unsecured senior notes due September 1, 2023. The repayment price was approximately $507.8 million, which was equal to the stated principal plus approximately $7.8 million of accrued and unpaid interest to, but not including, the repayment date. Excluding the accrued and unpaid interest, the repayment price was equal to the principal amount being repaid. The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. At December 31, 2023, BPLP was in compliance with each of these financial restrictions and requirements. Unsecured Credit Facility BPLP’s unsecured credit facility (the “2021 Credit Facility”) provides for borrowings of up to $1.815 billion, as described below in this Note 7, through BPLP’s revolving facility (the “Revolving Facility”), subject to customary conditions. The 2021 Credit Facility matures on June 15, 2026 and includes a sustainability-linked pricing component. Under the 2021 Credit Facility, BPLP may increase the total commitment by up to $500.0 million by increasing the amount of the Revolving Facility and/or by incurring one or more term loans, in each case, subject to syndication of the increase and other conditions (the “Accordion”). On September 28, 2023, BPLP exercised a portion of the Accordion with 3 new lenders to the 2021 Credit Facility (“New Lenders”). Each of the New Lenders entered into a lender agreement with BPLP to provide an aggregate of $315.0 million in additional revolving credit commitments, which increased the maximum borrowing amount under the 2021 Credit Facility from $1.5 billion to $1.815 billion. All other terms of the 2021 Credit Facility remain unchanged. At BPLP’s option, loans under the 2021 Credit Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, Term SOFR and SOFR, (b) in the case of loans denominated in Euro, EURIBOR, (c) in the case of loans denominated in Canadian Dollars, CDOR, and (d) in the case of loans denominated in Sterling, SONIA, in each case, plus a margin ranging from 70.0 to 140.0 basis points based on BPLP’s credit rating or (2) an alternate base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 40 basis points based on BPLP’s credit rating. The 2021 Credit Facility also features a sustainability-linked pricing component such that if BPLP meets certain sustainability performance targets, the applicable per annum interest rate will be reduced by one basis point. In addition, the 2021 Credit Facility contains a competitive bid option for up to 65% of the Revolving Facility that allows banks that are part of the lender consortium to bid to make loan advances to BPLP at a reduced interest rate. Pursuant to the 2021 Credit Facility, BPLP is obligated to pay (1) in quarterly installments a facility fee on the total commitment under the Revolving Facility at a rate per annum ranging from 0.10% to 0.30% based on BPLP’s credit rating and (2) an annual fee on the undrawn amount of each letter of credit ranging from 0.70% to 1.40% based on BPLP ’s credit rating. On June 1, 2023, BPLP amended the 2021 Credit Facility to replace the LIBOR-based daily floating rate option with a SOFR-based daily floating rate option and to add options for SOFR-based term floating rates and rates for alternative currency loans. In addition, the amendment added a SOFR credit spread adjustment of 0.10%. Other than the foregoing, the material terms of the 2021 Credit Facility remain unchanged. Based on BPLP’s December 31, 2023 credit rating, (1) the applicable Daily SOFR, Term SOFR, alternative currency daily rate, and alternative currency term rate margins are 0.775%, (2) the alternate base rate margin is zero basis points and (3) the facility fee is 0.15% per annum. At December 31, 2023 and December 31, 2022, BPLP had no amount outstanding under the Revolving Facility. Unsecured Term Loans On May 17, 2022, BPLP entered into a credit agreement, which provided for a single borrowing of up to $730.0 million (the “2022 Unsecured Term Loan”). Upon entry into the credit agreement, BPLP exercised its option to draw $730.0 million under the 2022 Unsecured Term Loan, which was used for the acquisition of Madison Centre in Seattle, Washington. The 2022 Unsecured Term Loan was scheduled to mature on May 16, 2023 and bore interest at a variable rate equal to term SOFR plus 0.95% per annum based on BPLP’s credit rating at December 31, 2022. On January 4, 2023, BPLP entered into a credit agreement that provided for a $1.2 billion unsecured term loan facility (the “2023 Unsecured Term Loan”). Under the credit agreement, BPLP may, at any time prior to the maturity date, increase total commitments by up to an additional $300.0 million in aggregate principal amount by increasing the existing 2023 Unsecured Term Loan or incurring one or more additional term loans, in each case, subject to syndication of the increase and other conditions. The 2023 Unsecured Term Loan matures on May 16, 2024, with one 12-month extension option, subject to customary conditions. Upon entry into the credit agreement, BPLP exercised its option to draw $1.2 billion under the 2023 Unsecured Term Loan, a portion of which was used to repay in full the $730.0 million outstanding under the 2022 Unsecured Term Loan. There was no prepayment penalty associated with the repayment of the 2022 Unsecured Term Loan. At BPLP’s option, loans under the 2023 Unsecured Term Loan will bear interest at a rate per annum equal to (1) a base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR for a one-month period plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 60 basis points based on BPLP’s credit rating; or (2) a rate equal to adjusted Term SOFR with a one-month period plus a margin ranging from 75 to 160 basis points based on BPLP’s credit rating. Based on BPLP’s credit rating upon entry into the credit agreement, the base rate margin is 0 basis points and the Term SOFR margin is 0.85%. As of December 31, 2023, the 2023 Unsecured Term Loan bears interest at a rate equal to adjusted Term SOFR plus 0.85% (see Note 8 ) . At December 31, 2023, BPLP had $1.2 billion outstanding under the 2023 Unsecured Term Loan. At December 31, 2022, BPLP had $730.0 million outstanding under the 2022 Unsecured Term Loan. 2021 Credit Facility and 2023 Unsecured Term Loan Compliance The agreements governing the 2021 Credit Facility and 2023 Unsecured Term Loan contain customary representations and warranties, affirmative and negative covenants and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay, in the case of the 2021 Credit Facility, all outstanding amounts and the cancellation of all commitments outstanding under the 2021 Credit Facility and, in the case of the 2023 Unsecured Term Loan, any outstanding amount under the 2023 Unsecured Term Loan. Among other covenants, the 2021 Credit Facility and the 2023 Unsecured Term Loan require that BPLP maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. At December 31, 2023, BPLP was in compliance with each of these financial and other covenant requirements. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | 8. Derivative Instruments and Hedging Activities BPLP’s agreements with the swap derivative counterparties contain provisions whereby if BPLP defaults on the underlying indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then BPLP could also be declared in default of the swap derivative obligation. As of December 31, 2023, the Company had not posted any collateral related to the agreements. Effective Hedge Instruments On May 2, 2023, BPLP entered into four interest rate swap contracts with notional amounts aggregating $1.2 billion. BPLP entered into these interest rate swap contracts to reduce its exposure to the variability in future cash flows attributable to changes in the 2023 Unsecured Term Loan interest rate. These interest rate swaps were entered into to fix Term SOFR, the reference rate for BPLP’s 2023 Unsecured Term Loan, at a weighted-average rate of 4.6420% for the period commencing on May 4, 2023 and ending on May 16, 2024 (see Note 7 ) . For the period from May 4, 2023 through December 31, 2023, the Company recognized approximately $(4.2) million of interest expense related to its interest rate swap contracts. On December 7, 2023, BPLP entered into three interest rate swap contracts with notional amounts aggregating $600.0 million. BPLP entered into these interest rate swap contracts to reduce its exposure to the variability in future cash flows attributable to changes in the interest rate associated with the $600.0 million mortgage secured by its 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties (see Note 7 ) . These interest rate swaps were entered into to fix Daily Compounded SOFR, the reference rate for the mortgage, at a weighted-average fixed interest rate of 3.7925% for the period commencing on December 15, 2023 and ending on October 26, 2028, for an all in interest rate of 6.04% per annum. For the period from December 15, 2023 through December 31, 2023, the Company recognized approximately $(0.4) million of interest expense related to these interest rate swap contracts. On December 14, 2023, the Company completed the acquisition of it’s joint venture partner’s 45% interest in the joint venture entity that owns Santa Monica Business Park located in Santa Monica, California (See Note 3). The property is subject to $300.0 million of mortgage debt (see Note 7). Prior to the Company’s acquisition, the borrower under the loan, SMBP LLC entered into three interest rate swap contracts with notional amounts aggregating $300.0 million to fix SOFR, the reference rate for the mortgage loan, at a weighted-average fixed interest rate of approximately 2.679% per annum for a period that ends on April 1, 2025. The Company acquired and elected to continue with hedge accounting for these swaps. Upon acquisition, the Company recorded the interest rate swaps at their fair value of approximately $7.3 million. These interest rate swap contracts were entered into to reduce the exposure to the variability in future cash flows attributable to changes in the interest rate associated with the mortgage loan. For the period from December 14, 2023 through December 31, 2023, the Company recognized approximately $(0.4) million of interest expense related to these interest rate swap contracts. BPLP assesses the effectiveness of its hedges both at inception and on an ongoing basis. If the hedges are deemed to be effective, the fair value is recorded in “Accumulated other comprehensive income (loss)” in the Company’s Consolidated Balance Sheets and is subsequently reclassified into “Interest expense” in the Company’s Consolidated Statements of Operations in the period that the hedged forecasted transactions affect earnings. BPLP’s derivative financial instruments are cash flow hedges that are designated as effective hedges, and are carried at their estimated fair value on a recurring basis (See Note 2). The Company did not incur any ineffectiveness during the year ended December 31, 2023. BPLP’s and SMBP LLC’s interest rate swap contracts consisted of the following at December 31, 2023 (dollars in thousands): Derivative Instrument Aggregate Notional Amount Strike Rate Range Balance Sheet Location Effective Date Maturity Date Low High Fair Value BPLP: Interest Rate Swaps $ 1,200,000 May 4, 2023 May 16, 2024 4.638 % — 4.646 % Prepaid expenses and other assets $ 2,548 Interest Rate Swaps 600,000 December 15, 2023 October 26, 2028 3.790 % — 3.798 % Other liabilities (7,198) 1,800,000 (4,650) SMBP LLC Interest Rate Swaps 300,000 December 14, 2023 April 1, 2025 2.661 % — 2.688 % Prepaid expenses and other assets 6,626 $ 2,100,000 $ 1,976 The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year ended December 31, 2023 2022 2021 Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1) $ (14,405) $ 19,396 $ 8,544 Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2) $ 6,703 $ 6,707 $ 6,704 Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing $ — $ — $ — _______________ (1) Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties. (2) Consists of amounts from previous interest rate programs. BPLP has formally documented all of its relationships between hedge instruments and hedging items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income (loss) and equity. Ineffective Hedging Instruments |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 9. Commitments and Contingencies General In the normal course of business, the Company guarantees its performance of services or indemnifies third parties against its negligence. In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of its subsidiaries for the payment of tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises. The Company had letter of credit and performance obligations related to lender and development requirements that total approximately $21.6 million at December 31, 2023. Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. From time to time, under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, either the Company or its partners may be entitled to an additional promoted interest or payments. From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and (3) provide guarantees to lenders, tenants and other third parties for the completion of development projects. The Company has agreements with its outside or joint venture partners whereby the partners agree to reimburse the joint venture for their share of any payments made under the guarantee. In some cases, the Company earns a fee from the applicable joint venture for providing the guarantee. In connection with the refinancing of 767 Fifth Avenue’s (the General Motors Building) secured loan by the Company’s consolidated joint venture entity, 767 Venture, LLC, the Company guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits. As of December 31, 2023, the maximum funding obligation under the guarantee was approximately $8.5 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, 2023, no amounts related to the guarantee were recorded as liabilities in the Company’s consolidated financial statements. In connection with the development of the Company’s 290 Binney Street project located in Cambridge, Massachusetts, which commenced on January 5, 2023 (see Note 3), the Cambridge Zoning Ordinance requires that a building permit for the construction of a residential project of at least 400,000 square feet be issued prior to or concurrently with the issuance of a building permit for the commercial building. 290 Binney Street and the residential project are components of the Company’s future life sciences development project located in the heart of Kendall Square in Cambridge, Massachusetts. When completed the Company expects the project will consist of two premier workplace properties aggregating approximately 1.1 million rentable square feet of life sciences space and the approximately 400,000 square foot residential building. The commencement of construction of each phase of the overall project is subject to various conditions, some of which are not within the Company’s control. There can be no assurance that the conditions will be satisfied or that the Company will commence the development of the remaining phases on the terms and schedule currently contemplated or at all. On October 2, 2023, the restructuring of Metropolitan Square was completed (See Note 6), which included, among other items, the closing of the New Mezz Loan with a maximum principal amount of $100.0 million, which loan is subordinate only to the Senior Loan. The New Mezz Loan may be drawn upon for future lease-up, operating and other costs on an as needed basis, and amounts borrowed will bear interest at a per annum rate of 12%, compounded monthly. The Company will fund 20%, or up to $20.0 million, of any amounts borrowed under the New Mezz Loan. As of December 31, 2023, the Company has funded approximately $1.7 million. 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. In connection with the acquisition of a premier workplace in New York City in 2010, the Company entered into an agreement with the seller pursuant to which the seller could earn various fees based on the future leasing performance of the property. The Company initially accrued approximately $1.5 million as an estimate of the fees it would owe the seller. The seller filed suit against the Company claiming that consideration significantly in excess of the initial reserve amount is owed under the agreement in 2020. The disagreement between the Company and the seller involves material issues of contract interpretation and, more importantly, the method of calculating fees, including various inputs (both facts and assumptions) that drive the calculation. In February 2024, a summary judgment was issued interpreting certain sections of the agreement in favor of the seller’s claims. The Company believes it has meritorious defenses to the seller’s claims, is disputing the seller’s calculations and intends to continue defending itself vigorously. However, there can be no assurance that the Company will prevail in the lawsuit. If the court ultimately agrees with the seller’s calculations, then amounts due to the seller could theoretically be as high as the additional $31 million claimed in the seller’s complaint, plus interest. Although the Company rejects those calculations, there can be no assurance that the Company’s ultimate liability will not be significantly greater than its established accrual. 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, security deposits and/or other financial guarantees. Although the Company’s properties are geographically diverse and 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 $1.35 billion of property insurance in excess of the $1.0 billion of coverage in the Company’s property insurance program for 601 Lexington Avenue, New York, New York, consisting of $750 million of property and Terrorism Coverage in excess of the Company’s property insurance program and $600 million of Terrorism Coverage only in excess of the $1.75 billion of coverage. Certain properties, including the General Motors Building located at 767 Fifth Avenue in New York, New York (“767 Fifth Avenue”), are currently insured in separate insurance programs. The property insurance program per occurrence limits for 767 Fifth Avenue are $1.625 billion, including Terrorism Coverage. The Company also currently carries nuclear, biological, chemical and radiological terrorism insurance coverage for acts of terrorism certified under the Federal Terrorism Risk Insurance Act (as amended, “TRIA”) (“NBCR Coverage”), which is provided by IXP as a direct insurer, for the properties in the Company’s portfolio, including 767 Fifth Avenue, but excluding certain other properties owned in joint ventures with third parties or which the Company manages. The per occurrence limit for NBCR Coverage is $1.0 billion. Under TRIA, after the payment of the required deductible and coinsurance, the NBCR Coverage provided by IXP is backstopped by the Federal Government if the aggregate industry insured losses resulting from a certified act of terrorism exceed a “program trigger.” The program trigger is $200 million, the coinsurance is 20% and the deductible is 20% of the premiums earned by the insurer for the year prior to a claim. If the Federal Government pays out for a loss under TRIA, it is mandatory that the Federal Government recoup the full amount of the loss from insurers offering TRIA coverage after the payment of the loss pursuant to a formula in TRIA. The Company may elect to terminate the NBCR Coverage if the Federal Government seeks recoupment for losses paid under TRIA, if TRIA is not extended after its expiration on December 31, 2027, if there is a change in its portfolio or for any other reason. The Company intends to continue to monitor the scope, nature and cost of available terrorism insurance. The Company also currently carries earthquake insurance on its properties located in areas known to be subject to earthquakes. Specifically, the Company currently carries earthquake insurance which covers its San Francisco and Los Angeles regions with a $330 million per occurrence limit, and a $330 million annual aggregate limit, $30 million of which is provided by IXP, as a direct insurer. This insurance is subject to a deductible in the amount of 5% of the value of the affected property. In addition, the Company currently carries earthquake insurance which covers its Seattle region with a $110 million per occurrence limit, and a $110 million annual aggregate limit. This insurance is subject to a deductible in the amount of 2% of the value of the affected property. The amount of the Company’s earthquake insurance coverage may not be sufficient to cover losses from earthquakes. In addition, the amount of earthquake coverage could impact the Company’s ability to finance properties subject to earthquake risk. The Company may discontinue earthquake insurance or change the structure of its earthquake insurance program on some or all of its properties in the future if the premiums exceed the Company’s estimation of the value of the coverage. IXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acts as a direct insurer with respect to a portion of the Company’s earthquake insurance coverage for its Greater San Francisco and Los Angeles properties and the Company’s NBCR Coverage. Insofar as the Company owns IXP, it is responsible for its liquidity and capital resources, and the accounts of IXP are part of the Company’s consolidated financial statements. In particular, if a loss occurs which is covered by the Company’s NBCR Coverage but is less than the applicable program trigger under TRIA, IXP would be responsible for the full amount of the loss without any backstop by the Federal Government. IXP would also be responsible for any recoupment charges by the Federal Government in the event losses are paid out and its insurance policy is maintained after the payout by the Federal Government. If the Company experiences a loss and IXP is required to pay under its insurance policy, the Company would ultimately record the loss to the extent of the required payment. Therefore, insurance coverage provided by IXP should not be considered as the equivalent of third-party insurance, but rather as a modified form of self-insurance. In addition, BPLP has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million. The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism, earthquakes, pandemics and cybersecurity incidents, in particular, but the Company cannot anticipate what coverage will be available on commercially reasonable terms in future policy years. There are other types of losses, such as from wars, for which the Company cannot obtain insurance at all or at a reasonable cost. With respect to such losses and losses from acts of terrorism, earthquakes, pandemics or other catastrophic events, if the Company experiences a loss that is uninsured or that exceeds policy limits, the Company could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties. Depending on the specific circumstances of each affected property, it is possible that the Company could be liable for mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect the Company’s business and financial condition and results of operations. State and Local Tax Matters Because BXP is organized and qualifies as a REIT, it is generally not subject to federal income taxes, but is subject to certain state and local taxes. In the normal course of business, certain entities through which the Company owns real estate either have undergone, or are currently undergoing, tax audits. Although the Company believes that it has substantial arguments in favor of its positions in the ongoing audits, in some instances there is no controlling precedent or interpretive guidance on the specific point at issue. Collectively, tax deficiency notices received to date from the jurisdictions conducting the ongoing audits have not been material. However, there can be no assurance that future audits will not occur with increased frequency or that the ultimate result of such audits will not have a material adverse effect on the Company’s results of operations. Environmental Matters It is the Company’s policy to retain independent environmental consultants to conduct or update Phase I environmental assessments (which generally do not involve invasive techniques such as soil or ground water sampling) and asbestos surveys in connection with the Company’s acquisition of properties. These pre-purchase environmental assessments have not revealed environmental conditions that the Company believes will have a material adverse effect on its business, assets, financial condition, results of operations or liquidity, and the Company is not otherwise aware of environmental conditions with respect to its properties that the Company believes would have such a material adverse effect. However, from time to time environmental conditions at the Company’s properties have required and may in the future require environmental testing and/or regulatory filings, as well as remedial action. In February 1999, the Company (through a joint venture) acquired from Exxon Corporation a property in Massachusetts that was formerly used as a petroleum bulk storage and distribution facility and was known by the state regulatory authority to contain soil and groundwater contamination. The Company developed an office park on the property. The Company engaged a specially licensed environmental consultant to oversee the management of contaminated soil and groundwater that was disturbed in the course of construction. Under the property acquisition agreement, Exxon agreed to (1) bear the liability arising from releases or discharges of oil and hazardous substances which occurred at the site prior to the Company’s ownership, (2) continue monitoring and/or remediating such releases and discharges as necessary and appropriate to comply with applicable requirements, and (3) indemnify the Company for certain losses arising from preexisting site conditions. Any indemnity claim may be subject to various defenses and 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 ground water, 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 or that the Company will have insurance coverage, in the event that such environmental liabilities arise. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 10. Noncontrolling Interests Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company. As of December 31, 2023, the noncontrolling interests in BPLP consisted of 16,508,277 OP Units, 2,065,861 LTIP Units (including 480,511 LTIP Units earned by employees under the Company’s multi-year long-term incentive awards granted between 2012 and 2020 (i.e., 2012 OPP and 2013 - 2020 MYLTIP awards)), 349,267 2021 MYLTIP Units, 252,151 2022 MYLTIP Units and 322,053 2023 MYLTIP Units held by parties other than BXP. Noncontrolling Interest—Common Units During the years ended December 31, 2023 and 2022, 102,699 and 182,929 OP Units, respectively, were presented by the holders for redemption (including an aggregate of 94,863 and 78,249 OP Units, respectively, issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock. At December 31, 2023, BPLP had outstanding 349,267 2021 MYLTIP Units, 252,151 2022 MYLTIP Units and 322,053 2023 MYLTIP Units. Prior to the end of the respective three On February 5, 2021, the measurement period for the Company’s 2018 MYLTIP awards ended and, based on BXP’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. On December 14, 2021, BPLP issued approximately 866,503 OP Units as partial consideration for the acquisition of 360 Park Avenue South in New York, New York. The OP Units issued totaled approximately $99.7 million based on the average closing price per share of BXP’s common stock for the five trading days immediately preceding the closing date. On February 4, 2022, the measurement period for the Company’s 2019 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 69.0% of target, or an aggregate of approximately $8.6 million (after giving effect to employee separations). As a result, an aggregate of 144,043 2019 MYLTIP Units that had been previously granted were automatically forfeited. On February 3, 2023, the measurement period for the Company’s 2020 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 50% of target, or an aggregate of approximately $3.8 million (after giving effect to employee separations). As a result, an aggregate of 152,460 2020 MYLTIP Units that had been previously granted were automatically forfeited. The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2019 MYLTIP Units and, after the February 3, 2023 measurement date, the 2020 MYLTIP Units) and its distributions on the 2020 MYLTIP Units (prior to the February 3, 2023 measurement date) and 2021 - 2023 MYLTIP Units (after the February 7, 2023 issuance date of the 2023 MYLTIP Units) that occurred during the year ended December 31, 2023: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 29, 2023 January 30, 2024 $0.98 $0.098 September 29, 2023 October 31, 2023 $0.98 $0.098 June 30, 2023 July 31, 2023 $0.98 $0.098 March 31, 2023 April 28, 2023 $0.98 $0.098 December 30, 2022 January 30, 2023 $0.98 $0.098 The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2018 MYLTIP Units and, after the February 4, 2022 measurement date, the 2019 MYLTIP Units) and its distributions on the 2019 MYLTIP Units (prior to the February 4, 2022 measurement date) and 2020 - 2022 MYLTIP Units (after the February 1, 2022 issuance date of the 2022 MYLTIP Units) that occurred during the year ended December 31, 2022: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 30, 2022 January 30, 2023 $0.98 $0.098 September 30, 2022 October 31, 2022 $0.98 $0.098 June 30, 2022 July 29, 2022 $0.98 $0.098 March 31, 2022 April 29, 2022 $0.98 $0.098 December 31, 2021 January 28, 2022 $0.98 $0.098 The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2017 MYLTIP Units and, after the February 5, 2021 measurement date, the 2018 MYLTIP Units) and its distributions on the 2018 MYLTIP Units (prior to the February 5, 2021 measurement date) and 2019 - 2021 MYLTIP Units (after the February 2, 2021 issuance date of the 2021 MYLTIP Units) that occurred during the year ended December 31, 2021: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 31, 2021 January 28, 2022 $0.98 $0.098 September 30, 2021 October 29, 2021 $0.98 $0.098 June 30, 2021 July 30, 2021 $0.98 $0.098 March 31, 2021 April 30, 2021 $0.98 $0.098 December 31, 2020 January 28, 2021 $0.98 $0.098 A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP must redeem the OP Unit for cash equal to the then value of a share of Common Stock of BXP. BXP may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock. The value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2020 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at December 31, 2023 was approximately $1.3 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $70.17 per share on December 29, 2023. Noncontrolling Interests—Property Partnerships The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties. The equity interests in these ventures that are not owned by the Company, totaling approximately $1.6 billion and $1.5 billion at December 31, 2023 and December 31, 2022, respectively, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets. On July 28, 2023, the Company entered into a joint venture agreement with an institutional investor for the future development of 343 Madison Avenue located on Madison Avenue between 44th and 45th Streets in New York City, New York adjacent to Grand Central Station. Prior to the formation of the joint venture, the Company and the institutional investor were engaged in a collaborative arrangement. The Company owns a 55% interest in the joint venture and its partner owns a 45% interest, and the Company will provide customary development, property management, and leasing services. The joint venture partner contributed approximately $4.8 million in cash and $17.5 million in improvements and prepaid ground rent for their 45% ownership interest in the joint venture. The Company contributed approximately $5.9 million in cash and $21.4 million in improvements and prepaid ground rent for its 55% ownership interest in the joint venture. The transaction did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control this property and will continue to account for the property on a consolidated basis in its financial statements, s ee Note 4. On November 13, 2023, the Company entered into agreements to sell a 45% interest in 290 Binney Street and 300 Binney Street, two life sciences development projects located in Kendall Square in Cambridge, Massachusetts, to an institutional investor (See Note 3). Upon entry into the agreement, the Company completed the sale of a 45% interest in 300 Binney Street. The institutional investor funded approximately $212.9 million in cash at closing for its investment in 300 Binney Street, including future costs to fund completion of the development project. The Company will retain a 55% ownership interest in the joint venture and fund all remaining costs of the development. The Company has accounted for the transaction as an equity transaction and has recognized noncontrolling interest in its Consolidated Balance Sheets totaling approximately $35.5 million, which is equal to 45% of the aggregate carrying value of the total equity of the property immediately prior to the transaction. The difference between the cash proceeds received and the noncontrolling interest recognized, which was approximately $177.4 million, has been reflected as an increase in additional paid-in capital in the Company’s Consolidated Balance Sheets. The transaction did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control the property and thus will continue to account for the property on a consolidated basis in its |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity / Partners' Capital | 11. Stockholders’ Equity / Partners’ Capital As of December 31, 2023, BXP had 156,940,866 shares of Common Stock outstanding. As of December 31, 2023, BXP owned 1,755,150 general partnership units and 155,185,716 limited partnership units in BPLP. On May 17, 2023, BXP renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its Common Stock through sales agents over a three-year period. Under the ATM stock offering program, BXP may also engage in forward sale transactions with affiliates of certain sales agents for the sale of its Common Stock on a forward basis. This program replaced BXP’s prior $600.0 million ATM stock offering program that was scheduled to expire on May 22, 2023. BXP intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction. No shares of Common Stock have been issued under this ATM stock offering program. During the years ended December 31, 2023 and December 31, 2022, BXP did not issue any shares of Common Stock upon the exercise of options to purchase Common Stock. As a result of the applicable exercise period ending, 103,641 options were forfeited during the year ended December 31, 2023. As of December 31, 2023, BXP does not have any outstanding options. During the years ended December 31, 2023 and December 31, 2022, BXP issued 102,699 and 182,929 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 BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared during the years ended December 31, 2023, 2022 and 2021: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 29, 2023 January 30, 2024 $0.98 $0.98 September 29, 2023 October 31, 2023 $0.98 $0.98 June 30, 2023 July 31, 2023 $0.98 $0.98 March 31, 2023 April 28, 2023 $0.98 $0.98 December 30, 2022 January 30, 2023 $0.98 $0.98 September 30, 2022 October 31, 2022 $0.98 $0.98 June 30, 2022 July 29, 2022 $0.98 $0.98 March 31, 2022 April 29, 2022 $0.98 $0.98 December 31, 2021 January 28, 2022 $0.98 $0.98 September 30, 2021 October 29, 2021 $0.98 $0.98 June 30, 2021 July 30, 2021 $0.98 $0.98 March 31, 2021 April 30, 2021 $0.98 $0.98 December 31, 2020 January 28, 2021 $0.98 $0.98 Preferred Stock At December 31, 2020, BXP 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 (“Series B Preferred Stock”) with a liquidation preference of $2,500.00 per share ($25.00 per depositary share). BXP paid 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. BXP 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 BXP’s REIT status. On and after March 27, 2018, BXP, at its option, could 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 was not redeemable by the holders, had no maturity date and was not convertible into any other security of BXP or its affiliates. On March 2, 2021, BXP issued a redemption notice for 80,000 shares of its Series B Preferred Stock, which constituted all of the outstanding Series B Preferred Stock, and the corresponding depositary shares, each representing 1/100th of a share of Series B Preferred Stock. The redemption price per share of Series B Preferred Stock was $2,500, plus all accrued and unpaid dividends to, but not including, the redemption date, totaling $2,516.41 per share. On March 31, 2021, the Company transferred the full redemption price for all outstanding shares of Series B Preferred Stock of approximately $201.3 million, including approximately $1.3 million of accrued and unpaid dividends to, but not including, the redemption date, to the redemption agent. The excess of the redemption price over the carrying value of the Series B Preferred Stock and BPLP’s Series B Preferred Units of approximately $6.4 million relates to the original issuance costs and is reflected as a reduction to Net Income Attributable to Boston Properties, Inc. Common Shareholders and Net Income Attributable to Boston Properties Limited Partnership Common Unitholders on the Consolidated Statement of Operations. On April 1, 2021, BXP redeemed all of the outstanding shares of Series B Preferred Stock and all of the outstanding depositary shares. In connection with the redemption of the Series B Preferred Stock, all of the Series B Preferred Units, which had terms and preferences generally mirroring those of the Series B Preferred Stock, were redeemed by BPLP. The following table presents BXP’s dividend per share on its Series B Preferred Stock paid during the year ended December 31, 2021: Record Date Payment Date Dividend (Per Share) February 5, 2021 February 16, 2021 $32.8125 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 12. 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, 2023, 2022 and 2021. BXP Year ended December 31, 2023 2022 2021 (in thousands) Net income attributable to Boston Properties, Inc. common shareholders $ 190,215 $ 848,947 $ 496,223 Add: Preferred stock redemption charge — — 6,412 Preferred dividends — — 2,560 Noncontrolling interest—common units of the Operating Partnership 22,548 96,780 55,931 Noncontrolling interests in property partnerships 78,661 74,857 70,806 Interest expense 579,572 437,139 423,346 Losses from early extinguishment of debt — — 45,182 Losses from interest rate contracts 79 — — Net operating income from unconsolidated joint ventures 160,695 146,081 107,756 Loss from unconsolidated joint ventures 239,543 59,840 2,570 Depreciation and amortization expense 830,813 749,775 717,336 Transaction costs 4,313 2,905 5,036 Payroll and related costs from management services contracts 17,771 15,450 12,487 General and administrative expense 170,158 146,378 151,573 Less: Net operating income attributable to noncontrolling interests in property partnerships 194,365 191,812 186,304 Unrealized gain (loss) on non-real estate investment 239 (150) — Gains (losses) from investments in securities 5,556 (6,453) 5,626 Other income - assignment fee — 6,624 — Interest and other income (loss) 69,964 11,940 5,704 Gain on sales-type lease — 10,058 — Gains on sales of real estate 517 437,019 123,660 Direct reimbursements of payroll and related costs from management services contracts 17,771 15,450 12,487 Development and management services revenue 40,850 28,056 27,697 Company’s share of Net Operating Income $ 1,965,106 $ 1,883,796 $ 1,735,740 BPLP Year ended December 31, 2023 2022 2021 (in thousands) Net income attributable to Boston Properties Limited Partnership common unitholders $ 219,771 $ 957,265 $ 561,993 Add: Preferred unit redemption charge — — 6,412 Preferred distributions — — 2,560 Noncontrolling interests in property partnerships 78,661 74,857 70,806 Interest expense 579,572 437,139 423,346 Losses from early extinguishment of debt — — 45,182 Losses from interest rate contracts 79 — — Net operating income from unconsolidated joint ventures 160,695 146,081 107,756 Loss from unconsolidated joint ventures 239,543 59,840 2,570 Depreciation and amortization expense 823,805 742,293 709,035 Transaction costs 4,313 2,905 5,036 Payroll and related costs from management services contracts 17,771 15,450 12,487 General and administrative expense 170,158 146,378 151,573 Less: Net operating income attributable to noncontrolling interests in property partnerships 194,365 191,812 186,304 Unrealized gain (loss) on non-real estate investment 239 (150) — Gains (losses) from investments in securities 5,556 (6,453) 5,626 Other income - assignment fee — 6,624 — Interest and other income (loss) 69,964 11,940 5,704 Gain on sales-type lease — 10,058 — Gains on sales of real estate 517 441,075 125,198 Direct reimbursements of payroll and related costs from management services contracts 17,771 15,450 12,487 Development and management services revenue 40,850 28,056 27,697 Company’s share of Net Operating Income $ 1,965,106 $ 1,883,796 $ 1,735,740 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 stock/unit redemption charge, preferred dividends/distributions, net income attributable to noncontrolling interests, interest expense, losses from early extinguishment of debt, losses from interest rate contracts, loss from unconsolidated joint ventures, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain (loss) on non-real estate investment, gains (losses) from investments in securities, other income - assignment fee, interest and other income (loss), gain on sales-type lease, gains on sales of real estate, 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), less the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ economic percentage ownership interests and, in some cases, after priority allocations, income allocation to private REIT shareholders and their share of fees due to the Company). The Company’s share of NOI from unconsolidated joint ventures, as defined above, also does not include its share of unrealized gain (loss) on derivative instruments, gain on sale of investment, gain on investment, gain (loss) on sale/consolidation and impairment losses on investments, all of which are included within Loss from Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. Management utilizes its share of NOI in assessing its performance as the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, the presentations of the Company’s share of NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Interest expense, losses from early extinguishment of debt, losses from interest rate contracts, loss from unconsolidated joint ventures, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, unrealized gain (loss) on non-real estate investment, gains (losses) from investments in securities, other income - assignment fee, interest and other income (loss), gain on sales-type lease, gains on sales of real estate, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue are not included in NOI and are provided as reconciling items to the Company’s reconciliations of its share of NOI to net income. The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. On September 1, 2021, the Company invested in a joint venture that acquired Safeco Plaza located in Seattle, Washington. As such, the Seattle region was identified as a segment during the third quarter of 2021. The Company also presents information for each segment by property type, including Premier Workplace (which includes office, life sciences and retail), Residential and Hotel. Information by geographic area and property type (dollars in thousands): For the year ended December 31, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 1,093,840 $ 3,890 $ 1,053,615 $ 539,904 $ 63,830 $ 364,920 $ 3,119,999 Residential 16,452 — — 14,102 — 17,038 47,592 Hotel 47,357 — — — — — 47,357 Total 1,157,649 3,890 1,053,615 554,006 63,830 381,958 3,214,948 % of Grand Totals 36.01 % 0.12 % 32.77 % 17.23 % 1.99 % 11.88 % 100.00 % Rental Expenses: Premier Workplace 393,339 1,431 415,831 194,205 12,387 143,504 1,160,697 Residential 6,378 — — 9,255 — 7,617 23,250 Hotel 32,225 — — — — — 32,225 Total 431,942 1,431 415,831 203,460 12,387 151,121 1,216,172 % of Grand Totals 35.51 % 0.12 % 34.19 % 16.73 % 1.02 % 12.43 % 100.00 % Net operating income $ 725,707 $ 2,459 $ 637,784 $ 350,546 $ 51,443 $ 230,837 $ 1,998,776 % of Grand Totals 36.31 % 0.12 % 31.91 % 17.54 % 2.57 % 11.55 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (45,730) — (148,635) — — — (194,365) Add: Company’s share of net operating income from unconsolidated joint ventures 34,376 48,818 14,314 16,203 7,494 39,490 160,695 Company’s share of net operating income $ 714,353 $ 51,277 $ 503,463 $ 366,749 $ 58,937 $ 270,327 $ 1,965,106 % of Grand Totals 36.35 % 2.61 % 25.62 % 18.66 % 3.00 % 13.76 % 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, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 1,005,156 $ — $ 1,031,479 $ 534,397 $ 31,978 $ 365,402 $ 2,968,412 Residential 15,086 — — 14,769 — 27,326 57,181 Hotel 39,482 — — — — — 39,482 Total 1,059,724 — 1,031,479 549,166 31,978 392,728 3,065,075 % of Grand Totals 34.58 % — % 33.65 % 17.92 % 1.04 % 12.81 % 100.00 % Rental Expenses: Premier Workplace 360,218 — 391,293 183,353 8,386 135,237 1,078,487 Residential 5,961 — — 11,371 — 12,251 29,583 Hotel 27,478 — — — — — 27,478 Total 393,657 — 391,293 194,724 8,386 147,488 1,135,548 % of Grand Totals 34.66 % — % 34.46 % 17.15 % 0.74 % 12.99 % 100.00 % Net operating income $ 666,067 $ — $ 640,186 $ 354,442 $ 23,592 $ 245,240 $ 1,929,527 % of Grand Totals 34.52 % — % 33.18 % 18.37 % 1.22 % 12.71 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (45,822) — (145,990) — — — (191,812) Add: Company’s share of net operating income from unconsolidated joint ventures 34,233 53,023 1,594 12,785 7,690 36,756 146,081 Company’s share of net operating income $ 654,478 $ 53,023 $ 495,790 $ 367,227 $ 31,282 $ 281,996 $ 1,883,796 % of Grand Totals 34.75 % 2.81 % 26.32 % 19.49 % 1.66 % 14.97 % 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, 2021: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 930,560 $ — $ 1,012,172 $ 508,620 $ — $ 340,808 $ 2,792,160 Residential 13,397 — — 3,892 — 25,379 42,668 Hotel 13,609 — — — — — 13,609 Total 957,566 — 1,012,172 512,512 — 366,187 2,848,437 % of Grand Totals 33.62 % — % 35.53 % 17.99 % — % 12.86 % 100.00 % Rental Expenses: Premier Workplace 322,298 — 379,267 168,040 — 127,102 996,707 Residential 5,811 — — 6,717 — 11,916 24,444 Hotel 12,998 — — — — — 12,998 Total 341,107 — 379,267 174,757 — 139,018 1,034,149 % of Grand Totals 32.98 % — % 36.67 % 16.90 % — % 13.45 % 100.00 % Net operating income $ 616,459 $ — $ 632,905 $ 337,755 $ — $ 227,169 $ 1,814,288 % of Grand Totals 33.98 % — % 34.88 % 18.62 % — % 12.52 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (43,232) — (143,072) — — — (186,304) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 16,551 51,641 (664) 14,152 2,498 23,578 107,756 Company’s share of net operating income $ 589,778 $ 51,641 $ 489,169 $ 351,907 $ 2,498 $ 250,747 $ 1,735,740 % of Grand Totals 33.98 % 2.98 % 28.18 % 20.27 % 0.14 % 14.45 % 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, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share / Common Unit | 13. Earnings Per Share / Common Unit BXP 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 BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of BXP using the two-class method. Participating securities are included in the computation of diluted EPS of BXP using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2020 MYLTIP Units required, and the 2021 - 2023 MYLTIP Units require, BXP to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, BXP excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS. Year ended December 31, 2023 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 190,215 156,863 $ 1.21 Allocation of undistributed earnings to participating securities — — — Net income attributable to Boston Properties, Inc. common shareholders 190,215 156,863 1.21 Effect of Dilutive Securities: Stock Based Compensation — 338 — Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 190,215 157,201 $ 1.21 Year ended December 31, 2022 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 848,947 156,726 $ 5.42 Allocation of undistributed earnings to participating securities (891) — (0.01) Net income attributable to Boston Properties, Inc. common shareholders 848,056 156,726 5.41 Effect of Dilutive Securities: Stock Based Compensation — 411 (0.01) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 848,056 157,137 $ 5.40 Year ended December 31, 2021 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 496,223 156,116 $ 3.18 Allocation of undistributed earnings to participating securities — — — Net income attributable to Boston Properties, Inc. common shareholders 496,223 156,116 3.18 Effect of Dilutive Securities: Stock Based Compensation — 260 (0.01) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 496,223 156,376 $ 3.17 BPLP 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 BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic earnings per common unit using the two-class method. Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2020 MYLTIP Units required, and the 2021 - 2023 MYLTIP Units require, BXP to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, BPLP excludes such units from the diluted earnings per common unit calculation. Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit. Included in the number of units (the denominator) below are approximately 17,933,000, 17,634,000 and 17,034,000 redeemable common units for the years ended December 31, 2023, 2022 and 2021, respectively. Year ended December 31, 2023 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 219,771 174,796 $ 1.26 Allocation of undistributed earnings to participating securities — — — Net income attributable to Boston Properties Limited Partnership common unitholders 219,771 174,796 $ 1.26 Effect of Dilutive Securities: Stock Based Compensation — 338 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 219,771 175,134 $ 1.25 Year ended December 31, 2022 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 957,265 174,360 $ 5.49 Allocation of undistributed earnings to participating securities (991) — (0.01) Net income attributable to Boston Properties Limited Partnership common unitholders 956,274 174,360 5.48 Effect of Dilutive Securities: Stock Based Compensation — 411 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 956,274 174,771 $ 5.47 Year ended December 31, 2021 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 561,993 173,150 $ 3.25 Allocation of undistributed earnings to participating securities — — — Net income attributable to Boston Properties Limited Partnership common unitholders 561,993 173,150 $ 3.25 Effect of Dilutive Securities: Stock Based Compensation — 260 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 561,993 173,410 $ 3.24 |
Employee Benefits Plan
Employee Benefits Plan | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Employee Benefit Plans | 14. 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 ($330,000, $305,000 and $290,000 in 2023, 2022 and 2021, respectively), indexed for inflation) with no vesting requirement. The Company’s aggregate matching contribution for the years ended December 31, 2023, 2022 and 2021 was approximately $5.4 million, $4.8 million and $4.7 million, respectively. The Company also maintains a deferred compensation plan that is designed to allow officers of BXP 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, 2023 and 2022, the Company had maintained approximately $35.3 million and $31.7 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 plan participants and earnings on the deferred compensation pursuant to investments elected by the plan participants. The Company’s liability as of December 31, 2023 and 2022 was approximately $35.3 million and $31.7 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, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option and Incentive Plan | 15. Stock Option and Incentive Plan At the Company’s 2021 annual meeting of stockholders held on May 20, 2021, its stockholders approved the Boston Properties, Inc. 2021 Stock Incentive Plan (the “2021 Plan”). The 2021 Plan replaced the Boston Properties, Inc. 2012 Stock Option and Incentive Plan (the “2012 Plan”) and no further awards will be issued under the 2012 Plan. The material features of the 2021 Plan include, among other things: (i) the maximum number of shares of common stock reserved and available for issuance under the 2021 Plan is 5,400,000 shares less one share for every one share that was granted between March 4, 2021 and May 19, 2021 under the 2012 Plan, (ii) shares of common stock underlying awards granted under the 2021 Plan or the 2012 Plan that are forfeited, canceled or otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2021 Plan and, with respect to “full-value” awards under the 2021 Plan or the 2012 Plan, shares tendered or held back for taxes and shares previously reserved for issuance pursuant to such an award to the extent that such shares are not issued and are no longer issuable pursuant to such an award (e.g., in the event that a full-value award that may be settled in cash or by issuance of shares of common stock is settled in cash) will be added back to the shares available for issuance under the 2021 Plan, (iii) the award of stock options (both incentive and non-qualified options), stock appreciation rights, restricted stock units, restricted stock, unrestricted stock, dividend equivalent rights, cash-based awards and other equity-based awards (including LTIP Units) is permitted, (iv) stock options may not be repriced and “underwater” stock options may not be exchanged for another award or cash without stockholder approval; and (v) the term of the 2021 Plan ends ten of stockholder approval, or May 20, 2031. On January 25, 2023, BXP’s Compensation Committee approved the grant of 2023 MYLTIP awards under the 2021 Plan to certain executive officers of BXP, effective February 7, 2023. The 2023 MYLTIP awards consist of two, equally weighted (50% each) components that utilize BXP’s TSR over a three-year measurement period as the performance metrics. Total earned awards under the 2023 MYLTIP, if any, will equal the sum of the number of LTIP Units earned under the two components and will range from zero to a maximum of 322,053 LTIP Units with a target of approximately 161,026 LTIP Units and linear interpolation between zero and maximum. Earned awards (if any) will vest 100% on February 6, 2026, but, in general, may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. The 2023 MYLTIP awards are in the form of LTIP Units issued on the grant date, and they are subject to forfeiture to the extent awards are not earned. Prior to the performance measurement date holders of the 2023 MYLTIP Units are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. Following the completion of the three On February 3, 2023, the measurement period for the Company’s 2020 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 50% of target, or an aggregate of approximately $3.8 million (after giving effect to employee separations). As a result, an aggregate of 152,460 2020 MYLTIP Units that had been previously granted were automatically forfeited. On February 4, 2022, the measurement period for the Company’s 2019 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 69.0% of target, or an aggregate of approximately $8.6 million (after giving effect to employee separations). As a result, an aggregate of 144,043 2019 MYLTIP Units that had been previously granted were automatically forfeited. On February 5, 2021, the measurement period for the Company’s 2018 MYLTIP awards ended and, based on BXP’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. BXP issued 73,762, 41,818 and 57,383 shares of restricted common stock and BPLP issued 430,824, 280,616 and 281,640 LTIP Units to employees and non-employee directors under the 2012 Plan and the 2021 Plan during the years ended December 31, 2023, 2022 and 2021, respectively. BXP did not issue any non-qualified stock options under the 2012 Plan or 2021 Plan during the years ended December 31, 2023, 2022 and 2021. BPLP issued 322,053 2023 MYLTIP Units, 254,061 2022 MYLTIP Units and 352,021 2021 MYLTIP Units to employees under the 2012 Plan and 2021 Plan during the years ended December 31, 2023, 2022 and 2021, 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 BXP and BPLP. A majority of the grants of restricted common stock and LTIP Units to employees vest in four MYLTIP Units was approximately $50.2 million, $50.7 million and $49.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, there was (1) an aggregate of approximately $20.7 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and (2) an aggregate of approximately $0.3 million of unrecognized compensation expense related to unvested 2021 - 2023 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.5 years. The shares of restricted stock were valued at approximately $5.4 million ($72.57 per share weighted-average), $4.7 million ($111.47 per share weighted-average) and $5.8 million ($100.60 per share weighted-average) for the years ended December 31, 2023, 2022 and 2021, 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, 2023, 2022 and 2021 were valued at approximately $29.9 million, $28.9 million and $23.8 million, respectively. The weighted-average per unit fair value of LTIP Unit grants in 2023, 2022 and 2021 was $69.29, $103.06 and $84.43, respectively. The per unit fair value of each LTIP Unit granted in 2023, 2022 and 2021 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 3.67%, 1.71% and 0.65% and an expected price volatility of 32.0%, 31.0% and 30.0%, respectively. There were no non-qualified stock options granted during the years ended December 31, 2023, 2022 and 2021. A summary of the status of BXP’s stock options as of December 31, 2023, 2022 and 2021 and changes during the years then ended are presented below: Shares Weighted-Average Outstanding at December 31, 2020 351,561 $ 96.97 Exercised (247,920) $ 96.95 Outstanding at December 31, 2021 103,641 $ 97.01 Exercised — $ — Outstanding at December 31, 2022 103,641 $ 97.01 Forfeited (103,641) $ — Outstanding at December 31, 2023 — $ — There were no stock options outstanding as of December 31, 2023. In addition, BXP had 103,641 options exercisable and vested at a weighted-average exercise price of $97.01 at December 31, 2022 and 2021. BXP 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. BXP issued 18,552, 9,813 and 9,846 shares with the weighted-average purchase price equal to $51.93 per share, $87.30 per share and $89.73 per share under the Stock Purchase Plan during the years ended December 31, 2023, 2022 and 2021, respectively. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | 16. Related Party Transactions Raymond A. Ritchey’s brother was employed by a real estate brokerage firm and participated in brokerage activities for which the Company paid the firm approximately $0.5 million, $1.6 million and $1.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s contract with this real estate brokerage firm ended on February 1, 2023 and as a result, it will not pay any further leasing commission to Mr. Ritchey’s brother. Mr. Ritchey is a Senior Executive Vice President of BXP. On June 5, 2023, a joint venture in which the Company owns a 30% interest repaid the construction loan collateralized by its 500 North Capitol Street, NW property and obtained new mortgage loans with related parties. The new mortgage loans have an aggregate principal balance of $105.0 million, bear interest at a weighted average fixed rate of 6.83% per annum and mature on June 5, 2026 (see Note 6). The Company funded $10.5 million of the refinancing at a fixed rate equal to 8.03% per annum. The loan has been reflected as a Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets. The Company has recognized interest income of approximately $0.6 million for the year ended December 31, 2023. 500 North Capitol Street, NW is an approximately 231,000 net rentable square foot premier workplace in Washington, DC. On July 13, 2018, the Company entered into a joint venture with a third party to acquire a development site at 3 Hudson Boulevard that, upon the future acquisition of additional available development rights, can accommodate an office tower with up to 2.0 million net rentable square feet located on the entire square block between 11th Avenue and Hudson Boulevard Park from West 34th Street to West 35th Street in New York City. The Company owns a 25% interest in, and is the managing member of, the joint venture. The Company provided $80.0 million of mortgage financing to the joint venture that bears interest at a variable rate equal to Term SOFR plus approximately 3.61% per annum and matures on February 9, 2024 (see Note 6 and 17). The loan has been reflected as a Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets. The Company has recognized interest income of approximately $8.9 million, $5.6 million and $3.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company's policy is to record notes receivable at their unamortized cost, net of any unamortized deferred fees or costs, premiums or discounts and an allowance for 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. In accordance with the 2021 Plan, and as approved by its Board of Directors, eight non-employee directors made elections to receive deferred stock units in lieu of cash fees for 2023. 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 BXP’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 BXP. The deferred stock units may be settled in shares of BXP’s Common Stock upon the cessation of such director’s service on the Board of Directors of BXP. 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 BXP’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, 2023 and 2022, the Company had maintained approximately $0.8 million and $0.6 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, 2023 and 2022 was approximately $0.8 million and $0.6 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 December 16, 2021, in connection with the resignation of a director’s service on the Board of Directors of BXP, BXP issued 498 shares of Common Stock in settlement of the director’s outstanding deferred stock units. At December 31, 2023 and 2022, BXP had outstanding 119,471 and 97,853 deferred stock units, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events On January 8, 2024, the Company’s completed the acquisition of its joint venture partner’s 50% economic ownership interest in 901 New York Avenue for a gross purchase price of $10.0 million. The acquisition was completed with available cash. 901 New York Avenue is a premier workplace consisting of approximately 548,000 net rentable square feet. The property is subject to existing mortgage indebtedness of approximately $207.1 million. At acquisition the mortgage loan bore interest at 3.61% per annum and matured on January 5, 2025. On January 11, 2024, the Company modified the mortgage loan secured by 901 New York Avenue. The modified mortgage loan continues to bear interest at a fixed rate of 3.61% per annum and has an initial maturity date of January 5, 2025 with two extension options, subject to certain conditions. On January 25, 2024, BXP’s Compensation Committee approved the 2024 Multi-Year Long-Term Incentive Program (the “2024 MYLTIP”) awards under the 2021 Plan to certain executive officers of BXP. The 2024 MYLTIP awards consists of three components. Two of the components, each weighted 40%, utilize BXP’s TSR over a three year measurement period as the performance metrics and the third component utilizes a leverage ratio as the performance metric. Earned awards will range from zero to a maximum of 330,479 LTIP Units depending on BXP’s performance under the three components, with a target of approximately 165,240 LTIP Units. Under ASC 718, the 2024 MYLTIP awards have an aggregate value of approximately $11.1 million. On February 1, 2024, BPLP completed the repayment of $700.0 million in aggregate principal amount of its 3.800% senior notes due February 1, 2024. The repayment was completed with available cash and the $600 million proceeds from the mortgage loan entered into on October 26, 2023 (See Note 7). The repayment price was approximately $713.3 million, which was equal to the stated principal plus approximately $13.3 million of accrued and unpaid interest to, but not including, the repayment date. Excluding the accrued and unpaid interest, the repayment price was equal to the principal amount being repaid. On February 1, 2024, the measurement period for the Company’s 2021 MYLTIP awards ended and, based on BXP’s absolute and relative TSR performance, the final payout was determined to be 112% of target, or an aggregate of approximately $12.6 million (after giving effect to employee separations). As a result, an aggregate of 155,625 2021 MYLTIP Units that had been previously granted were automatically forfeited. On February 2, 2024 and February 6, 2024, BXP issued an aggregate of 71,124 shares of restricted common stock and BPLP issued an aggregate of 429,237 LTIP Units under the 2021 Plan to certain employees of BXP. On February 6, 2024, a joint venture in which the Company owns a 25% interest extended the maturity date of the loan collateralized by its 3 Hudson Boulevard property. At the time of the extension, the loan had an outstanding balance of $80.0 million, bore interest at a variable rate equal to Term SOFR plus approximately 3.61% per annum and was scheduled to mature on February 9, 2024. The extended loan now matures on May 9, 2024 (See Notes 6 and 16). 3 Hudson Boulevard consists of land and improvements held for future development located in New York, New York. On February 9, 2024, a joint venture in which the Company owns a 50% interest exercised an option to extend the maturity date of the construction loan collateralized by its 7750 Wisconsin Avenue property. The construction loan had a total commitment amount of approximately $252.6 million. The extended loan continues to bear interest at a variable rate equal to Term SOFR plus 1.35% per annum and matures on April 26, 2025 (See Note 6). At the time of the extension, the loan had an outstanding balance totaling approximately $251.6 million and was scheduled to mature on April 26, 2024. 7750 Wisconsin Avenue is a premier workplace with approximately 736,000 net rentable square feet located in Bethesda, Maryland. |
SEC Schedule, Article 12-28, Re
SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,288,004 $ 1,796,252 $ 1,532,654 $ 365,829 $ 1,796,252 $ 1,898,483 $ — $ — $ 3,694,735 $ 507,660 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 791,280 115,634 1,687,021 — 29,059 1,831,714 774,225 1965/1993/2002/2016-2017 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 524,483 195,986 1,355,604 — — 1,551,590 781,405 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 408,846 354,107 1,094,297 — — 1,448,404 482,752 1961/2018 2002 (1) 601 Lexington Avenue Office New York, NY 989,181 241,600 494,782 545,612 289,639 992,355 — — 1,281,994 372,795 1977/1997/2021 2001 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 7,623 200,349 953,828 — — 1,154,177 159,274 2018 2013 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 251,372 250,910 887,889 — — 1,138,799 338,529 1976 2010 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 52,917 285,263 656,084 — — 941,347 198,081 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 127,199 131,067 563,153 — — 694,220 172,079 1971-1975/2017 2012 (1) Times Square Tower Office New York, NY — 165,413 380,438 140,281 169,193 516,939 — — 686,132 256,942 2004 2000 (1) Madison Centre Office Seattle, WA — 104,641 564,336 4,082 104,641 568,418 — — 673,059 35,516 2017 2022 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 177,545 94,243 484,024 58,800 — 637,067 267,232 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Santa Monica Business Park Office Los Angeles, CA 295,649 46,360 410,421 164,229 210,471 410,535 4 — 621,010 865 1976-1980 2023 (1) 125 Broadway Office Cambridge, MA — 126,364 433,662 4,000 126,364 437,662 — — 564,026 20,717 2000 2022 (1) Reston Next Office Reston, VA — 35,549 525,277 — 2,901 557,925 — — 560,826 32,504 2022 1998 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 39,399 63,988 493,936 — — 557,924 180,686 2011 2007 (1) 2100 Pennsylvania Avenue Office Washington, DC — 185,203 324,206 — 185,203 324,206 — — 509,409 20,768 2023 N/A (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 258,659 87,852 352,354 — — 440,206 197,429 1986 1997 (1) Fountain Square Office Reston, VA — 56,853 306,298 49,874 56,853 356,172 — — 413,025 111,481 1986-1990 2012 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 33,100 103,000 286,765 — — 389,765 104,052 2012 2010 (1) 325 Main Street Office Cambridge, MA — (2) 21,596 312,492 30,933 21,596 343,425 — — 365,021 14,833 2022 1997 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 8,026 72,545 227,792 — — 300,337 80,964 2014 2012 (1) 145 Broadway Office Cambridge, MA — 121 273,013 26,359 23,367 276,126 — — 299,493 35,390 2019 1997 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 114,090 102,979 194,652 — — 297,631 77,357 2011 2008 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 30,952 13,687 268,347 — — 282,034 108,973 2008-2009 2003 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 96,639 18,789 240,416 4,674 — 263,879 113,123 1985-1989 2011 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 4,629 40,934 153,006 — — 193,940 46,615 2015 2013 (1) Boston Properties, Inc. Schedule 3—Real Estate and Accumulated Depreciation December 31, 2023 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Land Building Mountain View Research Park Office Mountain View, CA — 95,066 68,373 21,069 95,066 89,442 — — 184,508 33,095 1977-1981/2007-2013 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 56,160 20,108 156,954 1,827 — 178,889 90,808 1955/1987/2017 1997/1998 (1) 140 Kendrick Street Office Needham, MA — 18,095 66,905 71,861 19,092 137,769 — — 156,861 46,586 2000 2004 (1) 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 39,924 27,135 121,082 — — 148,217 53,332 1984/2018 2004 (1) 880 Winter Street Office Waltham, MA — 15,597 37,255 95,265 15,597 132,520 — — 148,117 10,056 1998/2022 2019 (1) One Freedom Square Office Reston, VA — 9,929 84,504 48,985 11,293 132,125 — — 143,418 68,406 2000 2003 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 45,068 15,420 121,317 — — 136,737 44,662 2001 2003 (1) Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 4,665 18,062 113,662 — — 131,724 54,480 2003-2006 2007 (1) One and Two Reston Overlook Office Reston, VA — 16,456 66,192 45,224 16,179 111,693 — — 127,872 61,572 1999 2000 (1) Shady Grove Innovation District Office Rockville, MD — 52,030 64,212 10,676 26,834 34,954 65,130 — 126,918 4,701 1968-1985 2021 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 1,038 25,854 93,249 — — 119,103 41,485 2010 2001 (1) 355 Main Street Office Cambridge, MA 593,545 18,863 53,346 41,772 21,173 92,808 — — 113,981 36,957 1981/1996/2013 2006 (1) 17Fifty Presidents Street Office Reston, VA — — 113,362 162 — 113,524 — — 113,524 16,624 2020 2013 (1) 200 West Street Office Waltham, MA — 16,148 24,983 71,199 16,813 95,160 357 — 112,330 28,192 1999/2021 1997 (1) Discovery Square Office Reston, VA — 11,198 71,782 21,744 12,533 92,191 — — 104,724 57,015 2001 2003 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 7,571 2,288 92,988 — — 95,276 24,003 2016 1997 (1) 90 Broadway Office Cambridge, MA — (2) 19,104 52,078 22,742 20,785 73,139 — — 93,924 31,538 1983/1998/2013 2006 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 20,705 11,097 80,687 — — 91,784 45,601 2003 1999 (1) 153 & 211 Second Avenue Office Waltham, MA — 33,233 55,940 718 33,233 55,940 718 — 89,891 6,186 1964-2006 2021 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 24,297 13,807 73,502 — — 87,309 40,959 1992 2005 (1) 20 CityPoint Office Waltham, MA — 4,887 72,764 7,072 4,887 79,836 — — 84,723 13,031 2020 2007 (1) Sumner Square Office Washington, DC — 624 28,745 51,253 27,837 52,785 — — 80,622 32,911 1985 1999 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 1,506 14,023 61,713 — — 75,736 26,943 2008 2001 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 6,565 16,741 57,850 — — 74,591 21,469 1987/2003 2011 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 13,834 — 67,183 — — 67,183 28,960 2009 2004 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 4,489 10,148 54,333 — — 64,481 34,194 1984 1998 (1) 255 Main Street Office Cambridge, MA — 134 25,110 33,330 548 58,026 — — 58,574 43,927 1987 1997 (1) University Place Office Cambridge, MA — — 37,091 15,768 4,807 48,052 — — 52,859 37,130 1985 1998 (1) 890 Winter Street Office Waltham, MA — 13,913 28,557 8,507 13,913 37,064 — — 50,977 7,296 1999 2019 (1) Capital Gallery Office Washington, DC — 4,725 29,565 10,361 8,662 35,989 — — 44,651 23,764 1981/2006 2007 (1) North First Business Park Office San Jose, CA — 23,398 13,069 5,258 23,378 18,347 — — 41,725 17,354 1981 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 15,749 1,323 40,318 — — 41,641 18,506 1999 1997 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 12,723 2,395 24,570 — — 26,965 16,847 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 19,924 1,263 19,470 1,615 — 22,348 17,200 1982 1997 (1) The Point Office Waltham, MA — 6,395 10,040 546 6,492 10,489 — — 16,981 2,638 2015 2007 (1) Boston Properties, Inc. Schedule 3—Real Estate and Accumulated Depreciation December 31, 2023 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,877 3,219 12,915 — — 16,134 4,280 2015 2012 (1) 33 Hayden Avenue Office Lexington, MA — 266 3,234 11,502 425 14,577 — — 15,002 9,090 1979 1997 (1) Avant Retail Office Reston, VA — 1,499 6,647 2,577 1,499 9,224 — — 10,723 3,587 2014 2010 (1) 92-100 Hayden Avenue Office Lexington, MA — 594 6,748 1,922 778 8,486 — — 9,264 7,388 1985 1997 (1) 32 Hartwell Avenue Office Lexington, MA — 168 1,943 6,403 314 8,200 — — 8,514 2,931 1968/1979/1987 1997 (1) 250 Binney Street Office Cambridge, MA — 110 4,483 3,593 273 7,913 — 8,186 7,244 1983 1997 (1) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 1,286 5,477 2,376 — — 7,853 1,086 1977 2012 (1) 17 Hartwell Avenue Office Lexington, MA — 26 150 6,064 65 6,175 — 6,240 3,755 1968 1997 (1) The Skylyne Residential Oakland, CA — 28,962 239,077 1,792 28,962 240,869 — — 269,831 20,181 2020 N/A (1) Signature at Reston Residential Reston, VA — 27,076 190,580 3,817 27,076 194,397 — — 221,473 27,876 2018 2013 (1) Proto Kendall Square Residential Cambridge, MA — 9,243 127,248 3,336 9,245 130,582 — — 139,827 17,820 2018 2015 (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 2,509 3,529 57,400 — — 60,929 18,631 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 32,131 1,201 68,697 629 — 70,527 53,282 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — (2) — 35,035 7,335 103 42,267 — — 42,370 18,414 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 1,743 1,434 17,262 — — 18,696 7,857 2006 2004 (1) 290 Binney Street Development Cambridge, MA — — — 243,099 1,054 — — 242,045 243,099 — N/A 1997 N/A 180 CityPoint Development Waltham, MA — — — 214,754 10,908 108,970 — 94,876 214,754 541 N/A 2006 N/A 300 Binney Street Development Cambridge, MA — 18,080 51,262 38,454 18,080 27,805 — 61,911 107,796 6,719 2013 2009 N/A 103 CityPoint Development Waltham, MA — — — 88,190 4,672 3,025 8,672 71,821 88,190 18 N/A 2007 N/A Reston Next Office Phase II Development Reston, VA — — — 39,201 — — — 39,201 39,201 — N/A 1998 N/A Reston Next Retail Development Reston, VA — — — 8,367 — — — 8,367 8,367 — N/A 1998 N/A 343 Madison Avenue Land New York, NY — — — 206,052 158,885 — 47,167 — 206,052 — N/A 2023 N/A 777 Harrison Street Land San Francisco, CA — 144,647 — 28,334 — 47 172,934 — 172,981 29 N/A 2020 N/A Back Bay Station Master Plan Land Boston, MA — — — 78,150 — — 78,150 — 78,150 — N/A N/A N/A 3625-3635 Peterson Way Land Santa Clara, CA — 63,206 — 5,173 — — 68,379 — 68,379 — N/A 2016 N/A Kendall Center Master Plan Land Cambridge, MA — — — 48,857 — — 48,857 — 48,857 — N/A 1997 N/A North First Master Plan Land San Jose, CA — 35,004 — 4,068 — — 39,072 — 39,072 — N/A 2007 N/A Plaza at Almaden Land San Jose, CA — — — 38,163 — — 38,163 — 38,163 — N/A 2006 N/A CityPoint South Master Plan Land Waltham, MA — — — 25,594 — — 25,594 — 25,594 — N/A N/A N/A Springfield Metro Center Land Springfield, VA — — — 19,896 — — 19,896 — 19,896 — N/A 2007 N/A Reston Gateway Master Plan Land Reston, VA — — — 13,908 — — 13,908 — 13,908 — N/A 1998 N/A Weston Quarry Land Weston, MA — — — 1,249 — — 1,249 — 1,249 — N/A 2001 N/A Broad Run Business Park Land Loudoun County, VA — — — 1,186 — — 1,186 — 1,186 — N/A 1998 N/A Reston Overlook Master Plan Land Reston, VA — — — 80 — — 80 — 80 — N/A 2000 N/A $ 4,166,379 (3) $ 5,637,035 $ 15,478,086 $ 6,306,350 $ 5,953,798 (4) $ 20,223,332 (5) $ 697,061 (6) $ 547,280 $ 27,421,471 $ 6,841,404 Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $53,716. Accumulated Depreciation does not include approximately $40,324 of accumulated depreciation related to Furniture, Fixtures and Equipment. Office type includes office, life sciences, and retail properties. The aggregate cost and accumulated depreciation for tax purposes was approximately $25.2 billion and $5.9 billion, respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (2) This property is encumbered with the mortgage note shown at 355 Main Street. See Note 7 to the Consolidated Financial Statements. (3) Includes unamortized deferred financing costs and fair value debt adjustment totaling approximately $(33.6) million. (4) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $378,276 and $324,298, respectively. (5) Includes Right of Use Assets - Finance Leases of approximately $23,404. (6) Includes pre-development costs. Boston Properties, Inc. Real Estate and Accumulated Depreciation December 31, 2023, 2022 and 2021 (dollars in thousands) A summary of activity for real estate and accumulated depreciation is as follows: 2023 2022 2021 Real Estate: Balance at the beginning of the year $ 25,744,214 $ 24,108,220 $ 23,303,303 Additions to/improvements of real estate 1,811,036 2,228,000 1,145,084 Assets sold/written-off (133,779) (592,006) (340,167) Balance at the end of the year $ 27,421,471 $ 25,744,214 $ 24,108,220 Accumulated Depreciation: Balance at the beginning of the year $ 6,260,992 $ 5,848,183 $ 5,501,637 Depreciation expense 714,191 646,020 623,854 Assets sold/written-off (133,779) (233,211) (277,308) Balance at the end of the year $ 6,841,404 $ 6,260,992 $ 5,848,183 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, 2023 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives Property Name Type Location Encumbrances Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,288,004 $ 1,796,252 $ 1,532,654 $ 365,829 $ 1,796,252 $ 1,898,483 $ — $ — $ 3,694,735 $ 507,660 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 732,224 100,535 1,643,064 — 29,059 1,772,658 754,356 1965/1993/2002/2016-2017 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 462,102 180,419 1,308,790 — — 1,489,209 760,144 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 349,238 339,200 1,049,596 — — 1,388,796 462,543 1961/2018 2002 (1) 601 Lexington Avenue Office New York, NY 989,181 241,600 494,782 508,526 279,281 965,627 — — 1,244,908 360,656 1977/1997/2021 2001 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 7,623 200,349 953,828 — — 1,154,177 159,274 2018 2013 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 251,372 250,910 887,889 — — 1,138,799 338,529 1976 2010 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 52,917 285,263 656,084 — — 941,347 198,081 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 127,199 131,067 563,153 — — 694,220 172,079 1971-1975/2017 2012 (1) Madison Centre Office Seattle, WA — 104,641 564,336 4,082 104,641 568,418 673,059 35,516 2017 2022 (1) Times Square Tower Office New York, NY — 165,413 380,438 102,302 159,694 488,459 — — 648,153 244,067 2004 2000 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 162,582 90,501 472,803 58,800 — 622,104 262,096 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Santa Monica Business Park Office Los Angeles, CA 295,649 46,360 410,421 164,229 210,471 410,535 4 — 621,010 865 1976-1980 2023 (1) 125 Broadway Office Cambridge, MA — 126,364 433,662 4,000 126,364 437,662 — — 564,026 20,717 2000 2022 (1) Reston Next Office Reston, VA — 35,549 525,277 — 2,901 557,925 — — 560,826 32,504 2022 1998 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 39,399 63,988 493,936 — — 557,924 180,686 2011 2007 (1) 2100 Pennsylvania Avenue Office Washington, DC — 185,203 324,206 — 185,203 324,206 — — 509,409 20,768 2023 N/A (1) Fountain Square Office Reston, VA — 56,853 306,298 49,874 56,853 356,172 — — 413,025 111,481 1986-1990 2012 (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 231,417 81,040 331,924 — — 412,964 188,193 1986 1997 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 33,100 103,000 286,765 — — 389,765 104,052 2012 2010 (1) 325 Main Street Office Cambridge, MA — (2) 21,596 312,492 30,740 21,403 343,425 — — 364,828 14,833 2022 1997 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 8,026 72,545 227,792 — — 300,337 80,964 2014 2012 (1) 145 Broadway Office Cambridge, MA — 121 273,013 26,156 23,164 276,126 — — 299,290 35,390 2019 1997 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 114,090 102,979 194,652 — — 297,631 77,357 2011 2008 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 30,616 13,603 268,095 — — 281,698 108,875 2008-2009 2003 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 96,639 18,789 240,416 4,674 — 263,879 113,123 1985-1989 2011 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 4,629 40,934 153,006 — — 193,940 46,615 2015 2013 (1) Mountain View Research Park Office Mountain View, CA — 95,066 68,373 21,069 95,066 89,442 — — 184,508 33,095 1977-1981/2007-2013 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 52,085 19,089 153,898 1,827 — 174,814 89,426 1955/1987/2017 1997/1998 (1) 140 Kendrick Street Office Needham, MA — 18,095 66,905 67,871 18,095 134,776 — — 152,871 45,233 2000 2004 (1) 880 Winter Street Office Waltham, MA — 15,597 37,255 95,265 15,597 132,520 — — 148,117 10,056 1998/2022 2019 (1) Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2023 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives Property Name Type Location Encumbrances Land Building 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 35,311 25,982 117,622 — — 143,604 51,767 1984/2018 2004 (1) One Freedom Square Office Reston, VA — 9,929 84,504 43,348 9,883 127,898 — — 137,781 66,495 2000 2003 (1) Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 4,501 18,021 113,539 — — 131,560 54,432 2003-2006 2007 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 38,856 13,866 116,659 — — 130,525 42,556 2001 2003 (1) Shady Grove Innovation District Office Rockville, MD — 52,030 64,212 10,676 26,834 34,954 65,130 — 126,918 4,701 1968-1985 2021 (1) One and Two Reston Overlook Office Reston, VA — 16,456 66,192 40,806 15,074 108,380 — — 123,454 60,074 1999 2000 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 1,038 25,854 93,249 — — 119,103 41,485 2010 2001 (1) 355 Main Street Office Cambridge, MA 593,545 18,863 53,346 41,474 21,098 92,585 — — 113,683 36,858 1981/1996/2013 2006 (1) 17Fifty Presidents Street Office Reston, VA — — 113,362 162 — 113,524 — — 113,524 16,624 2020 2013 (1) 200 West Street Office Waltham, MA — 16,148 24,983 68,538 16,148 93,164 357 — 109,669 27,290 1999/2021 1997 (1) Discovery Square Office Reston, VA — 11,198 71,782 16,199 11,146 88,033 — — 99,179 55,135 2001 2003 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 7,410 2,127 92,988 — — 95,115 24,003 2016 1997 (1) 90 Broadway Office Cambridge, MA — (2) 19,104 52,078 22,563 20,741 73,004 — — 93,745 31,484 1983/1998/2013 2006 (1) 153 & 211 Second Avenue Office Waltham, MA — 33,233 55,940 718 33,233 55,940 718 — 89,891 6,186 1964-2006 2021 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 17,718 10,350 78,447 — — 88,797 44,588 2003 1999 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 22,680 13,403 72,289 — — 85,692 40,413 1992 2005 (1) 20 CityPoint Office Waltham, MA — 4,887 72,764 7,072 4,887 79,836 — — 84,723 13,031 2020 2007 (1) Sumner Square Office Washington, DC — 624 28,745 49,173 27,317 51,225 — — 78,542 32,209 1985 1999 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 1,401 13,997 61,634 — — 75,631 26,911 2008 2001 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 6,565 16,741 57,850 — — 74,591 21,469 1987/2003 2011 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 13,834 — 67,183 — — 67,183 28,960 2009 2004 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 1,878 9,496 52,374 — — 61,870 33,309 1984 1998 (1) 255 Main Street Office Cambridge, MA — 134 25,110 31,674 134 56,784 — — 56,918 43,368 1987 1997 (1) University Place Office Cambridge, MA — — 37,091 14,318 4,807 46,602 — — 51,409 36,037 1985 1998 (1) 890 Winter Street Office Waltham, MA — 13,913 28,557 8,507 13,913 37,064 — — 50,977 7,296 1999 2019 (1) North First Business Park Office San Jose, CA — 23,398 13,069 5,235 23,372 18,330 — — 41,702 17,347 1981 2007 (1) Capital Gallery Office Washington, DC — 4,725 29,565 5,698 6,128 33,860 — — 39,988 22,801 1981/2006 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 13,744 822 38,814 — — 39,636 17,823 1999 1997 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 10,617 1,868 22,991 — — 24,859 16,133 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 19,160 1,072 18,897 1,615 — 21,584 16,945 1982 1997 (1) The Point Office Waltham, MA — 6,395 10,040 546 6,492 10,489 — — 16,981 2,638 2015 2007 (1) 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,877 3,219 12,915 — — 16,134 4,280 2015 2012 (1) 33 Hayden Avenue Office Lexington, MA — 266 3,234 10,865 266 14,099 — — 14,365 8,873 1979 1997 (1) Avant Retail Office Reston, VA — 1,499 6,647 2,577 1,499 9,224 — — 10,723 3,587 2014 2010 (1) 92-100 Hayden Avenue Office Lexington, MA — 594 6,748 1,193 595 7,940 — — 8,535 7,140 1985 1997 (1) Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2023 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives Property Name Type Location Encumbrances Land Building 32 Hartwell Avenue Office Lexington, MA — 168 1,943 5,817 168 7,760 — — 7,928 2,731 1968/1979/1987 1997 (1) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 1,286 5,477 2,376 — — 7,853 1,086 1977 2012 (1) 250 Binney Street Office Cambridge, MA — 110 4,483 2,939 110 7,422 — 7,532 7,026 1983 1997 (1) 17 Hartwell Avenue Office Lexington, MA — 26 150 5,907 26 6,057 — — 6,083 3,701 1968 1997 (1) The Skylyne Residential Oakland, CA — 28,962 239,077 1,792 28,962 240,869 — — 269,831 20,181 2020 N/A (1) Signature at Reston Residential Reston, VA — 27,076 190,580 3,817 27,076 194,397 — — 221,473 27,876 2018 2013 (1) Proto Kendall Square Residential Cambridge, MA — 9,243 127,248 3,336 9,245 130,582 — — 139,827 17,820 2018 2015 (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 2,509 3,529 57,400 — — 60,929 18,631 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 29,240 478 66,529 629 — 67,636 52,302 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — (2) — 35,035 6,921 — 41,956 — — 41,956 18,275 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 1,031 1,256 16,728 — — 17,984 7,619 2006 2004 (1) 290 Binney Street Development Cambridge, MA — — — 242,683 638 — — 242,045 242,683 — N/A 1997 N/A 180 CityPoint Development Waltham, MA — — — 214,754 10,908 108,970 — 94,876 214,754 541 N/A 2006 N/A 300 Binney Street Development Cambridge, MA — 18,080 51,262 38,454 18,080 27,805 — 61,911 107,796 6,719 2013 2009 N/A 103 CityPoint Development Waltham, MA — — — 88,188 4,670 3,025 8,672 71,821 88,188 18 N/A 2007 N/A Reston Next Office Phase II Development Reston, VA — — — 39,201 — — — 39,201 39,201 — N/A 1998 N/A Reston Next Retail Development Reston, VA — — — 8,367 — — — 8,367 8,367 — N/A 1998 N/A 343 Madison Avenue Land New York, NY — — — 206,052 158,885 — 47,167 — 206,052 — N/A 2023 N/A 777 Harrison Street Land San Francisco, CA — 144,647 — 28,334 — 47 172,934 — 172,981 29 N/A 2020 N/A Back Bay Station Master Plan Land Boston, MA — — — 78,150 — — 78,150 — 78,150 — N/A N/A N/A 3625-3635 Peterson Way Land Santa Clara, CA — 63,206 — 5,173 — — 68,379 — 68,379 — N/A 2016 N/A Kendall Center Master Plan Land Cambridge, MA — — — 48,857 — — 48,857 — 48,857 — N/A 1997 N/A North First Master Plan Land San Jose, CA — 35,004 — 4,068 — — 39,072 — 39,072 — N/A 2007 N/A Plaza at Almaden Land San Jose, CA — — — 38,163 — — 38,163 — 38,163 — N/A 2006 N/A CityPoint South Master Plan Land Waltham, MA — — — 25,594 — — 25,594 — 25,594 — N/A N/A N/A Springfield Metro Center Land Springfield, VA — — — 19,896 — — 19,896 — 19,896 — N/A 2007 N/A Reston Gateway Master Plan Land Reston, VA — — — 13,908 — — 13,908 — 13,908 — N/A 1998 N/A Weston Quarry Land Weston, MA — — — 1,249 — — 1,249 — 1,249 — N/A 2001 N/A Broad Run Business Park Land Loudoun County, VA — — — 1,186 — — 1,186 — 1,186 — N/A 1998 N/A Reston Overlook Master Plan Land Reston, VA — — — 80 — — 80 — 80 — N/A 2000 N/A $ 4,166,379 (3) $ 5,637,035 $ 15,478,086 $ 5,940,085 $ 5,859,089 (4) $ 19,951,776 (5) $ 697,061 (6) $ 547,280 $ 27,055,206 $ 6,718,037 Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $53,716. Accumulated Depreciation does not include approximately $40,324 of accumulated depreciation related to Furniture, Fixtures and Equipment. Office type includes office, life sciences, and retail properties. The aggregate cost and accumulated depreciation for tax purposes was approximately $28.2 billion and $6.6 billion, respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (2) This property is encumbered with the mortgage note shown at 355 Main Street. See Note 7 to the Consolidated Financial Statements. (3) Includes unamortized deferred financing costs and fair value debt adjustment totaling approximately $(33.6) million. (4) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $378,276 and $324,298, respectively. (5) Includes Right of Use Assets - Finance Leases of approximately $23,404. (6) Includes pre-development costs. Boston Properties Limited Partnership Real Estate and Accumulated Depreciation December 31, 2023, 2022 and 2021 (dollars in thousands) A summary of activity for real estate and accumulated depreciation is as follows: 2023 2022 2021 Real Estate: Balance at the beginning of the year $ 25,376,700 $ 23,734,833 $ 22,926,494 Additions to/improvements of real estate 1,811,036 2,228,000 1,145,084 Assets sold/written-off (132,530) (586,133) (336,745) Balance at the end of the year $ 27,055,206 $ 25,376,700 $ 23,734,833 Accumulated Depreciation: Balance at the beginning of the year $ 6,143,384 $ 5,736,240 $ 5,396,111 Depreciation expense 707,183 638,538 615,553 Assets sold/written-off (132,530) (231,394) (275,424) Balance at the end of the year $ 6,718,037 $ 6,143,384 $ 5,736,240 Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) Attributable to Parent | $ 190,215 | $ 848,947 | $ 505,195 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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. BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. |
Consolidation, Variable Interest Entity, 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. The assets of each VIE are only available to satisfy such VIE's respective liabilities. The Company has identified eight entities that are VIEs as of December 31, 2023 and has determined that it is the primary beneficiary for all of these entities as of December 31, 2023. |
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 (including ground leases)) 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 a shorter hold, 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 BXP’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 (including architectural, engineering and design 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, 2023, 2022 and 2021 were approximately $42.6 million, $52.1 million and $53.1 million, respectively. Salaries and related costs capitalized for the years ended December 31, 2023, 2022 and 2021 were approximately $16.1 million, $16.1 million and $13.7 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 10 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 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. |
Investment in Securities | Investments in Securities The Company follows ASC 320, ”Investment–Debt and Equity Securities” (“ASC 320”) which requires that debt and equity securities be classified into one of three categories: held to maturity, trading securities or available for sale. At December 31, 2023, the Company had outstanding three Non-Real Estate Investments The Company measures its investments in non-real estate investments, which are primarily environmentally focused investment funds, at the readily determinable fair value of the investment. Changes in the fair value of these non-real estate investments are included in unrealized gain (loss) on non-real estate investments on the Consolidated Statements of Operations. The Company’s investment in non-real estate investments is shown within Prepaid and Other Assets in the Consolidated Balance Sheet and was approximately $4.6 million and $2.4 million at December 31, 2023 and 2022, respectively. The Company recognized a net unrealized gain (loss) of approximately $0.2 million and $(0.2) million for the years ended December 31, 2023 and 2022, respectively, due to the observable changes in fair value. Prior to the year ended December 31, 2022, the Company had not invested in non-real estate investments |
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 |
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. Financing fees included in deferred charges consist of external fees and costs incurred to obtain the Company’s revolving facility and if applicable, unsecured term loan and construction financing arrangements where there are not sufficient amounts outstanding to report the fees net of the debt liability. 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, debt interest rates and availability, discount rates and capitalization rates that could differ materially from actual results in future periods. During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investments in four joint ventures totaling approximately $272.6 million, as described below in Note 6. During the year ended December 31, 2022, 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 $50.7 million. 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 | 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. Therefore, the Company recognizes non-cash revenue each reporting period (i.e., the sum of all contractual lease/rental payments due over the term of the lease divided by the number of years in the term). The impact of the straight-line rent adjustment increased revenue by approximately $99.1 million, $108.0 million and $104.3 million for the years ended December 31, 2023, 2022 and 2021, respectively, as the lease/rental 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 estimate the collectability of its accrued rent and accounts receivable balances related to lease revenue. When evaluating the collectability of tenants ’ accrued rent and accounts receivable balances, management considers tenants’ creditworthiness, public statements made by the tenant, current economic trends and changes in tenants ’ payment patterns, 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 Company deems the balances no longer probable of collection, the Company writes them off and ceases recognizing lease income, including straight-line rent, unless cash is received. Following a write-off, if (1) the Company subsequently determines that it is probable it will collect substantially all the remaining lessee’s lease payments under the lease term and (2) the lease has not been modified since the write-off, the Company will then reinstate the accrued rent and accounts receivable write-offs, adjusting for the amount related to the period when the lease payments were considered not probable of collection. If the Company’s estimates of collectability differs 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 $19.2 million, $9.1 million and $4.2 million for the years ended December 31, 2023, 2022 and 2021, 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 2024 $ 3,985 $ 9,961 2025 1,880 9,756 2026 982 8,602 2027 743 5,432 2028 605 2,125 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” below). 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 View Boston observatory at The Prudential Center revenue (which is included within Parking and Other Revenue on the Consolidated Statement of Operations) is derived from ticket, special event, food and beverage and merchandise sales. The revenue is recognized when the ticket is used by the purchaser or the special event occurs and when the food and beverage and merchandise are sold. 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 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. For operating leases, the Company will recognize the lease payments it pays in net income on a straight-line basis over the lease term. For finance leases, the Company will recognize interest expense. 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 Operating Leases The Company leases primarily premier workplaces, including 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 provide the tenants with options to purchase the underlying asset, which would be exercisable at fair market value. Also, certain of the Company’s retail 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 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.” 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. 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. In addition, in accordance with ASC 842, lessors will only capitalize incremental direct leasing costs. Sales-Type Leases |
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 BPLP, 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 BPLP 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 BPLP, 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 BXP’s stock-based compensation plans, including upon the exercise of stock options, and conversion of preferred units of BPLP. |
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 for December 31, 2023 and December 31, 2022, the financial instruments that are being valued for disclosure purposes, as well as the Level at which they are categorized as defined in ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) . Financial Instrument Level 3-Month United States treasury bills Level 1 Investment in securities (1) Level 1 Non-real estate investments (1) (2) Level 2 Unsecured senior notes (3) Level 1 Related party note receivable Level 3 Notes receivable Level 3 Sales-type lease receivable Level 3 Mortgage notes payable Level 3 Unsecured line of credit Level 3 Unsecured term loan Level 3 _______________ (1) See “Investments in Securities” and “Non-Real Estate Investments” policies above for information on their fair values. (2) Included within Prepaid and Other Assets on the Consolidated Balance Sheets. (3) If trading volume for the period is low, the valuation could be categorized as Level 2. Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates. In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods. Non-Recurring Fair Value The following table presents the aggregate carrying value of the Company’s non-recurring fair value financial instruments and the Company’s corresponding estimate of fair value as of December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated 3-Month United States Treasury Bills (1) $ 302,746 $ 302,746 $ — $ — Related party note receivable, net $ 88,779 $ 90,593 $ 78,576 $ 79,220 Note receivable, net 1,714 1,677 — — Sales-type lease receivable, net 13,704 13,338 12,811 13,045 Total $ 104,197 $ 105,608 $ 91,387 $ 92,265 Mortgage notes payable, net $ 4,166,379 $ 3,705,513 $ 3,272,368 $ 2,744,479 Unsecured senior notes, net 10,491,617 9,697,393 10,237,968 9,135,512 Unsecured line of credit — — — — Unsecured term loan, net 1,198,301 1,196,945 730,000 730,000 Total $ 15,856,297 $ 14,599,851 $ 14,240,336 $ 12,609,991 _______________ (1) Per the guidance in ASC 326, the Company concluded that the risk of nonpayment is nonexistent because the U.S. Government has a long history with no credit losses and therefore, no credit loss allowance was recorded. Recurring Fair Value In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Note 8). The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. 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. The following table presents the aggregate fair value of the Company’s interest rate swaps as of December 31, 2023 and December 31, 2022 (in thousands): Fair value December 31, 2023 December 31, 2022 Interest rate swaps $ 1,976 $ — |
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. In general, 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. |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans |
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 a pandemic, the results of which form the basis for making significant judgments about the carrying values of assets and liabilities, assessments of future collectability, and other areas of the financial statements that are impacted by the use of estimates. Actual results may differ from these estimates under different assumptions or conditions. |
Equity Offering Costs | Equity Offering Costs Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in capital. |
Treasury Stock | Treasury Stock BXP’s share repurchases are reflected as treasury stock utilizing the cost method of accounting and are presented as a reduction to consolidated stockholders’ equity. |
Dividends | Dividends Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains/losses on the sale of real property, revenue and expense recognition, compensation expense, and in the estimated useful lives and basis used to compute depreciation. |
Income Taxes | Income Taxes BXP 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). BXP’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 BXP’s consolidated taxable REIT subsidiaries. BXP’s taxable REIT subsidiaries did not have significant tax provisions or deferred income tax items. BXP has no uncertain tax positions recognized as of December 31, 2023 and 2022. At December 31, 2023, BXP’s tax returns for the years 2020 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 BPLP, is the lessee pursuant to the lease for the hotel property. As lessor, BPLP 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, if applicable, BXP has recorded a tax provision in its Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021. Certain entities included in BXP’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. BPLP Income Taxes The partners are required to report their respective share of BPLP’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 BPLP’s consolidated taxable REIT subsidiaries. BPLP’s taxable REIT subsidiaries did not have significant tax provisions or deferred income tax items. BPLP has no uncertain tax positions recognized as of December 31, 2023 and 2022. At December 31, 2023, BPLP’s tax returns for 2020 and subsequent years 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 of BPLP, is the lessee pursuant to the lease for the hotel property. As lessor, BPLP 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, if applicable, BPLP has recorded a tax provision in its Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021. Certain entities included in BPLP’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. |
New Accounting Pronouncements | Newly Issued Accounting Pronouncements In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, “Business Combinations - Joint Venture Formations (Subtopic 805-60)” (“ASU 2023-05”). ASU 2023-05 is intended to (1) address accounting for contributions made to a joint venture upon formation and (2) reduce diversity in practice. ASU 2023-05 is effective for all joint ventures formed on or after January 1, 2025, with early adoption permitted. The Company is currently assessing the potential impact that the adoption of ASU 2023-05 will have on the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements for public business entities primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit (referred to as the “significant expense principle”). ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the potential impact that the adoption of ASU 2023-07 will have on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 enhances income tax disclosure should be enhanced to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently assessing the potential impact that the adoption of ASU 2023-09 will have on the Company's consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Line Items] | |
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 10 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 2024 $ 3,985 $ 9,961 2025 1,880 9,756 2026 982 8,602 2027 743 5,432 2028 605 2,125 |
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 for December 31, 2023 and December 31, 2022, the financial instruments that are being valued for disclosure purposes, as well as the Level at which they are categorized as defined in ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) . Financial Instrument Level 3-Month United States treasury bills Level 1 Investment in securities (1) Level 1 Non-real estate investments (1) (2) Level 2 Unsecured senior notes (3) Level 1 Related party note receivable Level 3 Notes receivable Level 3 Sales-type lease receivable Level 3 Mortgage notes payable Level 3 Unsecured line of credit Level 3 Unsecured term loan Level 3 _______________ (1) See “Investments in Securities” and “Non-Real Estate Investments” policies above for information on their fair values. (2) Included within Prepaid and Other Assets on the Consolidated Balance Sheets. (3) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the aggregate carrying value of the Company’s non-recurring fair value financial instruments and the Company’s corresponding estimate of fair value as of December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated 3-Month United States Treasury Bills (1) $ 302,746 $ 302,746 $ — $ — Related party note receivable, net $ 88,779 $ 90,593 $ 78,576 $ 79,220 Note receivable, net 1,714 1,677 — — Sales-type lease receivable, net 13,704 13,338 12,811 13,045 Total $ 104,197 $ 105,608 $ 91,387 $ 92,265 Mortgage notes payable, net $ 4,166,379 $ 3,705,513 $ 3,272,368 $ 2,744,479 Unsecured senior notes, net 10,491,617 9,697,393 10,237,968 9,135,512 Unsecured line of credit — — — — Unsecured term loan, net 1,198,301 1,196,945 730,000 730,000 Total $ 15,856,297 $ 14,599,851 $ 14,240,336 $ 12,609,991 _______________ |
Schedule of Derivative Assets at Fair Value [Table Text Block] | The following table presents the aggregate fair value of the Company’s interest rate swaps as of December 31, 2023 and December 31, 2022 (in thousands): Fair value December 31, 2023 December 31, 2022 Interest rate swaps $ 1,976 $ — |
Dividends Declared | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared during the years ended December 31, 2023, 2022 and 2021: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 29, 2023 January 30, 2024 $0.98 $0.98 September 29, 2023 October 31, 2023 $0.98 $0.98 June 30, 2023 July 31, 2023 $0.98 $0.98 March 31, 2023 April 28, 2023 $0.98 $0.98 December 30, 2022 January 30, 2023 $0.98 $0.98 September 30, 2022 October 31, 2022 $0.98 $0.98 June 30, 2022 July 29, 2022 $0.98 $0.98 March 31, 2022 April 29, 2022 $0.98 $0.98 December 31, 2021 January 28, 2022 $0.98 $0.98 September 30, 2021 October 29, 2021 $0.98 $0.98 June 30, 2021 July 30, 2021 $0.98 $0.98 March 31, 2021 April 30, 2021 $0.98 $0.98 December 31, 2020 January 28, 2021 $0.98 $0.98 |
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, 2023 2022 2021 Per Share % Per Share % Per Share % Ordinary income $ 3.04 72.98 % $ 3.42 86.60 % $ 2.90 73.86 % Capital gain income 1.12 27.02 % 0.53 13.40 % 0.57 14.57 % Return of capital — — % — — % 0.45 11.57 % Total $ 4.16 (1) 100.00 % $ 3.95 (2) 100.00 % $ 3.92 (3) 100.00 % _____________ (1) The fourth quarter 2023 regular quarterly dividend was $0.98 per common share, of which approximately $0.27 per common share was allocable to 2023 and approximately $0.71 per common share was allocable to 2024. (2) The fourth quarter 2022 regular quarterly dividend was $0.98 per common share, of which approximately $0.03 per common share was allocable to 2022 and approximately $0.95 per common share was allocable to 2023. (3) The fourth quarter 2021 regular quarterly dividend was $0.98 per common share, all of which was allocable to 2022. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate Properties [Line Items] | |
Schedule of Real Estate Properties | BXP Real estate consisted of the following at December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Land $ 5,251,224 $ 5,189,811 Right of use assets - finance leases (1) 401,680 237,510 Right of use assets - operating leases (1) 324,298 167,351 Land held for future development (2) 697,061 721,501 Buildings and improvements 16,607,756 15,820,724 Tenant improvements 3,592,172 3,200,743 Furniture, fixtures and equipment 53,716 50,310 Construction in progress 547,280 406,574 Total 27,475,187 25,794,524 Less: Accumulated depreciation (6,881,728) (6,298,082) $ 20,593,459 $ 19,496,442 _______________ (1) See Note 4. (2) Includes pre-development costs. |
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 2024 $ 3,985 $ 9,961 2025 1,880 9,756 2026 982 8,602 2027 743 5,432 2028 605 2,125 |
Santa Monica Business Park [Member] | |
Real Estate Properties [Line Items] | |
Asset Acquisition | The following table summarizes the allocation of the relative fair value of the net assets the Company received at the date of acquisition for Santa Monica Business Park (in thousands): Land and site improvements $ 46,360 Building and improvements 390,305 Tenant improvements 20,116 In-place lease intangibles 74,022 Above-market lease intangibles 6,715 Below-market lease intangibles (4,630) Ground lease intangible (46,659) Mortgage note payable adjustment 4,491 Net assets acquired $ 490,720 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles, acquired ground lease intangible and the acquired above- and below-market lease intangibles for Santa Monica Business Park for each of the five succeeding fiscal years (in thousands): Acquired In-Place Lease Intangibles Acquired Ground Lease Intangible Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangible 2024 $ 32,362 $ 10,979 $ 3,584 $ 1,109 2025 20,782 10,979 1,491 944 2026 7,986 10,979 593 910 2027 4,078 10,979 354 910 2028 2,726 2,193 216 553 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table summarizes the weighted-average useful life of the acquired in-place lease intangibles, acquired ground lease intangible and the acquired above- and below-market lease intangibles for Santa Monica Business Park as of the acquisition (in years): Acquired In-Place Lease Intangibles Acquired Ground Lease Intangible Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangible Weighted-average useful life 2.9 4.2 2.3 5.1 |
Boston Properties Limited Partnership | |
Real Estate Properties [Line Items] | |
Schedule of Real Estate Properties | BPLP Real estate consisted of the following at December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Land $ 5,156,515 $ 5,095,102 Right of use assets - finance leases (1) 401,680 237,510 Right of use assets - operating leases (1) 324,298 167,351 Land held for future development (2) 697,061 721,501 Buildings and improvements 16,336,200 15,547,919 Tenant improvements 3,592,172 3,200,743 Furniture, fixtures and equipment 53,716 50,310 Construction in progress 547,280 406,574 Total 27,108,922 25,427,010 Less: Accumulated depreciation (6,758,361) (6,180,474) $ 20,350,561 $ 19,246,536 _______________ (1) See Note 4. (2) Includes pre-development costs. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |
Lease, Cost | The following table provides lease cost information for the Company’s operating and finance leases for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year ended December 31, Lease costs 2023 2022 2021 Operating lease costs (1) $ 14,451 $ 12,700 $ 13,151 Finance lease costs Amortization of right of use asset (2) $ 2,821 $ 697 $ 547 Interest on lease liabilities (3) $ 13,747 $ 3,236 $ 2,471 _______________ (1) One of the operating leases relate to assets under development for a portion of the year ended December 31, 2023 and as such, the operating lease costs were capitalized. For December 31, 2022 and 2021, no operating leases related to assets under development. (2) 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. (3) One, one and two of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2023, December 31, 2022 and December 31, 2021, 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, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Other information Weighted-average remaining lease term (in years) Operating leases 70 49 Finance leases 60 68 Weighted-average discount rate Operating leases 6.6 % 5.7 % Finance leases 6.1 % 6.2 % |
Lessee, Operating 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, 2023 (in thousands): Operating Finance 2024 (1) $ 29,989 $ 70,370 2025 35,733 32,232 2026 10,100 31,972 2027 9,885 32,170 2028 (1) 14,637 118,232 Thereafter 3,546,537 1,342,174 Total lease payments 3,646,881 1,627,150 Less: Interest portion 3,296,490 1,209,189 Present value of lease payments $ 350,391 $ 417,961 _______________ (1) Finance lease payments in 2024 and 2028 include approximately $38.7 million and $105.3 million, respectively, related to purchase options that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated or at all. The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2022 (in thousands): Operating Finance 2023 $ 22,415 $ 9,306 2024 (1) 22,274 49,343 2025 10,308 9,971 2026 10,100 10,166 2027 9,885 10,364 Thereafter 528,915 1,352,647 Total lease payments 603,897 1,441,797 Less: Interest portion 399,211 1,192,462 Present value of lease payments $ 204,686 $ 249,335 _______________ (1) Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground lease. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated. |
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, 2023 (in thousands): Operating Finance 2024 (1) $ 29,989 $ 70,370 2025 35,733 32,232 2026 10,100 31,972 2027 9,885 32,170 2028 (1) 14,637 118,232 Thereafter 3,546,537 1,342,174 Total lease payments 3,646,881 1,627,150 Less: Interest portion 3,296,490 1,209,189 Present value of lease payments $ 350,391 $ 417,961 _______________ (1) Finance lease payments in 2024 and 2028 include approximately $38.7 million and $105.3 million, respectively, related to purchase options that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated or at all. The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2022 (in thousands): Operating Finance 2023 $ 22,415 $ 9,306 2024 (1) 22,274 49,343 2025 10,308 9,971 2026 10,100 10,166 2027 9,885 10,364 Thereafter 528,915 1,352,647 Total lease payments 603,897 1,441,797 Less: Interest portion 399,211 1,192,462 Present value of lease payments $ 204,686 $ 249,335 _______________ (1) Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground lease. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated. |
Lessor, Lease, Description [Line Items] | |
Operating Lease, Lease Income [Table Text Block] | Lessor Operating Leases The following table summarizes the components of lease revenue recognized during the years ended December 31, 2023, 2022 and 2021 included within the Company's Consolidated Statements of Operations (in thousands): Year ended December 31, Lease Revenue 2023 2022 2021 Fixed contractual payments $ 2,503,106 $ 2,426,007 $ 2,319,362 Variable lease payments 550,641 492,361 433,652 Sales-type lease 926 — — $ 3,054,673 $ 2,918,368 $ 2,753,014 |
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, 2023, under non-cancelable operating leases which expire on various dates through 2049 (in thousands): Years Ending December 31, 2024 $ 2,420,047 2025 2,444,826 2026 2,379,371 2027 2,281,437 2028 2,140,919 Thereafter 15,592,965 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | The following table provides the future contractual payments to be received as of December 31, 2023 (in thousands): December 31, 2023 2024 $ 31 2025 124 2026 372 2027 756 2028 775 Thereafter 267,474 Total lease payments to be received 269,532 Less: Interest portion 255,579 Sales-type lease receivable 13,953 Unguaranteed residual asset 18 Current expected credit loss adjustment (267) Sales-type lease receivable, net $ 13,704 The following table provides the future contractual payments to be received as of December 31, 2022 (in thousands): December 31, 2022 2023 $ — 2024 31 2025 124 2026 372 2027 756 Thereafter 268,249 Total lease payments to be received 269,532 Less: Interest portion 256,504 Sales-type lease receivable 13,028 Unguaranteed residual asset 17 Current expected credit loss adjustment (234) Sales-type lease receivable, net $ 12,811 |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Deferred Costs | Deferred charges consisted of the following at December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Leasing costs, including lease related intangibles $ 1,168,940 $ 1,095,231 Financing costs 20,600 19,311 1,189,540 1,114,542 Less: Accumulated amortization (429,119) (381,260) $ 760,421 $ 733,282 |
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 2024 $ 52,489 2025 40,739 2026 27,095 2027 20,823 2028 11,113 |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and December 31, 2022: Carrying Value of Investment (1) Entity Properties Nominal % Ownership December 31, 2023 December 31, 2022 (in thousands) Square 407 Limited Partnership Market Square North 50.00 % $ (5,996) $ (6,198) BP/CRF Metropolitan Square LLC Metropolitan Square 20.00 % (2) — (37,629) 901 New York, LLC 901 New York Avenue 25.00 % (3) (11,764) (12,493) WP Project Developer LLC Wisconsin Place Land and Infrastructure 33.33 % (4) 30,375 31,971 500 North Capitol Venture LLC 500 North Capitol Street, NW 30.00 % (10,253) (9,185) 501 K Street LLC 1001 6th Street 50.00 % 44,774 42,922 Podium Developer LLC The Hub on Causeway - Podium 50.00 % 45,201 46,839 Residential Tower Developer LLC Hub50House 50.00 % 40,235 45,414 Hotel Tower Developer LLC The Hub on Causeway - Hotel Air Rights 50.00 % 13,494 12,366 Office Tower Developer LLC 100 Causeway Street 50.00 % 57,660 59,716 1265 Main Office JV LLC 1265 Main Street 50.00 % 3,585 3,465 BNY Tower Holdings LLC Dock 72 50.00 % (5) (11,890) (19,921) CA-Colorado Center, LLC Colorado Center 50.00 % 237,815 233,862 7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.00 % 50,064 52,152 BP-M 3HB Venture LLC 3 Hudson Boulevard 25.00 % 115,103 116,397 SMBP Venture LP Santa Monica Business Park 55.00 % (6) — 164,735 Platform 16 Holdings LP Platform 16 55.00 % (7)(8) 45,564 158,109 Gateway Portfolio Holdings LLC Gateway Commons 50.00 % 376,834 324,038 Rosecrans-Sepulveda Partners 4, LLC Beach Cities Media Campus 50.00 % 27,034 27,000 Safeco Plaza REIT LLC Safeco Plaza 33.67 % (8)(9) 44,734 69,785 360 PAS Holdco LLC 360 Park Avenue South 71.11 % (8)(10) 42,988 114,992 PR II/BXP Reston Gateway LLC Skymark - Reston Next Residential 20.00 % 15,184 11,351 751 Gateway Holdings LLC 751 Gateway 49.00 % 93,411 80,714 200 Fifth Avenue JV LLC 200 Fifth Avenue 26.69 % (8) 75,718 120,083 ABXP Worldgate Investments LLC 13100 and 13150 Worldgate Drive 50.00 % 17,546 N/A $ 1,337,416 $ 1,630,485 _______________ (1) Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2) During the year ended December 31, 2023 , the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6 . (3) The Company’s economic ownership increased based on the achievement of certain return thresholds. At December 31, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%. On January 8, 2024, the Company’s joint venture partner transferred all of its interest in the joint venture to the Company for a gross purchase price of $10.0 million, see Note 17 for more information. (4) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (5) This property includes net equity balances from the amenity joint venture. (6) During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3. (7) At December 31, 2022, this entity was a VIE. (8) During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investment. (9) The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (10) |
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, 2023 December 31, 2022 (in thousands) ASSETS Real estate and development in process, net (1) $ 5,811,763 $ 6,537,554 Other assets (2) 682,291 756,786 Total assets $ 6,494,054 $ 7,294,340 LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY Mortgage and notes payable, net $ 3,351,873 $ 4,022,746 Other liabilities (3) 361,357 716,271 Members’/Partners’ equity 2,780,824 2,555,323 Total liabilities and members’/partners’ equity $ 6,494,054 $ 7,294,340 Company’s share of equity $ 1,278,483 $ 1,238,929 Basis differentials (4) 58,933 391,556 Carrying value of the Company’s investments in unconsolidated joint ventures (5) $ 1,337,416 $ 1,630,485 _______________ (1) At December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At December 31, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.1 million and $21.2 million, respectively. (2) At December 31, 2023, this amount included sales-type lease receivable, net totaling approximately $13.9 million. (3) At December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $382.2 million. At December 31, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (4) 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. During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as well as a $35.8 million gain on investment related to Metropolitan Square, as described below in this Note 6. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows: December 31, 2023 December 31, 2022 Property (in thousands) Colorado Center $ 298,906 $ 301,820 200 Fifth Avenue 58,308 94,497 Gateway Commons 48,971 47,808 Safeco Plaza (29,678) (15) 360 Park Avenue South (116,534) 3,798 Dock 72 (95,521) (98,980) Platform 16 (143,052) 7,108 These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (5) Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. |
Statements Of Operations Of The Joint Ventures | The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows: Year ended December 31, 2023 2022 2021 (in thousands) Total revenue (1) $ 612,589 $ 512,078 $ 383,649 Expenses Operating 239,947 198,632 158,498 Transaction costs 301 837 470 Depreciation and amortization 197,228 181,041 147,121 Total expenses 437,476 380,510 306,089 Other income (expense) Loss from early extinguishment of debt (3) (1,327) — Interest expense (227,537) (154,065) (108,884) Unrealized gain (loss) on derivative instruments (6,582) 1,681 — Gain on sales-type lease 2,737 — — Net loss $ (56,272) $ (22,143) $ (31,324) Company’s share of net loss $ (19,599) $ (2,551) $ (10,254) Gain on sale of investment (2) — — 10,257 Gain on investment (3) 35,756 — — Gain (loss) on sale / consolidation (3)(4) 28,412 — — Impairment losses on investments (5) (272,603) (50,705) — Basis differential (6) (11,509) (6,584) (2,573) Loss from unconsolidated joint ventures $ (239,543) $ (59,840) $ (2,570) _______________ (1) Includes straight-line rent adjustments of approximately $28.7 million, $62.9 million and $17.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. (2) During the year ended December 31, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million. (3) During the year ended December 31, 2023 , the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6 . (4) During the year ended December 31, 2023, the Company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6. (5) During the year ended December 31, 2023 , the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as described below in this Note 6 . During the year ended December 31, 2022, 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 $50.7 million. (6) Includes straight-line rent adjustments of approximately $1.5 million, $0.5 million and $0.8 million for the years ended December 31, 2023, 2022 and 2020, respectively. Also includes net above-/below-market rent adjustments of approximately $0.8 million, $0.4 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule Of Aggregate Principal Payments On Mortgage Notes | Contractual aggregate principal payments of mortgage notes payable at December 31, 2023 are as follows (dollars in thousands): Principal Payments 2024 $ — 2025 300,000 2026 — 2027 2,300,000 2028 600,000 Thereafter 1,000,000 Total aggregate principal payments 4,200,000 Less: Deferred financing costs, net 29,270 Fair value debt adjustment 4,351 Total carrying value of mortgage notes payable, net $ 4,166,379 |
Schedule of Long-term Debt Instruments | The following summarizes the unsecured senior notes outstanding as of December 31, 2023 (dollars in thousands): Coupon/Stated Rate Effective Rate(1) Principal Amount Maturity Date(2) 10.5 Year Unsecured Senior Notes (3) 3.800 % 3.916 % $ 700,000 February 1, 2024 7 Year Unsecured Senior Notes 3.200 % 3.350 % 850,000 January 15, 2025 10 Year Unsecured Senior Notes 3.650 % 3.766 % 1,000,000 February 1, 2026 10 Year Unsecured Senior Notes 2.750 % 3.495 % 1,000,000 October 1, 2026 5 Year Unsecured Senior Notes 6.750 % 6.924 % 750,000 December 1, 2027 10 Year Unsecured Senior Notes 4.500 % 4.628 % 1,000,000 December 1, 2028 10 Year Unsecured Senior Notes 3.400 % 3.505 % 850,000 June 21, 2029 10.5 Year Unsecured Senior Notes 2.900 % 2.984 % 700,000 March 15, 2030 10.75 Year Unsecured Senior Notes 3.250 % 3.343 % 1,250,000 January 30, 2031 11 Year Unsecured Senior Notes 2.550 % 2.671 % 850,000 April 1, 2032 12 Year Unsecured Senior Notes 2.450 % 2.524 % 850,000 October 1, 2033 10.7 Year Unsecured Senior Notes 6.500 % 6.619 % 750,000 January 15, 2034 Total principal 10,550,000 Less: Net unamortized discount 13,302 Deferred financing costs, net 45,081 Total $ 10,491,617 _______________ (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 17. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | BPLP’s and SMBP LLC’s interest rate swap contracts consisted of the following at December 31, 2023 (dollars in thousands): Derivative Instrument Aggregate Notional Amount Strike Rate Range Balance Sheet Location Effective Date Maturity Date Low High Fair Value BPLP: Interest Rate Swaps $ 1,200,000 May 4, 2023 May 16, 2024 4.638 % — 4.646 % Prepaid expenses and other assets $ 2,548 Interest Rate Swaps 600,000 December 15, 2023 October 26, 2028 3.790 % — 3.798 % Other liabilities (7,198) 1,800,000 (4,650) SMBP LLC Interest Rate Swaps 300,000 December 14, 2023 April 1, 2025 2.661 % — 2.688 % Prepaid expenses and other assets 6,626 $ 2,100,000 $ 1,976 |
Derivative Instruments, Gain (Loss) | The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year ended December 31, 2023 2022 2021 Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1) $ (14,405) $ 19,396 $ 8,544 Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2) $ 6,703 $ 6,707 $ 6,704 Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing $ — $ — $ — _______________ (1) Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties. (2) Consists of amounts from previous interest rate programs. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Line Items] | |
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared during the years ended December 31, 2023, 2022 and 2021: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 29, 2023 January 30, 2024 $0.98 $0.98 September 29, 2023 October 31, 2023 $0.98 $0.98 June 30, 2023 July 31, 2023 $0.98 $0.98 March 31, 2023 April 28, 2023 $0.98 $0.98 December 30, 2022 January 30, 2023 $0.98 $0.98 September 30, 2022 October 31, 2022 $0.98 $0.98 June 30, 2022 July 29, 2022 $0.98 $0.98 March 31, 2022 April 29, 2022 $0.98 $0.98 December 31, 2021 January 28, 2022 $0.98 $0.98 September 30, 2021 October 29, 2021 $0.98 $0.98 June 30, 2021 July 30, 2021 $0.98 $0.98 March 31, 2021 April 30, 2021 $0.98 $0.98 December 31, 2020 January 28, 2021 $0.98 $0.98 |
Noncontrolling Interests [Member] | |
Noncontrolling Interest [Line Items] | |
Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block] | The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2019 MYLTIP Units and, after the February 3, 2023 measurement date, the 2020 MYLTIP Units) and its distributions on the 2020 MYLTIP Units (prior to the February 3, 2023 measurement date) and 2021 - 2023 MYLTIP Units (after the February 7, 2023 issuance date of the 2023 MYLTIP Units) that occurred during the year ended December 31, 2023: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 29, 2023 January 30, 2024 $0.98 $0.098 September 29, 2023 October 31, 2023 $0.98 $0.098 June 30, 2023 July 31, 2023 $0.98 $0.098 March 31, 2023 April 28, 2023 $0.98 $0.098 December 30, 2022 January 30, 2023 $0.98 $0.098 The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2018 MYLTIP Units and, after the February 4, 2022 measurement date, the 2019 MYLTIP Units) and its distributions on the 2019 MYLTIP Units (prior to the February 4, 2022 measurement date) and 2020 - 2022 MYLTIP Units (after the February 1, 2022 issuance date of the 2022 MYLTIP Units) that occurred during the year ended December 31, 2022: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 30, 2022 January 30, 2023 $0.98 $0.098 September 30, 2022 October 31, 2022 $0.98 $0.098 June 30, 2022 July 29, 2022 $0.98 $0.098 March 31, 2022 April 29, 2022 $0.98 $0.098 December 31, 2021 January 28, 2022 $0.98 $0.098 The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2017 MYLTIP Units and, after the February 5, 2021 measurement date, the 2018 MYLTIP Units) and its distributions on the 2018 MYLTIP Units (prior to the February 5, 2021 measurement date) and 2019 - 2021 MYLTIP Units (after the February 2, 2021 issuance date of the 2021 MYLTIP Units) that occurred during the year ended December 31, 2021: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit December 31, 2021 January 28, 2022 $0.98 $0.098 September 30, 2021 October 29, 2021 $0.98 $0.098 June 30, 2021 July 30, 2021 $0.98 $0.098 March 31, 2021 April 30, 2021 $0.98 $0.098 December 31, 2020 January 28, 2021 $0.98 $0.098 |
Stockholders' Equity _ Partne_2
Stockholders' Equity / Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Class of Stock [Line Items] | |
Dividends Declared [Table Text Block] | The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared during the years ended December 31, 2023, 2022 and 2021: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 29, 2023 January 30, 2024 $0.98 $0.98 September 29, 2023 October 31, 2023 $0.98 $0.98 June 30, 2023 July 31, 2023 $0.98 $0.98 March 31, 2023 April 28, 2023 $0.98 $0.98 December 30, 2022 January 30, 2023 $0.98 $0.98 September 30, 2022 October 31, 2022 $0.98 $0.98 June 30, 2022 July 29, 2022 $0.98 $0.98 March 31, 2022 April 29, 2022 $0.98 $0.98 December 31, 2021 January 28, 2022 $0.98 $0.98 September 30, 2021 October 29, 2021 $0.98 $0.98 June 30, 2021 July 30, 2021 $0.98 $0.98 March 31, 2021 April 30, 2021 $0.98 $0.98 December 31, 2020 January 28, 2021 $0.98 $0.98 |
Series B Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Dividends Declared [Table Text Block] | The following table presents BXP’s dividend per share on its Series B Preferred Stock paid during the year ended December 31, 2021: Record Date Payment Date Dividend (Per Share) February 5, 2021 February 16, 2021 $32.8125 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Reconciliation Of Net Operating Income To Net Income | BXP Year ended December 31, 2023 2022 2021 (in thousands) Net income attributable to Boston Properties, Inc. common shareholders $ 190,215 $ 848,947 $ 496,223 Add: Preferred stock redemption charge — — 6,412 Preferred dividends — — 2,560 Noncontrolling interest—common units of the Operating Partnership 22,548 96,780 55,931 Noncontrolling interests in property partnerships 78,661 74,857 70,806 Interest expense 579,572 437,139 423,346 Losses from early extinguishment of debt — — 45,182 Losses from interest rate contracts 79 — — Net operating income from unconsolidated joint ventures 160,695 146,081 107,756 Loss from unconsolidated joint ventures 239,543 59,840 2,570 Depreciation and amortization expense 830,813 749,775 717,336 Transaction costs 4,313 2,905 5,036 Payroll and related costs from management services contracts 17,771 15,450 12,487 General and administrative expense 170,158 146,378 151,573 Less: Net operating income attributable to noncontrolling interests in property partnerships 194,365 191,812 186,304 Unrealized gain (loss) on non-real estate investment 239 (150) — Gains (losses) from investments in securities 5,556 (6,453) 5,626 Other income - assignment fee — 6,624 — Interest and other income (loss) 69,964 11,940 5,704 Gain on sales-type lease — 10,058 — Gains on sales of real estate 517 437,019 123,660 Direct reimbursements of payroll and related costs from management services contracts 17,771 15,450 12,487 Development and management services revenue 40,850 28,056 27,697 Company’s share of Net Operating Income $ 1,965,106 $ 1,883,796 $ 1,735,740 BPLP Year ended December 31, 2023 2022 2021 (in thousands) Net income attributable to Boston Properties Limited Partnership common unitholders $ 219,771 $ 957,265 $ 561,993 Add: Preferred unit redemption charge — — 6,412 Preferred distributions — — 2,560 Noncontrolling interests in property partnerships 78,661 74,857 70,806 Interest expense 579,572 437,139 423,346 Losses from early extinguishment of debt — — 45,182 Losses from interest rate contracts 79 — — Net operating income from unconsolidated joint ventures 160,695 146,081 107,756 Loss from unconsolidated joint ventures 239,543 59,840 2,570 Depreciation and amortization expense 823,805 742,293 709,035 Transaction costs 4,313 2,905 5,036 Payroll and related costs from management services contracts 17,771 15,450 12,487 General and administrative expense 170,158 146,378 151,573 Less: Net operating income attributable to noncontrolling interests in property partnerships 194,365 191,812 186,304 Unrealized gain (loss) on non-real estate investment 239 (150) — Gains (losses) from investments in securities 5,556 (6,453) 5,626 Other income - assignment fee — 6,624 — Interest and other income (loss) 69,964 11,940 5,704 Gain on sales-type lease — 10,058 — Gains on sales of real estate 517 441,075 125,198 Direct reimbursements of payroll and related costs from management services contracts 17,771 15,450 12,487 Development and management services revenue 40,850 28,056 27,697 Company’s share of Net Operating Income $ 1,965,106 $ 1,883,796 $ 1,735,740 |
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, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 1,093,840 $ 3,890 $ 1,053,615 $ 539,904 $ 63,830 $ 364,920 $ 3,119,999 Residential 16,452 — — 14,102 — 17,038 47,592 Hotel 47,357 — — — — — 47,357 Total 1,157,649 3,890 1,053,615 554,006 63,830 381,958 3,214,948 % of Grand Totals 36.01 % 0.12 % 32.77 % 17.23 % 1.99 % 11.88 % 100.00 % Rental Expenses: Premier Workplace 393,339 1,431 415,831 194,205 12,387 143,504 1,160,697 Residential 6,378 — — 9,255 — 7,617 23,250 Hotel 32,225 — — — — — 32,225 Total 431,942 1,431 415,831 203,460 12,387 151,121 1,216,172 % of Grand Totals 35.51 % 0.12 % 34.19 % 16.73 % 1.02 % 12.43 % 100.00 % Net operating income $ 725,707 $ 2,459 $ 637,784 $ 350,546 $ 51,443 $ 230,837 $ 1,998,776 % of Grand Totals 36.31 % 0.12 % 31.91 % 17.54 % 2.57 % 11.55 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (45,730) — (148,635) — — — (194,365) Add: Company’s share of net operating income from unconsolidated joint ventures 34,376 48,818 14,314 16,203 7,494 39,490 160,695 Company’s share of net operating income $ 714,353 $ 51,277 $ 503,463 $ 366,749 $ 58,937 $ 270,327 $ 1,965,106 % of Grand Totals 36.35 % 2.61 % 25.62 % 18.66 % 3.00 % 13.76 % 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, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 1,005,156 $ — $ 1,031,479 $ 534,397 $ 31,978 $ 365,402 $ 2,968,412 Residential 15,086 — — 14,769 — 27,326 57,181 Hotel 39,482 — — — — — 39,482 Total 1,059,724 — 1,031,479 549,166 31,978 392,728 3,065,075 % of Grand Totals 34.58 % — % 33.65 % 17.92 % 1.04 % 12.81 % 100.00 % Rental Expenses: Premier Workplace 360,218 — 391,293 183,353 8,386 135,237 1,078,487 Residential 5,961 — — 11,371 — 12,251 29,583 Hotel 27,478 — — — — — 27,478 Total 393,657 — 391,293 194,724 8,386 147,488 1,135,548 % of Grand Totals 34.66 % — % 34.46 % 17.15 % 0.74 % 12.99 % 100.00 % Net operating income $ 666,067 $ — $ 640,186 $ 354,442 $ 23,592 $ 245,240 $ 1,929,527 % of Grand Totals 34.52 % — % 33.18 % 18.37 % 1.22 % 12.71 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (45,822) — (145,990) — — — (191,812) Add: Company’s share of net operating income from unconsolidated joint ventures 34,233 53,023 1,594 12,785 7,690 36,756 146,081 Company’s share of net operating income $ 654,478 $ 53,023 $ 495,790 $ 367,227 $ 31,282 $ 281,996 $ 1,883,796 % of Grand Totals 34.75 % 2.81 % 26.32 % 19.49 % 1.66 % 14.97 % 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, 2021: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 930,560 $ — $ 1,012,172 $ 508,620 $ — $ 340,808 $ 2,792,160 Residential 13,397 — — 3,892 — 25,379 42,668 Hotel 13,609 — — — — — 13,609 Total 957,566 — 1,012,172 512,512 — 366,187 2,848,437 % of Grand Totals 33.62 % — % 35.53 % 17.99 % — % 12.86 % 100.00 % Rental Expenses: Premier Workplace 322,298 — 379,267 168,040 — 127,102 996,707 Residential 5,811 — — 6,717 — 11,916 24,444 Hotel 12,998 — — — — — 12,998 Total 341,107 — 379,267 174,757 — 139,018 1,034,149 % of Grand Totals 32.98 % — % 36.67 % 16.90 % — % 13.45 % 100.00 % Net operating income $ 616,459 $ — $ 632,905 $ 337,755 $ — $ 227,169 $ 1,814,288 % of Grand Totals 33.98 % — % 34.88 % 18.62 % — % 12.52 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (43,232) — (143,072) — — — (186,304) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 16,551 51,641 (664) 14,152 2,498 23,578 107,756 Company’s share of net operating income $ 589,778 $ 51,641 $ 489,169 $ 351,907 $ 2,498 $ 250,747 $ 1,735,740 % of Grand Totals 33.98 % 2.98 % 28.18 % 20.27 % 0.14 % 14.45 % 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, 2023 | |
Entity Information [Line Items] | |
Computation Of Basic And Diluted Earnings Per Share / Unit | Year ended December 31, 2023 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 190,215 156,863 $ 1.21 Allocation of undistributed earnings to participating securities — — — Net income attributable to Boston Properties, Inc. common shareholders 190,215 156,863 1.21 Effect of Dilutive Securities: Stock Based Compensation — 338 — Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 190,215 157,201 $ 1.21 Year ended December 31, 2022 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 848,947 156,726 $ 5.42 Allocation of undistributed earnings to participating securities (891) — (0.01) Net income attributable to Boston Properties, Inc. common shareholders 848,056 156,726 5.41 Effect of Dilutive Securities: Stock Based Compensation — 411 (0.01) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 848,056 157,137 $ 5.40 Year ended December 31, 2021 Income Shares Per Share (in thousands, except for per share amounts) Basic Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 496,223 156,116 $ 3.18 Allocation of undistributed earnings to participating securities — — — Net income attributable to Boston Properties, Inc. common shareholders 496,223 156,116 3.18 Effect of Dilutive Securities: Stock Based Compensation — 260 (0.01) Diluted Earnings: Net income attributable to Boston Properties, Inc. common shareholders $ 496,223 156,376 $ 3.17 |
Boston Properties Limited Partnership | |
Entity Information [Line Items] | |
Computation Of Basic And Diluted Earnings Per Share / Unit | Year ended December 31, 2023 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 219,771 174,796 $ 1.26 Allocation of undistributed earnings to participating securities — — — Net income attributable to Boston Properties Limited Partnership common unitholders 219,771 174,796 $ 1.26 Effect of Dilutive Securities: Stock Based Compensation — 338 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 219,771 175,134 $ 1.25 Year ended December 31, 2022 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 957,265 174,360 $ 5.49 Allocation of undistributed earnings to participating securities (991) — (0.01) Net income attributable to Boston Properties Limited Partnership common unitholders 956,274 174,360 5.48 Effect of Dilutive Securities: Stock Based Compensation — 411 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 956,274 174,771 $ 5.47 Year ended December 31, 2021 Income Units Per Unit (in thousands, except for per unit amounts) Basic Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 561,993 173,150 $ 3.25 Allocation of undistributed earnings to participating securities — — — Net income attributable to Boston Properties Limited Partnership common unitholders 561,993 173,150 $ 3.25 Effect of Dilutive Securities: Stock Based Compensation — 260 (0.01) Diluted Earnings: Net income attributable to Boston Properties Limited Partnership common unitholders $ 561,993 173,410 $ 3.24 |
Stock Option and Incentive Pl_2
Stock Option and Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Share-based Payment Arrangement, Option, Activity | A summary of the status of BXP’s stock options as of December 31, 2023, 2022 and 2021 and changes during the years then ended are presented below: Shares Weighted-Average Outstanding at December 31, 2020 351,561 $ 96.97 Exercised (247,920) $ 96.95 Outstanding at December 31, 2021 103,641 $ 97.01 Exercised — $ — Outstanding at December 31, 2022 103,641 $ 97.01 Forfeited (103,641) $ — Outstanding at December 31, 2023 — $ — |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended | |
Dec. 31, 2023 ft² Real_Estate_Properties yr shares | Dec. 31, 2022 | |
Real Estate Properties [Line Items] | ||
Restriction on redemption of OP units from date of issuance (years) | yr | 1 | |
One OP unit is equivalent to one share of Common Stock (in shares) | shares | 1 | |
OP unit conversion rate (in shares) | shares | 1 | |
Vesting Period | 4 years | |
Number of VIEs | 8 | |
2012 OPP Units and Vested MYLTIPs | ||
Real Estate Properties [Line Items] | ||
Vesting Period | 3 years | |
Variable Interest Entity, Primary Beneficiary [Member] | Commercial Real Estate Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of VIEs | 5 | |
Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 10 | |
Net Rentable Area (in sf) | ft² | 2.7 | |
Commercial Real Estate Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 188 | |
Net Rentable Area (in sf) | ft² | 53.3 | |
Office and Life Sciences Building [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 167 | |
Office and Life Sciences Building [Member] | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 7 | |
Retail Site [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 14 | |
Retail Site [Member] | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 2 | |
Residential Building | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 6 | |
Residential Building | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Hotel [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Boston Properties Limited Partnership | ||
Real Estate Properties [Line Items] | ||
General and limited partnership interest in the operating partnership (percent) | 89.40% | 89.60% |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest capitalized | $ 42,633,000 | $ 52,130,000 | $ 53,097,000 | |||
Salaries And Related Costs Capitalized | 16,100,000 | 16,100,000 | 13,700,000 | |||
Cash FDIC Insured Limit | 250,000 | |||||
Separate Unrestricted Cash For Deferred Compensation Plan. | 36,100,000 | 32,300,000 | ||||
Gains (losses) from investments in securities | $ 5,556,000 | (6,453,000) | 5,626,000 | |||
Accounts Receivable, Collection Period Expected | 1 | |||||
Straight Line Rent Adjustments | $ 99,100,000 | 108,000,000 | 104,300,000 | |||
Above and below market rent adjustments, net | $ 19,200,000 | 9,100,000 | 4,200,000 | |||
REIT Distribution Requirement | 90% | |||||
Company's Taxable Income Distribution | 100% | |||||
Unrealized Gain (Loss) on Investments | $ 239,000 | (150,000) | 0 | |||
Losses from interest rate contracts | 79,000 | |||||
Prepaid Expense and Other Assets | 64,230,000 | 43,589,000 | ||||
Carrying Amount [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
3-Month United States Treasury Bills | [1] | 302,746,000 | 0 | |||
Unconsolidated Joint Ventures [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Straight Line Rent Adjustments | 28,700,000 | 62,900,000 | 17,200,000 | |||
Above and below market rent adjustments, net | 800,000 | 400,000 | 400,000 | |||
Impairment loss on investment | $ (272,603,000) | [2] | (50,705,000) | [2] | $ 0 | |
Unconsolidated Joint Ventures [Member] | Dock 72 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Impairment loss on investment | 50,700,000 | |||||
Interest Rate Cap | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Derivative, Number of Instruments Held | 2 | |||||
Derivative, Notional Amount | $ 600,000,000 | |||||
Losses from interest rate contracts | 79,000 | |||||
Environmental Focused Investment Fund | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Unrealized Gain (Loss) on Investments | 200,000 | (200,000) | ||||
Prepaid Expense and Other Assets | $ 4,600,000 | 2,400,000 | ||||
US Treasury Bill Securities | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
U.S. Treasury Bill, Term of Contract | 3 months | |||||
Cash Equivalents, at Carrying Value | $ 0 | |||||
3-Month United States Treasury Bills | $ 302,700,000 | |||||
Unconsolidated Properties | Platform Sixteen, Three Six Zero Park Avenue South, Two Zero Zero Fifth Avenue and Safeco Plaza | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of real estate properties | 4 | |||||
Unconsolidated Properties | Unconsolidated Joint Ventures [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Impairment loss on investment | $ 272,600,000 | |||||
[1]Per the guidance in ASC 326, the Company concluded that the risk of nonpayment is nonexistent because the U.S. Government has a long history with no credit losses and therefore, no credit loss allowance was recorded.[2] During the year ended December 31, 2023 , the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as described below in this Note 6 . During the year ended December 31, 2022, 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 $50.7 million. |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies Schedule of Estimated Useful Lives (Details) | Dec. 31, 2023 |
Tenant improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | |
Minimum [Member] | Land Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Minimum [Member] | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Furniture, fixtures, and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Land Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Furniture, fixtures, and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Schedule of Finite Lived Intagi
Schedule of Finite Lived Intagible Assets Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2024 | $ 52,489 |
2025 | 40,739 |
2026 | 27,095 |
2027 | 20,823 |
2028 | 11,113 |
Above Market Lease Intangibles [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2024 | 3,985 |
2025 | 1,880 |
2026 | 982 |
2027 | 743 |
2028 | 605 |
Below Market Lease [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2024 | 9,961 |
2025 | 9,756 |
2026 | 8,602 |
2027 | 5,432 |
2028 | $ 2,125 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Note receivable, net | $ 1,714 | $ 0 | |
Sales-type lease receivable, net | 13,704 | 12,811 | |
Mortgage notes payable, net | 4,166,379 | 3,272,368 | |
Unsecured senior notes, net | 10,491,617 | 10,237,968 | |
Unsecured line of credit | 0 | 0 | |
Unsecured term loan, net | 1,198,301 | 730,000 | |
Related Party | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Related party note receivable, net | 88,779 | 78,576 | |
Carrying Amount [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
3-Month United States Treasury Bills | [1] | 302,746 | 0 |
Sales-type lease receivable, net | 13,704 | 12,811 | |
Total | 104,197 | 91,387 | |
Mortgage notes payable, net | 4,166,379 | 3,272,368 | |
Unsecured senior notes, net | 10,491,617 | 10,237,968 | |
Unsecured line of credit | 0 | 0 | |
Unsecured term loan, net | 1,198,301 | 730,000 | |
Total | 15,856,297 | 14,240,336 | |
Carrying Amount [Member] | Related Party | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Related party note receivable, net | 88,779 | 78,576 | |
Carrying Amount [Member] | Nonrelated Party | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Note receivable, net | 1,714 | 0 | |
Estimated Fair Value [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
3-Month United States Treasury Bills | [1] | 302,746 | 0 |
Sales-type lease receivable, net | 13,338 | 13,045 | |
Total | 105,608 | 92,265 | |
Mortgage notes payable, net | 3,705,513 | 2,744,479 | |
Unsecured senior notes, net | 9,697,393 | 9,135,512 | |
Unsecured line of credit | 0 | 0 | |
Unsecured term loan, net | 1,196,945 | 730,000 | |
Total | 14,599,851 | 12,609,991 | |
Estimated Fair Value [Member] | Related Party | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Related party note receivable, net | 90,593 | 79,220 | |
Estimated Fair Value [Member] | Nonrelated Party | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Note receivable, net | $ 1,677 | $ 0 | |
[1]Per the guidance in ASC 326, the Company concluded that the risk of nonpayment is nonexistent because the U.S. Government has a long history with no credit losses and therefore, no credit loss allowance was recorded. |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 1,976 | $ 0 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies of Tax Treatment of Common Dividends Per Share for Federal Tax Purposes (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Oct. 31, 2023 | Jul. 31, 2023 | Apr. 28, 2023 | Jan. 30, 2023 | Oct. 31, 2022 | Jul. 29, 2022 | Apr. 29, 2022 | Jan. 28, 2022 | Oct. 29, 2021 | Jul. 30, 2021 | Apr. 30, 2021 | Jan. 28, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 18, 2023 | ||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Dividends treatment for federal tax purposes. | $ 4.16 | [1] | $ 3.95 | [2] | $ 3.92 | [3] | |||||||||||||||
Dividends Treatment For Federal Tax Purposes, Percentage | 100% | 100% | 100% | ||||||||||||||||||
Distributions Payable, Amount Per Unit | $ 0.98 | ||||||||||||||||||||
Dividends, Per Unit, Cash Paid | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | |||||||||
Ordinary income | |||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Dividends treatment for federal tax purposes. | $ 3.04 | $ 3.42 | $ 2.90 | ||||||||||||||||||
Dividends Treatment For Federal Tax Purposes, Percentage | 72.98% | 86.60% | 73.86% | ||||||||||||||||||
Capital Gain Income | |||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Dividends treatment for federal tax purposes. | $ 1.12 | $ 0.53 | $ 0.57 | ||||||||||||||||||
Dividends Treatment For Federal Tax Purposes, Percentage | 27.02% | 13.40% | 14.57% | ||||||||||||||||||
Return of Capital | |||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Dividends treatment for federal tax purposes. | $ 0 | $ 0 | $ 0.45 | ||||||||||||||||||
Dividends Treatment For Federal Tax Purposes, Percentage | 0% | 0% | 11.57% | ||||||||||||||||||
Dividend Declared | |||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Distributions Payable, Amount Per Unit | $ 0.98 | ||||||||||||||||||||
Dividend Declared | Tax Year 2023 | |||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Distributions Payable, Amount Per Unit | 0.27 | ||||||||||||||||||||
Dividend Declared | Tax Year 2024 | |||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Distributions Payable, Amount Per Unit | $ 0.71 | ||||||||||||||||||||
Dividend Paid [Member] | |||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Dividends, Per Unit, Cash Paid | $ 0.98 | $ 0.98 | |||||||||||||||||||
Dividend Paid [Member] | Tax Year 2023 | |||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Dividends, Per Unit, Cash Paid | 0.95 | ||||||||||||||||||||
Dividend Paid [Member] | Tax Year 2022 | |||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Dividends, Per Unit, Cash Paid | $ 0.03 | ||||||||||||||||||||
[1] The fourth quarter 2023 regular quarterly dividend was $0.98 per common share, of which approximately $0.27 per common share was allocable to 2023 and approximately $0.71 per common share was allocable to 2024. The fourth quarter 2022 regular quarterly dividend was $0.98 per common share, of which approximately $0.03 per common share was allocable to 2022 and approximately $0.95 per common share was allocable to 2023. The fourth quarter 2021 regular quarterly dividend was $0.98 per common share, all of which was allocable to 2022. |
Real Estate Schedule of Real Es
Real Estate Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Real Estate Properties [Line Items] | ||||
Land | $ 5,251,224 | $ 5,189,811 | ||
Right-of-use assets - finance leases | 401,680 | [1] | 237,510 | |
Operating Lease, Right-of-Use Asset | [1] | 324,298 | 167,351 | |
Land held for future development | [3] | 697,061 | [2] | 721,501 |
Buildings and improvements | 16,607,756 | 15,820,724 | ||
Tenant improvements | 3,592,172 | 3,200,743 | ||
Furniture, Fixtures and Equipment | 53,716 | 50,310 | ||
Construction in progress | 547,280 | 406,574 | ||
Total | 27,475,187 | 25,794,524 | ||
Less: accumulated depreciation | (6,881,728) | (6,298,082) | ||
Total real estate | 20,593,459 | 19,496,442 | ||
Boston Properties Limited Partnership | ||||
Real Estate Properties [Line Items] | ||||
Land | 5,156,515 | 5,095,102 | ||
Right-of-use assets - finance leases | 401,680 | [1] | 237,510 | |
Operating Lease, Right-of-Use Asset | [1] | 324,298 | 167,351 | |
Land held for future development | [3] | 697,061 | [4] | 721,501 |
Buildings and improvements | 16,336,200 | 15,547,919 | ||
Tenant improvements | 3,592,172 | 3,200,743 | ||
Furniture, Fixtures and Equipment | 53,716 | 50,310 | ||
Construction in progress | 547,280 | 406,574 | ||
Total | 27,108,922 | 25,427,010 | ||
Less: accumulated depreciation | (6,758,361) | (6,180,474) | ||
Total real estate | $ 20,350,561 | $ 19,246,536 | ||
[1] See Note 4. Includes pre-development costs. Includes pre-development costs. Includes pre-development costs. |
Real Estate Asset Acquisition (
Real Estate Asset Acquisition (Details) - Santa Monica Business Park [Member] $ in Thousands | Dec. 14, 2023 USD ($) |
Asset Acquisition [Line Items] | |
Land | $ 46,360 |
Building and improvements | 390,305 |
Tenant Improvements | 20,116 |
Net Assets Acquired | 490,720 |
Mortgages [Member] | |
Asset Acquisition [Line Items] | |
Liabilities, Fair Value Adjustment | 4,491 |
In-Place Lease Intangibles | |
Asset Acquisition [Line Items] | |
Lease Intangibles | 74,022 |
Above Market Lease Intangibles [Member] | |
Asset Acquisition [Line Items] | |
Lease Intangibles | 6,715 |
Below Market Lease [Member] | |
Asset Acquisition [Line Items] | |
Lease Intangibles | (4,630) |
Ground Lease | |
Asset Acquisition [Line Items] | |
Lease Intangibles | $ (46,659) |
Real Estate Amortization of Fin
Real Estate Amortization of Finite Lived Intangible Assets by Major Class (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2024 | $ 52,489 |
2025 | 40,739 |
2026 | 27,095 |
2027 | 20,823 |
2028 | 11,113 |
Above Market Lease Intangibles [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2024 | 3,985 |
2025 | 1,880 |
2026 | 982 |
2027 | 743 |
2028 | 605 |
Below Market Lease [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2024 | 9,961 |
2025 | 9,756 |
2026 | 8,602 |
2027 | 5,432 |
2028 | 2,125 |
Santa Monica Business Park [Member] | In-Place Lease Intangibles | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2024 | 32,362 |
2025 | 20,782 |
2026 | 7,986 |
2027 | 4,078 |
2028 | 2,726 |
Santa Monica Business Park [Member] | Above Market Lease Intangibles [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2024 | 3,584 |
2025 | 1,491 |
2026 | 593 |
2027 | 354 |
2028 | 216 |
Santa Monica Business Park [Member] | Below Market Lease [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2024 | 1,109 |
2025 | 944 |
2026 | 910 |
2027 | 910 |
2028 | 553 |
Santa Monica Business Park [Member] | Ground Lease | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2024 | 10,979 |
2025 | 10,979 |
2026 | 10,979 |
2027 | 10,979 |
2028 | $ 2,193 |
Real Estate Weighted-Average Us
Real Estate Weighted-Average Useful Life of Intangible Assets by Major Class (Details) - Santa Monica Business Park [Member] | Dec. 14, 2023 |
In-Place Lease Intangibles | |
Real Estate Properties [Line Items] | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 2 years 10 months 24 days |
Ground Lease | |
Real Estate Properties [Line Items] | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 4 years 2 months 12 days |
Above Market Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 2 years 3 months 18 days |
Below Market Lease [Member] | |
Real Estate Properties [Line Items] | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 5 years 1 month 6 days |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 14, 2023 USD ($) ft² a buildings | Dec. 31, 2023 USD ($) ft² Real_Estate_Properties | Dec. 31, 2023 USD ($) ft² Real_Estate_Properties | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 13, 2023 USD ($) | Nov. 30, 2023 ft² | Nov. 13, 2023 | Oct. 05, 2023 ft² | Sep. 26, 2023 ft² | Jul. 20, 2023 ft² | Jun. 01, 2023 ft² | Apr. 29, 2023 ft² | Jan. 30, 2023 ft² | Jan. 05, 2023 ft² | ||
Real Estate Properties [Line Items] | ||||||||||||||||
Total revenue | $ 3,273,569 | $ 3,108,581 | $ 2,888,621 | |||||||||||||
Net Income (Loss) Attributable to Parent | 190,215 | 848,947 | 505,195 | |||||||||||||
Depreciation and amortization | 830,813 | 749,775 | $ 717,336 | |||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | $ 1,377,319 | $ 1,377,319 | $ 1,715,911 | |||||||||||||
Santa Monica Business Park [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Ownership Percentage | [1] | 55% | ||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | [2] | $ 164,735 | ||||||||||||||
Joint Venture Partner [Member] | Santa Monica Business Park [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Ownership Percentage | 45% | |||||||||||||||
Construction in Progress | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 2,700,000 | 2,700,000 | ||||||||||||||
Number of real estate properties | Real_Estate_Properties | 10 | 10 | ||||||||||||||
Santa Monica Business Park [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Land Subject to Ground Leases | a | 47 | |||||||||||||||
Net Rentable Area (in sf) | ft² | 1,200,000 | |||||||||||||||
Number of real estate properties | buildings | 21 | |||||||||||||||
Lessee, Finance Lease, Remaining Lease Term | 75 years | |||||||||||||||
Payments to Acquire Investments | $ 38,000 | |||||||||||||||
Net Working Capital, Including Cash Acquired from Acquisition | 20,000 | |||||||||||||||
Gain (loss) on sale / consolidation | $ 29,900 | |||||||||||||||
Total revenue | $ 3,900 | |||||||||||||||
Net Income (Loss) Attributable to Parent | $ (900) | |||||||||||||||
Land subject to ground lease, percentage | 70% | |||||||||||||||
Santa Monica Business Park [Member] | Santa Monica Business Park [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Gain (loss) on sale / consolidation | $ 29,900 | |||||||||||||||
Santa Monica Business Park [Member] | Mortgages [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Debt | $ 300,000 | |||||||||||||||
Santa Monica Business Park [Member] | Company's Share [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Carying value of the Company's investment in unconsolidated joint ventures | $ 149,900 | |||||||||||||||
290 Binney | Construction in Progress | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 566,000 | |||||||||||||||
Leased percentage | 100% | |||||||||||||||
300 Binney Street | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 195,000 | |||||||||||||||
Depreciation and amortization | $ 11,000 | |||||||||||||||
300 Binney Street | Noncontrolling Interest [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45% | |||||||||||||||
300 Binney Street | Construction in Progress | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 236,000 | |||||||||||||||
Leased percentage | 100% | |||||||||||||||
2100 Pennsylvania Avenue | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 476,000 | |||||||||||||||
View Boston | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 63,000 | |||||||||||||||
140 Kendrick Street - Building A | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 104,000 | |||||||||||||||
180 CityPoint [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 329,000 | |||||||||||||||
103 CityPoint | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 113,000 | |||||||||||||||
105 Carnegie Center | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 70,000 | |||||||||||||||
105 Carnegie Center | Future construction | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 73,000 | |||||||||||||||
[1] During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3. Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. |
Lessee - Leases Narrative (Deta
Lessee - Leases Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | 21 Months Ended | ||||||
Dec. 14, 2023 USD ($) ft² a | Aug. 01, 2023 USD ($) ft² | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | Dec. 13, 2023 | ||
Lessee, Lease, Description [Line Items] | |||||||||
Number of Properties Subject to Ground Leases | 5 | 5 | 4 | 4 | |||||
Lessee, Operating Lease, Option to Terminate | one cancelable and four non-cancelable ground lease obligations | four non-cancelable | four non-cancelable | ||||||
Operating Lease, Payments | $ 121 | $ (125) | $ 23,599 | ||||||
Operating Lease, Right-of-Use Asset | [1] | $ 324,298 | 324,298 | 167,351 | |||||
Operating Lease, Liability | 350,391 | 350,391 | 204,686 | ||||||
Operating lease costs | [2] | 14,451 | 12,700 | 13,151 | |||||
Lease liabilities - finance leases | 417,961 | 417,961 | 249,335 | ||||||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 163,056 | 0 | 0 | ||||||
Interest on lease liabilities | [3] | 13,747 | 3,236 | $ 2,471 | |||||
Finance Lease, Right-of-Use Asset | 401,680 | 401,680 | $ 237,510 | ||||||
Lessee, Operating Lease, Variable Lease Payment, Terms and Conditions | no ground leases were subject to variable payments | no ground leases were subject to variable payments | |||||||
Lessee, Operating Lease, Option to Extend | no ground leases were subject to variable payments and extension options | no ground leases were subject to variable payments and extension options | |||||||
Santa Monica Business Park [Member] | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Ownership Percentage | [4] | 55% | |||||||
Joint Venture Partner [Member] | Santa Monica Business Park [Member] | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Ownership Percentage | 45% | ||||||||
343 Madison Avenue | Consolidated Entities | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Consolidated Entities, Ownership Percentage | 55% | ||||||||
Lessee, Operating Lease, Term of Contract | 99 years | ||||||||
Operating Leases, Future Minimum Payments, Due in Two Years | $ 21,800 | ||||||||
Operating Leases, Future Minimum Payments, Due in Five Years | $ 10,900 | ||||||||
Lessee, Operating Lease Payment Increase (Decrease) Term, Year | 5 years | ||||||||
Lessee, Operating Lease Payment Increase (Decrease), Percentage | 1.10 | ||||||||
Lessee, Operating Lease, Discount Rate | 8.14% | ||||||||
Net Present Value and Operating Lease Liability | $ 141,100 | ||||||||
Operating Lease, Payments | 10,000 | $ 15,000 | $ 25,000 | ||||||
Operating lease costs | $ 12,600 | ||||||||
Finance Lease, Right-of-Use Asset | $ 166,800 | ||||||||
Land Subject to Ground Leases | ft² | 25,000 | ||||||||
343 Madison Avenue | Consolidated Entities | Scenario, Plan | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Recovery of Direct Costs | $ 117,000 | ||||||||
343 Madison Avenue | Consolidated Entities | Construction | Scenario, Plan | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Net Rentable Area (in sf) | ft² | 900,000 | ||||||||
Santa Monica Business Park [Member] | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Land subject to ground lease, percentage | 70% | ||||||||
Lessee, Finance Lease, Number of Renewal Terms | 4 | ||||||||
Lessee, Finance Lease, Renewal Term | 11 years | ||||||||
Lessee, Finance Lease, Option to Extend | The ground lease has an expiration date of February 4, 2054 with the option to renew the term for four additional periods of 11 years each, subject to certain conditions. | ||||||||
Lessee, finance lease, payment increase (decrease) frequency (in years) | 5 years | ||||||||
Lessee, Finance Lease, Variable Lease Payment, Terms and Conditions | The ground lease requires monthly rental payments with increases every five years, starting in 2028. | ||||||||
Lessee, finance lease, purchase option frequency (in years) | 15 years | ||||||||
Lease liabilities - finance leases | $ 163,100 | ||||||||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 164,100 | ||||||||
Interest on lease liabilities | $ 400 | ||||||||
Lessee, Finance Lease, Discount Rate | 5.79% | ||||||||
Land Subject to Ground Leases | a | 47 | ||||||||
Net Rentable Area (in sf) | ft² | 1,200,000 | ||||||||
Santa Monica Business Park [Member] | Ground Lease | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease Intangibles | $ (46,659) | ||||||||
Santa Monica Business Park [Member] | Ground Lease | Unconsolidated Properties | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease Intangibles | $ 46,700 | ||||||||
Santa Monica Business Park [Member] | Santa Monica Business Park [Member] | Unconsolidated Properties | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Ownership Percentage | 55% | ||||||||
[1] See Note 4. One of the operating leases relate to assets under development for a portion of the year ended December 31, 2023 and as such, the operating lease costs were capitalized. For December 31, 2022 and 2021, no operating leases related to assets under development. One, one and two of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively, and as such, a portion of the interest amount was capitalized. During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3. |
Lessee, Lease Cost and Other In
Lessee, Lease Cost and Other Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | [1] | $ 14,451 | $ 12,700 | $ 13,151 |
Amortization of right-of-use asset | [2] | 2,821 | 697 | 547 |
Interest on lease liabilities | [3] | $ 13,747 | $ 3,236 | $ 2,471 |
Operating leases, Weighted-average remaining lease term | 70 years | 49 years | ||
Finance leases, Weighted-average remaining lease term | 60 years | 68 years | ||
Operating leases, Weighted-average discount rate | 6.60% | 5.70% | ||
Finance leases, Weighted-average discount rate | 6.10% | 6.20% | ||
Finance leases under development | 1 | 1 | 2 | |
Operating leases under development | 1 | |||
[1] One of the operating leases relate to assets under development for a portion of the year ended December 31, 2023 and as such, the operating lease costs were capitalized. For December 31, 2022 and 2021, no operating leases related to assets under development. One, one and two of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively, and as such, a portion of the interest amount was capitalized. |
Lease Liability Maturity Schedu
Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 14, 2023 | Dec. 31, 2022 | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||||
2024 | $ 29,989 | $ 22,415 | |||
2025 | 35,733 | 22,274 | |||
2026 | 10,100 | 10,308 | |||
2027 | 9,885 | 10,100 | |||
2028 | 14,637 | 9,885 | |||
Thereafter | 3,546,537 | 528,915 | |||
Total lease payments | 3,646,881 | 603,897 | |||
Less: Interest Portion | (3,296,490) | (399,211) | |||
Operating Lease, Liability | 350,391 | 204,686 | |||
Finance Lease, Liability, Payment, Due [Abstract] | |||||
2024 | 70,370 | [1] | 9,306 | ||
2025 | 32,232 | 49,343 | [2] | ||
2026 | 31,972 | 9,971 | |||
2027 | 32,170 | 10,166 | |||
2028 | 118,232 | [1] | 10,364 | ||
Thereafter | 1,342,174 | 1,352,647 | |||
Total lease payments | 1,627,150 | 1,441,797 | |||
Less: Interest Portion | (1,209,189) | (1,192,462) | |||
Lease liabilities - finance leases | 417,961 | 249,335 | |||
Santa Monica Business Park [Member] | |||||
Finance Lease, Liability, Payment, Due [Abstract] | |||||
Lease liabilities - finance leases | $ 163,100 | ||||
Lessee, Lease, Description [Line Items] | |||||
Lessee purchase option reasonably certain of exercising | 105,300 | ||||
The Skylyne | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee purchase option reasonably certain of exercising | $ 38,700 | $ 38,700 | |||
[1] Finance lease payments in 2024 and 2028 include approximately $38.7 million and $105.3 million, respectively, related to purchase options that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated or at all. Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground lease. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated. |
Lease Liability Maturity Sche_2
Lease Liability Maturity Schedule Prior Year (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
2023 | $ 29,989 | $ 22,415 | ||
2024 | 35,733 | 22,274 | ||
2025 | 10,100 | 10,308 | ||
2026 | 9,885 | 10,100 | ||
2027 | 14,637 | 9,885 | ||
Thereafter | 3,546,537 | 528,915 | ||
Total lease payments | 3,646,881 | 603,897 | ||
Less: Interest Portion | (3,296,490) | (399,211) | ||
Lease Liabilities - Operating Leases | 350,391 | 204,686 | ||
Finance Lease, Liability, Payment, Due [Abstract] | ||||
2023 | 70,370 | [1] | 9,306 | |
2024 | 32,232 | 49,343 | [2] | |
2025 | 31,972 | 9,971 | ||
2026 | 32,170 | 10,166 | ||
2027 | 118,232 | [1] | 10,364 | |
Thereafter | 1,342,174 | 1,352,647 | ||
Total lease payments | 1,627,150 | 1,441,797 | ||
Less: Interest Portion | (1,209,189) | (1,192,462) | ||
Lease liabilities - finance leases | $ 417,961 | $ 249,335 | ||
[1] Finance lease payments in 2024 and 2028 include approximately $38.7 million and $105.3 million, respectively, related to purchase options that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated or at all. Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground lease. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated. |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Fixed contractual payments | $ 2,503,106 | $ 2,426,007 | $ 2,319,362 |
Variable lease payments | 550,641 | 492,361 | 433,652 |
Sales-type lease revenue | 926 | 0 | 0 |
Lease | $ 3,054,673 | $ 2,918,368 | $ 2,753,014 |
Future Minimum Rent (Details)
Future Minimum Rent (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
2024 | $ 2,420,047 | ||
2025 | 2,444,826 | ||
2026 | 2,379,371 | ||
2027 | 2,281,437 | ||
2028 | 2,140,919 | ||
Thereafter | $ 15,592,965 | ||
Schedule of Future Minimum Lease Payments | |||
Number Of Tenants Above Concentration Amount. | 0 | 0 | 0 |
Revenue Benchmark [Member] | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10% | 10% | 10% |
Lessor Leases Narrative (Detail
Lessor Leases Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ft² Real_Estate_Properties | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Lessor, Lease, Description [Line Items] | |||
Gain on sales-type lease | $ 0 | $ 10,058 | $ 0 |
Lease Agreements | |||
Lessor, Lease, Description [Line Items] | |||
Net Rentable Area (in sf) | ft² | 367,338 | ||
Percent of Total | 0.87% | ||
Number of real estate properties | 4 | ||
Hotel [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Gain on sales-type lease | $ 10,100 | ||
Number of real estate properties | Real_Estate_Properties | 1 | ||
Lessor, Sales-type Lease, Option to Terminate | one non-cancelable ground lease obligation | one non-cancelable ground lease obligation | |
Direct Financing Lease, Interest Income | $ 900 | $ 0 |
Sales Type Lease Maturity Sched
Sales Type Lease Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Sales-Type and Direct Financing Leases, Lease Receivable, Payments to be Received, Fiscal Year Maturity [Abstract] | ||
2024 | $ 31 | $ 0 |
2025 | 124 | 31 |
2026 | 372 | 124 |
2027 | 756 | 372 |
2026 | 775 | 756 |
Thereafter | 267,474 | 268,249 |
Total lease payments to be received | 269,532 | 269,532 |
Interest portion | 255,579 | 256,504 |
Sales-type lease receivable, net | 13,953 | 13,028 |
Sales-type Lease, Unguaranteed Residual Asset | 18 | 17 |
Current expected credit loss adjustment | (267) | (234) |
Sales-type lease receivable, net | $ 13,704 | $ 12,811 |
Sales Type Lease Maturity Sch_2
Sales Type Lease Maturity Schedule Prior Year (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Sales-Type and Direct Financing Leases, Lease Receivable, Payments to be Received, Fiscal Year Maturity [Abstract] | ||
2023 | $ 31 | $ 0 |
2024 | 124 | 31 |
2025 | 372 | 124 |
2026 | 756 | 372 |
2027 | 775 | 756 |
Thereafter | 267,474 | 268,249 |
Total lease payments to be received | 269,532 | 269,532 |
Interest portion | 255,579 | 256,504 |
Sales-type lease receivable, net | 13,953 | 13,028 |
Sales-type Lease, Unguaranteed Residual Asset | 18 | 17 |
Current expected credit loss adjustment | (267) | (234) |
Sales-type lease receivable, net | $ 13,704 | $ 12,811 |
Deferred Charges (Details)
Deferred Charges (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Leasing costs, including lease related intangibles | $ 1,168,940 | $ 1,095,231 |
Financing costs | 20,600 | 19,311 |
Deferred Costs Gross | 1,189,540 | 1,114,542 |
Less: Accumulated amortization | (429,119) | (381,260) |
Deferred Costs, total | $ 760,421 | $ 733,282 |
Deferred Charges Schedule of Ac
Deferred Charges Schedule of Acquired In-Place Lease Intangibles (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 52,489 |
2025 | 40,739 |
2026 | 27,095 |
2027 | 20,823 |
2028 | $ 11,113 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 08, 2024 | Dec. 31, 2023 | Dec. 14, 2023 | Dec. 31, 2022 | |||
Schedule of Equity Method Investments [Line Items] | ||||||
Other Liabilities | $ (445,947) | $ (450,918) | ||||
Investments in unconsolidated joint ventures | 1,377,319 | 1,715,911 | ||||
Investments In Affiliates Subsidiaries Associates And Joint Ventures net | [1] | 1,337,416 | 1,630,485 | |||
Unconsolidated Joint Ventures [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Other Liabilities | $ (39,900) | (85,400) | ||||
Square 407 Limited Partnership [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Market Square North | |||||
Ownership Percentage | 50% | |||||
Other Liabilities | [1] | $ (5,996) | $ (6,198) | |||
BP/CRF Metropolitan Square LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Metropolitan Square | |||||
Ownership Percentage | [2] | 20% | ||||
Other Liabilities | [1] | $ (37,629) | ||||
901 New York Avenue LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 901 New York Avenue | |||||
Ownership Percentage | [3] | 25% | ||||
Other Liabilities | [1] | $ (11,764) | $ (12,493) | |||
901 New York Avenue LLC (economic ownership) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 50% | 50% | ||||
WP Project Developer LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Wisconsin Place Land and Infrastructure | |||||
Ownership Percentage | [4] | 33.33% | ||||
Investments in unconsolidated joint ventures | [1] | $ 30,375 | $ 31,971 | |||
500 North Capitol Venture LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 500 North Capitol Street, NW | |||||
Ownership Percentage | 30% | |||||
Other Liabilities | [1] | $ (10,253) | (9,185) | |||
501 K Street LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 1001 6th Street | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 44,774 | 42,922 | |||
Podium Developer LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | The Hub on Causeway - Podium | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 45,201 | 46,839 | |||
Residential Tower Developer LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Hub50House | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 40,235 | 45,414 | |||
Hotel Tower Developer LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | The Hub on Causeway - Hotel Air Rights | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 13,494 | 12,366 | |||
Office Tower Developer LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 100 Causeway Street | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 57,660 | 59,716 | |||
1265 Main Office JV LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 1265 Main Street | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 3,585 | 3,465 | |||
BNY Tower Holdings LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Dock 72 | |||||
Ownership Percentage | [5] | 50% | ||||
Other Liabilities | [1] | $ (11,890) | (19,921) | |||
CA-Colorado Center LLC[Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Colorado Center | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 237,815 | 233,862 | |||
7750 Wisconsin Avenue LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 7750 Wisconsin Avenue | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 50,064 | 52,152 | |||
BP-M 3HB Venture LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 3 Hudson Boulevard | |||||
Ownership Percentage | 25% | |||||
Investments in unconsolidated joint ventures | [1] | $ 115,103 | $ 116,397 | |||
SMBP Venture LP [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Santa Monica Business Park | |||||
Ownership Percentage | [6] | 55% | ||||
Investments in unconsolidated joint ventures | [1] | $ 164,735 | ||||
SMBP Venture LP [Member] | Joint Venture Partner [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 45% | |||||
Platform 16 Holdings LP [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Platform 16 | |||||
Ownership Percentage | [7],[8] | 55% | ||||
Investments in unconsolidated joint ventures | [1] | $ 45,564 | 158,109 | |||
Gateway Portfolio Holdings LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Gateway Commons | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 376,834 | 324,038 | |||
Rosecrans-Sepulveda Partners 4, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Beach Cities Media Campus | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 27,034 | 27,000 | |||
Safeco Plaza REIT LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Safeco Plaza | |||||
Ownership Percentage | [8],[9] | 33.67% | ||||
Investments in unconsolidated joint ventures | [1] | $ 44,734 | 69,785 | |||
Safeco Plaza REIT LLC | Company's Share [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 33% | |||||
360 PAS Holdco LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 360 Park Avenue South | |||||
Ownership Percentage | [8],[10] | 71.11% | ||||
Investments in unconsolidated joint ventures | $ 42,988 | $ 114,992 | [1] | |||
Number of Promote Entities | 2 | |||||
Payments to Acquire Real Estate and Real Estate Joint Ventures | $ 10,000 | |||||
360 PAS Holdco LLC | Company's Share [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 35.79% | 35.79% | ||||
360 PAS Holdco LLC | Joint Venture Partner [Member] | Scenario, Plan | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 29% | |||||
PR II BXP Reston Gateway LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | Skymark - Reston Next Residential | |||||
Ownership Percentage | 20% | |||||
Investments in unconsolidated joint ventures | [1] | $ 15,184 | $ 11,351 | |||
751 Gateway Holdings LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 751 Gateway | |||||
Ownership Percentage | 49% | |||||
Investments in unconsolidated joint ventures | [1] | $ 93,411 | 80,714 | |||
200 Fifth Avenue JV LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 200 Fifth Avenue | |||||
Ownership Percentage | [8] | 26.69% | ||||
Investments in unconsolidated joint ventures | [1] | $ 75,718 | $ 120,083 | |||
ABXP Worldgate Investments LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Properties | 13100 and 13150 Worldgate Drive | |||||
Ownership Percentage | 50% | |||||
Investments in unconsolidated joint ventures | [1] | $ 17,546 | ||||
Entity Owning Land And Infrastructure Of Project [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 33.33% | |||||
Safeco Partner Entity One [Member] | Company's Share [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 1% | |||||
Safeco Partner Entity Two | Company's Share [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 1% | |||||
360 Park Avenue South Partners Entity | Company's Share [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 1% | 1% | ||||
360 Park Avenue South Partners Entity Two | Company's Share [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 1% | |||||
360 PAS Holdco LLC (indirect ownership) | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of joint venture partner(s) | 1 | |||||
360 PAS Holdco LLC (indirect ownership) | Company's Share [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 35.02% | 5.837% | ||||
[1] Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. During the year ended December 31, 2023 , the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6 . The Company’s economic ownership increased based on the achievement of certain return thresholds. At December 31, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%. On January 8, 2024, the Company’s joint venture partner transferred all of its interest in the joint venture to the Company for a gross purchase price of $10.0 million, see Note 17 for more information. The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. This property includes net equity balances from the amenity joint venture. During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3. At December 31, 2022, this entity was a VIE. During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investment. The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. On December 14, 2023, the Company completed the acquisition of all of one of its joint venture partners ownership interest. As a result of this acquisition, at December 31, 2023, the Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the partner owns its interest in the joint venture. The Company’s partner will fund required capital until its aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. At December 31, 2022, the Company’s ownership included (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
ASSETS | ||||||
Total real estate | $ 20,593,459 | $ 19,496,442 | ||||
Total assets | 26,026,149 | 24,207,669 | ||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Mortgage and notes payable, net | 4,166,379 | 3,272,368 | ||||
Other Liabilities | 445,947 | 450,918 | ||||
Members’/Partners’ equity | 5,876,697 | 6,132,919 | ||||
Total liabilities and equity / capital | 26,026,149 | 24,207,669 | ||||
Carying value of the Company's investment in unconsolidated joint ventures | 1,377,319 | 1,715,911 | ||||
Right-of-use assets - finance leases | 401,680 | [1] | 237,510 | |||
Operating Lease, Right-of-Use Asset | [1] | 324,298 | 167,351 | |||
Lease liabilities - finance leases | 417,961 | 249,335 | ||||
Lease Liabilities - Operating Leases | 350,391 | 204,686 | ||||
Sales-type lease receivable, net | 13,953 | 13,028 | ||||
Unconsolidated Joint Ventures [Member] | ||||||
ASSETS | ||||||
Total real estate | [2] | 5,811,763 | 6,537,554 | |||
Other assets | 682,291 | [3] | 756,786 | |||
Total assets | 6,494,054 | 7,294,340 | ||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Mortgage and notes payable, net | 3,351,873 | 4,022,746 | ||||
Other Liabilities | [4] | 361,357 | 716,271 | |||
Members’/Partners’ equity | 2,780,824 | 2,555,323 | ||||
Total liabilities and equity / capital | 6,494,054 | 7,294,340 | ||||
Company's share of equity | 1,278,483 | 1,238,929 | ||||
Basis differentials | [5] | 58,933 | 391,556 | |||
Carying value of the Company's investment in unconsolidated joint ventures | [6] | 1,337,416 | 1,630,485 | |||
Right-of-use assets - finance leases | 248,900 | |||||
Operating Lease, Right-of-Use Asset | 20,100 | 21,200 | ||||
Lease liabilities - finance leases | 382,200 | |||||
Lease Liabilities - Operating Leases | 30,500 | 30,500 | ||||
Impairment loss on investment | (272,603) | [7] | (50,705) | [7] | $ 0 | |
Gain on Unconsolidated Joint Venture Investment | 35,756 | [8] | 0 | $ 0 | ||
Sales-type lease receivable, net | 13,900 | |||||
Unconsolidated Joint Ventures [Member] | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Other Liabilities | 39,900 | 85,400 | ||||
Colorado Center | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Basis differentials | 298,906 | 301,820 | ||||
Carying value of the Company's investment in unconsolidated joint ventures | [9] | 237,815 | 233,862 | |||
200 Fifth Avenue JV LLC | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Basis differentials | 58,308 | 94,497 | ||||
Carying value of the Company's investment in unconsolidated joint ventures | [9] | 75,718 | 120,083 | |||
Impairment loss on investment | 33,400 | |||||
200 Fifth Avenue JV LLC | Unconsolidated Joint Ventures [Member] | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Impairment loss on investment | 33,400 | |||||
Gateway Commons Complex [Member] | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Basis differentials | 48,971 | 47,808 | ||||
Carying value of the Company's investment in unconsolidated joint ventures | [9] | 376,834 | 324,038 | |||
BP/CRF Metropolitan Square LLC [Member] | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Other Liabilities | [9] | 37,629 | ||||
Gain on Unconsolidated Joint Venture Investment | 35,800 | |||||
Safeco Plaza REIT LLC | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Basis differentials | (29,678) | (15) | ||||
Carying value of the Company's investment in unconsolidated joint ventures | [9] | 44,734 | 69,785 | |||
Impairment loss on investment | 29,900 | |||||
Safeco Plaza REIT LLC | Unconsolidated Joint Ventures [Member] | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Impairment loss on investment | 29,900 | |||||
360 PAS Holdco LLC | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Basis differentials | (116,534) | 3,798 | ||||
Carying value of the Company's investment in unconsolidated joint ventures | 42,988 | 114,992 | [9] | |||
Impairment loss on investment | 54,000 | |||||
360 PAS Holdco LLC | Unconsolidated Joint Ventures [Member] | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Impairment loss on investment | 54,000 | |||||
Dock 72 | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Other Liabilities | [9] | 11,890 | 19,921 | |||
Basis differentials | (95,521) | (98,980) | ||||
Platform 16 | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Basis differentials | (143,052) | 7,108 | ||||
Carying value of the Company's investment in unconsolidated joint ventures | [9] | 45,564 | $ 158,109 | |||
Impairment loss on investment | 155,200 | |||||
Platform 16 | Unconsolidated Joint Ventures [Member] | ||||||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ||||||
Impairment loss on investment | $ 155,200 | |||||
[1] See Note 4. At December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At December 31, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.1 million and $21.2 million, respectively. At December 31, 2023, this amount included sales-type lease receivable, net totaling approximately $13.9 million. At December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $382.2 million. At December 31, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million. 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. During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as well as a $35.8 million gain on investment related to Metropolitan Square, as described below in this Note 6. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows: December 31, 2023 December 31, 2022 Property (in thousands) Colorado Center $ 298,906 $ 301,820 200 Fifth Avenue 58,308 94,497 Gateway Commons 48,971 47,808 Safeco Plaza (29,678) (15) 360 Park Avenue South (116,534) 3,798 Dock 72 (95,521) (98,980) Platform 16 (143,052) 7,108 These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. During the year ended December 31, 2023 , the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as described below in this Note 6 . During the year ended December 31, 2022, 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 $50.7 million. During the year ended December 31, 2023 , the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6 . Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Oct. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 14, 2023 | |||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Total revenue | $ 3,273,569 | $ 3,108,581 | $ 2,888,621 | ||||||
Expenses | |||||||||
Transaction costs | 4,313 | 2,905 | 5,036 | ||||||
Depreciation and amortization | 830,813 | 749,775 | 717,336 | ||||||
Total expenses | 2,239,227 | 2,050,056 | 1,920,581 | ||||||
Other income (expense) | |||||||||
Losses from early extinguishment of debt | 0 | 0 | (45,182) | ||||||
Interest expense | (579,572) | (437,139) | (423,346) | ||||||
Gain on sales-type lease | 0 | 10,058 | 0 | ||||||
Net Loss | 291,424 | 1,020,584 | 631,932 | ||||||
Income (Loss) from Equity Method Investments | (239,543) | (59,840) | (2,570) | ||||||
Straight Line Rent Adjustments | 99,100 | 108,000 | 104,300 | ||||||
Above and below market rent adjustments, net | 19,200 | 9,100 | 4,200 | ||||||
Unconsolidated Joint Ventures [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Total revenue | [1] | 612,589 | 512,078 | 383,649 | |||||
Expenses | |||||||||
Operating | 239,947 | 198,632 | 158,498 | ||||||
Transaction costs | 301 | 837 | 470 | ||||||
Depreciation and amortization | 197,228 | 181,041 | 147,121 | ||||||
Total expenses | 437,476 | 380,510 | 306,089 | ||||||
Other income (expense) | |||||||||
Losses from early extinguishment of debt | (3) | (1,327) | 0 | ||||||
Interest expense | (227,537) | (154,065) | (108,884) | ||||||
Unrealized gain (loss) on derivative instruments | 6,582 | (1,681) | 0 | ||||||
Gain on sales-type lease | 2,737 | 0 | 0 | ||||||
Net Loss | (56,272) | (22,143) | (31,324) | ||||||
Company's share of net income (loss) | (19,599) | (2,551) | (10,254) | ||||||
Gain on Sale of Investments | 0 | 0 | 10,257 | [2] | |||||
Gain on Unconsolidated Joint Venture Investment | 35,756 | [3] | 0 | 0 | |||||
Gain (loss) on sale / consolidation | 28,412 | [3],[4] | 0 | 0 | |||||
Impairment loss on investment | (272,603) | [5] | (50,705) | [5] | 0 | ||||
Basis differential | [6] | (11,509) | (6,584) | (2,573) | |||||
Income (Loss) from Equity Method Investments | (239,543) | (59,840) | (2,570) | ||||||
Straight Line Rent Adjustments | 28,700 | 62,900 | 17,200 | ||||||
Above and below market rent adjustments, net | 800 | 400 | $ 400 | ||||||
Unconsolidated Joint Ventures [Member] | Unconsolidated Properties | |||||||||
Other income (expense) | |||||||||
Impairment loss on investment | 272,600 | ||||||||
Annapolis Junction NFM, LLC [Member] | |||||||||
Other income (expense) | |||||||||
Ownership Percentage | 50% | ||||||||
Annapolis Junction NFM, LLC [Member] | Unconsolidated Joint Ventures [Member] | |||||||||
Other income (expense) | |||||||||
Gain on Sale of Investments | $ 10,300 | ||||||||
Colorado Center [Member] | Unconsolidated Joint Ventures [Member] | |||||||||
Other income (expense) | |||||||||
Straight Line Rent Adjustments | 1,500 | $ 500 | $ 800 | ||||||
Dock 72 [Member] | Unconsolidated Joint Ventures [Member] | |||||||||
Other income (expense) | |||||||||
Impairment loss on investment | 50,700 | ||||||||
200 Fifth Avenue JV LLC | |||||||||
Other income (expense) | |||||||||
Impairment loss on investment | $ 33,400 | ||||||||
Ownership Percentage | [7] | 26.69% | |||||||
200 Fifth Avenue JV LLC | Unconsolidated Joint Ventures [Member] | |||||||||
Other income (expense) | |||||||||
Impairment loss on investment | $ 33,400 | ||||||||
Safeco Plaza REIT LLC | |||||||||
Other income (expense) | |||||||||
Impairment loss on investment | $ 29,900 | ||||||||
Ownership Percentage | [7],[8] | 33.67% | |||||||
Safeco Plaza REIT LLC | Unconsolidated Joint Ventures [Member] | |||||||||
Other income (expense) | |||||||||
Impairment loss on investment | $ 29,900 | ||||||||
Platform 16 | |||||||||
Other income (expense) | |||||||||
Impairment loss on investment | $ 155,200 | ||||||||
Ownership Percentage | [7],[9] | 55% | |||||||
Platform 16 | Unconsolidated Joint Ventures [Member] | |||||||||
Other income (expense) | |||||||||
Impairment loss on investment | $ 155,200 | ||||||||
360 PAS Holdco LLC | |||||||||
Other income (expense) | |||||||||
Impairment loss on investment | $ 54,000 | ||||||||
Ownership Percentage | [7],[10] | 71.11% | |||||||
360 PAS Holdco LLC | Unconsolidated Joint Ventures [Member] | |||||||||
Other income (expense) | |||||||||
Impairment loss on investment | $ 54,000 | ||||||||
Santa Monica Business Park [Member] | |||||||||
Other income (expense) | |||||||||
Ownership Percentage | [11] | 55% | |||||||
Santa Monica Business Park [Member] | Joint Venture Partner [Member] | |||||||||
Other income (expense) | |||||||||
Ownership Percentage | 45% | ||||||||
Hotel Tower Developer LLC [Member] | |||||||||
Other income (expense) | |||||||||
Ownership Percentage | 50% | ||||||||
Hotel Tower Developer LLC [Member] | Unconsolidated Properties | Hub on Causeway - Hotel Air Rights | |||||||||
Other income (expense) | |||||||||
Gain on sales-type lease | $ 2,700 | ||||||||
Ownership Percentage | 50% | ||||||||
[1] Includes straight-line rent adjustments of approximately $28.7 million, $62.9 million and $17.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million. During the year ended December 31, 2023 , the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6 . During the year ended During the year ended December 31, 2023 , the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as described below in this Note 6 . During the year ended December 31, 2022, 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 $50.7 million. Includes straight-line rent adjustments of approximately $1.5 million, $0.5 million and $0.8 million for the years ended December 31, 2023, 2022 and 2020, respectively. Also includes net above-/below-market rent adjustments of approximately $0.8 million, $0.4 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investment. The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. At December 31, 2022, this entity was a VIE. On December 14, 2023, the Company completed the acquisition of all of one of its joint venture partners ownership interest. As a result of this acquisition, at December 31, 2023, the Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the partner owns its interest in the joint venture. The Company’s partner will fund required capital until its aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. At December 31, 2022, the Company’s ownership included (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2023 USD ($) ft² | Dec. 14, 2023 USD ($) ft² floor | Oct. 31, 2023 USD ($) | Oct. 02, 2023 USD ($) | Sep. 13, 2023 USD ($) ft² | Sep. 06, 2023 USD ($) ft² | Sep. 05, 2023 USD ($) | Aug. 11, 2023 | Jul. 28, 2023 USD ($) Integer | Jul. 27, 2023 USD ($) | Jun. 28, 2023 | Jun. 27, 2023 USD ($) | Jun. 02, 2023 | Apr. 21, 2023 ft² Year | Apr. 20, 2023 USD ($) | Jan. 31, 2023 USD ($) a ft² Vehicles Building | Aug. 13, 2023 | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 13, 2023 | Oct. 30, 2023 ft² | Sep. 12, 2023 USD ($) | Sep. 08, 2023 USD ($) | Sep. 01, 2023 ft² | Jun. 30, 2023 ft² | Jun. 05, 2023 USD ($) ft² | Jun. 04, 2023 USD ($) | |||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Interest and Other Income | $ 69,964,000 | $ 11,940,000 | $ 5,704,000 | |||||||||||||||||||||||||||||
Sales-type lease receivable, net | $ 13,953,000 | 13,953,000 | 13,028,000 | |||||||||||||||||||||||||||||
Gain on sales-type lease | 0 | 10,058,000 | 0 | |||||||||||||||||||||||||||||
Mortgages [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Long-Term Debt | 4,200,000,000 | 4,200,000,000 | ||||||||||||||||||||||||||||||
Related Party | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Related party note receivable | $ 88,779,000 | $ 88,779,000 | 78,576,000 | |||||||||||||||||||||||||||||
3 Hudson Boulevard [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 25% | 25% | ||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||
Interest Expense, Long-Term Debt | $ 28,000,000 | |||||||||||||||||||||||||||||||
3 Hudson Boulevard [Member] | Related Party | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Interest and Other Income | $ 8,900,000 | $ 5,600,000 | 3,600,000 | |||||||||||||||||||||||||||||
200 Fifth Avenue JV LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | [1] | 26.69% | 26.69% | |||||||||||||||||||||||||||||
Impairment loss on investment | $ 33,400,000 | |||||||||||||||||||||||||||||||
Office Tower Developer LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 50% | 50% | ||||||||||||||||||||||||||||||
Gateway Commons Complex [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 50% | 50% | ||||||||||||||||||||||||||||||
Podium Developer LLC [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 50% | 50% | ||||||||||||||||||||||||||||||
BP/CRF Metropolitan Square LLC [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | [2] | 20% | ||||||||||||||||||||||||||||||
Gain on Unconsolidated Joint Venture Investment | $ 35,800,000 | |||||||||||||||||||||||||||||||
Platform 16 | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | [1],[3] | 55% | 55% | |||||||||||||||||||||||||||||
Impairment loss on investment | $ 155,200,000 | |||||||||||||||||||||||||||||||
capitlization rate | 6% | |||||||||||||||||||||||||||||||
Discount Rate | 12% | |||||||||||||||||||||||||||||||
360 PAS Holdco LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | [1],[4] | 71.11% | 71.11% | |||||||||||||||||||||||||||||
Impairment loss on investment | $ 54,000,000 | |||||||||||||||||||||||||||||||
360 PAS Holdco LLC | Scenario, Plan | Joint Venture Partner [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 29% | 29% | ||||||||||||||||||||||||||||||
Safeco Plaza REIT LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | [1],[5] | 33.67% | 33.67% | |||||||||||||||||||||||||||||
Impairment loss on investment | $ 29,900,000 | |||||||||||||||||||||||||||||||
Santa Monica Business Park [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | [6] | 55% | ||||||||||||||||||||||||||||||
Santa Monica Business Park [Member] | Joint Venture Partner [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 45% | |||||||||||||||||||||||||||||||
Hotel Tower Developer LLC [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 50% | 50% | ||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Impairment loss on investment | $ (272,603,000) | [7] | $ (50,705,000) | [7] | 0 | |||||||||||||||||||||||||||
Gain on Sale of Investments | 0 | 0 | 10,257,000 | [8] | ||||||||||||||||||||||||||||
Gain on Unconsolidated Joint Venture Investment | 35,756,000 | [9] | 0 | 0 | ||||||||||||||||||||||||||||
Gain (loss) on sale / consolidation | 28,412,000 | [9],[10] | 0 | 0 | ||||||||||||||||||||||||||||
Sales-type lease receivable, net | $ 13,900,000 | 13,900,000 | ||||||||||||||||||||||||||||||
Gain on sales-type lease | 2,737,000 | $ 0 | $ 0 | |||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | 200 Fifth Avenue JV LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Impairment loss on investment | 33,400,000 | |||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | Platform 16 | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Impairment loss on investment | 155,200,000 | |||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | 360 PAS Holdco LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Impairment loss on investment | 54,000,000 | |||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures [Member] | Safeco Plaza REIT LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Impairment loss on investment | 29,900,000 | |||||||||||||||||||||||||||||||
Unconsolidated Properties | Unconsolidated Joint Ventures [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Impairment loss on investment | 272,600,000 | |||||||||||||||||||||||||||||||
Worldgate Drive | Unconsolidated Properties | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 50% | |||||||||||||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 17,000,000 | |||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 350,000 | |||||||||||||||||||||||||||||||
Number of buildings | Building | 2 | |||||||||||||||||||||||||||||||
Number of parking space | Vehicles | 1,200 | |||||||||||||||||||||||||||||||
Area of Land | a | 10 | |||||||||||||||||||||||||||||||
7750 Wisconsin Avenue [Member] | Unconsolidated Properties | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 50% | |||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 736,000 | |||||||||||||||||||||||||||||||
Construction Loan | $ 252,600,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | Term Secured Overnight Finance Rate (“SOFR”) | LIBOR | London Interbank Offered Rate (“LIBOR”) | |||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.25% | ||||||||||||||||||||||||||||||
Extension Option (in years) | 1 | 1 | ||||||||||||||||||||||||||||||
Number of extensions | 2 | |||||||||||||||||||||||||||||||
7750 Wisconsin Avenue [Member] | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||||||||||||||||||||||||||||||
500 North Capitol Street, NW | Unconsolidated Properties | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 30% | |||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 231,000 | |||||||||||||||||||||||||||||||
Debt | $ 105,000,000 | $ 105,000,000 | ||||||||||||||||||||||||||||||
Debt, Weighted Average Interest Rate | 6.83% | |||||||||||||||||||||||||||||||
500 North Capitol Street, NW | Unconsolidated Properties | Related Party | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt | $ 105,000,000 | |||||||||||||||||||||||||||||||
Debt, Weighted Average Interest Rate | 6.83% | |||||||||||||||||||||||||||||||
500 North Capitol Street, NW | Unconsolidated Properties | Company's Share [Member] | Related Party | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Related party note receivable | $ 10,500,000 | |||||||||||||||||||||||||||||||
3 Hudson Boulevard [Member] | Unconsolidated Properties | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 25% | |||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | ||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | 3.50% | ||||||||||||||||||||||||||||||
Debt | $ 80,000,000 | |||||||||||||||||||||||||||||||
Number of extensions | 1 | 2 | ||||||||||||||||||||||||||||||
Extension Option (in days) | 30 days | |||||||||||||||||||||||||||||||
Extension Option Two (in days) | 180 days | 180 days | ||||||||||||||||||||||||||||||
3 Hudson Boulevard [Member] | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.61% | |||||||||||||||||||||||||||||||
3 Hudson Boulevard [Member] | Unconsolidated Properties | Extended Maturity | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Term | 30 days | |||||||||||||||||||||||||||||||
100 Causeway Street [Member] | Construction Loans | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Extension Option (in years) | Integer | 1 | |||||||||||||||||||||||||||||||
Debt | $ 336,600,000 | $ 340,600,000 | ||||||||||||||||||||||||||||||
Repayments of Construction Loans Payable | $ 4,000,000 | |||||||||||||||||||||||||||||||
100 Causeway Street [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Construction Loans | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.48% | 1.60% | ||||||||||||||||||||||||||||||
100 Causeway Street [Member] | Office Tower Developer LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 50% | |||||||||||||||||||||||||||||||
100 Causeway Street [Member] | Extended Maturity | Construction Loans | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Fiscal Period Duration | 1 year | |||||||||||||||||||||||||||||||
100 Causeway Street [Member] | Unconsolidated Properties | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 634,000 | |||||||||||||||||||||||||||||||
Leased percentage | 95% | |||||||||||||||||||||||||||||||
751 Gateway | Unconsolidated Properties | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 49% | |||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 231,000 | |||||||||||||||||||||||||||||||
Leased percentage | 100% | |||||||||||||||||||||||||||||||
Hub on Causeway - Podium | Unconsolidated Properties | Podium Developer LLC [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 50% | |||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 383,000 | |||||||||||||||||||||||||||||||
Leased percentage | 94% | |||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.35% | ||||||||||||||||||||||||||||||
Extension Option (in years) | 1 | |||||||||||||||||||||||||||||||
Debt | $ 154,300,000 | $ 174,300,000 | ||||||||||||||||||||||||||||||
Repayments of Construction Loans Payable | $ 20,000,000 | |||||||||||||||||||||||||||||||
Derivative, Notional Amount | $ 154,300,000 | |||||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 7.35% | |||||||||||||||||||||||||||||||
Metropolitan Square | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt | $ 420,000,000 | |||||||||||||||||||||||||||||||
Metropolitan Square | Senior Loans | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt | 305,000,000 | |||||||||||||||||||||||||||||||
Metropolitan Square | Junior Loans | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt | $ 115,000,000 | |||||||||||||||||||||||||||||||
Metropolitan Square | Scenario, Plan | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 100,000,000 | |||||||||||||||||||||||||||||||
Metropolitan Square | Scenario, Plan | Affiliated Entity | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Loans and Leases Receivable, Loans in Process | $ 20,000,000 | |||||||||||||||||||||||||||||||
Metropolitan Square | Unconsolidated Properties | BP/CRF Metropolitan Square LLC [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 20% | |||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 657,000 | |||||||||||||||||||||||||||||||
Gain on Unconsolidated Joint Venture Investment | $ 35,800,000 | |||||||||||||||||||||||||||||||
Gain (loss) on sale / consolidation | $ (1,500,000) | |||||||||||||||||||||||||||||||
Platform 16 | Unconsolidated Properties | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 390,000 | |||||||||||||||||||||||||||||||
Platform 16 | Unconsolidated Properties | Platform 16 | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 55% | |||||||||||||||||||||||||||||||
360 Park Avenue South | 360 PAS Holdco LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Impairment loss on investment | $ 54,000,000 | |||||||||||||||||||||||||||||||
capitlization rate | 5.50% | |||||||||||||||||||||||||||||||
360 Park Avenue South | 360 PAS Holdco LLC (indirect ownership) | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 71% | |||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 450,000 | |||||||||||||||||||||||||||||||
Net Working Capital, Including Cash Acquired from Acquisition | $ 25,400,000 | |||||||||||||||||||||||||||||||
Number of floors | floor | 20 | |||||||||||||||||||||||||||||||
360 Park Avenue South | 360 PAS Holdco LLC (indirect ownership) | Joint Venture Partner [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 29% | |||||||||||||||||||||||||||||||
Payments to Acquire Investments | $ 1 | |||||||||||||||||||||||||||||||
360 Park Avenue South | 360 PAS Holdco LLC (indirect ownership) | Mortgages [Member] | Joint Venture Partner [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Long-Term Debt | $ 220,000,000 | |||||||||||||||||||||||||||||||
360 Park Avenue South | Unconsolidated Properties | 360 PAS Holdco LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 450,000 | 450,000 | ||||||||||||||||||||||||||||||
200 Fifth Avenue | 200 Fifth Avenue JV LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Impairment loss on investment | $ 33,400,000 | |||||||||||||||||||||||||||||||
capitlization rate | 5% | |||||||||||||||||||||||||||||||
Discount Rate | 8% | |||||||||||||||||||||||||||||||
200 Fifth Avenue | Unconsolidated Properties | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 855,000 | 855,000 | ||||||||||||||||||||||||||||||
Safeco Plaza | Safeco Plaza REIT LLC | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Impairment loss on investment | $ 29,900,000 | |||||||||||||||||||||||||||||||
capitlization rate | 5.50% | |||||||||||||||||||||||||||||||
Discount Rate | 8% | |||||||||||||||||||||||||||||||
Safeco Plaza | Unconsolidated Properties | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 780,000 | 780,000 | ||||||||||||||||||||||||||||||
Santa Monica Business Park [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Net Rentable Area (in sf) | ft² | 1,200,000 | |||||||||||||||||||||||||||||||
Payments to Acquire Investments | $ 38,000,000 | |||||||||||||||||||||||||||||||
Net Working Capital, Including Cash Acquired from Acquisition | 20,000,000 | |||||||||||||||||||||||||||||||
Gain (loss) on sale / consolidation | 29,900,000 | |||||||||||||||||||||||||||||||
Santa Monica Business Park [Member] | Mortgages [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt | $ 300,000,000 | |||||||||||||||||||||||||||||||
Santa Monica Business Park [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Mortgages [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | SOFR | |||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.38% | |||||||||||||||||||||||||||||||
Debt | $ 300,000,000 | |||||||||||||||||||||||||||||||
Long-Term Debt | 295,500,000 | |||||||||||||||||||||||||||||||
Santa Monica Business Park [Member] | Santa Monica Business Park [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Gain (loss) on sale / consolidation | 29,900,000 | |||||||||||||||||||||||||||||||
Santa Monica Business Park [Member] | Unconsolidated Properties | Santa Monica Business Park [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 55% | |||||||||||||||||||||||||||||||
Payments to Acquire Investments | 38,000,000 | |||||||||||||||||||||||||||||||
Net Working Capital, Including Cash Acquired from Acquisition | $ 20,000,000 | |||||||||||||||||||||||||||||||
Hub on Causeway - Hotel Air Rights | Unconsolidated Properties | Hotel Tower Developer LLC [Member] | ||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||
Ownership Percentage | 50% | |||||||||||||||||||||||||||||||
Lease Income | $ 4,500,000 | |||||||||||||||||||||||||||||||
Sales-type lease receivable, net | 18,600,000 | |||||||||||||||||||||||||||||||
Gain on sales-type lease | $ 2,700,000 | |||||||||||||||||||||||||||||||
[1] During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investment. During the year ended December 31, 2023 , the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6 . At December 31, 2022, this entity was a VIE. On December 14, 2023, the Company completed the acquisition of all of one of its joint venture partners ownership interest. As a result of this acquisition, at December 31, 2023, the Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the partner owns its interest in the joint venture. The Company’s partner will fund required capital until its aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. At December 31, 2022, the Company’s ownership included (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3. During the year ended December 31, 2023 , the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as described below in this Note 6 . During the year ended December 31, 2022, 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 $50.7 million. During the year ended December 31, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million. During the year ended December 31, 2023 , the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6 . During the year ended |
Mortgage Notes Payable, Net (De
Mortgage Notes Payable, Net (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 14, 2023 USD ($) ft² buildings | Oct. 26, 2023 USD ($) ft² buildings | Dec. 31, 2023 USD ($) Rate | Dec. 31, 2022 USD ($) Rate | ||
Debt Instrument [Line Items] | |||||
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 | |||
Mortgage notes payable, net | $ 4,166,379 | $ 3,272,368 | |||
Number Of Variable Mortgage Loans | 0 | 0 | |||
Santa Monica Business Park [Member] | |||||
Debt Instrument [Line Items] | |||||
Ownership Percentage | [1] | 55% | |||
Joint Venture Partner [Member] | Santa Monica Business Park [Member] | |||||
Debt Instrument [Line Items] | |||||
Ownership Percentage | 45% | ||||
Santa Monica Business Park [Member] | |||||
Debt Instrument [Line Items] | |||||
Net Rentable Area (in sf) | ft² | 1,200,000 | ||||
Number of real estate properties | buildings | 21 | ||||
Mortgages [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage notes payable, net | $ 4,166,379 | $ 3,300,000 | |||
Long-Term Debt | 4,200,000 | ||||
Mortgages [Member] | 325 Main Street, 355 Main Street, 90 Broadway and Kendall Center Green Garage Properties [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 600,000 | ||||
Debt | $ 600,000 | ||||
Mortgages [Member] | 325 Main Street, 355 Main Street, 90 Broadway and Kendall Center Green Garage Properties [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Debt Instrument, Description of Variable Rate Basis | SOFR | ||||
Net Rentable Area (in sf) | ft² | 898,000 | ||||
Number of real estate properties | buildings | 3 | ||||
Debt - Total loan amount | $ 600,000 | ||||
Mortgages [Member] | Santa Monica Business Park [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 300,000 | ||||
Debt | $ 300,000 | ||||
Mortgages [Member] | Santa Monica Business Park [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.38% | ||||
Debt | $ 300,000 | ||||
Debt Instrument, Description of Variable Rate Basis | SOFR | ||||
Long-Term Debt | $ 295,500 | ||||
Debt - Total loan amount | 300,000 | ||||
Debt | $ 300,000 | ||||
Fixed Rate Mortgage [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage notes payable, net | $ 4,200,000 | $ 3,300,000 | |||
Debt, Weighted Average Interest Rate | Rate | 3.70% | 3.24% | |||
Fixed Rate Mortgage [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 2.79% | 2.79% | |||
Fixed Rate Mortgage [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 6.04% | 3.43% | |||
[1] During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3. |
Schedule of Aggregate Principal
Schedule of Aggregate Principal Payments on Mortgage Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Deferred financing costs, net | $ (33,600) | |
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) | 4,166,379 | $ 3,272,368 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
2024 | 0 | |
2025 | 300,000 | |
2026 | 0 | |
2027 | 2,300,000 | |
2028 | 600,000 | |
Thereafter | 1,000,000 | |
Total | 4,200,000 | |
Deferred financing costs, net | 29,270 | |
Fair Value Debt Adjustment | 4,351 | |
Mortgage notes payable, net (amounts related to VIEs of $3,277,185 and $3,272,368 at December 31, 2023 and December 31, 2022, respectively) | $ 4,166,379 | $ 3,300,000 |
Schedule of Unsecured Senior No
Schedule of Unsecured Senior Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | May 15, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | |||||
Debt Issuance Costs, Net | $ (33,600) | ||||
Senior Notes | 10,491,617 | $ 10,237,968 | |||
Boston Properties Limited Partnership | |||||
Debt Instrument [Line Items] | |||||
Debt Issuance Costs, Net | (33,600) | ||||
Senior Notes | 10,491,617 | $ 10,237,968 | |||
Boston Properties Limited Partnership | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt | 10,550,000 | ||||
Debt Instrument, Unamortized Discount | 13,302 | ||||
Debt Issuance Costs, Net | $ 45,081 | ||||
Boston Properties Limited Partnership | Senior Notes | 3.916% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.80% | |||
Debt Instrument, Interest Rate, Effective Percentage | [1],[2] | 3.916% | |||
Debt | [1] | $ 700,000 | |||
Long-term Debt, Maturity Date | [1],[3] | Feb. 01, 2024 | |||
Boston Properties Limited Partnership | Senior Notes | 3.350% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [2] | 3.35% | |||
Debt | $ 850,000 | ||||
Long-term Debt, Maturity Date | [3] | 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 | [2] | 3.766% | |||
Debt | $ 1,000,000 | ||||
Long-term Debt, Maturity Date | [3] | Feb. 01, 2026 | |||
Boston Properties Limited Partnership | Senior Notes | 3.495% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [2] | 3.495% | |||
Debt | $ 1,000,000 | ||||
Long-term Debt, Maturity Date | [3] | Oct. 01, 2026 | |||
Boston Properties Limited Partnership | Senior Notes | 6.924% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [2] | 6.924% | |||
Debt | $ 750,000 | ||||
Long-term Debt, Maturity Date | [3] | Dec. 01, 2027 | |||
Boston Properties Limited Partnership | Senior Notes | 4.628% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [2] | 4.628% | |||
Debt | $ 1,000,000 | ||||
Long-term Debt, Maturity Date | [3] | Dec. 01, 2028 | |||
Boston Properties Limited Partnership | Senior Notes | 3.505% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [2] | 3.505% | |||
Debt | $ 850,000 | ||||
Long-term Debt, Maturity Date | [3] | 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 | [2] | 2.984% | |||
Debt | $ 700,000 | ||||
Long-term Debt, Maturity Date | [3] | Mar. 15, 2030 | |||
Boston Properties Limited Partnership | Senior Notes | 3.343 % unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [2] | 3.343% | |||
Debt | $ 1,250,000 | ||||
Long-term Debt, Maturity Date | [3] | Jan. 30, 2031 | |||
Boston Properties Limited Partnership | Senior Notes | 2.671% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.55% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [2] | 2.671% | |||
Debt | $ 850,000 | ||||
Long-term Debt, Maturity Date | [3] | Apr. 01, 2032 | |||
Boston Properties Limited Partnership | Senior Notes | 2.524% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.45% | ||||
Debt Instrument, Interest Rate, Effective Percentage | [2] | 2.524% | |||
Debt | $ 850,000 | ||||
Long-term Debt, Maturity Date | [3] | Oct. 01, 2033 | |||
Boston Properties Limited Partnership | Senior Notes | 6.619% unsecured senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.619% | [2] | 6.619% | ||
Debt | $ 750,000 | $ 750,000 | |||
Long-term Debt, Maturity Date | [3] | Jan. 15, 2034 | |||
[1] See Note 17. Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs. No principal amounts are due prior to maturity. |
Unsecured Senior Notes (Narrati
Unsecured Senior Notes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Sep. 01, 2023 | May 15, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | ||||||
Proceeds from unsecured senior notes | $ 747,727 | $ 749,557 | $ 1,695,996 | |||
Repayments of Unsecured Debt | 500,000 | 0 | 1,841,500 | |||
Boston Properties Limited Partnership | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from unsecured senior notes | 747,727 | 749,557 | 1,695,996 | |||
Repayments of Unsecured Debt | 500,000 | $ 0 | $ 1,841,500 | |||
Senior Notes | Boston Properties Limited Partnership | ||||||
Debt Instrument [Line Items] | ||||||
Debt | $ 10,550,000 | |||||
Debt Instrument, Covenant Description | The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. | |||||
Leverage ratio | 60% | |||||
Secured debt leverage ratio - maximum | 50% | |||||
Interest Coverage - Minimum | 1.50 | |||||
Unencumbered Asset Value - Minimum | 150% | |||||
Debt Instrument, Covenant Compliance | At December 31, 2023, BPLP was in compliance with each of these financial restrictions and requirements. | |||||
6.619% unsecured senior notes | Senior Notes | Boston Properties Limited Partnership | ||||||
Debt Instrument [Line Items] | ||||||
Debt | $ 750,000 | $ 750,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||
Senior Notes Pricing | 99.697% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 6.619% | 6.619% | [1] | |||
Proceeds from unsecured senior notes | $ 741,300 | |||||
3.279% unsecured senior notes | Senior Notes | Boston Properties Limited Partnership | ||||||
Debt Instrument [Line Items] | ||||||
Debt | $ 500,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | |||||
Repayments of Unsecured Debt | $ 507,800 | |||||
Debt Instrument, Increase, Accrued Interest | $ 7,800 | |||||
[1] Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs. |
Unsecured Credit Facility (Deta
Unsecured Credit Facility (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Jun. 01, 2023 | Jun. 15, 2021 USD ($) | Sep. 28, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Expiration Date | Jun. 15, 2026 | ||||
Line of Credit Facility, Interest Rate Reduction | 0.01% | ||||
Line of credit facility, maximum percent for loan advances | 65% | ||||
Debt Instrument, Alternate Basis Spread on Variable Rate | 0% | ||||
Long-term Line of Credit | $ 0 | $ 0 | |||
Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.40% | ||||
Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.70% | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.775% | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | $ 1,815,000 | |||
Line of Credit, Additional Borrowing Capacity | $ 500,000 | ||||
Line of Credit Borrowing Capacity Increase (Decrease) | $ 315,000 | ||||
Line of Credit Facility, Interest Rate Description | At BPLP’s option, loans under the 2021 Credit Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, Term SOFR and SOFR, (b) in the case of loans denominated in Euro, EURIBOR, (c) in the case of loans denominated in Canadian Dollars, CDOR, and (d) in the case of loans denominated in Sterling, SONIA, in each case, plus a margin ranging from 70.0 to 140.0 basis points based on BPLP’s credit rating or (2) an alternate base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 40 basis points based on BPLP’s credit rating. | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | ||||
Long-term Line of Credit | $ 0 | $ 0 | |||
Number of Lenders | 3 | ||||
Revolving Credit Facility [Member] | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% |
Unsecured Term Loan (Details)
Unsecured Term Loan (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Jan. 04, 2023 USD ($) mo Rate | Dec. 31, 2022 USD ($) | May 17, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||
Repayments of Unsecured Debt | $ 500,000 | $ 0 | $ 1,841,500 | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | 0 | $ 43,036 | ||||
Unsecured term loan, net | $ 1,198,301 | $ 730,000 | 1,198,301 | 730,000 | |||
2022 Unsecured Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 730,000 | ||||||
Debt Instrument, Maturity Date | May 16, 2023 | ||||||
Repayments of Unsecured Debt | $ 730,000 | ||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | ||||||
Unsecured term loan, net | $ 730,000 | $ 730,000 | $ 730,000 | ||||
2022 Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | ||||||
2023 Unsecured Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200,000 | ||||||
Line of Credit, Additional Borrowing Capacity | $ 300,000 | ||||||
Debt Instrument, Maturity Date | May 16, 2024 | ||||||
Number of extensions | 1 | ||||||
Extension Option (in months) | mo | 12 | ||||||
Proceeds from Unsecured Lines of Credit | $ 1,200,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1% | ||||||
Debt Instrument, Interest Rate Terms | At BPLP’s option, loans under the 2023 Unsecured Term Loan will bear interest at a rate per annum equal to (1) a base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR for a one-month period plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 60 basis points based on BPLP’s credit rating; or (2) a rate equal to adjusted Term SOFR with a one-month period plus a margin ranging from 75 to 160 basis points based on BPLP’s credit rating. Based on BPLP’s credit rating upon entry into the credit agreement, the base rate margin is 0 basis points and the Term SOFR margin is 0.85%. | ||||||
Unsecured term loan, net | $ 1,200,000 | $ 1,200,000 | |||||
2023 Unsecured Term Loan | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of Additional Term Loans | 1 | ||||||
2023 Unsecured Term Loan | Fed Funds Effective Rate Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.50% | ||||||
2023 Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1% | ||||||
2023 Unsecured Term Loan | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | ||||||
2023 Unsecured Term Loan | Base Rate [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.60% | ||||||
2023 Unsecured Term Loan | Base Rate [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0% | ||||||
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | 0.85% | |||||
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.60% | ||||||
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.75% |
2021 Credit Facility and 2023 U
2021 Credit Facility and 2023 Unsecured Term Loan Compliance (Details) - 2021 Credit Facility and 2023 Unsecured Term Loan [Member] | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument [Line Items] | |
Debt Instrument, Covenant Description | Among other covenants, the 2021 Credit Facility and the 2023 Unsecured Term Loan require that BPLP maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. |
Leverage ratio | 60% |
Leverage ratio - maximum | 65% |
Secured debt leverage ratio - maximum | 55% |
Fixed charge coverage - minimum | 1.40 |
Unsecured debt leverage ratio | 60% |
Unsecured debt leverage ratio - maximum | 65% |
Unsecured debt interest coverage ratio | 1.75 |
Debt Instrument, Covenant Compliance | At December 31, 2023, BPLP was in compliance with each of these financial and other covenant requirements. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - Interest Rate Swap - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 07, 2023 | May 02, 2023 | Dec. 31, 2023 | Dec. 14, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 600,000 | $ 1,200,000 | $ 2,100,000 | ||
Derivative, Maturity Date | May 16, 2024 | ||||
Fair Value Hedge Assets | $ 1,976 | $ 0 | |||
325 Main Street, 355 Main Street, 90 Broadway and Kendall Center Green Garage Properties [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Swap Type | Interest Rate Swaps | ||||
Derivative, Notional Amount | $ 600,000 | $ 600,000 | |||
Derivative, Maturity Date | Oct. 26, 2028 | Oct. 26, 2028 | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $ (7,198) | ||||
Santa Monica Business Park [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Swap Type | Interest Rate Swaps | ||||
Derivative, Notional Amount | $ 300,000 | $ 300,000 | |||
Derivative, Maturity Date | Apr. 01, 2025 | ||||
Fair Value Hedge Assets | $ 6,626 | ||||
Three Two Five Main Street, Three Five Five Main Street, Ninety Broadway and Kendall Center Green Garage Properties and Unsecured Term Loan | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 1,800,000 | ||||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $ (4,650) | ||||
2023 Unsecured Term Loan | |||||
Derivative [Line Items] | |||||
Derivative, Swap Type | Interest Rate Swaps | ||||
Derivative, Notional Amount | $ 1,200,000 | ||||
Derivative, Maturity Date | May 16, 2024 | ||||
Fair Value Hedge Assets | $ 2,548 | ||||
Minimum [Member] | 325 Main Street, 355 Main Street, 90 Broadway and Kendall Center Green Garage Properties [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Fixed Interest Rate | 3.79% | ||||
Minimum [Member] | Santa Monica Business Park [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Fixed Interest Rate | 2.661% | ||||
Minimum [Member] | 2023 Unsecured Term Loan | |||||
Derivative [Line Items] | |||||
Derivative, Fixed Interest Rate | 4.638% | ||||
Maximum [Member] | 325 Main Street, 355 Main Street, 90 Broadway and Kendall Center Green Garage Properties [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Fixed Interest Rate | 3.798% | ||||
Maximum [Member] | Santa Monica Business Park [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Fixed Interest Rate | 2.688% | ||||
Maximum [Member] | 2023 Unsecured Term Loan | |||||
Derivative [Line Items] | |||||
Derivative, Fixed Interest Rate | 4.646% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) related to the effective portion recognized in other comprehensive income | [1] | $ (14,405) | $ 19,396 | $ 8,544 |
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings | [2] | 6,703 | 6,707 | 6,704 |
Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing | $ 0 | $ 0 | $ 0 | |
[1] Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties. Consists of amounts from previous interest rate programs. |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Dec. 14, 2023 USD ($) | Dec. 07, 2023 USD ($) Rate | May 02, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 26, 2023 USD ($) | ||
Derivative [Line Items] | |||||||||||
Interest expense | $ 579,572 | $ 437,139 | $ 423,346 | ||||||||
Losses from interest rate contracts | (79) | ||||||||||
Interest rate swaps recorded upon consolidation | (7,337) | $ 0 | $ 0 | ||||||||
Santa Monica Business Park [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Ownership Percentage | [1] | 55% | |||||||||
Joint Venture Partner [Member] | Santa Monica Business Park [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Ownership Percentage | 45% | ||||||||||
Santa Monica Business Park [Member] | Mortgages [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Debt | $ 300,000 | ||||||||||
Santa Monica Business Park [Member] | Mortgages [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Derivative [Line Items] | |||||||||||
Debt | 300,000 | ||||||||||
325 Main Street, 355 Main Street, 90 Broadway and Kendall Center Green Garage Properties [Member] | Mortgages [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Debt | $ 600,000 | ||||||||||
Derivative, All in interest rate | Rate | 6.04% | ||||||||||
Interest Rate Swap | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Inception Date | May 02, 2023 | ||||||||||
Derivative, Notional Amount | $ 600,000 | $ 1,200,000 | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 | 2,100,000 | |||||
Derivative, Average Fixed Interest Rate | 4.642% | ||||||||||
Derivative, Maturity Date | May 16, 2024 | ||||||||||
Derivative, Number of Instruments Held | 2 | 4 | |||||||||
Interest expense | (4,200) | ||||||||||
Interest Rate Swap | Santa Monica Business Park [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | $ 300,000 | 300,000 | 300,000 | 300,000 | $ 300,000 | ||||||
Derivative, Average Fixed Interest Rate | 2.679% | ||||||||||
Derivative, Maturity Date | Apr. 01, 2025 | ||||||||||
Derivative, Number of Instruments Held | 3 | ||||||||||
Interest expense | (400) | ||||||||||
Interest rate swaps recorded upon consolidation | $ 7,300 | ||||||||||
Interest Rate Swap | 325 Main Street, 355 Main Street, 90 Broadway and Kendall Center Green Garage Properties [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Inception Date | Dec. 07, 2023 | ||||||||||
Derivative, Notional Amount | $ 600,000 | $ 600,000 | 600,000 | $ 600,000 | $ 600,000 | ||||||
Derivative, Average Fixed Interest Rate | 3.7925% | ||||||||||
Derivative, Maturity Date | Oct. 26, 2028 | Oct. 26, 2028 | |||||||||
Derivative, Number of Instruments Held | 3 | ||||||||||
Interest expense | $ (400) | ||||||||||
[1] During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3. |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) ft² Real_Estate_Properties | Oct. 02, 2023 USD ($) | Sep. 13, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Commitments And Contingencies [Line Items] | ||||
Letter of credit and performance obligations | $ 21,600 | |||
Note receivable, net | 1,714 | $ 0 | ||
Property insurance program per occurrence limits | 1,000,000 | |||
Per occurrence limit for NBCR Coverage | 1,000,000 | |||
Value of program trigger | $ 200,000 | |||
Coinsurance of program trigger | 20% | |||
Program trigger deductible | 20% | |||
Per occurrence limit of the earthquake insurance which covers San Francisco and Los Angeles regions | $ 330,000 | |||
Annual aggregate limit of the earthquake insurance which covers San Francisco and Los Angeles regions | 330,000 | |||
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco and Los Angeles | $ 30,000 | |||
Deductible in insurance as a percentage of the value of the affected property, San Francisco and Los Angeles | 5% | |||
Per Occurrence Limit of Earthquake Insurance Seattle | $ 110,000 | |||
Annual Aggregate Limit of Earthquake Insurance Seattle | $ 110,000 | |||
Earthquake Deductible Insurance Percentage of Value of the Affected Property Seattle | 2% | |||
Accrued Liabilities | $ 1,500 | |||
Loss Contingency, Portion Not Accrued | 31,000 | |||
Boston Properties Limited Partnership | ||||
Commitments And Contingencies [Line Items] | ||||
Note receivable, net | 1,714 | $ 0 | ||
Operating partnership guarantee to cover liabilities of IXP | 20,000 | |||
767 Venture, LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Maximum funding obligation | 8,500 | |||
Property insurance program per occurrence limits | 1,625,000 | |||
601 Lexington Avenue | ||||
Commitments And Contingencies [Line Items] | ||||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP | 1,350,000 | |||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Property and Terrorism | 750,000 | |||
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Terrorism | 600,000 | |||
Sum of Coverage Covered by IXP and Excess Coverage for Property and Terrorism | 1,750,000 | |||
Metropolitan Square | Affiliated Entity | ||||
Commitments And Contingencies [Line Items] | ||||
Note receivable, net | $ 1,700 | |||
Metropolitan Square | Subordinated Debt | ||||
Commitments And Contingencies [Line Items] | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 100,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 12% | |||
Metropolitan Square | Scenario, Plan | ||||
Commitments And Contingencies [Line Items] | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 100,000 | |||
Metropolitan Square | Scenario, Plan | Affiliated Entity | ||||
Commitments And Contingencies [Line Items] | ||||
Loans and Leases Receivable, Loans in Process | $ 20,000 | |||
Metropolitan Square | Scenario, Plan | Subordinated Debt | Affiliated Entity | ||||
Commitments And Contingencies [Line Items] | ||||
Percent of Total | 20% | |||
Loans and Leases Receivable, Loans in Process | $ 20,000 | |||
Residential Properties [Member] | Scenario, Plan | ||||
Commitments And Contingencies [Line Items] | ||||
Net Rentable Area (in sf) | ft² | 400,000 | |||
Office and Life Sciences Building [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of real estate properties | Real_Estate_Properties | 167 | |||
Office and Life Sciences Building [Member] | Scenario, Plan | ||||
Commitments And Contingencies [Line Items] | ||||
Net Rentable Area (in sf) | ft² | 1,100,000 | |||
Number of real estate properties | 2 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - Boston Properties Limited Partnership | Dec. 31, 2023 shares |
OP Units [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 16,508,277 |
LTIP Units [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 2,065,861 |
2012 OPP and 2013-2020 MYLTIP [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 480,511 |
MYLTIP 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 349,267 |
MYLTIP 2022 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 252,151 |
MYLTIP 2023 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Noncontrolling Interest, Outstanding | 322,053 |
(Common Units) (Narrative) (Det
(Common Units) (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Feb. 07, 2023 USD ($) | Feb. 03, 2023 USD ($) shares | Feb. 04, 2022 USD ($) shares | Dec. 14, 2021 USD ($) shares | Feb. 05, 2021 USD ($) shares | Dec. 31, 2023 USD ($) yr shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 29, 2023 $ / shares | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Vesting Period | 4 years | ||||||||
Issuance of operating partnership units | $ | $ 0 | $ 0 | $ 99,689 | ||||||
360 Park South Avenue | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Issuance of operating partnership units | $ | $ 99,700 | ||||||||
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 | $ | 1,347,575 | 1,280,886 | |||||||
Issuance of operating partnership units | $ | $ 0 | $ 0 | 99,689 | ||||||
Boston Properties Limited Partnership | 360 Park South Avenue | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | shares | 866,503 | ||||||||
MYLTIP | Boston Properties Limited Partnership | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Vesting Period | 3 years | ||||||||
Unvested MYLTIP Units [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
unvested MYLTIP distributions as compared to total distributions (percentage) | 10% | ||||||||
MYLTIP 2021 | Boston Properties Limited Partnership | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Noncontrolling Interest, Outstanding | shares | 349,267 | ||||||||
MYLTIP 2020 [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Final awards percentage of target | 50% | ||||||||
Value of MYLTIP Awards | $ | $ 3,800 | ||||||||
Forfeitures, in units | shares | 152,460 | ||||||||
MYLTIP 2022 | Boston Properties Limited Partnership | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Noncontrolling Interest, Outstanding | shares | 252,151 | ||||||||
MYLTIP 2023 | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Vesting Period | 3 years | ||||||||
Value of MYLTIP Awards | $ | $ 13,100 | ||||||||
MYLTIP 2023 | Boston Properties Limited Partnership | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Noncontrolling Interest, Outstanding | shares | 322,053 | ||||||||
MYLTIP 2018 | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Final awards percentage of target | 29.20% | ||||||||
Value of MYLTIP Awards | $ | $ 4,600 | ||||||||
Forfeitures, in units | shares | 285,925 | ||||||||
MYLTIP 2019 [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Final awards percentage of target | 69% | ||||||||
Value of MYLTIP Awards | $ | $ 8,600 | ||||||||
Forfeitures, in units | shares | 144,043 | ||||||||
OP Units [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
OP Units for redemption (in shares) | shares | 102,699 | 182,929 | |||||||
Restriction on redemption of OP Unit to Common Stock (in years) | yr | 1 | ||||||||
Redemption of OP Unit equivalent to Common Stock (in shares) | shares | 1 | ||||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ | $ 1,300,000 | ||||||||
Closing price of common stock (in dollars per share) | $ / shares | $ 70.17 | ||||||||
Noncontrolling Interest [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Issuance of operating partnership units | $ | $ 99,689 | ||||||||
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) | shares | 94,863 | 78,249 |
Noncontrolling Interests Common
Noncontrolling Interests Common Units Distributions (Details) - $ / shares | Oct. 31, 2023 | Jul. 31, 2023 | Apr. 28, 2023 | Jan. 30, 2023 | Oct. 31, 2022 | Jul. 29, 2022 | Apr. 29, 2022 | Jan. 28, 2022 | Oct. 29, 2021 | Jul. 30, 2021 | Apr. 30, 2021 | Jan. 28, 2021 | Dec. 18, 2023 |
Dividends Payable [Line Items] | |||||||||||||
Distributions Payable, Amount Per Unit | $ 0.98 | ||||||||||||
Dividends, Per Unit, Cash Paid | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | |
Boston Properties Limited Partnership | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Distributions Payable, Amount Per Unit | 0.98 | ||||||||||||
Dividends, Per Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Op units and LTIP units | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Distributions Payable, Amount Per Unit | 0.98 | ||||||||||||
Dividends, Per Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | |
Boston Properties Limited Partnership | Unvested MYLTIP Units [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Distributions Payable, Amount Per Unit | $ 0.098 | ||||||||||||
Dividends, Per Unit, Cash Paid | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 |
Noncontrolling Interests (Prope
Noncontrolling Interests (Property Partnerships) (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Nov. 13, 2023 USD ($) Buildings | Jul. 28, 2023 USD ($) | Dec. 31, 2023 USD ($) Real_Estate_Properties | Dec. 31, 2023 USD ($) Real_Estate_Properties | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest in Limited Partnerships | $ 1,640,704 | $ 1,640,704 | $ 1,547,317 | |||
Contribution of Property | 17,519 | 0 | $ 0 | |||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | $ 244,541 | $ 849 | $ 18,002 | |||
Construction in Progress | ||||||
Noncontrolling Interest [Line Items] | ||||||
Number of real estate properties | Real_Estate_Properties | 10 | 10 | ||||
Noncontrolling Interest [Member] | 343 Madison Avenue | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45% | |||||
Parent | 343 Madison Avenue | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 55% | |||||
343 Madison Avenue | Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Payments to Acquire Investments | $ 4,800 | |||||
Contribution of Property | 17,500 | |||||
343 Madison Avenue | Parent | ||||||
Noncontrolling Interest [Line Items] | ||||||
Payments to Acquire Investments | 5,900 | |||||
Contribution of Property | $ 21,400 | |||||
300 Binney and 290 Binney | Construction in Progress | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45% | |||||
Number of real estate properties | Buildings | 2 | |||||
300 Binney Street | ||||||
Noncontrolling Interest [Line Items] | ||||||
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | $ 212,900 | |||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 35,500 | $ 17,000 | ||||
Difference Between Proceeds from Sale and Noncontrolling Interest | $ 177,400 | |||||
300 Binney Street | Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45% | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 55% |
Stockholders' Equity _ Partne_3
Stockholders' Equity / Partners' Capital Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
May 17, 2023 USD ($) yr | Apr. 01, 2021 | Mar. 31, 2021 USD ($) | Mar. 02, 2021 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 $ / shares shares | May 22, 2020 USD ($) | Mar. 27, 2018 $ / shares | |
Class of Stock [Line Items] | ||||||||||
Common Stock, Shares, Outstanding | 156,940,866 | 156,757,867 | ||||||||
General Partners' Capital Account, Units Outstanding (in units) | 1,755,150 | |||||||||
Limited Partners' Capital Account, Units Outstanding (in units) | 155,185,716 | |||||||||
Options exercised | 0 | 0 | (247,920) | |||||||
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares) | 102,699 | 182,929 | ||||||||
Preferred Stock Redemption Premium | $ | $ 0 | $ 0 | $ 6,412 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period | 103,641 | |||||||||
Preferred stock / units, shares / units outstanding (in shares / units) | 0 | 0 | ||||||||
ATM Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
At The Market Stock Offering Program Aggregate Value Of Common Stock | $ | $ 600,000 | $ 600,000 | ||||||||
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 Liquidation Preference Per Share/ Unit | $ / shares | $ 2,500 | $ 2,500 | ||||||||
Series B, Dividend Rate, Percentage | 5.25% | |||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 2,500 | |||||||||
Preferred Stock Redemption Price Per Share, plus accrued and unpaid dividends | $ / shares | $ 2,516.41 | |||||||||
Preferred Stock, Redemption Amount | $ | $ 201,300 | |||||||||
Redeemable Preferred Stock Dividends | $ | $ 1,300 | |||||||||
Preferred Stock Redemption Premium | $ | $ 6,400 | |||||||||
Preferred Stock, Redemption Date | Apr. 01, 2021 | |||||||||
Preferred stock / units, shares / units outstanding (in shares / units) | 80,000 | 80,000 | ||||||||
Depository shares of Series B Cumulative Redeemable Preferred | ||||||||||
Class of Stock [Line Items] | ||||||||||
Series B Liquidation Preference Per Share/ Unit | $ / shares | $ 25 | $ 25 | ||||||||
Preferred stock / units, shares / units outstanding (in shares / units) | 8,000,000 |
Stockholders' Equity _ Partne_4
Stockholders' Equity / Partners' Capital Dividends / Distributions (Details) - $ / shares | Oct. 31, 2023 | Jul. 31, 2023 | Apr. 28, 2023 | Jan. 30, 2023 | Oct. 31, 2022 | Jul. 29, 2022 | Apr. 29, 2022 | Jan. 28, 2022 | Oct. 29, 2021 | Jul. 30, 2021 | Apr. 30, 2021 | Feb. 16, 2021 | Jan. 28, 2021 | Dec. 18, 2023 |
Dividends / Distributions [Line Items] | ||||||||||||||
Dividends Payable, Amount Per Share / Unit | $ 0.98 | |||||||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | $ 0.98 | ||
Boston Properties Limited Partnership | ||||||||||||||
Dividends / Distributions [Line Items] | ||||||||||||||
Dividends Payable, Amount Per Share / Unit | 0.98 | |||||||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | ||
Boston Properties Limited Partnership | Op units and LTIP units | ||||||||||||||
Dividends / Distributions [Line Items] | ||||||||||||||
Dividends Payable, Amount Per Share / Unit | 0.98 | |||||||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | ||
Boston Properties Limited Partnership | Unvested MYLTIP Units [Member] | ||||||||||||||
Dividends / Distributions [Line Items] | ||||||||||||||
Dividends Payable, Amount Per Share / Unit | $ 0.098 | |||||||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | $ 0.098 | ||
Series B Cumulative Redeemable Preferred Stock / Unit [Member] | ||||||||||||||
Dividends / Distributions [Line Items] | ||||||||||||||
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid | $ 32.8125 |
Segment Information (Schedule O
Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net income attributable to the Company common shareholders / unitholders | $ 190,215 | $ 848,947 | $ 496,223 |
Preferred Stock Redemption Charge | 0 | 0 | (6,412) |
Preferred dividends / distributions | 0 | 0 | (2,560) |
Noncontrolling interest-common units of the Operating Partnership | (22,548) | (96,780) | (55,931) |
Noncontrolling interest in property partnerships | (78,661) | (74,857) | (70,806) |
Interest expense | (579,572) | (437,139) | (423,346) |
Losses from early extinguishment of debt | 0 | 0 | 45,182 |
Losses from interest rate contracts | 79 | 0 | 0 |
Company's share of net operating income from joint ventures | (1,998,776) | (1,929,527) | (1,814,288) |
Loss from unconsolidated joint ventures | 239,543 | 59,840 | 2,570 |
Depreciation and amortization expense | (830,813) | (749,775) | (717,336) |
Transaction costs | (4,313) | (2,905) | (5,036) |
General and administrative expense | (170,158) | (146,378) | (151,573) |
Unrealized Gain (Loss) on Investments | (239) | 150 | 0 |
Gains (losses) from investments in securities | (5,556) | 6,453 | (5,626) |
Other Income - assignment fee | 0 | (6,624) | 0 |
Interest and other income (loss) | (69,964) | (11,940) | (5,704) |
Gain on sales-type lease | 0 | (10,058) | 0 |
Gains on sales of real estate | (517) | (437,019) | (123,660) |
Segment Reconciling Items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net income attributable to the Company common shareholders / unitholders | 190,215 | 848,947 | 496,223 |
Preferred Stock Redemption Charge | 0 | 0 | 6,412 |
Preferred dividends / distributions | 0 | 0 | 2,560 |
Noncontrolling interest-common units of the Operating Partnership | 22,548 | 96,780 | 55,931 |
Noncontrolling interest in property partnerships | 78,661 | 74,857 | 70,806 |
Interest expense | 579,572 | 437,139 | 423,346 |
Losses from early extinguishment of debt | 0 | 0 | 45,182 |
Losses from interest rate contracts | 79 | 0 | 0 |
Loss from unconsolidated joint ventures | 239,543 | 59,840 | 2,570 |
Depreciation and amortization expense | 830,813 | 749,775 | 717,336 |
Transaction costs | 4,313 | 2,905 | 5,036 |
Operating expense | 17,771 | 15,450 | 12,487 |
General and administrative expense | 170,158 | 146,378 | 151,573 |
Unrealized Gain (Loss) on Investments | 239 | (150) | 0 |
Gains (losses) from investments in securities | 5,556 | (6,453) | 5,626 |
Other Income - assignment fee | 0 | 6,624 | 0 |
Interest and other income (loss) | 69,964 | 11,940 | 5,704 |
Gain on sales-type lease | 0 | 10,058 | 0 |
Gains on sales of real estate | 517 | 437,019 | 123,660 |
Other revenue | 17,771 | 15,450 | 12,487 |
Company's share of Net Operating Income | 1,965,106 | 1,883,796 | 1,735,740 |
Unconsolidated Joint Ventures [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Interest expense | (227,537) | (154,065) | (108,884) |
Losses from early extinguishment of debt | 3 | 1,327 | 0 |
Company's share of net operating income from joint ventures | (107,756) | ||
Loss from unconsolidated joint ventures | 239,543 | 59,840 | 2,570 |
Depreciation and amortization expense | (197,228) | (181,041) | (147,121) |
Transaction costs | (301) | (837) | (470) |
Gain on sales-type lease | (2,737) | 0 | 0 |
Unconsolidated Joint Ventures [Member] | Segment Reconciling Items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Company's share of net operating income from joint ventures | 160,695 | 146,081 | 107,756 |
Boston Properties Limited Partnership | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net income attributable to the Company common shareholders / unitholders | 219,771 | 957,265 | 561,993 |
Preferred Stock Redemption Charge | 0 | 0 | (6,412) |
Preferred dividends / distributions | 0 | 0 | (2,560) |
Noncontrolling interest in property partnerships | (78,661) | (74,857) | (70,806) |
Interest expense | (579,572) | (437,139) | (423,346) |
Losses from early extinguishment of debt | 0 | 0 | 45,182 |
Losses from interest rate contracts | 79 | 0 | 0 |
Loss from unconsolidated joint ventures | 239,543 | 59,840 | 2,570 |
Depreciation and amortization expense | (823,805) | (742,293) | |
Transaction costs | (4,313) | (2,905) | (5,036) |
General and administrative expense | (170,158) | (146,378) | (151,573) |
Unrealized Gain (Loss) on Investments | (239) | 150 | 0 |
Gains (losses) from investments in securities | (5,556) | 6,453 | (5,626) |
Other Income - assignment fee | 0 | (6,624) | 0 |
Interest and other income (loss) | (69,964) | (11,940) | (5,704) |
Gain on sales-type lease | 0 | (10,058) | 0 |
Gains on sales of real estate | (517) | (441,075) | (125,198) |
Boston Properties Limited Partnership | Segment Reconciling Items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net income attributable to the Company common shareholders / unitholders | 219,771 | 957,265 | 561,993 |
Preferred Stock Redemption Charge | 0 | 0 | 6,412 |
Preferred dividends / distributions | 0 | 0 | 2,560 |
Noncontrolling interest in property partnerships | 78,661 | 74,857 | 70,806 |
Interest expense | 579,572 | 437,139 | 423,346 |
Losses from early extinguishment of debt | 0 | 0 | 45,182 |
Losses from interest rate contracts | 79 | 0 | 0 |
Loss from unconsolidated joint ventures | 239,543 | 59,840 | 2,570 |
Depreciation and amortization expense | 823,805 | 742,293 | 709,035 |
Transaction costs | 4,313 | 2,905 | 5,036 |
Operating expense | 17,771 | 15,450 | 12,487 |
General and administrative expense | 170,158 | 146,378 | 151,573 |
Unrealized Gain (Loss) on Investments | 239 | (150) | 0 |
Gains (losses) from investments in securities | 5,556 | (6,453) | 5,626 |
Other Income - assignment fee | 0 | 6,624 | 0 |
Interest and other income (loss) | 69,964 | 11,940 | 5,704 |
Gain on sales-type lease | 0 | 10,058 | 0 |
Gains on sales of real estate | 517 | 441,075 | 125,198 |
Other revenue | 17,771 | 15,450 | 12,487 |
Company's share of Net Operating Income | 1,965,106 | 1,883,796 | 1,735,740 |
Management Service [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other revenue | (40,850) | (28,056) | (27,697) |
Management Service [Member] | Segment Reconciling Items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other revenue | 40,850 | 28,056 | 27,697 |
Management Service [Member] | Boston Properties Limited Partnership | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other revenue | (40,850) | (28,056) | (27,697) |
Management Service [Member] | Boston Properties Limited Partnership | Segment Reconciling Items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other revenue | 40,850 | 28,056 | 27,697 |
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 | 194,365 | 191,812 | 186,304 |
Noncontrolling interest - property partnerships [Member] | Segment Reconciling Items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Company's share of net operating income from joint ventures | 194,365 | 191,812 | 186,304 |
Noncontrolling interest - property partnerships [Member] | Boston Properties Limited Partnership | Segment Reconciling Items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Company's share of net operating income from joint ventures | $ 194,365 | $ 191,812 | $ 186,304 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 3,119,999 | $ 2,968,412 | $ 2,792,160 |
Rental Revenue: Residential | [1] | 47,592 | 57,181 | 42,668 |
Rental Revenue Total | [1] | $ 3,214,948 | $ 3,065,075 | $ 2,848,437 |
Rental Revenue: % of Grand Totals | 100% | 100% | 100% | |
Rental Expenses: Class A Office | $ 1,160,697 | $ 1,078,487 | $ 996,707 | |
Rental Expenses: Residential | 23,250 | 29,583 | 24,444 | |
Rental Expenses: Total | $ 1,216,172 | $ 1,135,548 | $ 1,034,149 | |
Rental Expenses: % Of Grand Totals | 100% | 100% | 100% | |
Net Operating Income | $ 1,998,776 | $ 1,929,527 | $ 1,814,288 | |
Net Operating Income: % of Grand Totals | 100% | 100% | 100% | |
Company's Share of Net Operating Income: % of Grand Totals | 100% | 100% | 100% | |
Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 1,093,840 | $ 1,005,156 | $ 930,560 |
Rental Revenue: Residential | [1] | 16,452 | 15,086 | 13,397 |
Rental Revenue Total | [1] | $ 1,157,649 | $ 1,059,724 | $ 957,566 |
Rental Revenue: % of Grand Totals | 36.01% | 34.58% | 33.62% | |
Rental Expenses: Class A Office | $ 393,339 | $ 360,218 | $ 322,298 | |
Rental Expenses: Residential | 6,378 | 5,961 | 5,811 | |
Rental Expenses: Total | $ 431,942 | $ 393,657 | $ 341,107 | |
Rental Expenses: % Of Grand Totals | 35.51% | 34.66% | 32.98% | |
Net Operating Income | $ 725,707 | $ 666,067 | $ 616,459 | |
Net Operating Income: % of Grand Totals | 36.31% | 34.52% | 33.98% | |
Company's Share of Net Operating Income: % of Grand Totals | 36.35% | 34.75% | 33.98% | |
Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 3,890 | $ 0 | $ 0 |
Rental Revenue: Residential | [1] | 0 | 0 | 0 |
Rental Revenue Total | [1] | $ 3,890 | $ 0 | $ 0 |
Rental Revenue: % of Grand Totals | 0.12% | 0% | 0% | |
Rental Expenses: Class A Office | $ 1,431 | $ 0 | $ 0 | |
Rental Expenses: Residential | 0 | 0 | 0 | |
Rental Expenses: Total | $ 1,431 | $ 0 | $ 0 | |
Rental Expenses: % Of Grand Totals | 0.12% | 0% | 0% | |
Net Operating Income | $ 2,459 | $ 0 | $ 0 | |
Net Operating Income: % of Grand Totals | 0.12% | 0% | 0% | |
Company's Share of Net Operating Income: % of Grand Totals | 2.61% | 2.81% | 2.98% | |
New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 1,053,615 | $ 1,031,479 | $ 1,012,172 |
Rental Revenue: Residential | [1] | 0 | 0 | 0 |
Rental Revenue Total | [1] | $ 1,053,615 | $ 1,031,479 | $ 1,012,172 |
Rental Revenue: % of Grand Totals | 32.77% | 33.65% | 35.53% | |
Rental Expenses: Class A Office | $ 415,831 | $ 391,293 | $ 379,267 | |
Rental Expenses: Residential | 0 | 0 | 0 | |
Rental Expenses: Total | $ 415,831 | $ 391,293 | $ 379,267 | |
Rental Expenses: % Of Grand Totals | 34.19% | 34.46% | 36.67% | |
Net Operating Income | $ 637,784 | $ 640,186 | $ 632,905 | |
Net Operating Income: % of Grand Totals | 31.91% | 33.18% | 34.88% | |
Company's Share of Net Operating Income: % of Grand Totals | 25.62% | 26.32% | 28.18% | |
San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 539,904 | $ 534,397 | $ 508,620 |
Rental Revenue: Residential | [1] | 14,102 | 14,769 | 3,892 |
Rental Revenue Total | [1] | $ 554,006 | $ 549,166 | $ 512,512 |
Rental Revenue: % of Grand Totals | 17.23% | 17.92% | 17.99% | |
Rental Expenses: Class A Office | $ 194,205 | $ 183,353 | $ 168,040 | |
Rental Expenses: Residential | 9,255 | 11,371 | 6,717 | |
Rental Expenses: Total | $ 203,460 | $ 194,724 | $ 174,757 | |
Rental Expenses: % Of Grand Totals | 16.73% | 17.15% | 16.90% | |
Net Operating Income | $ 350,546 | $ 354,442 | $ 337,755 | |
Net Operating Income: % of Grand Totals | 17.54% | 18.37% | 18.62% | |
Company's Share of Net Operating Income: % of Grand Totals | 18.66% | 19.49% | 20.27% | |
Seattle | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 63,830 | $ 31,978 | $ 0 |
Rental Revenue: Residential | [1] | 0 | 0 | 0 |
Rental Revenue Total | [1] | $ 63,830 | $ 31,978 | $ 0 |
Rental Revenue: % of Grand Totals | 1.99% | 1.04% | 0% | |
Rental Expenses: Class A Office | $ 12,387 | $ 8,386 | $ 0 | |
Rental Expenses: Residential | 0 | 0 | 0 | |
Rental Expenses: Total | $ 12,387 | $ 8,386 | $ 0 | |
Rental Expenses: % Of Grand Totals | 1.02% | 0.74% | 0% | |
Net Operating Income | $ 51,443 | $ 23,592 | $ 0 | |
Net Operating Income: % of Grand Totals | 2.57% | 1.22% | 0% | |
Company's Share of Net Operating Income: % of Grand Totals | 3% | 1.66% | 0.14% | |
Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rental Revenue: Class A Office | [1] | $ 364,920 | $ 365,402 | $ 340,808 |
Rental Revenue: Residential | [1] | 17,038 | 27,326 | 25,379 |
Rental Revenue Total | [1] | $ 381,958 | $ 392,728 | $ 366,187 |
Rental Revenue: % of Grand Totals | 11.88% | 12.81% | 12.86% | |
Rental Expenses: Class A Office | $ 143,504 | $ 135,237 | $ 127,102 | |
Rental Expenses: Residential | 7,617 | 12,251 | 11,916 | |
Rental Expenses: Total | $ 151,121 | $ 147,488 | $ 139,018 | |
Rental Expenses: % Of Grand Totals | 12.43% | 12.99% | 13.45% | |
Net Operating Income | $ 230,837 | $ 245,240 | $ 227,169 | |
Net Operating Income: % of Grand Totals | 11.55% | 12.71% | 12.52% | |
Company's Share of Net Operating Income: % of Grand Totals | 13.76% | 14.97% | 14.45% | |
Hotel [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | $ 47,357 | $ 39,482 | $ 13,609 |
Operating expense | 32,225 | 27,478 | 12,998 | |
Hotel [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | [1] | 47,357 | 39,482 | 13,609 |
Operating expense | 32,225 | 27,478 | 12,998 | |
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] | Seattle | ||||
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 | (194,365) | (191,812) | (186,304) | |
Noncontrolling interest - property partnerships [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | (45,730) | (45,822) | (43,232) | |
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 | (148,635) | (145,990) | (143,072) | |
Noncontrolling interest - property partnerships [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | |
Noncontrolling interest - property partnerships [Member] | Seattle | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | |
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 | 107,756 | |||
Unconsolidated Joint Ventures [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 34,376 | 34,233 | 16,551 | |
Unconsolidated Joint Ventures [Member] | Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 48,818 | 53,023 | 51,641 | |
Unconsolidated Joint Ventures [Member] | New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 14,314 | 1,594 | (664) | |
Unconsolidated Joint Ventures [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 16,203 | 12,785 | 14,152 | |
Unconsolidated Joint Ventures [Member] | Seattle | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 7,494 | 7,690 | 2,498 | |
Unconsolidated Joint Ventures [Member] | Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 39,490 | 36,756 | 23,578 | |
Company's Share [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 1,965,106 | 1,883,796 | 1,735,740 | |
Company's Share [Member] | Boston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 714,353 | 654,478 | 589,778 | |
Company's Share [Member] | Los Angeles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 51,277 | 53,023 | 51,641 | |
Company's Share [Member] | New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 503,463 | 495,790 | 489,169 | |
Company's Share [Member] | San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 366,749 | 367,227 | 351,907 | |
Company's Share [Member] | Seattle | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 58,937 | 31,282 | 2,498 | |
Company's Share [Member] | Washington, DC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | $ 270,327 | $ 281,996 | $ 250,747 | |
[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_3
Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic Earnings: | |||
Net income attributable to the Company common shareholders / unitholders | $ 190,215 | $ 848,947 | $ 496,223 |
Net income (loss) attributable to the company's common shareholders / unitholders (in shares / units) | 156,863,000 | 156,726,000 | 156,116,000 |
Net income (loss) attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 1.21 | $ 5.42 | $ 3.18 |
Allocation of undistributed earnings to participating securities | $ 0 | $ (891) | $ 0 |
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | 0 | 0 |
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 0 | $ (0.01) | $ 0 |
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic | $ 190,215 | $ 848,056 | $ 496,223 |
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares) | 156,863,000 | 156,726,000 | 156,116,000 |
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 1.21 | $ 5.41 | $ 3.18 |
Effect of Dilutive Securities: | |||
Stock Based Compensation | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 338,000 | 411,000 | 260,000 |
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 | $ 190,215 | $ 848,056 | $ 496,223 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 157,201,000 | 157,137,000 | 156,376,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 1.21 | $ 5.40 | $ 3.17 |
Boston Properties Limited Partnership | |||
Redeemable Common Units | 17,933,000 | 17,634,000 | 17,034,000 |
Basic Earnings: | |||
Net income attributable to the Company common shareholders / unitholders | $ 219,771 | $ 957,265 | $ 561,993 |
Net income (loss) attributable to the company's common shareholders / unitholders (in shares / units) | 174,796,000 | 174,360,000 | 173,150,000 |
Net income (loss) attributable to the company's common shareholders / unitholders (in dollars per share / unit) | $ 1.26 | $ 5.49 | $ 3.25 |
Allocation of undistributed earnings to participating securities | $ 0 | $ (991) | $ 0 |
Allocation of undistributed earnings to participating securities (in shares / units) | 0 | 0 | 0 |
Allocation of undistributed earnings to participating securities (in dollars per share / unit) | $ 0 | $ (0.01) | $ 0 |
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic | $ 219,771 | $ 956,274 | $ 561,993 |
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares) | 174,796,000 | 174,360,000 | 173,150,000 |
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share) | $ 1.26 | $ 5.48 | $ 3.25 |
Effect of Dilutive Securities: | |||
Stock Based Compensation | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (in shares / units) | 338,000 | 411,000 | 260,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment (per share) | $ (0.01) | $ (0.01) | $ (0.01) |
Diluted Earnings: | |||
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders | $ 219,771 | $ 956,274 | $ 561,993 |
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units) | 175,134,000 | 174,771,000 | 173,410,000 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 1.25 | $ 5.47 | $ 3.24 |
Employee Benefits Plan (Details
Employee Benefits Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 200% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3% | ||
Defined Contribution Plan, Employer Matching Contribution, Eligible Earnings Limit by IRS Amount | $ 330 | $ 305 | $ 290 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 5,400 | 4,800 | $ 4,700 |
Separate Unrestricted Cash For Deferred Compensation Plan. | 36,100 | 32,300 | |
Deferred Compensation Liability, Current and Noncurrent | 35,300 | 31,700 | |
Officer [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Separate Unrestricted Cash For Deferred Compensation Plan. | $ 35,300 | $ 31,700 |
Stock Option and Incentive Pl_3
Stock Option and Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Feb. 07, 2023 | Feb. 03, 2023 | Feb. 04, 2022 | May 20, 2021 | Feb. 05, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting Period | 4 years | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | (103,641) | ||||||||
Weighted Average Exercise Price | $ 0 | $ 97.01 | $ 97.01 | $ 96.97 | |||||
2021 Stock Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Plan Expiration Period | 10 years | ||||||||
MYLTIP 2023 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The 2023 MYLTIP awards consist of two, equally weighted (50% each) components that utilize BXP’s TSR over a three-year measurement period as the performance metrics. | ||||||||
Distributions percent before measurement date | 10% | ||||||||
Vesting Period | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Earned awards (if any) will vest 100% on February 6, 2026, but, in general, may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. | ||||||||
Value of MYLTIP Awards | $ 13,100 | ||||||||
MYLTIP 2020 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Value of MYLTIP Awards | $ 3,800 | ||||||||
Final awards percentage of target | 50% | ||||||||
Forfeitures, in units | 152,460 | ||||||||
MYLTIP 2019 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Value of MYLTIP Awards | $ 8,600 | ||||||||
Final awards percentage of target | 69% | ||||||||
Forfeitures, in units | 144,043 | ||||||||
stock option | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 0 | 0 | 0 | ||||||
MYLTIP 2018 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Value of MYLTIP Awards | $ 4,600 | ||||||||
Final awards percentage of target | 29.20% | ||||||||
Forfeitures, in units | 285,925 | ||||||||
Employee Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance | 250,000 | ||||||||
Employee discount | 85% | ||||||||
Weighted Average Price of Shares Purchased | $ 51.93 | $ 87.30 | $ 89.73 | ||||||
Minimum [Member] | MYLTIP 2023 | Boston Properties Limited Partnership | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance | 0 | ||||||||
Maximum [Member] | 2021 Stock Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance | 5,400,000 | ||||||||
Maximum [Member] | MYLTIP 2023 | Boston Properties Limited Partnership | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance | 322,053 | ||||||||
Target | MYLTIP 2023 | Boston Properties Limited Partnership | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance | 161,026 |
Stock Option and Incentive Pl_4
Stock Option and Incentive Plan Stock and Units (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) days $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Feb. 07, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued | shares | 157,019,766 | 156,836,767 | ||
Stock based compensation expense | $ | $ 50,200 | $ 50,700 | $ 49,700 | |
Common Stock, Value, Issued | $ | $ 1,569 | $ 1,568 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued | shares | 73,762 | 41,818 | 57,383 | |
LTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value Of LTIP Units Issued | $ | $ 29,900 | $ 28,900 | $ 23,800 | |
Weighted average price (per unit) | $ / shares | $ 69.29 | $ 103.06 | $ 84.43 | |
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 | 3.67% | 1.71% | 0.65% | |
Expected price volatility | 32% | 31% | 30% | |
Employee Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued | shares | 18,552 | 9,813 | 9,846 | |
Weighted Average Price of Shares Purchased | $ / shares | $ 51.93 | $ 87.30 | $ 89.73 | |
Number of Business Days, Average Closing Price | days | 10 | |||
MYLTIP 2023 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of MYLTIP Awards | $ | $ 13,100 | |||
Boston Properties Limited Partnership | LTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued | shares | 430,824 | 280,616 | 281,640 | |
Boston Properties Limited Partnership | MYLTIP 2023 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued | shares | 322,053 | |||
Boston Properties Limited Partnership | MYLTIP 2022 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued | shares | 254,061 | |||
Boston Properties Limited Partnership | MYLTIP 2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued | shares | 352,021 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee and director payment per share (in dollars per share) | $ / shares | $ 0.01 | |||
Common Stock, Value, Issued | $ | $ 5,400 | $ 4,700 | $ 5,800 | |
Common Stock Weighted Average Price (in dollars per share) | $ / shares | $ 72.57 | $ 111.47 | $ 100.60 | |
LTIP and MYLTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee and director payment per share (in dollars per share) | $ / shares | $ 0.25 | |||
Ltips (including vested MYLTIPS) And Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | $ | $ 20,700 | |||
Unvested MYLTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | $ | $ 300 | |||
Weighted-average period (years) | 2 years 6 months |
Stock Option Rollforward Table
Stock Option Rollforward Table (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | |||
Beginning outstanding, shares | 103,641 | 103,641 | 351,561 |
Options exercised | 0 | 0 | (247,920) |
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | (103,641) | ||
Ending outstanding, shares | 0 | 103,641 | 103,641 |
Beginning outstanding, Weighted-average Exercise Price | $ 97.01 | $ 97.01 | $ 96.97 |
Weighted Average Exercise Price | 0 | 0 | 96.95 |
Ending outstanding, Weighted-average Exercise Price | $ 0 | $ 97.01 | $ 97.01 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) ft² shares | Dec. 31, 2023 USD ($) ft² nonemployeedirectors shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Jun. 05, 2023 USD ($) ft² | Jun. 04, 2023 USD ($) | Dec. 16, 2021 shares | |
Related Party Transaction [Line Items] | |||||||
Interest and Other Income | $ 69,964 | $ 11,940 | $ 5,704 | ||||
Number Of Non Employee Directors Electing To Receive Deferred Stock Units | nonemployeedirectors | 8 | ||||||
Separate Unrestricted Cash For Deferred Compensation Plan. | $ 36,100 | $ 36,100 | 32,300 | ||||
Liability for directors | $ 458,329 | $ 458,329 | $ 417,545 | ||||
Common stock, shares issued | shares | 157,019,766 | 157,019,766 | 156,836,767 | ||||
Reedemable deferred stock units, units | shares | 119,471 | 119,471 | 97,853 | ||||
500 North Capitol Street, NW | Unconsolidated Properties | |||||||
Related Party Transaction [Line Items] | |||||||
Net Rentable Area (in sf) | ft² | 231,000 | ||||||
Ownership Percentage | 30% | ||||||
Debt | $ 105,000 | $ 105,000 | |||||
Debt, Weighted Average Interest Rate | 6.83% | ||||||
Related Party | |||||||
Related Party Transaction [Line Items] | |||||||
Related party note receivable, net | $ 88,779 | $ 88,779 | $ 78,576 | ||||
Related Party | 500 North Capitol Street, NW | Unconsolidated Properties | |||||||
Related Party Transaction [Line Items] | |||||||
Debt | $ 105,000 | ||||||
Debt, Weighted Average Interest Rate | 6.83% | ||||||
Related Party | 500 North Capitol Street, NW | Unconsolidated Properties | Notes Receivables [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Interest and Other Income | 600 | ||||||
Related party note receivable, net | $ 10,500 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.03% | ||||||
Boston Properties Limited Partnership | |||||||
Related Party Transaction [Line Items] | |||||||
Interest and Other Income | 69,964 | 11,940 | 5,704 | ||||
Liability for directors | $ 458,329 | $ 458,329 | $ 417,545 | ||||
Reedemable deferred stock units, units | shares | 119,471 | 119,471 | 97,853 | ||||
Boston Properties Limited Partnership | Related Party | |||||||
Related Party Transaction [Line Items] | |||||||
Related party note receivable, net | $ 88,779 | $ 88,779 | $ 78,576 | ||||
3 Hudson Boulevard [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Net Rentable Area (in sf) | ft² | 2,000,000 | 2,000,000 | |||||
Ownership Percentage | 25% | 25% | |||||
3 Hudson Boulevard [Member] | Related Party | |||||||
Related Party Transaction [Line Items] | |||||||
Interest and Other Income | $ 8,900 | 5,600 | 3,600 | ||||
Director Cessation Member [Member] | Related Party | |||||||
Related Party Transaction [Line Items] | |||||||
Common stock, shares issued | shares | 498 | ||||||
Related Party | 3 Hudson Boulevard [Member] | Unconsolidated Properties | Notes Receivables [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party note receivable, net | $ 80,000 | 80,000 | |||||
Related Party | 3 Hudson Boulevard [Member] | Unconsolidated Properties | Notes Receivables [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Related Party Transaction [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.61% | ||||||
Director | Related Party | |||||||
Related Party Transaction [Line Items] | |||||||
Separate Unrestricted Cash For Deferred Compensation Plan. | $ 800 | 800 | 600 | ||||
Liability for directors | $ 800 | 800 | 600 | ||||
Real Estate Brokerage Firm | Related Party | |||||||
Related Party Transaction [Line Items] | |||||||
Operating Costs and Expenses | $ 500 | $ 1,600 | $ 1,900 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||
Feb. 09, 2024 USD ($) ft² | Feb. 06, 2024 USD ($) shares | Feb. 01, 2024 USD ($) shares | Jan. 25, 2024 USD ($) shares | Jan. 11, 2024 | Jan. 08, 2024 USD ($) ft² | Jun. 28, 2023 | Jun. 27, 2023 USD ($) | Jun. 02, 2023 | Apr. 21, 2023 ft² | Apr. 20, 2023 USD ($) | Aug. 13, 2023 | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Feb. 02, 2024 shares | ||
Subsequent Event [Line Items] | |||||||||||||||||
Repayments of Unsecured Debt | $ 500,000 | $ 0 | $ 1,841,500 | ||||||||||||||
Common stock, shares issued | shares | 157,019,766 | 156,836,767 | |||||||||||||||
Proceeds from Secured Notes Payable | $ 600,000 | $ 0 | $ 1,201,388 | ||||||||||||||
3 Hudson Boulevard [Member] | Unconsolidated Properties | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Ownership Percentage | 25% | ||||||||||||||||
Number of extensions | 1 | 2 | |||||||||||||||
Debt | $ 80,000 | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | 3.50% | |||||||||||||||
3 Hudson Boulevard [Member] | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.61% | ||||||||||||||||
7750 Wisconsin Avenue [Member] | Unconsolidated Properties | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Ownership Percentage | 50% | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 736,000 | ||||||||||||||||
Number of extensions | 2 | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.25% | |||||||||||||||
Construction Loan | $ 252,600 | ||||||||||||||||
7750 Wisconsin Avenue [Member] | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | ||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Common stock, shares issued | shares | 73,762 | 41,818 | 57,383 | ||||||||||||||
Boston Properties Limited Partnership | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Repayments of Unsecured Debt | $ 500,000 | $ 0 | $ 1,841,500 | ||||||||||||||
Proceeds from Secured Notes Payable | $ 600,000 | $ 0 | $ 1,201,388 | ||||||||||||||
Boston Properties Limited Partnership | MYLTIP 2021 | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Number of shares issued | shares | 352,021 | ||||||||||||||||
Boston Properties Limited Partnership | LTIP Units [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Number of shares issued | shares | 430,824 | 280,616 | 281,640 | ||||||||||||||
Senior Notes | Boston Properties Limited Partnership | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt | $ 10,550,000 | ||||||||||||||||
Mortgages [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Long-Term Debt | $ 4,200,000 | ||||||||||||||||
3.916% unsecured senior notes | Senior Notes | Boston Properties Limited Partnership | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.80% | |||||||||||||||
Debt | [1] | $ 700,000 | |||||||||||||||
Subsequent Event [Member] | 3 Hudson Boulevard [Member] | Extended Maturity | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument, Maturity Date | May 09, 2024 | ||||||||||||||||
Subsequent Event [Member] | 3 Hudson Boulevard [Member] | Unconsolidated Properties | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Ownership Percentage | 25% | ||||||||||||||||
Debt | $ 80,000 | ||||||||||||||||
Subsequent Event [Member] | 3 Hudson Boulevard [Member] | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.61% | ||||||||||||||||
Subsequent Event [Member] | 7750 Wisconsin Avenue [Member] | Extended Maturity | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument, Maturity Date | Apr. 26, 2025 | ||||||||||||||||
Subsequent Event [Member] | 7750 Wisconsin Avenue [Member] | Unconsolidated Properties | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Ownership Percentage | 50% | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 736,000 | ||||||||||||||||
Long-Term Debt | $ 251,600 | ||||||||||||||||
Construction Loan | $ 252,600 | ||||||||||||||||
Subsequent Event [Member] | 7750 Wisconsin Avenue [Member] | Unconsolidated Properties | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | ||||||||||||||||
Subsequent Event [Member] | 901 New York Avenue | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Payments to Acquire Investments | $ 10,000 | ||||||||||||||||
Net Rentable Area (in sf) | ft² | 548,000 | ||||||||||||||||
Subsequent Event [Member] | 901 New York Avenue | Joint Venture Partner [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Ownership Percentage | 50% | ||||||||||||||||
Subsequent Event [Member] | MYLTIP 2021 | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Final awards percentage of target | 112% | ||||||||||||||||
Value of MYLTIP Awards | $ 12,600 | ||||||||||||||||
Forfeitures, in units | shares | 155,625 | ||||||||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Common stock, shares issued | shares | 71,124 | ||||||||||||||||
Subsequent Event [Member] | MYLTIP 2024 | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The 2024 MYLTIP awards consists of three components. Two of the components, each weighted 40%, utilize BXP’s TSR over a three year measurement period as the performance metrics and the third component utilizes a leverage ratio as the performance metric. | ||||||||||||||||
Value of MYLTIP Awards | $ 11,100 | ||||||||||||||||
Subsequent Event [Member] | Boston Properties Limited Partnership | LTIP Units [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Number of shares issued | shares | 429,237 | ||||||||||||||||
Subsequent Event [Member] | Boston Properties Limited Partnership | MYLTIP 2024 | Minimum [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Common stock available for issuance | shares | 0 | ||||||||||||||||
Subsequent Event [Member] | Boston Properties Limited Partnership | MYLTIP 2024 | Maximum [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Common stock available for issuance | shares | 330,479 | ||||||||||||||||
Subsequent Event [Member] | Boston Properties Limited Partnership | MYLTIP 2024 | Target | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Common stock available for issuance | shares | 165,240 | ||||||||||||||||
Subsequent Event [Member] | Mortgages [Member] | 901 New York Avenue | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Long-Term Debt | $ 207,100 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.61% | 3.61% | |||||||||||||||
Number of extensions | 2 | ||||||||||||||||
Subsequent Event [Member] | 3.916% unsecured senior notes | Senior Notes | Boston Properties Limited Partnership | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ||||||||||||||||
Debt | $ 700,000 | ||||||||||||||||
Repayments of Unsecured Debt | 713,300 | ||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 13,300 | ||||||||||||||||
[1] See Note 17. |
SEC Schedule, Article 12-28, _2
SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [1] | $ 4,166,379,000 | ||||
Original Cost | ||||||
Original Land | 5,637,035,000 | |||||
Original Building | 15,478,086,000 | |||||
Costs Capitalized Subsequent to Acquisition | 6,306,350,000 | |||||
Land and Improvements | [2] | 5,953,798,000 | ||||
Building and Improvements | [3] | 20,223,332,000 | ||||
Land held for development | [5] | 697,061,000 | [4] | $ 721,501,000 | ||
Development and Construction in Progress | 547,280,000 | 406,574,000 | ||||
Total | 27,421,471,000 | 25,744,214,000 | $ 24,108,220,000 | $ 23,303,303,000 | ||
Accumulated Depreciation | 6,841,404,000 | 6,260,992,000 | 5,848,183,000 | 5,501,637,000 | ||
Furniture, Fixtures and Equipment | 53,716,000 | 50,310,000 | ||||
Aggregate cost for tax purpose | 25,200,000,000 | |||||
Real Estate Aggregate Accumulated Depreciation For Tax Purposes | 5,900,000,000 | |||||
Debt Issuance Costs, Net | (33,600,000) | |||||
Right-of-use assets - finance leases | 401,680,000 | [6] | 237,510,000 | |||
Operating Lease, Right-of-Use Asset | [6] | $ 324,298,000 | 167,351,000 | |||
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 | $ 40,324,000 | |||||
Land and Land Improvements [Member] | ||||||
Original Cost | ||||||
Right-of-use assets - finance leases | 378,276,000 | |||||
Operating Lease, Right-of-Use Asset | 324,298,000 | |||||
Buildings and improvements | ||||||
Original Cost | ||||||
Right-of-use assets - finance leases | 23,404,000 | |||||
767Fifth Avenue (the General Motors Building) | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 2,288,004,000 | |||||
Original Cost | ||||||
Original Land | 1,796,252,000 | |||||
Original Building | 1,532,654,000 | |||||
Costs Capitalized Subsequent to Acquisition | 365,829,000 | |||||
Land and Improvements | 1,796,252,000 | |||||
Building and Improvements | 1,898,483,000 | |||||
Total | 3,694,735,000 | |||||
Accumulated Depreciation | $ 507,660,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Prudential Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 92,077,000 | |||||
Original Building | 948,357,000 | |||||
Costs Capitalized Subsequent to Acquisition | 791,280,000 | |||||
Land and Improvements | 115,634,000 | |||||
Building and Improvements | 1,687,021,000 | |||||
Development and Construction in Progress | 29,059,000 | |||||
Total | 1,831,714,000 | |||||
Accumulated Depreciation | $ 774,225,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Embarcadero Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 179,697,000 | |||||
Original Building | 847,410,000 | |||||
Costs Capitalized Subsequent to Acquisition | 524,483,000 | |||||
Land and Improvements | 195,986,000 | |||||
Building and Improvements | 1,355,604,000 | |||||
Total | 1,551,590,000 | |||||
Accumulated Depreciation | $ 781,405,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
399 Park Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 339,200,000 | |||||
Original Building | 700,358,000 | |||||
Costs Capitalized Subsequent to Acquisition | 408,846,000 | |||||
Land and Improvements | 354,107,000 | |||||
Building and Improvements | 1,094,297,000 | |||||
Total | 1,448,404,000 | |||||
Accumulated Depreciation | $ 482,752,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
601 Lexington Avenue | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 989,181,000 | |||||
Original Cost | ||||||
Original Land | 241,600,000 | |||||
Original Building | 494,782,000 | |||||
Costs Capitalized Subsequent to Acquisition | 545,612,000 | |||||
Land and Improvements | 289,639,000 | |||||
Building and Improvements | 992,355,000 | |||||
Total | 1,281,994,000 | |||||
Accumulated Depreciation | $ 372,795,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Salesforce Tower | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Original Cost | ||||||
Original Land | 200,349,000 | |||||
Original Building | 946,205,000 | |||||
Costs Capitalized Subsequent to Acquisition | 7,623,000 | |||||
Land and Improvements | 200,349,000 | |||||
Building and Improvements | 953,828,000 | |||||
Total | 1,154,177,000 | |||||
Accumulated Depreciation | $ 159,274,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
200 Clarendon Street and Garage | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 219,543,000 | |||||
Original Building | 667,884,000 | |||||
Costs Capitalized Subsequent to Acquisition | 251,372,000 | |||||
Land and Improvements | 250,910,000 | |||||
Building and Improvements | 887,889,000 | |||||
Total | 1,138,799,000 | |||||
Accumulated Depreciation | $ 338,529,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
250 West 55th Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 285,263,000 | |||||
Original Building | 603,167,000 | |||||
Costs Capitalized Subsequent to Acquisition | 52,917,000 | |||||
Land and Improvements | 285,263,000 | |||||
Building and Improvements | 656,084,000 | |||||
Total | 941,347,000 | |||||
Accumulated Depreciation | $ 198,081,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
100 Federal Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 131,067,000 | |||||
Original Building | 435,954,000 | |||||
Costs Capitalized Subsequent to Acquisition | 127,199,000 | |||||
Land and Improvements | 131,067,000 | |||||
Building and Improvements | 563,153,000 | |||||
Total | 694,220,000 | |||||
Accumulated Depreciation | $ 172,079,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Times Square Tower | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 165,413,000 | |||||
Original Building | 380,438,000 | |||||
Costs Capitalized Subsequent to Acquisition | 140,281,000 | |||||
Land and Improvements | 169,193,000 | |||||
Building and Improvements | 516,939,000 | |||||
Total | 686,132,000 | |||||
Accumulated Depreciation | $ 256,942,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Madison Centre | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 104,641,000 | |||||
Original Building | 564,336,000 | |||||
Costs Capitalized Subsequent to Acquisition | 4,082,000 | |||||
Land and Improvements | 104,641,000 | |||||
Building and Improvements | 568,418,000 | |||||
Total | 673,059,000 | |||||
Accumulated Depreciation | $ 35,516,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Carnegie Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 142,666,000 | |||||
Original Building | 316,856,000 | |||||
Costs Capitalized Subsequent to Acquisition | 177,545,000 | |||||
Land and Improvements | 94,243,000 | |||||
Building and Improvements | 484,024,000 | |||||
Land held for development | 58,800,000 | |||||
Total | 637,067,000 | |||||
Accumulated Depreciation | $ 267,232,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Santa Monica Business Park [Member] | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 295,649,000 | |||||
Original Cost | ||||||
Original Land | 46,360,000 | |||||
Original Building | 410,421,000 | |||||
Costs Capitalized Subsequent to Acquisition | 164,229,000 | |||||
Land and Improvements | 210,471,000 | |||||
Building and Improvements | 410,535,000 | |||||
Land held for development | 4,000 | |||||
Total | 621,010,000 | |||||
Accumulated Depreciation | $ 865,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Reston Next | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 35,549,000 | |||||
Original Building | 525,277,000 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Land and Improvements | 2,901,000 | |||||
Building and Improvements | 557,925,000 | |||||
Total | 560,826,000 | |||||
Accumulated Depreciation | $ 32,504,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
125 Broadway | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 126,364,000 | |||||
Original Building | 433,662,000 | |||||
Costs Capitalized Subsequent to Acquisition | 4,000,000 | |||||
Land and Improvements | 126,364,000 | |||||
Building and Improvements | 437,662,000 | |||||
Total | 564,026,000 | |||||
Accumulated Depreciation | $ 20,717,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Atlantic Wharf | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 63,988,000 | |||||
Original Building | 454,537,000 | |||||
Costs Capitalized Subsequent to Acquisition | 39,399,000 | |||||
Land and Improvements | 63,988,000 | |||||
Building and Improvements | 493,936,000 | |||||
Total | 557,924,000 | |||||
Accumulated Depreciation | $ 180,686,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
2100 Pennsylvania Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 185,203,000 | |||||
Original Building | 324,206,000 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Land and Improvements | 185,203,000 | |||||
Building and Improvements | 324,206,000 | |||||
Total | 509,409,000 | |||||
Accumulated Depreciation | $ 20,768,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
599 Lexington Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 81,040,000 | |||||
Original Building | 100,507,000 | |||||
Costs Capitalized Subsequent to Acquisition | 258,659,000 | |||||
Land and Improvements | 87,852,000 | |||||
Building and Improvements | 352,354,000 | |||||
Total | 440,206,000 | |||||
Accumulated Depreciation | $ 197,429,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Fountain Square | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 56,853,000 | |||||
Original Building | 306,298,000 | |||||
Costs Capitalized Subsequent to Acquisition | 49,874,000 | |||||
Land and Improvements | 56,853,000 | |||||
Building and Improvements | 356,172,000 | |||||
Total | 413,025,000 | |||||
Accumulated Depreciation | $ 111,481,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
510 Madison Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 103,000,000 | |||||
Original Building | 253,665,000 | |||||
Costs Capitalized Subsequent to Acquisition | 33,100,000 | |||||
Land and Improvements | 103,000,000 | |||||
Building and Improvements | 286,765,000 | |||||
Total | 389,765,000 | |||||
Accumulated Depreciation | $ 104,052,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
325 Main Street | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | $ 0 | ||||
Original Cost | ||||||
Original Land | 21,596,000 | |||||
Original Building | 312,492,000 | |||||
Costs Capitalized Subsequent to Acquisition | 30,933,000 | |||||
Land and Improvements | 21,596,000 | |||||
Building and Improvements | 343,425,000 | |||||
Total | 365,021,000 | |||||
Accumulated Depreciation | $ 14,833,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
680 Folsom Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 72,545,000 | |||||
Original Building | 219,766,000 | |||||
Costs Capitalized Subsequent to Acquisition | 8,026,000 | |||||
Land and Improvements | 72,545,000 | |||||
Building and Improvements | 227,792,000 | |||||
Total | 300,337,000 | |||||
Accumulated Depreciation | $ 80,964,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
145 Broadway | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 121,000 | |||||
Original Building | 273,013,000 | |||||
Costs Capitalized Subsequent to Acquisition | 26,359,000 | |||||
Land and Improvements | 23,367,000 | |||||
Building and Improvements | 276,126,000 | |||||
Total | 299,493,000 | |||||
Accumulated Depreciation | $ 35,390,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
2200 Pennsylvania Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 183,541,000 | |||||
Costs Capitalized Subsequent to Acquisition | 114,090,000 | |||||
Land and Improvements | 102,979,000 | |||||
Building and Improvements | 194,652,000 | |||||
Total | 297,631,000 | |||||
Accumulated Depreciation | $ 77,357,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
South of Market and Democracy Tower | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 13,603,000 | |||||
Original Building | 237,479,000 | |||||
Costs Capitalized Subsequent to Acquisition | 30,952,000 | |||||
Land and Improvements | 13,687,000 | |||||
Building and Improvements | 268,347,000 | |||||
Total | 282,034,000 | |||||
Accumulated Depreciation | $ 108,973,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Bay Colony Corporate Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 18,789,000 | |||||
Original Building | 148,451,000 | |||||
Costs Capitalized Subsequent to Acquisition | 96,639,000 | |||||
Land and Improvements | 18,789,000 | |||||
Building and Improvements | 240,416,000 | |||||
Land held for development | 4,674,000 | |||||
Total | 263,879,000 | |||||
Accumulated Depreciation | $ 113,123,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
535 Mission Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 40,933,000 | |||||
Original Building | 148,378,000 | |||||
Costs Capitalized Subsequent to Acquisition | 4,629,000 | |||||
Land and Improvements | 40,934,000 | |||||
Building and Improvements | 153,006,000 | |||||
Total | 193,940,000 | |||||
Accumulated Depreciation | $ 46,615,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Mountain View Research Park | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 95,066,000 | |||||
Original Building | 68,373,000 | |||||
Costs Capitalized Subsequent to Acquisition | 21,069,000 | |||||
Land and Improvements | 95,066,000 | |||||
Building and Improvements | 89,442,000 | |||||
Total | 184,508,000 | |||||
Accumulated Depreciation | $ 33,095,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Reservoir Place | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 18,605,000 | |||||
Original Building | 104,124,000 | |||||
Costs Capitalized Subsequent to Acquisition | 56,160,000 | |||||
Land and Improvements | 20,108,000 | |||||
Building and Improvements | 156,954,000 | |||||
Land held for development | 1,827,000 | |||||
Total | 178,889,000 | |||||
Accumulated Depreciation | $ 90,808,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
140 Kendrick Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 18,095,000 | |||||
Original Building | 66,905,000 | |||||
Costs Capitalized Subsequent to Acquisition | 71,861,000 | |||||
Land and Improvements | 19,092,000 | |||||
Building and Improvements | 137,769,000 | |||||
Total | 156,861,000 | |||||
Accumulated Depreciation | $ 46,586,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
1330 Connecticut Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 25,982,000 | |||||
Original Building | 82,311,000 | |||||
Costs Capitalized Subsequent to Acquisition | 39,924,000 | |||||
Land and Improvements | 27,135,000 | |||||
Building and Improvements | 121,082,000 | |||||
Total | 148,217,000 | |||||
Accumulated Depreciation | $ 53,332,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
880 Winter Street [Member] | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 15,597,000 | |||||
Original Building | 37,255,000 | |||||
Costs Capitalized Subsequent to Acquisition | 95,265,000 | |||||
Land and Improvements | 15,597,000 | |||||
Building and Improvements | 132,520,000 | |||||
Total | 148,117,000 | |||||
Accumulated Depreciation | $ 10,056,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
One Freedom Square | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 9,929,000 | |||||
Original Building | 84,504,000 | |||||
Costs Capitalized Subsequent to Acquisition | 48,985,000 | |||||
Land and Improvements | 11,293,000 | |||||
Building and Improvements | 132,125,000 | |||||
Total | 143,418,000 | |||||
Accumulated Depreciation | $ 68,406,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Two Freedom Square | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 13,930,000 | |||||
Original Building | 77,739,000 | |||||
Costs Capitalized Subsequent to Acquisition | 45,068,000 | |||||
Land and Improvements | 15,420,000 | |||||
Building and Improvements | 121,317,000 | |||||
Total | 136,737,000 | |||||
Accumulated Depreciation | $ 44,662,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Kingstowne Towne Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 18,021,000 | |||||
Original Building | 109,038,000 | |||||
Costs Capitalized Subsequent to Acquisition | 4,665,000 | |||||
Land and Improvements | 18,062,000 | |||||
Building and Improvements | 113,662,000 | |||||
Total | 131,724,000 | |||||
Accumulated Depreciation | $ 54,480,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
One and Two Reston Overlook | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 16,456,000 | |||||
Original Building | 66,192,000 | |||||
Costs Capitalized Subsequent to Acquisition | 45,224,000 | |||||
Land and Improvements | 16,179,000 | |||||
Building and Improvements | 111,693,000 | |||||
Total | 127,872,000 | |||||
Accumulated Depreciation | $ 61,572,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Shady Grove Innovation District [Member] | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 52,030,000 | |||||
Original Building | 64,212,000 | |||||
Costs Capitalized Subsequent to Acquisition | 10,676,000 | |||||
Land and Improvements | 26,834,000 | |||||
Building and Improvements | 34,954,000 | |||||
Land held for development | 65,130,000 | |||||
Total | 126,918,000 | |||||
Accumulated Depreciation | $ 4,701,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Weston Corporate Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 25,753,000 | |||||
Original Building | 92,312,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,038,000 | |||||
Land and Improvements | 25,854,000 | |||||
Building and Improvements | 93,249,000 | |||||
Total | 119,103,000 | |||||
Accumulated Depreciation | $ 41,485,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
355 Main Street | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 593,545,000 | |||||
Original Cost | ||||||
Original Land | 18,863,000 | |||||
Original Building | 53,346,000 | |||||
Costs Capitalized Subsequent to Acquisition | 41,772,000 | |||||
Land and Improvements | 21,173,000 | |||||
Building and Improvements | 92,808,000 | |||||
Total | 113,981,000 | |||||
Accumulated Depreciation | $ 36,957,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
17Fifty Presidents Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 113,362,000 | |||||
Costs Capitalized Subsequent to Acquisition | 162,000 | |||||
Land and Improvements | 0 | |||||
Building and Improvements | 113,524,000 | |||||
Total | 113,524,000 | |||||
Accumulated Depreciation | $ 16,624,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
200 West Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 16,148,000 | |||||
Original Building | 24,983,000 | |||||
Costs Capitalized Subsequent to Acquisition | 71,199,000 | |||||
Land and Improvements | 16,813,000 | |||||
Building and Improvements | 95,160,000 | |||||
Land held for development | 357,000 | |||||
Total | 112,330,000 | |||||
Accumulated Depreciation | $ 28,192,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Discovery Square | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 11,198,000 | |||||
Original Building | 71,782,000 | |||||
Costs Capitalized Subsequent to Acquisition | 21,744,000 | |||||
Land and Improvements | 12,533,000 | |||||
Building and Improvements | 92,191,000 | |||||
Total | 104,724,000 | |||||
Accumulated Depreciation | $ 57,015,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
10 CityPoint | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 1,953,000 | |||||
Original Building | 85,752,000 | |||||
Costs Capitalized Subsequent to Acquisition | 7,571,000 | |||||
Land and Improvements | 2,288,000 | |||||
Building and Improvements | 92,988,000 | |||||
Total | 95,276,000 | |||||
Accumulated Depreciation | $ 24,003,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
90 Broadway | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | $ 0 | ||||
Original Cost | ||||||
Original Land | 19,104,000 | |||||
Original Building | 52,078,000 | |||||
Costs Capitalized Subsequent to Acquisition | 22,742,000 | |||||
Land and Improvements | 20,785,000 | |||||
Building and Improvements | 73,139,000 | |||||
Total | 93,924,000 | |||||
Accumulated Depreciation | $ 31,538,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Waltham Weston Corporate Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 10,385,000 | |||||
Original Building | 60,694,000 | |||||
Costs Capitalized Subsequent to Acquisition | 20,705,000 | |||||
Land and Improvements | 11,097,000 | |||||
Building and Improvements | 80,687,000 | |||||
Total | 91,784,000 | |||||
Accumulated Depreciation | $ 45,601,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
153 & 211 Second Avenue [Member] | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 33,233,000 | |||||
Original Building | 55,940,000 | |||||
Costs Capitalized Subsequent to Acquisition | 718,000 | |||||
Land and Improvements | 33,233,000 | |||||
Building and Improvements | 55,940,000 | |||||
Land held for development | 718,000 | |||||
Total | 89,891,000 | |||||
Accumulated Depreciation | $ 6,186,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
230 CityPoint | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 13,189,000 | |||||
Original Building | 49,823,000 | |||||
Costs Capitalized Subsequent to Acquisition | 24,297,000 | |||||
Land and Improvements | 13,807,000 | |||||
Building and Improvements | 73,502,000 | |||||
Total | 87,309,000 | |||||
Accumulated Depreciation | $ 40,959,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
20 Citypoint | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 4,887,000 | |||||
Original Building | 72,764,000 | |||||
Costs Capitalized Subsequent to Acquisition | 7,072,000 | |||||
Land and Improvements | 4,887,000 | |||||
Building and Improvements | 79,836,000 | |||||
Total | 84,723,000 | |||||
Accumulated Depreciation | $ 13,031,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Sumner Square | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 624,000 | |||||
Original Building | 28,745,000 | |||||
Costs Capitalized Subsequent to Acquisition | 51,253,000 | |||||
Land and Improvements | 27,837,000 | |||||
Building and Improvements | 52,785,000 | |||||
Total | 80,622,000 | |||||
Accumulated Depreciation | $ 32,911,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
77 CityPoint | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 13,847,000 | |||||
Original Building | 60,383,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,506,000 | |||||
Land and Improvements | 14,023,000 | |||||
Building and Improvements | 61,713,000 | |||||
Total | 75,736,000 | |||||
Accumulated Depreciation | $ 26,943,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
2440 West El Camino Real | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 16,741,000 | |||||
Original Building | 51,285,000 | |||||
Costs Capitalized Subsequent to Acquisition | 6,565,000 | |||||
Land and Improvements | 16,741,000 | |||||
Building and Improvements | 57,850,000 | |||||
Total | 74,591,000 | |||||
Accumulated Depreciation | $ 21,469,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Wisconsin Place | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 53,349,000 | |||||
Costs Capitalized Subsequent to Acquisition | 13,834,000 | |||||
Land and Improvements | 0 | |||||
Building and Improvements | 67,183,000 | |||||
Total | 67,183,000 | |||||
Accumulated Depreciation | $ 28,960,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Reston Corporate Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 9,135,000 | |||||
Original Building | 50,857,000 | |||||
Costs Capitalized Subsequent to Acquisition | 4,489,000 | |||||
Land and Improvements | 10,148,000 | |||||
Building and Improvements | 54,333,000 | |||||
Total | 64,481,000 | |||||
Accumulated Depreciation | $ 34,194,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
255 Main Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 134,000 | |||||
Original Building | 25,110,000 | |||||
Costs Capitalized Subsequent to Acquisition | 33,330,000 | |||||
Land and Improvements | 548,000 | |||||
Building and Improvements | 58,026,000 | |||||
Total | 58,574,000 | |||||
Accumulated Depreciation | $ 43,927,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
University Place | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 37,091,000 | |||||
Costs Capitalized Subsequent to Acquisition | 15,768,000 | |||||
Land and Improvements | 4,807,000 | |||||
Building and Improvements | 48,052,000 | |||||
Total | 52,859,000 | |||||
Accumulated Depreciation | $ 37,130,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
890 Winter Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 13,913,000 | |||||
Original Building | 28,557,000 | |||||
Costs Capitalized Subsequent to Acquisition | 8,507,000 | |||||
Land and Improvements | 13,913,000 | |||||
Building and Improvements | 37,064,000 | |||||
Total | 50,977,000 | |||||
Accumulated Depreciation | $ 7,296,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Capital Gallery | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 4,725,000 | |||||
Original Building | 29,565,000 | |||||
Costs Capitalized Subsequent to Acquisition | 10,361,000 | |||||
Land and Improvements | 8,662,000 | |||||
Building and Improvements | 35,989,000 | |||||
Total | 44,651,000 | |||||
Accumulated Depreciation | $ 23,764,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
North First Business Park | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 23,398,000 | |||||
Original Building | 13,069,000 | |||||
Costs Capitalized Subsequent to Acquisition | 5,258,000 | |||||
Land and Improvements | 23,378,000 | |||||
Building and Improvements | 18,347,000 | |||||
Total | 41,725,000 | |||||
Accumulated Depreciation | $ 17,354,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
150 Broadway | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 850,000 | |||||
Original Building | 25,042,000 | |||||
Costs Capitalized Subsequent to Acquisition | 15,749,000 | |||||
Land and Improvements | 1,323,000 | |||||
Building and Improvements | 40,318,000 | |||||
Total | 41,641,000 | |||||
Accumulated Depreciation | $ 18,506,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
105 Broadway | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 1,299,000 | |||||
Original Building | 12,943,000 | |||||
Costs Capitalized Subsequent to Acquisition | 12,723,000 | |||||
Land and Improvements | 2,395,000 | |||||
Building and Improvements | 24,570,000 | |||||
Total | 26,965,000 | |||||
Accumulated Depreciation | $ 16,847,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Lexington Office Park | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 998,000 | |||||
Original Building | 1,426,000 | |||||
Costs Capitalized Subsequent to Acquisition | 19,924,000 | |||||
Land and Improvements | 1,263,000 | |||||
Building and Improvements | 19,470,000 | |||||
Land held for development | 1,615,000 | |||||
Total | 22,348,000 | |||||
Accumulated Depreciation | $ 17,200,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
The Point | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 6,395,000 | |||||
Original Building | 10,040,000 | |||||
Costs Capitalized Subsequent to Acquisition | 546,000 | |||||
Land and Improvements | 6,492,000 | |||||
Building and Improvements | 10,489,000 | |||||
Total | 16,981,000 | |||||
Accumulated Depreciation | $ 2,638,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
690 Folsom Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 3,219,000 | |||||
Original Building | 11,038,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,877,000 | |||||
Land and Improvements | 3,219,000 | |||||
Building and Improvements | 12,915,000 | |||||
Total | 16,134,000 | |||||
Accumulated Depreciation | $ 4,280,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
33 Hayden Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 266,000 | |||||
Original Building | 3,234,000 | |||||
Costs Capitalized Subsequent to Acquisition | 11,502,000 | |||||
Land and Improvements | 425,000 | |||||
Building and Improvements | 14,577,000 | |||||
Total | 15,002,000 | |||||
Accumulated Depreciation | $ 9,090,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
The Avant Retail | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 1,499,000 | |||||
Original Building | 6,647,000 | |||||
Costs Capitalized Subsequent to Acquisition | 2,577,000 | |||||
Land and Improvements | 1,499,000 | |||||
Building and Improvements | 9,224,000 | |||||
Total | 10,723,000 | |||||
Accumulated Depreciation | $ 3,587,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
92-100 Hayden Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 594,000 | |||||
Original Building | 6,748,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,922,000 | |||||
Land and Improvements | 778,000 | |||||
Building and Improvements | 8,486,000 | |||||
Total | 9,264,000 | |||||
Accumulated Depreciation | $ 7,388,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
32 Hartwell Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 168,000 | |||||
Original Building | 1,943,000 | |||||
Costs Capitalized Subsequent to Acquisition | 6,403,000 | |||||
Land and Improvements | 314,000 | |||||
Building and Improvements | 8,200,000 | |||||
Total | 8,514,000 | |||||
Accumulated Depreciation | $ 2,931,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
250 Binney Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 110,000 | |||||
Original Building | 4,483,000 | |||||
Costs Capitalized Subsequent to Acquisition | 3,593,000 | |||||
Land and Improvements | 273,000 | |||||
Building and Improvements | 7,913,000 | |||||
Total | 8,186,000 | |||||
Accumulated Depreciation | $ 7,244,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
453 Ravendale Drive | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 5,477,000 | |||||
Original Building | 1,090,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,286,000 | |||||
Land and Improvements | 5,477,000 | |||||
Building and Improvements | 2,376,000 | |||||
Total | 7,853,000 | |||||
Accumulated Depreciation | $ 1,086,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
17 Hartwell Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 26,000 | |||||
Original Building | 150,000 | |||||
Costs Capitalized Subsequent to Acquisition | 6,064,000 | |||||
Land and Improvements | 65,000 | |||||
Building and Improvements | 6,175,000 | |||||
Total | 6,240,000 | |||||
Accumulated Depreciation | $ 3,755,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
The Skylyne | Residential Building | ||||||
Original Cost | ||||||
Original Land | $ 28,962,000 | |||||
Original Building | 239,077,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,792,000 | |||||
Land and Improvements | 28,962,000 | |||||
Building and Improvements | 240,869,000 | |||||
Total | 269,831,000 | |||||
Accumulated Depreciation | $ 20,181,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Signature at Reston | Residential Building | ||||||
Original Cost | ||||||
Original Land | $ 27,076,000 | |||||
Original Building | 190,580,000 | |||||
Costs Capitalized Subsequent to Acquisition | 3,817,000 | |||||
Land and Improvements | 27,076,000 | |||||
Building and Improvements | 194,397,000 | |||||
Total | 221,473,000 | |||||
Accumulated Depreciation | $ 27,876,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Proto Kendall Square | Residential Building | ||||||
Original Cost | ||||||
Original Land | $ 9,243,000 | |||||
Original Building | 127,248,000 | |||||
Costs Capitalized Subsequent to Acquisition | 3,336,000 | |||||
Land and Improvements | 9,245,000 | |||||
Building and Improvements | 130,582,000 | |||||
Total | 139,827,000 | |||||
Accumulated Depreciation | $ 17,820,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
The Lofts at Atlantic Wharf | Residential Building | ||||||
Original Cost | ||||||
Original Land | $ 3,529,000 | |||||
Original Building | 54,891,000 | |||||
Costs Capitalized Subsequent to Acquisition | 2,509,000 | |||||
Land and Improvements | 3,529,000 | |||||
Building and Improvements | 57,400,000 | |||||
Total | 60,929,000 | |||||
Accumulated Depreciation | $ 18,631,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Boston Cambridge Marriott | Hotel [Member] | ||||||
Original Cost | ||||||
Original Land | $ 478,000 | |||||
Original Building | 37,918,000 | |||||
Costs Capitalized Subsequent to Acquisition | 32,131,000 | |||||
Land and Improvements | 1,201,000 | |||||
Building and Improvements | 68,697,000 | |||||
Land held for development | 629,000 | |||||
Total | 70,527,000 | |||||
Accumulated Depreciation | $ 53,282,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Kendall Center Green Garage | Garage | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | $ 0 | ||||
Original Cost | ||||||
Original Land | 0 | |||||
Original Building | 35,035,000 | |||||
Costs Capitalized Subsequent to Acquisition | 7,335,000 | |||||
Land and Improvements | 103,000 | |||||
Building and Improvements | 42,267,000 | |||||
Total | 42,370,000 | |||||
Accumulated Depreciation | $ 18,414,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
Kendall Center Yellow Garage | Garage | ||||||
Original Cost | ||||||
Original Land | $ 1,256,000 | |||||
Original Building | 15,697,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,743,000 | |||||
Land and Improvements | 1,434,000 | |||||
Building and Improvements | 17,262,000 | |||||
Total | 18,696,000 | |||||
Accumulated Depreciation | $ 7,857,000 | |||||
Depreciable Lives (Years) | [7] | (1) | ||||
290 Binney | Development | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 243,099,000 | |||||
Land and Improvements | 1,054,000 | |||||
Development and Construction in Progress | 242,045,000 | |||||
Total | $ 243,099,000 | |||||
Depreciable Lives (Years) | N/A | |||||
180 CityPoint [Member] | Development | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 214,754,000 | |||||
Land and Improvements | 10,908,000 | |||||
Building and Improvements | 108,970,000 | |||||
Development and Construction in Progress | 94,876,000 | |||||
Total | 214,754,000 | |||||
Accumulated Depreciation | $ 541,000 | |||||
Depreciable Lives (Years) | N/A | |||||
300 Binney Street | Development | ||||||
Original Cost | ||||||
Original Land | $ 18,080,000 | |||||
Original Building | 51,262,000 | |||||
Costs Capitalized Subsequent to Acquisition | 38,454,000 | |||||
Land and Improvements | 18,080,000 | |||||
Building and Improvements | 27,805,000 | |||||
Development and Construction in Progress | 61,911,000 | |||||
Total | 107,796,000 | |||||
Accumulated Depreciation | $ 6,719,000 | |||||
Depreciable Lives (Years) | N/A | |||||
103 CityPoint | Development | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 88,190,000 | |||||
Land and Improvements | 4,672,000 | |||||
Building and Improvements | 3,025,000 | |||||
Land held for development | 8,672,000 | |||||
Development and Construction in Progress | 71,821,000 | |||||
Total | 88,190,000 | |||||
Accumulated Depreciation | $ 18,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Reston Next Office Phase II | Development | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 39,201,000 | |||||
Development and Construction in Progress | 39,201,000 | |||||
Total | $ 39,201,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Reston Next Retail | Development | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 8,367,000 | |||||
Development and Construction in Progress | 8,367,000 | |||||
Total | $ 8,367,000 | |||||
Depreciable Lives (Years) | N/A | |||||
343 Madison Avenue | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 206,052,000 | |||||
Land and Improvements | 158,885,000 | |||||
Land held for development | 47,167,000 | |||||
Total | $ 206,052,000 | |||||
Depreciable Lives (Years) | N/A | |||||
777 Harrison Street | Land | ||||||
Original Cost | ||||||
Original Land | $ 144,647,000 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 28,334,000 | |||||
Building and Improvements | 47,000 | |||||
Land held for development | 172,934,000 | |||||
Total | 172,981,000 | |||||
Accumulated Depreciation | $ 29,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Back Bay Station Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 78,150,000 | |||||
Land held for development | 78,150,000 | |||||
Total | $ 78,150,000 | |||||
Depreciable Lives (Years) | N/A | |||||
3625 - 3635 Peterson Way | Land | ||||||
Original Cost | ||||||
Original Land | $ 63,206,000 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 5,173,000 | |||||
Land held for development | 68,379,000 | |||||
Total | $ 68,379,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Kendall Center Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 48,857,000 | |||||
Land held for development | 48,857,000 | |||||
Total | $ 48,857,000 | |||||
Depreciable Lives (Years) | N/A | |||||
North First Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 35,004,000 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 4,068,000 | |||||
Land held for development | 39,072,000 | |||||
Total | $ 39,072,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Plaza at Almaden | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 38,163,000 | |||||
Land held for development | 38,163,000 | |||||
Total | $ 38,163,000 | |||||
Depreciable Lives (Years) | N/A | |||||
CityPoint South Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 25,594,000 | |||||
Land held for development | 25,594,000 | |||||
Total | $ 25,594,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Springfield Metro Center | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 19,896,000 | |||||
Land held for development | 19,896,000 | |||||
Total | $ 19,896,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Reston Gateway Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 13,908,000 | |||||
Land held for development | 13,908,000 | |||||
Total | $ 13,908,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Weston Quarry | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 1,249,000 | |||||
Land held for development | 1,249,000 | |||||
Total | $ 1,249,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Broad Run Business Park | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 1,186,000 | |||||
Land held for development | 1,186,000 | |||||
Total | $ 1,186,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Reston Overlook Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 80,000 | |||||
Land held for development | 80,000 | |||||
Total | $ 80,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [9] | $ 4,166,379,000 | ||||
Original Cost | ||||||
Original Land | 5,637,035,000 | |||||
Original Building | 15,478,086,000 | |||||
Costs Capitalized Subsequent to Acquisition | 5,940,085,000 | |||||
Land and Improvements | [10] | 5,859,089,000 | ||||
Building and Improvements | [11] | 19,951,776,000 | ||||
Land held for development | [5] | 697,061,000 | [12] | 721,501,000 | ||
Development and Construction in Progress | 547,280,000 | 406,574,000 | ||||
Total | 27,055,206,000 | 25,376,700,000 | 23,734,833,000 | 22,926,494,000 | ||
Accumulated Depreciation | 6,718,037,000 | 6,143,384,000 | $ 5,736,240,000 | $ 5,396,111,000 | ||
Furniture, Fixtures and Equipment | 53,716,000 | 50,310,000 | ||||
Aggregate cost for tax purpose | 28,200,000,000 | |||||
Real Estate Aggregate Accumulated Depreciation For Tax Purposes | 6,600,000,000 | |||||
Debt Issuance Costs, Net | (33,600,000) | |||||
Right-of-use assets - finance leases | 401,680,000 | [6] | 237,510,000 | |||
Operating Lease, Right-of-Use Asset | [6] | $ 324,298,000 | $ 167,351,000 | |||
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 | $ 40,324,000 | |||||
Boston Properties Limited Partnership | Land and Land Improvements [Member] | ||||||
Original Cost | ||||||
Right-of-use assets - finance leases | 378,276,000 | |||||
Operating Lease, Right-of-Use Asset | 324,298,000 | |||||
Boston Properties Limited Partnership | Buildings and improvements | ||||||
Original Cost | ||||||
Right-of-use assets - finance leases | 23,404,000 | |||||
Boston Properties Limited Partnership | 767Fifth Avenue (the General Motors Building) | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 2,288,004,000 | |||||
Original Cost | ||||||
Original Land | 1,796,252,000 | |||||
Original Building | 1,532,654,000 | |||||
Costs Capitalized Subsequent to Acquisition | 365,829,000 | |||||
Land and Improvements | 1,796,252,000 | |||||
Building and Improvements | 1,898,483,000 | |||||
Total | 3,694,735,000 | |||||
Accumulated Depreciation | $ 507,660,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Prudential Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 92,077,000 | |||||
Original Building | 948,357,000 | |||||
Costs Capitalized Subsequent to Acquisition | 732,224,000 | |||||
Land and Improvements | 100,535,000 | |||||
Building and Improvements | 1,643,064,000 | |||||
Development and Construction in Progress | 29,059,000 | |||||
Total | 1,772,658,000 | |||||
Accumulated Depreciation | $ 754,356,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Embarcadero Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 179,697,000 | |||||
Original Building | 847,410,000 | |||||
Costs Capitalized Subsequent to Acquisition | 462,102,000 | |||||
Land and Improvements | 180,419,000 | |||||
Building and Improvements | 1,308,790,000 | |||||
Total | 1,489,209,000 | |||||
Accumulated Depreciation | $ 760,144,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 399 Park Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 339,200,000 | |||||
Original Building | 700,358,000 | |||||
Costs Capitalized Subsequent to Acquisition | 349,238,000 | |||||
Land and Improvements | 339,200,000 | |||||
Building and Improvements | 1,049,596,000 | |||||
Total | 1,388,796,000 | |||||
Accumulated Depreciation | $ 462,543,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 601 Lexington Avenue | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 989,181,000 | |||||
Original Cost | ||||||
Original Land | 241,600,000 | |||||
Original Building | 494,782,000 | |||||
Costs Capitalized Subsequent to Acquisition | 508,526,000 | |||||
Land and Improvements | 279,281,000 | |||||
Building and Improvements | 965,627,000 | |||||
Total | 1,244,908,000 | |||||
Accumulated Depreciation | $ 360,656,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Salesforce Tower | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 200,349,000 | |||||
Original Building | 946,205,000 | |||||
Costs Capitalized Subsequent to Acquisition | 7,623,000 | |||||
Land and Improvements | 200,349,000 | |||||
Building and Improvements | 953,828,000 | |||||
Total | 1,154,177,000 | |||||
Accumulated Depreciation | $ 159,274,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 200 Clarendon Street and Garage | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 219,543,000 | |||||
Original Building | 667,884,000 | |||||
Costs Capitalized Subsequent to Acquisition | 251,372,000 | |||||
Land and Improvements | 250,910,000 | |||||
Building and Improvements | 887,889,000 | |||||
Total | 1,138,799,000 | |||||
Accumulated Depreciation | $ 338,529,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 250 West 55th Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 285,263,000 | |||||
Original Building | 603,167,000 | |||||
Costs Capitalized Subsequent to Acquisition | 52,917,000 | |||||
Land and Improvements | 285,263,000 | |||||
Building and Improvements | 656,084,000 | |||||
Total | 941,347,000 | |||||
Accumulated Depreciation | $ 198,081,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 100 Federal Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 131,067,000 | |||||
Original Building | 435,954,000 | |||||
Costs Capitalized Subsequent to Acquisition | 127,199,000 | |||||
Land and Improvements | 131,067,000 | |||||
Building and Improvements | 563,153,000 | |||||
Total | 694,220,000 | |||||
Accumulated Depreciation | $ 172,079,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Times Square Tower | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 165,413,000 | |||||
Original Building | 380,438,000 | |||||
Costs Capitalized Subsequent to Acquisition | 102,302,000 | |||||
Land and Improvements | 159,694,000 | |||||
Building and Improvements | 488,459,000 | |||||
Total | 648,153,000 | |||||
Accumulated Depreciation | $ 244,067,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Madison Centre | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 104,641,000 | |||||
Original Building | 564,336,000 | |||||
Costs Capitalized Subsequent to Acquisition | 4,082,000 | |||||
Land and Improvements | 104,641,000 | |||||
Building and Improvements | 568,418,000 | |||||
Total | 673,059,000 | |||||
Accumulated Depreciation | $ 35,516,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Carnegie Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 142,666,000 | |||||
Original Building | 316,856,000 | |||||
Costs Capitalized Subsequent to Acquisition | 162,582,000 | |||||
Land and Improvements | 90,501,000 | |||||
Building and Improvements | 472,803,000 | |||||
Land held for development | 58,800,000 | |||||
Total | 622,104,000 | |||||
Accumulated Depreciation | $ 262,096,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Santa Monica Business Park [Member] | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 295,649,000 | |||||
Original Cost | ||||||
Original Land | 46,360,000 | |||||
Original Building | 410,421,000 | |||||
Costs Capitalized Subsequent to Acquisition | 164,229,000 | |||||
Land and Improvements | 210,471,000 | |||||
Building and Improvements | 410,535,000 | |||||
Land held for development | 4,000 | |||||
Total | 621,010,000 | |||||
Accumulated Depreciation | $ 865,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Reston Next | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 35,549,000 | |||||
Original Building | 525,277,000 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Land and Improvements | 2,901,000 | |||||
Building and Improvements | 557,925,000 | |||||
Total | 560,826,000 | |||||
Accumulated Depreciation | $ 32,504,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 125 Broadway | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 126,364,000 | |||||
Original Building | 433,662,000 | |||||
Costs Capitalized Subsequent to Acquisition | 4,000,000 | |||||
Land and Improvements | 126,364,000 | |||||
Building and Improvements | 437,662,000 | |||||
Total | 564,026,000 | |||||
Accumulated Depreciation | $ 20,717,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Atlantic Wharf | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 63,988,000 | |||||
Original Building | 454,537,000 | |||||
Costs Capitalized Subsequent to Acquisition | 39,399,000 | |||||
Land and Improvements | 63,988,000 | |||||
Building and Improvements | 493,936,000 | |||||
Total | 557,924,000 | |||||
Accumulated Depreciation | $ 180,686,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 2100 Pennsylvania Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 185,203,000 | |||||
Original Building | 324,206,000 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Land and Improvements | 185,203,000 | |||||
Building and Improvements | 324,206,000 | |||||
Total | 509,409,000 | |||||
Accumulated Depreciation | $ 20,768,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 599 Lexington Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 81,040,000 | |||||
Original Building | 100,507,000 | |||||
Costs Capitalized Subsequent to Acquisition | 231,417,000 | |||||
Land and Improvements | 81,040,000 | |||||
Building and Improvements | 331,924,000 | |||||
Total | 412,964,000 | |||||
Accumulated Depreciation | $ 188,193,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Fountain Square | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 56,853,000 | |||||
Original Building | 306,298,000 | |||||
Costs Capitalized Subsequent to Acquisition | 49,874,000 | |||||
Land and Improvements | 56,853,000 | |||||
Building and Improvements | 356,172,000 | |||||
Total | 413,025,000 | |||||
Accumulated Depreciation | $ 111,481,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 510 Madison Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 103,000,000 | |||||
Original Building | 253,665,000 | |||||
Costs Capitalized Subsequent to Acquisition | 33,100,000 | |||||
Land and Improvements | 103,000,000 | |||||
Building and Improvements | 286,765,000 | |||||
Total | 389,765,000 | |||||
Accumulated Depreciation | $ 104,052,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 325 Main Street | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [14] | $ 0 | ||||
Original Cost | ||||||
Original Land | 21,596,000 | |||||
Original Building | 312,492,000 | |||||
Costs Capitalized Subsequent to Acquisition | 30,740,000 | |||||
Land and Improvements | 21,403,000 | |||||
Building and Improvements | 343,425,000 | |||||
Total | 364,828,000 | |||||
Accumulated Depreciation | $ 14,833,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 680 Folsom Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 72,545,000 | |||||
Original Building | 219,766,000 | |||||
Costs Capitalized Subsequent to Acquisition | 8,026,000 | |||||
Land and Improvements | 72,545,000 | |||||
Building and Improvements | 227,792,000 | |||||
Total | 300,337,000 | |||||
Accumulated Depreciation | $ 80,964,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 145 Broadway | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 121,000 | |||||
Original Building | 273,013,000 | |||||
Costs Capitalized Subsequent to Acquisition | 26,156,000 | |||||
Land and Improvements | 23,164,000 | |||||
Building and Improvements | 276,126,000 | |||||
Total | 299,290,000 | |||||
Accumulated Depreciation | $ 35,390,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 2200 Pennsylvania Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 183,541,000 | |||||
Costs Capitalized Subsequent to Acquisition | 114,090,000 | |||||
Land and Improvements | 102,979,000 | |||||
Building and Improvements | 194,652,000 | |||||
Total | 297,631,000 | |||||
Accumulated Depreciation | $ 77,357,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | South of Market and Democracy Tower | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 13,603,000 | |||||
Original Building | 237,479,000 | |||||
Costs Capitalized Subsequent to Acquisition | 30,616,000 | |||||
Land and Improvements | 13,603,000 | |||||
Building and Improvements | 268,095,000 | |||||
Total | 281,698,000 | |||||
Accumulated Depreciation | $ 108,875,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Bay Colony Corporate Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 18,789,000 | |||||
Original Building | 148,451,000 | |||||
Costs Capitalized Subsequent to Acquisition | 96,639,000 | |||||
Land and Improvements | 18,789,000 | |||||
Building and Improvements | 240,416,000 | |||||
Land held for development | 4,674,000 | |||||
Total | 263,879,000 | |||||
Accumulated Depreciation | $ 113,123,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 535 Mission Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 40,933,000 | |||||
Original Building | 148,378,000 | |||||
Costs Capitalized Subsequent to Acquisition | 4,629,000 | |||||
Land and Improvements | 40,934,000 | |||||
Building and Improvements | 153,006,000 | |||||
Total | 193,940,000 | |||||
Accumulated Depreciation | $ 46,615,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Mountain View Research Park | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 95,066,000 | |||||
Original Building | 68,373,000 | |||||
Costs Capitalized Subsequent to Acquisition | 21,069,000 | |||||
Land and Improvements | 95,066,000 | |||||
Building and Improvements | 89,442,000 | |||||
Total | 184,508,000 | |||||
Accumulated Depreciation | $ 33,095,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Reservoir Place | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 18,605,000 | |||||
Original Building | 104,124,000 | |||||
Costs Capitalized Subsequent to Acquisition | 52,085,000 | |||||
Land and Improvements | 19,089,000 | |||||
Building and Improvements | 153,898,000 | |||||
Land held for development | 1,827,000 | |||||
Total | 174,814,000 | |||||
Accumulated Depreciation | $ 89,426,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 140 Kendrick Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 18,095,000 | |||||
Original Building | 66,905,000 | |||||
Costs Capitalized Subsequent to Acquisition | 67,871,000 | |||||
Land and Improvements | 18,095,000 | |||||
Building and Improvements | 134,776,000 | |||||
Total | 152,871,000 | |||||
Accumulated Depreciation | $ 45,233,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 1330 Connecticut Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 25,982,000 | |||||
Original Building | 82,311,000 | |||||
Costs Capitalized Subsequent to Acquisition | 35,311,000 | |||||
Land and Improvements | 25,982,000 | |||||
Building and Improvements | 117,622,000 | |||||
Total | 143,604,000 | |||||
Accumulated Depreciation | $ 51,767,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 880 Winter Street [Member] | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 15,597,000 | |||||
Original Building | 37,255,000 | |||||
Costs Capitalized Subsequent to Acquisition | 95,265,000 | |||||
Land and Improvements | 15,597,000 | |||||
Building and Improvements | 132,520,000 | |||||
Total | 148,117,000 | |||||
Accumulated Depreciation | $ 10,056,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | One Freedom Square | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 9,929,000 | |||||
Original Building | 84,504,000 | |||||
Costs Capitalized Subsequent to Acquisition | 43,348,000 | |||||
Land and Improvements | 9,883,000 | |||||
Building and Improvements | 127,898,000 | |||||
Total | 137,781,000 | |||||
Accumulated Depreciation | $ 66,495,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Two Freedom Square | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 13,930,000 | |||||
Original Building | 77,739,000 | |||||
Costs Capitalized Subsequent to Acquisition | 38,856,000 | |||||
Land and Improvements | 13,866,000 | |||||
Building and Improvements | 116,659,000 | |||||
Total | 130,525,000 | |||||
Accumulated Depreciation | $ 42,556,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Kingstowne Towne Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 18,021,000 | |||||
Original Building | 109,038,000 | |||||
Costs Capitalized Subsequent to Acquisition | 4,501,000 | |||||
Land and Improvements | 18,021,000 | |||||
Building and Improvements | 113,539,000 | |||||
Total | 131,560,000 | |||||
Accumulated Depreciation | $ 54,432,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | One and Two Reston Overlook | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 16,456,000 | |||||
Original Building | 66,192,000 | |||||
Costs Capitalized Subsequent to Acquisition | 40,806,000 | |||||
Land and Improvements | 15,074,000 | |||||
Building and Improvements | 108,380,000 | |||||
Total | 123,454,000 | |||||
Accumulated Depreciation | $ 60,074,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Shady Grove Innovation District [Member] | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 52,030,000 | |||||
Original Building | 64,212,000 | |||||
Costs Capitalized Subsequent to Acquisition | 10,676,000 | |||||
Land and Improvements | 26,834,000 | |||||
Building and Improvements | 34,954,000 | |||||
Land held for development | 65,130,000 | |||||
Total | 126,918,000 | |||||
Accumulated Depreciation | $ 4,701,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Weston Corporate Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 25,753,000 | |||||
Original Building | 92,312,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,038,000 | |||||
Land and Improvements | 25,854,000 | |||||
Building and Improvements | 93,249,000 | |||||
Total | 119,103,000 | |||||
Accumulated Depreciation | $ 41,485,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 355 Main Street | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 593,545,000 | |||||
Original Cost | ||||||
Original Land | 18,863,000 | |||||
Original Building | 53,346,000 | |||||
Costs Capitalized Subsequent to Acquisition | 41,474,000 | |||||
Land and Improvements | 21,098,000 | |||||
Building and Improvements | 92,585,000 | |||||
Total | 113,683,000 | |||||
Accumulated Depreciation | $ 36,858,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 17Fifty Presidents Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 113,362,000 | |||||
Costs Capitalized Subsequent to Acquisition | 162,000 | |||||
Land and Improvements | 0 | |||||
Building and Improvements | 113,524,000 | |||||
Total | 113,524,000 | |||||
Accumulated Depreciation | $ 16,624,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 200 West Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 16,148,000 | |||||
Original Building | 24,983,000 | |||||
Costs Capitalized Subsequent to Acquisition | 68,538,000 | |||||
Land and Improvements | 16,148,000 | |||||
Building and Improvements | 93,164,000 | |||||
Land held for development | 357,000 | |||||
Total | 109,669,000 | |||||
Accumulated Depreciation | $ 27,290,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Discovery Square | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 11,198,000 | |||||
Original Building | 71,782,000 | |||||
Costs Capitalized Subsequent to Acquisition | 16,199,000 | |||||
Land and Improvements | 11,146,000 | |||||
Building and Improvements | 88,033,000 | |||||
Total | 99,179,000 | |||||
Accumulated Depreciation | $ 55,135,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 10 CityPoint | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 1,953,000 | |||||
Original Building | 85,752,000 | |||||
Costs Capitalized Subsequent to Acquisition | 7,410,000 | |||||
Land and Improvements | 2,127,000 | |||||
Building and Improvements | 92,988,000 | |||||
Total | 95,115,000 | |||||
Accumulated Depreciation | $ 24,003,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 90 Broadway | Office and Life Sciences Building [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [14] | $ 0 | ||||
Original Cost | ||||||
Original Land | 19,104,000 | |||||
Original Building | 52,078,000 | |||||
Costs Capitalized Subsequent to Acquisition | 22,563,000 | |||||
Land and Improvements | 20,741,000 | |||||
Building and Improvements | 73,004,000 | |||||
Total | 93,745,000 | |||||
Accumulated Depreciation | $ 31,484,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Waltham Weston Corporate Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 10,385,000 | |||||
Original Building | 60,694,000 | |||||
Costs Capitalized Subsequent to Acquisition | 17,718,000 | |||||
Land and Improvements | 10,350,000 | |||||
Building and Improvements | 78,447,000 | |||||
Total | 88,797,000 | |||||
Accumulated Depreciation | $ 44,588,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 153 & 211 Second Avenue [Member] | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 33,233,000 | |||||
Original Building | 55,940,000 | |||||
Costs Capitalized Subsequent to Acquisition | 718,000 | |||||
Land and Improvements | 33,233,000 | |||||
Building and Improvements | 55,940,000 | |||||
Land held for development | 718,000 | |||||
Total | 89,891,000 | |||||
Accumulated Depreciation | $ 6,186,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 230 CityPoint | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 13,189,000 | |||||
Original Building | 49,823,000 | |||||
Costs Capitalized Subsequent to Acquisition | 22,680,000 | |||||
Land and Improvements | 13,403,000 | |||||
Building and Improvements | 72,289,000 | |||||
Total | 85,692,000 | |||||
Accumulated Depreciation | $ 40,413,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 20 Citypoint | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 4,887,000 | |||||
Original Building | 72,764,000 | |||||
Costs Capitalized Subsequent to Acquisition | 7,072,000 | |||||
Land and Improvements | 4,887,000 | |||||
Building and Improvements | 79,836,000 | |||||
Total | 84,723,000 | |||||
Accumulated Depreciation | $ 13,031,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Sumner Square | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 624,000 | |||||
Original Building | 28,745,000 | |||||
Costs Capitalized Subsequent to Acquisition | 49,173,000 | |||||
Land and Improvements | 27,317,000 | |||||
Building and Improvements | 51,225,000 | |||||
Total | 78,542,000 | |||||
Accumulated Depreciation | $ 32,209,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 77 CityPoint | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 13,847,000 | |||||
Original Building | 60,383,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,401,000 | |||||
Land and Improvements | 13,997,000 | |||||
Building and Improvements | 61,634,000 | |||||
Total | 75,631,000 | |||||
Accumulated Depreciation | $ 26,911,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 2440 West El Camino Real | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 16,741,000 | |||||
Original Building | 51,285,000 | |||||
Costs Capitalized Subsequent to Acquisition | 6,565,000 | |||||
Land and Improvements | 16,741,000 | |||||
Building and Improvements | 57,850,000 | |||||
Total | 74,591,000 | |||||
Accumulated Depreciation | $ 21,469,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Wisconsin Place | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 53,349,000 | |||||
Costs Capitalized Subsequent to Acquisition | 13,834,000 | |||||
Land and Improvements | 0 | |||||
Building and Improvements | 67,183,000 | |||||
Total | 67,183,000 | |||||
Accumulated Depreciation | $ 28,960,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Reston Corporate Center | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 9,135,000 | |||||
Original Building | 50,857,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,878,000 | |||||
Land and Improvements | 9,496,000 | |||||
Building and Improvements | 52,374,000 | |||||
Total | 61,870,000 | |||||
Accumulated Depreciation | $ 33,309,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 255 Main Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 134,000 | |||||
Original Building | 25,110,000 | |||||
Costs Capitalized Subsequent to Acquisition | 31,674,000 | |||||
Land and Improvements | 134,000 | |||||
Building and Improvements | 56,784,000 | |||||
Total | 56,918,000 | |||||
Accumulated Depreciation | $ 43,368,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | University Place | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 37,091,000 | |||||
Costs Capitalized Subsequent to Acquisition | 14,318,000 | |||||
Land and Improvements | 4,807,000 | |||||
Building and Improvements | 46,602,000 | |||||
Total | 51,409,000 | |||||
Accumulated Depreciation | $ 36,037,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 890 Winter Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 13,913,000 | |||||
Original Building | 28,557,000 | |||||
Costs Capitalized Subsequent to Acquisition | 8,507,000 | |||||
Land and Improvements | 13,913,000 | |||||
Building and Improvements | 37,064,000 | |||||
Total | 50,977,000 | |||||
Accumulated Depreciation | $ 7,296,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Capital Gallery | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 4,725,000 | |||||
Original Building | 29,565,000 | |||||
Costs Capitalized Subsequent to Acquisition | 5,698,000 | |||||
Land and Improvements | 6,128,000 | |||||
Building and Improvements | 33,860,000 | |||||
Total | 39,988,000 | |||||
Accumulated Depreciation | $ 22,801,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | North First Business Park | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 23,398,000 | |||||
Original Building | 13,069,000 | |||||
Costs Capitalized Subsequent to Acquisition | 5,235,000 | |||||
Land and Improvements | 23,372,000 | |||||
Building and Improvements | 18,330,000 | |||||
Total | 41,702,000 | |||||
Accumulated Depreciation | $ 17,347,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 150 Broadway | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 850,000 | |||||
Original Building | 25,042,000 | |||||
Costs Capitalized Subsequent to Acquisition | 13,744,000 | |||||
Land and Improvements | 822,000 | |||||
Building and Improvements | 38,814,000 | |||||
Total | 39,636,000 | |||||
Accumulated Depreciation | $ 17,823,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 105 Broadway | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 1,299,000 | |||||
Original Building | 12,943,000 | |||||
Costs Capitalized Subsequent to Acquisition | 10,617,000 | |||||
Land and Improvements | 1,868,000 | |||||
Building and Improvements | 22,991,000 | |||||
Total | 24,859,000 | |||||
Accumulated Depreciation | $ 16,133,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Lexington Office Park | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 998,000 | |||||
Original Building | 1,426,000 | |||||
Costs Capitalized Subsequent to Acquisition | 19,160,000 | |||||
Land and Improvements | 1,072,000 | |||||
Building and Improvements | 18,897,000 | |||||
Land held for development | 1,615,000 | |||||
Total | 21,584,000 | |||||
Accumulated Depreciation | $ 16,945,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | The Point | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 6,395,000 | |||||
Original Building | 10,040,000 | |||||
Costs Capitalized Subsequent to Acquisition | 546,000 | |||||
Land and Improvements | 6,492,000 | |||||
Building and Improvements | 10,489,000 | |||||
Total | 16,981,000 | |||||
Accumulated Depreciation | $ 2,638,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 690 Folsom Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 3,219,000 | |||||
Original Building | 11,038,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,877,000 | |||||
Land and Improvements | 3,219,000 | |||||
Building and Improvements | 12,915,000 | |||||
Total | 16,134,000 | |||||
Accumulated Depreciation | $ 4,280,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 33 Hayden Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 266,000 | |||||
Original Building | 3,234,000 | |||||
Costs Capitalized Subsequent to Acquisition | 10,865,000 | |||||
Land and Improvements | 266,000 | |||||
Building and Improvements | 14,099,000 | |||||
Total | 14,365,000 | |||||
Accumulated Depreciation | $ 8,873,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | The Avant Retail | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 1,499,000 | |||||
Original Building | 6,647,000 | |||||
Costs Capitalized Subsequent to Acquisition | 2,577,000 | |||||
Land and Improvements | 1,499,000 | |||||
Building and Improvements | 9,224,000 | |||||
Total | 10,723,000 | |||||
Accumulated Depreciation | $ 3,587,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 92-100 Hayden Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 594,000 | |||||
Original Building | 6,748,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,193,000 | |||||
Land and Improvements | 595,000 | |||||
Building and Improvements | 7,940,000 | |||||
Total | 8,535,000 | |||||
Accumulated Depreciation | $ 7,140,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 32 Hartwell Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 168,000 | |||||
Original Building | 1,943,000 | |||||
Costs Capitalized Subsequent to Acquisition | 5,817,000 | |||||
Land and Improvements | 168,000 | |||||
Building and Improvements | 7,760,000 | |||||
Total | 7,928,000 | |||||
Accumulated Depreciation | $ 2,731,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 250 Binney Street | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 110,000 | |||||
Original Building | 4,483,000 | |||||
Costs Capitalized Subsequent to Acquisition | 2,939,000 | |||||
Land and Improvements | 110,000 | |||||
Building and Improvements | 7,422,000 | |||||
Total | 7,532,000 | |||||
Accumulated Depreciation | $ 7,026,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 453 Ravendale Drive | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 5,477,000 | |||||
Original Building | 1,090,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,286,000 | |||||
Land and Improvements | 5,477,000 | |||||
Building and Improvements | 2,376,000 | |||||
Total | 7,853,000 | |||||
Accumulated Depreciation | $ 1,086,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 17 Hartwell Avenue | Office and Life Sciences Building [Member] | ||||||
Original Cost | ||||||
Original Land | $ 26,000 | |||||
Original Building | 150,000 | |||||
Costs Capitalized Subsequent to Acquisition | 5,907,000 | |||||
Land and Improvements | 26,000 | |||||
Building and Improvements | 6,057,000 | |||||
Total | 6,083,000 | |||||
Accumulated Depreciation | $ 3,701,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | The Skylyne | Residential Building | ||||||
Original Cost | ||||||
Original Land | $ 28,962,000 | |||||
Original Building | 239,077,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,792,000 | |||||
Land and Improvements | 28,962,000 | |||||
Building and Improvements | 240,869,000 | |||||
Total | 269,831,000 | |||||
Accumulated Depreciation | $ 20,181,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Signature at Reston | Residential Building | ||||||
Original Cost | ||||||
Original Land | $ 27,076,000 | |||||
Original Building | 190,580,000 | |||||
Costs Capitalized Subsequent to Acquisition | 3,817,000 | |||||
Land and Improvements | 27,076,000 | |||||
Building and Improvements | 194,397,000 | |||||
Total | 221,473,000 | |||||
Accumulated Depreciation | $ 27,876,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Proto Kendall Square | Residential Building | ||||||
Original Cost | ||||||
Original Land | $ 9,243,000 | |||||
Original Building | 127,248,000 | |||||
Costs Capitalized Subsequent to Acquisition | 3,336,000 | |||||
Land and Improvements | 9,245,000 | |||||
Building and Improvements | 130,582,000 | |||||
Total | 139,827,000 | |||||
Accumulated Depreciation | $ 17,820,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | The Lofts at Atlantic Wharf | Residential Building | ||||||
Original Cost | ||||||
Original Land | $ 3,529,000 | |||||
Original Building | 54,891,000 | |||||
Costs Capitalized Subsequent to Acquisition | 2,509,000 | |||||
Land and Improvements | 3,529,000 | |||||
Building and Improvements | 57,400,000 | |||||
Total | 60,929,000 | |||||
Accumulated Depreciation | $ 18,631,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Boston Cambridge Marriott | Hotel [Member] | ||||||
Original Cost | ||||||
Original Land | $ 478,000 | |||||
Original Building | 37,918,000 | |||||
Costs Capitalized Subsequent to Acquisition | 29,240,000 | |||||
Land and Improvements | 478,000 | |||||
Building and Improvements | 66,529,000 | |||||
Land held for development | 629,000 | |||||
Total | 67,636,000 | |||||
Accumulated Depreciation | $ 52,302,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Kendall Center Green Garage | Garage | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [14] | $ 0 | ||||
Original Cost | ||||||
Original Land | 0 | |||||
Original Building | 35,035,000 | |||||
Costs Capitalized Subsequent to Acquisition | 6,921,000 | |||||
Building and Improvements | 41,956,000 | |||||
Total | 41,956,000 | |||||
Accumulated Depreciation | $ 18,275,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | Kendall Center Yellow Garage | Garage | ||||||
Original Cost | ||||||
Original Land | $ 1,256,000 | |||||
Original Building | 15,697,000 | |||||
Costs Capitalized Subsequent to Acquisition | 1,031,000 | |||||
Land and Improvements | 1,256,000 | |||||
Building and Improvements | 16,728,000 | |||||
Total | 17,984,000 | |||||
Accumulated Depreciation | $ 7,619,000 | |||||
Depreciable Lives (Years) | [13] | (1) | ||||
Boston Properties Limited Partnership | 290 Binney | Development | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 242,683,000 | |||||
Land and Improvements | 638,000 | |||||
Development and Construction in Progress | 242,045,000 | |||||
Total | 242,683,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | 180 CityPoint [Member] | Development | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 214,754,000 | |||||
Land and Improvements | 10,908,000 | |||||
Building and Improvements | 108,970,000 | |||||
Development and Construction in Progress | 94,876,000 | |||||
Total | 214,754,000 | |||||
Accumulated Depreciation | $ 541,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | 300 Binney Street | Development | ||||||
Original Cost | ||||||
Original Land | $ 18,080,000 | |||||
Original Building | 51,262,000 | |||||
Costs Capitalized Subsequent to Acquisition | 38,454,000 | |||||
Land and Improvements | 18,080,000 | |||||
Building and Improvements | 27,805,000 | |||||
Development and Construction in Progress | 61,911,000 | |||||
Total | 107,796,000 | |||||
Accumulated Depreciation | $ 6,719,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | 103 CityPoint | Development | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 88,188,000 | |||||
Land and Improvements | 4,670,000 | |||||
Building and Improvements | 3,025,000 | |||||
Land held for development | 8,672,000 | |||||
Development and Construction in Progress | 71,821,000 | |||||
Total | 88,188,000 | |||||
Accumulated Depreciation | $ 18,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | Reston Next Office Phase II | Development | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 39,201,000 | |||||
Development and Construction in Progress | 39,201,000 | |||||
Total | 39,201,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | Reston Next Retail | Development | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 8,367,000 | |||||
Development and Construction in Progress | 8,367,000 | |||||
Total | 8,367,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | 343 Madison Avenue | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 206,052,000 | |||||
Land and Improvements | 158,885,000 | |||||
Land held for development | 47,167,000 | |||||
Total | 206,052,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | 777 Harrison Street | Land | ||||||
Original Cost | ||||||
Original Land | $ 144,647,000 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 28,334,000 | |||||
Building and Improvements | 47,000 | |||||
Land held for development | 172,934,000 | |||||
Total | 172,981,000 | |||||
Accumulated Depreciation | $ 29,000 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | Back Bay Station Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 78,150,000 | |||||
Land held for development | 78,150,000 | |||||
Total | 78,150,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | 3625 - 3635 Peterson Way | Land | ||||||
Original Cost | ||||||
Original Land | $ 63,206,000 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 5,173,000 | |||||
Land held for development | 68,379,000 | |||||
Total | 68,379,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | Kendall Center Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 48,857,000 | |||||
Land held for development | 48,857,000 | |||||
Total | 48,857,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | North First Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 35,004,000 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 4,068,000 | |||||
Land held for development | 39,072,000 | |||||
Total | 39,072,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | Plaza at Almaden | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 38,163,000 | |||||
Land held for development | 38,163,000 | |||||
Total | 38,163,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | CityPoint South Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 25,594,000 | |||||
Land held for development | 25,594,000 | |||||
Total | 25,594,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | Springfield Metro Center | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 19,896,000 | |||||
Land held for development | 19,896,000 | |||||
Total | 19,896,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | Reston Gateway Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 13,908,000 | |||||
Land held for development | 13,908,000 | |||||
Total | 13,908,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | Weston Quarry | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 1,249,000 | |||||
Land held for development | 1,249,000 | |||||
Total | 1,249,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | Broad Run Business Park | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 1,186,000 | |||||
Land held for development | 1,186,000 | |||||
Total | 1,186,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
Boston Properties Limited Partnership | Reston Overlook Master Plan | Land | ||||||
Original Cost | ||||||
Original Land | $ 0 | |||||
Original Building | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 80,000 | |||||
Land held for development | 80,000 | |||||
Total | 80,000 | |||||
Accumulated Depreciation | $ 0 | |||||
Depreciable Lives (Years) | N/A | |||||
[1] Includes unamortized deferred financing costs and fair value debt adjustment totaling approximately $(33.6) million. Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $378,276 and $324,298, respectively. Includes Right of Use Assets - Finance Leases of approximately $23,404. Includes pre-development costs. Includes pre-development costs. See Note 4. Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. This property is encumbered with the mortgage note shown at 355 Main Street. See Note 7 to the Consolidated Financial Statements. Includes unamortized deferred financing costs and fair value debt adjustment totaling approximately $(33.6) million. Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $378,276 and $324,298, respectively. Includes Right of Use Assets - Finance Leases of approximately $23,404. Includes pre-development costs. Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. This property is encumbered with the mortgage note shown at 355 Main Street. See Note 7 to the Consolidated Financial Statements. |
SEC Schedule, Article 12-28, _3
SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at the beginning of the year | $ 25,744,214 | $ 24,108,220 | $ 23,303,303 |
Additions to / improvements of real estate | 1,811,036 | 2,228,000 | 1,145,084 |
Assets sold/written-off | (133,779) | (592,006) | (340,167) |
Balance at the end of the year | 27,421,471 | 25,744,214 | 24,108,220 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at the beginning of the year | 6,260,992 | 5,848,183 | 5,501,637 |
Depreciation expense | 714,191 | 646,020 | 623,854 |
Assets sold/written-off | (133,779) | (233,211) | (277,308) |
Balance at the end of the year | 6,841,404 | 6,260,992 | 5,848,183 |
Boston Properties Limited Partnership | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at the beginning of the year | 25,376,700 | 23,734,833 | 22,926,494 |
Additions to / improvements of real estate | 1,811,036 | 2,228,000 | 1,145,084 |
Assets sold/written-off | (132,530) | (586,133) | (336,745) |
Balance at the end of the year | 27,055,206 | 25,376,700 | 23,734,833 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at the beginning of the year | 6,143,384 | 5,736,240 | 5,396,111 |
Depreciation expense | 707,183 | 638,538 | 615,553 |
Assets sold/written-off | (132,530) | (231,394) | (275,424) |
Balance at the end of the year | $ 6,718,037 | $ 6,143,384 | $ 5,736,240 |