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Summary Of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]  
Property, Plant and Equipment [Table Text Block]
Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:
 
Land improvements
  
25 to 40 years
Buildings and improvements
  
10 to 40 years
Tenant improvements
  
Shorter of useful life or terms of related lease
Furniture, fixtures, and equipment
  
3 to 7 years
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands).
 
 
Acquired Above-Market Lease Intangibles
 
Acquired Below-Market Lease Intangibles
2020
 
$
5,440

 
$
10,673

2021
 
3,054

 
6,455

2022
 
357

 
5,699

2023
 
183

 
5,558

2024
 
135

 
4,043


The following table summarizes the scheduled amortization of the Company’s acquired in-place lease intangibles for each of the five succeeding years (in thousands).
 
Acquired In-Place Lease Intangibles
2020
$
17,536

2021
11,001

2022
5,918

2023
4,286

2024
2,510


Fair Value, by Balance Sheet Grouping [Table Text Block] The following table presents the aggregate carrying value of the Company’s related party note receivable, note receivable, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of December 31, 2019 and December 31, 2018 (in thousands):
 
 
December 31, 2019
 
December 31, 2018
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
Related party note receivable
$
80,000

 
$
81,931

 
$
80,000

 
$
80,000

Note receivable
15,920

 
14,978

 
19,468

 
19,468

Total
$
95,920

 
$
96,909

 
$
99,468

 
$
99,468

 
 
 
 
 
 
 
 
Mortgage notes payable, net
$
2,922,408

 
$
2,984,956

 
$
2,964,572

 
$
2,903,925

Unsecured senior notes, net
8,390,459

 
8,826,375

 
7,544,697

 
7,469,338

Unsecured line of credit

 

 

 

Unsecured term loan, net
498,939

 
500,561

 
498,488

 
500,783

Total
$
11,811,806

 
$
12,311,892

 
$
11,007,757

 
$
10,874,046


Lease, Cost [Table Text Block]
The following table provides lease cost information for the Company’s operating and finance leases for the year ended December 31, 2019 (in thousands):
Lease costs
 
 
Operating lease costs
 
$
14,573

Finance lease costs
 
 
Amortization of right of use asset (1)
 
$
29

Interest on lease liabilities (2)
 
$
47

_______________
(1)
The finance leases relate to either land, buildings or assets that remain in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy.
(2)
Three of the finance leases relate to assets under development and as such, the entire interest amount was capitalized.
The following table provides other quantitative information for the Company’s operating and finance leases as of December 31, 2019:
 
December 31, 2019
Other information
 
Weighted-average remaining lease term (in years)
 
Operating leases
51

Finance leases
71

Weighted-average discount rate
 
Operating leases
5.7
%
Finance leases
6.2
%

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
The following table provides a maturity analysis for the Company’s future contractual minimum lease payments to be made by the Company as of December 31, 2018, under non-cancelable ground leases which expire on various dates through 2114:
Years Ending December 31,
(in thousands)
2019
$
11,425

2020
18,425

2021
25,310

2022
8,894

2023
9,084

Thereafter
567,232


Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]
The following table provides a maturity analysis for the Company’s future minimum lease payments, as of December 31, 2018, related to the four capital leases, through 2036:
Years Ending December 31,
(in thousands)
2019
$
1,441

2020
12,682

2021
2,123

2022
1,253

2023
944

Thereafter
73,241

Total expected minimum lease payments
91,684

Interest portion
(27,497
)
Present value of expected net minimum lease payments
$
64,187


Lessee, Operating and Finance Lease Liability [Table Text Block]
The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2019 (in thousands):
 
Operating
 
Finance
2020
$
10,050

 
$
834

2021
24,973

 
5,960

2022
18,041

 
10,208

2023
10,322

 
9,708

2024 (1)
9,277

 
48,518

Thereafter
557,954

 
1,383,242

Total lease payments
630,617

 
1,458,470

Less: interest portion
(430,437
)
 
(1,234,428
)
Present value of lease payments
$
200,180

 
$
224,042

_______________
(1)
Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise.
Operating Lease, Lease Income [Table Text Block]
The following table summarizes the components of lease revenue recognized during the year ended December 31, 2019 included within the Company’s Consolidated Statements of Operations (in thousands):
Lease Revenue
 
 
Fixed contractual payments
 
$
2,261,260

Variable lease payments
 
496,754

 
 
$
2,758,014


Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes, Table [Table Text Block]
The tax treatment of common dividends per share for federal income tax purposes is as follows: 
 
 
For the year ended December 31,
 
 
2019
 
2018
 
2017
 
 
Per Share
 
%
 
Per Share
 
%
 
Per Share
 
%
Ordinary income
 
$
2.99

 
94.84
%
 
$
2.79

 
78.17
%
 
$
2.86

 
98.29
%
Capital gain income
 
0.16

 
5.16
%
 
0.78

 
21.83
%
 
0.05

 
1.71
%
Total
 
$
3.15

(1)
100.00
%
 
$
3.57

(2)
100.00
%
 
$
2.91

(3)
100.00
%

 _____________
(1)
The fourth quarter 2019 regular quarterly dividend was $0.98 per common share of which approximately $0.04 per common share was allocable to 2019 and approximately $0.94 per common share is allocable to 2020.
(2)
The fourth quarter 2018 regular quarterly dividend was $0.95 per common share of which approximately $0.69 per common share was allocable to 2018 and approximately $0.26 per common share is allocable to 2019.
(3)
The fourth quarter 2017 regular quarterly dividend was $0.80 per common share of which approximately $0.47 per common share was allocable to 2017 and approximately $0.33 per common share is allocable to 2018.
The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or payable in 2019 and 2018:
Record Date
 
Payment Date
 
Dividend (Per Share)

 
Distribution (Per Unit)

December 31, 2019
 
January 30, 2020
 

$0.98

 

$0.98

September 30, 2019
 
October 31, 2019
 

$0.95

 

$0.95

June 28, 2019
 
July 31, 2019
 

$0.95

 

$0.95

March 29, 2019
 
April 30, 2019
 

$0.95

 

$0.95

 
 
 
 
 
 
 
December 31, 2018
 
January 30, 2019
 

$0.95

 

$0.95

September 28, 2018
 
October 31, 2018
 

$0.95

 

$0.95

June 29, 2018
 
July 31, 2018
 

$0.80

 

$0.80

March 29, 2018
 
April 30, 2018
 

$0.80

 

$0.80

December 29, 2017
 
January 30, 2018
 

$0.80

 

$0.80


Finance Lease, Liability, Maturity [Table Text Block]
The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2019 (in thousands):
 
Operating
 
Finance
2020
$
10,050

 
$
834

2021
24,973

 
5,960

2022
18,041

 
10,208

2023
10,322

 
9,708

2024 (1)
9,277

 
48,518

Thereafter
557,954

 
1,383,242

Total lease payments
630,617

 
1,458,470

Less: interest portion
(430,437
)
 
(1,234,428
)
Present value of lease payments
$
200,180

 
$
224,042

_______________
(1)
Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise.