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Real Estate (Tables)

12 Months Ended

Aug. 27, 2019

Jul. 16, 2019

Jan. 24, 2019

Dec. 31, 2019

Real Estate Properties [Line Items]

Schedule of Real Estate Properties

Boston Properties, Inc.

Real estate consisted of the following at December 31, 2019 and December 31, 2018 (in thousands):

		2019				2018
Land		$	5,111,606			$	5,072,568
Right of use assets - finance leases		237,394				—
Right of use assets - operating leases		148,640				—
Land held for future development (1)		254,828				200,498
Buildings and improvements		13,646,054				13,356,751
Tenant improvements		2,656,439				2,396,932
Furniture, fixtures and equipment		44,313				44,351
Construction in progress		789,736				578,796
Total		22,889,010				21,649,896
Less: Accumulated depreciation		(5,266,798		)		(4,897,777		)
		$	17,622,212			$	16,752,119

_______________

(1)

Includes pre-development costs.

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.

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

880 & 890 Winter Street [Member]

Real Estate Properties [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following table summarizes the allocation of the purchase price, including transaction costs, of 880 and 890 Winter Street at the date of acquisition (in thousands):

Land	$	29,510
Building and improvements	59,788
Tenant improvements	6,024
In-place lease intangibles	11,494
Above-market lease intangibles	246
Below-market lease intangibles	(1,092		)
Net assets acquired	$	105,970

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles, the acquired above-market lease intangibles and the acquired below-market lease intangibles for 880 and 890 Winter Street for the remainder of 2019 and each of the next five succeeding fiscal years (in thousands):

	Acquired In-Place Lease Intangibles				Acquired Above-Market Lease Intangibles				Acquired Below- Market Lease Intangibles
Period from August 27, 2019 through December 31, 2019	$	1,801			$	28			$	(226	)
2020	4,485				80				(599		)
2021	2,391				80				(237		)
2022	1,121				43				(30		)
2023	179				15				—
2024	60				—				—

Platform 16

Real Estate Properties [Line Items]

Finance Lease, Liability, Maturity [Table Text Block]

As of January 24, 2019, the lease payments from the finance lease related to the remaining parcels made available for lease to the Company were as follows (in thousands):

Period from January 24, 2019 through December 31, 2019	$	17,918
2020	109,460
Total expected minimum lease payments	127,378
Interest portion	(4,815		)
Present value of expected net lease payments	$	122,563

2100 Pennsylvania Avenue

Real Estate Properties [Line Items]

Finance Lease, Liability, Maturity [Table Text Block]

As of July 16, 2019, the lease payments from the finance lease were as follows (in thousands):

Period from July 16, 2019 through December 31, 2019	$	—
2020	—
2021	3,863
2022	8,576
2023	8,669
Thereafter	1,358,518
Total expected minimum lease payments	1,379,626
Interest portion	(1,214,649		)
Present value of expected net lease payments	$	164,977

Boston Properties Limited Partnership

Real Estate Properties [Line Items]

Schedule of Real Estate Properties

Boston Properties Limited Partnership

Real estate consisted of the following at December 31, 2019 and December 31, 2018 (in thousands):

		2019				2018
Land		$	5,011,153			$	4,971,475
Right of use assets - finance leases		237,394				—
Right of use assets - operating leases		148,640				—
Land held for future development (1)		254,828				200,498
Buildings and improvements		13,351,286				13,059,488
Tenant improvements		2,656,439				2,396,932
Furniture, fixtures and equipment		44,313				44,351
Construction in progress		789,736				578,796
Total		22,493,789				21,251,540
Less: Accumulated depreciation		(5,162,908		)		(4,800,475		)
		$	17,330,881			$	16,451,065

_______________

(1)

Includes pre-development costs.

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

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