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v3.22.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Schedule Of Reconciliation Of Net Operating Income To Net Income | BXP
|  | Three months ended March 31, |  |
|  | 2022 |  | 2021 |  |  |  |  |  |
|  | (in thousands)
Net income attributable to Boston Properties, Inc. common shareholders |  | $ | 143,047 |  |  | $ | 91,624 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Preferred stock redemption charge |  | — |  |  | 6,412 |  |  |  |  |  |  |
Preferred dividends |  | — |  |  | 2,560 |  |  |  |  |  |  |
Noncontrolling interest—common units of the Operating Partnership |  | 16,361 |  |  | 11,084 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 17,549 |  |  | 16,467 |  |  |  |  |  |  |
Interest expense |  | 101,228 |  |  | 107,902 |  |  |  |  |  |  |
Losses from early extinguishment of debt |  | — |  |  | 898 |  |  |  |  |  |  |
Net operating income from unconsolidated joint ventures |  | 37,321 |  |  | 24,795 |  |  |  |  |  |  |
Depreciation and amortization expense |  | 177,624 |  |  | 176,565 |  |  |  |  |  |  |
Transaction costs |  | — |  |  | 331 |  |  |  |  |  |  |
Payroll and related costs from management services contracts |  | 4,065 |  |  | 3,505 |  |  |  |  |  |  |
General and administrative expense |  | 43,194 |  |  | 44,959 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Net operating income attributable to noncontrolling interests in property partnerships |  | 47,055 |  |  | 44,376 |  |  |  |  |  |  |
Gains (losses) from investments in securities |  | (2,262) |  |  | 1,659 |  |  |  |  |  |  |
Interest and other income (loss) |  | 1,228 |  |  | 1,168 |  |  |  |  |  |  |
Gains on sales of real estate |  | 22,701 |  |  | — |  |  |  |  |  |  |
Income from unconsolidated joint ventures |  | 2,189 |  |  | 5,225 |  |  |  |  |  |  |
Direct reimbursements of payroll and related costs from management services contracts |  | 4,065 |  |  | 3,505 |  |  |  |  |  |  |
Development and management services revenue |  | 5,831 |  |  | 6,803 |  |  |  |  |  |  |
Company’s share of Net Operating Income |  | $ | 459,582 |  |  | $ | 424,366 |  |  |  |  |  |  |
BPLP
|  | Three months ended March 31, |  |
|  | 2022 |  | 2021 |  |  |  |  |  |
|  | (in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders |  | $ | 161,829 |  |  | $ | 105,773 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Preferred unit redemption charge |  | — |  |  | 6,412 |  |  |  |  |  |  |
Preferred distributions |  | — |  |  | 2,560 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 17,549 |  |  | 16,467 |  |  |  |  |  |  |
Interest expense |  | 101,228 |  |  | 107,902 |  |  |  |  |  |  |
Losses from early extinguishment of debt |  | — |  |  | 898 |  |  |  |  |  |  |
Net operating income from unconsolidated joint ventures |  | 37,321 |  |  | 24,795 |  |  |  |  |  |  |
Depreciation and amortization expense |  | 175,886 |  |  | 173,500 |  |  |  |  |  |  |
Transaction costs |  | — |  |  | 331 |  |  |  |  |  |  |
Payroll and related costs from management services contracts |  | 4,065 |  |  | 3,505 |  |  |  |  |  |  |
General and administrative expense |  | 43,194 |  |  | 44,959 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Net operating income attributable to noncontrolling interests in property partnerships |  | 47,055 |  |  | 44,376 |  |  |  |  |  |  |
Gains (losses) from investments in securities |  | (2,262) |  |  | 1,659 |  |  |  |  |  |  |
Interest and other income (loss) |  | 1,228 |  |  | 1,168 |  |  |  |  |  |  |
Gains on sales of real estate |  | 23,384 |  |  | — |  |  |  |  |  |  |
Income from unconsolidated joint ventures |  | 2,189 |  |  | 5,225 |  |  |  |  |  |  |
Direct reimbursements of payroll and related costs from management services contracts |  | 4,065 |  |  | 3,505 |  |  |  |  |  |  |
Development and management services revenue |  | 5,831 |  |  | 6,803 |  |  |  |  |  |  |
Company’s share of Net Operating Income |  | $ | 459,582 |  |  | $ | 424,366 |  |  |  |  |  |  |
Schedule Of Segment Information By Geographic Area And Property Type | Information by geographic area and property type (dollars in thousands): For the three months ended March 31, 2022:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Seattle |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Office | $ | 242,078 |  |  | $ | — |  |  | $ | 256,870 |  |  | $ | 132,375 |  |  | $ | — |  |  | $ | 95,565 |  |  | $ | 726,888 |
Residential | 3,596 |  |  | — |  |  | — |  |  | 2,391 |  |  | — |  |  | 6,979 |  |  | 12,966 |
Hotel | 4,557 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,557 |
Total | 250,231 |  |  | — |  |  | 256,870 |  |  | 134,766 |  |  | — |  |  | 102,544 |  |  | 744,411 |
% of Grand Totals | 33.61 | % |  | — | % |  | 34.51 | % |  | 18.10 | % |  | — | % |  | 13.78 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Office | 90,528 |  |  | — |  |  | 96,340 |  |  | 43,408 |  |  | — |  |  | 33,547 |  |  | 263,823 |
Residential | 1,437 |  |  | — |  |  | — |  |  | 1,868 |  |  | — |  |  | 3,127 |  |  | 6,432 |
Hotel | 4,840 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,840 |
Total | 96,805 |  |  | — |  |  | 96,340 |  |  | 45,276 |  |  | — |  |  | 36,674 |  |  | 275,095 |
% of Grand Totals | 35.19 | % |  | — | % |  | 35.02 | % |  | 16.46 | % |  | — | % |  | 13.33 | % |  | 100.00 | %
Net operating income | $ | 153,426 |  |  | $ | — |  |  | $ | 160,530 |  |  | $ | 89,490 |  |  | $ | — |  |  | $ | 65,870 |  |  | $ | 469,316 |
% of Grand Totals | 32.69 | % |  | — | % |  | 34.21 | % |  | 19.07 | % |  | — | % |  | 14.03 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (11,735) |  |  | — |  |  | (35,320) |  |  | — |  |  | — |  |  | — |  |  | (47,055) |
Add: Company’s share of net operating income from unconsolidated joint ventures | 9,693 |  |  | 13,757 |  |  | (156) |  |  | 3,181 |  |  | 1,955 |  |  | 8,891 |  |  | 37,321 |
Company’s share of net operating income | $ | 151,384 |  |  | $ | 13,757 |  |  | $ | 125,054 |  |  | $ | 92,671 |  |  | $ | 1,955 |  |  | $ | 74,761 |  |  | $ | 459,582 |
% of Grand Totals | 32.94 | % |  | 2.99 | % |  | 27.21 | % |  | 20.16 | % |  | 0.43 | % |  | 16.27 | % |  | 100.00 | %
_______________ (1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. For the three months ended March 31, 2021:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  |  |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Office | $ | 230,403 |  |  | $ | — |  |  | $ | 250,164 |  |  | $ | 130,598 |  |  |  |  | $ | 82,415 |  |  | $ | 693,580 |
Residential | 3,045 |  |  | — |  |  | — |  |  | 321 |  |  |  |  | 5,809 |  |  | 9,175 |
Hotel | 632 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 632 |
Total | 234,080 |  |  | — |  |  | 250,164 |  |  | 130,919 |  |  |  |  | 88,224 |  |  | 703,387 |
% of Grand Totals | 33.28 | % |  | — | % |  | 35.57 | % |  | 18.61 | % |  |  |  | 12.54 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Office | 79,881 |  |  | — |  |  | 99,385 |  |  | 40,249 |  |  |  |  | 31,747 |  |  | 251,262 |
Residential | 1,455 |  |  | — |  |  | — |  |  | 1,686 |  |  |  |  | 2,986 |  |  | 6,127 |
Hotel | 2,051 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 2,051 |
Total | 83,387 |  |  | — |  |  | 99,385 |  |  | 41,935 |  |  |  |  | 34,733 |  |  | 259,440 |
% of Grand Totals | 32.14 | % |  | — | % |  | 38.31 | % |  | 16.16 | % |  |  |  | 13.39 | % |  | 100.00 | %
Net operating income | $ | 150,693 |  |  | $ | — |  |  | $ | 150,779 |  |  | $ | 88,984 |  |  |  |  | $ | 53,491 |  |  | $ | 443,947 |
% of Grand Totals | 33.94 | % |  | — | % |  | 33.97 | % |  | 20.04 | % |  |  |  | 12.05 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (10,224) |  |  | — |  |  | (34,152) |  |  | — |  |  |  |  | — |  |  | (44,376) |
Add: Company’s share of net operating income from unconsolidated joint ventures | 2,281 |  |  | 14,192 |  |  | (793) |  |  | 3,480 |  |  |  |  | 5,635 |  |  | 24,795 |
Company’s share of net operating income | $ | 142,750 |  |  | $ | 14,192 |  |  | $ | 115,834 |  |  | $ | 92,464 |  |  |  |  | $ | 59,126 |  |  | $ | 424,366 |
% of Grand Totals | 33.64 | % |  | 3.34 | % |  | 27.30 | % |  | 21.79 | % |  |  |  | 13.93 | % |  | 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.

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