XML 40 R26.htm IDEA: XBRL DOCUMENT
v3.22.1

Investments in Unconsolidated Joint Ventures (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Schedule of Equity Method Investments [Line Items] |
Investments In Unconsolidated Joint Ventures | The investments in unconsolidated joint ventures consist of the following at March 31, 2022 and December 31, 2021:
|  |  |  |  |  | Carrying Value of Investment (1)
Entity |  | Properties |  | Nominal % Ownership |  | March 31, 2022 |  | December 31, 2021
|  |  |  |  |  | (in thousands)
Square 407 Limited Partnership |  | Market Square North |  | 50.00 | % |  | $ | (5,514) |  |  | $ | (1,205) |
BP/CRF Metropolitan Square LLC |  | Metropolitan Square |  | 20.00 | % |  | (36,485) |  |  | (15,356) |
901 New York, LLC |  | 901 New York Avenue |  | 25.00 | % | (2) | (12,596) |  |  | (12,597) |
WP Project Developer LLC |  | Wisconsin Place Land and Infrastructure |  | 33.33 | % | (3) | 33,351 |  |  | 33,732 |
500 North Capitol Venture LLC |  | 500 North Capitol Street, NW |  | 30.00 | % |  | (8,477) |  |  | (7,913) |
501 K Street LLC |  | 1001 6th Street |  | 50.00 | % | (4) | 42,777 |  |  | 42,576 |
Podium Developer LLC |  | The Hub on Causeway - Podium |  | 50.00 | % |  | 49,741 |  |  | 48,980 |
Residential Tower Developer LLC |  | Hub50House |  | 50.00 | % |  | 47,977 |  |  | 47,774 |
Hotel Tower Developer LLC |  | The Hub on Causeway - Hotel Air Rights |  | 50.00 | % |  | 11,801 |  |  | 11,505 |
Office Tower Developer LLC |  | 100 Causeway Street |  | 50.00 | % |  | 58,908 |  |  | 57,687 |
1265 Main Office JV LLC |  | 1265 Main Street |  | 50.00 | % |  | 3,256 |  |  | 3,541 |
BNY Tower Holdings LLC |  | Dock 72 |  | 50.00 | % |  | 25,856 |  |  | 27,343 |
BNYTA Amenity Operator LLC |  | Dock 72 |  | 50.00 | % |  | 996 |  |  | 1,069 |
CA-Colorado Center Limited Partnership |  | Colorado Center |  | 50.00 | % |  | 232,384 |  |  | 231,479 |
7750 Wisconsin Avenue LLC |  | 7750 Wisconsin Avenue |  | 50.00 | % |  | 63,944 |  |  | 61,626 |
BP-M 3HB Venture LLC |  | 3 Hudson Boulevard |  | 25.00 | % |  | 116,059 |  |  | 116,306 |
SMBP Venture LP |  | Santa Monica Business Park |  | 55.00 | % |  | 162,987 |  |  | 156,639 |
Platform 16 Holdings LP |  | Platform 16 |  | 55.00 | % | (5) | 117,806 |  |  | 109,086 |
Gateway Portfolio Holdings LLC |  | Gateway Commons |  | 50.00 | % |  | 342,021 |  |  | 327,148 |
Rosecrans-Sepulveda Partners 4, LLC |  | Beach Cities Media Campus |  | 50.00 | % |  | 27,078 |  |  | 27,106 |
Safeco Plaza REIT LLC |  | Safeco Plaza |  | 33.67 | % | (6) | 72,362 |  |  | 72,545 |
360 PAS Holdco LLC |  | 360 Park Avenue South |  | 42.21 | % | (7) | 109,318 |  |  | 106,855 |
|  |  |  |  |  | $ | 1,455,550 |  |  | $ | 1,445,926 |
_______________ (1)Investments with deficit balances aggregating approximately $63.1 million and $37.1 million at March 31, 2022 and December 31, 2021, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)The Company’s economic ownership has increased based on the achievement of certain return thresholds. At March 31, 2022 and December 31, 2021, the Company’s economic ownership was approximately 50%. (3)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. (4)Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project in excess of 520,000 square feet and achieving certain project returns at stabilization. (5)This entity is a VIE (See Note 2). (6)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 (each, a “Safeco Partner Entity”) through which each partner owns its interest in the joint venture. (7)The Company’s ownership includes (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 (each, a “360 Park Avenue South Partner Entity”) through which each partner owns its interest in the joint venture.
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:
| March 31, 2022 |  | December 31, 2021
| (in thousands)
ASSETS |  |  |
Real estate and development in process, net (1) | $ | 5,649,181 |  |  | $ | 5,579,218 |
Other assets | 628,608 |  |  | 586,470 |
Total assets | $ | 6,277,789 |  |  | $ | 6,165,688 |
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY |  |  |
Mortgage and notes payable, net | $ | 3,370,649 |  |  | $ | 3,214,961 |
Other liabilities (2) | 644,127 |  |  | 652,135 |
Members’/Partners’ equity | 2,263,013 |  |  | 2,298,592 |
Total liabilities and members’/partners’ equity | $ | 6,277,789 |  |  | $ | 6,165,688 |
Company’s share of equity | $ | 1,112,465 |  |  | $ | 1,104,175 |
Basis differentials (3) | 343,085 |  |  | 341,751 |
Carrying value of the Company’s investments in unconsolidated joint ventures (4) | $ | 1,455,550 |  |  | $ | 1,445,926 |
_______________ (1)At March 31, 2022 and December 31, 2021, this amount included right of use assets - finance leases totaling approximately $248.9 million. At March 31, 2022 and December 31, 2021, this amount included right of use assets - operating leases totaling approximately $22.0 million and $22.3 million, respectively. (2)At March 31, 2022 and December 31, 2021, this amount included lease liabilities - finance leases totaling approximately $384.7 million and $385.5 million, respectively. At March 31, 2022 and December 31, 2021, this amount included lease liabilities - operating leases totaling approximately $30.4 million. (3)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows:
| March 31, 2022 |  | December 31, 2021
Property | (in thousands)
Colorado Center | $ | 304,045 |  |  | $ | 304,776 |
Gateway Commons | 51,530 |  |  | 51,009 |
Dock 72 | (49,600) |  |  | (50,051) |
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (4)Investments with deficit balances aggregating approximately $63.1 million and $37.1 million at March 31, 2022 and December 31, 2021, 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:
| Three months ended March 31, |  |
| 2022 |  | 2021 |  |  |  |  |  |
| (in thousands)
Total revenue (1) | $ | 124,491 |  |  | $ | 87,266 |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |
Operating | 45,641 |  |  | 37,134 |  |  |  |  |  |  |
Transaction costs | — |  |  | 7 |  |  |  |  |  |  |
Depreciation and amortization | 44,664 |  |  | 34,103 |  |  |  |  |  |  |
Total expenses | 90,305 |  |  | 71,244 |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |
Loss from early extinguishment of debt | (1,327) |  |  | — |  |  |  |  |  |  |
Interest expense | (30,373) |  |  | (25,556) |  |  |  |  |  |  |
Net income (loss) | $ | 2,486 |  |  | $ | (9,534) |  |  |  |  |  |  |
Company’s share of net income (loss) | $ | 3,394 |  |  | $ | (3,640) |  |  |  |  |  |  |
Gain on sale of investment (2) | — |  |  | 10,257 |  |  |  |  |  |  |
Basis differential (3) | (1,205) |  |  | (1,392) |  |  |  |  |  |  |
Income from unconsolidated joint ventures | $ | 2,189 |  |  | $ | 5,225 |  |  |  |  |  |  |
_______________ (1)Includes straight-line rent adjustments of approximately $27.5 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively. For the three months ended March 31, 2022, reinstatement of accrued rent balances totaled approximately $2.5 million. For the three months ended March 31, 2021, write-offs of accounts receivable and accrued rent balances totaled approximately $0.3 million. (2)During the three months ended March 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)Includes straight-line rent adjustments of approximately $0.1 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively. Also includes net above-/below-market rent adjustments of approximately $0.1 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively.

X
- Definition Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block] + References No definition available. + Details
Name: | bxp_ScheduleOfBalanceSheetsOfUnconsolidatedJointVenturesTextBlock
Namespace Prefix: | bxp_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Statements Of Operations Of The Unconsolidated Joint Ventures [Text Bock] + References No definition available. + Details
Name: | bxp_ScheduleOfStatementsOfOperationsOfUnconsolidatedJointVenturesTextBock
Namespace Prefix: | bxp_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_ScheduleOfEquityMethodInvestmentsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration