XML 26 R11.htm IDEA: XBRL DOCUMENT
v3.23.3

Real Estate | 9 Months Ended
--- | ---
Sep. 30, 2023
Real Estate [Abstract] |
Real Estate | 3. Real Estate BXP Real estate consisted of the following at September 30, 2023 and December 31, 2022 (in thousands):
|  | September 30, 2023 |  | December 31, 2022
Land |  | $ | 5,200,195 |  |  | $ | 5,189,811 |
Right of use assets - finance leases |  | 237,532 |  |  | 237,510 |
Right of use assets - operating leases (1) |  | 322,790 |  |  | 167,351 |
Land held for future development (2) |  | 670,691 |  |  | 721,501 |
Buildings and improvements |  | 16,112,969 |  |  | 15,820,724 |
Tenant improvements |  | 3,442,669 |  |  | 3,200,743 |
Furniture, fixtures and equipment |  | 53,536 |  |  | 50,310 |
Construction in progress |  | 551,330 |  |  | 406,574 |
Total |  | 26,591,712 |  |  | 25,794,524 |
Less: Accumulated depreciation |  | (6,723,616) |  |  | (6,298,082) |
|  | $ | 19,868,096 |  |  | $ | 19,496,442 |
_______________ (1)See Note 4. (2)Includes pre-development costs. BPLP Real estate consisted of the following at September 30, 2023 and December 31, 2022 (in thousands):
|  | September 30, 2023 |  | December 31, 2022
Land |  | $ | 5,105,486 |  |  | $ | 5,095,102 |
Right of use assets - finance leases |  | 237,532 |  |  | 237,510 |
Right of use assets - operating leases (1) |  | 322,790 |  |  | 167,351 |
Land held for future development (2) |  | 670,691 |  |  | 721,501 |
Buildings and improvements |  | 15,841,413 |  |  | 15,547,919 |
Tenant improvements |  | 3,442,669 |  |  | 3,200,743 |
Furniture, fixtures and equipment |  | 53,536 |  |  | 50,310 |
Construction in progress |  | 551,330 |  |  | 406,574 |
Total |  | 26,225,447 |  |  | 25,427,010 |
Less: Accumulated depreciation |  | (6,601,957) |  |  | (6,180,474) |
|  | $ | 19,623,490 |  |  | $ | 19,246,536 |
_______________ (1)See Note 4. (2)Includes pre-development costs. 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. Concurrent 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 nine months ended September 30, 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 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.

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration