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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

BXP

						Three months ended June 30,												Six months ended June 30,
						2024						2023						2024						2023
						(in thousands)
Net income attributable to BXP, Inc.						$	79,615					$	104,299					$	159,498					$	182,215
Add:
Noncontrolling interest—common units of the Operating Partnership						9,509						12,117						19,009						21,169
Noncontrolling interests in property partnerships						17,825						19,768						35,046						38,428
Interest expense						149,642						142,473						311,533						276,680
Impairment loss						—						—						13,615						—
Net operating income from unconsolidated joint ventures						31,587						42,254						67,017						83,010
Depreciation and amortization expense						219,542						202,577						438,258						411,311
Transaction costs						189						308						702						1,219
Payroll and related costs from management services contracts						4,148						4,609						8,441						9,844
General and administrative expense						44,109						44,175						94,127						99,977
Less:
Net operating income attributable to noncontrolling interests in property partnerships						47,391						47,958						93,961						95,055
Unrealized gain on non-real estate investment						58						124						454						383
Gains from investments in securities						315						1,571						2,587						3,236
Interest and other income (loss)						10,788						17,343						25,317						28,284
Income (loss) from unconsolidated joint ventures						(5,799)						(6,668)						13,387						(14,237)
Direct reimbursements of payroll and related costs from management services contracts						4,148						4,609						8,441						9,844
Development and management services revenue						6,352						9,858						12,506						18,838
Company’s share of Net Operating Income						$	492,913					$	497,785					$	990,593					$	982,450

BPLP

						Three months ended June 30,												Six months ended June 30,
						2024						2023						2024						2023
						(in thousands)
Net income attributable to Boston Properties Limited Partnership						$	90,827					$	118,098					$	181,907					$	206,928
Add:
Noncontrolling interests in property partnerships						17,825						19,768						35,046						38,428
Interest expense						149,642						142,473						311,533						276,680
Impairment loss						—						—						13,615						—
Net operating income from unconsolidated joint ventures						31,587						42,254						67,017						83,010
Depreciation and amortization expense						217,839						200,895						434,858						407,767
Transaction costs						189						308						702						1,219
Payroll and related costs from management services contracts						4,148						4,609						8,441						9,844
General and administrative expense						44,109						44,175						94,127						99,977
Less:
Net operating income attributable to noncontrolling interests in property partnerships						47,391						47,958						93,961						95,055
Unrealized gain on non-real estate investment						58						124						454						383
Gains from investments in securities						315						1,571						2,587						3,236
Interest and other income (loss)						10,788						17,343						25,317						28,284
Income (loss) from unconsolidated joint ventures						(5,799)						(6,668)						13,387						(14,237)
Direct reimbursements of payroll and related costs from management services contracts						4,148						4,609						8,441						9,844
Development and management services revenue						6,352						9,858						12,506						18,838
Company’s share of Net Operating Income						$	492,913					$	497,785					$	990,593					$	982,450

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 June 30, 2024:

			Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC						Total
Rental Revenue: (1)
Premier Workplace			$	285,352					$	18,472					$	261,805					$	131,709					$	10,520					$	105,086					$	812,944
Residential			4,272						—						—						3,318						—						4,636						12,226
Hotel			14,812						—						—						—						—						—						14,812
Total			304,436						18,472						261,805						135,027						10,520						109,722						839,982
% of Grand Totals			36.25		%				2.20		%				31.17		%				16.07		%				1.25		%				13.06		%				100.00		%
Rental Expenses:
Premier Workplace			108,908						6,767						108,476						48,668						3,290						39,578						315,687
Residential			1,543						—						—						2,169						—						2,027						5,739
Hotel			9,839						—						—						—						—						—						9,839
Total			120,290						6,767						108,476						50,837						3,290						41,605						331,265
% of Grand Totals			36.31		%				2.04		%				32.75		%				15.35		%				0.99		%				12.56		%				100.00		%
Net operating income			$	184,146					$	11,705					$	153,329					$	84,190					$	7,230					$	68,117					$	508,717
% of Grand Totals			36.20		%				2.30		%				30.14		%				16.55		%				1.42		%				13.39		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(10,924)						—						(36,467)						—						—						—						(47,391)
Add: Company’s share of net operating income from unconsolidated joint ventures			8,691						7,035						3,158						4,411						1,938						6,354						31,587
Company’s share of net operating income			$	181,913					$	18,740					$	120,020					$	88,601					$	9,168					$	74,471					$	492,913
% of Grand Totals			36.91		%				3.80		%				24.35		%				17.97		%				1.86		%				15.11		%				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 June 30, 2023:

			Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC						Total
Rental Revenue: (1)
Premier Workplace			$	269,464					$	—					$	262,979					$	136,241					$	17,060					$	90,720					$	776,464
Residential			4,124						—						—						3,864						—						4,265						12,253
Hotel			13,969						—						—						—						—						—						13,969
Total			287,557						—						262,979						140,105						17,060						94,985						802,686
% of Grand Totals			35.83		%				—		%				32.76		%				17.45		%				2.13		%				11.83		%				100.00		%
Rental Expenses:
Premier Workplace			95,597						—						102,948						48,197						3,082						35,429						285,253
Residential			1,601						—						—						2,215						—						1,967						5,783
Hotel			8,161						—						—						—						—						—						8,161
Total			105,359						—						102,948						50,412						3,082						37,396						299,197
% of Grand Totals			35.21		%				—		%				34.41		%				16.85		%				1.03		%				12.50		%				100.00		%
Net operating income			$	182,198					$	—					$	160,031					$	89,693					$	13,978					$	57,589					$	503,489
% of Grand Totals			36.19		%				—		%				31.78		%				17.81		%				2.78		%				11.44		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(11,343)						—						(36,615)						—						—						—						(47,958)
Add: Company’s share of net operating income from unconsolidated joint ventures			8,771						12,768						3,363						3,332						1,878						12,142						42,254
Company’s share of net operating income			$	179,626					$	12,768					$	126,779					$	93,025					$	15,856					$	69,731					$	497,785
% of Grand Totals			36.08		%				2.56		%				25.47		%				18.69		%				3.19		%				14.01		%				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 six months ended June 30, 2024:

			Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC						Total
Rental Revenue: (1)
Premier Workplace			$	565,818					$	38,873					$	522,614					$	264,323					$	21,430					$	208,008					$	1,621,066
Residential			8,468						—						—						7,276						—						9,166						24,910
Hotel			22,998						—						—						—						—						—						22,998
Total			597,284						38,873						522,614						271,599						21,430						217,174						1,668,974
% of Grand Totals			35.80		%				2.33		%				31.31		%				16.27		%				1.28		%				13.01		%				100.00		%
Rental Expenses:
Premier Workplace			214,079						13,334						215,957						95,610						6,371						78,807						624,158
Residential			3,136						—						—						4,387						—						3,902						11,425
Hotel			15,854						—						—						—						—						—						15,854
Total			233,069						13,334						215,957						99,997						6,371						82,709						651,437
% of Grand Totals			35.77		%				2.05		%				33.15		%				15.35		%				0.98		%				12.70		%				100.00		%
Net operating income			$	364,215					$	25,539					$	306,657					$	171,602					$	15,059					$	134,465					$	1,017,537
% of Grand Totals			35.80		%				2.51		%				30.14		%				16.86		%				1.48		%				13.21		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(21,980)						—						(71,981)						—						—						—						(93,961)
Add: Company’s share of net operating income from unconsolidated joint ventures			17,448						14,283						9,142						9,565						3,814						12,765						67,017
Company’s share of net operating income			$	359,683					$	39,822					$	243,818					$	181,167					$	18,873					$	147,230					$	990,593
% of Grand Totals			36.31		%				4.02		%				24.61		%				18.29		%				1.91		%				14.86		%				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 six months ended June 30, 2023:

			Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC						Total
Rental Revenue: (1)
Premier Workplace			$	539,415					$	—					$	521,171					$	272,334					$	31,318					$	181,384					$	1,545,622
Residential			8,173						—						—						7,506						—						8,300						23,979
Hotel			22,070						—						—						—						—						—						22,070
Total			569,658						—						521,171						279,840						31,318						189,684						1,591,671
% of Grand Totals			35.79		%				—		%				32.74		%				17.58		%				1.97		%				11.92		%				100.00		%
Rental Expenses:
Premier Workplace			195,646						—						205,433						94,282						6,042						69,695						571,098
Residential			3,153						—						—						4,388						—						3,705						11,246
Hotel			14,832						—						—						—						—						—						14,832
Total			213,631						—						205,433						98,670						6,042						73,400						597,176
% of Grand Totals			35.78		%				—		%				34.40		%				16.52		%				1.01		%				12.29		%				100.00		%
Net operating income			$	356,027					$	—					$	315,738					$	181,170					$	25,276					$	116,284					$	994,495
% of Grand Totals			35.80		%				—		%				31.75		%				18.22		%				2.54		%				11.69		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(22,160)						—						(72,895)						—						—						—						(95,055)
Add: Company’s share of net operating income from unconsolidated joint ventures			17,348						25,993						7,013						6,796						3,724						22,136						83,010
Company’s share of net operating income			$	351,215					$	25,993					$	249,856					$	187,966					$	29,000					$	138,420					$	982,450
% of Grand Totals			35.75		%				2.65		%				25.43		%				19.13		%				2.95		%				14.09		%				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.

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

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-Name Accounting Standards Codification
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-Paragraph 30
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