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Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2024
Real Estate Properties [Line Items] |
Schedule of Real Estate Properties | BXP Real estate consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
|  | September 30, 2024 |  | December 31, 2023
Land |  | $ | 5,318,724 |  |  | $ | 5,251,224 |
Right of use assets - finance leases (1) |  | 372,896 |  |  | 401,680 |
Right of use assets - operating leases (1) |  | 339,804 |  |  | 324,298 |
Land held for future development (2) |  | 690,774 |  |  | 697,061 |
Buildings and improvements |  | 16,898,821 |  |  | 16,607,756 |
Tenant improvements |  | 3,782,391 |  |  | 3,592,172 |
Furniture, fixtures and equipment |  | 54,992 |  |  | 53,716 |
Construction in progress |  | 812,122 |  |  | 547,280 |
Total |  | 28,270,524 |  |  | 27,475,187 |
Less: Accumulated depreciation |  | (7,369,545) |  |  | (6,881,728) |
|  | $ | 20,900,979 |  |  | $ | 20,593,459 |
_______________ (1)See Note 4. (2)Includes pre-development costs.
901 New York Avenue |
Real Estate Properties [Line Items] |
Asset Acquisition | The following table summarizes the allocation of the fair value of the net assets the Company received at the date of acquisition for 901 New York Avenue (in thousands):
Land and site improvements | $ | 65,808 |
Building and improvements | 56,882 |
Tenant improvements | 16,088 |
In-place lease intangibles | 72,621 |
Above-market lease intangibles | 2,757 |
Below-market lease intangibles | (2,515) |
Mortgage note payable adjustment | 8,374 |
Net assets acquired | $ | 220,015 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles, and the acquired above- and below-market lease intangibles for 901 New York Avenue from January 8, 2024 through the remainder of 2024 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 January 8, 2024 through December 31, 2024 |  | $ | 10,364 |  |  | $ | 607 |  |  | $ | 252 |
2025 |  | 9,030 |  |  | 454 |  |  | 257 |
2026 |  | 6,494 |  |  | 238 |  |  | 257 |
2027 |  | 6,265 |  |  | 201 |  |  | 257 |
2028 |  | 6,069 |  |  | 186 |  |  | 257 |
2029 |  | 6,076 |  |  | 186 |  |  | 251 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table summarizes the weighted-average useful life of the acquired in-place lease intangibles and the acquired above- and below-market lease intangibles for 901 New York Avenue as of the acquisition date (in years):
|  | Acquired In-Place Lease Intangibles |  | Acquired Above-Market Lease Intangibles |  | Acquired Below-Market Lease Intangibles
Weighted-average useful life |  | 6.7 |  | 4.0 |  | 9.8
Boston Properties Limited Partnership |
Real Estate Properties [Line Items] |
Schedule of Real Estate Properties | BPLP Real estate consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
|  | September 30, 2024 |  | December 31, 2023
Land |  | $ | 5,224,015 |  |  | $ | 5,156,515 |
Right of use assets - finance leases (1) |  | 372,896 |  |  | 401,680 |
Right of use assets - operating leases (1) |  | 339,804 |  |  | 324,298 |
Land held for future development (2) |  | 690,774 |  |  | 697,061 |
Buildings and improvements |  | 16,627,265 |  |  | 16,336,200 |
Tenant improvements |  | 3,782,391 |  |  | 3,592,172 |
Furniture, fixtures and equipment |  | 54,992 |  |  | 53,716 |
Construction in progress |  | 812,122 |  |  | 547,280 |
Total |  | 27,904,259 |  |  | 27,108,922 |
Less: Accumulated depreciation |  | (7,241,074) |  |  | (6,758,361) |
|  | $ | 20,663,185 |  |  | $ | 20,350,561 |
_______________ (1)See Note 4. (2)Includes pre-development costs.

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