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Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule Of Reconciliation Of Net Operating Income To Net Income | BXP
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
|  | (in thousands)
Net income (loss) attributable to BXP, Inc. |  | $ | 83,628 |  |  | $ | (111,826) |  |  | $ | 243,126 |  |  | $ | 70,290 |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Noncontrolling interest—common units of the Operating Partnership |  | 9,587 |  |  | (12,626) |  |  | 28,596 |  |  | 8,642 |  |  |
Noncontrolling interests in property partnerships |  | 15,237 |  |  | 20,909 |  |  | 50,283 |  |  | 59,337 |  |  |
Interest expense |  | 163,194 |  |  | 147,812 |  |  | 474,727 |  |  | 424,492 |  |  |
Impairment loss |  | — |  |  | — |  |  | 13,615 |  |  | — |  |  |
Net operating income from unconsolidated joint ventures |  | 31,919 |  |  | 39,165 |  |  | 98,936 |  |  | 122,175 |  |  |
Depreciation and amortization expense |  | 222,890 |  |  | 207,435 |  |  | 661,148 |  |  | 618,746 |  |  |
Transaction costs |  | 188 |  |  | 751 |  |  | 890 |  |  | 1,970 |  |  |
Payroll and related costs from management services contracts |  | 3,649 |  |  | 3,906 |  |  | 12,090 |  |  | 13,750 |  |  |
General and administrative expense |  | 33,352 |  |  | 31,410 |  |  | 127,479 |  |  | 131,387 |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Net operating income attributable to noncontrolling interests in property partnerships |  | 44,487 |  |  | 50,047 |  |  | 138,448 |  |  | 145,102 |  |  |
Unrealized gain (loss) on non-real estate investment |  | 94 |  |  | (51) |  |  | 548 |  |  | 332 |  |  |
Gains (losses) from investments in securities |  | 2,198 |  |  | (925) |  |  | 4,785 |  |  | 2,311 |  |  |
Interest and other income (loss) |  | 14,430 |  |  | 20,715 |  |  | 39,747 |  |  | 48,999 |  |  |
Gains on sales of real estate |  | 517 |  |  | 517 |  |  | 517 |  |  | 517 |  |  |
Income (loss) from unconsolidated joint ventures |  | (7,011) |  |  | (247,556) |  |  | 6,376 |  |  | (261,793) |  |  |
Direct reimbursements of payroll and related costs from management services contracts |  | 3,649 |  |  | 3,906 |  |  | 12,090 |  |  | 13,750 |  |  |
Development and management services revenue |  | 6,770 |  |  | 9,284 |  |  | 19,276 |  |  | 28,122 |  |  |
Company’s share of Net Operating Income |  | $ | 498,510 |  |  | $ | 490,999 |  |  | $ | 1,489,103 |  |  | $ | 1,473,449 |  |  |
BPLP
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
|  | (in thousands)
Net income (loss) attributable to Boston Properties Limited Partnership |  | $ | 94,919 |  |  | $ | (122,696) |  |  | $ | 276,826 |  |  | $ | 84,232 |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 15,237 |  |  | 20,909 |  |  | 50,283 |  |  | 59,337 |  |  |
Interest expense |  | 163,194 |  |  | 147,812 |  |  | 474,727 |  |  | 424,492 |  |  |
Impairment loss |  | — |  |  | — |  |  | 13,615 |  |  | — |  |  |
Net operating income from unconsolidated joint ventures |  | 31,919 |  |  | 39,165 |  |  | 98,936 |  |  | 122,175 |  |  |
Depreciation and amortization expense |  | 221,186 |  |  | 205,679 |  |  | 656,044 |  |  | 613,446 |  |  |
Transaction costs |  | 188 |  |  | 751 |  |  | 890 |  |  | 1,970 |  |  |
Payroll and related costs from management services contracts |  | 3,649 |  |  | 3,906 |  |  | 12,090 |  |  | 13,750 |  |  |
General and administrative expense |  | 33,352 |  |  | 31,410 |  |  | 127,479 |  |  | 131,387 |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Net operating income attributable to noncontrolling interests in property partnerships |  | 44,487 |  |  | 50,047 |  |  | 138,448 |  |  | 145,102 |  |  |
Unrealized gain (loss) on non-real estate investment |  | 94 |  |  | (51) |  |  | 548 |  |  | 332 |  |  |
Gains (losses) from investments in securities |  | 2,198 |  |  | (925) |  |  | 4,785 |  |  | 2,311 |  |  |
Interest and other income (loss) |  | 14,430 |  |  | 20,715 |  |  | 39,747 |  |  | 48,999 |  |  |
Gains on sales of real estate |  | 517 |  |  | 517 |  |  | 517 |  |  | 517 |  |  |
Income (loss) from unconsolidated joint ventures |  | (7,011) |  |  | (247,556) |  |  | 6,376 |  |  | (261,793) |  |  |
Direct reimbursements of payroll and related costs from management services contracts |  | 3,649 |  |  | 3,906 |  |  | 12,090 |  |  | 13,750 |  |  |
Development and management services revenue |  | 6,770 |  |  | 9,284 |  |  | 19,276 |  |  | 28,122 |  |  |
Company’s share of Net Operating Income |  | $ | 498,510 |  |  | $ | 490,999 |  |  | $ | 1,489,103 |  |  | $ | 1,473,449 |  |  |
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 September 30, 2024:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Seattle |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Office | $ | 300,613 |  |  | $ | 18,661 |  |  | $ | 258,295 |  |  | $ | 128,929 |  |  | $ | 10,821 |  |  | $ | 104,290 |  |  | $ | 821,609 |
Residential | 4,219 |  |  | — |  |  | — |  |  | 3,152 |  |  | — |  |  | 4,746 |  |  | 12,117 |
Hotel | 15,082 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,082 |
Total | 319,914 |  |  | 18,661 |  |  | 258,295 |  |  | 132,081 |  |  | 10,821 |  |  | 109,036 |  |  | 848,808 |
% of Grand Totals | 37.69 | % |  | 2.20 | % |  | 30.43 | % |  | 15.56 | % |  | 1.27 | % |  | 12.85 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Office | 107,876 |  |  | 7,344 |  |  | 111,419 |  |  | 52,410 |  |  | 3,382 |  |  | 39,478 |  |  | 321,909 |
Residential | 1,621 |  |  | — |  |  | — |  |  | 2,346 |  |  | — |  |  | 2,021 |  |  | 5,988 |
Hotel | 9,833 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,833 |
Total | 119,330 |  |  | 7,344 |  |  | 111,419 |  |  | 54,756 |  |  | 3,382 |  |  | 41,499 |  |  | 337,730 |
% of Grand Totals | 35.34 | % |  | 2.17 | % |  | 32.99 | % |  | 16.21 | % |  | 1.00 | % |  | 12.29 | % |  | 100.00 | %
Net operating income | $ | 200,584 |  |  | $ | 11,317 |  |  | $ | 146,876 |  |  | $ | 77,325 |  |  | $ | 7,439 |  |  | $ | 67,537 |  |  | $ | 511,078 |
% of Grand Totals | 39.25 | % |  | 2.21 | % |  | 28.74 | % |  | 15.13 | % |  | 1.46 | % |  | 13.21 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (10,823) |  |  | — |  |  | (33,664) |  |  | — |  |  | — |  |  | — |  |  | (44,487) |
Add: Company’s share of net operating income from unconsolidated joint ventures | 9,099 |  |  | 6,835 |  |  | 3,472 |  |  | 4,285 |  |  | 1,899 |  |  | 6,329 |  |  | 31,919 |
Company’s share of net operating income | $ | 198,860 |  |  | $ | 18,152 |  |  | $ | 116,684 |  |  | $ | 81,610 |  |  | $ | 9,338 |  |  | $ | 73,866 |  |  | $ | 498,510 |
% of Grand Totals | 39.89 | % |  | 3.64 | % |  | 23.41 | % |  | 16.37 | % |  | 1.87 | % |  | 14.82 | % |  | 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 September 30, 2023:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Seattle |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Office | $ | 276,153 |  |  | $ | — |  |  | $ | 268,680 |  |  | $ | 135,839 |  |  | $ | 13,660 |  |  | $ | 91,488 |  |  | $ | 785,820 |
Residential | 4,198 |  |  | — |  |  | — |  |  | 3,214 |  |  | — |  |  | 4,377 |  |  | 11,789 |
Hotel | 13,484 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,484 |
Total | 293,835 |  |  | — |  |  | 268,680 |  |  | 139,053 |  |  | 13,660 |  |  | 95,865 |  |  | 811,093 |
% of Grand Totals | 36.23 | % |  | — | % |  | 33.13 | % |  | 17.14 | % |  | 1.68 | % |  | 11.82 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Office | 97,358 |  |  | — |  |  | 107,462 |  |  | 50,450 |  |  | 2,971 |  |  | 36,213 |  |  | 294,454 |
Residential | 1,629 |  |  | — |  |  | — |  |  | 2,221 |  |  | — |  |  | 1,888 |  |  | 5,738 |
Hotel | 9,020 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,020 |
Total | 108,007 |  |  | — |  |  | 107,462 |  |  | 52,671 |  |  | 2,971 |  |  | 38,101 |  |  | 309,212 |
% of Grand Totals | 34.94 | % |  | — | % |  | 34.75 | % |  | 17.03 | % |  | 0.96 | % |  | 12.32 | % |  | 100.00 | %
Net operating income | $ | 185,828 |  |  | $ | — |  |  | $ | 161,218 |  |  | $ | 86,382 |  |  | $ | 10,689 |  |  | $ | 57,764 |  |  | $ | 501,881 |
% of Grand Totals | 37.03 | % |  | — | % |  | 32.12 | % |  | 17.21 | % |  | 2.13 | % |  | 11.51 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (11,786) |  |  | — |  |  | (38,261) |  |  | — |  |  | — |  |  | — |  |  | (50,047) |
Add: Company’s share of net operating income from unconsolidated joint ventures | 7,946 |  |  | 12,508 |  |  | 3,938 |  |  | 4,023 |  |  | 1,874 |  |  | 8,876 |  |  | 39,165 |
Company’s share of net operating income | $ | 181,988 |  |  | $ | 12,508 |  |  | $ | 126,895 |  |  | $ | 90,405 |  |  | $ | 12,563 |  |  | $ | 66,640 |  |  | $ | 490,999 |
% of Grand Totals | 37.07 | % |  | 2.55 | % |  | 25.84 | % |  | 18.41 | % |  | 2.56 | % |  | 13.57 | % |  | 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 nine months ended September 30, 2024:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Seattle |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Office | $ | 866,431 |  |  | $ | 57,534 |  |  | $ | 780,909 |  |  | $ | 393,252 |  |  | $ | 32,251 |  |  | $ | 312,298 |  |  | $ | 2,442,675 |
Residential | 12,687 |  |  | — |  |  | — |  |  | 10,428 |  |  | — |  |  | 13,912 |  |  | 37,027 |
Hotel | 38,080 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38,080 |
Total | 917,198 |  |  | 57,534 |  |  | 780,909 |  |  | 403,680 |  |  | 32,251 |  |  | 326,210 |  |  | 2,517,782 |
% of Grand Totals | 36.42 | % |  | 2.29 | % |  | 31.02 | % |  | 16.03 | % |  | 1.28 | % |  | 12.96 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Office | 321,955 |  |  | 20,678 |  |  | 327,376 |  |  | 148,020 |  |  | 9,753 |  |  | 118,285 |  |  | 946,067 |
Residential | 4,757 |  |  | — |  |  | — |  |  | 6,733 |  |  | — |  |  | 5,923 |  |  | 17,413 |
Hotel | 25,687 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,687 |
Total | 352,399 |  |  | 20,678 |  |  | 327,376 |  |  | 154,753 |  |  | 9,753 |  |  | 124,208 |  |  | 989,167 |
% of Grand Totals | 35.62 | % |  | 2.09 | % |  | 33.10 | % |  | 15.64 | % |  | 0.99 | % |  | 12.56 | % |  | 100.00 | %
Net operating income | $ | 564,799 |  |  | $ | 36,856 |  |  | $ | 453,533 |  |  | $ | 248,927 |  |  | $ | 22,498 |  |  | $ | 202,002 |  |  | $ | 1,528,615 |
% of Grand Totals | 36.96 | % |  | 2.41 | % |  | 29.67 | % |  | 16.28 | % |  | 1.47 | % |  | 13.21 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (32,803) |  |  | — |  |  | (105,645) |  |  | — |  |  | — |  |  | — |  |  | (138,448) |
Add: Company’s share of net operating income from unconsolidated joint ventures | 26,547 |  |  | 21,118 |  |  | 12,614 |  |  | 13,850 |  |  | 5,713 |  |  | 19,094 |  |  | 98,936 |
Company’s share of net operating income | $ | 558,543 |  |  | $ | 57,974 |  |  | $ | 360,502 |  |  | $ | 262,777 |  |  | $ | 28,211 |  |  | $ | 221,096 |  |  | $ | 1,489,103 |
% of Grand Totals | 37.51 | % |  | 3.89 | % |  | 24.21 | % |  | 17.65 | % |  | 1.89 | % |  | 14.85 | % |  | 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 nine months ended September 30, 2023:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Seattle |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Office | $ | 815,568 |  |  | $ | — |  |  | $ | 789,851 |  |  | $ | 408,173 |  |  | $ | 44,978 |  |  | $ | 272,872 |  |  | $ | 2,331,442 |
Residential | 12,371 |  |  | — |  |  | — |  |  | 10,720 |  |  | — |  |  | 12,677 |  |  | 35,768 |
Hotel | 35,554 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35,554 |
Total | 863,493 |  |  | — |  |  | 789,851 |  |  | 418,893 |  |  | 44,978 |  |  | 285,549 |  |  | 2,402,764 |
% of Grand Totals | 35.95 | % |  | — | % |  | 32.87 | % |  | 17.43 | % |  | 1.87 | % |  | 11.88 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Office | 293,004 |  |  | — |  |  | 312,895 |  |  | 144,732 |  |  | 9,013 |  |  | 105,908 |  |  | 865,552 |
Residential | 4,782 |  |  | — |  |  | — |  |  | 6,609 |  |  | — |  |  | 5,593 |  |  | 16,984 |
Hotel | 23,852 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,852 |
Total | 321,638 |  |  | — |  |  | 312,895 |  |  | 151,341 |  |  | 9,013 |  |  | 111,501 |  |  | 906,388 |
% of Grand Totals | 35.49 | % |  | — | % |  | 34.52 | % |  | 16.70 | % |  | 0.99 | % |  | 12.30 | % |  | 100.00 | %
Net operating income | $ | 541,855 |  |  | $ | — |  |  | $ | 476,956 |  |  | $ | 267,552 |  |  | $ | 35,965 |  |  | $ | 174,048 |  |  | $ | 1,496,376 |
% of Grand Totals | 36.22 | % |  | — | % |  | 31.87 | % |  | 17.88 | % |  | 2.40 | % |  | 11.63 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (33,946) |  |  | — |  |  | (111,156) |  |  | — |  |  | — |  |  | — |  |  | (145,102) |
Add: Company’s share of net operating income from unconsolidated joint ventures | 25,294 |  |  | 38,501 |  |  | 10,951 |  |  | 10,819 |  |  | 5,598 |  |  | 31,012 |  |  | 122,175 |
Company’s share of net operating income | $ | 533,203 |  |  | $ | 38,501 |  |  | $ | 376,751 |  |  | $ | 278,371 |  |  | $ | 41,563 |  |  | $ | 205,060 |  |  | $ | 1,473,449 |
% of Grand Totals | 36.19 | % |  | 2.61 | % |  | 25.57 | % |  | 18.89 | % |  | 2.82 | % |  | 13.92 | % |  | 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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