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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,646,435 and $7,054,075 at September 30, 2024 and December 31, 2023, respectively) $ 27,557,824 $ 26,749,209
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2024 and December 31, 2023, respectively) 372,896 401,680
Right of use assets - operating leases (amounts related to VIEs of $145,052 and $158,885 at September 30, 2024 and December 31, 2023, respectively) [1] 339,804 324,298
Less: accumulated depreciation (amounts related to VIEs of $(1,601,919) and $(1,501,483) at September 30, 2024 and December 31, 2023, respectively) (7,369,545) (6,881,728)
Total real estate 20,900,979 20,593,459
Cash and cash equivalents (amounts related to VIEs of $322,604 and $245,317 at September 30, 2024 and December 31, 2023, respectively) 1,420,475 1,531,477
Cash held in escrows (amounts related to VIEs of $5,032 and $22,160 at September 30, 2024 and December 31, 2023, respectively) 51,009 81,090
Investments in securities 39,186 36,337
Tenant and other receivables, net (amounts related to VIEs of $19,216 and $27,987 at September 30, 2024 and December 31, 2023, respectively) 99,706 122,407
Note receivable, net 3,937 1,714
Sales-type lease receivable, net 14,429 13,704
Accrued rental income, net (amounts related to VIEs of $425,867 and $401,159 at September 30, 2024 and December 31, 2023, respectively) 1,438,492 1,355,212
Deferred charges, net (amounts related to VIEs of $201,947 and $175,383 at September 30, 2024 and December 31, 2023, respectively) 794,571 760,421
Prepaid expenses and other assets (amounts related to VIEs of $50,275 and $11,824 at September 30, 2024 and December 31, 2023, respectively) 132,078 64,230
Investments in unconsolidated joint ventures 1,421,886 1,377,319
Total assets 26,405,536 26,026,149
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,280,817 and $3,277,185 at September 30, 2024 and December 31, 2023, respectively) 4,275,155 4,166,379
Unsecured senior notes, net 10,642,033 10,491,617
Unsecured line of credit 0 0
Unsecured term loans, net 798,058 1,198,301
Unsecured commercial paper 500,000 0
Lease liabilities - finance leases (amounts related to VIEs of $20,897 and $20,794 at September 30, 2024 and December 31, 2023, respectively) 373,260 417,961
Lease liabilities - operating leases (amounts related to VIEs of $154,637 and $145,826 at September 30, 2024 and December 31, 2023, respectively) 389,444 350,391
Accounts payable and accrued expenses (amounts related to VIEs of $120,092 and $59,667 at September 30, 2024 and December 31, 2023, respectively) 444,288 458,329
Dividends and distributions payable 172,191 171,176
Accrued interest payable 121,360 133,684
Other liabilities (amounts related to VIEs of $89,876 and $115,275 at September 30, 2024 and December 31, 2023, respectively) 407,441 445,947
Total liabilities 18,123,230 17,833,785
Redeemable deferred stock units— 132,930 and 119,471 units outstanding at redemption value at September 30, 2024 and December 31, 2023, respectively $ 10,696 $ 8,383
Excess stock, shares outstanding 0 0
Excess stock, shares issued 0 0
Preferred stock / units, shares / units issued (in shares / units) 0 0
Preferred stock / units, shares / units outstanding (in shares / units) 0 0
Equity / Capital:    
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding $ 0 $ 0
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding 0 0
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,058,798 and 157,019,766 issued and 157,979,898 and 156,940,866 outstanding at September 30, 2024 and December 31, 2023, respectively 1,580 1,569
Additional paid-in capital 6,822,489 6,715,149
Dividends in excess of earnings $ (1,035,710) $ (816,152)
Treasury common stock at cost, shares 78,900 78,900
Treasury common stock at cost, 78,900 shares at September 30, 2024 and December 31, 2023 $ (2,722) $ (2,722)
Accumulated other comprehensive loss (26,428) (21,147)
Total stockholders' equity attributable to Boston Properties, Inc. 5,759,209 5,876,697
Noncontrolling interests:    
Common units of the Operating Partnership 638,129 666,580
Property partnerships 1,874,272 1,640,704
Total equity / capital 8,271,610 8,183,981
Total liabilities and equity / capital 26,405,536 26,026,149
Related Party    
ASSETS    
Related party notes receivable, net 88,788 88,779
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,646,435 and $7,054,075 at September 30, 2024 and December 31, 2023, respectively) 7,646,435 7,054,075
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2024 and December 31, 2023, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $145,052 and $158,885 at September 30, 2024 and December 31, 2023, respectively) 145,052 158,885
Less: accumulated depreciation (amounts related to VIEs of $(1,601,919) and $(1,501,483) at September 30, 2024 and December 31, 2023, respectively) (1,601,919) (1,501,483)
Cash and cash equivalents (amounts related to VIEs of $322,604 and $245,317 at September 30, 2024 and December 31, 2023, respectively) 322,604 245,317
Cash held in escrows (amounts related to VIEs of $5,032 and $22,160 at September 30, 2024 and December 31, 2023, respectively) 5,032 22,160
Tenant and other receivables, net (amounts related to VIEs of $19,216 and $27,987 at September 30, 2024 and December 31, 2023, respectively) 19,216 27,987
Accrued rental income, net (amounts related to VIEs of $425,867 and $401,159 at September 30, 2024 and December 31, 2023, respectively) 425,867 401,159
Deferred charges, net (amounts related to VIEs of $201,947 and $175,383 at September 30, 2024 and December 31, 2023, respectively) 201,947 175,383
Prepaid expenses and other assets (amounts related to VIEs of $50,275 and $11,824 at September 30, 2024 and December 31, 2023, respectively) 50,275 11,824
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,280,817 and $3,277,185 at September 30, 2024 and December 31, 2023, respectively) 3,280,817 3,277,185
Lease liabilities - finance leases (amounts related to VIEs of $20,897 and $20,794 at September 30, 2024 and December 31, 2023, respectively) 20,897 20,794
Lease liabilities - operating leases (amounts related to VIEs of $154,637 and $145,826 at September 30, 2024 and December 31, 2023, respectively) 154,637 145,826
Accounts payable and accrued expenses (amounts related to VIEs of $120,092 and $59,667 at September 30, 2024 and December 31, 2023, respectively) 120,092 59,667
Other liabilities (amounts related to VIEs of $89,876 and $115,275 at September 30, 2024 and December 31, 2023, respectively) 89,876 115,275
Boston Properties Limited Partnership    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,646,435 and $7,054,075 at September 30, 2024 and December 31, 2023, respectively) 27,191,559 26,382,944
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2024 and December 31, 2023, respectively) 372,896 401,680
Right of use assets - operating leases (amounts related to VIEs of $145,052 and $158,885 at September 30, 2024 and December 31, 2023, respectively) [1] 339,804 324,298
Less: accumulated depreciation (amounts related to VIEs of $(1,601,919) and $(1,501,483) at September 30, 2024 and December 31, 2023, respectively) (7,241,074) (6,758,361)
Total real estate 20,663,185 20,350,561
Cash and cash equivalents (amounts related to VIEs of $322,604 and $245,317 at September 30, 2024 and December 31, 2023, respectively) 1,420,475 1,531,477
Cash held in escrows (amounts related to VIEs of $5,032 and $22,160 at September 30, 2024 and December 31, 2023, respectively) 51,009 81,090
Investments in securities 39,186 36,337
Tenant and other receivables, net (amounts related to VIEs of $19,216 and $27,987 at September 30, 2024 and December 31, 2023, respectively) 99,706 122,407
Note receivable, net 3,937 1,714
Sales-type lease receivable, net 14,429 13,704
Accrued rental income, net (amounts related to VIEs of $425,867 and $401,159 at September 30, 2024 and December 31, 2023, respectively) 1,438,492 1,355,212
Deferred charges, net (amounts related to VIEs of $201,947 and $175,383 at September 30, 2024 and December 31, 2023, respectively) 794,571 760,421
Prepaid expenses and other assets (amounts related to VIEs of $50,275 and $11,824 at September 30, 2024 and December 31, 2023, respectively) 132,078 64,230
Investments in unconsolidated joint ventures 1,421,886 1,377,319
Total assets 26,167,742 25,783,251
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,280,817 and $3,277,185 at September 30, 2024 and December 31, 2023, respectively) 4,275,155 4,166,379
Unsecured senior notes, net 10,642,033 10,491,617
Unsecured line of credit 0 0
Unsecured term loans, net 798,058 1,198,301
Unsecured commercial paper 500,000 0
Lease liabilities - finance leases (amounts related to VIEs of $20,897 and $20,794 at September 30, 2024 and December 31, 2023, respectively) 373,260 417,961
Lease liabilities - operating leases (amounts related to VIEs of $154,637 and $145,826 at September 30, 2024 and December 31, 2023, respectively) 389,444 350,391
Accounts payable and accrued expenses (amounts related to VIEs of $120,092 and $59,667 at September 30, 2024 and December 31, 2023, respectively) 444,288 458,329
Dividends and distributions payable 172,191 171,176
Accrued interest payable 121,360 133,684
Other liabilities (amounts related to VIEs of $89,876 and $115,275 at September 30, 2024 and December 31, 2023, respectively) 407,441 445,947
Total liabilities 18,123,230 17,833,785
Redeemable deferred stock units— 132,930 and 119,471 units outstanding at redemption value at September 30, 2024 and December 31, 2023, respectively 10,696 8,383
Noncontrolling interest:    
Redeemable partnership units— 15,926,014 and 16,508,277 common units and 2,336,797 and 2,065,861 long term incentive units outstanding at redemption value at September 30, 2024 and December 31, 2023, respectively 1,500,501 1,347,575
Equity / Capital:    
Boston Properties Limited Partnership partners’ capital— 1,762,427 and 1,755,150 general partner units and 156,217,471 and 155,185,716 limited partner units outstanding at September 30, 2024 and December 31, 2023, respectively 4,685,471 4,973,951
Accumulated other comprehensive loss (26,428) (21,147)
Total partners’ capital 4,659,043 4,952,804
Noncontrolling interests in property partnerships 1,874,272 1,640,704
Noncontrolling interests:    
Total equity / capital 6,533,315 6,593,508
Total liabilities and equity / capital 26,167,742 25,783,251
Boston Properties Limited Partnership | Related Party    
ASSETS    
Related party notes receivable, net 88,788 88,779
Boston Properties Limited Partnership | Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,646,435 and $7,054,075 at September 30, 2024 and December 31, 2023, respectively) 7,646,435 7,054,075
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2024 and December 31, 2023, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $145,052 and $158,885 at September 30, 2024 and December 31, 2023, respectively) 145,052 158,885
Less: accumulated depreciation (amounts related to VIEs of $(1,601,919) and $(1,501,483) at September 30, 2024 and December 31, 2023, respectively) (1,601,919) (1,501,483)
Cash and cash equivalents (amounts related to VIEs of $322,604 and $245,317 at September 30, 2024 and December 31, 2023, respectively) 322,604 245,317
Cash held in escrows (amounts related to VIEs of $5,032 and $22,160 at September 30, 2024 and December 31, 2023, respectively) 5,032 22,160
Tenant and other receivables, net (amounts related to VIEs of $19,216 and $27,987 at September 30, 2024 and December 31, 2023, respectively) 19,216 27,987
Accrued rental income, net (amounts related to VIEs of $425,867 and $401,159 at September 30, 2024 and December 31, 2023, respectively) 425,867 401,159
Deferred charges, net (amounts related to VIEs of $201,947 and $175,383 at September 30, 2024 and December 31, 2023, respectively) 201,947 175,383
Prepaid expenses and other assets (amounts related to VIEs of $50,275 and $11,824 at September 30, 2024 and December 31, 2023, respectively) 50,275 11,824
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,280,817 and $3,277,185 at September 30, 2024 and December 31, 2023, respectively) 3,280,817 3,277,185
Lease liabilities - finance leases (amounts related to VIEs of $20,897 and $20,794 at September 30, 2024 and December 31, 2023, respectively) 20,897 20,794
Lease liabilities - operating leases (amounts related to VIEs of $154,637 and $145,826 at September 30, 2024 and December 31, 2023, respectively) 154,637 145,826
Accounts payable and accrued expenses (amounts related to VIEs of $120,092 and $59,667 at September 30, 2024 and December 31, 2023, respectively) 120,092 59,667
Other liabilities (amounts related to VIEs of $89,876 and $115,275 at September 30, 2024 and December 31, 2023, respectively) $ 89,876 $ 115,275
[1] See Note 4.