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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.

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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-Name Accounting Standards Codification
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-Publisher FASB
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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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
-Publisher FASB
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