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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,797,430 and $7,054,075 at December 31, 2024 and December 31, 2023, respectively) $ 27,870,623 $ 26,749,209
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2024 and December 31, 2023, respectively) 372,922 401,680
Right of use assets - operating leases (amounts related to VIEs of $140,558 and $158,885 at December 31, 2024 and December 31, 2023, respectively) [1] 334,767 324,298
Less: accumulated depreciation (amounts related to VIEs of $(1,628,274) and $(1,501,483) at December 31, 2024 and December 31, 2023, respectively) (7,528,057) (6,881,728)
Total real estate 21,050,255 20,593,459
Cash and cash equivalents (amounts related to VIEs of $373,737 and $245,317 at December 31, 2024 and December 31, 2023, respectively) 1,254,882 1,531,477
Cash held in escrows (amounts related to VIEs of $4,979 and $22,160 at December 31, 2024 and December 31, 2023, respectively) 80,314 81,090
Investments in securities 39,706 36,337
Tenant and other receivables, net (amounts related to VIEs of $20,435 and $27,987 at December 31, 2024 and December 31, 2023, respectively) 107,453 122,407
Note receivable, net 4,947 1,714
Sales-type lease receivable, net 14,657 13,704
Accrued rental income, net (amounts related to VIEs of $435,110 and $401,159 at December 31, 2024 and December 31, 2023, respectively) 1,466,220 1,355,212
Deferred charges, net (amounts related to VIEs of $211,726 and $175,383 at December 31, 2024 and December 31, 2023, respectively) 813,345 760,421
Prepaid expenses and other assets (amounts related to VIEs of $15,036 and $11,824 at December 31, 2024 and December 31, 2023, respectively) 70,839 64,230
Investments in unconsolidated joint ventures 1,093,583 1,377,319
Total assets 26,084,980 26,026,149
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,282,027 and $3,277,185 at December 31, 2024 and December 31, 2023, respectively) 4,276,609 4,166,379
Unsecured senior notes, net 10,645,077 10,491,617
Unsecured line of credit 0 0
Unsecured term loans, net 798,813 1,198,301
Unsecured commercial paper 500,000 0
Lease liabilities - finance leases (amounts related to VIEs of $20,931 and $20,794 at December 31, 2024 and December 31, 2023, respectively) 370,885 417,961
Lease liabilities - operating leases (amounts related to VIEs of $157,691 and $145,826 at December 31, 2024 and December 31, 2023, respectively) 392,686 350,391
Accounts payable and accrued expenses (amounts related to VIEs of $115,808 and $59,667 at December 31, 2024 and December 31, 2023, respectively) 401,874 458,329
Dividends and distributions payable 172,486 171,176
Accrued interest payable 128,098 133,684
Other liabilities (amounts related to VIEs of $126,202 and $115,275 at December 31, 2024 and December 31, 2023, respectively) 450,796 445,947
Total liabilities 18,137,324 17,833,785
Redeemable deferred stock units— 128,227 and 119,471 units outstanding at redemption value at December 31, 2024 and December 31, 2023, respectively $ 9,535 $ 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, 158,253,895 and 157,019,766 issued and 158,174,995 and 156,940,866 outstanding at December 31, 2024 and December 31, 2023, respectively 1,582 1,569
Additional paid-in capital 6,836,093 6,715,149
Dividends in excess of earnings $ (1,419,575) $ (816,152)
Treasury common stock at cost, shares 78,900 78,900
Treasury common stock at cost, 78,900 shares at December 31, 2024 and December 31, 2023 $ (2,722) $ (2,722)
Accumulated other comprehensive loss (2,072) (21,147)
Total stockholders' equity attributable to BXP, Inc. 5,413,306 5,876,697
Noncontrolling interests:    
Common units of the Operating Partnership 591,270 666,580
Property partnerships 1,933,545 1,640,704
Total equity / capital 7,938,121 8,183,981
Total liabilities and equity / capital 26,084,980 26,026,149
Related Party    
ASSETS    
Related party notes receivable, net 88,779 88,779
Liabilities:    
Accounts payable and accrued expenses (amounts related to VIEs of $115,808 and $59,667 at December 31, 2024 and December 31, 2023, respectively) 700 800
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,797,430 and $7,054,075 at December 31, 2024 and December 31, 2023, respectively) 7,797,430 7,054,075
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2024 and December 31, 2023, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $140,558 and $158,885 at December 31, 2024 and December 31, 2023, respectively) 140,558 158,885
Less: accumulated depreciation (amounts related to VIEs of $(1,628,274) and $(1,501,483) at December 31, 2024 and December 31, 2023, respectively) (1,628,274) (1,501,483)
Cash and cash equivalents (amounts related to VIEs of $373,737 and $245,317 at December 31, 2024 and December 31, 2023, respectively) 373,737 245,317
Cash held in escrows (amounts related to VIEs of $4,979 and $22,160 at December 31, 2024 and December 31, 2023, respectively) 4,979 22,160
Tenant and other receivables, net (amounts related to VIEs of $20,435 and $27,987 at December 31, 2024 and December 31, 2023, respectively) 20,435 27,987
Accrued rental income, net (amounts related to VIEs of $435,110 and $401,159 at December 31, 2024 and December 31, 2023, respectively) 435,110 401,159
Deferred charges, net (amounts related to VIEs of $211,726 and $175,383 at December 31, 2024 and December 31, 2023, respectively) 211,726 175,383
Prepaid expenses and other assets (amounts related to VIEs of $15,036 and $11,824 at December 31, 2024 and December 31, 2023, respectively) 15,036 11,824
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,282,027 and $3,277,185 at December 31, 2024 and December 31, 2023, respectively) 3,282,027 3,277,185
Lease liabilities - finance leases (amounts related to VIEs of $20,931 and $20,794 at December 31, 2024 and December 31, 2023, respectively) 20,931 20,794
Lease liabilities - operating leases (amounts related to VIEs of $157,691 and $145,826 at December 31, 2024 and December 31, 2023, respectively) 157,691 145,826
Accounts payable and accrued expenses (amounts related to VIEs of $115,808 and $59,667 at December 31, 2024 and December 31, 2023, respectively) 115,808 59,667
Other liabilities (amounts related to VIEs of $126,202 and $115,275 at December 31, 2024 and December 31, 2023, respectively) 126,202 115,275
Boston Properties Limited Partnership    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,797,430 and $7,054,075 at December 31, 2024 and December 31, 2023, respectively) 27,504,358 26,382,944
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2024 and December 31, 2023, respectively) 372,922 401,680
Right of use assets - operating leases (amounts related to VIEs of $140,558 and $158,885 at December 31, 2024 and December 31, 2023, respectively) [1] 334,767 324,298
Less: accumulated depreciation (amounts related to VIEs of $(1,628,274) and $(1,501,483) at December 31, 2024 and December 31, 2023, respectively) (7,397,882) (6,758,361)
Total real estate 20,814,165 20,350,561
Cash and cash equivalents (amounts related to VIEs of $373,737 and $245,317 at December 31, 2024 and December 31, 2023, respectively) 1,254,882 1,531,477
Cash held in escrows (amounts related to VIEs of $4,979 and $22,160 at December 31, 2024 and December 31, 2023, respectively) 80,314 81,090
Investments in securities 39,706 36,337
Tenant and other receivables, net (amounts related to VIEs of $20,435 and $27,987 at December 31, 2024 and December 31, 2023, respectively) 107,453 122,407
Note receivable, net 4,947 1,714
Sales-type lease receivable, net 14,657 13,704
Accrued rental income, net (amounts related to VIEs of $435,110 and $401,159 at December 31, 2024 and December 31, 2023, respectively) 1,466,220 1,355,212
Deferred charges, net (amounts related to VIEs of $211,726 and $175,383 at December 31, 2024 and December 31, 2023, respectively) 813,345 760,421
Prepaid expenses and other assets (amounts related to VIEs of $15,036 and $11,824 at December 31, 2024 and December 31, 2023, respectively) 70,839 64,230
Investments in unconsolidated joint ventures 1,093,583 1,377,319
Total assets 25,848,890 25,783,251
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,282,027 and $3,277,185 at December 31, 2024 and December 31, 2023, respectively) 4,276,609 4,166,379
Unsecured senior notes, net 10,645,077 10,491,617
Unsecured line of credit 0 0
Unsecured term loans, net 798,813 1,198,301
Unsecured commercial paper 500,000 0
Lease liabilities - finance leases (amounts related to VIEs of $20,931 and $20,794 at December 31, 2024 and December 31, 2023, respectively) 370,885 417,961
Lease liabilities - operating leases (amounts related to VIEs of $157,691 and $145,826 at December 31, 2024 and December 31, 2023, respectively) 392,686 350,391
Accounts payable and accrued expenses (amounts related to VIEs of $115,808 and $59,667 at December 31, 2024 and December 31, 2023, respectively) 401,874 458,329
Dividends and distributions payable 172,486 171,176
Accrued interest payable 128,098 133,684
Other liabilities (amounts related to VIEs of $126,202 and $115,275 at December 31, 2024 and December 31, 2023, respectively) 450,796 445,947
Total liabilities 18,137,324 17,833,785
Redeemable deferred stock units— 128,227 and 119,471 units outstanding at redemption value at December 31, 2024 and December 31, 2023, respectively 9,535 8,383
Noncontrolling interest:    
Redeemable partnership units— 15,730,882 and 16,508,277 common units and 2,335,229 and 2,065,861 long term incentive units outstanding at redemption value at December 31, 2024 and December 31, 2023, respectively 1,378,573 1,347,575
Equity / Capital:    
Boston Properties Limited Partnership partners’ capital— 1,762,411 and 1,755,150 general partner units and 156,412,584 and 155,185,716 limited partner units outstanding at December 31, 2024 and December 31, 2023, respectively 4,391,985 4,973,951
Accumulated other comprehensive loss (2,072) (21,147)
Total partners’ capital 4,389,913 4,952,804
Noncontrolling interests in property partnerships 1,933,545 1,640,704
Noncontrolling interests:    
Total equity / capital 6,323,458 6,593,508
Total liabilities and equity / capital 25,848,890 25,783,251
Boston Properties Limited Partnership | Related Party    
ASSETS    
Related party notes receivable, net 88,779 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 $7,797,430 and $7,054,075 at December 31, 2024 and December 31, 2023, respectively) 7,797,430 7,054,075
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2024 and December 31, 2023, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $140,558 and $158,885 at December 31, 2024 and December 31, 2023, respectively) 140,558 158,885
Less: accumulated depreciation (amounts related to VIEs of $(1,628,274) and $(1,501,483) at December 31, 2024 and December 31, 2023, respectively) (1,628,274) (1,501,483)
Cash and cash equivalents (amounts related to VIEs of $373,737 and $245,317 at December 31, 2024 and December 31, 2023, respectively) 373,737 245,317
Cash held in escrows (amounts related to VIEs of $4,979 and $22,160 at December 31, 2024 and December 31, 2023, respectively) 4,979 22,160
Tenant and other receivables, net (amounts related to VIEs of $20,435 and $27,987 at December 31, 2024 and December 31, 2023, respectively) 20,435 27,987
Accrued rental income, net (amounts related to VIEs of $435,110 and $401,159 at December 31, 2024 and December 31, 2023, respectively) 435,110 401,159
Deferred charges, net (amounts related to VIEs of $211,726 and $175,383 at December 31, 2024 and December 31, 2023, respectively) 211,726 175,383
Prepaid expenses and other assets (amounts related to VIEs of $15,036 and $11,824 at December 31, 2024 and December 31, 2023, respectively) 15,036 11,824
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,282,027 and $3,277,185 at December 31, 2024 and December 31, 2023, respectively) 3,282,027 3,277,185
Lease liabilities - finance leases (amounts related to VIEs of $20,931 and $20,794 at December 31, 2024 and December 31, 2023, respectively) 20,931 20,794
Lease liabilities - operating leases (amounts related to VIEs of $157,691 and $145,826 at December 31, 2024 and December 31, 2023, respectively) 157,691 145,826
Accounts payable and accrued expenses (amounts related to VIEs of $115,808 and $59,667 at December 31, 2024 and December 31, 2023, respectively) 115,808 59,667
Other liabilities (amounts related to VIEs of $126,202 and $115,275 at December 31, 2024 and December 31, 2023, respectively) $ 126,202 $ 115,275
[1] See Note 4.