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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
11. Segment Information
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Makers (“CODM”). The CODM decides how resources should be allocated and assesses performance on a recurring basis, at least quarterly. The Company’s CODMs are its Chief Executive Officer and President. The CODMs review operating performance and financial reports by geographic area and property type. In addition, given the size of the Company’s joint venture portfolio, the CODMs utilize the Company’s share of net operating income (“NOI”), which includes the Company’s share of NOI from consolidated and unconsolidated joint ventures, as its profit or loss measure in assessing each segment’s performance and deciding how to allocate resources.
The Company’s share of NOI is used by the CODMs to evaluate the profitability and performance of each geographic area on a consistent and comparable basis, supporting decisions on capital resource allocation, including in connection with development, redevelopment, acquisition and disposition activities in each segment. Additionally, the Company believes its share of NOI is useful as a profit or loss measure and believes it provides useful information regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership.
Asset information by segment is not reported because the Company and the CODMs are not provided with the segment asset information and therefore do not use this measure to assess performance or allocate resources. Asset values for the Company’s properties are reported in the Consolidated Balance Sheets at historical cost, which may not reflect current market values. Therefore, depreciation and amortization expense is not allocated among
segments. The following are not included in the Company’s share of NOI as they are not necessarily linked to the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level: development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, interest and other income (loss), gains (losses) from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, impairment loss, loss from early extinguishment of debt, interest expense and net income attributable to noncontrolling interests. The Company’s share of NOI presented may not be comparable to what is reported by other REITs or real estate companies that define NOI differently.
The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. The Company also presents information for each segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel. The Company shows the different property types as the revenue from each type is derived from non-comparable lease structures.
The following tables present reconciliations of Company’s share of NOI to Net Income Attributable to BXP, Inc. and Net Income Attributable to Boston Properties Limited Partnership for the three months ended March 31, 2025 and 2024.
BXP
 Three months ended March 31,
20252024
(in thousands)
Company’s share of NOI$494,778 $497,680 
Add:
Development and management services revenue9,775 6,154 
Direct reimbursements of payroll and related costs from management services contracts
4,499 4,293 
Income (loss) from unconsolidated joint ventures(2,139)19,186 
Interest and other income (loss)7,750 14,529 
Gains (losses) from investments in securities(365)2,272 
Unrealized gain (loss) on non-real estate investments(483)396 
Net operating income attributable to noncontrolling interests in property partnerships
49,702 46,570 
Less:
General and administrative expense52,284 50,018 
Payroll and related costs from management services contracts
4,499 4,293 
Transaction costs768 513 
Depreciation and amortization expense220,107 218,716 
Loss on sales-type lease2,490 — 
Net operating income from unconsolidated joint ventures32,682 35,430 
Impairment loss— 13,615 
Loss from early extinguishment of debt338 — 
Interest expense163,444 161,891 
Net Income86,905 106,604 
Less:
Noncontrolling interests in property partnerships18,749 17,221 
Noncontrolling interest—common units of the Operating Partnership
6,979 9,500 
Net income attributable to BXP, Inc.$61,177 $79,883 
BPLP
 Three months ended March 31,
 20252024
(in thousands)
Company’s share of NOI$494,778 $497,680 
Add:
Development and management services revenue9,775 6,154 
Direct reimbursements of payroll and related costs from management services contracts
4,499 4,293 
Income (loss) from unconsolidated joint ventures(2,139)19,186 
Interest and other income (loss)7,750 14,529 
Gains (losses) from investments in securities(365)2,272 
Unrealized gain (loss) on non-real estate investments(483)396 
Net operating income attributable to noncontrolling interests in property partnerships
49,702 46,570 
Less:
General and administrative expense52,284 50,018 
Payroll and related costs from management services contracts
4,499 4,293 
Transaction costs768 513 
Depreciation and amortization expense218,404 217,019 
Loss on sales-type lease2,490 — 
Net operating income from unconsolidated joint ventures32,682 35,430 
Impairment loss— 13,615 
Loss from early extinguishment of debt338 — 
Interest expense163,444 161,891 
Net Income88,608 108,301 
Less:
Noncontrolling interests in property partnerships18,749 17,221 
Net income attributable to Boston Properties Limited Partnership$69,859 $91,080 
The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three months ended March 31, 2025 and 2024.
 Three months ended March 31,
20252024
(in thousands)
Revenue$865,215 $839,439 
Less:
Development and management services9,775 6,154 
Direct reimbursements of payroll and related costs from management services contracts4,499 4,293 
Total rental revenue$850,941 $828,992 
The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three months ended March 31, 2025 and 2024 (dollars in thousands).
For the three months ended March 31, 2025:
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal
Rental Revenue:
Office$305,289 $17,165 $263,425 $125,808 $11,991 $105,318 $828,996 
Residential4,129 — — 3,503 — 4,716 12,348 
Hotel9,597 — — — — — 9,597 
Total319,015 17,165 263,425 129,311 11,991 110,034 850,941 
% of Grand Totals37.48 %2.02 %30.96 %15.20 %1.41 %12.93 %100.00 %
Rental Expenses:
Office116,885 6,496 109,961 48,552 2,996 40,791 325,681 
Residential1,808 — — 2,140 — 1,949 5,897 
Hotel7,565 — — — — — 7,565 
Total126,258 6,496 109,961 50,692 2,996 42,740 339,143 
% of Grand Totals37.23 %1.92 %32.42 %14.95 %0.88 %12.60 %100.00 %
Net operating income$192,757 $10,669 $153,464 $78,619 $8,995 $67,294 $511,798 
% of Grand Totals37.66 %2.08 %29.99 %15.36 %1.76 %13.15 %100.00 %
Less: Net operating income attributable to noncontrolling interests in property partnerships(15,301)— (34,401)— — — (49,702)
Add: Company’s share of net operating income from unconsolidated joint ventures8,451 7,352 3,513 4,581 2,257 6,528 32,682 
Company’s share of net operating income$185,907 $18,021 $122,576 $83,200 $11,252 $73,822 $494,778 
% of Grand Totals37.58 %3.64 %24.77 %16.82 %2.27 %14.92 %100.00 %
For the three months ended March 31, 2024:
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal
Rental Revenue:
Office$280,466 $20,401 $260,809 $132,614 $10,910 $102,922 $808,122 
Residential4,196 — — 3,958 — 4,530 12,684 
Hotel8,186 — — — — — 8,186 
Total292,848 20,401 260,809 136,572 10,910 107,452 828,992 
% of Grand Totals35.33 %2.46 %31.46 %16.47 %1.32 %12.96 %100.00 %
Rental Expenses:
Office105,171 6,567 107,481 46,942 3,081 39,229 308,471 
Residential1,593 — — 2,218 — 1,875 5,686 
Hotel6,015 — — — — — 6,015 
Total112,779 6,567 107,481 49,160 3,081 41,104 320,172 
% of Grand Totals35.23 %2.05 %33.57 %15.35 %0.96 %12.84 %100.00 %
Net operating income$180,069 $13,834 $153,328 $87,412 $7,829 $66,348 $508,820 
% of Grand Totals35.39 %2.72 %30.13 %17.18 %1.54 %13.04 %100.00 %
Less: Net operating income attributable to noncontrolling interests in property partnerships(11,056)— (35,514)— — — (46,570)
Add: Company’s share of net operating income from unconsolidated joint ventures8,757 7,248 5,984 5,154 1,876 6,411 35,430 
Company’s share of net operating income$177,770 $21,082 $123,798 $92,566 $9,705 $72,759 $497,680 
% of Grand Totals35.71 %4.24 %24.88 %18.60 %1.95 %14.62 %100.00 %