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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,920,052 and $7,797,430 at March 31, 2025 and December 31, 2024, respectively) $ 28,115,423 $ 27,870,623
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2025 and December 31, 2024, respectively) 372,845 372,922
Right of use assets - operating leases (amounts related to VIEs of $136,123 and $140,558 at March 31, 2025 and December 31, 2024, respectively) 330,129 334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,660,324) and $(1,628,274) at March 31, 2025 and December 31, 2024, respectively) (7,699,234) (7,528,057)
Total real estate 21,119,163 21,050,255
Cash and cash equivalents (amounts related to VIEs of $238,137 and $373,737 at March 31, 2025 and December 31, 2024, respectively) 398,126 1,254,882
Cash held in escrows (amounts related to VIEs of $5,305 and $4,979 at March 31, 2025 and December 31, 2024, respectively) 81,081 80,314
Investments in securities 38,310 39,706
Tenant and other receivables, net (amounts related to VIEs of $29,067 and $20,435 at March 31, 2025 and December 31, 2024, respectively) 117,353 107,453
Note receivable, net 5,535 4,947
Sales-type lease receivable, net 14,958 14,657
Accrued rental income, net (amounts related to VIEs of $443,953 and $435,110 at March 31, 2025 and December 31, 2024, respectively) 1,490,522 1,466,220
Deferred charges, net (amounts related to VIEs of $209,654 and $211,726 at March 31, 2025 and December 31, 2024, respectively) 806,057 813,345
Prepaid expenses and other assets (amounts related to VIEs of $46,605 and $15,036 at March 31, 2025 and December 31, 2024, respectively) 138,868 70,839
Investments in unconsolidated joint ventures 1,137,732 1,093,583
Total assets 25,436,521 26,084,980
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,283,239 and $3,282,027 at March 31, 2025 and December 31, 2024, respectively) 4,277,710 4,276,609
Unsecured senior notes, net 9,797,824 10,645,077
Unsecured line of credit 300,000 0
Unsecured term loans, net 796,158 798,813
Unsecured commercial paper 500,000 500,000
Lease liabilities - finance leases (amounts related to VIEs of $20,965 and $20,931 at March 31, 2025 and December 31, 2024, respectively) 368,379 370,885
Lease liabilities - operating leases (amounts related to VIEs of $160,805 and $157,691 at March 31, 2025 and December 31, 2024, respectively) 395,638 392,686
Accounts payable and accrued expenses (amounts related to VIEs of $123,169 and $115,808 at March 31, 2025 and December 31, 2024, respectively) 398,760 401,874
Dividends and distributions payable 172,674 172,486
Accrued interest payable 120,432 128,098
Other liabilities (amounts related to VIEs of $108,335 and $126,202 at March 31, 2025 and December 31, 2024, respectively) 450,165 450,796
Total liabilities 17,577,740 18,137,324
Redeemable deferred stock units— 133,051 and 128,227 units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively $ 8,940 $ 9,535
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, 158,402,227 and 158,253,895 issued and 158,323,327 and 158,174,995 outstanding at March 31, 2025 and December 31, 2024, respectively 1,583 1,582
Additional paid-in capital 6,846,015 6,836,093
Dividends in excess of earnings $ (1,513,555) $ (1,419,575)
Treasury common stock at cost, shares 78,900 78,900
Treasury common stock at cost, 78,900 shares at March 31, 2025 and December 31, 2024 $ (2,722) $ (2,722)
Accumulated other comprehensive loss (11,379) (2,072)
Total stockholders' equity attributable to BXP, Inc. 5,319,942 5,413,306
Noncontrolling interests:    
Common units of the Operating Partnership 591,555 591,270
Property partnerships 1,938,344 1,933,545
Total equity / capital 7,849,841 7,938,121
Total liabilities and equity / capital 25,436,521 26,084,980
Related Party    
ASSETS    
Related party notes receivable, net 88,816 88,779
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,920,052 and $7,797,430 at March 31, 2025 and December 31, 2024, respectively) 7,920,052 7,797,430
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2025 and December 31, 2024, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $136,123 and $140,558 at March 31, 2025 and December 31, 2024, respectively) 136,123 140,558
Less: accumulated depreciation (amounts related to VIEs of $(1,660,324) and $(1,628,274) at March 31, 2025 and December 31, 2024, respectively) (1,660,324) (1,628,274)
Cash and cash equivalents (amounts related to VIEs of $238,137 and $373,737 at March 31, 2025 and December 31, 2024, respectively) 238,137 373,737
Cash held in escrows (amounts related to VIEs of $5,305 and $4,979 at March 31, 2025 and December 31, 2024, respectively) 5,305 4,979
Tenant and other receivables, net (amounts related to VIEs of $29,067 and $20,435 at March 31, 2025 and December 31, 2024, respectively) 29,067 20,435
Accrued rental income, net (amounts related to VIEs of $443,953 and $435,110 at March 31, 2025 and December 31, 2024, respectively) 443,953 435,110
Deferred charges, net (amounts related to VIEs of $209,654 and $211,726 at March 31, 2025 and December 31, 2024, respectively) 209,654 211,726
Prepaid expenses and other assets (amounts related to VIEs of $46,605 and $15,036 at March 31, 2025 and December 31, 2024, respectively) 46,605 15,036
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,283,239 and $3,282,027 at March 31, 2025 and December 31, 2024, respectively) 3,283,239 3,282,027
Lease liabilities - finance leases (amounts related to VIEs of $20,965 and $20,931 at March 31, 2025 and December 31, 2024, respectively) 20,965 20,931
Lease liabilities - operating leases (amounts related to VIEs of $160,805 and $157,691 at March 31, 2025 and December 31, 2024, respectively) 160,805 157,691
Accounts payable and accrued expenses (amounts related to VIEs of $123,169 and $115,808 at March 31, 2025 and December 31, 2024, respectively) 123,169 115,808
Other liabilities (amounts related to VIEs of $108,335 and $126,202 at March 31, 2025 and December 31, 2024, respectively) 108,335 126,202
Boston Properties Limited Partnership    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,920,052 and $7,797,430 at March 31, 2025 and December 31, 2024, respectively) 27,749,158 27,504,358
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2025 and December 31, 2024, respectively) 372,845 372,922
Right of use assets - operating leases (amounts related to VIEs of $136,123 and $140,558 at March 31, 2025 and December 31, 2024, respectively) 330,129 334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,660,324) and $(1,628,274) at March 31, 2025 and December 31, 2024, respectively) (7,567,356) (7,397,882)
Total real estate 20,884,776 20,814,165
Cash and cash equivalents (amounts related to VIEs of $238,137 and $373,737 at March 31, 2025 and December 31, 2024, respectively) 398,126 1,254,882
Cash held in escrows (amounts related to VIEs of $5,305 and $4,979 at March 31, 2025 and December 31, 2024, respectively) 81,081 80,314
Investments in securities 38,310 39,706
Tenant and other receivables, net (amounts related to VIEs of $29,067 and $20,435 at March 31, 2025 and December 31, 2024, respectively) 117,353 107,453
Note receivable, net 5,535 4,947
Sales-type lease receivable, net 14,958 14,657
Accrued rental income, net (amounts related to VIEs of $443,953 and $435,110 at March 31, 2025 and December 31, 2024, respectively) 1,490,522 1,466,220
Deferred charges, net (amounts related to VIEs of $209,654 and $211,726 at March 31, 2025 and December 31, 2024, respectively) 806,057 813,345
Prepaid expenses and other assets (amounts related to VIEs of $46,605 and $15,036 at March 31, 2025 and December 31, 2024, respectively) 138,868 70,839
Investments in unconsolidated joint ventures 1,137,732 1,093,583
Total assets 25,202,134 25,848,890
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,283,239 and $3,282,027 at March 31, 2025 and December 31, 2024, respectively) 4,277,710 4,276,609
Unsecured senior notes, net 9,797,824 10,645,077
Unsecured line of credit 300,000 0
Unsecured term loans, net 796,158 798,813
Unsecured commercial paper 500,000 500,000
Lease liabilities - finance leases (amounts related to VIEs of $20,965 and $20,931 at March 31, 2025 and December 31, 2024, respectively) 368,379 370,885
Lease liabilities - operating leases (amounts related to VIEs of $160,805 and $157,691 at March 31, 2025 and December 31, 2024, respectively) 395,638 392,686
Accounts payable and accrued expenses (amounts related to VIEs of $123,169 and $115,808 at March 31, 2025 and December 31, 2024, respectively) 398,760 401,874
Dividends and distributions payable 172,674 172,486
Accrued interest payable 120,432 128,098
Other liabilities (amounts related to VIEs of $108,335 and $126,202 at March 31, 2025 and December 31, 2024, respectively) 450,165 450,796
Total liabilities 17,577,740 18,137,324
Redeemable deferred stock units— 133,051 and 128,227 units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively 8,940 9,535
Noncontrolling interest:    
Redeemable partnership units— 15,624,856 and 15,730,882 common units and 2,794,004 and 2,335,229 long term incentive units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively 1,280,106 1,378,573
Equity / Capital:    
Boston Properties Limited Partnership partners’ capital— 1,767,422 and 1,762,411 general partner units and 156,555,905 and 156,412,584 limited partner units outstanding at March 31, 2025 and December 31, 2024, respectively 4,408,383 4,391,985
Accumulated other comprehensive loss (11,379) (2,072)
Total partners’ capital 4,397,004 4,389,913
Noncontrolling interests in property partnerships 1,938,344 1,933,545
Noncontrolling interests:    
Total equity / capital 6,335,348 6,323,458
Total liabilities and equity / capital 25,202,134 25,848,890
Boston Properties Limited Partnership | Related Party    
ASSETS    
Related party notes receivable, net 88,816 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 $7,920,052 and $7,797,430 at March 31, 2025 and December 31, 2024, respectively) 7,920,052 7,797,430
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2025 and December 31, 2024, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $136,123 and $140,558 at March 31, 2025 and December 31, 2024, respectively) 136,123 140,558
Less: accumulated depreciation (amounts related to VIEs of $(1,660,324) and $(1,628,274) at March 31, 2025 and December 31, 2024, respectively) (1,660,324) (1,628,274)
Cash and cash equivalents (amounts related to VIEs of $238,137 and $373,737 at March 31, 2025 and December 31, 2024, respectively) 238,137 373,737
Cash held in escrows (amounts related to VIEs of $5,305 and $4,979 at March 31, 2025 and December 31, 2024, respectively) 5,305 4,979
Tenant and other receivables, net (amounts related to VIEs of $29,067 and $20,435 at March 31, 2025 and December 31, 2024, respectively) 29,067 20,435
Accrued rental income, net (amounts related to VIEs of $443,953 and $435,110 at March 31, 2025 and December 31, 2024, respectively) 443,953 435,110
Deferred charges, net (amounts related to VIEs of $209,654 and $211,726 at March 31, 2025 and December 31, 2024, respectively) 209,654 211,726
Prepaid expenses and other assets (amounts related to VIEs of $46,605 and $15,036 at March 31, 2025 and December 31, 2024, respectively) 46,605 15,036
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,283,239 and $3,282,027 at March 31, 2025 and December 31, 2024, respectively) 3,283,239 3,282,027
Lease liabilities - finance leases (amounts related to VIEs of $20,965 and $20,931 at March 31, 2025 and December 31, 2024, respectively) 20,965 20,931
Lease liabilities - operating leases (amounts related to VIEs of $160,805 and $157,691 at March 31, 2025 and December 31, 2024, respectively) 160,805 157,691
Accounts payable and accrued expenses (amounts related to VIEs of $123,169 and $115,808 at March 31, 2025 and December 31, 2024, respectively) 123,169 115,808
Other liabilities (amounts related to VIEs of $108,335 and $126,202 at March 31, 2025 and December 31, 2024, respectively) $ 108,335 $ 126,202