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Real Estate | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Real Estate | 3. Real Estate BXP Real estate consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Land |  | $ | 5,319,076 |  |  | $ | 5,318,724 |
Right of use assets - finance leases |  | 372,839 |  |  | 372,922 |
Right of use assets - operating leases |  | 325,670 |  |  | 334,767 |
Land held for future development (1) |  | 748,198 |  |  | 714,050 |
Buildings and improvements |  | 17,244,256 |  |  | 17,149,702 |
Tenant improvements |  | 4,008,371 |  |  | 3,866,371 |
Furniture, fixtures and equipment |  | 60,486 |  |  | 57,136 |
Construction in progress |  | 1,047,687 |  |  | 764,640 |
Total |  | 29,126,583 |  |  | 28,578,312 |
Less: Accumulated depreciation |  | (7,863,743) |  |  | (7,528,057) |
|  | $ | 21,262,840 |  |  | $ | 21,050,255 |
_______________ (1)Includes pre-development costs. BPLP Real estate consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Land |  | $ | 5,224,406 |  |  | $ | 5,224,015 |
Right of use assets - finance leases |  | 372,839 |  |  | 372,922 |
Right of use assets - operating leases |  | 325,670 |  |  | 334,767 |
Land held for future development (1) |  | 748,198 |  |  | 714,050 |
Buildings and improvements |  | 16,972,818 |  |  | 16,878,146 |
Tenant improvements |  | 4,008,371 |  |  | 3,866,371 |
Furniture, fixtures and equipment |  | 60,486 |  |  | 57,136 |
Construction in progress |  | 1,047,687 |  |  | 764,640 |
Total |  | 28,760,475 |  |  | 28,212,047 |
Less: Accumulated depreciation |  | (7,730,220) |  |  | (7,397,882) |
|  | $ | 21,030,255 |  |  | $ | 20,814,165 |
_______________ (1)Includes pre-development costs. Development On January 16, 2025, the Company partially placed in-service Reston Next Retail, a retail project with approximately 30,000 net rentable square feet located in Reston, Virginia. On March 31, 2025, the Company commenced the redevelopment of 1050 Winter Street, an approximately 162,000 net rentable square foot office property located in Waltham, Massachusetts. On April 5, 2025, 1050 Winter Street was partially placed in-service (See Note 14). The project is fully pre-leased. Disposition On June 27, 2025, the Company entered into a joint venture with a third party to redevelop, own and operate 17 Hartwell Avenue in Lexington, Massachusetts. The Company sold the land at 17 Hartwell Avenue to the joint venture for approximately $21.8 million in cash. Upon formation of the joint venture, the Company ceased accounting for the property on a consolidated basis and is accounting for the joint venture on an unconsolidated basis using the equity method of accounting, as it does not have a controlling financial or operating interest in the joint venture (See Note 5). The Company recognized a gain upon sale of the real estate of approximately $18.4 million for BXP and $18.5 million for BPLP during the three and six months ended June 30, 2025, within Gain on Sale of Real Estate on the respective Consolidated Statement of Operations, as the fair value of the real estate exceeded its carrying value. 17 Hartwell Avenue contributed approximately $0.1 million and $0.3 million of net loss to the Company for the period from April 1, 2025 through June 26, 2025 and January 1, 2025 through June 26, 2025, respectively, and contributed approximately $23,000 and $0.3 million of net income to the Company for the three and six months ended June 30, 2024, respectively. 17 Hartwell Avenue was an approximately 30,000 net rentable square feet office property, that was taken out of service during the three months ended June 30, 2024, and was held for future redevelopment. The Company commenced demolition of the building during the three months ended June 30, 2025.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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