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Real Estate | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Real Estate | 3. Real Estate BXP Real estate consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Land |  | $ | 5,309,234 |  |  | $ | 5,318,724 |
Right of use assets - finance leases |  | 372,747 |  |  | 372,922 |
Right of use assets - operating leases |  | 321,063 |  |  | 334,767 |
Land held for future development (1) |  | 562,909 |  |  | 714,050 |
Buildings and improvements |  | 17,312,118 |  |  | 17,149,702 |
Tenant improvements |  | 4,042,562 |  |  | 3,866,371 |
Furniture, fixtures and equipment |  | 60,353 |  |  | 57,136 |
Construction in progress |  | 1,322,608 |  |  | 764,640 |
Total |  | 29,303,594 |  |  | 28,578,312 |
Less: Accumulated depreciation |  | (8,008,908) |  |  | (7,528,057) |
|  | $ | 21,294,686 |  |  | $ | 21,050,255 |
_______________ (1)Includes pre-development costs. BPLP Real estate consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Land |  | $ | 5,215,723 |  |  | $ | 5,224,015 |
Right of use assets - finance leases |  | 372,747 |  |  | 372,922 |
Right of use assets - operating leases |  | 321,063 |  |  | 334,767 |
Land held for future development (1) |  | 562,909 |  |  | 714,050 |
Buildings and improvements |  | 17,044,157 |  |  | 16,878,146 |
Tenant improvements |  | 4,042,562 |  |  | 3,866,371 |
Furniture, fixtures and equipment |  | 60,353 |  |  | 57,136 |
Construction in progress |  | 1,322,608 |  |  | 764,640 |
Total |  | 28,942,122 |  |  | 28,212,047 |
Less: Accumulated depreciation |  | (7,875,405) |  |  | (7,397,882) |
|  | $ | 21,066,717 |  |  | $ | 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 July 1, 2025, the property was completed and fully placed in-service. On July 17, 2025, the Company completed and fully placed in-service Reston Next Office Phase II, an approximately 87,000 net rentable square foot property comprised of office and retail space located in Reston, Virginia. On July 31, 2025, the Company elected to commence vertical construction of 343 Madison Avenue (See Note 9). 343 Madison is an approximately 46-story, 930,000 rentable square feet office development located in New York City, New York with direct access to Grand Central Station. 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 began 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). BXP and BPLP recognized gains upon sale of the real estate of approximately $18.4 million and $18.5 million, respectively, during the nine months ended September 30, 2025, within Gains on Sales 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 $0.3 million of net loss to the Company for the period from January 1, 2025 through June 26, 2025, and contributed approximately $(0.1) million and $0.2 million of net income (loss) to the Company for the three and nine months ended September 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 building has been demolished. Impairments During the three months ended September 30, 2025, in conjunction with the Company’s strategy to sell non-core assets, the Company evaluated its properties that were under negotiation for sale with third-parties (See Note 2). BXP BXP recognized impairment losses of approximately $68.9 million during the three and nine months ended September 30, 2025. The impairment losses consisted of the following (in thousands):
Property |  | Location |  | Property Type |  | Amount
Plaza at Almaden (1) |  | San Jose, CA |  | Land |  | $ | 25,515 |
1330 Connecticut Avenue |  | Washington, DC |  | Office |  | 20,358 |
Shady Grove – Parcel 3 |  | Rockville, MD |  | Land |  | 13,913 |
North First Business Park |  | San Jose, CA |  | Office |  | 9,115 |
|  |  |  |  |  | $ | 68,901 |
_______________ (1)See Note 14. BPLP BPLP recognized impairment losses of approximately $66.0 million during the three and nine months ended September 30, 2025. The impairment losses consisted of the following (in thousands):
Property |  | Location |  | Property Type |  | Amount
Plaza at Almaden (1) |  | San Jose, CA |  | Land |  | $ | 25,515 |
1330 Connecticut Avenue |  | Washington, DC |  | Office |  | 17,460 |
Shady Grove – Parcel 3 |  | Rockville, MD |  | Land |  | 13,913 |
North First Business Park |  | San Jose, CA |  | Office |  | 9,100 |
|  |  |  |  |  | $ | 65,988 |
_______________ (1)See Note 14.

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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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