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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,958,987 and $7,797,430 at September 30, 2025 and December 31, 2024, respectively) $ 28,609,784 $ 27,870,623
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2025 and December 31, 2024, respectively) 372,747 372,922
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at September 30, 2025 and December 31, 2024, respectively) 321,063 334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,721,829) and $(1,628,274) at September 30, 2025 and December 31, 2024, respectively) (8,008,908) (7,528,057)
Total real estate 21,294,686 21,050,255
Cash and cash equivalents (amounts related to VIEs of $191,606 and $373,737 at September 30, 2025 and December 31, 2024, respectively) 861,066 1,254,882
Cash held in escrows (amounts related to VIEs of $5,003 and $4,979 at September 30, 2025 and December 31, 2024, respectively) 77,663 80,314
Investments in securities 43,604 39,706
Tenant and other receivables, net (amounts related to VIEs of $42,233 and $20,435 at September 30, 2025 and December 31, 2024, respectively) 136,743 107,453
Sales-type lease receivable, net 15,430 14,657
Accrued rental income, net (amounts related to VIEs of $465,408 and $435,110 at September 30, 2025 and December 31, 2024, respectively) 1,532,403 1,466,220
Deferred charges, net (amounts related to VIEs of $206,016 and $211,726 at September 30, 2025 and December 31, 2024, respectively) 802,785 813,345
Prepaid expenses and other assets (amounts related to VIEs of $51,682 and $15,036 at September 30, 2025 and December 31, 2024, respectively) 137,561 70,839
Investments in unconsolidated joint ventures 999,764 1,093,583
Total assets 25,999,482 26,084,980
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,285,659 and $3,282,027 at September 30, 2025 and December 31, 2024, respectively) 4,279,482 4,276,609
Unsecured senior notes, net 9,803,336 10,645,077
Unsecured exchangeable senior notes, net 975,080 0
Unsecured line of credit 0 0
Unsecured term loans, net 796,798 798,813
Unsecured commercial paper 750,000 500,000
Lease liabilities - finance leases (amounts related to VIEs of $21,042 and $20,931 at September 30, 2025 and December 31, 2024, respectively) 363,207 370,885
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at September 30, 2025 and December 31, 2024, respectively) 379,792 392,686
Accounts payable and accrued expenses (amounts related to VIEs of $111,058 and $115,808 at September 30, 2025 and December 31, 2024, respectively) 484,798 401,874
Dividends and distributions payable 123,259 172,486
Accrued interest payable 120,128 128,098
Other liabilities (amounts related to VIEs of $91,767 and $126,202 at September 30, 2025 and December 31, 2024, respectively) 406,820 450,796
Total liabilities 18,482,700 18,137,324
Redeemable deferred stock units— 107,696 and 128,227 units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively $ 8,006 $ 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, 158,479,314 and 158,253,895 issued and 158,400,414 and 158,174,995 outstanding at September 30, 2025 and December 31, 2024, respectively 1,584 1,582
Additional paid-in capital 6,827,889 6,836,093
Dividends in excess of earnings $ (1,812,361) $ (1,419,575)
Treasury common stock at cost, shares 78,900 78,900
Treasury common stock at cost, 78,900 shares at September 30, 2025 and December 31, 2024 $ (2,722) $ (2,722)
Accumulated other comprehensive loss (14,831) (2,072)
Total stockholders' equity attributable to BXP, Inc. 4,999,559 5,413,306
Noncontrolling interests:    
Common units of the Operating Partnership 554,440 591,270
Property partnerships 1,954,777 1,933,545
Total equity / capital 7,508,776 7,938,121
Total liabilities and equity / capital 25,999,482 26,084,980
Nonrelated Party    
ASSETS    
Note Receivable, after Allowance for Credit Loss 8,898 4,947
Related Party    
ASSETS    
Note Receivable, after Allowance for Credit Loss 88,879 88,779
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,958,987 and $7,797,430 at September 30, 2025 and December 31, 2024, respectively) 7,958,987 7,797,430
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2025 and December 31, 2024, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at September 30, 2025 and December 31, 2024, respectively) 0 140,558
Less: accumulated depreciation (amounts related to VIEs of $(1,721,829) and $(1,628,274) at September 30, 2025 and December 31, 2024, respectively) (1,721,829) (1,628,274)
Cash and cash equivalents (amounts related to VIEs of $191,606 and $373,737 at September 30, 2025 and December 31, 2024, respectively) 191,606 373,737
Cash held in escrows (amounts related to VIEs of $5,003 and $4,979 at September 30, 2025 and December 31, 2024, respectively) 5,003 4,979
Tenant and other receivables, net (amounts related to VIEs of $42,233 and $20,435 at September 30, 2025 and December 31, 2024, respectively) 42,233 20,435
Accrued rental income, net (amounts related to VIEs of $465,408 and $435,110 at September 30, 2025 and December 31, 2024, respectively) 465,408 435,110
Deferred charges, net (amounts related to VIEs of $206,016 and $211,726 at September 30, 2025 and December 31, 2024, respectively) 206,016 211,726
Prepaid expenses and other assets (amounts related to VIEs of $51,682 and $15,036 at September 30, 2025 and December 31, 2024, respectively) 51,682 15,036
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,285,659 and $3,282,027 at September 30, 2025 and December 31, 2024, respectively) 3,285,659 3,282,027
Lease liabilities - finance leases (amounts related to VIEs of $21,042 and $20,931 at September 30, 2025 and December 31, 2024, respectively) 21,042 20,931
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at September 30, 2025 and December 31, 2024, respectively) 0 157,691
Accounts payable and accrued expenses (amounts related to VIEs of $111,058 and $115,808 at September 30, 2025 and December 31, 2024, respectively) 111,058 115,808
Other liabilities (amounts related to VIEs of $91,767 and $126,202 at September 30, 2025 and December 31, 2024, respectively) 91,767 126,202
Boston Properties Limited Partnership    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,958,987 and $7,797,430 at September 30, 2025 and December 31, 2024, respectively) 28,248,312 27,504,358
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2025 and December 31, 2024, respectively) 372,747 372,922
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at September 30, 2025 and December 31, 2024, respectively) 321,063 334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,721,829) and $(1,628,274) at September 30, 2025 and December 31, 2024, respectively) (7,875,405) (7,397,882)
Total real estate 21,066,717 20,814,165
Cash and cash equivalents (amounts related to VIEs of $191,606 and $373,737 at September 30, 2025 and December 31, 2024, respectively) 861,066 1,254,882
Cash held in escrows (amounts related to VIEs of $5,003 and $4,979 at September 30, 2025 and December 31, 2024, respectively) 77,663 80,314
Investments in securities 43,604 39,706
Tenant and other receivables, net (amounts related to VIEs of $42,233 and $20,435 at September 30, 2025 and December 31, 2024, respectively) 136,743 107,453
Sales-type lease receivable, net 15,430 14,657
Accrued rental income, net (amounts related to VIEs of $465,408 and $435,110 at September 30, 2025 and December 31, 2024, respectively) 1,532,403 1,466,220
Deferred charges, net (amounts related to VIEs of $206,016 and $211,726 at September 30, 2025 and December 31, 2024, respectively) 802,785 813,345
Prepaid expenses and other assets (amounts related to VIEs of $51,682 and $15,036 at September 30, 2025 and December 31, 2024, respectively) 137,561 70,839
Investments in unconsolidated joint ventures 999,764 1,093,583
Total assets 25,771,513 25,848,890
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,285,659 and $3,282,027 at September 30, 2025 and December 31, 2024, respectively) 4,279,482 4,276,609
Unsecured senior notes, net 9,803,336 10,645,077
Unsecured exchangeable senior notes, net 975,080 0
Unsecured line of credit 0 0
Unsecured term loans, net 796,798 798,813
Unsecured commercial paper 750,000 500,000
Lease liabilities - finance leases (amounts related to VIEs of $21,042 and $20,931 at September 30, 2025 and December 31, 2024, respectively) 363,207 370,885
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at September 30, 2025 and December 31, 2024, respectively) 379,792 392,686
Accounts payable and accrued expenses (amounts related to VIEs of $111,058 and $115,808 at September 30, 2025 and December 31, 2024, respectively) 484,798 401,874
Dividends and distributions payable 123,259 172,486
Accrued interest payable 120,128 128,098
Other liabilities (amounts related to VIEs of $91,767 and $126,202 at September 30, 2025 and December 31, 2024, respectively) 406,820 450,796
Total liabilities 18,482,700 18,137,324
Redeemable deferred stock units— 107,696 and 128,227 units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively 8,006 9,535
Noncontrolling interest:    
Redeemable partnership units— 15,696,776 and 15,730,882 common units and 2,702,590 and 2,335,229 long term incentive units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively 1,400,260 1,378,573
Equity / Capital:    
Boston Properties Limited Partnership partners’ capital— 1,767,998 and 1,762,411 general partner units and 156,632,416 and 156,412,584 limited partner units outstanding at September 30, 2025 and December 31, 2024, respectively 3,940,601 4,391,985
Accumulated other comprehensive loss (14,831) (2,072)
Total partners’ capital 3,925,770 4,389,913
Noncontrolling interests in property partnerships 1,954,777 1,933,545
Noncontrolling interests:    
Total equity / capital 5,880,547 6,323,458
Total liabilities and equity / capital 25,771,513 25,848,890
Boston Properties Limited Partnership | Nonrelated Party    
ASSETS    
Note Receivable, after Allowance for Credit Loss 8,898 4,947
Boston Properties Limited Partnership | Related Party    
ASSETS    
Note Receivable, after Allowance for Credit Loss 88,879 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 $7,958,987 and $7,797,430 at September 30, 2025 and December 31, 2024, respectively) 7,958,987 7,797,430
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2025 and December 31, 2024, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at September 30, 2025 and December 31, 2024, respectively) 0 140,558
Less: accumulated depreciation (amounts related to VIEs of $(1,721,829) and $(1,628,274) at September 30, 2025 and December 31, 2024, respectively) (1,721,829) (1,628,274)
Cash and cash equivalents (amounts related to VIEs of $191,606 and $373,737 at September 30, 2025 and December 31, 2024, respectively) 191,606 373,737
Cash held in escrows (amounts related to VIEs of $5,003 and $4,979 at September 30, 2025 and December 31, 2024, respectively) 5,003 4,979
Tenant and other receivables, net (amounts related to VIEs of $42,233 and $20,435 at September 30, 2025 and December 31, 2024, respectively) 42,233 20,435
Accrued rental income, net (amounts related to VIEs of $465,408 and $435,110 at September 30, 2025 and December 31, 2024, respectively) 465,408 435,110
Deferred charges, net (amounts related to VIEs of $206,016 and $211,726 at September 30, 2025 and December 31, 2024, respectively) 206,016 211,726
Prepaid expenses and other assets (amounts related to VIEs of $51,682 and $15,036 at September 30, 2025 and December 31, 2024, respectively) 51,682 15,036
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,285,659 and $3,282,027 at September 30, 2025 and December 31, 2024, respectively) 3,285,659 3,282,027
Lease liabilities - finance leases (amounts related to VIEs of $21,042 and $20,931 at September 30, 2025 and December 31, 2024, respectively) 21,042 20,931
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at September 30, 2025 and December 31, 2024, respectively) 0 157,691
Accounts payable and accrued expenses (amounts related to VIEs of $111,058 and $115,808 at September 30, 2025 and December 31, 2024, respectively) 111,058 115,808
Other liabilities (amounts related to VIEs of $91,767 and $126,202 at September 30, 2025 and December 31, 2024, respectively) $ 91,767 $ 126,202