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Investments in Unconsolidated Joint Ventures | 12 Months Ended
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Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments In Unconsolidated Joint Ventures | 6. Investments in Unconsolidated Joint Ventures The investments in unconsolidated joint ventures consist of the following at December 31, 2025 and December 31, 2024:
|  |  |  |  |  | Carrying Value of Investment (1)
Entity |  | Properties |  | Nominal % Ownership |  | December 31, 2025 |  | December 31, 2024
|  |  |  |  |  | (in thousands)
Square 407 Limited Partnership |  | Market Square North |  | 50.00 | % | (2) | $ | — |  |  | $ | (11,924) |
WP Project Developer LLC |  | Wisconsin Place Land and Infrastructure |  | 33.33 | % | (3) | 29,085 |  |  | 29,775 |
500 North Capitol Venture LLC |  | 500 North Capitol Street, NW |  | 30.00 | % |  | (12,655) |  |  | (11,696) |
501 K Street LLC |  | 1001 6th Street |  | 50.00 | % |  | 45,724 |  |  | 45,903 |
Podium Venture LLC |  | The Hub on Causeway - Podium |  | 50.00 | % | (4) | 54,742 |  |  | 42,310 |
Residential Tower Developer LLC |  | Hub50House |  | 50.00 | % |  | 33,942 |  |  | 42,493 |
Hotel Tower Developer LLC |  | The Hub on Causeway - Hotel Air Rights |  | 50.00 | % |  | 12,021 |  |  | 14,271 |
Office Venture LLC |  | 100 Causeway Street |  | 50.00 | % | (4) | 48,924 |  |  | 55,810 |
1265 Main Office JV LLC |  | 1265 Main Street |  | 50.00 | % |  | 3,091 |  |  | 3,476 |
BNY Tower Holdings LLC |  | Dock 72 |  | 50.00 | % | (5) | 83,547 |  |  | (9,889) |
CA-Colorado Center, LLC |  | Colorado Center |  | 50.00 | % |  | 69,959 |  |  | 65,000 |
7750 Wisconsin Avenue LLC |  | 7750 Wisconsin Avenue |  | 50.00 | % |  | 47,144 |  |  | 48,423 |
BP-M 3HB Venture LLC |  | 3 Hudson Boulevard |  | 25.00 | % |  | 109,451 |  |  | 112,771 |
Platform 16 Holdings LP |  | Platform 16 |  | 55.00 | % |  | 58,561 |  |  | 56,265 |
Gateway Portfolio Holdings LLC |  | Gateway Commons |  | 50.00 | % | (6) | 125,576 |  |  | 272,000 |
Rosecrans-Sepulveda Partners 4, LLC |  | Beach Cities Media Campus |  | 50.00 | % | (7) | 272 |  |  | 27,051 |
Safeco Plaza REIT LLC |  | Safeco Plaza |  | 33.67 | % | (8) | (2,557) |  |  | — |
360 PAS Holdco LLC |  | 360 Park Avenue South |  | 71.11 | % | (9) | 104,778 |  |  | 74,592 |
PR II/BXP Reston Gateway LLC |  | Skymark - Reston Next Residential |  | 20.00 | % |  | 14,506 |  |  | 14,844 |
751 Gateway Holdings LLC |  | 751 Gateway |  | 49.00 | % | (10) | — |  |  | 99,701 |
200 Fifth Avenue JV LLC |  | 200 Fifth Avenue |  | 26.69 | % |  | 74,747 |  |  | 70,673 |
ABXP Worldgate Investments LLC |  | 13100 and 13150 Worldgate Drive |  | 50.00 | % |  | 21,995 |  |  | 18,225 |
CAB 290 Coles Venture LLC |  | 290 Coles Street - Common Equity |  | 19.46 | % | (11) | 19,928 |  |  | N/A
CAB 290 Coles Holdco LLC |  | 290 Coles Street - Preferred Equity |  | — | % | (11)(12) | 30,362 |  |  | N/A
17 Hartwell Avenue JV LLC |  | 17 Hartwell Avenue |  | 20.00 | % | (11) | 10,567 |  |  | N/A
|  |  |  |  |  | $ | 983,710 |  |  | $ | 1,060,074 |
_______________ (1)Investments with deficit balances aggregating approximately $15.6 million and $33.5 million at December 31, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)On November 10, 2025, the Company completed the sale of its ownership interest in the joint venture. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)In conjunction with the execution of the mortgage loan on September 30, 2025 (described below), Podium Venture LLC and Office Venture LLC were created for structuring purposes and did not change any of the partner rights previously held by the partners of Podium Developer LLC or Office Tower Developer LLC, respectively. (5)This investment includes net equity balances from the amenity joint venture. The amenity joint venture had a deficit balance of approximately $0.4 million at December 31, 2025. (6)During the year ended December 31, 2025, the Company recognized an other-than-temporary impairment loss on its investment. On January 2, 2026, the Company completed the sale of its ownership interest in the joint venture (See Note 17). (7)On September 17, 2025, the joint venture completed the sale of the land parcel. (8)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1.0% interest in each of the two entities through which each partner owns its interest in the joint venture. (9)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1.0% interest in the entity through which the partner owns its interest in the joint venture. (10)On December 30, 2025, the joint venture completed the sale of the property. (11)This entity is a VIE (See Note 2). (12)The Company agreed to fund up to $65.0 million of the required capital through its preferred equity investment. The Company’s preferred equity investment will earn and accrue a 13.0% internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030. Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint venture. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, one or more partners could be entitled to receive an additional promoted interest or payments. The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
| December 31, 2025 |  | December 31, 2024
| (in thousands)
ASSETS |  |  |
Real estate and development in process, net (1) (2) | $ | 4,786,058 |  |  | $ | 5,748,198 |
Other assets (3) | 672,776 |  |  | 703,096 |
Total assets | $ | 5,458,834 |  |  | $ | 6,451,294 |
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY |  |  |
Mortgage and notes payable, net | $ | 2,905,065 |  |  | $ | 3,206,723 |
Other liabilities (4) | 189,125 |  |  | 292,125 |
Members’/Partners’ equity | 2,364,644 |  |  | 2,952,446 |
Total liabilities and members’/partners’ equity | $ | 5,458,834 |  |  | $ | 6,451,294 |
Company’s share of equity | $ | 1,084,806 |  |  | $ | 1,344,543 |
Basis differentials (2) (5) | (101,096) |  |  | (284,469) |
Carrying value of the Company’s investments in unconsolidated joint ventures (6) | $ | 983,710 |  |  | $ | 1,060,074 |
_______________ (1)At December 31, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $17.9 million and $19.0 million, respectively. (2)During the year ended December 31, 2025, the joint ventures that own Safeco Plaza and Gateway Commons recognized property level impairment losses in accordance with ASC 360 (See Note 2). In prior periods, the Company had impaired its equity method investment to the estimated fair value for these joint ventures and therefore this is recognized as a basis difference. (3)At December 31, 2025 and December 31, 2024, this amount included sales-type lease receivable, net totaling approximately $14.4 million and $14.1 million, respectively. (4)At December 31, 2025 and December 31, 2024, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (5)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, impairments at the property level, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. During the year ended December 31, 2025, the joint ventures that own Gateway Commons and Safeco Plaza recognized property level impairments of approximately $425.8 million and $319.5 million, respectively. During the year ended December 31, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $145.1 million. During the year ended December 31, 2024, the Company recognized an other-than-temporary impairment loss on its investments in Colorado Center, Gateway Commons and Safeco Plaza of approximately $168.4 million, $126.1 million, and $46.8 million, respectively. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The Company’s basis differences include:
| December 31, 2025 |  | December 31, 2024
Property | (in thousands)
Colorado Center | $ | 131,356 |  |  | $ | 127,632 |
200 Fifth Avenue | 48,289 |  |  | 49,656 |
Gateway Commons | (700) |  |  | (74,500) |
Safeco Plaza | 32,905 |  |  | (75,576) |
Dock 72 | (88,420) |  |  | (92,054) |
360 Park Avenue South | (110,815) |  |  | (113,265) |
Platform 16 | (142,677) |  |  | (142,698) |
Other basis differentials | 28,966 |  |  | 36,336 |
Total basis differentials | $ | (101,096) |  |  | $ | (284,469) |
These basis differentials (excluding land, which does not depreciate) will be amortized over the remaining lives of the related assets and liabilities. (6)Investments with deficit balances aggregating approximately $15.6 million and $33.5 million at December 31, 2025 and December 31, 2024, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets. The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
|  |  | Year ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
|  |  |  |  | (in thousands)
Total revenue (1) |  |  |  |  | $ | 507,979 |  |  | $ | 507,678 |  |  | $ | 612,589 |
Expenses |  |  |  |  |  |  |  |  |
Operating |  |  |  |  | 223,067 |  |  | 204,625 |  |  | 239,947 |
Transaction costs |  |  |  |  | 233 |  |  | 456 |  |  | 301 |
Depreciation and amortization |  |  |  |  | 173,310 |  |  | 160,756 |  |  | 197,228 |
Total expenses |  |  |  |  | 396,610 |  |  | 365,837 |  |  | 437,476 |
Other income (expense) |  |  |  |  |  |  |  |  |
Losses from early extinguishment of debt |  |  |  |  | (171) |  |  | — |  |  | (3) |
Interest expense |  |  |  |  | (172,915) |  |  | (176,994) |  |  | (227,537) |
Unrealized gain (loss) on derivative instruments |  |  |  |  | (14,351) |  |  | 5,570 |  |  | (6,582) |
Gain on sales-type lease |  |  |  |  | — |  |  | — |  |  | 2,737 |
Gains on sales of real estate (2) |  |  |  |  | 72,818 |  |  | — |  |  | — |
Impairment losses on real estate (3) |  |  |  |  | (745,224) |  |  | — |  |  | — |
Net loss |  |  |  |  | $ | (748,474) |  |  | $ | (29,583) |  |  | $ | (56,272) |
Company’s share of net loss |  |  |  |  | $ | (312,810) |  |  | $ | (10,912) |  |  | $ | (19,599) |
Gain on investment (4) |  |  |  |  | — |  |  | — |  |  | 35,756 |
Gain on sale / consolidation (5) |  |  |  |  | 24,261 |  |  | 21,696 |  |  | 28,412 |
Impairment loss on investment (6) |  |  |  |  | (145,133) |  |  | (341,338) |  |  | (272,603) |
Basis differential (3) (7) |  |  |  |  | 330,122 |  |  | (12,623) |  |  | (11,509) |
Loss from unconsolidated joint ventures |  |  |  |  | $ | (103,560) |  |  | $ | (343,177) |  |  | $ | (239,543) |
_______________ (1)Includes straight-line rent adjustments of approximately $12.1 million, $13.7 million and $28.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. (2)During the year ended December 31, 2025, gains on sales of real estate included Beach Cities Media Campus and 751 Gateway. (3)During the year ended December 31, 2025, the joint ventures that own Safeco Plaza and Gateway Commons recognized property level impairment losses in accordance with ASC 360 (See Note 2). In prior periods, the Company had impaired its equity method investment to the estimated fair value for these joint ventures and therefore this is recognized as a basis difference and does not impact Loss from Unconsolidated Joint Ventures on the Consolidated Statements of Operations. (4)During the year ended December 31, 2023, the Company completed a restructuring of its ownership in Metropolitan Square. (5)During the year ended December 31, 2025, the Company completed the sale of its investment in Market Square North. During the year ended December 31, 2024, the Company acquired its joint venture partner’s 50% economic interest in 901 New York Avenue. During the year ended December 31, 2023, the Company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park. (6)During the year ended December 31, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $145.1 million. During the year ended December 31, 2024, the Company recognized an other-than-temporary impairment loss on its investments in Colorado Center, Gateway Commons and Safeco Plaza of approximately $168.4 million, $126.1 million, and $46.8 million, respectively. Du ring the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively. (7)Includes depreciation and amortization of approximately $(11.8) million, $15.4 million and $16.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Includes unrealized gain (loss) on derivative instruments of approximately $(3.8) million, $1.5 million and $(1.8) million for the years ended December 31, 2025, 2024 and 2023, respectively. On February 27, 2025, a joint venture in which the Company has a 50% ownership interest entered into a $252.0 million mortgage loan secured by 7750 Wisconsin Avenue in Bethesda, Maryland. The loan is scheduled to mature on March 1, 2035, bears interest at a fixed rate of 5.49% per annum, and requires monthly principal and interest payments. The proceeds from the loan were used to repay the existing $252.0 million construction loan collateralized by the property. The repayment resulted in the joint venture recognizing a loss from early extinguishment of debt of approximately $0.1 million related to unamortized finance costs during the year ended December 31, 2025. 7750 Wisconsin Avenue is an office property with approximately 736,000 net rentable square feet. On March 5, 2025, the Company acquired a 19.46% ownership interest in a joint venture that is developing 290 Coles Street located in Jersey City, New Jersey for a gross purchase price of approximately $20.0 million. Additionally, the Company agreed to fund up to $65.0 million of the required capital through a preferred equity investment. The Company’s preferred equity investment will earn a 13.0% IRR and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030. As of December 31, 2025, the Company had funded approximately $29.9 million of the required capital through the preferred equity investment. On March 5, 2025, the joint venture entered into a $225.0 million construction loan, which will fund construction costs after the funding of all common and preferred equity investments required by the construction loan agreement. The loan bears interest at a variable rate equal to Term SOFR plus 2.50% per annum and is scheduled to mature on March 5, 2029 with an additional one-year extension option, subject to certain conditions. When completed, 290 Coles Street is expected to be a 670-unit residential property with retail space aggregating approximately 560,000 net rentable square feet. On June 27, 2025, the Company entered into a joint venture to redevelop, own, and operate 17 Hartwell Avenue in Lexington, Massachusetts. The third-party partner contributed approximately $23.0 million of cash, which was used by the joint venture to purchase the land at 17 Hartwell Avenue from the Company for approximately $21.8 million in cash. The Company contributed development costs of approximately $5.6 million for its 20% ownership interest in the joint venture. Additionally, on June 27, 2025, the joint venture entered into a $98.7 million construction loan. The loan bears interest at a fixed rate of 6.75% per annum and is scheduled to mature on July 10, 2030. When completed, 17 Hartwell Avenue is expected to be a 312-unit residential property with garage and retail space (See Note 3). On August 7, 2025, a joint venture in which the Company has a 71.11% ownership interest completed and fully placed in-service 360 Park Avenue South, a 20-story office building with ground floor retail located in New York City, New York, aggregating approximately 450,000 net rentable square feet. On August 20, 2025, two joint ventures in which the Company has a 50% ownership interest, each extended the maturity dates of their respective construction loans, which were secured by the 100 Causeway Street and Hub on Causeway - Podium properties, to October 20, 2025 and October 23, 2025, respectively. Subsequently, on September 30, 2025, they entered into a new $465.0 million mortgage loan secured by the two properties. The new loan is scheduled to mature on April 9, 2031, bears interest at a weighted average fixed rate of 5.733% per annum, and requires monthly interest-only payments. The proceeds from the new loan and available cash were used to repay the existing $490.0 million construction loans secured by the properties. 100 Causeway Street and Hub on Causeway - Podium are office properties with approximately 634,000 and 383,000 net rentable square feet, respectively, located in Boston, Massachusetts. On September 17, 2025, a joint venture in which the Company has a 50% ownership interest, completed the sale of Beach Cities Media Campus, a land parcel located in El Segundo, California, for a gross sale price of approximately $56.0 million. Net cash proceeds totaled approximately $53.1 million, of which BXP received approximately $26.6 million. The joint venture recognized a gain on sale of real estate totaling approximately $5.1 million. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $2.6 million, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for a basis differential. On October 8, 2025, a joint venture in which the Company has a 50% ownership interest repaid the construction loan collateralized by its Dock 72 property. At the time of the repayment, the loan had an outstanding principal balance of approximately $198.4 million, bore interest at a variable rate equal to SOFR plus 2.50% per annum and was scheduled to mature on December 18, 2025. The repayment was completed with available cash and proceeds from capital contributions. The repayment resulted in the joint venture recognizing a loss from early extinguishment of debt of approximately $0.1 million related to unamortized finance costs. Dock 72 is an office building with approximately 669,000 net rentable square feet located in Brooklyn, New York. On October 17, 2025, a joint venture in which the Company has a 25% ownership interest refinanced the mortgage loan secured by its 3 Hudson Boulevard property located in New York City, New York. The new loan consists of a (1) senior loan provided by a third-party lender with a principal amount of $108.0 million that bears interest at a variable rate equal to Term SOFR plus 5.25% per annum and (2) mezzanine loan provided by the Company with a maximum commitment of $50.0 million that bears interest at a variable rate equal to Term SOFR plus 7.25% per annum. As of December 31, 2025, the Company had funded approximately $18.4 million of the mezzanine loan. The senior loan and mezzanine loan are interest-only, mature on November 9, 2027 and have a one-year extension option, subject to certain conditions. The previous mortgage loan (1) had an outstanding principal balance of $80.0 million and approximately $51.4 million of unpaid accrued interest (including default interest), (2) matured on August 7, 2024 and was in maturity default and (3) bore interest at a variable rate equal to Term SOFR plus 3.61% per annum plus a default rate equal to an additional 4.0% per annum. The previous loan and existing mezzanine loan and interests accrued under these loans are reflected as a Related Party Note Receivable, Net and Tenant and Other Receivables, Net, respectively, on the Company’s Consolidated Balance Sheets (See Note 16). On November 10, 2025, a joint venture in which the Company has a 50% ownership interest completed the sale of its ownership in Market Square North. The sale resulted in the Company (i) assigning all of its interest in the joint venture to its existing partner, and (ii) exiting the joint venture. In addition, the Company was released from its obligations to guaranty the $125.0 million loan secured by the property and the partner has been assigned and assumed all of the obligations and rights of the existing guaranty. As a result of the sale, the Company recognized a gain on investment of approximately $24.3 million related to its deficit investment balance, which was primarily due to excess distributions. On December 30, 2025, a joint venture in which the Company has a 49% ownership interest completed the sale of 751 Gateway Boulevard for a gross sale price of approximately $300.0 million. Net cash proceeds totaled approximately $292.8 million, of which the Company received approximately $143.5 million. The joint venture recognized a gain on sale of real estate totaling approximately $67.7 million. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $27.0 million, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for a basis differential. 751 Gateway Boulevard is an approximately 231,000 net rentable square foot laboratory/life sciences property in South San Francisco, California. Impairment The Company’s investments in unconsolidated joint ventures are reviewed for indicators of impairment on a quarterly basis and the Company records impairment losses when events or circumstances indicate that a decline in the fair values below the carrying amounts has occurred and such decline is other-than-temporary. During the year ended December 31, 2025, the Company evaluated key indicators related to certain investments in unconsolidated joint ventures, including strategic initiatives outlined in the Company’s September 8, 2025 Investor Day which include the sale of non-strategic assets, changes in cash flows, declining market conditions and leasing activities, continued actual and projected operating deficits and receipts, pending third -party offers and considerations of third-party joint venture property appraisals. This evaluation resulted in the Company determining that the decline in value for the joint venture that owns Gateway Commons was other-than-temporary and therefore, the Company recorded an impairment loss of approximately $145.1 million during the year ended December 31, 2025. The Company determined the fair value of the investment was categorized within Level 3 of the fair value hierarchy as it utilized significant unobservable inputs including a pending offer from a third-party, as pending offers are classified as Level 3 inputs and there were no other unobservable inputs utilized (See Note 17).

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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