XML 34 R12.htm IDEA: XBRL DOCUMENT
v3.25.4

Real Estate | 12 Months Ended
--- | ---
Dec. 31, 2025
Real Estate [Abstract] |
Real Estate | 3. Real Estate Real estate consisted of the following at December 31, 2025 and December 31, 2024 (in thousands):
|  | BXP |  | BPLP
|  | December 31, 2025 |  | December 31, 2024 |  | December 31, 2025 |  | December 31, 2024
Land |  | $ | 5,243,760 |  |  | $ | 5,318,724 |  |  | $ | 5,151,246 |  |  | $ | 5,224,015 |
Right of use assets - finance leases |  | 372,470 |  |  | 372,922 |  |  | 372,470 |  |  | 372,922 |
Right of use assets - operating leases |  | 325,841 |  |  | 334,767 |  |  | 325,841 |  |  | 334,767 |
Land held for future development (1) |  | 518,492 |  |  | 714,050 |  |  | 518,492 |  |  | 714,050 |
Buildings and improvements |  | 16,908,060 |  |  | 17,149,702 |  |  | 16,643,092 |  |  | 16,878,146 |
Tenant improvements |  | 4,042,150 |  |  | 3,866,371 |  |  | 4,042,150 |  |  | 3,866,371 |
Furniture, fixtures and equipment |  | 54,160 |  |  | 57,136 |  |  | 54,160 |  |  | 57,136 |
Construction in progress |  | 1,475,257 |  |  | 764,640 |  |  | 1,475,257 |  |  | 764,640 |
Total |  | 28,940,190 |  |  | 28,578,312 |  |  | 28,582,708 |  |  | 28,212,047 |
Less: Accumulated depreciation |  | (8,040,311) |  |  | (7,528,057) |  |  | (7,906,629) |  |  | (7,397,882) |
|  | $ | 20,899,879 |  |  | $ | 21,050,255 |  |  | $ | 20,676,079 |  |  | $ | 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 10). 343 Madison Avenue 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. Acquisition On December 15, 2025, the Company completed the acquisition of 2100 M Street, located in Washington, D.C., for a purchase price, including transaction costs, of approximately $55.9 million. The acquisition was completed with available cash and the purchase price was allocated entirely to land. 2100 M Street is a vacant office building situated on approximately 1.0 acre of land. The Company intends to redevelop 2100 M Street into an approximately 320,000 rentable square feet office building, including approximately 10,000 rentable square feet of retail space. Dispositions During the years ended December 31, 2025, 2024 and 2023, BXP recognized gains on sales of real estate of approximately $176.7 million, $0.6 million and $0.5 million, respectively, and BPLP recognized gains on sales of real estate of approximately $179.3 million, $0.6 million and $0.5 million, respectively. The following table represents the assets that were sold during the year ended December 31, 2025 (dollars in thousands):
|  |  |  |  |  |  |  | Gross Sales Price |  | Net Cash Proceeds |  | Gain on Sale (1)
Property |  | Location |  | Date Disposed |  | Square Feet |  |  |  | BXP |  | BPLP
Land: |  |  |  |  |  |  |  |  |  |  |  |  |  |
17 Hartwell Avenue (2) | Lexington, MA |  | June 27, 2025 |  | 30,000 |  |  | $ | 21,840 |  |  | $ | 21,840 |  |  | $ | 18,390 |  |  | $ | 18,489 |
Land Parcels at New Dominion Technology Park |  | Fairfax County, VA |  | October 15, 2025 |  | N/A |  | 250 |  |  | 248 |  |  | 248 |  |  | 248 |
Almaden Boulevard |  | San Jose, CA |  | October 17, 2025 |  | N/A |  | 13,500 |  |  | 12,659 |  |  | 124 |  |  | 124 |
Land Parcels at Broad Run |  | Loudoun County, VA | December 1, 2025 |  | N/A |  | 37,500 |  |  | 36,613 |  |  | 35,418 |  |  | 35,418 |
3625 Peterson Way |  | San Jose, CA |  | December 11, 2025 | N/A |  | 90,000 |  |  | 78,908 |  |  | 10,662 |  |  | 10,662 |
|  |  |  |  |  | 30,000 |  |  | 163,090 |  |  | 150,268 |  |  | 64,842 |  |  | 64,941 |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proto Kendall Square |  | Cambridge, MA |  | December 18, 2025 | 166,700 |  |  | 171,500 |  |  | 169,413 |  |  | 53,276 |  |  | 53,276 |
Signature at Reston Town Center |  | Reston, VA |  | December 19, 2025 | 517,800 |  |  | 236,000 |  |  | 234,327 |  |  | 49,584 |  |  | 49,584 |
|  |  |  |  |  | 684,500 |  |  | 407,500 |  |  | 403,740 |  |  | 102,860 |  |  | 102,860 |
Office: |  |  |  |  |  |  |  |  |  |  |  |
140 Kendrick Street |  | Needham, MA |  | December 17, 2025 | 409,200 |  |  | 132,000 |  |  | 128,506 |  |  | 7,306 |  |  | 9,796 |
|  |  |  |  |  | 409,200 |  |  | 132,000 |  |  | 128,506 |  |  | 7,306 |  |  | 9,796 |
Total Dispositions |  |  |  |  |  | 1,123,700 |  |  | $ | 702,590 |  |  | $ | 682,514 |  |  | $ | 175,008 |  |  | $ | 177,597 |
_______________ (1)Excludes approximately $1.7 million of gains for each of BXP and BPLP, which are primarily related to sales that occurred in prior periods. With the exception of Almaden Boulevard, the fair value of the real estate disposed exceeded the carrying value (see “Impairments” below). (2)The Company entered into a joint venture with a third-party to redevelop, own and operate this property. The Company sold the land 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 6). The building has been demolished. Impairments During the year ended December 31, 2025, in conjunction with the Company’s strategy to sell non-core assets, the Company evaluated the properties that had been approved by BXP’s Board of Directors, or a committee thereof, for sale to third-parties (See Note 2). As a result, BXP and BPLP recognized impairment losses of approximately $85.8 million and $82.9 million, respectively, during the year ended December 31, 2025. The impairment losses consisted of the following (in thousands):
Property |  | Location |  | Property Type |  | BXP |  | BPLP
Almaden Boulevard |  | San Jose, CA |  | Land |  | $ | 25,515 |  |  | $ | 25,515 |
1330 Connecticut Avenue |  | Washington, DC |  | Office |  | 20,358 |  |  | 17,461 |
North First Business Park (1) | San Jose, CA |  | Office |  | 14,971 |  |  | 14,955 |
Shady Grove – Parcel 3 |  | Rockville, MD |  | Land |  | 13,913 |  |  | 13,913 |
Springfield Metro Center |  | Springfield, VA |  | Land |  | 11,046 |  |  | 11,046 |
|  |  |  |  |  | $ | 85,803 |  |  | $ | 82,890 |
______________ (1)See Note 17. During the year ended December 31, 2024, BXP and BPLP recognized impairment losses of approximately $13.6 million. There were no impairment losses that occurred during the year ended December 31, 2023.

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration