| Segment Reporting Disclosure [Text Block] | 10. Segment Information The following tables present reconciliations of Net Income Attributable to Boston Properties, Inc. Common Shareholders to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership Common Unitholders to the Company’s share of Net Operating Income for the three and six months ended June 30, 2022 and 2021. BXP Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Net income attributable to Boston Properties, Inc. common shareholders $ 222,989 $ 111,703 $ 366,044 $ 203,372 Add: Preferred stock redemption charge — — — 6,412 Preferred dividends — — — 2,560 Noncontrolling interest—common units of the Operating Partnership 25,708 12,383 42,061 23,422 Noncontrolling interests in property partnerships 18,546 17,164 36,095 33,631 Interest expense 104,142 106,319 205,370 214,221 Losses from early extinguishment of debt — — — 898 Net operating income from unconsolidated joint ventures 35,710 25,417 73,031 50,212 Depreciation and amortization expense 183,146 183,838 360,770 360,403 Transaction costs 496 751 496 1,082 Payroll and related costs from management services contracts 3,239 2,655 7,304 6,160 General and administrative expense 34,665 38,405 77,859 83,364 Less: Net operating income attributable to noncontrolling interests in property partnerships 47,862 46,287 94,917 90,663 Gains (losses) from investments in securities (4,716) 2,275 (6,978) 3,934 Other income - assignment fee 6,624 — 6,624 — Interest and other income (loss) 1,195 1,452 2,423 2,620 Gains on sales of real estate 96,247 7,756 118,948 7,756 Income (loss) from unconsolidated joint ventures (54) (1,373) 2,135 3,852 Direct reimbursements of payroll and related costs from management services contracts 3,239 2,655 7,304 6,160 Development and management services revenue 6,354 7,284 12,185 14,087 Company’s share of Net Operating Income $ 471,890 $ 432,299 $ 931,472 $ 856,665 BPLP Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Net income attributable to Boston Properties Limited Partnership common unitholders $ 253,788 $ 125,846 $ 415,617 $ 231,619 Add: Preferred unit redemption charge — — — 6,412 Preferred distributions — — — 2,560 Noncontrolling interests in property partnerships 18,546 17,164 36,095 33,631 Interest expense 104,142 106,319 205,370 214,221 Losses from early extinguishment of debt — — — 898 Net operating income from unconsolidated joint ventures 35,710 25,417 73,031 50,212 Depreciation and amortization expense 181,416 182,078 357,302 355,578 Transaction costs 496 751 496 1,082 Payroll and related costs from management services contracts 3,239 2,655 7,304 6,160 General and administrative expense 34,665 38,405 77,859 83,364 Less: Net operating income attributable to noncontrolling interests in property partnerships 47,862 46,287 94,917 90,663 Gains (losses) from investments in securities (4,716) 2,275 (6,978) 3,934 Other income - assignment fee 6,624 — 6,624 — Interest and other income (loss) 1,195 1,452 2,423 2,620 Gains on sales of real estate 99,608 7,756 122,992 7,756 Income (loss) from unconsolidated joint ventures (54) (1,373) 2,135 3,852 Direct reimbursements of payroll and related costs from management services contracts 3,239 2,655 7,304 6,160 Development and management services revenue 6,354 7,284 12,185 14,087 Company’s share of Net Operating Income $ 471,890 $ 432,299 $ 931,472 $ 856,665 Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders, as applicable, the most directly comparable GAAP financial measures, plus (1) preferred stock/unit redemption charge, preferred dividends/distributions, net income attributable to noncontrolling interests, interest expense, losses from early extinguishment of debt, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) gains (losses) from investments in securities, other income - assignment fee, interest and other income (loss), gains on sales of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue. The Company believes NOI is useful to investors as a performance measure and believes it provides useful information to investors regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently. The Company’s internal reporting utilizes its share of NOI, which includes its share of NOI from consolidated and unconsolidated joint ventures, which is a non-GAAP financial measure that is calculated as the consolidated amount, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s economic percentage ownership interest and, in some cases, after priority allocations), less the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ economic percentage ownership interests and, in some cases, after priority allocations, income allocation to private REIT shareholders and their share of fees due to the Company). The Company’s share of NOI from unconsolidated joint ventures does not include its share of losses from early extinguishment of debt from unconsolidated joint ventures, gains on sales of real estate from unconsolidated joint ventures and gain on sale of investment from unconsolidated joint ventures, both of which are included within Income (Loss) From Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. Management utilizes its share of NOI in assessing its performance as the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, the presentations of the Company’s share of NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Preferred stock/unit redemption charge, preferred dividends/distributions, interest expense, losses from early extinguishment of debt, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, gains (losses) from investments in securities, other income - assignment fee, interest and other income (loss), gains on sales of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue are not included in NOI and are provided as reconciling items to the Company’s reconciliations of its share of NOI to net income attributable to common shareholders/unitholders. The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. On September 1, 2021, the Company invested in a joint venture that acquired Safeco Plaza located in Seattle, Washington. As such, the Seattle region was identified as a segment during the third quarter of 2021. The Company also presents information for each segment by property type, including Office, Residential and Hotel. Parking and other revenue for the three months ended June 30, 2022 increased by approximately $12.1 million compared to the three months ended June 30, 2021. Parking and other revenue for the six months ended June 30, 2022 increased by approximately $16.9 million compared to 2021. These increases were primarily in transient and monthly parking revenue. Information by geographic area and property type (dollars in thousands): For the three months ended June 30, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Office $ 244,936 $ — $ 254,264 $ 133,707 $ 6,472 $ 95,954 $ 735,333 Residential 3,748 — — 5,850 — 7,314 16,912 Hotel 12,089 — — — — — 12,089 Total 260,773 — 254,264 139,557 6,472 103,268 764,334 % of Grand Totals 34.11 % — % 33.27 % 18.26 % 0.85 % 13.51 % 100.00 % Rental Expenses: Office 87,027 — 95,363 45,201 1,680 34,759 264,030 Residential 1,492 — — 5,145 — 3,181 9,818 Hotel 6,444 — — — — — 6,444 Total 94,963 — 95,363 50,346 1,680 37,940 280,292 % of Grand Totals 33.88 % — % 34.02 % 17.96 % 0.60 % 13.54 % 100.00 % Net operating income $ 165,810 $ — $ 158,901 $ 89,211 $ 4,792 $ 65,328 $ 484,042 % of Grand Totals 34.25 % — % 32.83 % 18.43 % 0.99 % 13.50 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (11,377) — (36,485) — — — (47,862) Add: Company’s share of net operating income from unconsolidated joint ventures 8,134 13,247 18 3,183 1,944 9,184 35,710 Company’s share of net operating income $ 162,567 $ 13,247 $ 122,434 $ 92,394 $ 6,736 $ 74,512 $ 471,890 % of Grand Totals 34.44 % 2.81 % 25.95 % 19.58 % 1.43 % 15.79 % 100.00 % _______________ (1) Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. For the three months ended June 30, 2021: Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 229,571 $ — $ 252,182 $ 126,181 $ 84,610 $ 692,544 Residential 3,131 — — 690 5,942 9,763 Hotel 1,561 — — — — 1,561 Total 234,263 — 252,182 126,871 90,552 703,868 % of Grand Totals 33.28 % — % 35.84 % 18.02 % 12.86 % 100.00 % Rental Expenses: Office 78,165 — 92,662 40,954 30,994 242,775 Residential 1,435 — — 1,544 2,949 5,928 Hotel 1,996 — — — — 1,996 Total 81,596 — 92,662 42,498 33,943 250,699 % of Grand Totals 32.55 % — % 36.96 % 16.95 % 13.54 % 100.00 % Net operating income $ 152,667 $ — $ 159,520 $ 84,373 $ 56,609 $ 453,169 % of Grand Totals 33.69 % — % 35.20 % 18.62 % 12.49 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (10,576) — (35,711) — — (46,287) Add: Company’s share of net operating income from unconsolidated joint ventures 3,624 12,265 172 3,580 5,776 25,417 Company’s share of net operating income $ 145,715 $ 12,265 $ 123,981 $ 87,953 $ 62,385 $ 432,299 % of Grand Totals 33.70 % 2.84 % 28.68 % 20.35 % 14.43 % 100.00 % _______________ (1) Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. Information by geographic area and property type (dollars in thousands): For the six months ended June 30, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Office $ 487,014 $ — $ 511,134 $ 266,082 $ 6,472 $ 191,519 $ 1,462,221 Residential 7,344 — — 8,241 — 14,293 29,878 Hotel 16,646 — — — — — 16,646 Total 511,004 — 511,134 274,323 6,472 205,812 1,508,745 % of Grand Totals 33.87 % — % 33.88 % 18.18 % 0.43 % 13.64 % 100.00 % Rental Expenses: Office 177,555 — 191,703 88,609 1,680 68,306 527,853 Residential 2,929 — — 7,013 — 6,308 16,250 Hotel 11,284 — — — — — 11,284 Total 191,768 — 191,703 95,622 1,680 74,614 555,387 % of Grand Totals 34.53 % — % 34.52 % 17.22 % 0.30 % 13.43 % 100.00 % Net operating income $ 319,236 $ — $ 319,431 $ 178,701 $ 4,792 $ 131,198 $ 953,358 % of Grand Totals 33.49 % — % 33.51 % 18.74 % 0.50 % 13.76 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (23,112) — (71,805) — — — (94,917) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 17,827 27,004 (138) 6,364 3,899 18,075 73,031 Company’s share of net operating income $ 313,951 $ 27,004 $ 247,488 $ 185,065 $ 8,691 $ 149,273 $ 931,472 % of Grand Totals 33.70 % 2.90 % 26.57 % 19.87 % 0.93 % 16.03 % 100.00 % _______________ (1) Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. For the six months ended June 30, 2021: Boston Los Angeles New York San Francisco Washington, DC Total Rental Revenue: (1) Office $ 459,974 $ — $ 502,346 $ 256,779 $ 167,025 $ 1,386,124 Residential 6,176 — — 1,011 11,751 18,938 Hotel 2,193 — — — — 2,193 Total 468,343 — 502,346 257,790 178,776 1,407,255 % of Grand Totals 33.28 % — % 35.70 % 18.32 % 12.70 % 100.00 % Rental Expenses: Office 158,046 — 192,047 81,203 62,741 494,037 Residential 2,890 — — 3,230 5,935 12,055 Hotel 4,047 — — — — 4,047 Total 164,983 — 192,047 84,433 68,676 510,139 % of Grand Totals 32.34 % — % 37.65 % 16.55 % 13.46 % 100.00 % Net operating income $ 303,360 $ — $ 310,299 $ 173,357 $ 110,100 $ 897,116 % of Grand Totals 33.82 % — % 34.59 % 19.32 % 12.27 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (20,800) — (69,863) — — (90,663) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 5,905 26,457 (621) 7,060 11,411 50,212 Company’s share of net operating income $ 288,465 $ 26,457 $ 239,815 $ 180,417 $ 121,511 $ 856,665 % of Grand Totals 33.68 % 3.09 % 27.99 % 21.06 % 14.18 % 100.00 % _______________ (1) Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations. |
