| 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 nine months ended September 30, 2022 and 2021. BXP Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Net income attributable to Boston Properties, Inc. common shareholders $ 360,977 $ 108,297 $ 727,144 $ 311,680 Add: Preferred stock redemption charge — — — 6,412 Preferred dividends — — — 2,560 Noncontrolling interest—common units of the Operating Partnership 40,883 11,982 82,821 35,393 Noncontrolling interests in property partnerships 18,801 18,971 54,896 52,602 Interest expense 111,846 105,794 317,216 320,015 Losses from early extinguishment of debt — — — 898 Net operating income from unconsolidated joint ventures 35,316 24,266 108,347 74,478 Loss from unconsolidated joint ventures 3,524 5,597 1,389 1,745 Depreciation and amortization expense 190,675 179,412 551,445 539,815 Transaction costs 1,650 1,888 2,146 2,970 Payroll and related costs from management services contracts 3,900 3,006 11,204 9,166 General and administrative expense 32,519 34,560 110,378 117,924 Less: Net operating income attributable to noncontrolling interests in property partnerships 48,306 47,800 143,223 138,463 Gains (losses) from investments in securities (1,571) (190) (8,549) 3,744 Other income - assignment fee — — 6,624 — Interest and other income (loss) 3,728 1,520 6,151 4,140 Gains on sales of real estate 262,345 348 381,293 8,104 Direct reimbursements of payroll and related costs from management services contracts 3,900 3,006 11,204 9,166 Development and management services revenue 7,465 6,094 19,650 20,181 Company’s share of Net Operating Income $ 475,918 $ 435,195 $ 1,407,390 $ 1,291,860 BPLP Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Net income attributable to Boston Properties Limited Partnership common unitholders $ 403,578 $ 122,014 $ 819,195 $ 353,633 Add: Preferred unit redemption charge — — — 6,412 Preferred distributions — — — 2,560 Noncontrolling interests in property partnerships 18,801 18,971 54,896 52,602 Interest expense 111,846 105,794 317,216 320,015 Losses from early extinguishment of debt — — — 898 Net operating income from unconsolidated joint ventures 35,316 24,266 108,347 74,478 Loss from unconsolidated joint ventures 3,524 5,597 1,389 1,745 Depreciation and amortization expense 188,969 177,677 546,271 533,255 Transaction costs 1,650 1,888 2,146 2,970 Payroll and related costs from management services contracts 3,900 3,006 11,204 9,166 General and administrative expense 32,519 34,560 110,378 117,924 Less: Net operating income attributable to noncontrolling interests in property partnerships 48,306 47,800 143,223 138,463 Gains (losses) from investments in securities (1,571) (190) (8,549) 3,744 Other income - assignment fee — — 6,624 — Interest and other income (loss) 3,728 1,520 6,151 4,140 Gains on sales of real estate 262,357 348 385,349 8,104 Direct reimbursements of payroll and related costs from management services contracts 3,900 3,006 11,204 9,166 Development and management services revenue 7,465 6,094 19,650 20,181 Company’s share of Net Operating Income $ 475,918 $ 435,195 $ 1,407,390 $ 1,291,860 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, loss from unconsolidated joint ventures, 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, 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, loss from unconsolidated joint ventures, 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, 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 September 30, 2022 increased by approximately $4.6 million compared to the three months ended September 30, 2021. Parking and other revenue for the nine months ended September 30, 2022 increased by approximately $21.5 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 September 30, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Office $ 255,958 $ — $ 260,926 $ 134,938 $ 12,293 $ 88,954 $ 753,069 Residential 3,837 — — 3,133 — 7,370 14,340 Hotel 11,749 — — — — — 11,749 Total 271,544 — 260,926 138,071 12,293 96,324 779,158 % of Grand Totals 34.85 % — % 33.49 % 17.72 % 1.58 % 12.36 % 100.00 % Rental Expenses: Office 91,226 — 99,942 47,068 3,125 33,317 274,678 Residential 1,552 — — 2,125 — 3,347 7,024 Hotel 8,548 — — — — — 8,548 Total 101,326 — 99,942 49,193 3,125 36,664 290,250 % of Grand Totals 34.91 % — % 34.43 % 16.95 % 1.08 % 12.63 % 100.00 % Net operating income $ 170,218 $ — $ 160,984 $ 88,878 $ 9,168 $ 59,660 $ 488,908 % of Grand Totals 34.81 % — % 32.93 % 18.18 % 1.88 % 12.20 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (11,293) — (37,013) — — — (48,306) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 8,169 13,143 (259) 3,233 1,978 9,052 35,316 Company’s share of net operating income $ 167,094 $ 13,143 $ 123,712 $ 92,111 $ 11,146 $ 68,712 $ 475,918 % of Grand Totals 35.12 % 2.76 % 25.99 % 19.35 % 2.34 % 14.44 % 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 September 30, 2021: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Office $ 236,080 $ — $ 257,656 $ 125,340 $ — $ 85,797 $ 704,873 Residential 3,418 — — 806 — 6,670 10,894 Hotel 5,189 — — — — — 5,189 Total 244,687 — 257,656 126,146 — 92,467 720,956 % of Grand Totals 33.93 % — % 35.74 % 17.50 % — % 12.83 % 100.00 % Rental Expenses: Office 82,697 — 94,338 43,582 — 31,619 252,236 Residential 1,396 — — 1,688 — 2,961 6,045 Hotel 3,946 — — — — — 3,946 Total 88,039 — 94,338 45,270 — 34,580 262,227 % of Grand Totals 33.57 % — % 35.98 % 17.26 % — % 13.19 % 100.00 % Net operating income $ 156,648 $ — $ 163,318 $ 80,876 $ — $ 57,887 $ 458,729 % of Grand Totals 34.15 % — % 35.60 % 17.63 % — % 12.62 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (10,841) — (36,959) — — — (47,800) Add: Company’s share of net operating income from unconsolidated joint ventures 3,464 12,078 104 3,502 671 4,447 24,266 Company’s share of net operating income $ 149,271 $ 12,078 $ 126,463 $ 84,378 $ 671 $ 62,334 $ 435,195 % of Grand Totals 34.30 % 2.78 % 29.06 % 19.39 % 0.15 % 14.32 % 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 nine months ended September 30, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Office $ 742,972 $ — $ 772,060 $ 401,020 $ 18,765 $ 280,473 $ 2,215,290 Residential 11,181 — — 11,374 — 21,663 44,218 Hotel 28,395 — — — — — 28,395 Total 782,548 — 772,060 412,394 18,765 302,136 2,287,903 % of Grand Totals 34.20 % — % 33.75 % 18.02 % 0.82 % 13.21 % 100.00 % Rental Expenses: Office 268,781 — 291,645 135,677 4,805 101,623 802,531 Residential 4,481 — — 9,138 — 9,655 23,274 Hotel 19,832 — — — — — 19,832 Total 293,094 — 291,645 144,815 4,805 111,278 845,637 % of Grand Totals 34.66 % — % 34.49 % 17.12 % 0.57 % 13.16 % 100.00 % Net operating income $ 489,454 $ — $ 480,415 $ 267,579 $ 13,960 $ 190,858 $ 1,442,266 % of Grand Totals 33.94 % — % 33.31 % 18.55 % 0.97 % 13.23 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (34,405) — (108,818) — — — (143,223) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 25,996 40,147 (397) 9,597 5,877 27,127 108,347 Company’s share of net operating income $ 481,045 $ 40,147 $ 371,200 $ 277,176 $ 19,837 $ 217,985 $ 1,407,390 % of Grand Totals 34.18 % 2.85 % 26.38 % 19.69 % 1.41 % 15.49 % 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 nine months ended September 30, 2021: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Office $ 696,054 $ — $ 760,002 $ 382,119 $ — $ 252,822 $ 2,090,997 Residential 9,594 — — 1,817 — 18,421 29,832 Hotel 7,382 — — — — — 7,382 Total 713,030 — 760,002 383,936 — 271,243 2,128,211 % of Grand Totals 33.50 % — % 35.71 % 18.04 % — % 12.75 % 100.00 % Rental Expenses: Office 240,743 — 286,385 124,785 — 94,360 746,273 Residential 4,286 — — 4,918 — 8,896 18,100 Hotel 7,993 — — — — — 7,993 Total 253,022 — 286,385 129,703 — — 103,256 772,366 % of Grand Totals 32.76 % — % 37.08 % 16.79 % — % 13.37 % 100.00 % Net operating income $ 460,008 $ — $ 473,617 $ 254,233 $ — $ 167,987 $ 1,355,845 % of Grand Totals 33.93 % — % 34.93 % 18.75 % — % 12.39 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (31,641) — (106,822) — — — (138,463) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 9,369 38,535 (517) 10,562 671 15,858 74,478 Company’s share of net operating income $ 437,736 $ 38,535 $ 366,278 $ 264,795 $ 671 $ 183,845 $ 1,291,860 % of Grand Totals 33.88 % 2.98 % 28.35 % 20.50 % 0.05 % 14.24 % 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. |
