| Segment Reporting Disclosure [Text Block] | 11. Segment Information The following tables present reconciliations of Net Income Attributable to Boston Properties, Inc. to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership to the Company’s share of Net Operating Income for the three and six months ended June 30, 2023 and 2022. BXP Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Net income attributable to Boston Properties, Inc. $ 104,299 $ 222,989 $ 182,215 $ 366,044 Add: Noncontrolling interest—common units of the Operating Partnership 12,117 25,708 21,169 42,061 Noncontrolling interests in property partnerships 19,768 18,546 38,428 36,095 Interest expense 142,473 104,142 276,680 205,370 Net operating income from unconsolidated joint ventures 42,254 35,710 83,010 73,031 Depreciation and amortization expense 202,577 183,146 411,311 360,770 Transaction costs 308 496 1,219 496 Payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 General and administrative expense 44,175 34,665 99,977 77,859 Less: Net operating income attributable to noncontrolling interests in property partnerships 47,958 47,862 95,055 94,917 Unrealized gain on non-real estate investment 124 — 383 — Gains (losses) from investments in securities 1,571 (4,716) 3,236 (6,978) Other income - assignment fee — 6,624 — 6,624 Interest and other income (loss) 17,343 1,195 28,284 2,423 Gains on sales of real estate — 96,247 — 118,948 Income (loss) from unconsolidated joint ventures (6,668) (54) (14,237) 2,135 Direct reimbursements of payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 Development and management services revenue 9,858 6,354 18,838 12,185 Company’s share of Net Operating Income $ 497,785 $ 471,890 $ 982,450 $ 931,472 BPLP Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Net income attributable to Boston Properties Limited Partnership $ 118,098 $ 253,788 $ 206,928 $ 415,617 Add: Noncontrolling interests in property partnerships 19,768 18,546 38,428 36,095 Interest expense 142,473 104,142 276,680 205,370 Net operating income from unconsolidated joint ventures 42,254 35,710 83,010 73,031 Depreciation and amortization expense 200,895 181,416 407,767 357,302 Transaction costs 308 496 1,219 496 Payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 General and administrative expense 44,175 34,665 99,977 77,859 Less: Net operating income attributable to noncontrolling interests in property partnerships 47,958 47,862 95,055 94,917 Unrealized gain on non-real estate investment 124 — 383 — Gains (losses) from investments in securities 1,571 (4,716) 3,236 (6,978) Other income - assignment fee — 6,624 — 6,624 Interest and other income (loss) 17,343 1,195 28,284 2,423 Gains on sales of real estate — 99,608 — 122,992 Income (loss) from unconsolidated joint ventures (6,668) (54) (14,237) 2,135 Direct reimbursements of payroll and related costs from management services contracts 4,609 3,239 9,844 7,304 Development and management services revenue 9,858 6,354 18,838 12,185 Company’s share of Net Operating Income $ 497,785 $ 471,890 $ 982,450 $ 931,472 Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. and net income attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income attributable to noncontrolling interests, interest expense, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain on non-real estate investment, 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. and net income attributable to Boston Properties Limited Partnership. 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, as defined above, also does not include its share of losses from early extinguishment of debt from unconsolidated joint ventures and unrealized gain on derivative instruments, 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. Interest expense, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, unrealized gain on non-real estate investment, 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. 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. The Company also presents information for each segment by property type, including Premier Workplace (which includes office, life sciences and retail), Residential and Hotel. Information by geographic area and property type (dollars in thousands): For the three months ended June 30, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 269,464 $ — $ 262,979 $ 136,241 $ 17,060 $ 90,720 $ 776,464 Residential 4,124 — — 3,864 — 4,265 12,253 Hotel 13,969 — — — — — 13,969 Total 287,557 — 262,979 140,105 17,060 94,985 802,686 % of Grand Totals 35.83 % — % 32.76 % 17.45 % 2.13 % 11.83 % 100.00 % Rental Expenses: Premier Workplace 95,597 — 102,948 48,197 3,082 35,429 285,253 Residential 1,601 — — 2,215 — 1,967 5,783 Hotel 8,161 — — — — — 8,161 Total 105,359 — 102,948 50,412 3,082 37,396 299,197 % of Grand Totals 35.21 % — % 34.41 % 16.85 % 1.03 % 12.50 % 100.00 % Net operating income $ 182,198 $ — $ 160,031 $ 89,693 $ 13,978 $ 57,589 $ 503,489 % of Grand Totals 36.19 % — % 31.78 % 17.81 % 2.78 % 11.44 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (11,343) — (36,615) — — — (47,958) Add: Company’s share of net operating income from unconsolidated joint ventures 8,771 12,768 3,363 3,332 1,878 12,142 42,254 Company’s share of net operating income $ 179,626 $ 12,768 $ 126,779 $ 93,025 $ 15,856 $ 69,731 $ 497,785 % of Grand Totals 36.08 % 2.56 % 25.47 % 18.69 % 3.19 % 14.01 % 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, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 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: Premier Workplace 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 (loss) 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. Information by geographic area and property type (dollars in thousands): For the six months ended June 30, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 539,415 $ — $ 521,171 $ 272,334 $ 31,318 $ 181,384 $ 1,545,622 Residential 8,173 — — 7,506 — 8,300 23,979 Hotel 22,070 — — — — — 22,070 Total 569,658 — 521,171 279,840 31,318 189,684 1,591,671 % of Grand Totals 35.79 % — % 32.74 % 17.58 % 1.97 % 11.92 % 100.00 % Rental Expenses: Premier Workplace 195,646 — 205,433 94,282 6,042 69,695 571,098 Residential 3,153 — — 4,388 — 3,705 11,246 Hotel 14,832 — — — — — 14,832 Total 213,631 — 205,433 98,670 6,042 73,400 597,176 % of Grand Totals 35.78 % — % 34.40 % 16.52 % 1.01 % 12.29 % 100.00 % Net operating income $ 356,027 $ — $ 315,738 $ 181,170 $ 25,276 $ 116,284 $ 994,495 % of Grand Totals 35.80 % — % 31.75 % 18.22 % 2.54 % 11.69 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (22,160) — (72,895) — — — (95,055) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 17,348 25,993 7,013 6,796 3,724 22,136 83,010 Company’s share of net operating income $ 351,215 $ 25,993 $ 249,856 $ 187,966 $ 29,000 $ 138,420 $ 982,450 % of Grand Totals 35.75 % 2.65 % 25.43 % 19.13 % 2.95 % 14.09 % 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, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 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: Premier Workplace 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. |
