| 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 nine months ended September 30, 2023 and 2022. BXP Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Net income (loss) attributable to Boston Properties, Inc. $ (111,826) $ 360,977 $ 70,290 $ 727,144 Add: Noncontrolling interest—common units of the Operating Partnership (12,626) 40,883 8,642 82,821 Noncontrolling interests in property partnerships 20,909 18,801 59,337 54,896 Interest expense 147,812 111,846 424,492 317,216 Net operating income from unconsolidated joint ventures 39,165 35,316 122,175 108,347 Loss from unconsolidated joint ventures 247,556 3,524 261,793 1,389 Depreciation and amortization expense 207,435 190,675 618,746 551,445 Transaction costs 751 1,650 1,970 2,146 Payroll and related costs from management services contracts 3,906 3,900 13,750 11,204 General and administrative expense 31,410 32,519 131,387 110,378 Less: Net operating income attributable to noncontrolling interests in property partnerships 50,047 48,306 145,102 143,223 Unrealized gain (loss) on non-real estate investment (51) — 332 — Gains (losses) from investments in securities (925) (1,571) 2,311 (8,549) Other income - assignment fee — — — 6,624 Interest and other income (loss) 20,715 3,728 48,999 6,151 Gains on sales of real estate 517 262,345 517 381,293 Direct reimbursements of payroll and related costs from management services contracts 3,906 3,900 13,750 11,204 Development and management services revenue 9,284 7,465 28,122 19,650 Company’s share of Net Operating Income $ 490,999 $ 475,918 $ 1,473,449 $ 1,407,390 BPLP Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Net income (loss) attributable to Boston Properties Limited Partnership $ (122,696) $ 403,578 $ 84,232 $ 819,195 Add: Noncontrolling interests in property partnerships 20,909 18,801 59,337 54,896 Interest expense 147,812 111,846 424,492 317,216 Net operating income from unconsolidated joint ventures 39,165 35,316 122,175 108,347 Loss from unconsolidated joint ventures 247,556 3,524 261,793 1,389 Depreciation and amortization expense 205,679 188,969 613,446 546,271 Transaction costs 751 1,650 1,970 2,146 Payroll and related costs from management services contracts 3,906 3,900 13,750 11,204 General and administrative expense 31,410 32,519 131,387 110,378 Less: Net operating income attributable to noncontrolling interests in property partnerships 50,047 48,306 145,102 143,223 Unrealized gain (loss) on non-real estate investment (51) — 332 — Gains (losses) from investments in securities (925) (1,571) 2,311 (8,549) Other income - assignment fee — — — 6,624 Interest and other income (loss) 20,715 3,728 48,999 6,151 Gains on sales of real estate 517 262,357 517 385,349 Direct reimbursements of payroll and related costs from management services contracts 3,906 3,900 13,750 11,204 Development and management services revenue 9,284 7,465 28,122 19,650 Company’s share of Net Operating Income $ 490,999 $ 475,918 $ 1,473,449 $ 1,407,390 Net operating income (“NOI”) is a non-GAAP financial measure equal to net income (loss) attributable to Boston Properties, Inc. and net income (loss) attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income (loss) attributable to noncontrolling interests, interest expense, 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) unrealized gain (loss) 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, 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 (loss) attributable to Boston Properties, Inc. and net income (loss) 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, unrealized gain on derivative instruments, gain on investment, and impairment losses on investments, all of which are included within 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, loss from unconsolidated joint ventures, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, unrealized gain (loss) 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, 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 September 30, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 276,153 $ — $ 268,680 $ 135,839 $ 13,660 $ 91,488 $ 785,820 Residential 4,198 — — 3,214 — 4,377 11,789 Hotel 13,484 — — — — — 13,484 Total 293,835 — 268,680 139,053 13,660 95,865 811,093 % of Grand Totals 36.23 % — % 33.13 % 17.14 % 1.68 % 11.82 % 100.00 % Rental Expenses: Premier Workplace 97,358 — 107,462 50,450 2,971 36,213 294,454 Residential 1,629 — — 2,221 — 1,888 5,738 Hotel 9,020 — — — — — 9,020 Total 108,007 — 107,462 52,671 2,971 38,101 309,212 % of Grand Totals 34.94 % — % 34.75 % 17.03 % 0.96 % 12.32 % 100.00 % Net operating income $ 185,828 $ — $ 161,218 $ 86,382 $ 10,689 $ 57,764 $ 501,881 % of Grand Totals 37.03 % — % 32.12 % 17.21 % 2.13 % 11.51 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (11,786) — (38,261) — — — (50,047) Add: Company’s share of net operating income from unconsolidated joint ventures 7,946 12,508 3,938 4,023 1,874 8,876 39,165 Company’s share of net operating income $ 181,988 $ 12,508 $ 126,895 $ 90,405 $ 12,563 $ 66,640 $ 490,999 % of Grand Totals 37.07 % 2.55 % 25.84 % 18.41 % 2.56 % 13.57 % 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, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 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: Premier Workplace 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. Information by geographic area and property type (dollars in thousands): For the nine months ended September 30, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 815,568 $ — $ 789,851 $ 408,173 $ 44,978 $ 272,872 $ 2,331,442 Residential 12,371 — — 10,720 — 12,677 35,768 Hotel 35,554 — — — — — 35,554 Total 863,493 — 789,851 418,893 44,978 285,549 2,402,764 % of Grand Totals 35.95 % — % 32.87 % 17.43 % 1.87 % 11.88 % 100.00 % Rental Expenses: Premier Workplace 293,004 — 312,895 144,732 9,013 105,908 865,552 Residential 4,782 — — 6,609 — 5,593 16,984 Hotel 23,852 — — — — — 23,852 Total 321,638 — 312,895 151,341 9,013 111,501 906,388 % of Grand Totals 35.49 % — % 34.52 % 16.70 % 0.99 % 12.30 % 100.00 % Net operating income $ 541,855 $ — $ 476,956 $ 267,552 $ 35,965 $ 174,048 $ 1,496,376 % of Grand Totals 36.22 % — % 31.87 % 17.88 % 2.40 % 11.63 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (33,946) — (111,156) — — — (145,102) Add: Company’s share of net operating income (loss) from unconsolidated joint ventures 25,294 38,501 10,951 10,819 5,598 31,012 122,175 Company’s share of net operating income $ 533,203 $ 38,501 $ 376,751 $ 278,371 $ 41,563 $ 205,060 $ 1,473,449 % of Grand Totals 36.19 % 2.61 % 25.57 % 18.89 % 2.82 % 13.92 % 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, 2022: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Premier Workplace $ 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: Premier Workplace 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. |
