| Segment Reporting Disclosure [Text Block] | 11. Segment Information The following tables present reconciliations of Net Income (Loss) Attributable to BXP, Inc. to the Company’s share of Net Operating Income and Net Income (Loss) Attributable to Boston Properties Limited Partnership to the Company’s share of Net Operating Income for the three and nine months ended September 30, 2024 and 2023. BXP Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Net income (loss) attributable to BXP, Inc. $ 83,628 $ (111,826) $ 243,126 $ 70,290 Add: Noncontrolling interest—common units of the Operating Partnership 9,587 (12,626) 28,596 8,642 Noncontrolling interests in property partnerships 15,237 20,909 50,283 59,337 Interest expense 163,194 147,812 474,727 424,492 Impairment loss — — 13,615 — Net operating income from unconsolidated joint ventures 31,919 39,165 98,936 122,175 Depreciation and amortization expense 222,890 207,435 661,148 618,746 Transaction costs 188 751 890 1,970 Payroll and related costs from management services contracts 3,649 3,906 12,090 13,750 General and administrative expense 33,352 31,410 127,479 131,387 Less: Net operating income attributable to noncontrolling interests in property partnerships 44,487 50,047 138,448 145,102 Unrealized gain (loss) on non-real estate investment 94 (51) 548 332 Gains (losses) from investments in securities 2,198 (925) 4,785 2,311 Interest and other income (loss) 14,430 20,715 39,747 48,999 Gains on sales of real estate 517 517 517 517 Income (loss) from unconsolidated joint ventures (7,011) (247,556) 6,376 (261,793) Direct reimbursements of payroll and related costs from management services contracts 3,649 3,906 12,090 13,750 Development and management services revenue 6,770 9,284 19,276 28,122 Company’s share of Net Operating Income $ 498,510 $ 490,999 $ 1,489,103 $ 1,473,449 BPLP Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Net income (loss) attributable to Boston Properties Limited Partnership $ 94,919 $ (122,696) $ 276,826 $ 84,232 Add: Noncontrolling interests in property partnerships 15,237 20,909 50,283 59,337 Interest expense 163,194 147,812 474,727 424,492 Impairment loss — — 13,615 — Net operating income from unconsolidated joint ventures 31,919 39,165 98,936 122,175 Depreciation and amortization expense 221,186 205,679 656,044 613,446 Transaction costs 188 751 890 1,970 Payroll and related costs from management services contracts 3,649 3,906 12,090 13,750 General and administrative expense 33,352 31,410 127,479 131,387 Less: Net operating income attributable to noncontrolling interests in property partnerships 44,487 50,047 138,448 145,102 Unrealized gain (loss) on non-real estate investment 94 (51) 548 332 Gains (losses) from investments in securities 2,198 (925) 4,785 2,311 Interest and other income (loss) 14,430 20,715 39,747 48,999 Gains on sales of real estate 517 517 517 517 Income (loss) from unconsolidated joint ventures (7,011) (247,556) 6,376 (261,793) Direct reimbursements of payroll and related costs from management services contracts 3,649 3,906 12,090 13,750 Development and management services revenue 6,770 9,284 19,276 28,122 Company’s share of Net Operating Income $ 498,510 $ 490,999 $ 1,489,103 $ 1,473,449 Net operating income (“NOI”) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, 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, impairment loss, 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, 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 (loss) attributable to BXP, 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 loss from early extinguishment of debt, unrealized gain (loss) on derivative instruments, gain on sale / consolidation, gain on investment, and impairment losses on investments, all 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, impairment loss, 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, 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 Office (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, 2024: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Office $ 300,613 $ 18,661 $ 258,295 $ 128,929 $ 10,821 $ 104,290 $ 821,609 Residential 4,219 — — 3,152 — 4,746 12,117 Hotel 15,082 — — — — — 15,082 Total 319,914 18,661 258,295 132,081 10,821 109,036 848,808 % of Grand Totals 37.69 % 2.20 % 30.43 % 15.56 % 1.27 % 12.85 % 100.00 % Rental Expenses: Office 107,876 7,344 111,419 52,410 3,382 39,478 321,909 Residential 1,621 — — 2,346 — 2,021 5,988 Hotel 9,833 — — — — — 9,833 Total 119,330 7,344 111,419 54,756 3,382 41,499 337,730 % of Grand Totals 35.34 % 2.17 % 32.99 % 16.21 % 1.00 % 12.29 % 100.00 % Net operating income $ 200,584 $ 11,317 $ 146,876 $ 77,325 $ 7,439 $ 67,537 $ 511,078 % of Grand Totals 39.25 % 2.21 % 28.74 % 15.13 % 1.46 % 13.21 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (10,823) — (33,664) — — — (44,487) Add: Company’s share of net operating income from unconsolidated joint ventures 9,099 6,835 3,472 4,285 1,899 6,329 31,919 Company’s share of net operating income $ 198,860 $ 18,152 $ 116,684 $ 81,610 $ 9,338 $ 73,866 $ 498,510 % of Grand Totals 39.89 % 3.64 % 23.41 % 16.37 % 1.87 % 14.82 % 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, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Office $ 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: Office 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 nine months ended September 30, 2024: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Office $ 866,431 $ 57,534 $ 780,909 $ 393,252 $ 32,251 $ 312,298 $ 2,442,675 Residential 12,687 — — 10,428 — 13,912 37,027 Hotel 38,080 — — — — — 38,080 Total 917,198 57,534 780,909 403,680 32,251 326,210 2,517,782 % of Grand Totals 36.42 % 2.29 % 31.02 % 16.03 % 1.28 % 12.96 % 100.00 % Rental Expenses: Office 321,955 20,678 327,376 148,020 9,753 118,285 946,067 Residential 4,757 — — 6,733 — 5,923 17,413 Hotel 25,687 — — — — — 25,687 Total 352,399 20,678 327,376 154,753 9,753 124,208 989,167 % of Grand Totals 35.62 % 2.09 % 33.10 % 15.64 % 0.99 % 12.56 % 100.00 % Net operating income $ 564,799 $ 36,856 $ 453,533 $ 248,927 $ 22,498 $ 202,002 $ 1,528,615 % of Grand Totals 36.96 % 2.41 % 29.67 % 16.28 % 1.47 % 13.21 % 100.00 % Less: Net operating income attributable to noncontrolling interests in property partnerships (32,803) — (105,645) — — — (138,448) Add: Company’s share of net operating income from unconsolidated joint ventures 26,547 21,118 12,614 13,850 5,713 19,094 98,936 Company’s share of net operating income $ 558,543 $ 57,974 $ 360,502 $ 262,777 $ 28,211 $ 221,096 $ 1,489,103 % of Grand Totals 37.51 % 3.89 % 24.21 % 17.65 % 1.89 % 14.85 % 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, 2023: Boston Los Angeles New York San Francisco Seattle Washington, DC Total Rental Revenue: (1) Office $ 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: Office 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 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. |
