View Filing Data

General and administrative

654,773

733,741

1,407,329

1,459,508

Expenses

Rental

239,787

257,971

502,753

515,488

37,743

35,071

74,197

76,833

Transaction costs

332

417

947

877

178,188

177,411

349,282

342,005

460,507

482,353

941,694

957,944

1,832

47,964

1,463

48,177

Interest and other income

203,767

1,686

613,932

781

1,305

3,615

4,322

7,368

Gains (losses) from investments in securities

4,552

1,165

(893)

4,134

Impairment losses

(24,038)

(107,142)

(102,357)

(208,733)

(203,366)

Net (income) loss attributable to noncontrolling interests

298,580

203,461

875,726

334,620

Noncontrolling interests in property partnerships

767

(17,482)

(18,719)

(36,312)

Noncontrolling interest - common units of the Operating Partnership

(30,197)

(19,036)

(87,525)

(30,627)

Net income attributable to the Company

269,150

166,943

769,482

267,681

Preferred dividends / distributions

(2,625)

(5,250)

Net income attributable to the Company's common shareholders / unitholders

$ 266,525

$ 164,318

$ 764,232

$ 262,431

Earnings Per Share After Allccation of Undistributed Earnings to Particiapting Securities Basic (dollars per share)

$ 1.71

$ 1.06

$ 4.92

$ 1.70

Basic earnings per common share / unit attributable to the Company

Net income (in dollars per share / unit)

$ 1.72

$ 1.06

$ 4.92

$ 1.70

Weighted average number of common shares / units outstanding (in shares / units)

155,386

154,555

155,199

154,540

Diluted earnings per common share / unit attributable to the Company

Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)

$ 1.71

$ 1.06

$ 4.91

$ 1.69

Weighted average number of common and common equivalent shares / units outstanding (in shares / units)

155,407

154,874

155,333

154,859

Revenue

Lease

$ 630,119

$ 680,189

$ 1,340,230

$ 1,359,440

General and administrative

654,773

733,741

1,407,329

1,459,508

Expenses

Rental

239,787

257,971

502,753

515,488

37,743

35,071

74,197

76,833

Transaction costs

332

417

947

877

176,409

175,199

345,694

337,881

458,728

480,141

938,106

953,820

1,832

47,964

1,463

48,177

Interest and other income

207,241

1,835

626,895

930

1,305

3,615

4,322

7,368

Gains (losses) from investments in securities

4,552

1,165

(893)

4,134

Impairment losses

(22,272)

(107,142)

(102,357)

(208,733)

(203,366)

Net (income) loss attributable to noncontrolling interests

303,833

205,822

892,277

340,659

Noncontrolling interests in property partnerships

767

(17,482)

(18,719)

(36,312)

Net income attributable to the Company

304,600

188,340

873,558

304,347

Preferred dividends / distributions

(2,625)

(5,250)

Net income attributable to the Company's common shareholders / unitholders

$ 301,975

$ 185,715

$ 868,308

$ 299,097

Earnings Per Share After Allccation of Undistributed Earnings to Particiapting Securities Basic (dollars per share)

$ 1.75

$ 1.08

$ 5.02

$ 1.74

Basic earnings per common share / unit attributable to the Company

Net income (in dollars per share / unit)

$ 1.75

$ 1.08

$ 5.03

$ 1.74

Weighted average number of common shares / units outstanding (in shares / units)

172,659

172,202

172,604

172,167

Diluted earnings per common share / unit attributable to the Company

Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)

$ 1.75

$ 1.08

$ 5.02

$ 1.73

Weighted average number of common and common equivalent shares / units outstanding (in shares / units)

172,680

172,521

172,738

172,486

Parking and Other [Member]

Revenue

Parking and Other [Member] | Boston Properties Limited Partnership

$ 13,946

$ 26,319

$ 38,450

$ 51,225

Revenue

13,946

26,319

38,450

51,225

Hotel [Member]

Revenue

^[1]

14,844

6,924

23,782

Expenses

Hotel [Member] | Boston Properties Limited Partnership

1,973

9,080

8,794

16,943

Revenue

14,844

6,924

23,782

Expenses

Real Estate, Other [Member]

1,973

9,080

8,794

16,943

Revenue

2,484

2,403

5,721

5,798

Expenses

Real Estate, Other [Member] | Boston Properties Limited Partnership

2,484

2,403

5,721

5,798

Revenue

Management Service [Member]

2,484

2,403

5,721

5,798

Revenue

Management Service [Member] | Boston Properties Limited Partnership

8,125

9,986

16,004

19,263

Revenue

8,125

9,986

16,004

19,263

Expenses

$ 2,484

$ 2,403

$ 5,721

$ 5,798

[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.

Consolidated Statements Of Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Effective portion of interest rate contracts

$ 298,580

$ 203,461

$ 875,726

$ 334,620

Other comprehensive income (loss):

(659)

(4,426)

(10,379)

(7,054)

Amortization of interest rate contracts

^[1]

1,677

1,666

3,343

3,332

Other comprehensive income (loss)

1,018

(2,760)

(7,036)

(3,722)

Comprehensive Income

299,598

200,701

868,690

330,898

Comprehensive income attributable to noncontrolling interests

(29,430)

(36,518)

(106,244)

(66,939)

Other comprehensive income (loss) attributable to noncontrolling interests

(239)

154

450

123

Comprehensive income attributable to the Company

269,929

164,337

762,896

264,082

Effective portion of interest rate contracts

303,833

205,822

892,277

340,659

Other comprehensive income (loss):

(659)

(4,426)

(10,379)

(7,054)

Amortization of interest rate contracts

^[2]

1,677

1,666

3,343

3,332

Other comprehensive income (loss)

1,018

(2,760)

(7,036)

(3,722)

Comprehensive Income

304,851

203,062

885,241

336,937

Comprehensive income attributable to noncontrolling interests

623

(17,626)

(19,007)

(36,600)

Comprehensive income attributable to the Company

$ 305,474

$ 185,436

$ 866,234

$ 300,337

[1]	Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties, Inc.’s Consolidated Statements of Operations
[2]	Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties Limited Partnership’s Consolidated Statements of Operations.

Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-In Capital [Member]	Dividends In Excess Of Earnings [Member]	Treasury Stock, At Cost [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interests [Member]	Noncontrolling interest - property partnerships [Member]
Equity, shares at Dec. 31, 2018		154,458,000
Equity, value at Dec. 31, 2018	$ 8,213,968	$ 1,545	$ 200,000	$ 6,407,623	$ (675,534)	$ (2,722)	$ (47,741)	$ 619,352	$ 1,711,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of a change in accounting principle	(4,379)				(3,864)			(445)	(70)
Redemption of operating partnership units to common stock, shares		35,000
Redemption of operating partnership units to common stock, value	0	$ 1		1,211				(1,212)
Allocated net income for the year	334,620				267,681			30,627	36,312
Dividends/distributions declared	(333,266)				(298,875)			(34,391)
Shares issued pursuant to stock purchase plan, shares		4,000
Shares issued pursuant to stock purchase plan, value	373			373
Net activity from stock option and incentive plan, shares		66,000
Net activity from stock option and incentive plan, value	27,332			4,554				22,778
Acquisition of noncontrolling interest in property partnership	(187,006)			(162,505)					(24,501)
Contributions from noncontrolling interests in property partnerships	12,148								12,148
Distributions to noncontrolling interests in property partnerships	(39,401)								(39,401)
Effective portion of interest rate contracts	(7,054)						(6,332)	(722)	0
Amortization of interest rate contracts	3,332						2,733	311	288
Reallocation of noncontrolling interest				27,705				(27,705)
Equity, shares at Jun. 30, 2019		154,563,000
Equity, value at Jun. 30, 2019	8,020,667	$ 1,546	200,000	6,278,961	(710,592)	(2,722)	(51,340)	608,593	1,696,221
Equity, shares at Mar. 31, 2019		154,515,000
Equity, value at Mar. 31, 2019	8,170,287	$ 1,545	200,000	6,414,612	(728,083)	(2,722)	(48,734)	623,061	1,710,608
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of operating partnership units to common stock, shares		21,000
Redemption of operating partnership units to common stock, value	0	$ 1		719				(720)
Allocated net income for the year	203,461				166,951			19,028	17,482
Dividends/distributions declared	(166,666)				(149,460)			(17,206)
Net activity from stock option and incentive plan, shares		27,000
Net activity from stock option and incentive plan, value	10,863			1,495				9,368
Acquisition of noncontrolling interest in property partnership	(187,006)			(162,505)					(24,501)
Contributions from noncontrolling interests in property partnerships	7,761								7,761
Distributions to noncontrolling interests in property partnerships	(15,273)								(15,273)
Effective portion of interest rate contracts	(4,426)						(3,973)	(453)
Amortization of interest rate contracts	1,666						1,367	155	144
Reallocation of noncontrolling interest	0			24,640				(24,640)
Equity, shares at Jun. 30, 2019		154,563,000
Equity, value at Jun. 30, 2019	$ 8,020,667	$ 1,546	200,000	6,278,961	(710,592)	(2,722)	(51,340)	608,593	1,696,221
Equity, shares at Dec. 31, 2019	154,790,298	154,790,000
Equity, value at Dec. 31, 2019	$ 8,014,236	$ 1,548	200,000	6,294,719	(760,523)	(2,722)	(48,335)	600,860	1,728,689
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of a change in accounting principle	(1,679)				(1,505)			(174)	0
Redemption of operating partnership units to common stock, shares		765,000
Redemption of operating partnership units to common stock, value	0	$ 8		26,336				(26,344)
Allocated net income for the year	875,726				769,482			87,525	18,719
Dividends/distributions declared	(344,603)				(309,965)			(34,638)
Shares issued pursuant to stock purchase plan, shares		2,000
Shares issued pursuant to stock purchase plan, value	325			325
Net activity from stock option and incentive plan, shares		65,000
Net activity from stock option and incentive plan, value	33,285	$ 0		8,256				25,029
Contributions from noncontrolling interests in property partnerships	5,957								5,957
Distributions to noncontrolling interests in property partnerships	(29,065)								(29,065)
Effective portion of interest rate contracts	(10,379)						(9,333)	(1,046)	0
Amortization of interest rate contracts	3,343						2,747	308	288
Reallocation of noncontrolling interest	$ 0			11,029				(11,029)
Equity, shares at Jun. 30, 2020	155,622,286	155,622,000
Equity, value at Jun. 30, 2020	$ 8,547,146	$ 1,556	200,000	6,340,665	(302,511)	(2,722)	(54,921)	640,491	1,724,588
Equity, shares at Mar. 31, 2020		155,315,000
Equity, value at Mar. 31, 2020	8,420,883	$ 1,553	200,000	6,321,475	(416,740)	(2,722)	(55,700)	636,572	1,736,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of operating partnership units to common stock, shares		303,000
Redemption of operating partnership units to common stock, value	0	$ 3		10,846				(10,849)
Allocated net income for the year	298,580				269,361			29,986	(767)
Dividends/distributions declared	(172,326)				(155,132)			(17,194)
Net activity from stock option and incentive plan, shares		4,000
Net activity from stock option and incentive plan, value	10,225			873				9,352
Contributions from noncontrolling interests in property partnerships	2,081								2,081
Distributions to noncontrolling interests in property partnerships	(13,315)								(13,315)
Effective portion of interest rate contracts	(659)						(601)	(58)
Amortization of interest rate contracts	1,677						1,380	153	144
Reallocation of noncontrolling interest	$ 0			7,471				(7,471)
Equity, shares at Jun. 30, 2020	155,622,286	155,622,000
Equity, value at Jun. 30, 2020	$ 8,547,146	$ 1,556	$ 200,000	$ 6,340,665	$ (302,511)	$ (2,722)	$ (54,921)	$ 640,491	$ 1,724,588

Consolidated Statement of Capital and Noncontrolling Interests Statement - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Common Stock, Shares, Outstanding	155,622,286		155,622,286			154,790,298
Cumulative effect of a change in accounting principle			$ (1,679)	$ (4,379)
Effective portion of interest rate contracts	$ (659)	$ (4,426)	(10,379)	(7,054)
Amortization of interest rate contracts	1,677	1,666	3,343	3,332
Acquisition of noncontrolling interest in property partnership		(187,006)		(187,006)
Contributions from noncontrolling interests in property partnerships	2,081	7,761	5,957	12,148
Distributions to noncontrolling interests in property partnerships	$ (13,315)	$ (15,273)	$ (29,065)	$ (39,401)
General Partner [Member]
Common Stock, Shares, Outstanding	1,731,000	1,726,000	1,731,000	1,726,000	1,731,000	1,727,000	1,725,000	1,722,000
Contributions, units	0	1,000	1,000	3,000
Conversion of redeemable partnership units	0		3,000	1,000
Limited Partner [Member]
Common Stock, Shares, Outstanding	153,891,000	152,837,000	153,891,000	152,837,000	153,584,000	153,063,000	152,790,000	152,736,000
Contributions, units	5,000	26,000	68,000	67,000
Conversion of redeemable partnership units	302,000	21,000	760,000	34,000
Preferred Units [Member]
Beginning Balance	$ 193,623	$ 193,623	$ 193,623	$ 193,623	$ 193,623	$ 193,623	$ 193,623	$ 193,623
Allocated net income for the period	2,625	2,625	5,250	5,250
Distributions	(2,625)	(2,625)	(5,250)	(5,250)
Accumulated Other Comprehensive Loss [Member]
Beginning Balance	(54,921)	(51,340)	(54,921)	(51,340)	(55,700)	(48,335)	(48,734)	(47,741)
Effective portion of interest rate contracts	(601)	(3,973)	(9,333)	(6,332)
Amortization of interest rate contracts	1,380	1,367	2,747	2,733
Noncontrolling interest - property partnerships [Member]
Beginning Balance	1,724,588	1,696,221	1,724,588	1,696,221	1,736,445	1,728,689	1,710,608	1,711,445
Cumulative effect of a change in accounting principle			0	(70)
Allocated net income for the period	(767)	17,482	18,719	36,312
Effective portion of interest rate contracts			0	0
Amortization of interest rate contracts	144	144	288	288
Acquisition of noncontrolling interest in property partnership		(24,501)		(24,501)
Contributions from noncontrolling interests in property partnerships	2,081	7,761	5,957	12,148
Distributions to noncontrolling interests in property partnerships	(13,315)	(15,273)	(29,065)	(39,401)
Total Capital [Member]
Beginning Balance	6,691,356	5,401,414	6,691,356	5,401,414	6,500,995	5,254,152	5,458,671	5,912,323
Cumulative effect of a change in accounting principle			(1,505)	(3,934)
Contributions, value	450	882	7,162	5,702
Allocated net income for the period	273,847	186,794	804,752	310,032
Distributions	(155,132)	(149,460)	(309,965)	(298,875)
Unearned compensation	423	613	1,419	(775)
Conversion of redeemable partnership units, value	10,849	720	26,344	1,212
Adjustment to reflect redeemable partnership units at redemption value	70,235	100,174	938,403	(306,701)
Effective portion of interest rate contracts	(601)	(3,973)	(9,333)	(6,332)
Amortization of interest rate contracts	1,524	1,511	3,035	3,021
Acquisition of noncontrolling interest in property partnership		(187,006)		(187,006)
Contributions from noncontrolling interests in property partnerships	2,081	7,761	5,957	12,148
Distributions to noncontrolling interests in property partnerships	(13,315)	(15,273)	(29,065)	(39,401)
Noncontrolling interest - Redeemable partnership units [Member]
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount	1,581,010	2,324,238	1,581,010	2,324,238	1,639,855	2,468,753	2,414,240	2,000,591
Cumulative effect of a change in accounting principle			(174)	(445)
Contributions, value	(98)	1,082	39,643	35,482
Allocated net income for the period	29,986	19,028	87,525	30,627
Distributions	(17,194)	(17,206)	(34,638)	(34,391)
Unearned compensation	9,450	8,286	(14,614)	(12,704)
Conversion of redeemable partnership units, value	(10,849)	(720)	(26,344)	(1,212)
Adjustment to reflect redeemable partnership units at redemption value	(70,235)	(100,174)	(938,403)	306,701
Effective portion of interest rate contracts	(58)	(453)	(1,046)	(722)
Amortization of interest rate contracts	153	155	308	311
Partners' Capital (General and Limited Partners)[Member]
Beginning Balance	4,828,066	3,562,910	4,828,066	3,562,910	$ 4,626,627	$ 3,380,175	$ 3,603,174	$ 4,054,996
Cumulative effect of a change in accounting principle			(1,505)	(3,864)
Contributions, value	450	882	7,162	5,702
Allocated net income for the period	271,989	166,687	780,783	268,470
Distributions	(152,507)	(146,835)	(304,715)	(293,625)
Unearned compensation	423	613	1,419	(775)
Conversion of redeemable partnership units, value	10,849	720	26,344	1,212
Adjustment to reflect redeemable partnership units at redemption value	$ 70,235	100,174	$ 938,403	(306,701)
Acquisition of noncontrolling interest in property partnership		$ (162,505)		$ (162,505)

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net income	$ 875,726	$ 334,620
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	349,282	342,005
Amortization of right of use assets - operating leases	1,128	1,213
Impairment loss	0	24,038
Non-cash compensation expense	27,899	25,444
Income from unconsolidated joint ventures	(1,463)	(48,177)
Distributions of net cash flow from operations of unconsolidated joint ventures	13,382	3,890
Losses (gains) from investments in securities	893	(4,134)
Allowance for current expected credit losses	484	0
Non-cash portion of interest expense	11,483	10,900
Gains on sales of real estate	(613,932)	(781)
Change in assets and liabilities:
Tenant and other receivables, net	18,516	(11,514)
Notes receivable, net	(258)	(250)
Accrued rental income, net	(43,399)	(37,473)
Prepaid expenses and other assets	(12,057)	(9,319)
Lease liabilities - operating leases	799	780
Accounts payable and accrued expenses	(20,493)	17,458
Accrued interest payable	5,262	(78)
Other liabilities	(21,912)	(30,503)
Tenant leasing costs	(37,068)	(52,515)
Total adjustments	(321,454)	230,984
Net cash provided by operating activities	554,272	565,604
Cash flows from investing activities:
Acquisitions of real estate	(133,406)	(43,061)
Construction in progress	(247,615)	(203,259)
Building and other capital improvements	(68,386)	(79,943)
Tenant improvements	(118,903)	(115,940)
Proceeds from sales of real estate	506,337	60,398
Capital contributions to unconsolidated joint ventures	(106,168)	(50,068)
Capital distributions from unconsolidated joint ventures	54,413	105,000
Issuance of notes receivable, net	(9,800)	0
Investments in securities, net	3,006	(1,079)
Net cash used in investing activities	(120,522)	(327,952)
Cash flows from financing activities:
Repayments of mortgage notes payable	(8,477)	(9,702)
Proceeds from unsecured senior notes	1,248,125	848,428
Borrowings on unsecured line of credit	265,000	380,000
Repayments of unsecured line of credit	(265,000)	(380,000)
Payments on finance lease obligations	0	(628)
Deferred financing costs	(9,465)	(7,112)
Net proceeds from equity transactions	3,183	2,261
Dividends and distributions	(344,239)	(332,961)
Contributions from noncontrolling interests in property partnerships	5,957	12,148
Distributions to noncontrolling interests in property partnerships	(29,065)	(39,401)
Acquisition of noncontrolling interest in property partnership	0	(186,952)
Net cash provided by financing activities	866,019	286,081
Net increase (decrease) in cash and cash equivalents and cash held in escrows	1,299,769	523,733
Cash and cash equivalents and cash held in escrows, beginning of period	691,886	639,191
Cash and cash equivalents and cash held in escrows, end of period	1,991,655	1,162,924
Reconciliation of cash and cash equivalents and cash held in escrow
Cash and cash equivalents, beginning of period	644,950	543,359
Cash held in escrows, beginning of period	46,936	95,832
Cash and cash equivalents, end of period	1,691,047	1,087,001
Cash held in escrows,end of period	300,608	75,923
Supplemental disclosures:
Cash paid for interest	213,754	216,754
Interest capitalized	27,866	25,069
Non-cash investing and financing activities:
Write-off of fully depreciated real estate	(50,141)	(61,283)
Change in real estate included in accounts payable and accrued expenses	(25,461)	115,150
Real estate acquired through finance lease	0	122,563
Accrued rental income, net deconsolidated	(4,558)	0
Tenant leasing costs, net deconsolidated	(3,462)	0
Building and other capital improvements, net deconsolidated	(111,889)	0
Tenant improvements, net deconsolidated	(12,331)	0
Investment in unconsolidated joint venture recorded upon deconsolidation	347,898	0
Dividends and distributions declared but not paid	171,077	165,419
Conversions of noncontrolling interests to stockholders’ equity	26,344	1,212
Issuance of restricted securities to employees and non-employee directors	43,462	38,923
Boston Properties Limited Partnership
Net income	892,277	340,659
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	345,694	337,881
Amortization of right of use assets - operating leases	1,128	1,213
Impairment loss	0	22,272
Non-cash compensation expense	27,899	25,444
Income from unconsolidated joint ventures	(1,463)	(48,177)
Distributions of net cash flow from operations of unconsolidated joint ventures	13,382	3,890
Losses (gains) from investments in securities	893	(4,134)
Allowance for current expected credit losses	484	0
Non-cash portion of interest expense	11,483	10,900
Gains on sales of real estate	(626,895)	(930)
Change in assets and liabilities:
Tenant and other receivables, net	18,516	(11,514)
Notes receivable, net	(258)	(250)
Accrued rental income, net	(43,399)	(37,473)
Prepaid expenses and other assets	(12,057)	(9,319)
Lease liabilities - operating leases	799	780
Accounts payable and accrued expenses	(20,493)	17,458
Accrued interest payable	5,262	(78)
Other liabilities	(21,912)	(30,503)
Tenant leasing costs	(37,068)	(52,515)
Total adjustments	(338,005)	224,945
Net cash provided by operating activities	554,272	565,604
Cash flows from investing activities:
Acquisitions of real estate	(133,406)	(43,061)
Construction in progress	(247,615)	(203,259)
Building and other capital improvements	(68,386)	(79,943)
Tenant improvements	(118,903)	(115,940)
Proceeds from sales of real estate	506,337	60,398
Capital contributions to unconsolidated joint ventures	(106,168)	(50,068)
Capital distributions from unconsolidated joint ventures	54,413	105,000
Issuance of notes receivable, net	(9,800)	0
Investments in securities, net	3,006	(1,079)
Net cash used in investing activities	(120,522)	(327,952)
Cash flows from financing activities:
Repayments of mortgage notes payable	(8,477)	(9,702)
Proceeds from unsecured senior notes	1,248,125	848,428
Borrowings on unsecured line of credit	265,000	380,000
Repayments of unsecured line of credit	(265,000)	(380,000)
Payments on finance lease obligations	0	(628)
Deferred financing costs	(9,465)	(7,112)
Net proceeds from equity transactions	3,183	2,261
Dividends and distributions	(344,239)	(332,961)
Contributions from noncontrolling interests in property partnerships	5,957	12,148
Distributions to noncontrolling interests in property partnerships	(29,065)	(39,401)
Acquisition of noncontrolling interest in property partnership	0	(186,952)
Net cash provided by financing activities	866,019	286,081
Net increase (decrease) in cash and cash equivalents and cash held in escrows	1,299,769	523,733
Cash and cash equivalents and cash held in escrows, beginning of period	691,886	639,191
Cash and cash equivalents and cash held in escrows, end of period	1,991,655	1,162,924
Reconciliation of cash and cash equivalents and cash held in escrow
Cash and cash equivalents, beginning of period	644,950	543,359
Cash held in escrows, beginning of period	46,936	95,832
Cash and cash equivalents, end of period	1,691,047	1,087,001
Cash held in escrows,end of period	300,608	75,923
Supplemental disclosures:
Cash paid for interest	213,754	216,754
Interest capitalized	27,866	25,069
Non-cash investing and financing activities:
Write-off of fully depreciated real estate	(50,141)	(61,283)
Change in real estate included in accounts payable and accrued expenses	(25,461)	115,150
Real estate acquired through finance lease	0	122,563
Accrued rental income, net deconsolidated	(4,558)	0
Tenant leasing costs, net deconsolidated	(3,462)	0
Building and other capital improvements, net deconsolidated	(111,889)	0
Tenant improvements, net deconsolidated	(12,331)	0
Investment in unconsolidated joint venture recorded upon deconsolidation	347,898	0
Dividends and distributions declared but not paid	171,077	165,419
Conversions of noncontrolling interests to stockholders’ equity	26,344	1,212
Issuance Of Restricted Units To Employees And Directors	$ 43,462	$ 38,923

Organization	6 Months Ended
Organization	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Boston Properties, Inc., a Delaware corporation, is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”). Boston Properties, Inc. is the sole general partner of Boston Properties Limited Partnership, its operating partnership, and at June 30, 2020 owned an approximate 89.9% (89.6% at December 31, 2019) general and limited partnership interest in Boston Properties Limited Partnership. Unless stated otherwise or the context requires, the “Company” refers to Boston Properties, Inc. and its subsidiaries, including Boston Properties Limited Partnership and its consolidated subsidiaries. Partnership interests in Boston Properties Limited Partnership include: •common units of partnership interest (also referred to as “OP Units”), •long term incentive units of partnership interest (also referred to as “LTIP Units”), and •preferred units of partnership interest (also referred to as “Preferred Units”). Unless specifically noted otherwise, all references to OP Units exclude units held by Boston Properties, Inc. A holder of an OP Unit may present such OP Unit to Boston Properties Limited Partnership for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, Boston Properties Limited Partnership is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of Boston Properties, Inc. (“Common Stock”). In lieu of a cash redemption, Boston Properties, Inc. may elect to acquire the OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that Boston Properties, Inc. owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock. The Company uses LTIP Units as a form of equity-based award for annual long term incentive equity compensation. The Company has also issued LTIP Units to employees in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013 - 2020 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance and vesting conditions, is convertible into one OP Unit. The three-year measurement periods for the 2012 OPP Units and the 2013 - 2017 MYLTIP Units have ended and Boston Properties, Inc.’s total stockholder return (“TSR”) was sufficient for employees to earn and therefore become eligible to vest in a portion of the awards. Unless and until they are earned, the rights, preferences and privileges of the 2018 - 2020 MYLTIP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units and the 2013 - 2017 MYLTIP Units, which have been earned). Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2018 - 2020 MYLTIP Units. LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2017 MYLTIP Units), whether vested or not, will receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 8 and 11). At June 30, 2020, there was one series of Preferred Units outstanding (i.e., Series B Preferred Units). The Series B Preferred Units were issued to Boston Properties, Inc. on March 27, 2013 in connection with the issuance of 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) of 5.25% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”). Boston Properties, Inc. contributed the net proceeds from the offering to Boston Properties Limited Partnership in exchange for 80,000 Series B Preferred Units having terms and preferences generally mirroring those of the Series B Preferred Stock (See Note 9). Properties At June 30, 2020, the Company owned or had interests in a portfolio of 195 commercial real estate properties (the “Properties”) aggregating approximately 51.2 million net rentable square feet of primarily Class A office properties, including nine properties under construction/redevelopment totaling approximately 5.0 million net rentable square feet. At June 30, 2020, the Properties consisted of: •176 office properties (including seven properties under construction/redevelopment); •12 retail properties; •six residential properties (including two properties under construction); and •one hotel.The Company considers Class A office properties to be well-located buildings that are professionally managed and maintained, attract high-quality tenants and command upper-tier rental rates, and that are modern structures or have been modernized to compete with newer buildings.

Summary Of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis Of Presentation And Summary Of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Boston Properties, Inc. does not have any other significant assets, liabilities or operations, other than its investment in Boston Properties Limited Partnership, nor does it have employees of its own. Boston Properties Limited Partnership, not Boston Properties, Inc., generally executes all significant business relationships other than transactions involving securities of Boston Properties, Inc. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income.

The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2019.

The Company bases its estimates on historical experience and on various other assumptions that it considers to be reasonable under the circumstances, including the impact of extraordinary events such as the novel coronavirus (“COVID-19”) pandemic, the results of which form the basis for making significant judgments about the carrying values of assets and liabilities, assessments of future collectability, and other areas of the financial statements that are impacted by the use of estimates. Actual results may differ from these estimates under different assumptions or conditions.

Variable Interest Entities (VIEs)

Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that it is the primary beneficiary for six of the seven entities that are VIEs.

Consolidated Variable Interest Entities

As of June 30, 2020, Boston Properties, Inc. has identified six consolidated VIEs, including Boston Properties Limited Partnership. Excluding Boston Properties Limited Partnership, the VIEs consisted of the following five in-service properties: 767 Fifth Avenue (the General Motors Building), Times Square Tower, 601 Lexington Avenue, Atlantic Wharf Office Building and 100 Federal Street.

The Company consolidates these VIEs because it is the primary beneficiary. The third parties’ interests in these consolidated entities (excluding Boston Properties Limited Partnership’s interest) are reflected as noncontrolling interests in property partnerships in the accompanying consolidated financial statements (See Note 8).

In addition, Boston Properties, Inc.’s only significant asset is its investment in Boston Properties Limited Partnership and, consequently, substantially all of Boston Properties, Inc.’s assets and liabilities are the assets and liabilities of Boston Properties Limited Partnership.

Variable Interest Entities Not Consolidated

The Company has determined that the Platform 16 Holdings LP joint venture is a VIE. The Company does not consolidate this entity as the Company does not have the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and, therefore, the Company is not considered to be the primary beneficiary.

Fair Value of Financial Instruments

The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized (as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”)).


Financial Instrument			Level
Unsecured senior notes (1)			Level 1
Related party note receivable			Level 3
Notes receivable			Level 3
Mortgage notes payable			Level 3
Unsecured term loan / line of credit			Level 3

_______________

(1) If trading value for the period is low, the valuation could be categorized as Level 2.

Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates.

The following table identifies the range and weighted average of significant unobservable inputs for the Company’s Level 3 fair value measured instruments.


Financial Instrument	Level	Range	Weighted Average
Related party note receivable	Level 3	3.66%	3.66%
Notes receivable	Level 3	3.66% - 8.00%	5.35%
Mortgage notes payable	Level 3	2.09% - 3.25%	2.33%
Unsecured term loan / line of credit	Level 3	1.01%	1.01%

In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods.

The following table presents the aggregate carrying value of the Company’s related party note receivable, net, notes receivable, net, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of June 30, 2020 and December 31, 2019 (in thousands):


	June 30, 2020						December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Related party note receivable, net	$	78,520	$	85,394	$	80,000	$	81,931
Notes receivable, net	25,480		25,648		15,920		14,978
Total	$	104,000	$	111,042	$	95,920	$	96,909

Mortgage notes payable, net	$	2,915,852	$	3,155,771	$	2,922,408	$	2,984,956
Unsecured senior notes, net	9,633,577		10,517,869		8,390,459		8,826,375
Unsecured line of credit	—		—		—		—
Unsecured term loan, net	499,150		500,450		498,939		500,561
Total	$	13,048,579	$	14,174,090	$	11,811,806	$	12,311,892

New Accounting Pronouncements Adopted

Financial Instruments - Credit Losses

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses” (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of ASC 326-20, “Financial Instruments - Credit Losses - Measured at Amortized Cost,” which addresses financial assets measured at amortized cost basis, including net investments in leases arising from sales-type and direct financing leases. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 - “Leases” (“ASC 842”). ASU 2016-13 and ASU 2018-19 were effective for the Company for reporting periods beginning after December 15, 2019, with early adoption permitted. ASU 2016-13 and ASU 2018-19 are applicable to the Company with respect to (1) certain of its accounts receivable, except for amounts arising from operating leases accounted for under ASC 842, (2) its related party note receivable, (3) its notes receivable and (4) certain of its off-balance sheet credit exposures. The Company adopted ASU 2016-13 and ASU 2018-19 effective January 1, 2020 using the modified retrospective approach. The adoption of ASU 2016-13 and ASU 2018-19 resulted in the Company recognizing an allowance for current expected credit losses associated with (1) its related party note receivable, (2) its notes receivable and (3) an off-balance sheet loan commitment arrangement. As a result, the modified retrospective approach resulted in the Company recognizing on January 1, 2020, the cumulative effect of adopting ASU 2016-13 and ASU 2018-19 aggregating approximately $1.5 million to Dividends in Excess of Earnings of Boston Properties, Inc. and Partners’ Capital of Boston Properties Limited Partnership and approximately $0.2 million to Noncontrolling Interests - Common Units of Boston Properties, Inc. and Noncontrolling Interests - Redeemable Partnership Units of Boston Properties Limited Partnership on the corresponding Consolidated Balance Sheets.

Fair Value Measurement

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 was effective for the Company for reporting periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2018-13 on January 1, 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements.

Derivatives and Hedging

In October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes” (“ASU 2018-16”). ASU 2018-16 permits the use of the overnight index swap rate based on the Secured Overnight Financing Rate (“SOFR”) to be used as a U.S. benchmark interest rate for purposes of applying hedge accounting under ASC 815, “Derivatives and Hedging (Topic 815).” ASU 2018-16 was effective for the Company, which has already adopted ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” for reporting periods beginning after December 15, 2018 and was required to be adopted on a prospective basis for qualifying new or re-designated hedging relationships entered into on or after the date of adoption. The Company adopted ASU 2018-16 on January 1, 2019 and the adoption did not have a material impact on the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the six months ended June 30, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to

evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Consolidation

In October 2018, the FASB issued ASU 2018-17, “Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities” (“ASU 2018-17”). ASU 2018-17 is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. ASU 2018-17 was effective for the Company for reporting periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2018-17 on January 1, 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements.

Real Estate

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

Real Estate

3. Real Estate

Boston Properties, Inc.

Real estate consisted of the following at June 30, 2020 and December 31, 2019 (in thousands):


	June 30, 2020		December 31, 2019
Land	$	5,070,126	$	5,111,606
Right of use assets - finance leases	237,394		237,394
Right of use assets - operating leases	147,512		148,640
Land held for future development (1)	414,053		254,828
Buildings and improvements	13,488,860		13,646,054
Tenant improvements	2,664,294		2,656,439
Furniture, fixtures and equipment	44,635		44,313
Construction in progress	893,935		789,736
Total	22,960,809		22,889,010
Less: Accumulated depreciation	(5,292,389)		(5,266,798)
	$	17,668,420	$	17,622,212

_______________

(1)Includes pre-development costs.

Boston Properties Limited Partnership

Real estate consisted of the following at June 30, 2020 and December 31, 2019 (in thousands):


	June 30, 2020		December 31, 2019
Land	$	4,972,910	$	5,011,153
Right of use assets - finance leases	237,394		237,394
Right of use assets - operating leases	147,512		148,640
Land held for future development (1)	414,053		254,828
Buildings and improvements	13,209,267		13,351,286
Tenant improvements	2,664,294		2,656,439
Furniture, fixtures and equipment	44,635		44,313
Construction in progress	893,935		789,736
Total	22,584,000		22,493,789
Less: Accumulated depreciation	(5,190,360)		(5,162,908)
	$	17,393,640	$	17,330,881

_______________

(1)Includes pre-development costs.

Developments

On March 26, 2020, the Company completed and fully placed in-service 17Fifty Presidents Street located in Reston, Virginia. 17Fifty Presidents Street is a build-to-suit project with approximately 276,000 net rentable square feet of Class A office space that is 100% leased.

On June 1, 2020, the Company completed and fully placed in-service 20 CityPoint, a Class A office project with approximately 211,000 net rentable square feet located in Waltham, Massachusetts that is 62% leased.

On June 26, 2020, the Company completed the acquisition of real property at 777 Harrison Street (known as Fourth + Harrison and formerly known as 425 Fourth Street) located in San Francisco, California for a gross purchase price, including entitlements, totaling approximately $140.1 million. Fourth + Harrison is expected to support the development of approximately 804,000 square feet of primarily commercial office space.

Dispositions

On January 28, 2020, the Company entered into a joint venture with a third party to own, operate and develop properties at its Gateway Commons complex located in South San Francisco, California. The Company contributed its 601, 611 and 651 Gateway properties and development rights with an agreed upon value aggregating approximately $350.0 million for its 50% interest in the joint venture. 601, 611 and 651 Gateway consist of three Class A office properties aggregating approximately 768,000 net rentable square feet. The partner contributed three properties and development rights with an agreed upon value aggregating approximately $280.8 million at closing and will contribute cash totaling approximately $69.2 million in the future for its 50% ownership interest in the joint venture. As a result of the partner’s deferred contribution, the Company has an initial approximately 55% interest in the joint venture. Future development projects will be owned 49% by the Company and 51% by its partner. Upon the partner’s contribution, the Company ceased accounting for the joint venture entity on a consolidated basis and is accounting for the joint venture entity on an unconsolidated basis using the equity method of accounting, as it has reduced its ownership interest in the joint venture entity and no longer has a controlling financial or operating interest in the joint venture entity (See Note 5). The Company recognized a gain on the retained and sold interest in the real estate contributed to the joint venture totaling approximately $217.7 million for Boston Properties, Inc. and $222.4 million for Boston Properties Limited Partnership during the six months ended June 30, 2020 within Gains on Sales of Real Estate on the respective Consolidated Statements of Operations, as the fair value of the real estate exceeded its carrying value. 601, 611 and 651 Gateway contributed approximately $0.2 million of net income to the Company for the period from January 1, 2020 through January 27, 2020 and contributed approximately $3.1 million and $6.0 million of net income to the Company for the three and six months ended June 30, 2019, respectively.

On February 20, 2020, the Company completed the sale of New Dominion Technology Park located in Herndon, Virginia for a gross sale price of $256.0 million. Net cash proceeds totaled approximately $254.0 million, resulting in a gain on sale of real estate totaling approximately $192.3 million for Boston Properties, Inc. and approximately $197.1 million for Boston Properties Limited Partnership. New Dominion Technology Park is comprised of two Class A office properties aggregating approximately 493,000 net rentable square feet. New Dominion Technology Park contributed approximately $1.6 million of net income to the Company for the period from January 1, 2020 through February 19, 2020 and contributed approximately $2.1 million and $4.2 million of net income to the Company for the three and six months ended June 30, 2019, respectively.

On June 25, 2020, the Company completed the sale of a portion of its Capital Gallery property located in Washington, DC for a gross sale price of approximately $253.7 million. Net cash proceeds totaled approximately $246.9 million, resulting in a gain on sale of real estate totaling approximately $203.8 million for Boston Properties, Inc. and approximately $207.2 million for Boston Properties Limited Partnership. Capital Gallery is an approximately 631,000 net rentable square foot Class A office property. The portion sold was comprised of approximately 455,000 net rentable square feet of commercial office space. The Company continues to own the land, underground parking garage and remaining commercial office and retail space containing approximately 176,000 net rentable square feet at the property. The sold portion of Capital Gallery contributed approximately $2.9 million and $6.3 million of net income to the Company for the period from April 1, 2020 through June 24, 2020 and the period from January 1, 2020 through June 24, 2020, respectively, and contributed approximately $3.5 million and $7.0 million of net income to the Company for the three and six months ended June 30, 2019, respectively.

Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases of Lessor Disclosure [Text Block]

4. Leases

The Company must make estimates as to the collectability of its accrued rent and accounts receivable related to lease revenue. Management analyzes accrued rent and accounts receivable by considering tenant creditworthiness, current economic trends, including the impact of COVID-19 on tenants’ businesses, and changes in tenants’ payment patterns when evaluating the collectability of the tenant’s receivable balance, including the accrued rent receivable, on a lease-by-lease basis. As a result of this analysis, during the three and six months ended June 30, 2020, the Company wrote off approximately $35.9 million and $37.4 million, respectively, related to accrued rent balances and approximately $18.0 million and $18.9 million, respectively, related to accounts receivable balances. The write-offs were for tenants, primarily in the retail sector, that either terminated their leases or that the Company considered their accrued rent and/or accounts receivable balances no longer probable of collection.

In April 2020, the FASB staff issued a question and answer document (“Lease Modification Q & A”) related to the application of lease accounting guidance for lease concessions, in accordance with ASC 842, as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q & A allows the Company, if certain criteria have been met, to assume that a lease concession was included within the enforceable rights and obligations of the existing lease agreement and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company did not utilize the guidance provided in the Lease Modification Q & A and instead elected to continue to account for the COVID-19 lease concessions on a lease-by-lease basis in accordance with the existing lease modification accounting framework.

The following table summarizes the components of lease revenue recognized during the three and six months ended June 30, 2020 and 2019 included within the Company's Consolidated Statements of Operations (in thousands):


	Three months ended June 30,						Six months ended June 30,
Lease Revenue	2020		2019		2020		2019
Fixed contractual payments	$	529,514	$	557,820	$	1,116,471	$	1,111,806
Variable lease payments	100,605		122,369		223,759		247,634
	$	630,119	$	680,189	$	1,340,230	$	1,359,440

Unsecured Senior Notes

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt Disclosure

6. Unsecured Senior Notes

The following summarizes the unsecured senior notes outstanding as of June 30, 2020 (dollars in thousands):


	Coupon/ Stated Rate		Effective Rate(1)		Principal Amount		Maturity Date(2)
10 Year Unsecured Senior Notes	4.125	%	4.289	%	$	850,000	May 15, 2021
11 Year Unsecured Senior Notes	3.850	%	3.954	%	1,000,000		February 1, 2023
10.5 Year Unsecured Senior Notes	3.125	%	3.279	%	500,000		September 1, 2023
10.5 Year Unsecured Senior Notes	3.800	%	3.916	%	700,000		February 1, 2024
7 Year Unsecured Senior Notes	3.200	%	3.350	%	850,000		January 15, 2025
10 Year Unsecured Senior Notes	3.650	%	3.766	%	1,000,000		February 1, 2026
10 Year Unsecured Senior Notes	2.750	%	3.495	%	1,000,000		October 1, 2026
10 Year Unsecured Senior Notes	4.500	%	4.628	%	1,000,000		December 1, 2028
10 Year Unsecured Senior Notes	3.400	%	3.505	%	850,000		June 21, 2029
10.5 Year Unsecured Senior Notes	2.900	%	2.984	%	700,000		March 15, 2030
10.75 Year Unsecured Senior Notes	3.250	%	3.343	%	1,250,000		January 30, 2031
Total principal					9,700,000
Net unamortized discount					(17,719)
Deferred financing costs, net					(48,704)
Total					$	9,633,577

_______________

(1)Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs.

(2)No principal amounts are due prior to maturity.

On May 5, 2020, Boston Properties Limited Partnership completed a public offering of $1.25 billion in aggregate principal amount of its 3.250% unsecured senior notes due 2031. The notes were priced at 99.850% of the principal amount to yield an effective rate (including financing fees) of approximately 3.343% per annum to maturity. The notes will mature on January 30, 2031, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $1.24 billion after deducting underwriting discounts and transaction expenses.The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. At June 30, 2020, Boston Properties Limited Partnership was in compliance with each of these financial restrictions and requirements.

Commitments And Contingencies	6 Months Ended
Commitments And Contingencies	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	7. Commitments and Contingencies General In the normal course of business, the Company guarantees its performance of services or indemnifies third parties against its negligence. In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of its subsidiaries for the payment of tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises. The Company has letter of credit and performance obligations related to lender and development requirements that total approximately $20.4 million. Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. With limited exception, under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners. From time to time, under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, either the Company or its partners may be entitled to an additional promoted interest or payments. From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and (3) provide guarantees to lenders, tenants and other third parties for the completion of development projects. The Company has agreements with its outside partners whereby the partners agree to reimburse the joint venture for their share of any payments made under the guarantee. In some cases, the Company earns a fee from the applicable joint venture for providing the guarantee. In connection with the refinancing of 767 Fifth Avenue’s (the General Motors Building) secured loan by the Company’s consolidated joint venture entity, 767 Venture, LLC, the Company guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits. As of June 30, 2020, the maximum funding obligation under the guarantee was approximately $48.9 million. The Company earns a fee from the joint venture for providing the guarantee and has an agreement with the outside partners to reimburse the joint venture for their share of any payments made under the guarantee. As of June 30, 2020, no amounts related to the guarantee are recorded as liabilities in the Company’s consolidated financial statements. Pursuant to the lease agreement with Marriott, the Company has guaranteed the completion of the office building and parking garage on behalf of its 7750 Wisconsin Avenue joint venture and has also provided a financing guaranty as required with respect to the third-party construction financing. The Company earns fees from the joint venture for providing the guarantees and any amounts the Company pays under the guarantee(s) will be deemed to be capital contributions by the Company to the joint venture. The Company has also agreed to fund construction costs through capital contributions to the joint venture in the event of insufficiency of third-party construction financing. In addition, the Company has guaranteed to Marriott, as hotel manager, the completion of a hotel being developed by an affiliate of The Bernstein Companies (the Company’s partner in the 7750 Wisconsin Avenue joint venture) adjacent to the office property, for which the Company earns a fee from the affiliate of The Bernstein Companies. In addition, the Company entered into agreements with affiliates of The Bernstein Companies whereby the Company could be required to act as a mezzanine and/or mortgage lender and finance the construction of the hotel property. An affiliate of The Bernstein Companies exercised its option to borrow $10.0 million from the Company under such agreements, which financing was provided by the Company on June 1, 2020. The financing bears interest at a fixed rate of 8.00% per annum, compounded monthly, and matures on the fifth anniversary of the date on which the base building of the affiliate of The Bernstein Companies’ hotel property is substantially completed. The financing is collateralized by a pledge of the partner’s equity interest in the joint venture that owns and is developing 7750 Wisconsin Avenue. To secure such financing arrangements, affiliates of The Bernstein Companies are required to provide certain security, which varies depending on the specific loan, by pledges of their equity interest in the office property, a fee mortgage on the hotel property, or both. As of June 30, 2020, no amounts related to the contingent aspect of any of the guarantees are recorded as liabilities in the Company’s consolidated financial statements. In connection with the sale and development of the Company’s 6595 Springfield Center Drive development project, the Company has guaranteed the completion of the project and the payment of certain cost overruns in accordance with the development management agreement with the buyer. Although the project has been sold and the lease with the Federal Government tenant has been assigned to the buyer, pursuant to the terms of the Federal Government lease, the Federal Government tenant is not obligated to release the prior owner/landlord from such landlord’s obligations under the lease until completion of the construction. As a result, the entity which previously owned the land remains liable to the Federal Government tenant for the completion of the construction obligations under the lease. The buyer is obligated to fund the balance of the costs to meet such construction obligations, subject to the Company’s obligation to fund cost overruns (if any), as noted above. An affiliate of the buyer has provided a guaranty of the obligations of the buyer to fund such construction costs and the buyer has agreed to use commercially reasonable efforts to require the construction lender to provide certain remedies to the Company in the event the buyer does not fund such construction obligations. As of June 30, 2020, no amounts related to the contingent aspect of the guarantee are recorded as a liability in the Company’s consolidated financial statements. In connection with the redevelopment of the Company’s 325 Main Street property located in Cambridge, Massachusetts, the Company is required, pursuant to the local zoning ordinance, to commence construction of a residential building of at least 200,000 square feet with 25% of the project designated as income-restricted (with a minimum of 20% of the square footage devoted to home ownership units) prior to the occupancy of the 325 Main Street property, which is expected to occur during the third quarter of 2022. 325 Main Street consisted of an approximately 115,000 net rentable square foot Class A office property that was demolished and is being developed into an approximately 420,000 net rentable square foot Class A office property, including approximately 41,000 net rentable square feet of retail space. In 2009, the Company filed a general unsecured creditor’s claim against Lehman Brothers, Inc. for approximately $45.3 million related to its rejection of a lease at 399 Park Avenue in New York City. On January 10, 2014, the trustee for the liquidation of the business of Lehman Brothers allowed the Company’s claim in the amount of approximately $45.2 million. During the years 2014 through 2018, the Company received distributions aggregating approximately $18.0 million, leaving a remaining claim of approximately $27.2 million. The Company will continue to evaluate whether to attempt to sell the remaining claim or wait until the trustee distributes proceeds from the Lehman Brothers estate. Given the inherent uncertainties in bankruptcy proceedings, there can be no assurance as to the timing or amount of additional proceeds, if any, that the Company may ultimately realize on the remaining claim, whether by sale to a third party or by one or more distributions from the trustee. Accordingly, the Company has not recorded any estimated recoveries associated with this gain contingency within its Consolidated Financial Statements at June 30, 2020. Insurance The Company’s property insurance program per occurrence limits are $1.0 billion for its portfolio insurance program, including coverage for acts of terrorism other than nuclear, biological, chemical or radiological terrorism (“Terrorism Coverage”). The Company also carries $250 million of Terrorism Coverage for 601 Lexington Avenue, New York, New York (“601 Lexington Avenue”) in excess of the $1.0 billion of coverage in the Company’s property insurance program. Certain properties, including the General Motors Building located at 767 Fifth Avenue in New York, New York (“767 Fifth Avenue”), are currently insured in separate insurance programs. The property insurance program per occurrence limits for 767 Fifth Avenue are $1.625 billion, including Terrorism Coverage. The Company also currently carries nuclear, biological, chemical and radiological terrorism insurance coverage for acts of terrorism certified under the Federal Terrorism Risk Insurance Act (as amended, “TRIA”) (“NBCR Coverage”), which is provided by IXP as a direct insurer, for the properties in the Company’s portfolio, including 767 Fifth Avenue, but excluding certain other properties owned in joint ventures with third parties or which the Company manages. The per occurrence limit for NBCR Coverage is $1.0 billion. Under TRIA, after the payment of the required deductible and coinsurance, the NBCR Coverage provided by IXP is backstopped by the Federal Government if the aggregate industry insured losses resulting from a certified act of terrorism exceed a “program trigger.” The program trigger is $200 million, the coinsurance is 20% and the deductible is 20% of the premiums earned by the insurer for the year prior to a claim. If the Federal Government pays out for a loss under TRIA, it is mandatory that the Federal Government recoup the full amount of the loss from insurers offering TRIA coverage after the payment of the loss pursuant to a formula in TRIA. The Company may elect to terminate the NBCR Coverage if the Federal Government seeks recoupment for losses paid under TRIA, if TRIA is not extended after its expiration on December 31, 2027, if there is a change in its portfolio or for any other reason. The Company intends to continue to monitor the scope, nature and cost of available terrorism insurance. The Company also currently carries earthquake insurance on its properties located in areas known to be subject to earthquakes. In addition, this insurance is subject to a deductible in the amount of 3% of the value of the affected property. Specifically, the Company currently carries earthquake insurance which covers its San Francisco and Los Angeles regions with a $240 million per occurrence limit, and a $240 million annual aggregate limit, $20 million of which is provided by IXP, as a direct insurer. The amount of the Company’s earthquake insurance coverage may not be sufficient to cover losses from earthquakes. In addition, the amount of earthquake coverage could impact the Company’s ability to finance properties subject to earthquake risk. The Company may discontinue earthquake insurance or change the structure of its earthquake insurance program on some or all of its properties in the future if the premiums exceed the Company’s estimation of the value of the coverage. IXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acts as a direct insurer with respect to a portion of the Company’s earthquake insurance coverage for its Greater San Francisco and Los Angeles properties and the Company’s NBCR Coverage. Insofar as the Company owns IXP, it is responsible for its liquidity and capital resources, and the accounts of IXP are part of the Company’s consolidated financial statements. In particular, if a loss occurs which is covered by the Company’s NBCR Coverage but is less than the applicable program trigger under TRIA, IXP would be responsible for the full amount of the loss without any backstop by the Federal Government. IXP would also be responsible for any recoupment charges by the Federal Government in the event losses are paid out and its insurance policy is maintained after the payout by the Federal Government. If the Company experiences a loss and IXP is required to pay under its insurance policy, the Company would ultimately record the loss to the extent of the required payment. Therefore, insurance coverage provided by IXP should not be considered as the equivalent of third-party insurance, but rather as a modified form of self-insurance. In addition, Boston Properties Limited Partnership has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million. Due to the current COVID-19 pandemic, the Company anticipates the possibility of business interruption, loss of lease revenue and/or other associated expenses related to the Company’s operations across its portfolio. Because this is an ongoing situation it is not yet possible to quantify the Company’s losses and expenses, which continue to develop. Because of the complexity of the Company’s insurance policies and limited precedent for claims being made related to pandemics, it is not yet possible to determine if such losses and expenses will be covered by the Company’s insurance policies. Therefore, at this time, the Company is providing notice to the applicable insurers of the potential for claims in order to protect the Company’s rights under its policies. The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism, California earthquake risk and pandemics, in particular, but the Company cannot anticipate what coverage will be available on commercially reasonable terms in future policy years. There are other types of losses, such as from wars, for which the Company cannot obtain insurance at all or at a reasonable cost. With respect to such losses and losses from acts of terrorism, earthquakes or other catastrophic events, if the Company experiences a loss that is uninsured or that exceeds policy limits, the Company could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties. Depending on the specific circumstances of each affected property, it is possible that the Company could be liable for mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect the Company’s business and financial condition and results of operations.

Noncontrolling Interests

6 Months Ended

Jun. 30, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interests

8. Noncontrolling Interests

Noncontrolling interests relate to the interests in Boston Properties Limited Partnership not owned by Boston Properties, Inc. and interests in consolidated property partnerships not wholly-owned by the Company. As of June 30, 2020, the noncontrolling interests in Boston Properties Limited Partnership consisted of 16,123,912 OP Units, 1,345,723 LTIP Units (including 105,080 2012 OPP Units, 64,468 2013 MYLTIP Units, 23,100 2014 MYLTIP Units, 24,966 2015 MYLTIP Units, 89,791 2016 MYLTIP Units and 116,078 2017 MYLTIP Units), 336,195 2018 MYLTIP Units, 220,325 2019 MYLTIP Units and 203,278 2020 MYLTIP Units held by parties other than Boston Properties, Inc.

Noncontrolling Interest—Common Units

During the six months ended June 30, 2020, 764,640 OP Units were presented by the holders for redemption (including 82,551 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and 2013 - 2017 MYLTIP Units) and were redeemed by Boston Properties, Inc. in exchange for an equal number of shares of Common Stock.

At June 30, 2020, Boston Properties Limited Partnership had outstanding 336,195 2018 MYLTIP Units, 220,325 2019 MYLTIP Units and 203,278 2020 MYLTIP Units. Prior to the applicable measurement date (February 5, 2021 for 2018 MYLTIP Units, February 4, 2022 for 2019 MYLTIP Units and February 3, 2023 for 2020 MYLTIP Units), holders of MYLTIP Units will be entitled to receive per unit distributions equal to one-tenth (10%) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions. After the measurement date, the number of MYLTIP Units, both vested and unvested, that MYLTIP award recipients have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an OP Unit.

On February 6, 2020, the measurement period for the Company’s 2017 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 83.8% of target or an aggregate of approximately $17.6 million (after giving effect to employee separations). As a result, an aggregate of 270,942 2017 MYLTIP Units that had been previously granted were automatically forfeited.

The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2016 MYLTIP Units and, after the February 6, 2020 measurement date, the 2017 MYLTIP Units) and its distributions on the 2017 MYLTIP Units (prior to the February 6, 2020 measurement date), 2018 MYLTIP Units, 2019 MYLTIP Units and 2020 MYLTIP Units (after the February 4, 2020 issuance date) that occurred during the six months ended June 30, 2020:

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

June 30, 2020

July 31, 2020

$0.98

$0.098

March 31, 2020

April 30, 2020

$0.98

$0.098

December 31, 2019

January 30, 2020

$0.98

$0.098

The following table presents Boston Properties Limited Partnership’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2015 MYLTIP Units and, after the February 9, 2019 measurement date, the 2016 MYLTIP Units) and its distributions on the 2016 MYLTIP Units (prior to the February 9, 2019 measurement date), 2017 MYLTIP Units, 2018 MYLTIP Units and 2019 MYLTIP Units (after the February 5, 2019 issuance date) that occurred during the six months ended June 30, 2019:

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

June 28, 2019

July 31, 2019

$0.95

$0.095

March 29, 2019

April 30, 2019

$0.95

$0.095

December 31, 2018

January 30, 2019

$0.95

$0.095

A holder of an OP Unit may present the OP Unit to Boston Properties Limited Partnership for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, Boston Properties Limited Partnership must redeem the OP Unit for cash equal to the then value of a share of Common Stock of Boston Properties, Inc. Boston Properties, Inc. may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock. The value of the OP Units (not owned by Boston Properties, Inc. and LTIP Units (including the 2012 OPP Units, 2013 - 2017 MYLTIP Units) assuming that all conditions had been met for the conversion thereof) had all of such units been redeemed at June 30, 2020 was approximately $1.6 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $90.38 per share on June 30, 2020.

Noncontrolling Interests—Property Partnerships

The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties. The equity interests in these ventures that are not owned by the Company, totaling approximately $1.7 billion at June 30, 2020 and December 31, 2019, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.

Stockholders' Equity / Partners' Capital

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Stockholders' Equity / Partners' Capital

9. Stockholders’ Equity / Partners’ Capital

Boston Properties, Inc.

As of June 30, 2020, Boston Properties, Inc. had 155,622,286 shares of Common Stock outstanding.

As of June 30, 2020, Boston Properties, Inc. owned 1,730,919 general partnership units and 153,891,367 limited partnership units in Boston Properties Limited Partnership.

On May 22, 2020, Boston Properties, Inc. renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its Common Stock through sales agents over a three-year period. Under the ATM stock offering program, Boston Properties, Inc. may also engage in forward sale transactions with affiliates of certain sales agents for the sale of its Common Stock on a forward basis. This program replaced Boston Properties, Inc.’s prior $600.0 million ATM stock offering program that was scheduled to expire on June 2, 2020. Boston Properties, Inc. intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction. No shares of Common Stock have been issued under this ATM stock offering program.

During the six months ended June 30, 2020, Boston Properties, Inc. issued 43,792 shares of Common Stock upon the exercise of options to purchase Common Stock.

During the six months ended June 30, 2020, Boston Properties, Inc. issued 764,640 shares of Common Stock, in connection with the redemption of an equal number of redeemable OP Units from limited partners.

The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or declared in 2020 and during the six months ended June 30, 2019:


Record Date	Payment Date	Dividend (Per Share)	Distribution (Per Unit)

June 30, 2020	July 31, 2020	$0.98	$0.98
March 31, 2020	April 30, 2020	$0.98	$0.98
December 31, 2019	January 30, 2020	$0.98	$0.98



June 28, 2019	July 31, 2019	$0.95	$0.95
March 29, 2019	April 30, 2019	$0.95	$0.95
December 31, 2018	January 30, 2019	$0.95	$0.95

Preferred Stock

As of June 30, 2020, Boston Properties, Inc. had 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) outstanding of its 5.25% Series B Cumulative Redeemable Preferred Stock with a liquidation preference of $2,500.00 per share ($25.00 per depositary share). Boston Properties, Inc. pays cumulative cash dividends on the Series B Preferred Stock at a rate of 5.25% per annum of the $2,500.00 liquidation preference per share. Boston Properties, Inc. did not have the right to redeem the Series B Preferred Stock prior to March 27, 2018, except in certain circumstances relating to the preservation of Boston Properties, Inc.’s REIT status. On and after March 27, 2018, Boston Properties, Inc., at its option, may redeem the Series B Preferred Stock for a cash redemption price of $2,500.00 per share ($25.00 per depositary share), plus all accrued and unpaid dividends. The Series B Preferred Stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of Boston Properties, Inc. or its affiliates.

The following table presents Boston Properties Inc.’s dividends per share on its outstanding Series B Preferred Stock paid or declared during 2020 and during the six months ended June 30, 2019:

Record Date

Payment Date

Dividend (Per Share)

August 3, 2020

August 17, 2020

$32.8125

May 1, 2020

May 15, 2020

$32.8125

February 4, 2020

February 18, 2020

$32.8125

August 2, 2019

August 15, 2019

$32.8125

May 3, 2019

May 15, 2019

$32.8125

February 4, 2019

February 15, 2019

$32.8125

Earnings Per Share / Common Unit

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share / Common Unit

10. Earnings Per Share / Common Unit

Boston Properties, Inc.

The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. common shareholders and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to Boston Properties, Inc. common shareholders by the weighted-average number of common shares outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of Boston Properties, Inc. and Boston Properties Limited Partnership’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of Boston Properties, Inc. using the two-class method. Participating securities are included in the computation of diluted EPS of Boston Properties, Inc. using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2017 MYLTIP Units required, and the 2018 - 2020 MYLTIP Units require, Boston Properties, Inc. to outperform absolute and relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, Boston Properties, Inc. excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of Boston Properties Limited Partnership that are exchangeable for Boston Properties, Inc.’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.


	Three months ended June 30, 2020
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	266,525	155,386	$	1.72
Allocation of undistributed earnings to participating securities	(336)		—	(0.01)
Net income attributable to Boston Properties, Inc. common shareholders	$	266,189	155,386	$	1.71
Effect of Dilutive Securities:
Stock Based Compensation	—		21	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	266,189	155,407	$	1.71


	Three months ended June 30, 2019
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	164,318	154,555	$	1.06
Allocation of undistributed earnings to participating securities	(48)		—	—
Net income attributable to Boston Properties, Inc. common shareholders	$	164,270	154,555	$	1.06
Effect of Dilutive Securities:
Stock Based Compensation	—		319	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	164,270	154,874	$	1.06


	Six months ended June 30, 2020
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	764,232	155,199	$	4.92
Allocation of undistributed earnings to participating securities	(1,344)		—	—
Net income attributable to Boston Properties, Inc. common shareholders	$	762,888	155,199	$	4.92
Effect of Dilutive Securities:
Stock Based Compensation	—		134	(0.01)
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	762,888	155,333	$	4.91

	Six months ended June 30, 2019
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:


Net income attributable to Boston Properties, Inc. common shareholders	$	262,431	154,540	$	1.70
Effect of Dilutive Securities:
Stock Based Compensation	—		319	(0.01)
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	262,431	154,859	$	1.69

Boston Properties Limited Partnership

The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership common unitholders and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership common unitholders by the weighted-average number of common units outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of Boston Properties, Inc. and Boston Properties Limited Partnership’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic earnings per common unit using the two-class method. Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2017 MYLTIP Units required, and the 2018 - 2020 MYLTIP Units require, Boston Properties, Inc. to outperform absolute and relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, Boston Properties Limited Partnership excludes such units from the diluted earnings per common unit calculation. Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit. Included in the number of units (the denominator) below are approximately 17,273,000 and 17,647,000 redeemable common units for the three months ended June 30, 2020 and 2019, respectively, and 17,405,000 and 17,627,000 redeemable common units for the six months ended June 30, 2020 and 2019, respectively.


	Three months ended June 30, 2020
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	301,975	172,659	$	1.75
Allocation of undistributed earnings to participating securities	(374)		—	—
Net income attributable to Boston Properties Limited Partnership common unitholders	$	301,601	172,659	$	1.75
Effect of Dilutive Securities:
Stock Based Compensation	—		21	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	301,601	172,680	$	1.75

	Three months ended June 30, 2019
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	185,715	172,202	$	1.08
Allocation of undistributed earnings to participating securities	(54)		—	—
Net income attributable to Boston Properties Limited Partnership common unitholders	$	185,661	172,202	$	1.08
Effect of Dilutive Securities:
Stock Based Compensation	—		319	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	185,661	172,521	$	1.08


	Six months ended June 30, 2020
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	868,308	172,604	$	5.03
Allocation of undistributed earnings to participating securities	(1,495)		—	(0.01)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	866,813	172,604	$	5.02
Effect of Dilutive Securities:
Stock Based Compensation	—		134	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	866,813	172,738	$	5.02

	Six months ended June 30, 2019
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:


Net income attributable to Boston Properties Limited Partnership common unitholders	$	299,097	172,167	$	1.74
Effect of Dilutive Securities:
Stock Based Compensation	—		319	(0.01)
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	299,097	172,486	$	1.73

Stock Option and Incentive Plan	6 Months Ended
Stock Option and Incentive Plan	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock Option and Incentive Plan	11. Stock Option and Incentive Plan On February 4, 2020, Boston Properties, Inc.’s Compensation Committee granted the 2020 MYLTIP awards under the Boston Properties, Inc.’s 2012 Stock Option and Incentive Plan (the “2012 Plan”) to certain officers and employees of Boston Properties, Inc. The 2020 MYLTIP awards utilize Boston Properties, Inc.’s TSR over a three-year measurement period, on an annualized, compounded basis, as the performance metric. Earned awards will range from zero to a maximum of 203,278 LTIP Units depending on Boston Properties, Inc.’s TSR relative to the FTSE Russell Nareit Office Index, adjusted to include Vornado Realty Trust, with a target of approximately 101,638 LTIP Units and linear interpolation between zero and maximum. Earned awards (if any) will vest 50% on February 3, 2023 and 50% on February 3, 2024, based on continued employment. Vesting will be accelerated in the event of a change in control, termination of employment by Boston Properties, Inc. without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to February 3, 2023, earned awards will be calculated based on TSR performance up to the date of the change of control. The 2020 MYLTIP awards are in the form of LTIP Units issued on the grant date which (i) are subject to forfeiture to the extent awards are not earned and (ii) prior to the performance measurement date are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. Under ASC 718 “Compensation - Stock Compensation,” the 2020 MYLTIP awards have an aggregate value of approximately $13.7 million, which amount will generally be amortized into earnings under the graded vesting method. On February 6, 2020, the measurement period for the Company’s 2017 MYLTIP awards ended and, based on Boston Properties, Inc.’s relative TSR performance, the final awards were determined to be 83.8% of target or an aggregate of approximately $17.6 million (after giving effect to employee separations). As a result, an aggregate of 270,942 2017 MYLTIP Units that had been previously granted were automatically forfeited. During the six months ended June 30, 2020, Boston Properties, Inc. issued 29,630 shares of restricted common stock and Boston Properties Limited Partnership issued 207,181 LTIP Units and 203,278 2020 MYLTIP Units to employees and non-employee directors under the 2012 Plan. Employees and non-employee directors paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit and 2020 MYLTIP Unit. When issued, LTIP Units are not economically equivalent in value to a share of Common Stock, but over time can increase in value to one-for-one parity with Common Stock if there is sufficient appreciation in the value of the Company’s assets. The aggregate value of the LTIP Units is included in noncontrolling interests in the Consolidated Balance Sheets of Boston Properties, Inc. and Boston Properties Limited Partnership. A majority of the grants of restricted common stock and LTIP Units to employees vest in four equal annual installments. Restricted common stock is measured at fair value on the date of grant based on the number of shares granted and the closing price of Boston Properties, Inc.’s Common Stock on the date of grant as quoted on the New York Stock Exchange. Such value is recognized as an expense ratably over the corresponding employee service period. The shares of restricted common stock granted during the six months ended June 30, 2020 were valued at approximately $4.0 million ($133.81 per share weighted-average). The LTIP Units granted were valued at approximately $26.3 million (approximately $127.14 per unit weighted-average fair value) using a Monte Carlo simulation method model. The per unit fair values of the LTIP Units granted were estimated on the dates of grant and for a substantial majority of such units were valued using the following assumptions: an expected life of 5.7 years, a risk-free interest rate of 1.47% and an expected price volatility of 18.0%. Because the 2012 OPP Units and 2013 - 2020 MYLTIP Units are subject to both a service condition and a market condition, the Company recognizes the related compensation expense under the graded vesting attribution method. Under the graded vesting attribution method, each portion of the award that vests at a different date is accounted for as a separate award and recognized over the period appropriate to that portion so that the compensation cost for each portion should be recognized in full by the time that portion vests. The Company recognizes forfeitures as they occur on its awards of stock-based compensation. Dividends paid on both vested and unvested shares of restricted stock are charged directly to Dividends in Excess of Earnings in Boston Properties, Inc.’s Consolidated Balance Sheets and Partners’ Capital in Boston Properties Limited Partnership’s Consolidated Balance Sheets. Aggregate stock-based compensation expense associated with restricted stock, LTIP Units and 2016 - 2020 MYLTIP Units was approximately $10.1 million and $10.1 million for the three months ended June 30, 2020 and 2019, respectively, and $27.3 million and $24.9 million for the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020, there was (1) an aggregate of approximately $37.1 million of unrecognized compensation expense related to unvested restricted stock, LTIP Units and 2017 MYLTIP Units and (2) an aggregate of approximately $15.3 million of unrecognized compensation expense related to unvested 2018 - 2020 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.4 years.

Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

12. 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, 2020 and 2019.

Boston Properties, Inc.


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders	$	266,525	$	164,318	$	764,232	$	262,431
Add:
Preferred dividends	2,625		2,625		5,250		5,250
Noncontrolling interest—common units of the Operating Partnership	30,197		19,036		87,525		30,627
Noncontrolling interests in property partnerships	(767)		17,482		18,719		36,312
Interest expense	107,142		102,357		208,733		203,366

Impairment loss	—		—		—		24,038
Net operating income from unconsolidated joint ventures	27,911		24,715		56,669		50,064
Depreciation and amortization expense	178,188		177,411		349,282		342,005
Transaction costs	332		417		947		877
Payroll and related costs from management services contracts	2,484		2,403		5,721		5,798
General and administrative expense	37,743		35,071		74,197		76,833
Less:
Net operating income attributable to noncontrolling interests in property partnerships	32,427		45,562		80,088		92,647
Gains (losses) from investments in securities	4,552		1,165		(893)		4,134
Interest and other income (loss)	1,305		3,615		4,322		7,368
Gains on sales of real estate	203,767		1,686		613,932		781
Income from unconsolidated joint ventures	1,832		47,964		1,463		48,177
Direct reimbursements of payroll and related costs from management services contracts	2,484		2,403		5,721		5,798
Development and management services revenue	8,125		9,986		16,004		19,263
Company’s share of Net Operating Income	$	397,888	$	433,454	$	850,638	$	859,433

Boston Properties Limited Partnership


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	301,975	$	185,715	$	868,308	$	299,097
Add:
Preferred distributions	2,625		2,625		5,250		5,250
Noncontrolling interests in property partnerships	(767)		17,482		18,719		36,312
Interest expense	107,142		102,357		208,733		203,366

Impairment loss	—		—		—		22,272
Net operating income from unconsolidated joint ventures	27,911		24,715		56,669		50,064
Depreciation and amortization expense	176,409		175,199		345,694		337,881
Transaction costs	332		417		947		877
Payroll and related costs from management services contracts	2,484		2,403		5,721		5,798
General and administrative expense	37,743		35,071		74,197		76,833
Less:
Net operating income attributable to noncontrolling interests in property partnerships	32,427		45,562		80,088		92,647
Gains (losses) from investments in securities	4,552		1,165		(893)		4,134
Interest and other income (loss)	1,305		3,615		4,322		7,368
Gains on sales of real estate	207,241		1,835		626,895		930
Income from unconsolidated joint ventures	1,832		47,964		1,463		48,177
Direct reimbursements of payroll and related costs from management services contracts	2,484		2,403		5,721		5,798
Development and management services revenue	8,125		9,986		16,004		19,263
Company’s share of Net Operating Income	$	397,888	$	433,454	$	850,638	$	859,433

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 dividends/distributions, net income 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) gains (losses) from investments in securities, interest and other income (loss), gains on sales of real estate, income 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), minus 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 gains on sale of real estate from unconsolidated joint ventures, which is included within Income 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 dividends/distributions, interest expense, impairment loss, 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, 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 and Washington, DC. The Company also presents information for each segment by property type, including Office, Residential and Hotel.

Included within the Office property type are commercial office and retail leases, as well as parking revenue. Upon the adoption of ASC 842, any write-off for bad debt, including accrued rent, will be recorded as a reduction to lease revenue. As a result of COVID-19, during the three and six months ended June 30, 2020, the Company wrote off approximately $35.9 million and $37.4 million, respectively, related to accrued rent balances and approximately $18.0 million and $18.9 million, respectively, related to accounts receivable balances. The write-offs were for tenants, primarily in the retail sector, that either terminated their leases or that the Company considered their accrued rent and/or accounts receivable balances no longer probable of collection.

In addition, parking and other revenue for the three and six months ended June 30, 2020 decreased by approximately $12.4 million and $12.8 million, respectively, compared to 2019. These decreases were primarily in transient and monthly parking revenue.

The degree to which the Company’s commercial and retail tenants’ and parking operators’ businesses are, or will continue to be, negatively impacted by COVID-19, including by measures intended to reduce its spread, such as mandatory business closures and “stay-at-home” orders, could result in a reduction in the Company’s cash flows or require that the Company write off additional accrued rent and/or accounts receivable balances, and this could have a material adverse effect on lease revenue and thus the results of the Company’s Office property type.

The Boston Marriott Cambridge closed in March 2020 and did not re-open during the second quarter. The Company is uncertain as to when the hotel will re-open. The hotel is operating at a monthly deficit and its continued closure has had, and will continue to have, a material adverse impact on the hotel’s operations and thus the results of the Company’s Hotel property type.

Information by geographic area and property type (dollars in thousands):

For the three months ended June 30, 2020:


	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	218,351		$	—		$	204,242		$	128,233		$	83,837		$	634,663
Residential	3,401			—			—			—			6,001			9,402
Hotel	99			—			—			—			—			99
Total	221,851			—			204,242			128,233			89,838			644,164
% of Grand Totals	34.43		%	—		%	31.71		%	19.91		%	13.95		%	100.00		%
Rental Expenses:
Office	75,694			—			88,367			39,081			32,680			235,822
Residential	1,235			—			—			—			2,730			3,965
Hotel	1,973			—			—			—			—			1,973
Total	78,902			—			88,367			39,081			35,410			241,760
% of Grand Totals	32.64		%	—		%	36.54		%	16.17		%	14.65		%	100.00		%
Net operating income	$	142,949		$	—		$	115,875		$	89,152		$	54,428		$	402,404
% of Grand Totals	35.52		%	—		%	28.80		%	22.15		%	13.53		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,576)			—			(21,851)			—			—			(32,427)
Add: Company’s share of net operating income from unconsolidated joint ventures	2,627			15,026			815			4,127			5,316			27,911
Company’s share of net operating income	$	135,000		$	15,026		$	94,839		$	93,279		$	59,744		$	397,888
% of Grand Totals	33.92		%	3.78		%	23.84		%	23.44		%	15.02		%	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, 2019:


	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	217,961		$	—		$	251,556		$	131,506		$	96,486		$	697,509
Residential	3,222			—			—			—			5,777			8,999
Hotel	14,844			—			—			—			—			14,844
Total	236,027			—			251,556			131,506			102,263			721,352
% of Grand Totals	32.72		%	—		%	34.87		%	18.23		%	14.18		%	100.00		%
Rental Expenses:
Office	77,660			—			96,809			43,708			35,672			253,849
Residential	1,279			—			—			—			2,843			4,122
Hotel	9,080			—			—			—			—			9,080
Total	88,019			—			96,809			43,708			38,515			267,051
% of Grand Totals	32.96		%	—		%	36.25		%	16.37		%	14.42		%	100.00		%
Net operating income	$	148,008		$	—		$	154,747		$	87,798		$	63,748		$	454,301
% of Grand Totals	32.58		%	—		%	34.06		%	19.33		%	14.03		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,031)			—			(35,531)			—			—			(45,562)
Add: Company’s share of net operating income from unconsolidated joint ventures	818			15,454			1,696			—			6,747			24,715
Company’s share of net operating income	$	138,795		$	15,454		$	120,912		$	87,798		$	70,495		$	433,454
% of Grand Totals	32.01		%	3.57		%	27.90		%	20.26		%	16.26		%	100.00		%

_______________

For the six months ended June 30, 2020:


	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	457,849		$	—		$	459,528		$	264,972		$	176,973		$	1,359,322
Residential	7,469			—			—			—			11,889			19,358
Hotel	6,924			—			—			—			—			6,924
Total	472,242			—			459,528			264,972			188,862			1,385,604
% of Grand Totals	34.09		%	—		%	33.16		%	19.12		%	13.63		%	100.00		%
Rental Expenses:
Office	158,239			—			187,507			81,650			67,328			494,724
Residential	2,575			—			—			—			5,454			8,029
Hotel	8,794			—			—			—			—			8,794
Total	169,608			—			187,507			81,650			72,782			511,547
% of Grand Totals	33.16		%	—		%	36.65		%	15.96		%	14.23		%	100.00		%
Net operating income	$	302,634		$	—		$	272,021		$	183,322		$	116,080		$	874,057
% of Grand Totals	34.63		%	—		%	31.12		%	20.97		%	13.28		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(21,239)			—			(58,849)			—			—			(80,088)
Add: Company’s share of net operating income from unconsolidated joint ventures	5,726			30,956			1,571			7,286			11,130			56,669
Company’s share of net operating income	$	287,121		$	30,956		$	214,743		$	190,608		$	127,210		$	850,638
% of Grand Totals	33.76		%	3.64		%	25.24		%	22.41		%	14.95		%	100.00		%

_______________

For the six months ended June 30, 2019:


	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	435,372		$	—		$	510,187		$	255,561		$	192,831		$	1,393,951
Residential	5,923			—			—			—			10,791			16,714
Hotel	23,782			—			—			—			—			23,782
Total	465,077			—			510,187			255,561			203,622			1,434,447
% of Grand Totals	32.42		%	—		%	35.56		%	17.82		%	14.20		%	100.00		%
Rental Expenses:
Office	157,160			—			193,780			84,833			71,819			507,592
Residential	2,485			—			—			—			5,411			7,896
Hotel	16,943			—			—			—			—			16,943
Total	176,588			—			193,780			84,833			77,230			532,431
% of Grand Totals	33.17		%	—		%	36.39		%	15.93		%	14.51		%	100.00		%
Net operating income	$	288,489		$	—		$	316,407		$	170,728		$	126,392		$	902,016
% of Grand Totals	31.98		%	—		%	35.08		%	18.93		%	14.01		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(19,404)			—			(72,795)			(448)			—			(92,647)
Add: Company’s share of net operating income from unconsolidated joint ventures	1,590			31,162			3,482			—			13,830			50,064
Company’s share of net operating income	$	270,675		$	31,162		$	247,094		$	170,280		$	140,222		$	859,433
% of Grand Totals	31.49		%	3.63		%	28.75		%	19.81		%	16.32		%	100.00		%

_______________

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On July 23, 2020, the Company acquired a 50% interest in a joint venture entity that owns Beach Cities Media Center, a 6.4-acre parcel of land located in El Segundo, California, for a purchase price of approximately $21.2 million. Beach Cities Media Center is expected to support the development of approximately 275,000 square feet of Class A office space.

Summary Of Significant Accounting Policies (Policies)	6 Months Ended
Summary Of Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Boston Properties, Inc. does not have any other significant assets, liabilities or operations, other than its investment in Boston Properties Limited Partnership, nor does it have employees of its own. Boston Properties Limited Partnership, not Boston Properties, Inc., generally executes all significant business relationships other than transactions involving securities of Boston Properties, Inc. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income.The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2019.

Summary Of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Summary Of Significant Accounting Policies [Line Items]

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]


Financial Instrument			Level
Unsecured senior notes (1)			Level 1
Related party note receivable			Level 3
Notes receivable			Level 3
Mortgage notes payable			Level 3
Unsecured term loan / line of credit			Level 3

_______________

(1) If trading value for the period is low, the valuation could be categorized as Level 2.

The following table identifies the range and weighted average of significant unobservable inputs for the Company’s Level 3 fair value measured instruments.


Financial Instrument	Level	Range	Weighted Average
Related party note receivable	Level 3	3.66%	3.66%
Notes receivable	Level 3	3.66% - 8.00%	5.35%
Mortgage notes payable	Level 3	2.09% - 3.25%	2.33%
Unsecured term loan / line of credit	Level 3	1.01%	1.01%

Fair Value, by Balance Sheet Grouping [Table Text Block]


	June 30, 2020						December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Related party note receivable, net	$	78,520	$	85,394	$	80,000	$	81,931
Notes receivable, net	25,480		25,648		15,920		14,978
Total	$	104,000	$	111,042	$	95,920	$	96,909

Mortgage notes payable, net	$	2,915,852	$	3,155,771	$	2,922,408	$	2,984,956
Unsecured senior notes, net	9,633,577		10,517,869		8,390,459		8,826,375
Unsecured line of credit	—		—		—		—
Unsecured term loan, net	499,150		500,450		498,939		500,561
Total	$	13,048,579	$	14,174,090	$	11,811,806	$	12,311,892

Real Estate (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Real Estate Properties

Boston Properties, Inc.

Real estate consisted of the following at June 30, 2020 and December 31, 2019 (in thousands):


	June 30, 2020		December 31, 2019
Land	$	5,070,126	$	5,111,606
Right of use assets - finance leases	237,394		237,394
Right of use assets - operating leases	147,512		148,640
Land held for future development (1)	414,053		254,828
Buildings and improvements	13,488,860		13,646,054
Tenant improvements	2,664,294		2,656,439
Furniture, fixtures and equipment	44,635		44,313
Construction in progress	893,935		789,736
Total	22,960,809		22,889,010
Less: Accumulated depreciation	(5,292,389)		(5,266,798)
	$	17,668,420	$	17,622,212

_______________

(1)Includes pre-development costs.

Schedule of Real Estate Properties

Boston Properties Limited Partnership

Real estate consisted of the following at June 30, 2020 and December 31, 2019 (in thousands):


	June 30, 2020		December 31, 2019
Land	$	4,972,910	$	5,011,153
Right of use assets - finance leases	237,394		237,394
Right of use assets - operating leases	147,512		148,640
Land held for future development (1)	414,053		254,828
Buildings and improvements	13,209,267		13,351,286
Tenant improvements	2,664,294		2,656,439
Furniture, fixtures and equipment	44,635		44,313
Construction in progress	893,935		789,736
Total	22,584,000		22,493,789
Less: Accumulated depreciation	(5,190,360)		(5,162,908)
	$	17,393,640	$	17,330,881

_______________

(1)Includes pre-development costs.

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Operating Lease, Lease Income [Table Text Block]


	Three months ended June 30,						Six months ended June 30,
Lease Revenue	2020		2019		2020		2019
Fixed contractual payments	$	529,514	$	557,820	$	1,116,471	$	1,111,806
Variable lease payments	100,605		122,369		223,759		247,634
	$	630,119	$	680,189	$	1,340,230	$	1,359,440

Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Equity Method Investments [Line Items]

Investments In Unconsolidated Joint Ventures

The investments in unconsolidated joint ventures consist of the following at June 30, 2020 and December 31, 2019:


					Carrying Value of Investment (1)
Entity	Properties	Nominal % Ownership			June 30, 2020		December 31, 2019
					(in thousands)
Square 407 Limited Partnership	Market Square North	50.0	%		$	(4,123)	$	(4,872)
BP/CRF Metropolitan Square, LLC	Metropolitan Square	20.0	%		(7,319)		9,134
901 New York, LLC	901 New York Avenue	25.0	%	(2)	(12,174)		(12,113)
WP Project Developer LLC	Wisconsin Place Land and Infrastructure	33.3	%	(3)	36,102		36,789
Annapolis Junction NFM LLC	Annapolis Junction	50.0	%	(4)	12,967		25,391
540 Madison Venture LLC	540 Madison Avenue	60.0	%	(5)	201		2,953
500 North Capitol Venture LLC	500 North Capitol Street, NW	30.0	%		(5,530)		(5,439)
501 K Street LLC	1001 6th Street	50.0	%	(6)	42,673		42,496
Podium Developer LLC	The Hub on Causeway - Podium	50.0	%		49,160		49,466
Residential Tower Developer LLC	Hub50House	50.0	%		53,340		55,092
Hotel Tower Developer LLC	The Hub on Causeway - Hotel Air Rights	50.0	%		10,228		9,883
Office Tower Developer LLC	100 Causeway Street	50.0	%		56,544		56,606
1265 Main Office JV LLC	1265 Main Street	50.0	%		4,116		3,780
BNY Tower Holdings LLC	Dock 72	50.0	%		96,013		94,804
BNYTA Amenity Operator LLC	Dock 72	50.0	%		—		—
CA-Colorado Center Limited Partnership	Colorado Center	50.0	%		236,287		252,069
7750 Wisconsin Avenue LLC	7750 Wisconsin Avenue	50.0	%		57,130		56,247
BP-M 3HB Venture LLC	3 Hudson Boulevard	25.0	%		91,422		67,499
SMBP Venture LP	Santa Monica Business Park	55.0	%		148,665		163,937
Platform 16 Holdings LP	Platform 16	55.0	%	(7)	99,734		29,501
Gateway Portfolio Holdings LLC	Gateway Commons	50.0	%	(8)	345,142		N/A
					$	1,310,578	$	933,223

_______________

(1)Investments with deficit balances aggregating approximately $29.1 million and $22.4 million at June 30, 2020 and December 31, 2019, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.

(2)The Company’s economic ownership has increased based on the achievement of certain return thresholds. At June 30, 2020 and December 31, 2019, the Company’s economic ownership was approximately 50%.

(3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.

(4)The joint venture owns two in-service buildings.

(5)The property was sold on June 27, 2019. As of June 30, 2020 and December 31, 2019, the investment is comprised of undistributed cash.

(6)Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization.

(7)This entity is a VIE (See Note 2).

(8)As a result of the partner’s deferred contribution, the Company owns an approximately 55% interest in the joint venture at June 30, 2020. Future development projects will be owned 49% by the Company and 51% by its partner.

Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block]

The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:


	June 30, 2020		December 31, 2019
	(in thousands)
ASSETS
Real estate and development in process, net (1)	$	4,527,828	$	3,904,400
Other assets	535,870		502,706
Total assets	$	5,063,698	$	4,407,106
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable, net	$	2,465,039	$	2,218,853
Other liabilities (2)	655,709		749,675
Members’/Partners’ equity	1,942,950		1,438,578
Total liabilities and members’/partners’ equity	$	5,063,698	$	4,407,106
Company’s share of equity	$	911,682	$	591,905
Basis differentials (3)	398,896		341,318
Carrying value of the Company’s investments in unconsolidated joint ventures (4)	$	1,310,578	$	933,223

_______________

(1)At June 30, 2020 and December 31, 2019, this amount includes right of use assets - finance leases totaling approximately $248.9 million and $383.9 million, respectively, and right of use assets - operating leases totaling approximately $11.7 million and $12.1 million, respectively.

(2)At June 30, 2020 and December 31, 2019, this amount includes lease liabilities - finance leases totaling approximately $390.2 million and $510.8 million, respectively, and lease liabilities - operating leases totaling approximately $17.4 million and $17.3 million, respectively.

(3)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. At June 30, 2020 and December 31, 2019, there was an aggregate basis differential of approximately $309.0 million and $311.3 million, respectively, between the carrying value of the Company’s investment in the joint venture that owns Colorado Center and the joint venture’s basis in the assets and liabilities. At June 30, 2020, there was an aggregate basis differential of approximately $54.4 million between the carrying value of the Company’s investment in the joint venture that owns Gateway Commons and the joint venture’s basis in the assets and liabilities. These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.

(4)Investments with deficit balances aggregating approximately $29.1 million and $22.4 million at June 30, 2020 and December 31, 2019, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.

Statements Of Operations Of The Joint Ventures

The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Total revenue (1)	$	89,563	$	80,204	$	182,766	$	163,159
Expenses
Operating	33,704		30,134		69,105		60,633
Depreciation and amortization	37,390		24,818		69,425		53,464
Total expenses	71,094		54,952		138,530		114,097
Other income (expense)
Interest expense	(23,306)		(20,803)		(45,889)		(41,560)
Gains on sales of real estate	11,720		34,572		11,720		34,572
Net income	$	6,883	$	39,021	$	10,067	$	42,074

Company’s share of net income	$	4,024	$	22,376	$	5,276	$	23,960
Basis differential (2)	(2,192)		25,588		(3,813)		24,217
Income from unconsolidated joint ventures	$	1,832	$	47,964	$	1,463	$	48,177

_______________

(1)Includes straight-line rent adjustments of approximately $8.5 million and $7.6 million for the three months ended June 30, 2020 and 2019, respectively, and $18.2 million and $13.4 million for the six months ended June 30, 2020 and 2019, respectively.

(2)Includes straight-line rent adjustments of approximately $0.4 million and $0.5 million for the three months ended June 30, 2020 and 2019, respectively, and $0.9 million and $1.1 million for the six months ended June 30, 2020 and 2019, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million and $0.4 million for the three months ended June 30, 2020 and 2019, respectively, and $0.5 million and $0.8 million for the six months ended June 30, 2020 and 2019, respectively.

Unsecured Senior Notes (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following summarizes the unsecured senior notes outstanding as of June 30, 2020 (dollars in thousands):


	Coupon/ Stated Rate		Effective Rate(1)		Principal Amount		Maturity Date(2)
10 Year Unsecured Senior Notes	4.125	%	4.289	%	$	850,000	May 15, 2021
11 Year Unsecured Senior Notes	3.850	%	3.954	%	1,000,000		February 1, 2023
10.5 Year Unsecured Senior Notes	3.125	%	3.279	%	500,000		September 1, 2023
10.5 Year Unsecured Senior Notes	3.800	%	3.916	%	700,000		February 1, 2024
7 Year Unsecured Senior Notes	3.200	%	3.350	%	850,000		January 15, 2025
10 Year Unsecured Senior Notes	3.650	%	3.766	%	1,000,000		February 1, 2026
10 Year Unsecured Senior Notes	2.750	%	3.495	%	1,000,000		October 1, 2026
10 Year Unsecured Senior Notes	4.500	%	4.628	%	1,000,000		December 1, 2028
10 Year Unsecured Senior Notes	3.400	%	3.505	%	850,000		June 21, 2029
10.5 Year Unsecured Senior Notes	2.900	%	2.984	%	700,000		March 15, 2030
10.75 Year Unsecured Senior Notes	3.250	%	3.343	%	1,250,000		January 30, 2031
Total principal					9,700,000
Net unamortized discount					(17,719)
Deferred financing costs, net					(48,704)
Total					$	9,633,577

_______________

(1)Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs.

(2)No principal amounts are due prior to maturity.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2020

Noncontrolling Interest [Line Items]

Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block]


Record Date	Payment Date	Dividend (Per Share)	Distribution (Per Unit)

June 30, 2020	July 31, 2020	$0.98	$0.98
March 31, 2020	April 30, 2020	$0.98	$0.98
December 31, 2019	January 30, 2020	$0.98	$0.98



June 28, 2019	July 31, 2019	$0.95	$0.95
March 29, 2019	April 30, 2019	$0.95	$0.95
December 31, 2018	January 30, 2019	$0.95	$0.95

Noncontrolling Interests [Member]

Noncontrolling Interest [Line Items]

Distribution Declared to OP, LTIP, OPP and MYLTIP Units [Table Text Block]

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

June 30, 2020

July 31, 2020

$0.98

$0.098

March 31, 2020

April 30, 2020

$0.98

$0.098

December 31, 2019

January 30, 2020

$0.98

$0.098

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

June 28, 2019

July 31, 2019

$0.95

$0.095

March 29, 2019

April 30, 2019

$0.95

$0.095

December 31, 2018

January 30, 2019

$0.95

$0.095

Stockholders' Equity / Partners' Capital (Tables)

6 Months Ended

Jun. 30, 2020

Class of Stock [Line Items]

Dividends Declared [Table Text Block]


Record Date	Payment Date	Dividend (Per Share)	Distribution (Per Unit)

June 30, 2020	July 31, 2020	$0.98	$0.98
March 31, 2020	April 30, 2020	$0.98	$0.98
December 31, 2019	January 30, 2020	$0.98	$0.98



June 28, 2019	July 31, 2019	$0.95	$0.95
March 29, 2019	April 30, 2019	$0.95	$0.95
December 31, 2018	January 30, 2019	$0.95	$0.95

Series B Preferred Stock [Member]

Class of Stock [Line Items]

Dividends Declared [Table Text Block]

The following table presents Boston Properties Inc.’s dividends per share on its outstanding Series B Preferred Stock paid or declared during 2020 and during the six months ended June 30, 2019:

Record Date

Payment Date

Dividend (Per Share)

August 3, 2020

August 17, 2020

$32.8125

May 1, 2020

May 15, 2020

$32.8125

February 4, 2020

February 18, 2020

$32.8125

August 2, 2019

August 15, 2019

$32.8125

May 3, 2019

May 15, 2019

$32.8125

February 4, 2019

February 15, 2019

$32.8125

Earnings Per Share / Common Unit (Tables)

6 Months Ended

Jun. 30, 2020

Entity Information [Line Items]

Computation Of Basic And Diluted Earnings Per Share / Unit


	Three months ended June 30, 2020
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	266,525	155,386	$	1.72
Allocation of undistributed earnings to participating securities	(336)		—	(0.01)
Net income attributable to Boston Properties, Inc. common shareholders	$	266,189	155,386	$	1.71
Effect of Dilutive Securities:
Stock Based Compensation	—		21	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	266,189	155,407	$	1.71


	Three months ended June 30, 2019
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	164,318	154,555	$	1.06
Allocation of undistributed earnings to participating securities	(48)		—	—
Net income attributable to Boston Properties, Inc. common shareholders	$	164,270	154,555	$	1.06
Effect of Dilutive Securities:
Stock Based Compensation	—		319	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	164,270	154,874	$	1.06


	Six months ended June 30, 2020
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	764,232	155,199	$	4.92
Allocation of undistributed earnings to participating securities	(1,344)		—	—
Net income attributable to Boston Properties, Inc. common shareholders	$	762,888	155,199	$	4.92
Effect of Dilutive Securities:
Stock Based Compensation	—		134	(0.01)
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	762,888	155,333	$	4.91

	Six months ended June 30, 2019
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:


Net income attributable to Boston Properties, Inc. common shareholders	$	262,431	154,540	$	1.70
Effect of Dilutive Securities:
Stock Based Compensation	—		319	(0.01)
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	262,431	154,859	$	1.69

Computation Of Basic And Diluted Earnings Per Share / Unit

Entity Information [Line Items]

Included in the number of units (the denominator) below are approximately 17,273,000 and 17,647,000 redeemable common units for the three months ended June 30, 2020 and 2019, respectively, and 17,405,000 and 17,627,000 redeemable common units for the six months ended June 30, 2020 and 2019, respectively.


	Three months ended June 30, 2020
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	301,975	172,659	$	1.75
Allocation of undistributed earnings to participating securities	(374)		—	—
Net income attributable to Boston Properties Limited Partnership common unitholders	$	301,601	172,659	$	1.75
Effect of Dilutive Securities:
Stock Based Compensation	—		21	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	301,601	172,680	$	1.75

	Three months ended June 30, 2019
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	185,715	172,202	$	1.08
Allocation of undistributed earnings to participating securities	(54)		—	—
Net income attributable to Boston Properties Limited Partnership common unitholders	$	185,661	172,202	$	1.08
Effect of Dilutive Securities:
Stock Based Compensation	—		319	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	185,661	172,521	$	1.08


	Six months ended June 30, 2020
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	868,308	172,604	$	5.03
Allocation of undistributed earnings to participating securities	(1,495)		—	(0.01)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	866,813	172,604	$	5.02
Effect of Dilutive Securities:
Stock Based Compensation	—		134	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	866,813	172,738	$	5.02

	Six months ended June 30, 2019
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:


Net income attributable to Boston Properties Limited Partnership common unitholders	$	299,097	172,167	$	1.74
Effect of Dilutive Securities:
Stock Based Compensation	—		319	(0.01)
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	299,097	172,486	$	1.73

Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

Boston Properties, Inc.


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders	$	266,525	$	164,318	$	764,232	$	262,431
Add:
Preferred dividends	2,625		2,625		5,250		5,250
Noncontrolling interest—common units of the Operating Partnership	30,197		19,036		87,525		30,627
Noncontrolling interests in property partnerships	(767)		17,482		18,719		36,312
Interest expense	107,142		102,357		208,733		203,366

Impairment loss	—		—		—		24,038
Net operating income from unconsolidated joint ventures	27,911		24,715		56,669		50,064
Depreciation and amortization expense	178,188		177,411		349,282		342,005
Transaction costs	332		417		947		877
Payroll and related costs from management services contracts	2,484		2,403		5,721		5,798
General and administrative expense	37,743		35,071		74,197		76,833
Less:
Net operating income attributable to noncontrolling interests in property partnerships	32,427		45,562		80,088		92,647
Gains (losses) from investments in securities	4,552		1,165		(893)		4,134
Interest and other income (loss)	1,305		3,615		4,322		7,368
Gains on sales of real estate	203,767		1,686		613,932		781
Income from unconsolidated joint ventures	1,832		47,964		1,463		48,177
Direct reimbursements of payroll and related costs from management services contracts	2,484		2,403		5,721		5,798
Development and management services revenue	8,125		9,986		16,004		19,263
Company’s share of Net Operating Income	$	397,888	$	433,454	$	850,638	$	859,433

Boston Properties Limited Partnership


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	301,975	$	185,715	$	868,308	$	299,097
Add:
Preferred distributions	2,625		2,625		5,250		5,250
Noncontrolling interests in property partnerships	(767)		17,482		18,719		36,312
Interest expense	107,142		102,357		208,733		203,366

Impairment loss	—		—		—		22,272
Net operating income from unconsolidated joint ventures	27,911		24,715		56,669		50,064
Depreciation and amortization expense	176,409		175,199		345,694		337,881
Transaction costs	332		417		947		877
Payroll and related costs from management services contracts	2,484		2,403		5,721		5,798
General and administrative expense	37,743		35,071		74,197		76,833
Less:
Net operating income attributable to noncontrolling interests in property partnerships	32,427		45,562		80,088		92,647
Gains (losses) from investments in securities	4,552		1,165		(893)		4,134
Interest and other income (loss)	1,305		3,615		4,322		7,368
Gains on sales of real estate	207,241		1,835		626,895		930
Income from unconsolidated joint ventures	1,832		47,964		1,463		48,177
Direct reimbursements of payroll and related costs from management services contracts	2,484		2,403		5,721		5,798
Development and management services revenue	8,125		9,986		16,004		19,263
Company’s share of Net Operating Income	$	397,888	$	433,454	$	850,638	$	859,433

Schedule Of Segment Information By Geographic Area And Property Type

Information by geographic area and property type (dollars in thousands):

For the three months ended June 30, 2020:


	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	218,351		$	—		$	204,242		$	128,233		$	83,837		$	634,663
Residential	3,401			—			—			—			6,001			9,402
Hotel	99			—			—			—			—			99
Total	221,851			—			204,242			128,233			89,838			644,164
% of Grand Totals	34.43		%	—		%	31.71		%	19.91		%	13.95		%	100.00		%
Rental Expenses:
Office	75,694			—			88,367			39,081			32,680			235,822
Residential	1,235			—			—			—			2,730			3,965
Hotel	1,973			—			—			—			—			1,973
Total	78,902			—			88,367			39,081			35,410			241,760
% of Grand Totals	32.64		%	—		%	36.54		%	16.17		%	14.65		%	100.00		%
Net operating income	$	142,949		$	—		$	115,875		$	89,152		$	54,428		$	402,404
% of Grand Totals	35.52		%	—		%	28.80		%	22.15		%	13.53		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,576)			—			(21,851)			—			—			(32,427)
Add: Company’s share of net operating income from unconsolidated joint ventures	2,627			15,026			815			4,127			5,316			27,911
Company’s share of net operating income	$	135,000		$	15,026		$	94,839		$	93,279		$	59,744		$	397,888
% of Grand Totals	33.92		%	3.78		%	23.84		%	23.44		%	15.02		%	100.00		%

_______________

For the three months ended June 30, 2019:


	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	217,961		$	—		$	251,556		$	131,506		$	96,486		$	697,509
Residential	3,222			—			—			—			5,777			8,999
Hotel	14,844			—			—			—			—			14,844
Total	236,027			—			251,556			131,506			102,263			721,352
% of Grand Totals	32.72		%	—		%	34.87		%	18.23		%	14.18		%	100.00		%
Rental Expenses:
Office	77,660			—			96,809			43,708			35,672			253,849
Residential	1,279			—			—			—			2,843			4,122
Hotel	9,080			—			—			—			—			9,080
Total	88,019			—			96,809			43,708			38,515			267,051
% of Grand Totals	32.96		%	—		%	36.25		%	16.37		%	14.42		%	100.00		%
Net operating income	$	148,008		$	—		$	154,747		$	87,798		$	63,748		$	454,301
% of Grand Totals	32.58		%	—		%	34.06		%	19.33		%	14.03		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,031)			—			(35,531)			—			—			(45,562)
Add: Company’s share of net operating income from unconsolidated joint ventures	818			15,454			1,696			—			6,747			24,715
Company’s share of net operating income	$	138,795		$	15,454		$	120,912		$	87,798		$	70,495		$	433,454
% of Grand Totals	32.01		%	3.57		%	27.90		%	20.26		%	16.26		%	100.00		%

_______________

For the six months ended June 30, 2020:


	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	457,849		$	—		$	459,528		$	264,972		$	176,973		$	1,359,322
Residential	7,469			—			—			—			11,889			19,358
Hotel	6,924			—			—			—			—			6,924
Total	472,242			—			459,528			264,972			188,862			1,385,604
% of Grand Totals	34.09		%	—		%	33.16		%	19.12		%	13.63		%	100.00		%
Rental Expenses:
Office	158,239			—			187,507			81,650			67,328			494,724
Residential	2,575			—			—			—			5,454			8,029
Hotel	8,794			—			—			—			—			8,794
Total	169,608			—			187,507			81,650			72,782			511,547
% of Grand Totals	33.16		%	—		%	36.65		%	15.96		%	14.23		%	100.00		%
Net operating income	$	302,634		$	—		$	272,021		$	183,322		$	116,080		$	874,057
% of Grand Totals	34.63		%	—		%	31.12		%	20.97		%	13.28		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(21,239)			—			(58,849)			—			—			(80,088)
Add: Company’s share of net operating income from unconsolidated joint ventures	5,726			30,956			1,571			7,286			11,130			56,669
Company’s share of net operating income	$	287,121		$	30,956		$	214,743		$	190,608		$	127,210		$	850,638
% of Grand Totals	33.76		%	3.64		%	25.24		%	22.41		%	14.95		%	100.00		%

_______________

For the six months ended June 30, 2019:


	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	435,372		$	—		$	510,187		$	255,561		$	192,831		$	1,393,951
Residential	5,923			—			—			—			10,791			16,714
Hotel	23,782			—			—			—			—			23,782
Total	465,077			—			510,187			255,561			203,622			1,434,447
% of Grand Totals	32.42		%	—		%	35.56		%	17.82		%	14.20		%	100.00		%
Rental Expenses:
Office	157,160			—			193,780			84,833			71,819			507,592
Residential	2,485			—			—			—			5,411			7,896
Hotel	16,943			—			—			—			—			16,943
Total	176,588			—			193,780			84,833			77,230			532,431
% of Grand Totals	33.17		%	—		%	36.39		%	15.93		%	14.51		%	100.00		%
Net operating income	$	288,489		$	—		$	316,407		$	170,728		$	126,392		$	902,016
% of Grand Totals	31.98		%	—		%	35.08		%	18.93		%	14.01		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(19,404)			—			(72,795)			(448)			—			(92,647)
Add: Company’s share of net operating income from unconsolidated joint ventures	1,590			31,162			3,482			—			13,830			50,064
Company’s share of net operating income	$	270,675		$	31,162		$	247,094		$	170,280		$	140,222		$	859,433
% of Grand Totals	31.49		%	3.63		%	28.75		%	19.81		%	16.32		%	100.00		%

_______________

Organization (Details) ft² in Millions	6 Months Ended	12 Months Ended
Organization (Details) ft² in Millions	Jun. 30, 2020 ft² Real_Estate_Properties yr shares	Dec. 31, 2019 shares
Real Estate Properties [Line Items]
General and limited partnership interest in the operating partnership (percent)	89.90%	89.60%
Restriction on redemption of OP units from date of issuance (years) \| yr	1
One OP unit is equivalent to one share of Common Stock (in shares) \| shares	1
OP unit conversion rate (in shares) \| shares	1
Number Of series Of preferred units outstanding	1
Commercial Real Estate Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	195
Net Rentable Area (in sf) \| ft²	51.2
Total Properties Under Construction [ Member]
Real Estate Properties [Line Items]
Number of real estate properties	9
Net Rentable Area (in sf) \| ft²	5.0
Total Office Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	176
Office Properties Under Construction [Member]
Real Estate Properties [Line Items]
Number of real estate properties	7
Retail Properties [ Member]
Real Estate Properties [Line Items]
Number of real estate properties	12
Residential Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	6
Residential Properties Under Construction [Member]
Real Estate Properties [Line Items]
Number of real estate properties	2
Hotel Property [ Member]
Real Estate Properties [Line Items]
Number of real estate properties	1
Series B Cumulative Redeemable Preferred Stock / Unit [Member]
Real Estate Properties [Line Items]
Preferred Stock, Dividend Rate, Percentage	5.25%
Preferred stock / units, shares / units outstanding (in shares / units) \| shares	80,000	80,000
Depositary shares of Series B Cumulative Redeemable Preferred [Member]
Real Estate Properties [Line Items]
Preferred stock / units, shares / units outstanding (in shares / units) \| shares	8,000,000
Series B Preferred Units [Member]
Real Estate Properties [Line Items]
Preferred stock / units, shares / units outstanding (in shares / units) \| shares	80,000

Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands		6 Months Ended
	Jan. 01, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of VIEs		6
Number of VIEs - Total		7
Cumulative effect of a change in accounting principle		$ (1,679)	$ (4,379)
Dividends In Excess Of Earnings [Member]
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect of a change in accounting principle	$ 1,500	(1,505)	(3,864)
Dividends In Excess Of Earnings [Member] \| Boston Properties Limited Partnership
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect of a change in accounting principle	1,500
Noncontrolling Interests [Member]
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect of a change in accounting principle	200	(174)	(445)
Noncontrolling Interests [Member] \| Boston Properties Limited Partnership
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect of a change in accounting principle	$ 200
Noncontrolling interest - property partnerships [Member]
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect of a change in accounting principle		$ 0	$ (70)

Summary Of Significant Accounting Policies Fair Value of Debt (Level 3) (Details) - Measurement Input, Discount Rate [Member]	Jun. 30, 2020
Mortgage Notes [Member] \| Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	0.0209
Mortgage Notes [Member] \| Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	0.0233
Mortgage Notes [Member] \| Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	0.0325
Unsecured Term Loan / Line of Credit[Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	0.0101
Unsecured Term Loan / Line of Credit[Member] \| Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	0.0101
Related Party Note Receivable [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	0.0366
Related Party Note Receivable [Member] \| Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	0.0366
Notes Receivables [Member] \| Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	0.0366
Notes Receivables [Member] \| Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	0.0535
Notes Receivables [Member] \| Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	0.0800

Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Related party note receivable, net	$ 78,520	$ 80,000
Notes receivable, net	25,480	15,920
Mortgage notes payable, net	2,915,852	2,922,408
Unsecured senior notes, net	9,633,577	8,390,459
Unsecured line of credit	0	0
Unsecured term loan, net	499,150	498,939
Carrying Amount [Member]
Summary Of Significant Accounting Policies [Line Items]
Related party note receivable, net	78,520	80,000
Notes receivable, net	25,480	15,920
Total	104,000	95,920
Mortgage notes payable, net	2,915,852	2,922,408
Unsecured senior notes, net	9,633,577	8,390,459
Unsecured line of credit	0	0
Unsecured term loan, net	499,150	498,939
Total	13,048,579	11,811,806
Estimated Fair Value [Member]
Summary Of Significant Accounting Policies [Line Items]
Related party note receivable, net	85,394	81,931
Notes receivable, net	25,648	14,978
Total	111,042	96,909
Mortgage notes payable, net	3,155,771	2,984,956
Unsecured senior notes, net	10,517,869	8,826,375
Unsecured line of credit	0	0
Unsecured term loan, net	500,450	500,561
Total	$ 14,174,090	$ 12,311,892

Real Estate Schedule of Real Estate Properties (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

Land

$ 5,070,126

$ 5,111,606

237,394

Land held for future development

147,512

148,640

^[1]

414,053

254,828

Buildings and improvements

13,488,860

13,646,054

Tenant improvements

2,664,294

2,656,439

Furniture, Fixtures and Equipment

44,635

44,313

Construction in progress

893,935

789,736

Total

22,960,809

22,889,010

Less: accumulated depreciation

(5,292,389)

(5,266,798)

Total real estate

17,668,420

17,622,212

Land

4,972,910

5,011,153

237,394

Land held for future development

147,512

148,640

^[1]

414,053

254,828

Buildings and improvements

13,209,267

13,351,286

Tenant improvements

2,664,294

2,656,439

Furniture, Fixtures and Equipment

44,635

44,313

Construction in progress

893,935

789,736

Total

22,584,000

22,493,789

Less: accumulated depreciation

(5,190,360)

(5,162,908)

Total real estate

$ 17,393,640

$ 17,330,881

[1]	Includes pre-development costs.

Real Estate (Narrative) (Details)
$ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

6 Months Ended

Jun. 25, 2020

USD ($)

ft²

Feb. 20, 2020

USD ($)

ft²

Buildings

Jan. 28, 2020

USD ($)

ft²

Buildings

Jan. 27, 2020

USD ($)

Feb. 19, 2020

USD ($)

Jun. 30, 2020

USD ($)

Jun. 24, 2020

USD ($)

Jun. 30, 2019

USD ($)

Jun. 30, 2020

USD ($)

Jun. 24, 2020

USD ($)

Jun. 30, 2019

USD ($)

Jun. 26, 2020

USD ($)

ft²

Jun. 01, 2020

ft²

Mar. 26, 2020

ft²

$ 506,337

$ 60,398

$ 203,767

$ 1,686

613,932

781

106,168

50,068

Revenues

$ 654,773

733,741

$ 1,407,329

1,459,508

Capital Gallery [Member]

455,000

Contractual Sales Price

$ 253,700

246,900

New Dominion Technology Park [Member]

$ 203,800

Operating Income (Loss)

$ 2,900

3,500

$ 6,300

7,000

493,000

Contractual Sales Price

$ 256,000

254,000

$ 192,300

Operating Income (Loss)

$ 1,600

2,100

4,200

Gateway Center [Member]

425 Fourth Street [Member]

$ 217,700

Operating Income (Loss)

$ 200

3,100

6,000

Aggregate purchase price

$ 140,100

17Fifty Presidents Street [Member]

804,000

276,000

Leased percentage

100.00%

20 Citypoint [Member]

211,000

Leased percentage

62.00%

Capital Gallery [Member]

Gateway Commons Complex [Member]

631,000

176,000

768,000

$ 350,000

50.00%

^[1]

50.00%

^[1]

Gateway Commons Complex prior to deferred contribution [Member] [Member]

Gateway Commons Complex Future Development[Member] [Member]

55.00%

Joint Venture Partner [Member] | Gateway Commons Complex [Member]

49.00%

768,000

Future payment to acquire interest in equity method investment

$ 280,800

$ 69,200

50.00%

Joint Venture Partner [Member] | Gateway Commons Complex Future Development[Member] [Member]

51.00%

$ 506,337

60,398

$ 207,241

1,835

626,895

930

Boston Properties Limited Partnership | Capital Gallery [Member]

106,168

50,068

Revenues

$ 654,773

$ 733,741

$ 1,407,329

$ 1,459,508

Boston Properties Limited Partnership | New Dominion Technology Park [Member]

$ 207,200

Boston Properties Limited Partnership | Gateway Center [Member]

$ 197,100

Schedule of Equity Method Investments [Line Items]

$ 222,400

[1]	As a result of the partner’s deferred contribution, the Company owns an approximately 55% interest in the joint venture at June 30, 2020. Future development projects will be owned 49% by the Company and 51% by its partner.

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Fixed contractual payments	$ 529,514	$ 557,820	$ 1,116,471	$ 1,111,806
Variable lease payments	100,605	122,369	223,759	247,634
Lease	$ 630,119	$ 680,189	$ 1,340,230	$ 1,359,440

Leases Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
Leases Narrative (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2020
Leases [Abstract]
Write-off for accrued rent	$ 35,900,000	$ 37,400,000
Write-off for accounts receivable	$ 18,000,000.0	$ 18,900,000

Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details)
$ in Thousands

6 Months Ended

Jun. 30, 2020

USD ($)

ft²

Buildings

payments

Jun. 25, 2020

Land_Parcels

Jan. 28, 2020

Dec. 31, 2019

USD ($)

$ 373,281

$ 387,994

Investments In Affiliates Subsidiaries Associates And Joint Ventures net

1,339,724

955,647

^[1]

1,310,578

933,223

Schedule of Equity Method Investments [Line Items]

Square 407 Limited Partnership [Member]

$ 29,100

22,400

Schedule of Equity Method Investments [Line Items]

Market Square North

50.00%

BP/CRF Metropolitan Square LLC [Member]

^[1]

$ 4,123

4,872

Schedule of Equity Method Investments [Line Items]

Metropolitan Square

20.00%

901 New York Avenue LLC [Member]

^[1]

$ (7,319)

9,134

Schedule of Equity Method Investments [Line Items]

901 New York Avenue

^[2]

25.00%

901 New York Avenue LLC (economic ownership) [Member]

^[1]

$ 12,174

12,113

Schedule of Equity Method Investments [Line Items]

WP Project Developer LLC [Member]

50.00%

Schedule of Equity Method Investments [Line Items]

Wisconsin Place Land and Infrastructure

^[3]

33.30%

Annapolis Junction NFM, LLC [Member]

^[1]

$ 36,102

36,789

Schedule of Equity Method Investments [Line Items]

Annapolis Junction

50.00%

^[4]

50.00%

Number of real estate properties | Buildings

^[1]

$ 12,967

25,391

Parcels of undeveloped land | Land_Parcels

540 Madison Venture LLC [Member]

Schedule of Equity Method Investments [Line Items]

540 Madison Avenue

^[5]

60.00%

500 North Capitol Venture LLC [Member]

^[1]

$ 201

2,953

Schedule of Equity Method Investments [Line Items]

500 North Capitol Street, NW

30.00%

501 K Street LLC [Member]

^[1]

$ 5,530

5,439

Schedule of Equity Method Investments [Line Items]

1001 6th Street

^[6]

50.00%

Potential additonal payments to joint venture partner | payments

^[1]

$ 42,673

42,496

Minimum square footage to make a potential additional payment to joint venture partner (in sqft) | ft²

520,000

Podium Developer LLC [Member]

Schedule of Equity Method Investments [Line Items]

The Hub on Causeway - Podium

50.00%

Residential Tower Developer LLC [Member]

^[1]

$ 49,160

49,466

Schedule of Equity Method Investments [Line Items]

Hub50House

50.00%

Hotel Tower Developer LLC [Member]

^[1]

$ 53,340

55,092

Schedule of Equity Method Investments [Line Items]

The Hub on Causeway - Hotel Air Rights

50.00%

Office Tower Developer LLC [Member]

^[1]

$ 10,228

9,883

Schedule of Equity Method Investments [Line Items]

100 Causeway Street

50.00%

1265 Main Office JV LLC [Member]

^[1]

$ 56,544

56,606

Schedule of Equity Method Investments [Line Items]

1265 Main Street

50.00%

BNY Tower Holdings LLC [Member]

^[1]

$ 4,116

3,780

Schedule of Equity Method Investments [Line Items]

Dock 72

50.00%

BNYA Amenity Operator LLC [Member]

^[1]

$ 96,013

94,804

Schedule of Equity Method Investments [Line Items]

Dock 72

50.00%

CA-Colorado Center Limited Partnership [Member]

^[1]

$ 0

Schedule of Equity Method Investments [Line Items]

Colorado Center

50.00%

7750 Wisconsin Avenue LLC [Member]

^[1]

$ 236,287

252,069

Schedule of Equity Method Investments [Line Items]

7750 Wisconsin Avenue

50.00%

BP-M 3HB Venture LLC [Member]

^[1]

$ 57,130

56,247

Schedule of Equity Method Investments [Line Items]

3 Hudson Boulevard

25.00%

Schedule of Equity Method Investments [Line Items]

^[1]

$ 91,422

67,499

SMBP Venture LP [Member]

Santa Monica Business Park

55.00%

Platform 16 Holdings LP [Member]

^[1]

$ 148,665

163,937

Schedule of Equity Method Investments [Line Items]

Platform 16

55.00%

^[7]

55.00%

Gateway Portfolio Holdings LLC [Member]

^[1]

$ 99,734

$ 29,501

Schedule of Equity Method Investments [Line Items]

Gateway Commons

50.00%

^[8]

50.00%

Entity Owning Land And Infrastructure Of Project [Member]

^[1]

$ 345,142

Schedule of Equity Method Investments [Line Items]

Gateway Commons Complex prior to deferred contribution [Member] [Member]

33.30%

Schedule of Equity Method Investments [Line Items]

Gateway Commons Complex Future Development[Member] [Member]

55.00%

Schedule of Equity Method Investments [Line Items]

Joint Venture Partner [Member] | Gateway Portfolio Holdings LLC [Member]

49.00%

Schedule of Equity Method Investments [Line Items]

Joint Venture Partner [Member] | Gateway Commons Complex Future Development[Member] [Member]

50.00%

Schedule of Equity Method Investments [Line Items]

Real estate and development in process, net

51.00%

[1]	Investments with deficit balances aggregating approximately $29.1 million and $22.4 million at June 30, 2020 and December 31, 2019, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
[2]	The Company’s economic ownership has increased based on the achievement of certain return thresholds. At June 30, 2020 and December 31, 2019, the Company’s economic ownership was approximately 50%.
[3]	The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.
[4]	The joint venture owns two in-service buildings.
[5]	The property was sold on June 27, 2019. As of June 30, 2020 and December 31, 2019, the investment is comprised of undistributed cash.
[6]	Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization.
[7]	This entity is a VIE (See Note 2).
[8]	As a result of the partner’s deferred contribution, the Company owns an approximately 55% interest in the joint venture at June 30, 2020. Future development projects will be owned 49% by the Company and 51% by its partner.

Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

ASSETS

$ 17,668,420

$ 17,622,212

Mortgage and notes payable, net

2,915,852

2,922,408

Total liabilities and equity / capital

373,281

387,994

23,000,777

21,284,905

Carying value of the Company's investment in unconsolidated joint ventures

1,339,724

955,647

237,394

Lease liabilities - finance leases

147,512

148,640

230,146

224,042

Lease liabilities - operating leases

200,979

200,180

Real estate and development in process, net

ASSETS

^[1]

4,527,828

3,904,400

Other assets

535,870

502,706

Total assets

5,063,698

4,407,106

Mortgage and notes payable, net

2,465,039

2,218,853

Members'/Partners' equity

^[2]

655,709

749,675

1,942,950

1,438,578

Total liabilities and equity / capital

5,063,698

4,407,106

Company's share of equity

911,682

591,905

Basis differentials

^[3]

398,896

341,318

Carying value of the Company's investment in unconsolidated joint ventures

^[4]

1,310,578

933,223

248,900

383,900

Lease liabilities - finance leases

11,700

12,100

390,200

510,800

Lease liabilities - operating leases

17,400

17,300

Colorado Center [Member]

Basis differentials

309,000

311,300

Gateway Commons Complex [Member]

29,100

$ 22,400

Carying value of the Company's investment in unconsolidated joint ventures

Basis differentials

54,400

^[5]

$ 345,142

[1]	At June 30, 2020 and December 31, 2019, this amount includes right of use assets - finance leases totaling approximately $248.9 million and $383.9 million, respectively, and right of use assets - operating leases totaling approximately $11.7 million and $12.1 million, respectively.
[2]	At June 30, 2020 and December 31, 2019, this amount includes lease liabilities - finance leases totaling approximately $390.2 million and $510.8 million, respectively, and lease liabilities - operating leases totaling approximately $17.4 million and $17.3 million, respectively.
[3]	This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. At June 30, 2020 and December 31, 2019, there was an aggregate basis differential of approximately $309.0 million and $311.3 million, respectively, between the carrying value of the Company’s investment in the joint venture that owns Colorado Center and the joint venture’s basis in the assets and liabilities. At June 30, 2020, there was an aggregate basis differential of approximately $54.4 million between the carrying value of the Company’s investment in the joint venture that owns Gateway Commons and the joint venture’s basis in the assets and liabilities. These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.
[4]	Investments with deficit balances aggregating approximately $29.1 million and $22.4 million at June 30, 2020 and December 31, 2019, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
[5]	Investments with deficit balances aggregating approximately $29.1 million and $22.4 million at June 30, 2020 and December 31, 2019, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.

Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Schedule of Equity Method Investments [Line Items]

$ 654,773

$ 733,741

$ 1,407,329

$ 1,459,508

Expenses

Transaction costs

332

417

947

877

178,188

177,411

349,282

342,005

460,507

482,353

941,694

957,944

(107,142)

(102,357)

(208,733)

(203,366)

203,767

1,686

613,932

781

298,580

203,461

875,726

334,620

1,832

47,964

1,463

48,177

Schedule of Equity Method Investments [Line Items]

^[1]

89,563

80,204

182,766

163,159

Expenses

Operating

33,704

30,134

69,105

60,633

37,390

24,818

69,425

53,464

71,094

54,952

138,530

114,097

(23,306)

(20,803)

(45,889)

(41,560)

11,720

34,572

11,720

34,572

Company's share of net income

6,883

39,021

10,067

42,074

4,024

22,376

5,276

23,960

Basis differential

^[2]

(2,192)

25,588

(3,813)

24,217

Straight-line rent adjustments

1,832

47,964

1,463

48,177

8,500

7,600

18,200

13,400

Colorado Center [Member]

Straight-line rent adjustments

400

500

900

1,100

Above and below market rent adjustments, net

$ 200

$ 400

$ 500

$ 800

[1]

Includes straight-line rent adjustments of approximately $8.5 million and $7.6 million for the three months ended June 30, 2020 and 2019, respectively, and $18.2 million and $13.4 million for the six months ended June 30, 2020 and 2019, respectively.

[2]

Includes straight-line rent adjustments of approximately $0.4 million and $0.5 million for the three months ended June 30, 2020 and 2019, respectively, and $0.9 million and $1.1 million for the six months ended June 30, 2020 and 2019, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million and $0.4 million for the three months ended June 30, 2020 and 2019, respectively, and $0.5 million and $0.8 million for the six months ended June 30, 2020 and 2019, respectively.

Investment in unconsolidated Joint Ventures (Narrative) (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 25, 2020

USD ($)

ft²

Land_Parcels

Jun. 09, 2020

USD ($)

ft²

Vehicles

Jan. 28, 2020

USD ($)

ft²

Buildings

Jun. 30, 2020

USD ($)

Jun. 30, 2019

USD ($)

Jun. 30, 2020

USD ($)

Jun. 30, 2019

USD ($)

Jun. 08, 2020

USD ($)

Feb. 20, 2020

USD ($)

ft²

Dec. 31, 2019

USD ($)

Schedule of Equity Method Investments [Line Items]

Mortgage notes payable, net

$ 2,915,852

$ 2,922,408

Number of Vehicles | Vehicles

106,168

$ 50,068

511

Income (Loss) from Equity Method Investments

$ 1,832

$ 47,964

1,463

48,177

Capital distributions from unconsolidated joint ventures

54,413

105,000

Gateway Commons Complex [Member]

$ 506,337

$ 60,398

Schedule of Equity Method Investments [Line Items]

50.00%

^[1]

50.00%

^[1]

768,000

Schedule of Equity Method Investments [Line Items]

$ 350,000

Platform 16

55.00%

^[2]

55.00%

^[2]

Finance Lease fixed purchase price

390,000

1,100,000

$ 134,800

Prepaid purchase price

$ 15,000

Area of Land | a

5.6

Annapolis Junction Building Seven [Member]

Schedule of Equity Method Investments [Line Items]

Mortgage notes payable, net

$ 18,400

Debt Instrument, Basis Spread on Variable Rate

2.35%

Annapolis Junction Building Eight [Member]

127,000

Schedule of Equity Method Investments [Line Items]

Mortgage notes payable, net

50.00%

$ 34,500

Debt Instrument, Basis Spread on Variable Rate

2.35%

Gateway Commons Complex prior to deferred contribution [Member] [Member]

126,000

Repayments of Debt

$ 16,100

Schedule of Equity Method Investments [Line Items]

Gateway Commons Complex Future Development[Member] [Member]

55.00%

Schedule of Equity Method Investments [Line Items]

Metropolitan Square Associates Llc [Member]

49.00%

Schedule of Equity Method Investments [Line Items]

Extension Option (in years) | yr

20.00%

Number of extensions

Debt instrument, borrowing capacity

$ 325,000

Debt Instrument, Basis Spread on Variable Rate

4.75%

654,000

$ 288,000

$ 155,900

Capital distributions from unconsolidated joint ventures

5.75%

$ 112,700

Derivative, Cap Interest Rate

3.00%

Derivative, Notional Amount

$ 325,000

Annapolis Junction NFM, LLC [Member]

Schedule of Equity Method Investments [Line Items]

50.00%

^[3]

50.00%

^[3]

Parcels of undeveloped land | Land_Parcels

300,000

Contractual Sales Price

$ 47,000

land parcel | Land_Parcels

Income (Loss) from Equity Method Investments

$ 5,800

Capital distributions from unconsolidated joint ventures

36,800

Joint Venture Partner [Member] | Gateway Commons Complex [Member]

$ 45,800

Schedule of Equity Method Investments [Line Items]

50.00%

768,000

Future payment to acquire interest in equity method investment

$ 280,800

$ 69,200

Joint Venture Partner [Member] | Gateway Commons Complex Future Development[Member] [Member]

Schedule of Equity Method Investments [Line Items]

Company's Share [Member] | Metropolitan Square Associates Llc [Member]

51.00%

Schedule of Equity Method Investments [Line Items]

Capital distributions from unconsolidated joint ventures

$ 22,500

Company's Share [Member] | Annapolis Junction NFM, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Parcels of undeveloped land | Land_Parcels

Capital distributions from unconsolidated joint ventures

$ 18,400

[1]	As a result of the partner’s deferred contribution, the Company owns an approximately 55% interest in the joint venture at June 30, 2020. Future development projects will be owned 49% by the Company and 51% by its partner.
[2]	This entity is a VIE (See Note 2).
[3]	The joint venture owns two in-service buildings.

Schedule of Unsecured Senior Notes (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

May 05, 2020

Dec. 31, 2019

Senior Notes

$ 9,633,577

$ 8,390,459

Boston Properties Limited Partnership | Senior Notes

Senior Notes

9,633,577

$ 8,390,459

Debt Instrument, Unamortized Discount

9,700,000

(17,719)

Debt Issuance Costs, Net

(48,704)

Senior Notes

$ 9,633,577

Boston Properties Limited Partnership | Senior Notes | 4.289% unsecured senior notes

Debt Instrument, Interest Rate, Effective Percentage

4.125%

^[1]

4.289%

$ 850,000

Boston Properties Limited Partnership | Senior Notes | 3.954% unsecured senior notes [Member]

^[2]

May 15, 2021

Debt Instrument, Interest Rate, Effective Percentage

3.85%

^[1]

3.954%

$ 1,000,000

Boston Properties Limited Partnership | Senior Notes | 3.279% unsecured senior notes

^[2]

Feb. 01, 2023

Debt Instrument, Interest Rate, Effective Percentage

3.125%

^[1]

3.279%

$ 500,000

Boston Properties Limited Partnership | Senior Notes | 3.916% unsecured senior notes

^[2]

Sep. 01, 2023

Debt Instrument, Interest Rate, Effective Percentage

3.80%

^[1]

3.916%

$ 700,000

Boston Properties Limited Partnership | Senior Notes | 3.350% unsecured senior notes

^[2]

Feb. 01, 2024

Debt Instrument, Interest Rate, Effective Percentage

3.20%

^[1]

3.35%

$ 850,000

Boston Properties Limited Partnership | Senior Notes | 3.766% unsecured senior notes

^[2]

Jan. 15, 2025

Debt Instrument, Interest Rate, Effective Percentage

3.65%

^[1]

3.766%

$ 1,000,000

Boston Properties Limited Partnership | Senior Notes | 3.495% unsecured senior notes

^[2]

Feb. 01, 2026

Debt Instrument, Interest Rate, Effective Percentage

2.75%

^[1]

3.495%

$ 1,000,000

Boston Properties Limited Partnership | Senior Notes | 4.628% unsecured senior notes

^[2]

Oct. 01, 2026

Debt Instrument, Interest Rate, Effective Percentage

4.50%

^[1]

4.628%

$ 1,000,000

Boston Properties Limited Partnership | Senior Notes | 3.505% unsecured senior notes

^[2]

Dec. 01, 2028

Debt Instrument, Interest Rate, Effective Percentage

3.40%

^[1]

3.505%

$ 850,000

Boston Properties Limited Partnership | Senior Notes | 2.984% unsecured senior notes

^[2]

Jun. 21, 2029

Debt Instrument, Interest Rate, Effective Percentage

2.90%

^[1]

2.984%

$ 700,000

Boston Properties Limited Partnership | Senior Notes | 3.343 % unsecured senior notes [Member]

^[2]

Mar. 15, 2030

Debt Instrument, Interest Rate, Effective Percentage

3.25%

3.343%

^[1]

3.343%

$ 1,250,000

^[2]

Jan. 30, 2031

[1]	Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs.
[2]	No principal amounts are due prior to maturity.

Unsecured Senior Notes (Narrative) (Details) - USD ($)
$ in Thousands

6 Months Ended

May 05, 2020

Jun. 30, 2020

Jun. 30, 2019

Proceeds from unsecured senior notes

$ 1,248,125

$ 848,428

Proceeds from unsecured senior notes

$ 1,248,125

$ 848,428

Debt Instrument, Covenant Description

The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt.

Debt Instrument, Covenant Compliance

At June 30, 2020, Boston Properties Limited Partnership was in compliance with each of these financial restrictions and requirements.

Senior Notes | Boston Properties Limited Partnership

3.343 % unsecured senior notes [Member] | Senior Notes | Boston Properties Limited Partnership

$ 9,700,000

$ 1,250,000

Debt Instrument, Interest Rate, Effective Percentage

3.25%

Senior Notes Pricing

99.85%

3.343%

^[1]

Proceeds from unsecured senior notes

$ 1,240,000

[1]	Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs.

Commitments And Contingencies (Details)	6 Months Ended	12 Months Ended
Commitments And Contingencies (Details)	Jun. 30, 2020 USD ($) ft²	Dec. 31, 2009 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 10, 2014 USD ($)
Commitments And Contingencies [Line Items]
Letter of credit and performance obligations	$ 20,400,000
Notes Receivable, Related Parties	78,520,000		$ 80,000,000
Property insurance program per occurrence limits	1,000,000,000.0
Per occurrence limit for NBCR Coverage	1,000,000,000.0
Value of program trigger	$ 200,000,000
Coinsurance of program trigger	20.00%
Program trigger deductible	20.00%
Deductible in insurance as a percentage of the value of the affected property, San Francisco and Los Angeles	3.00%
Per occurrence limit of the earthquake insurance which covers San Francisco and Los Angeles regions	$ 240,000,000
Annual aggregate limit of the earthquake insurance which covers San Francisco and Los Angeles regions	240,000,000
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco and Los Angeles	20,000,000
Notes receivable, net	25,480,000		15,920,000
Affiliate of Bernstein Companies [Member]
Commitments And Contingencies [Line Items]
Notes receivable, net	$ 10,000,000.0
Note receivable fixed interest rate	8.00%
Boston Properties Limited Partnership
Commitments And Contingencies [Line Items]
Notes Receivable, Related Parties	$ 78,520,000		80,000,000
Operating partnership guarantee to cover liabilities of IXP	20,000,000.0
Notes receivable, net	25,480,000		$ 15,920,000
767 Venture, LLC [Member]
Commitments And Contingencies [Line Items]
Maximum funding obligation	48,900,000
Property insurance program per occurrence limits	1,625,000,000
7750 Wisconsin Avenue [Member]
Commitments And Contingencies [Line Items]
Liabilities for Contingent Guarantees	0
Lehman [Member]
Commitments And Contingencies [Line Items]
Bankruptcy claim, amount filed by general creditor		$ 45,300,000
Bankruptcy claim amount allowed by court to creditor					$ 45,200,000
Bankruptcy Claims, Amount of Claims Settled				$ 18,000,000.0
Bankruptcy remaining claim amount allowed by court to creditor	27,200,000
6595 Springfield Center Drive [Member]
Commitments And Contingencies [Line Items]
Liabilities for Contingent Guarantees	$ 0
325 Main Street
Commitments And Contingencies [Line Items]
Net Rentable Area (in sf) \| ft²	115,000
601 Lexington Avenue
Commitments And Contingencies [Line Items]
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP	$ 250,000,000
Future Residential Building [Member] \| 325 Main Street
Commitments And Contingencies [Line Items]
Net Rentable Area (in sf) \| ft²	200,000
Affordable Housing requirement	25.00%
Future Office Building [Member] \| 325 Main Street
Commitments And Contingencies [Line Items]
Net Rentable Area (in sf) \| ft²	420,000
Future Retail Building [Member] \| 325 Main Street
Commitments And Contingencies [Line Items]
Net Rentable Area (in sf) \| ft²	41,000
Home Ownership Units [Member] \| Future Residential Building [Member] \| 325 Main Street
Commitments And Contingencies [Line Items]
Affordable Housing requirement	20.00%

Noncontrolling Interests (Narrative) (Details) - Boston Properties Limited Partnership	Jun. 30, 2020 shares
Noncontrolling Interest [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Operating Partnership (OP) Units (in shares)	16,123,912
Long-Term Incentive Plan (LTIP) Units (in shares)	1,345,723
OPP Units 2012 [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Outperformance awards in LTIP Units (in shares)	105,080
MYLTIP 2013
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
2013 MYLTIP	64,468
MYLTIP 2014
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
2014 MYLTIP	23,100
MYLTIP 2015 [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
2015 MYLTIP	24,966
MYLTIP 2016 [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
2016 MYLTIP	89,791
MYLTIP 2017 [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
2017 MYLTIP	116,078
MYLTIP 2018
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
2018 MYLTIP	336,195
MYLTIP 2019 [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
2019 MYLTIPS	220,325
MYLTIP 2020 [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
2020 MYLTIP	203,278

(Common Units) (Narrative) (Details) $ / shares in Units, $ in Millions		6 Months Ended
	Feb. 06, 2020 USD ($) shares	Jun. 30, 2020 USD ($) yr $ / shares shares
MYLTIP 2017 [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Final awards percentage of target	83.80%
Value of MYLTIP Awards \| $	$ 17.6
MYLTIP Units forfeited	270,942
OP Units [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
OP Units for redemption (in shares)		764,640
Redemption of OP units issued on conversion of LTIP, OPP and MYLTIP units (in shares)		82,551
MYLTIP Units distribution as percentage of OP Unit distribution prior to measurement date		10.00%
Restriction on redemption of OP Unit to Common Stock (in years) \| yr		1
Redemption of OP Unit equivalent to Common Stock (in shares)		1
Common units of operating partnership if converted value \| $		$ 1,600.0
Closing price of common stock (in dollars per share) \| $ / shares		$ 90.38

Noncontrolling Interests Common Units Distributions (Details) - Boston Properties Limited Partnership - $ / shares	Apr. 30, 2020	Jan. 30, 2020	Jul. 31, 2019	Apr. 30, 2019	Jan. 30, 2019	Jun. 19, 2020
Dividends Payable [Line Items]
Distributions Declared To OP And LTIP Units Per Unit						$ 0.98
Distributions Declared To MYLTIP Units Per Unit						$ 0.098
Distributions made to OP and LTIP units per unit (in dollars per share)	$ 0.98	$ 0.98	$ 0.95	$ 0.95	$ 0.95
Distributions Made To MYLTIP Units Per Unit	$ 0.098	$ 0.098	$ 0.095	$ 0.095	$ 0.095

Noncontrolling Interests (Property Partnerships) (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Noncontrolling Interest in Limited Partnerships	$ 1,724,588	$ 1,728,689

Stockholders' Equity / Partners' Capital Narrative (Details) $ / shares in Units, $ in Millions		6 Months Ended
	May 22, 2020 USD ($) yr	Jun. 30, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares	Mar. 27, 2018 $ / shares	Jun. 02, 2017 USD ($)
Class of Stock [Line Items]
Common Stock, Shares, Outstanding		155,622,286	154,790,298
General Partners' Capital Account, Units Outstanding (in units)		1,730,919
Limited Partners' Capital Account, Units Outstanding (in units)		153,891,367
Options exercised		43,792
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares)		764,640
ATM Program [Member]
Class of Stock [Line Items]
At The Market Stock Offering Program Aggregate Value Of Common Stock \| $	$ 600.0				$ 600.0
At Market Stock Offering Program Maximum Length Of Sale (in years) \| yr	3
Series B Cumulative Redeemable Preferred Stock / Unit [Member]
Class of Stock [Line Items]
Series B, Shares Outstanding (in shares)		80,000	80,000
Series B, Dividend Rate, Percentage		5.25%
Series B, Liquidation Preference Per Share (dollars per share) \| $ / shares		$ 2,500.00	$ 2,500	$ 2,500.00
Depositary shares of Series B Cumulative Redeemable Preferred [Member]
Class of Stock [Line Items]
Series B, Shares Outstanding (in shares)		8,000,000
Series B, Liquidation Preference Per Share (dollars per share) \| $ / shares		$ 25.00		$ 25.00

Stockholders' Equity / Partners' Capital Dividends / Distributions (Details) - $ / shares	May 15, 2020	Apr. 30, 2020	Feb. 18, 2020	Jan. 30, 2020	Aug. 15, 2019	Jul. 31, 2019	May 15, 2019	Apr. 30, 2019	Feb. 15, 2019	Jan. 30, 2019	Jun. 19, 2020
Dividends / Distributions [Line Items]
Dividends Payable, Amount Per Share / Unit											$ 0.98
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid		$ 0.98		$ 0.98		$ 0.95		$ 0.95		$ 0.95
Boston Properties Limited Partnership
Dividends / Distributions [Line Items]
Dividends Payable, Amount Per Share / Unit											0.98
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid		$ 0.98		$ 0.98		$ 0.95		$ 0.95		$ 0.95
Series B Cumulative Redeemable Preferred Stock / Unit [Member]
Dividends / Distributions [Line Items]
Dividends Payable, Amount Per Share / Unit											$ 32.8125
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid	$ 32.8125		$ 32.8125		$ 32.8125		$ 32.8125		$ 32.8125

Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic Earnings:
Net income attributable to the company's common shareholders / unitholders	$ 266,525	$ 164,318	$ 764,232	$ 262,431
Net income attributable to the company's common shareholders / unitholders (in shares / units)	155,386,000	154,555,000	155,199,000	154,540,000
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit)	$ 1.72	$ 1.06	$ 4.92	$ 1.70
Allocation of undistributed earnings to participating securities	$ (336)	$ (48)	$ (1,344)
Allocation of undistributed earnings to participating securities (in shares / units)	0	0	0
Allocation of undistributed earnings to participating securities (in dollars per share / unit)	$ (0.01)	$ 0	$ 0
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities	$ 266,189	$ 164,270	$ 762,888	$ 262,431
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities (in shares / units)	155,386,000	154,555,000	155,199,000	154,540,000
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities (in dollars per share / unit)	$ 1.71	$ 1.06	$ 4.92	$ 1.70
Effect of Dilutive Securities:
Stock Based Compensation	$ 0	$ 0	$ 0	$ 0
Stock Based Compensation (in shares / units)	21,000	319,000	134,000	319,000
Weighted Average Number Diluted Shares Outstanding Adjustment (per share)	$ 0	$ 0	$ (0.01)	$ (0.01)
Diluted Earnings:
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders	$ 266,189	$ 164,270	$ 762,888	$ 262,431
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units)	155,407,000	154,874,000	155,333,000	154,859,000
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)	$ 1.71	$ 1.06	$ 4.91	$ 1.69
Boston Properties Limited Partnership
Redeemable Common Units	17,273,000	17,647,000	17,405,000	17,627,000
Basic Earnings:
Net income attributable to the company's common shareholders / unitholders	$ 301,975	$ 185,715	$ 868,308	$ 299,097
Net income attributable to the company's common shareholders / unitholders (in shares / units)	172,659,000	172,202,000	172,604,000	172,167,000
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit)	$ 1.75	$ 1.08	$ 5.03	$ 1.74
Allocation of undistributed earnings to participating securities	$ (374)	$ (54)	$ (1,495)
Allocation of undistributed earnings to participating securities (in shares / units)	0	0	0
Allocation of undistributed earnings to participating securities (in dollars per share / unit)	$ 0	$ 0	$ (0.01)
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities	$ 301,601	$ 185,661	$ 866,813	$ 299,097
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities (in shares / units)	172,659,000	172,202,000	172,604,000	172,167,000
Net income attributable to the company's common shareholders / unitholders, after allocation of undistributed earnings to participating securities (in dollars per share / unit)	$ 1.75	$ 1.08	$ 5.02	$ 1.74
Effect of Dilutive Securities:
Stock Based Compensation	$ 0	$ 0	$ 0	$ 0
Stock Based Compensation (in shares / units)	21,000	319,000	134,000	319,000
Weighted Average Number Diluted Shares Outstanding Adjustment (per share)	$ 0	$ 0	$ 0	$ (0.01)
Diluted Earnings:
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders	$ 301,601	$ 185,661	$ 866,813	$ 299,097
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units)	172,680,000	172,521,000	172,738,000	172,486,000
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)	$ 1.75	$ 1.08	$ 5.02	$ 1.73

Stock Option and Incentive Plan (Narrative) (Details) - USD ($) $ in Millions	Feb. 06, 2020	Feb. 04, 2020
MYLTIP 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
TSR measurement (in years)		three-year
Minimum earned awards		0
Maximum Earned Awards		203,278
Earned wards - Target		101,638
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights		Earned awards (if any) will vest 50% on February 3, 2023 and 50% on February 3, 2024, based on continued employment. Vesting will be accelerated in the event of a change in control, termination of employment by Boston Properties, Inc. without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to February 3, 2023, earned awards will be calculated based on TSR performance up to the date of the change of control. The 2020 MYLTIP awards are in the form of LTIP Units issued on the grant date which (i) are subject to forfeiture to the extent awards are not earned and (ii) prior to the performance measurement date are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units.
Value of MYLTIP Awards		$ 13.7
MYLTIP 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of MYLTIP Awards	$ 17.6
Final awards percentage of target	83.80%
MYLTIP Units forfeited	270,942

Stock Option and Incentive Plan (Restricted Stock) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 04, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued		155,701,186		155,701,186		154,869,198
Stock based compensation expense		$ 10,100	$ 10,100	$ 27,300	$ 24,900
Common Stock, Value, Issued		$ 1,556		$ 1,556		$ 1,548
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued		29,630		29,630
Employee and director payment per share (in dollars per share)				$ 0.01
Common Stock, Value, Issued		$ 4,000		$ 4,000
Common Stock Weighted Average Price (in dollars per share)		$ 133.81		$ 133.81
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value Of LTIP Units Issued				$ 26,300
Weighted Average Per Unit Fair Value (in dollars per share)		$ 127.14		$ 127.14
Expected life assumed to calculate per unit fair value per LTIP unit (in years)				5 years 8 months 12 days
Risk-free rate				1.47%
Expected price volatility				18.00%
LTIP Units [Member] \| Boston Properties Limited Partnership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares)		207,181		207,181
MYLTIP 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
MYLTIP 2020 [Member] \| Boston Properties Limited Partnership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
MYLTIP units issued (in shares)		203,278		203,278
LTIP and MYLTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee and director payment per share (in dollars per share)				$ 0.25
Ltips (including vested MYLTIPS) And Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses		$ 37,100		$ 37,100
Unvested MYLTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses		$ 15,300		$ 15,300
Weighted-average period (years)				2 years 4 months 24 days

Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income attributable to the Company's common shareholders / unitholders	$ 266,525	$ 164,318	$ 764,232	$ 262,431
Preferred dividends / distributions	(2,625)	(2,625)	(5,250)	(5,250)
Noncontrolling interest-common units of the Operating Partnership	(30,197)	(19,036)	(87,525)	(30,627)
Noncontrolling interest in property partnerships	767	(17,482)	(18,719)	(36,312)
Interest expense	(107,142)	(102,357)	(208,733)	(203,366)
Company's share of net operating income from joint ventures	(402,404)	(454,301)	(874,057)	(902,016)
Depreciation and amortization expense	(178,188)	(177,411)	(349,282)	(342,005)
Transaction costs	(332)	(417)	(947)	(877)
General and administrative expense	(37,743)	(35,071)	(74,197)	(76,833)
Gains (losses) from investments in securities	(4,552)	(1,165)	893	(4,134)
Interest and other income (loss)	(1,305)	(3,615)	(4,322)	(7,368)
Gains on sales of real estate	(203,767)	(1,686)	(613,932)	(781)
Income from unconsolidated joint ventures	(1,832)	(47,964)	(1,463)	(48,177)
Business Intersegment, Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income attributable to the Company's common shareholders / unitholders	266,525	164,318	764,232	262,431
Preferred dividends / distributions	2,625	2,625	5,250	5,250
Noncontrolling interest-common units of the Operating Partnership	30,197	19,036	87,525	30,627
Noncontrolling interest in property partnerships	(767)	17,482	18,719	36,312
Interest expense	107,142	102,357	208,733	203,366
Impairment losses	0	0	0	24,038
Depreciation and amortization expense	178,188	177,411	349,282	342,005
Transaction costs	332	417	947	877
Operating expense	2,484	2,403	5,721	5,798
General and administrative expense	37,743	35,071	74,197	76,833
Gains (losses) from investments in securities	4,552	1,165	(893)	4,134
Interest and other income (loss)	1,305	3,615	4,322	7,368
Gains on sales of real estate	203,767	1,686	613,932	781
Income from unconsolidated joint ventures	1,832	47,964	1,463	48,177
Other revenue	2,484	2,403	5,721	5,798
Net Operating Income	397,888	433,454	850,638	859,433
Unconsolidated Joint Ventures [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest expense	(23,306)	(20,803)	(45,889)	(41,560)
Company's share of net operating income from joint ventures	(27,911)	(24,715)	(56,669)	(50,064)
Depreciation and amortization expense	(37,390)	(24,818)	(69,425)	(53,464)
Gains on sales of real estate	(11,720)	(34,572)	(11,720)	(34,572)
Income from unconsolidated joint ventures	(1,832)	(47,964)	(1,463)	(48,177)
Unconsolidated Joint Ventures [Member] \| Business Intersegment, Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Company's share of net operating income from joint ventures	27,911	24,715	56,669	50,064
Boston Properties Limited Partnership
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income attributable to the Company's common shareholders / unitholders	301,975	185,715	868,308	299,097
Preferred dividends / distributions	(2,625)	(2,625)	(5,250)	(5,250)
Noncontrolling interest in property partnerships	767	(17,482)	(18,719)	(36,312)
Interest expense	(107,142)	(102,357)	(208,733)	(203,366)
Depreciation and amortization expense	(176,409)	(175,199)	(345,694)	(337,881)
Transaction costs	(332)	(417)	(947)	(877)
General and administrative expense	(37,743)	(35,071)	(74,197)	(76,833)
Gains (losses) from investments in securities	(4,552)	(1,165)	893	(4,134)
Interest and other income (loss)	(1,305)	(3,615)	(4,322)	(7,368)
Gains on sales of real estate	(207,241)	(1,835)	(626,895)	(930)
Income from unconsolidated joint ventures	(1,832)	(47,964)	(1,463)	(48,177)
Boston Properties Limited Partnership \| Business Intersegment, Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income attributable to the Company's common shareholders / unitholders	301,975	185,715	868,308	299,097
Preferred dividends / distributions	2,625	2,625	5,250	5,250
Noncontrolling interest in property partnerships	(767)	17,482	18,719	36,312
Interest expense	107,142	102,357	208,733	203,366
Impairment losses	0	0	0	22,272
Depreciation and amortization expense	176,409	175,199	345,694	337,881
Transaction costs	332	417	947	877
Operating expense	2,484	2,403	5,721	5,798
General and administrative expense	37,743	35,071	74,197	76,833
Gains (losses) from investments in securities	4,552	1,165	(893)	4,134
Interest and other income (loss)	1,305	3,615	4,322	7,368
Gains on sales of real estate	207,241	1,835	626,895	930
Income from unconsolidated joint ventures	1,832	47,964	1,463	48,177
Other revenue	2,484	2,403	5,721	5,798
Net Operating Income	397,888	433,454	850,638	859,433
Management Service [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Other revenue	(8,125)	(9,986)	(16,004)	(19,263)
Management Service [Member] \| Business Intersegment, Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Other revenue	8,125	9,986	16,004	19,263
Management Service [Member] \| Boston Properties Limited Partnership
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating expense	(2,484)	(2,403)	(5,721)	(5,798)
Other revenue	(8,125)	(9,986)	(16,004)	(19,263)
Management Service [Member] \| Boston Properties Limited Partnership \| Business Intersegment, Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Other revenue	8,125	9,986	16,004	19,263
Noncontrolling interest - property partnerships [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Company's share of net operating income from joint ventures	32,427	45,562	80,088	92,647
Noncontrolling interest - property partnerships [Member] \| Business Intersegment, Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Company's share of net operating income from joint ventures	32,427	45,562	80,088	92,647
Noncontrolling interest - property partnerships [Member] \| Boston Properties Limited Partnership \| Business Intersegment, Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Company's share of net operating income from joint ventures	$ 32,427	$ 45,562	$ 80,088	$ 92,647

Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

^[1]

$ 634,663

$ 697,509

$ 1,359,322

$ 1,393,951

^[1]

9,402

8,999

19,358

16,714

^[1]

$ 644,164

$ 721,352

$ 1,385,604

$ 1,434,447

^[1]

100.00%

$ 235,822

$ 253,849

$ 494,724

$ 507,592

3,965

4,122

8,029

7,896

$ 241,760

$ 267,051

$ 511,547

$ 532,431

100.00%

$ 402,404

$ 454,301

$ 874,057

$ 902,016

Company's Share of Net Operating Income: % of Grand Totals

100.00%

100.00%

$ 654,773

$ 733,741

$ 1,407,329

$ 1,459,508

Boston [Member]

^[1]

218,351

217,961

457,849

435,372

^[1]

3,401

3,222

7,469

5,923

^[1]

$ 221,851

$ 236,027

$ 472,242

$ 465,077

^[1]

34.43%

32.72%

34.09%

32.42%

$ 75,694

$ 77,660

$ 158,239

$ 157,160

1,235

1,279

2,575

2,485

$ 78,902

$ 88,019

$ 169,608

$ 176,588

32.64%

32.96%

33.16%

33.17%

$ 142,949

$ 148,008

$ 302,634

$ 288,489

Company's Share of Net Operating Income: % of Grand Totals

35.52%

32.58%

34.63%

31.98%

33.92%

32.01%

33.76%

31.49%

Los Angeles [Member]

^[1]

$ 0

^[1]

^[1]

$ 0

^[1]

0.00%

$ 0

$ 0

0.00%

$ 0

Company's Share of Net Operating Income: % of Grand Totals

0.00%

3.78%

3.57%

3.64%

3.63%

New York [Member]

^[1]

$ 204,242

$ 251,556

$ 459,528

$ 510,187

^[1]

^[1]

$ 204,242

$ 251,556

$ 459,528

$ 510,187

^[1]

31.71%

34.87%

33.16%

35.56%

$ 88,367

$ 96,809

$ 187,507

$ 193,780

$ 88,367

$ 96,809

$ 187,507

$ 193,780

36.54%

36.25%

36.65%

36.39%

$ 115,875

$ 154,747

$ 272,021

$ 316,407

Company's Share of Net Operating Income: % of Grand Totals

28.80%

34.06%

31.12%

35.08%

23.84%

27.90%

25.24%

28.75%

San Francisco [Member]

^[1]

$ 128,233

$ 131,506

$ 264,972

$ 255,561

^[1]

^[1]

$ 128,233

$ 131,506

$ 264,972

$ 255,561

^[1]

19.91%

18.23%

19.12%

17.82%

$ 39,081

$ 43,708

$ 81,650

$ 84,833

$ 39,081

$ 43,708

$ 81,650

$ 84,833

16.17%

16.37%

15.96%

15.93%

$ 89,152

$ 87,798

$ 183,322

$ 170,728

Company's Share of Net Operating Income: % of Grand Totals

22.15%

19.33%

20.97%

18.93%

23.44%

20.26%

22.41%

19.81%

Washington, DC [Member]

^[1]

$ 83,837

$ 96,486

$ 176,973

$ 192,831

^[1]

6,001

5,777

11,889

10,791

^[1]

$ 89,838

$ 102,263

$ 188,862

$ 203,622

^[1]

13.95%

14.18%

13.63%

14.20%

$ 32,680

$ 35,672

$ 67,328

$ 71,819

2,730

2,843

5,454

5,411

$ 35,410

$ 38,515

$ 72,782

$ 77,230

14.65%

14.42%

14.23%

14.51%

$ 54,428

$ 63,748

$ 116,080

$ 126,392

Company's Share of Net Operating Income: % of Grand Totals

13.53%

14.03%

13.28%

14.01%

15.02%

16.26%

14.95%

16.32%

Hotel [Member]

^[1]

$ 99

$ 14,844

$ 6,924

$ 23,782

Hotel [Member] | Boston [Member]

1,973

9,080

8,794

16,943

^[1]

14,844

6,924

23,782

Hotel [Member] | Los Angeles [Member]

1,973

9,080

8,794

16,943

^[1]

Hotel [Member] | New York [Member]

^[1]

Hotel [Member] | San Francisco [Member]

^[1]

Hotel [Member] | Washington, DC [Member]

^[1]

Noncontrolling interest - property partnerships [Member]

Noncontrolling interest - property partnerships [Member] | Boston [Member]

(32,427)

(45,562)

(80,088)

(92,647)

Noncontrolling interest - property partnerships [Member] | Los Angeles [Member]

(10,576)

(10,031)

(21,239)

(19,404)

Noncontrolling interest - property partnerships [Member] | New York [Member]

Noncontrolling interest - property partnerships [Member] | San Francisco [Member]

(21,851)

(35,531)

(58,849)

(72,795)

Noncontrolling interest - property partnerships [Member] | Washington, DC [Member]

(448)

27,911

24,715

56,669

50,064

Unconsolidated Joint Ventures [Member] | Boston [Member]

^[2]

89,563

80,204

182,766

163,159

Unconsolidated Joint Ventures [Member] | Los Angeles [Member]

2,627

818

5,726

1,590

Unconsolidated Joint Ventures [Member] | New York [Member]

15,026

15,454

30,956

31,162

Unconsolidated Joint Ventures [Member] | San Francisco [Member]

815

1,696

1,571

3,482

Unconsolidated Joint Ventures [Member] | Washington, DC [Member]

4,127

7,286

5,316

6,747

11,130

13,830

Company's Share [Member]

Company's Share [Member] | Boston [Member]

397,888

433,454

850,638

859,433

Company's Share [Member] | Los Angeles [Member]

135,000

138,795

287,121

270,675

Company's Share [Member] | New York [Member]

15,026

15,454

30,956

31,162

Company's Share [Member] | San Francisco [Member]

94,839

120,912

214,743

247,094

Company's Share [Member] | Washington, DC [Member]

93,279

87,798

190,608

170,280