0001656423-22-000020 | 10-Q | XBRL Viewer

^[1]

$ (644,127)

$ (652,135)

Investments In Affiliates Subsidiaries Associates And Joint Ventures net

^[2]

1,455,550

1,445,926

^[3]

1,455,550

1,445,926

Unconsolidated Joint Ventures [Member]

Schedule of Equity Method Investments [Line Items]

Square 407 Limited Partnership [Member]

$ (63,100)

(37,100)

Schedule of Equity Method Investments [Line Items]

Market Square North

50.00%

BP/CRF Metropolitan Square LLC [Member]

^[3]

$ (5,514)

(1,205)

Schedule of Equity Method Investments [Line Items]

Metropolitan Square

20.00%

901 New York Avenue LLC [Member]

^[3]

$ (36,485)

(15,356)

Schedule of Equity Method Investments [Line Items]

901 New York Avenue

^[4]

25.00%

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

^[3]

$ (12,596)

$ (12,597)

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

^[5]

33.33%

500 North Capitol Venture LLC [Member]

^[3]

$ 33,351

$ 33,732

Schedule of Equity Method Investments [Line Items]

500 North Capitol Street, NW

30.00%

501 K Street LLC [Member]

^[3]

$ (8,477)

(7,913)

Schedule of Equity Method Investments [Line Items]

1001 6th Street

^[6]

50.00%

Potential additonal payments to joint venture partner | payments

^[3]

$ 42,777

42,576

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]

^[3]

$ 49,741

48,980

Schedule of Equity Method Investments [Line Items]

Hub50House

50.00%

Hotel Tower Developer LLC [Member]

^[3]

$ 47,977

47,774

Schedule of Equity Method Investments [Line Items]

The Hub on Causeway - Hotel Air Rights

50.00%

Office Tower Developer LLC [Member]

^[3]

$ 11,801

11,505

Schedule of Equity Method Investments [Line Items]

100 Causeway Street

50.00%

1265 Main Office JV LLC [Member]

^[3]

$ 58,908

57,687

Schedule of Equity Method Investments [Line Items]

1265 Main Street

50.00%

BNY Tower Holdings LLC [Member]

^[3]

$ 3,256

3,541

Schedule of Equity Method Investments [Line Items]

Dock 72

50.00%

BNYA Amenity Operator LLC [Member]

^[3]

$ 25,856

27,343

Schedule of Equity Method Investments [Line Items]

Dock 72

50.00%

CA-Colorado Center Limited Partnership [Member]

^[3]

$ 996

1,069

Schedule of Equity Method Investments [Line Items]

Colorado Center

50.00%

7750 Wisconsin Avenue LLC [Member]

^[3]

$ 232,384

231,479

Schedule of Equity Method Investments [Line Items]

7750 Wisconsin Avenue

50.00%

BP-M 3HB Venture LLC [Member]

^[3]

$ 63,944

61,626

Schedule of Equity Method Investments [Line Items]

3 Hudson Boulevard

25.00%

Schedule of Equity Method Investments [Line Items]

^[3]

$ 116,059

116,306

SMBP Venture LP [Member]

Santa Monica Business Park

55.00%

Platform 16 Holdings LP [Member]

^[3]

$ 162,987

156,639

Schedule of Equity Method Investments [Line Items]

Platform 16

^[7]

55.00%

Gateway Portfolio Holdings LLC [Member]

^[3]

$ 117,806

109,086

Schedule of Equity Method Investments [Line Items]

Gateway Commons

50.00%

Rosecrans-Sepulveda Partners 4, LLC

^[3]

$ 342,021

327,148

Schedule of Equity Method Investments [Line Items]

Beach Cities Media Campus

50.00%

Entity Owning Land And Infrastructure Of Project [Member]

^[3]

$ 27,078

27,106

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Line Items]

33.33%

Safeco Plaza REIT LLC

Safeco Plaza

^[8]

33.67%

Safeco Plaza REIT LLC | Company's Share [Member]

^[3]

$ 72,362

72,545

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Line Items]

33.00%

360 PAS Holdco LLC

360 Park Avenue South

^[9]

42.21%

360 PAS Holdco LLC | Company's Share [Member]

^[3]

$ 109,318

$ 106,855

Schedule of Equity Method Investments [Line Items]

Safeco Partner Entity One [Member] | Company's Share [Member]

35.79%

Schedule of Equity Method Investments [Line Items]

Safeco Partner Entity Two | Company's Share [Member]

1.00%

Schedule of Equity Method Investments [Line Items]

360 PAS Holdco LLC (indirect ownership) | Company's Share [Member]

1.00%

Schedule of Equity Method Investments [Line Items]

360 Park Avenue South Partners Entity | Company's Share [Member]

5.837%

Schedule of Equity Method Investments [Line Items]

360 Park Avenue South Partners Entity Two | Company's Share [Member]

1.00%

Schedule of Equity Method Investments [Line Items]

Stockholders' Equity / Partners' Capital

1.00%

[1]	At March 31, 2022 and December 31, 2021, this amount included lease liabilities - finance leases totaling approximately $384.7 million and $385.5 million, respectively. At March 31, 2022 and December 31, 2021, this amount included lease liabilities - operating leases totaling approximately $30.4 million.
[2]	Investments with deficit balances aggregating approximately $63.1 million and $37.1 million at March 31, 2022 and December 31, 2021, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
[3]	Investments with deficit balances aggregating approximately $63.1 million and $37.1 million at March 31, 2022 and December 31, 2021, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
[4]	The Company’s economic ownership has increased based on the achievement of certain return thresholds. At March 31, 2022 and December 31, 2021, the Company’s economic ownership was approximately 50%.
[5]	The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.
[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 in excess of 520,000 square feet and achieving certain project returns at stabilization.
[7]	This entity is a VIE (See Note 2).
[8]	The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities (each, a “Safeco Partner Entity”) through which each partner owns its interest in the joint venture.
[9]	The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities (each, a “360 Park Avenue South Partner Entity”) through which each partner owns its interest in the joint venture.

Noncontrolling Interests (Property Partnerships) (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Noncontrolling Interest in Limited Partnerships	$ 1,548,455	$ 1,556,553

Stockholders' Equity / Partners' Capital

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

8. Stockholders’ Equity / Partners’ Capital

BXP

As of March 31, 2022, BXP had 156,711,714 shares of Common Stock outstanding.

As of March 31, 2022, BXP owned 1,749,402 general partnership units and 154,962,312 limited partnership units in BPLP.

On May 22, 2020, BXP 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, BXP 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 BXP’s prior $600.0 million ATM stock offering program that was scheduled to expire on June 2, 2020. BXP 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 three months ended March 31, 2022, BXP did not issue any shares of Common Stock upon the exercise of options to purchase Common Stock.

During the three months ended March 31, 2022, BXP issued 141,148 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.

The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2022 and during the three months ended March 31, 2021:


Record Date	Payment Date	Dividend (Per Share)	Distribution (Per Unit)
March 31, 2022	April 29, 2022	$0.98	$0.98
December 31, 2021	January 28, 2022	$0.98	$0.98



March 31, 2021	April 30, 2021	$0.98	$0.98
December 31, 2020	January 28, 2021	$0.98	$0.98

Preferred Stock

On March 2, 2021, BXP issued a redemption notice for 80,000 shares of its 5.25% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”), which constituted all of the outstanding Series B Preferred Stock, and the corresponding depositary shares, each representing 1/100th of a share of Series B Preferred Stock. The redemption price per share of Series B Preferred Stock was $2,500, plus all accrued and unpaid dividends to, but not including, the redemption date, totaling $2,516.41 per share. On March 31, 2021, the Company transferred the full redemption price for all outstanding shares of Series B Preferred Stock, including accrued and unpaid dividends to, but not including, the redemption date, to the redemption agent. The excess of the redemption price over the carrying value of the Series B Preferred Stock and Series B Preferred Units of approximately $6.4 million relates to the original issuance costs and is reflected as a reduction to Net Income Attributable to Boston Properties, Inc. Common Shareholders and Net Income Attributable to Boston Properties Limited Partnership Common Unitholders on the Consolidated Income Statements.

On April 1, 2021, BXP redeemed all of the outstanding shares of Series B Preferred Stock and all of the outstanding Depositary Shares. In connection with the redemption of the Series B Preferred Stock, all of the Series B Preferred Units, which had terms and preferences generally mirroring those of the Series B Preferred Stock, were redeemed by BPLP.

The following table presents BXP’s dividend per share on its Series B Preferred Stock paid during the three months ended March 31, 2021:

Record Date

Payment Date

Dividend (Per Share)

February 5, 2021

February 16, 2021

$32.8125

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Option and Incentive Plan	3 Months Ended
Stock Option and Incentive Plan	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Option and Incentive Plan	11. Stock Option and Incentive Plan On February 1, 2022, BXP’s Compensation Committee approved the 2022 MYLTIP awards under the Boston Properties, Inc. 2021 Stock Option and Incentive Plan (the “2021 Plan”) to certain officers and employees of BXP. The 2022 MYLTIP awards consist of two, equally weighted (50% each) components that utilize BXP’s TSR over a three-year measurement period as the performance metric. The first component of the 2022 MYLTIP represents one-half (50%) of the target grant-date value of the award. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on BXP’s three-year, annualized relative TSR performance compared to a custom index of peer companies. Under this component, 100% of the target number of LTIP Units will be earned if BXP’s TSR equals the custom index TSR; for relative TSR performance between -1,000 basis points and +1,000 basis points, the number of LTIP Units earned will be determined using linear interpolation. The second component represents the remaining one-half (50%) of the target grant-date value of the 2022 MYLTIP. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on BXP’s non-annualized, cumulative absolute TSR during the three-year performance period. Under this component, 100% of the target number of LTIP Units will be earned if BXP achieves an absolute TSR equal to +1,000 basis points; if BXP’s absolute TSR is greater than -4,000 basis points but less than +6,000 basis points, then the number of LTIP Units earned will be determined using linear interpolation. Total earned awards under the 2022 MYLTIP, if any, will equal the sum of the number of LTIP Units earned under the first and second components and will range from zero to a maximum of 254,061 LTIP Units with a target of approximately 127,031 LTIP Units and linear interpolation between zero and maximum. Earned awards (if any) will vest 100% on January 31, 2025, but may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. Vesting will be accelerated in the event of a change in control, termination of employment by BXP 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 January 31, 2025, earned awards will be calculated based on TSR performance up to the date of the change of control. The 2022 MYLTIP awards are in the form of LTIP Units issued on the grant date, and they are subject to forfeiture to the extent awards are not earned. Prior to the performance measurement date holders of the 2022 MYLTIP Units are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. Following the completion of the three-year performance period, BXP will also make a “catch-up” cash payment on the 2022 MYLTIP Units that are ultimately earned in an amount equal to the regular and special distributions, if any, declared during the performance period on BXP’s Common Stock, less the distributions actually paid to holders of 2022 MYLTIP Units during the performance period on all of the awarded 2022 MYLTIP Units. Under ASC 718 “Compensation - Stock Compensation,” the 2022 MYLTIP awards have an aggregate value of approximately $17.3 million, which amount will generally be amortized into earnings under the graded vesting method. On February 4, 2022, the measurement period for the Company’s 2019 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 69.0% of target, or an aggregate of approximately $8.6 million (after giving effect to employee separations). As a result, an aggregate of 144,043 2019 MYLTIP Units that had been previously granted were automatically forfeited. During the three months ended March 31, 2022, BXP issued 33,411 shares of restricted common stock and BPLP issued 250,893 LTIP Units and 254,061 2022 MYLTIP Units to employees and non-employee directors under the 2021 Plan. Employees and non-employee directors paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit and 2022 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 substantial 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 BXP’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 three months ended March 31, 2022 were valued at approximately $3.9 million ($113.79 per share weighted-average). The LTIP Units granted were valued at approximately $27.2 million (approximately $108.41 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 1.71% and an expected price volatility of 31.0%. Because the 2012 OPP Units and 2013 - 2022 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 MYLTIP Units was approximately $20.9 million and $19.8 million for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, there was (1) an aggregate of approximately $37.0 million of unrecognized compensation expense related to unvested restricted stock, LTIP Units and 2019 MYLTIP Units and (2) an aggregate of approximately $16.0 million of unrecognized compensation expense related to unvested 2020 - 2022 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.3 years.

Earnings Per Share / Common Unit

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share / Common Unit

10. Earnings Per Share / Common Unit

BXP

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 BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of BXP using the two-class method. Participating securities are included in the computation of diluted EPS of BXP using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2019 MYLTIP Units required, and the 2020 - 2022 MYLTIP Units require, BXP to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, BXP excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.


	Three months ended March 31, 2022
	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	$	143,047	156,650	$	0.91
Effect of Dilutive Securities:
Stock Based Compensation	—		354	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	143,047	157,004	$	0.91

	Three months ended March 31, 2021
	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	$	91,624	155,928	$	0.59
Effect of Dilutive Securities:
Stock Based Compensation	—		171	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	91,624	156,099	$	0.59

BPLP

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 BXP and BPLP’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 - 2019 MYLTIP Units required, and the 2020 - 2022 MYLTIP Units require, BXP to outperform absolute and/or relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, BPLP 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 17,626,000 and 17,089,000 redeemable common units for the three months ended March 31, 2022 and 2021, respectively.


	Three months ended March 31, 2022
	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	$	161,829	174,276	$	0.93
Effect of Dilutive Securities:
Stock Based Compensation	—		354	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	161,829	174,630	$	0.93

	Three months ended March 31, 2021
	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	$	105,773	173,018	$	0.61
Effect of Dilutive Securities:
Stock Based Compensation	—		171	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	105,773	173,189	$	0.61

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Fixed contractual payments	$ 599,607	$ 575,353
Variable lease payments	118,513	110,464
Lease	$ 718,120	$ 685,817

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Line Items]

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

The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2022 and during the three months ended March 31, 2021:


Record Date	Payment Date	Dividend (Per Share)	Distribution (Per Unit)
March 31, 2022	April 29, 2022	$0.98	$0.98
December 31, 2021	January 28, 2022	$0.98	$0.98



March 31, 2021	April 30, 2021	$0.98	$0.98
December 31, 2020	January 28, 2021	$0.98	$0.98

Noncontrolling Interests [Member]

Noncontrolling Interest [Line Items]

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

The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2018 MYLTIP Units and, after the February 4, 2022 measurement date, the 2019 MYLTIP Units) and its distributions on the 2019 MYLTIP Units (prior to the February 4, 2022 measurement date) and 2020 - 2022 MYLTIP Units (after the February 1, 2022 issuance date of the 2022 MYLTIP Units) that occurred during the three months ended March 31, 2022:

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

March 31, 2022

April 29, 2022

$0.98

$0.098

December 31, 2021

January 28, 2022

$0.98

$0.098

The following table presents BPLP’s distributions on the OP Units and LTIP Units (including the 2012 OPP Units, 2013 - 2017 MYLTIP Units and, after the February 5, 2021 measurement date, the 2018 MYLTIP Units) and its distributions on the 2018 MYLTIP Units (prior to the February 5, 2021 measurement date) and 2019 - 2021 MYLTIP Units (after the February 2, 2021 issuance date of the 2021 MYLTIP Units) that occurred during the three months ended March 31, 2021:

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

March 31, 2021

April 30, 2021

$0.98

$0.098

December 31, 2020

January 28, 2021

$0.98

$0.098

Real Estate (Narrative) (Details) $ in Thousands			3 Months Ended
Real Estate (Narrative) (Details) $ in Thousands	Mar. 31, 2022 USD ($) ft²	Apr. 19, 2021 USD ($) ft² a	Mar. 31, 2022 USD ($) ft²	Mar. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Proceeds from sales of real estate			$ 35,397	$ 0
Net income			$ 2,486	(9,534)
11251 Roger Bacon Drive
Real Estate Properties [Line Items]
Asset Acquisition, Price of Acquisition, Expected		$ 5,600
Net Rentable Area (in sf) \| ft²		65,000
Area of Land \| a		2.6
Leased percentage		100.00%
195 West Street
Real Estate Properties [Line Items]
Net Rentable Area (in sf) \| ft²	63,500		63,500
Contractual Sales Price	$ 37,700		$ 37,700
Proceeds from sales of real estate	35,400
Gains (Losses) on Sales of Investment Real Estate	$ 23,400
Net income			$ 400	$ (200)

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,717,227 and $6,702,830 at March 31, 2022 and December 31, 2021, respectively)

$ 23,529,828

$ 23,379,243

Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2022 and December 31, 2021, respectively)

248,900

Less: accumulated depreciation (amounts related to VIEs of $(1,306,601) and $(1,283,060) at March 31, 2022 and December 31, 2021, respectively)

(5,882,385)

(5,772,018)

Cash and cash equivalents (amounts related to VIEs of $266,593 and $300,937 at March 31, 2022 and December 31, 2021, respectively)

436,271

452,692

Tenant and other receivables, net (amounts related to VIEs of $8,414 and $6,824 at March 31, 2022 and December 31, 2021, respectively)

56,132

70,186

Accrued rental income, net (amounts related to VIEs of $356,640 and $357,395 at March 31, 2022 and December 31, 2021, respectively)

1,243,395

1,226,745

Deferred charges, net (amounts related to VIEs of $174,063 and $174,637 at March 31, 2022 and December 31, 2021, respectively)

609,205

618,798

Prepaid expenses and other assets (amounts related to VIEs of $39,362 and $29,668 at March 31, 2022 and December 31, 2021, respectively)

128,472

57,811

Secured Debt

3,370,649

3,214,961

Lease liabilities - finance leases (amounts related to VIEs of $20,420 and $20,458 at March 31, 2022 and December 31, 2021, respectively)

384,700

385,500

Accounts payable and accrued expenses (amounts related to VIEs of $30,804 and $29,464 at March 31, 2022 and December 31, 2021, respectively)

304,576

320,775

Other liabilities (amounts related to VIEs of $128,581 and $150,131 at March 31, 2022 and December 31, 2021, respectively)

^[1]

$ 644,127

$ 652,135

Reedemable deferred stock units, units

85,645

83,073

Limited Partners' Capital Account, Units Outstanding (in units)

154,962,312

154,798,935

General Partners' Capital Account, Units Outstanding (in units)

1,749,402

1,745,914

Excess stock, par value

$ 0.01

Excess stock, shares authorized

150,000,000

Excess stock, shares outstanding

Excess stock, shares issued

Preferred stock, par value

$ 0.01

Preferred stock, shares authorized

50,000,000

Common Stock, Par or Stated Value Per Share

$ 0.01

Common stock, shares authorized

250,000,000

Common stock, shares issued

156,790,614

156,623,749

Common Stock, Shares, Outstanding

156,711,714

156,544,849

Treasury common stock at cost, shares

78,900

Variable Interest Entity, Primary Beneficiary [Member]

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,717,227 and $6,702,830 at March 31, 2022 and December 31, 2021, respectively)

$ 6,717,227

$ 6,702,830

Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2022 and December 31, 2021, respectively)

21,000

Less: accumulated depreciation (amounts related to VIEs of $(1,306,601) and $(1,283,060) at March 31, 2022 and December 31, 2021, respectively)

(1,306,601)

(1,283,060)

Cash and cash equivalents (amounts related to VIEs of $266,593 and $300,937 at March 31, 2022 and December 31, 2021, respectively)

266,593

300,937

Tenant and other receivables, net (amounts related to VIEs of $8,414 and $6,824 at March 31, 2022 and December 31, 2021, respectively)

8,414

6,824

Accrued rental income, net (amounts related to VIEs of $356,640 and $357,395 at March 31, 2022 and December 31, 2021, respectively)

356,640

357,395

Deferred charges, net (amounts related to VIEs of $174,063 and $174,637 at March 31, 2022 and December 31, 2021, respectively)

174,063

174,637

Prepaid expenses and other assets (amounts related to VIEs of $39,362 and $29,668 at March 31, 2022 and December 31, 2021, respectively)

39,362

29,668

Secured Debt

3,268,745

3,267,914

Lease liabilities - finance leases (amounts related to VIEs of $20,420 and $20,458 at March 31, 2022 and December 31, 2021, respectively)

20,420

20,458

Accounts payable and accrued expenses (amounts related to VIEs of $30,804 and $29,464 at March 31, 2022 and December 31, 2021, respectively)

30,804

29,464

Other liabilities (amounts related to VIEs of $128,581 and $150,131 at March 31, 2022 and December 31, 2021, respectively)

$ 128,581

$ 150,131

[1]

At March 31, 2022 and December 31, 2021, this amount included lease liabilities - finance leases totaling approximately $384.7 million and $385.5 million, respectively. At March 31, 2022 and December 31, 2021, this amount included lease liabilities - operating leases totaling approximately $30.4 million.

Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Redeemable Common Units	17,626,000	17,089,000
Basic Earnings:
Net income attributable to the company's common shareholders / unitholders	$ 161,829	$ 105,773
Net income attributable to the company's common shareholders / unitholders (in shares / units)	174,276,000	173,018,000
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit)	$ 0.93	$ 0.61
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic	$ 161,829	$ 105,773
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares)	174,276,000	173,018,000
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share)	$ 0.93	$ 0.61
Effect of Dilutive Securities:
Stock Based Compensation	$ 0	$ 0
Stock Based Compensation (in shares / units)	354,000	171,000
Weighted Average Number Diluted Shares Outstanding Adjustment (per share)	$ 0	$ 0
Diluted Earnings:
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders	$ 161,829	$ 105,773
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units)	174,630,000	173,189,000
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)	$ 0.93	$ 0.61

Consolidated Statements Of 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, 2020	155,719,000
Equity, value at Dec. 31, 2020	$ 8,339,612	$ 1,557	$ 200,000	$ 6,356,791	$ (509,653)	$ (2,722)	$ (49,890)	$ 616,596	$ 1,726,933
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of operating partnership units to common stock, shares	118,000
Redemption of operating partnership units to common stock, value	$ 0	1		4,197				(4,198)
Allocated net income for the period	128,147				100,596			11,084	16,467
Dividends/distributions declared	$ (172,800)				(155,513)			(17,287)
Shares issued pursuant to stock purchase plan, shares	5,000
Shares issued pursuant to stock purchase plan, value	$ 484			484
Net activity from stock option and incentive plan, shares	232,000
Net activity from stock option and incentive plan, value	$ 38,467	3		20,002				18,462
Preferred Stock, Redeemed	(193,623)		(200,000)	6,377
Preferred Stock Redemption Charge	(6,412)				(6,412)
Contributions from noncontrolling interests in property partnerships	281								281
Distributions to noncontrolling interests in property partnerships	(18,225)								(18,225)
Effective portion of interest rate contracts	3,740						3,370	370
Amortization of interest rate contracts	1,676						1,381	151	144
Reallocation of noncontrolling interest	$ 0			5,072				(5,072)
Equity, shares at Mar. 31, 2021	156,074,000
Equity, value at Mar. 31, 2021	$ 8,121,347	1,561	0	6,392,923	(570,982)	(2,722)	(45,139)	620,106	1,725,600
Equity, shares at Dec. 31, 2021	156,544,849
Equity, value at Dec. 31, 2021	$ 5,693,181	1,565	0	6,497,730	(625,891)	(2,722)	(36,662)	642,655	1,556,553
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of operating partnership units to common stock, shares	141,000
Redemption of operating partnership units to common stock, value	$ 0	2		5,026				(5,028)
Allocated net income for the period	176,957				143,047			16,361	17,549
Dividends/distributions declared	$ (171,497)				(153,577)			(17,920)
Shares issued pursuant to stock purchase plan, shares	5,000
Shares issued pursuant to stock purchase plan, value	$ 600			600
Net activity from stock option and incentive plan, shares	21,000
Net activity from stock option and incentive plan, value	$ 18,921			(133)				19,054
Preferred Stock Redemption Charge	0
Contributions from noncontrolling interests in property partnerships	849								849
Distributions to noncontrolling interests in property partnerships	(26,640)								(26,640)
Effective portion of interest rate contracts	7,565						6,800	765
Amortization of interest rate contracts	1,676						1,377	155	144
Reallocation of noncontrolling interest	$ 0			6,440				(6,440)
Equity, shares at Mar. 31, 2022	156,711,714
Equity, value at Mar. 31, 2022	$ 5,434,802	$ 1,567	$ 0	$ 6,509,663	$ (636,421)	$ (2,722)	$ (28,485)	$ 649,602	$ 1,548,455

Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Equity Method Investments [Line Items]

Investments In Unconsolidated Joint Ventures

The investments in unconsolidated joint ventures consist of the following at March 31, 2022 and December 31, 2021:


					Carrying Value of Investment (1)
Entity	Properties	Nominal % Ownership			March 31, 2022		December 31, 2021
					(in thousands)
Square 407 Limited Partnership	Market Square North	50.00	%		$	(5,514)	$	(1,205)
BP/CRF Metropolitan Square LLC	Metropolitan Square	20.00	%		(36,485)		(15,356)
901 New York, LLC	901 New York Avenue	25.00	%	(2)	(12,596)		(12,597)
WP Project Developer LLC	Wisconsin Place Land and Infrastructure	33.33	%	(3)	33,351		33,732
500 North Capitol Venture LLC	500 North Capitol Street, NW	30.00	%		(8,477)		(7,913)
501 K Street LLC	1001 6th Street	50.00	%	(4)	42,777		42,576
Podium Developer LLC	The Hub on Causeway - Podium	50.00	%		49,741		48,980
Residential Tower Developer LLC	Hub50House	50.00	%		47,977		47,774
Hotel Tower Developer LLC	The Hub on Causeway - Hotel Air Rights	50.00	%		11,801		11,505
Office Tower Developer LLC	100 Causeway Street	50.00	%		58,908		57,687
1265 Main Office JV LLC	1265 Main Street	50.00	%		3,256		3,541
BNY Tower Holdings LLC	Dock 72	50.00	%		25,856		27,343
BNYTA Amenity Operator LLC	Dock 72	50.00	%		996		1,069
CA-Colorado Center Limited Partnership	Colorado Center	50.00	%		232,384		231,479
7750 Wisconsin Avenue LLC	7750 Wisconsin Avenue	50.00	%		63,944		61,626
BP-M 3HB Venture LLC	3 Hudson Boulevard	25.00	%		116,059		116,306
SMBP Venture LP	Santa Monica Business Park	55.00	%		162,987		156,639
Platform 16 Holdings LP	Platform 16	55.00	%	(5)	117,806		109,086
Gateway Portfolio Holdings LLC	Gateway Commons	50.00	%		342,021		327,148
Rosecrans-Sepulveda Partners 4, LLC	Beach Cities Media Campus	50.00	%		27,078		27,106
Safeco Plaza REIT LLC	Safeco Plaza	33.67	%	(6)	72,362		72,545
360 PAS Holdco LLC	360 Park Avenue South	42.21	%	(7)	109,318		106,855
					$	1,455,550	$	1,445,926

_______________

(1)Investments with deficit balances aggregating approximately $63.1 million and $37.1 million at March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021, the Company’s economic ownership was approximately 50%.

(3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.

(4)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 in excess of 520,000 square feet and achieving certain project returns at stabilization.

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

(6)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities (each, a “Safeco Partner Entity”) through which each partner owns its interest in the joint venture.

(7)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities (each, a “360 Park Avenue South Partner Entity”) through which each partner owns its interest in the joint venture.

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:


	March 31, 2022		December 31, 2021
	(in thousands)
ASSETS
Real estate and development in process, net (1)	$	5,649,181	$	5,579,218
Other assets	628,608		586,470
Total assets	$	6,277,789	$	6,165,688
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable, net	$	3,370,649	$	3,214,961
Other liabilities (2)	644,127		652,135
Members’/Partners’ equity	2,263,013		2,298,592
Total liabilities and members’/partners’ equity	$	6,277,789	$	6,165,688
Company’s share of equity	$	1,112,465	$	1,104,175
Basis differentials (3)	343,085		341,751
Carrying value of the Company’s investments in unconsolidated joint ventures (4)	$	1,455,550	$	1,445,926

_______________

(1)At March 31, 2022 and December 31, 2021, this amount included right of use assets - finance leases totaling approximately $248.9 million. At March 31, 2022 and December 31, 2021, this amount included right of use assets - operating leases totaling approximately $22.0 million and $22.3 million, respectively.

(2)At March 31, 2022 and December 31, 2021, this amount included lease liabilities - finance leases totaling approximately $384.7 million and $385.5 million, respectively. At March 31, 2022 and December 31, 2021, this amount included lease liabilities - operating leases totaling approximately $30.4 million.

(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. The majority of the Company’s basis differences are as follows:


	March 31, 2022		December 31, 2021
Property	(in thousands)
Colorado Center	$	304,045	$	304,776
Gateway Commons	51,530		51,009
Dock 72	(49,600)		(50,051)

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 $63.1 million and $37.1 million at March 31, 2022 and December 31, 2021, 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 March 31,
	2022		2021
	(in thousands)
Total revenue (1)	$	124,491	$	87,266
Expenses
Operating	45,641		37,134
Transaction costs	—		7
Depreciation and amortization	44,664		34,103
Total expenses	90,305		71,244
Other income (expense)
Loss from early extinguishment of debt	(1,327)		—
Interest expense	(30,373)		(25,556)

Net income (loss)	$	2,486	$	(9,534)

Company’s share of net income (loss)	$	3,394	$	(3,640)
Gain on sale of investment (2)	—		10,257

Basis differential (3)	(1,205)		(1,392)
Income from unconsolidated joint ventures	$	2,189	$	5,225

_______________

(1)Includes straight-line rent adjustments of approximately $27.5 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively. For the three months ended March 31, 2022, reinstatement of accrued rent balances totaled approximately $2.5 million. For the three months ended March 31, 2021, write-offs of accounts receivable and accrued rent balances totaled approximately $0.3 million.

(2)During the three months ended March 31, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million.

(3)Includes straight-line rent adjustments of approximately $0.1 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively. Also includes net above-/below-market rent adjustments of approximately $0.1 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively.

Stockholders' Equity / Partners' Capital (Tables)

3 Months Ended

Mar. 31, 2022

Class of Stock [Line Items]

Dividends Declared [Table Text Block]

The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2022 and during the three months ended March 31, 2021:


Record Date	Payment Date	Dividend (Per Share)	Distribution (Per Unit)
March 31, 2022	April 29, 2022	$0.98	$0.98
December 31, 2021	January 28, 2022	$0.98	$0.98



March 31, 2021	April 30, 2021	$0.98	$0.98
December 31, 2020	January 28, 2021	$0.98	$0.98

Series B Preferred Stock [Member]

Class of Stock [Line Items]

Dividends Declared [Table Text Block]

The following table presents BXP’s dividend per share on its Series B Preferred Stock paid during the three months ended March 31, 2021:

Record Date

Payment Date

Dividend (Per Share)

February 5, 2021

February 16, 2021

$32.8125

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	6. 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 had letter of credit and performance obligations related to lender and development requirements that total approximately $26.4 million at March 31, 2022. 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. 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 or joint venture 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 March 31, 2022, the maximum funding obligation under the guarantee was approximately $17.7 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 March 31, 2022, no amounts related to the guarantee were recorded as liabilities in the Company’s consolidated financial statements. In connection with the development of the 7750 Wisconsin Avenue office property located in Bethesda, Maryland, the Company entered into agreements with affiliates of The Bernstein Companies (the Company’s partner in the 7750 Wisconsin Avenue joint venture) whereby the Company could be required to act as a mezzanine and/or mortgage lender and finance the construction of the hotel property being developed by an affiliate of The Bernstein Companies adjacent to the office 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 developed 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. The financing is recorded as Note Receivable, Net in the Company’s Consolidated Balance Sheets. In connection with the redevelopment of the Company’s 325 Main Street property located in Cambridge, Massachusetts, the Company was required pursuant to the local zoning ordinance and urban renewal plan 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. The zoning ordinance and urban renewal plan were each amended to decouple the residential requirement from the occupancy of the 325 Main Street property. The amendment to the urban renewal plan is subject to final approvals and completion of administrative processes. 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. 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 $1.35 billion of property insurance in excess of the $1.0 billion of coverage in the Company’s property insurance program for 601 Lexington Avenue, New York, New York, consisting of $750 million of property and Terrorism Coverage in excess of the Company’s property insurance program and $600 million of Terrorism Coverage only in excess of the $1.75 billion of coverage. 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. Specifically, the Company currently carries earthquake insurance which covers its San Francisco and Los Angeles regions with a $330 million per occurrence limit, and a $330 million annual aggregate limit, $30 million of which is provided by IXP, as a direct insurer. This insurance is subject to a deductible in the amount of 3% of the value of the affected property. In addition, the Company currently carries earthquake insurance which covers its Seattle region with a $60 million per occurrence limit, and a $60 million annual aggregate limit. This insurance is subject to a deductible in the amount of 2% of the value of the affected property. 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, BPLP has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million. The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism, earthquakes 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, pandemics 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.

Stockholders' Equity / Partners' Capital Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended
	Apr. 01, 2021	Mar. 31, 2021 USD ($) shares	Mar. 02, 2021 $ / shares shares	May 22, 2020 USD ($) yr	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Jun. 02, 2017 USD ($)
Class of Stock [Line Items]
Common Stock, Shares, Outstanding		156,074,000			156,711,714	156,074,000	156,544,849	155,719,000
General Partners' Capital Account, Units Outstanding (in units)					1,749,402		1,745,914
Limited Partners' Capital Account, Units Outstanding (in units)					154,962,312		154,798,935
Options exercised					0
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares)					141,148
Preferred Stock Redemption Premium \| $					$ 0	$ 6,412
ATM Program [Member]
Class of Stock [Line Items]
At The Market Stock Offering Program Aggregate Value Of Common Stock \| $				$ 600,000					$ 600,000
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
Series B, Dividend Rate, Percentage			5.25%
Preferred Stock, Redemption Price Per Share \| $ / shares			$ 2,500
Preferred Stock Redemption Price Per Share, plus accrued and unpaid dividends \| $ / shares			$ 2,516.41
Preferred Stock Redemption Premium \| $		$ 6,400
Preferred Stock, Redemption Date	Apr. 01, 2021

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

Mar. 31, 2021

ASSETS

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,717,227 and $6,702,830 at March 31, 2022 and December 31, 2021, respectively)

$ 23,529,828

$ 23,379,243

Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2022 and December 31, 2021, respectively)

248,900

Right of use assets - operating leases

22,000

22,300

Less: accumulated depreciation (amounts related to VIEs of $(1,306,601) and $(1,283,060) at March 31, 2022 and December 31, 2021, respectively)

(5,882,385)

(5,772,018)

Real estate and development in process, net

^[1]

5,649,181

5,579,218

Cash and cash equivalents (amounts related to VIEs of $266,593 and $300,937 at March 31, 2022 and December 31, 2021, respectively)

436,271

452,692

$ 697,369

Cash held in escrows

46,072

48,466

251,814

Investments in securities

36,032

43,632

Tenant and other receivables, net (amounts related to VIEs of $8,414 and $6,824 at March 31, 2022 and December 31, 2021, respectively)

56,132

70,186

Related party note receivable, net

78,544

78,336

Notes receivable, net

10,000

9,641

Accrued rental income, net (amounts related to VIEs of $356,640 and $357,395 at March 31, 2022 and December 31, 2021, respectively)

1,243,395

1,226,745

Deferred charges, net (amounts related to VIEs of $174,063 and $174,637 at March 31, 2022 and December 31, 2021, respectively)

609,205

618,798

Prepaid expenses and other assets (amounts related to VIEs of $39,362 and $29,668 at March 31, 2022 and December 31, 2021, respectively)

128,472

57,811

Unsecured senior notes, net

^[2]

1,455,550

1,445,926

Total assets

6,277,789

6,165,688

Liabilities:

Secured Debt

3,370,649

3,214,961

9,486,379

9,483,695

Unsecured line of credit

255,000

145,000

Lease liabilities - finance leases (amounts related to VIEs of $20,420 and $20,458 at March 31, 2022 and December 31, 2021, respectively)

384,700

385,500

Lease liabilities - operating leases

30,400

Accounts payable and accrued expenses (amounts related to VIEs of $30,804 and $29,464 at March 31, 2022 and December 31, 2021, respectively)

304,576

320,775

Dividends and distributions payable

170,869

169,859

171,003

Accrued interest payable

90,861

94,796

Preferred stock redemption liability

200,000

Other liabilities (amounts related to VIEs of $128,581 and $150,131 at March 31, 2022 and December 31, 2021, respectively)

^[3]

644,127

652,135

Total liabilities

14,422,944

14,322,462

Redeemable deferred stock units— 85,645 and 83,073 units outstanding at redemption value at March 31, 2022 and December 31, 2021, respectively

11,031

9,568

Noncontrolling interest:

Redeemable partnership units— 16,550,441 and 16,561,186 common units and 1,678,082 and 1,485,376 long term incentive units outstanding at redemption value at March 31, 2022 and December 31, 2021, respectively

2,347,834

2,078,603

Equity / Capital:

Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding

Boston Properties Limited Partnership partners’ capital— 1,749,402 and 1,745,914 general partner units and 154,962,312 and 154,798,935 limited partner units outstanding at March 31, 2022 and December 31, 2021, respectively

3,914,832

4,173,290

Common stock, $0.01 par value, 250,000,000 shares authorized, 156,790,614 and 156,623,749 issued and 156,711,714 and 156,544,849 outstanding at March 31, 2022 and December 31, 2021, respectively

1,567

1,565

Additional paid-in capital

6,509,663

6,497,730

Dividends in excess of earnings

(636,421)

(625,891)

Treasury common stock at cost, 78,900 shares at March 31, 2022 and December 31, 2021

(2,722)

Accumulated other comprehensive loss

(28,485)

(36,662)

Total stockholders' equity attributable to Boston Properties, Inc.

2,263,013

2,298,592

Total partners’ capital

3,886,347

4,136,628

Noncontrolling interests in property partnerships

1,548,455

1,556,553

Noncontrolling interests:

Common units of the Operating Partnership

649,602

642,655

Property partnerships

1,548,455

1,556,553

Total equity / capital

5,434,802

5,693,181

$ 8,121,347

Total liabilities and equity / capital

$ 6,277,789

$ 6,165,688

Preferred stock, shares authorized

50,000,000

Preferred stock, par value

$ 0.01

NonControlling Interest Redeemable Partnership Units Common Units Shares Outstanding

16,550,441

16,561,186

NonControlling Interest Redeemable Partnership Units Common Units Long Term Incentive Units At Redemption Value Shares Outstanding

1,678,082

1,485,376

[1]	At March 31, 2022 and December 31, 2021, this amount included right of use assets - finance leases totaling approximately $248.9 million. At March 31, 2022 and December 31, 2021, this amount included right of use assets - operating leases totaling approximately $22.0 million and $22.3 million, respectively.
[2]	Investments with deficit balances aggregating approximately $63.1 million and $37.1 million at March 31, 2022 and December 31, 2021, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
[3]	At March 31, 2022 and December 31, 2021, this amount included lease liabilities - finance leases totaling approximately $384.7 million and $385.5 million, respectively. At March 31, 2022 and December 31, 2021, this amount included lease liabilities - operating leases totaling approximately $30.4 million.

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

Mar. 31, 2022

Dec. 31, 2021

Real Estate Properties [Line Items]

Land

$ 4,963,374

$ 4,964,986

Right-of-use assets - finance leases

248,900

Right of use assets - operating leases

22,000

22,300

Land held for future development

^[1]

582,511

560,355

Buildings and improvements

14,133,781

14,014,010

Tenant improvements

2,951,838

2,894,025

Furniture, Fixtures and Equipment

51,549

51,695

Construction in progress

846,775

894,172

Total

23,936,577

23,786,528

Less: accumulated depreciation

(5,882,385)

(5,772,018)

Total real estate

^[2]

$ 5,649,181

$ 5,579,218

[1]	Includes pre-development costs.
[2]	At March 31, 2022 and December 31, 2021, this amount included right of use assets - finance leases totaling approximately $248.9 million. At March 31, 2022 and December 31, 2021, this amount included right of use assets - operating leases totaling approximately $22.0 million and $22.3 million, respectively.

Comprehensive Text Block List (Policies)	3 Months Ended
Comprehensive Text Block List (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. 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 (the “SEC”). 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, 2021.
Consolidation, Variable Interest Entity, Policy	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.

Real Estate

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Real Estate

3. Real Estate

BXP

Real estate consisted of the following at March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021
Land	$	5,059,311	$	5,061,169
Right of use assets - finance leases	237,501		237,507
Right of use assets - operating leases	169,248		169,778
Land held for future development (1)	582,511		560,355
Buildings and improvements	14,410,242		14,291,214
Tenant improvements	2,951,838		2,894,025
Furniture, fixtures and equipment	51,549		51,695
Construction in progress	846,775		894,172
Total	24,308,975		24,159,915
Less: Accumulated depreciation	(5,995,760)		(5,883,961)
	$	18,313,215	$	18,275,954

_______________

(1)Includes pre-development costs.

BPLP

Real estate consisted of the following at March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021
Land	$	4,963,374	$	4,964,986
Right of use assets - finance leases	237,501		237,507
Right of use assets - operating leases	169,248		169,778
Land held for future development (1)	582,511		560,355
Buildings and improvements	14,133,781		14,014,010
Tenant improvements	2,951,838		2,894,025
Furniture, fixtures and equipment	51,549		51,695
Construction in progress	846,775		894,172
Total	23,936,577		23,786,528
Less: Accumulated depreciation	(5,882,385)		(5,772,018)
	$	18,054,192	$	18,014,510

_______________

(1)Includes pre-development costs.

Pending Acquisition

On April 19, 2021, the Company entered into an agreement to acquire 11251 Roger Bacon Drive, in Reston, Virginia, for an aggregate purchase price of approximately $5.6 million. 11251 Roger Bacon Drive is an approximately 65,000 square foot office building situated on approximately 2.6 acres. The property is 100% leased to a single tenant with a lease that expires concurrently with the planned closing (See Note 12).

Disposition

On March 31, 2022, the Company completed the sale of 195 West Street located in Waltham, Massachusetts for a gross sale price of $37.7 million. Net cash proceeds totaled approximately $35.4 million, resulting in a gain on sale of real estate totaling approximately $22.7 million for BXP and approximately $23.4 million for BPLP. 195 West Street is an approximately 63,500 net rentable square foot Class A office property. 195 West Street contributed approximately $0.4 million of net income to the Company for the three months ended March 31, 2022 and contributed approximately $0.2 million of net loss to the Company for the three months ended March 31, 2021.

Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest in Limited Partnerships	$ 1,548,455	$ 1,556,553
OP Units [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	16,550,441
LTIP Units [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	1,678,082
2012 OPP and 2013-2019 MYLTIP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	466,233
MYLTIP 2020 [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	203,278
MYLTIP 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	351,447
MYLTIP 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	254,061

Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2022

Investments In Unconsolidated Joint Ventures [Abstract]

Investments In Unconsolidated Joint Ventures

5. Investments in Unconsolidated Joint Ventures

The investments in unconsolidated joint ventures consist of the following at March 31, 2022 and December 31, 2021:


					Carrying Value of Investment (1)
Entity	Properties	Nominal % Ownership			March 31, 2022		December 31, 2021
					(in thousands)
Square 407 Limited Partnership	Market Square North	50.00	%		$	(5,514)	$	(1,205)
BP/CRF Metropolitan Square LLC	Metropolitan Square	20.00	%		(36,485)		(15,356)
901 New York, LLC	901 New York Avenue	25.00	%	(2)	(12,596)		(12,597)
WP Project Developer LLC	Wisconsin Place Land and Infrastructure	33.33	%	(3)	33,351		33,732
500 North Capitol Venture LLC	500 North Capitol Street, NW	30.00	%		(8,477)		(7,913)
501 K Street LLC	1001 6th Street	50.00	%	(4)	42,777		42,576
Podium Developer LLC	The Hub on Causeway - Podium	50.00	%		49,741		48,980
Residential Tower Developer LLC	Hub50House	50.00	%		47,977		47,774
Hotel Tower Developer LLC	The Hub on Causeway - Hotel Air Rights	50.00	%		11,801		11,505
Office Tower Developer LLC	100 Causeway Street	50.00	%		58,908		57,687
1265 Main Office JV LLC	1265 Main Street	50.00	%		3,256		3,541
BNY Tower Holdings LLC	Dock 72	50.00	%		25,856		27,343
BNYTA Amenity Operator LLC	Dock 72	50.00	%		996		1,069
CA-Colorado Center Limited Partnership	Colorado Center	50.00	%		232,384		231,479
7750 Wisconsin Avenue LLC	7750 Wisconsin Avenue	50.00	%		63,944		61,626
BP-M 3HB Venture LLC	3 Hudson Boulevard	25.00	%		116,059		116,306
SMBP Venture LP	Santa Monica Business Park	55.00	%		162,987		156,639
Platform 16 Holdings LP	Platform 16	55.00	%	(5)	117,806		109,086
Gateway Portfolio Holdings LLC	Gateway Commons	50.00	%		342,021		327,148
Rosecrans-Sepulveda Partners 4, LLC	Beach Cities Media Campus	50.00	%		27,078		27,106
Safeco Plaza REIT LLC	Safeco Plaza	33.67	%	(6)	72,362		72,545
360 PAS Holdco LLC	360 Park Avenue South	42.21	%	(7)	109,318		106,855
					$	1,455,550	$	1,445,926

_______________

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

Certain of the Company’s unconsolidated 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. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, the partners or the Company will be entitled to an additional promoted interest or payments.

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


	March 31, 2022		December 31, 2021
	(in thousands)
ASSETS
Real estate and development in process, net (1)	$	5,649,181	$	5,579,218
Other assets	628,608		586,470
Total assets	$	6,277,789	$	6,165,688
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable, net	$	3,370,649	$	3,214,961
Other liabilities (2)	644,127		652,135
Members’/Partners’ equity	2,263,013		2,298,592
Total liabilities and members’/partners’ equity	$	6,277,789	$	6,165,688
Company’s share of equity	$	1,112,465	$	1,104,175
Basis differentials (3)	343,085		341,751
Carrying value of the Company’s investments in unconsolidated joint ventures (4)	$	1,455,550	$	1,445,926

_______________


	March 31, 2022		December 31, 2021
Property	(in thousands)
Colorado Center	$	304,045	$	304,776
Gateway Commons	51,530		51,009
Dock 72	(49,600)		(50,051)

These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.

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


	Three months ended March 31,
	2022		2021
	(in thousands)
Total revenue (1)	$	124,491	$	87,266
Expenses
Operating	45,641		37,134
Transaction costs	—		7
Depreciation and amortization	44,664		34,103
Total expenses	90,305		71,244
Other income (expense)
Loss from early extinguishment of debt	(1,327)		—
Interest expense	(30,373)		(25,556)

Net income (loss)	$	2,486	$	(9,534)

Company’s share of net income (loss)	$	3,394	$	(3,640)
Gain on sale of investment (2)	—		10,257

Basis differential (3)	(1,205)		(1,392)
Income from unconsolidated joint ventures	$	2,189	$	5,225

_______________

On January 18, 2022, a joint venture in which the Company has a 50% interest commenced the redevelopment of 651 Gateway located in South San Francisco, California. 651 Gateway is an office building that will be converted to approximately 327,000 net rentable square feet of life sciences space.

On February 2, 2022, a joint venture in which the Company has a 55% interest commenced the development of the first phase of Platform 16, a Class A office project located in San Jose, California, that is expected to contain approximately 1.1 million net rentable square feet upon completion. The first phase of the development project will include the construction of an approximately 390,000 net rentable square foot Class A creative office building and a below-grade parking garage.

On March 28, 2022, a joint venture in which the Company has a 20% interest refinanced with a new lender the secured debt collateralized by its Metropolitan Square property located in Washington, DC. At the time of the refinancing, the loan had an outstanding balance of approximately $294.1 million, bore interest at a variable rate equal to (1) the greater of (x) LIBOR or (y) 0.65%, plus (2) 4.75% per annum and was scheduled to mature on July 7, 2022, with two, one-year extension options, subject to certain conditions. In conjunction with the refinancing, the joint venture settled its interest rate cap agreement, entered into in 2020, to limit its exposure to increases in the LIBOR rate. There was no prepayment penalty associated with the prepayment of the previous mortgage loan. The joint venture recognized a loss from early extinguishment of debt totaling approximately $1.3 million due to the write-off of unamortized deferred financing costs. The new mortgage and mezzanine loans have an aggregate principal balance of $420.0 million, bear interest at a weighted average variable rate equal to the Secured Overnight Financing Rate (“SOFR“) plus 2.75% per annum and mature on April 9, 2024, with three, one-year extension options, subject to certain conditions. The joint venture distributed excess loan proceeds from the new mortgage and mezzanine loans totaling approximately $100.5 million, of which the Company’s share totaled approximately $20.1 million. Metropolitan Square is an office property with approximately 657,000 net rentable square feet located in Washington, DC.

Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Rental Revenue: Class A Office	$ 726,888	$ 693,580
Rental Revenue: Residential	12,966	9,175
Rental Revenue Total	$ 744,411	$ 703,387
Rental Revenue: % of Grand Totals	100.00%	100.00%
Rental Expenses: Class A Office	$ 263,823	$ 251,262
Rental Expenses: Residential	6,432	6,127
Rental Expenses: Total	$ 275,095	$ 259,440
Rental Expenses: % Of Grand Totals	100.00%	100.00%
Net Operating Income	$ 469,316	$ 443,947
Net Operating Income: % of Grand Totals	100.00%	100.00%
Company's Share of Net Operating Income: % of Grand Totals	100.00%	100.00%
Boston [Member]
Segment Reporting Information [Line Items]
Rental Revenue: Class A Office	$ 242,078	$ 230,403
Rental Revenue: Residential	3,596	3,045
Rental Revenue Total	$ 250,231	$ 234,080
Rental Revenue: % of Grand Totals	33.61%	33.28%
Rental Expenses: Class A Office	$ 90,528	$ 79,881
Rental Expenses: Residential	1,437	1,455
Rental Expenses: Total	$ 96,805	$ 83,387
Rental Expenses: % Of Grand Totals	35.19%	32.14%
Net Operating Income	$ 9,693	$ 2,281
Net Operating Income: % of Grand Totals	32.69%	33.94%
Company's Share of Net Operating Income: % of Grand Totals	32.94%	33.64%
Los Angeles [Member]
Segment Reporting Information [Line Items]
Rental Revenue: Class A Office	$ 0	$ 0
Rental Revenue: Residential	0	0
Rental Revenue Total	$ 0	$ 0
Rental Revenue: % of Grand Totals	0.00%	0.00%
Rental Expenses: Class A Office	$ 0	$ 0
Rental Expenses: Residential	0	0
Rental Expenses: Total	$ 0	$ 0
Rental Expenses: % Of Grand Totals	0.00%	0.00%
Net Operating Income	$ 13,757	$ 14,192
Net Operating Income: % of Grand Totals	0.00%	0.00%
Company's Share of Net Operating Income: % of Grand Totals	2.99%	3.34%
New York [Member]
Segment Reporting Information [Line Items]
Rental Revenue: Class A Office	$ 256,870	$ 250,164
Rental Revenue: Residential	0	0
Rental Revenue Total	$ 256,870	$ 250,164
Rental Revenue: % of Grand Totals	34.51%	35.57%
Rental Expenses: Class A Office	$ 96,340	$ 99,385
Rental Expenses: Residential	0	0
Rental Expenses: Total	$ 96,340	$ 99,385
Rental Expenses: % Of Grand Totals	35.02%	38.31%
Net Operating Income	$ (156)	$ (793)
Net Operating Income: % of Grand Totals	34.21%	33.97%
Company's Share of Net Operating Income: % of Grand Totals	27.21%	27.30%
San Francisco [Member]
Segment Reporting Information [Line Items]
Rental Revenue: Class A Office	$ 132,375	$ 130,598
Rental Revenue: Residential	2,391	321
Rental Revenue Total	$ 134,766	$ 130,919
Rental Revenue: % of Grand Totals	18.10%	18.61%
Rental Expenses: Class A Office	$ 43,408	$ 40,249
Rental Expenses: Residential	1,868	1,686
Rental Expenses: Total	$ 45,276	$ 41,935
Rental Expenses: % Of Grand Totals	16.46%	16.16%
Net Operating Income	$ 3,181	$ 3,480
Net Operating Income: % of Grand Totals	19.07%	20.04%
Company's Share of Net Operating Income: % of Grand Totals	20.16%	21.79%
Seattle
Segment Reporting Information [Line Items]
Rental Revenue: Class A Office	$ 0
Rental Revenue: Residential	0
Rental Revenue Total	$ 0
Rental Revenue: % of Grand Totals	0.00%
Rental Expenses: Class A Office	$ 0
Rental Expenses: Residential	0
Rental Expenses: Total	$ 0
Rental Expenses: % Of Grand Totals	0.00%
Net Operating Income	$ 1,955
Net Operating Income: % of Grand Totals	0.00%
Company's Share of Net Operating Income: % of Grand Totals	0.43%
Washington, DC [Member]
Segment Reporting Information [Line Items]
Rental Revenue: Class A Office	$ 95,565	$ 82,415
Rental Revenue: Residential	6,979	5,809
Rental Revenue Total	$ 102,544	$ 88,224
Rental Revenue: % of Grand Totals	13.78%	12.54%
Rental Expenses: Class A Office	$ 33,547	$ 31,747
Rental Expenses: Residential	3,127	2,986
Rental Expenses: Total	$ 36,674	$ 34,733
Rental Expenses: % Of Grand Totals	13.33%	13.39%
Net Operating Income	$ 8,891	$ 5,635
Net Operating Income: % of Grand Totals	14.03%	12.05%
Company's Share of Net Operating Income: % of Grand Totals	16.27%	13.93%
Hotel [Member]
Segment Reporting Information [Line Items]
Other revenue	$ 4,557	$ 632
Operating expense	4,840	2,051
Hotel [Member] \| Boston [Member]
Segment Reporting Information [Line Items]
Other revenue	4,557	632
Operating expense	4,840	2,051
Hotel [Member] \| Los Angeles [Member]
Segment Reporting Information [Line Items]
Other revenue	0	0
Operating expense	0	0
Hotel [Member] \| New York [Member]
Segment Reporting Information [Line Items]
Other revenue	0	0
Operating expense	0	0
Hotel [Member] \| San Francisco [Member]
Segment Reporting Information [Line Items]
Other revenue	0	0
Operating expense	0	0
Hotel [Member] \| Seattle
Segment Reporting Information [Line Items]
Other revenue	0
Operating expense	0
Hotel [Member] \| Washington, DC [Member]
Segment Reporting Information [Line Items]
Other revenue	0	0
Operating expense	0	0
Noncontrolling interest - property partnerships [Member]
Segment Reporting Information [Line Items]
Net Operating Income	(47,055)	(44,376)
Noncontrolling interest - property partnerships [Member] \| Boston [Member]
Segment Reporting Information [Line Items]
Net Operating Income	(11,735)	(10,224)
Noncontrolling interest - property partnerships [Member] \| Los Angeles [Member]
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Noncontrolling interest - property partnerships [Member] \| New York [Member]
Segment Reporting Information [Line Items]
Net Operating Income	(35,320)	(34,152)
Noncontrolling interest - property partnerships [Member] \| San Francisco [Member]
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Noncontrolling interest - property partnerships [Member] \| Seattle
Segment Reporting Information [Line Items]
Net Operating Income	0
Noncontrolling interest - property partnerships [Member] \| Washington, DC [Member]
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Company's Share [Member]
Segment Reporting Information [Line Items]
Net Operating Income	459,582	424,366
Company's Share [Member] \| Boston [Member]
Segment Reporting Information [Line Items]
Net Operating Income	151,384	142,750
Company's Share [Member] \| Los Angeles [Member]
Segment Reporting Information [Line Items]
Net Operating Income	13,757	14,192
Company's Share [Member] \| New York [Member]
Segment Reporting Information [Line Items]
Net Operating Income	125,054	115,834
Company's Share [Member] \| San Francisco [Member]
Segment Reporting Information [Line Items]
Net Operating Income	92,671	92,464
Company's Share [Member] \| Seattle
Segment Reporting Information [Line Items]
Net Operating Income	1,955
Company's Share [Member] \| Washington, DC [Member]
Segment Reporting Information [Line Items]
Net Operating Income	$ 74,761	$ 59,126

Real Estate (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate Properties [Line Items]

Schedule of Real Estate Properties

BPLP

Real estate consisted of the following at March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021
Land	$	4,963,374	$	4,964,986
Right of use assets - finance leases	237,501		237,507
Right of use assets - operating leases	169,248		169,778
Land held for future development (1)	582,511		560,355
Buildings and improvements	14,133,781		14,014,010
Tenant improvements	2,951,838		2,894,025
Furniture, fixtures and equipment	51,549		51,695
Construction in progress	846,775		894,172
Total	23,936,577		23,786,528
Less: Accumulated depreciation	(5,882,385)		(5,772,018)
	$	18,054,192	$	18,014,510

_______________

(1)Includes pre-development costs.

Consolidated Statement of Capital and Noncontrolling Interests - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Common Stock, Shares, Outstanding	156,711,714	156,074,000	156,544,849	155,719,000
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount	$ 2,347,834		$ 2,078,603
Net activity from stock option and incentive plan, value	$ 18,921	$ 38,467
Net activity from stock option and incentive plan, shares	21,000	232,000
Preferred Stock Redemption Charge	$ 0	$ (6,412)
Conversion of redeemable partnership units	141,000	118,000
Effective portion of interest rate contracts	$ 7,565	$ 3,740
Amortization of interest rate contracts	1,676	1,676
Contributions from noncontrolling interests in property partnerships	849	281
Distributions to noncontrolling interests in property partnerships	$ (26,640)	$ (18,225)
General Partner [Member]
Common Stock, Shares, Outstanding	1,749,000	1,737,000	1,746,000	1,731,000
Net activity from stock option and incentive plan, shares		4,000
Conversion of redeemable partnership units	3,000	2,000
Limited Partner [Member]
Common Stock, Shares, Outstanding	154,962,000	154,338,000	154,799,000	153,988,000
Net activity from stock option and incentive plan, shares	25,000	233,000
Conversion of redeemable partnership units	138,000	117,000
Partners' Capital (General and Limited Partners)[Member]
Beginning Balance	$ 3,914,832	$ 4,392,624	$ 4,173,290	$ 4,554,639
Contributions, value	467	20,489
Allocated net income for the period	145,468	101,101
Distributions	(153,577)	(152,953)
Preferred Stock Redemption Charge		6,412
Conversion of redeemable partnership units, value	5,028	4,198
Adjustment to reflect redeemable partnership units at redemption value	(255,844)	(128,438)
Preferred Units [Member]
Beginning Balance	0	0	0	193,623
Allocated net income for the period		2,560
Distributions		(2,560)
Preferred Stock, Redemption Amount		193,623
Accumulated Other Comprehensive Loss [Member]
Beginning Balance	(28,485)	(45,139)	(36,662)	(49,890)
Effective portion of interest rate contracts	6,800	3,370
Amortization of interest rate contracts	1,377	1,381
Noncontrolling interest - property partnerships [Member]
Beginning Balance	1,548,455	1,725,600	1,556,553	1,726,933
Allocated net income for the period	17,549	16,467
Amortization of interest rate contracts	144	144
Contributions from noncontrolling interests in property partnerships	849	281
Distributions to noncontrolling interests in property partnerships	(26,640)	(18,225)
Total Capital [Member]
Beginning Balance	5,434,802	6,073,085	5,693,181	6,425,305
Contributions, value	467	20,489
Allocated net income for the period	163,017	120,128
Distributions	(153,577)	(155,513)
Preferred Stock, Redemption Amount		193,623
Preferred Stock Redemption Charge		6,412
Conversion of redeemable partnership units, value	5,028	4,198
Adjustment to reflect redeemable partnership units at redemption value	(255,844)	(128,438)
Effective portion of interest rate contracts	6,800	3,370
Amortization of interest rate contracts	1,521	1,525
Contributions from noncontrolling interests in property partnerships	849	281
Distributions to noncontrolling interests in property partnerships	(26,640)	18,225
Noncontrolling interest - Redeemable partnership units [Member]
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount	2,347,834	1,780,044	$ 2,078,603	$ 1,643,024
Net activity from stock option and incentive plan, value		18,462
Contributions, value	19,054
Allocated net income for the period	16,361	11,084
Distributions	(17,920)	(17,287)
Conversion of redeemable partnership units, value	(5,028)	(4,198)
Adjustment to reflect redeemable partnership units at redemption value	255,844	128,438
Effective portion of interest rate contracts	765	370
Amortization of interest rate contracts	$ 155	$ 151

Noncontrolling Interests

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interests

7. Noncontrolling Interests

Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company. As of March 31, 2022, the noncontrolling interests in BPLP consisted of 16,550,441 OP Units, 1,678,082 LTIP Units (including 466,233 LTIP Units earned by employees under the Company’s multi-year long-term incentive awards granted between 2012 and 2019 (i.e., 2012 OPP and 2013 - 2019 MYLTIP awards)), 203,278 2020 MYLTIP Units, 351,447 2021 MYLTIP Units and 254,061 2022 MYLTIP Units held by parties other than BXP.

Noncontrolling Interest—Common Units

During the three months ended March 31, 2022, 141,188 OP Units were presented by the holders for redemption (including 36,508 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock.

At March 31, 2022, BPLP had outstanding 203,278 2020 MYLTIP Units, 351,447 2021 MYLTIP Units and 254,061 2022 MYLTIP Units. Prior to the end of the respective three-year performance period for each plan, holders of MYLTIP Units are 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 4, 2022, the measurement period for the Company’s 2019 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 69.0% of target, or an aggregate of approximately $8.6 million (after giving effect to employee separations). As a result, an aggregate of 144,043 2019 MYLTIP Units that had been previously granted were automatically forfeited.

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

March 31, 2022

April 29, 2022

$0.98

$0.098

December 31, 2021

January 28, 2022

$0.98

$0.098

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

March 31, 2021

April 30, 2021

$0.98

$0.098

December 31, 2020

January 28, 2021

$0.98

$0.098

A holder of an OP Unit may present the OP Unit to BPLP 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, BPLP must redeem the OP Unit for cash equal to the then value of a share of Common Stock of BXP. BXP 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 (LTIP Units (including the 2012 OPP Units and 2013 - 2019 MYLTIP

Units) assuming that all conditions had been met for the conversion thereof) had all of such units been redeemed at March 31, 2022 was approximately $2.3 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $128.80 per share on March 31, 2022.

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 $1.5 billion and $1.6 billion at March 31, 2022 and December 31, 2021, respectively, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.

Stock Option and Incentive Plan Stock and Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 04, 2022	Feb. 01, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued			156,790,614		156,623,749
Stock based compensation expense			$ 20,900	$ 19,800
Common Stock, Value, Issued			$ 1,567		$ 1,565
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued			33,411
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares)			250,893
Value Of LTIP Units Issued			$ 27,200
Weighted average price (per unit)			$ 108.41
Expected life assumed to calculate per unit fair value per LTIP unit (in years)			5 years 8 months 12 days
Risk-free rate			1.71%
Expected price volatility			31.00%
Noncontrolling Interest, Outstanding			1,678,082
MYLTIP 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Final awards percentage of target	69.00%
Value of MYLTIP Awards	$ 8,600
Forfeitures, in units	144,043
MYLTIP 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling Interest, Outstanding			351,447
MYLTIP 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling Interest, Outstanding			203,278
MYLTIP 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of MYLTIP Awards		$ 17,300
Vesting Period		3 years
Noncontrolling Interest, Outstanding			254,061
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee and director payment per share (in dollars per share)			$ 0.01
Common Stock, Value, Issued			$ 3,900
Common Stock Weighted Average Price (in dollars per share)			$ 113.79
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			$ 37,000
Unvested MYLTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses			$ 16,000
Weighted-average period (years)			2 years 3 months 18 days

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

9. 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 months ended March 31, 2022 and 2021.

BXP


	Three months ended March 31,
	2022		2021
	(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders	$	143,047	$	91,624
Add:
Preferred stock redemption charge	—		6,412
Preferred dividends	—		2,560
Noncontrolling interest—common units of the Operating Partnership	16,361		11,084
Noncontrolling interests in property partnerships	17,549		16,467
Interest expense	101,228		107,902
Losses from early extinguishment of debt	—		898
Net operating income from unconsolidated joint ventures	37,321		24,795
Depreciation and amortization expense	177,624		176,565
Transaction costs	—		331
Payroll and related costs from management services contracts	4,065		3,505
General and administrative expense	43,194		44,959
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,055		44,376
Gains (losses) from investments in securities	(2,262)		1,659
Interest and other income (loss)	1,228		1,168
Gains on sales of real estate	22,701		—
Income from unconsolidated joint ventures	2,189		5,225
Direct reimbursements of payroll and related costs from management services contracts	4,065		3,505
Development and management services revenue	5,831		6,803
Company’s share of Net Operating Income	$	459,582	$	424,366

BPLP


	Three months ended March 31,
	2022		2021
	(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	161,829	$	105,773
Add:
Preferred unit redemption charge	—		6,412
Preferred distributions	—		2,560
Noncontrolling interests in property partnerships	17,549		16,467
Interest expense	101,228		107,902
Losses from early extinguishment of debt	—		898
Net operating income from unconsolidated joint ventures	37,321		24,795
Depreciation and amortization expense	175,886		173,500
Transaction costs	—		331
Payroll and related costs from management services contracts	4,065		3,505
General and administrative expense	43,194		44,959
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,055		44,376
Gains (losses) from investments in securities	(2,262)		1,659
Interest and other income (loss)	1,228		1,168
Gains on sales of real estate	23,384		—
Income from unconsolidated joint ventures	2,189		5,225
Direct reimbursements of payroll and related costs from management services contracts	4,065		3,505
Development and management services revenue	5,831		6,803
Company’s share of Net Operating Income	$	459,582	$	424,366

Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders, as applicable, the most directly comparable GAAP financial measures, plus (1) preferred stock/unit redemption charge, preferred dividends/distributions, net income attributable to noncontrolling interests, interest expense, losses from early extinguishment of debt, 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 sales of real estate from unconsolidated joint ventures and gain on sale of investment from unconsolidated joint ventures, both of which are included within Loss From Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. Management utilizes its share of NOI in assessing its performance as the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, the presentations of the Company’s share of NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP.

Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Preferred stock/unit redemption charge, preferred dividends/distributions, interest expense, losses from early extinguishment of debt, 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, income from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue are not included in NOI and are provided as reconciling items to the Company’s reconciliations of its share of NOI to net income attributable to common shareholders/unitholders.

The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. On September 1, 2021, the Company invested in a joint venture that acquired Safeco Plaza located in Seattle, Washington. As such, the Seattle region was identified as a segment during the third quarter of 2021. The Company also presents information for each segment by property type, including Office, Residential and Hotel.

Parking and other revenue for the three months ended March 31, 2022 increased by approximately $4.8 million compared to the three months ended March 31, 2021. These increases were primarily in transient and monthly parking revenue.

The decreased demand for and occupancy of the Boston Marriott Cambridge hotel have had, and are expected to continue to have, a material adverse effect on its 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 March 31, 2022:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Office	$	242,078		$	—		$	256,870		$	132,375		$	—		$	95,565		$	726,888
Residential	3,596			—			—			2,391			—			6,979			12,966
Hotel	4,557			—			—			—			—			—			4,557
Total	250,231			—			256,870			134,766			—			102,544			744,411
% of Grand Totals	33.61		%	—		%	34.51		%	18.10		%	—		%	13.78		%	100.00		%
Rental Expenses:
Office	90,528			—			96,340			43,408			—			33,547			263,823
Residential	1,437			—			—			1,868			—			3,127			6,432
Hotel	4,840			—			—			—			—			—			4,840
Total	96,805			—			96,340			45,276			—			36,674			275,095
% of Grand Totals	35.19		%	—		%	35.02		%	16.46		%	—		%	13.33		%	100.00		%
Net operating income	$	153,426		$	—		$	160,530		$	89,490		$	—		$	65,870		$	469,316
% of Grand Totals	32.69		%	—		%	34.21		%	19.07		%	—		%	14.03		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,735)			—			(35,320)			—			—			—			(47,055)
Add: Company’s share of net operating income from unconsolidated joint ventures	9,693			13,757			(156)			3,181			1,955			8,891			37,321
Company’s share of net operating income	$	151,384		$	13,757		$	125,054		$	92,671		$	1,955		$	74,761		$	459,582
% of Grand Totals	32.94		%	2.99		%	27.21		%	20.16		%	0.43		%	16.27		%	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 March 31, 2021:


	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	230,403		$	—		$	250,164		$	130,598		$	82,415		$	693,580
Residential	3,045			—			—			321			5,809			9,175
Hotel	632			—			—			—			—			632
Total	234,080			—			250,164			130,919			88,224			703,387
% of Grand Totals	33.28		%	—		%	35.57		%	18.61		%	12.54		%	100.00		%
Rental Expenses:
Office	79,881			—			99,385			40,249			31,747			251,262
Residential	1,455			—			—			1,686			2,986			6,127
Hotel	2,051			—			—			—			—			2,051
Total	83,387			—			99,385			41,935			34,733			259,440
% of Grand Totals	32.14		%	—		%	38.31		%	16.16		%	13.39		%	100.00		%
Net operating income	$	150,693		$	—		$	150,779		$	88,984		$	53,491		$	443,947
% of Grand Totals	33.94		%	—		%	33.97		%	20.04		%	12.05		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,224)			—			(34,152)			—			—			(44,376)
Add: Company’s share of net operating income from unconsolidated joint ventures	2,281			14,192			(793)			3,480			5,635			24,795
Company’s share of net operating income	$	142,750		$	14,192		$	115,834		$	92,464		$	59,126		$	424,366
% of Grand Totals	33.64		%	3.34		%	27.30		%	21.79		%	13.93		%	100.00		%

_______________

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Leases

3 Months Ended

Mar. 31, 2022

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 balances related to lease revenue. When evaluating the collectability of tenants’ accrued rent and accounts receivable balances, management considers tenant creditworthiness, current economic trends, including the impact of COVID-19 on tenants’ businesses, and changes in tenants’ payment patterns, on a lease-by-lease basis. There were no new write-offs related to accrued rent, net balances and accounts receivable, net balances for the three months ended March 31, 2022. However, during the three months ended March 31, 2022, the Company determined it was probable of collecting substantially all of certain tenants’ accrued rent and account receivable balances and, therefore, ceased recognizing revenue from such tenants on a cash basis. As a result of returning these tenants to accrual basis accounting, the Company reinstated approximately $1.0 million of accrued rent balances. During the three months ended March 31, 2021, the Company wrote off approximately $0.4 million related to accrued rent, net balances and accounts receivable, net balances. The write-offs were for tenants, primarily in the retail sector, that either terminated their leases or for which the Company determined their accrued rent and/or accounts receivable balances were no longer probable of collection. For information related to write-offs of accrued rent, net balances and accounts receivable, net balances and reinstatements of accrued rent balances for the Company’s unconsolidated joint ventures, see Note 5.

Lessor

The following table summarizes the components of lease revenue recognized during the three months ended March 31, 2022 and 2021 included within the Company's Consolidated Statements of Operations (in thousands):


	Three months ended March 31,
Lease Revenue	2022		2021
Fixed contractual payments	$	599,607	$	575,353
Variable lease payments	118,513		110,464
	$	718,120	$	685,817

Stock Option and Incentive Plan (Narrative) (Details) - MYLTIP 2022 $ in Millions	Feb. 01, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	The 2022 MYLTIP awards consist of two, equally weighted (50% each) components that utilize BXP’s TSR over a three-year measurement period as the performance metric. The first component of the 2022 MYLTIP represents one-half (50%) of the target grant-date value of the award. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on BXP’s three-year, annualized relative TSR performance compared to a custom index of peer companies. Under this component, 100% of the target number of LTIP Units will be earned if BXP’s TSR equals the custom index TSR; for relative TSR performance between -1,000 basis points and +1,000 basis points, the number of LTIP Units earned will be determined using linear interpolation.The second component represents the remaining one-half (50%) of the target grant-date value of the 2022 MYLTIP. The number of LTIP Units that can be earned under this component ranges from zero to 200% of the target number of LTIP Units, based on BXP’s non-annualized, cumulative absolute TSR during the three-year performance period. Under this component, 100% of the target number of LTIP Units will be earned if BXP achieves an absolute TSR equal to +1,000 basis points; if BXP’s absolute TSR is greater than -4,000 basis points but less than +6,000 basis points, then the number of LTIP Units earned will be determined using linear interpolation.
Distributions percent before measurement date	10.00%
Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	Earned awards (if any) will vest 100% on January 31, 2025, but may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. Vesting will be accelerated in the event of a change in control, termination of employment by BXP 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 January 31, 2025, earned awards will be calculated based on TSR performance up to the date of the change of control.
Value of MYLTIP Awards \| $	$ 17.3
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance	0
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance	254,061
Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance	127,031

Segment Information Narrative (Details) $ in Thousands	3 Months Ended
Segment Information Narrative (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Parking and Other [Member]
Segment Reporting Information [Line Items]
Increase (decrease) in parking and other revenue primarily related to COVID-19	$ 4,800

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Lessor, Lease, Description [Line Items]

Operating Lease, Lease Income [Table Text Block]


	Three months ended March 31,
Lease Revenue	2022		2021
Fixed contractual payments	$	599,607	$	575,353
Variable lease payments	118,513		110,464
	$	718,120	$	685,817

Label

Element

Value

us-gaap_PaymentsForCapitalImprovements

$ 26,811,000

us-gaap_PaymentsForCapitalImprovements

32,717,000

us-gaap_PaymentsForCapitalImprovements

26,811,000

us-gaap_PaymentsForCapitalImprovements

32,717,000

us-gaap_RepaymentsOfUnsecuredDebt

us-gaap_RepaymentsOfUnsecuredDebt

843,710,000

us-gaap_RepaymentsOfUnsecuredDebt

us-gaap_RepaymentsOfUnsecuredDebt

843,710,000

us-gaap_PaymentsToAcquireOtherProductiveAssets

100,313,000

us-gaap_PaymentsToAcquireOtherProductiveAssets

119,496,000

us-gaap_PaymentsToAcquireOtherProductiveAssets

100,313,000

us-gaap_PaymentsToAcquireOtherProductiveAssets

119,496,000

us-gaap_PaymentsToAcquireAndDevelopRealEstate

3,580,000

us-gaap_PaymentsToAcquireAndDevelopRealEstate

us-gaap_PaymentsToAcquireAndDevelopRealEstate

3,580,000

us-gaap_PaymentsToAcquireAndDevelopRealEstate

us-gaap_CapitalExpendituresIncurredButNotYetPaid

(16,907,000)

us-gaap_CapitalExpendituresIncurredButNotYetPaid

42,778,000

us-gaap_CapitalExpendituresIncurredButNotYetPaid

(16,907,000)

us-gaap_CapitalExpendituresIncurredButNotYetPaid

42,778,000

us-gaap_ProceedsFromLinesOfCredit

190,000,000

us-gaap_ProceedsFromLinesOfCredit

us-gaap_ProceedsFromLinesOfCredit

190,000,000

Deferred distributions from sale of investment in unconsolidated joint venture

us-gaap_ProceedsFromLinesOfCredit

bxp_DeferredDistributionsFromSaleOfInvestmentInUnconsolidatedJointVenture

Deferred distributions from sale of investment in unconsolidated joint venture

bxp_DeferredDistributionsFromSaleOfInvestmentInUnconsolidatedJointVenture

5,808,000

Deferred distributions from sale of investment in unconsolidated joint venture

bxp_DeferredDistributionsFromSaleOfInvestmentInUnconsolidatedJointVenture

Deferred distributions from sale of investment in unconsolidated joint venture

bxp_DeferredDistributionsFromSaleOfInvestmentInUnconsolidatedJointVenture

5,808,000

us-gaap_PaymentsForTenantImprovements

55,168,000

us-gaap_PaymentsForTenantImprovements

93,201,000

us-gaap_PaymentsForTenantImprovements

55,168,000

us-gaap_PaymentsForTenantImprovements

93,201,000

us-gaap_RepaymentsOfLinesOfCredit

80,000,000

us-gaap_RepaymentsOfLinesOfCredit

us-gaap_RepaymentsOfLinesOfCredit

80,000,000

Deferred proceeds from sale of investment in unconsolidated joint venture

us-gaap_RepaymentsOfLinesOfCredit

bxp_DeferredProceedsFromSaleOfInvestmentInUnconsolidatedJointVenture

Deferred proceeds from sale of investment in unconsolidated joint venture

bxp_DeferredProceedsFromSaleOfInvestmentInUnconsolidatedJointVenture

200,000

Deferred proceeds from sale of investment in unconsolidated joint venture

bxp_DeferredProceedsFromSaleOfInvestmentInUnconsolidatedJointVenture

Deferred proceeds from sale of investment in unconsolidated joint venture

bxp_DeferredProceedsFromSaleOfInvestmentInUnconsolidatedJointVenture

200,000

us-gaap_ProceedsFromOtherDebt

us-gaap_ProceedsFromOtherDebt

500,000,000

us-gaap_ProceedsFromOtherDebt

us-gaap_ProceedsFromOtherDebt

(500,000,000)

us-gaap_PaymentsToAcquireEquityMethodInvestments

26,293,000

us-gaap_PaymentsToAcquireEquityMethodInvestments

16,684,000

us-gaap_PaymentsToAcquireEquityMethodInvestments

26,293,000

us-gaap_PaymentsToAcquireEquityMethodInvestments

16,684,000

us-gaap_RepaymentsOfSecuredDebt

us-gaap_RepaymentsOfSecuredDebt

5,374,000

us-gaap_RepaymentsOfSecuredDebt

us-gaap_RepaymentsOfSecuredDebt

5,374,000

us-gaap_FinanceLeasePrincipalPayments

us-gaap_FinanceLeasePrincipalPayments

us-gaap_FinanceLeasePrincipalPayments

Proceeds from Equity Method Investment, Distribution, Return of Capital

us-gaap_FinanceLeasePrincipalPayments

us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital

20,095,000

Proceeds from Equity Method Investment, Distribution, Return of Capital

us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital

122,000

Proceeds from Equity Method Investment, Distribution, Return of Capital

us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital

20,095,000

Proceeds from Equity Method Investment, Distribution, Return of Capital

us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital

122,000

Conversions of noncontrolling interests to Stockholders' Equity

bxp_ConversionsOfNoncontrollingInterestsToStockholdersEquity

5,028,000

Conversions of noncontrolling interests to Stockholders' Equity

bxp_ConversionsOfNoncontrollingInterestsToStockholdersEquity

4,198,000

Conversions of noncontrolling interests to Stockholders' Equity

bxp_ConversionsOfNoncontrollingInterestsToStockholdersEquity

5,028,000

Conversions of noncontrolling interests to Stockholders' Equity

bxp_ConversionsOfNoncontrollingInterestsToStockholdersEquity

4,198,000

us-gaap_ProceedsFromSaleOfEquityMethodInvestments

us-gaap_ProceedsFromSaleOfEquityMethodInvestments

17,589,000

us-gaap_ProceedsFromSaleOfEquityMethodInvestments

Issuance of restricted securities to employees and directors

us-gaap_ProceedsFromSaleOfEquityMethodInvestments

17,589,000

bxp_IssuanceOfRestrictedSecuritiesToEmployeesAndDirectors

46,082,000

Issuance of restricted securities to employees and directors

bxp_IssuanceOfRestrictedSecuritiesToEmployeesAndDirectors

41,255,000

Issuance of restricted securities to employees and directors

bxp_IssuanceOfRestrictedSecuritiesToEmployeesAndDirectors

46,082,000

Issuance of restricted securities to employees and directors

bxp_IssuanceOfRestrictedSecuritiesToEmployeesAndDirectors

41,255,000

us-gaap_PaymentsToAcquireMarketableSecurities

5,338,000

us-gaap_PaymentsToAcquireMarketableSecurities

2,114,000

us-gaap_PaymentsToAcquireMarketableSecurities

5,338,000

us-gaap_PaymentsToAcquireMarketableSecurities

2,114,000

us-gaap_PaymentsOfFinancingCosts

359,000

us-gaap_PaymentsOfFinancingCosts

7,145,000

us-gaap_PaymentsOfFinancingCosts

359,000

Net Cash Provided by (Used in) Investing Activities

us-gaap_PaymentsOfFinancingCosts

7,145,000

us-gaap_NetCashProvidedByUsedInInvestingActivities

(151,335,000)

Net Cash Provided by (Used in) Investing Activities

us-gaap_NetCashProvidedByUsedInInvestingActivities

(242,273,000)

Net Cash Provided by (Used in) Investing Activities

us-gaap_NetCashProvidedByUsedInInvestingActivities

(151,335,000)

Net Cash Provided by (Used in) Investing Activities

us-gaap_NetCashProvidedByUsedInInvestingActivities

(242,273,000)

us-gaap_DepreciationDepletionAndAmortization

177,624,000

us-gaap_DepreciationDepletionAndAmortization

176,565,000

us-gaap_DepreciationDepletionAndAmortization

175,886,000

Net Cash Provided by (Used in) Operating Activities

us-gaap_DepreciationDepletionAndAmortization

173,500,000

us-gaap_NetCashProvidedByUsedInOperatingActivities

219,490,000

Net Cash Provided by (Used in) Operating Activities

us-gaap_NetCashProvidedByUsedInOperatingActivities

152,063,000

Net Cash Provided by (Used in) Operating Activities

us-gaap_NetCashProvidedByUsedInOperatingActivities

219,490,000

Net Cash Provided by (Used in) Operating Activities

us-gaap_NetCashProvidedByUsedInOperatingActivities

152,063,000

Amortization of right of use asset - operating leases

bxp_Amortizationofrightofuseassetoperatingleases

529,000

Amortization of right of use asset - operating leases

bxp_Amortizationofrightofuseassetoperatingleases

2,263,000

Amortization of right of use asset - operating leases

bxp_Amortizationofrightofuseassetoperatingleases

529,000

Amortization of right of use asset - operating leases

bxp_Amortizationofrightofuseassetoperatingleases

2,263,000

us-gaap_ProceedsFromIssuanceOfUnsecuredDebt

us-gaap_ProceedsFromIssuanceOfUnsecuredDebt

846,345,000

us-gaap_ProceedsFromIssuanceOfUnsecuredDebt

us-gaap_ProceedsFromIssuanceOfUnsecuredDebt

846,345,000

us-gaap_ShareBasedCompensation

21,235,000

us-gaap_ShareBasedCompensation

20,090,000

us-gaap_ShareBasedCompensation

21,235,000

us-gaap_ShareBasedCompensation

20,090,000

us-gaap_ProceedsFromIssuanceOrSaleOfEquity

(332,000)

us-gaap_ProceedsFromIssuanceOrSaleOfEquity

19,643,000

us-gaap_ProceedsFromIssuanceOrSaleOfEquity

(332,000)

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

us-gaap_ProceedsFromIssuanceOrSaleOfEquity

$ 19,643,000

us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock


	Three months ended March 31, 2022
	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	$	143,047	156,650	$	0.91
Effect of Dilutive Securities:
Stock Based Compensation	—		354	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	143,047	157,004	$	0.91

	Three months ended March 31, 2021
	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	$	91,624	155,928	$	0.59
Effect of Dilutive Securities:
Stock Based Compensation	—		171	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	91,624	156,099	$	0.59

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock

Included in the number of units (the denominator) below are approximately 17,626,000 and 17,089,000 redeemable common units for the three months ended March 31, 2022 and 2021, respectively.


	Three months ended March 31, 2022
	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	$	161,829	174,276	$	0.93
Effect of Dilutive Securities:
Stock Based Compensation	—		354	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	161,829	174,630	$	0.93

	Three months ended March 31, 2021
	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	$	105,773	173,018	$	0.61
Effect of Dilutive Securities:
Stock Based Compensation	—		171	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership common unitholders	$	105,773	173,189	$	0.61

us-gaap_PaymentsOfDividends

$ 170,488,000

us-gaap_PaymentsOfDividends

171,566,000

us-gaap_PaymentsOfDividends

170,488,000

Proceeds from Equity Method Investment, Distribution

us-gaap_PaymentsOfDividends

171,566,000

us-gaap_EquityMethodInvestmentDividendsOrDistributions

6,385,000

Proceeds from Equity Method Investment, Distribution

us-gaap_EquityMethodInvestmentDividendsOrDistributions

3,972,000

Proceeds from Equity Method Investment, Distribution

us-gaap_EquityMethodInvestmentDividendsOrDistributions

6,385,000

Proceeds from Equity Method Investment, Distribution

us-gaap_EquityMethodInvestmentDividendsOrDistributions

3,972,000

us-gaap_PaymentsToMinorityShareholders

26,640,000

us-gaap_PaymentsToMinorityShareholders

18,225,000

us-gaap_PaymentsToMinorityShareholders

26,640,000

us-gaap_PaymentsToMinorityShareholders

18,225,000

us-gaap_GainLossOnSaleOfInvestments

(2,262,000)

us-gaap_GainLossOnSaleOfInvestments

1,659,000

us-gaap_GainLossOnSaleOfInvestments

(2,262,000)

Net Cash Provided by (Used in) Financing Activities

us-gaap_GainLossOnSaleOfInvestments

1,659,000

us-gaap_NetCashProvidedByUsedInFinancingActivities

(86,970,000)

Net Cash Provided by (Used in) Financing Activities

us-gaap_NetCashProvidedByUsedInFinancingActivities

(679,936,000)

Net Cash Provided by (Used in) Financing Activities

us-gaap_NetCashProvidedByUsedInFinancingActivities

(86,970,000)

Net Cash Provided by (Used in) Financing Activities

us-gaap_NetCashProvidedByUsedInFinancingActivities

(679,936,000)

us-gaap_ProvisionForLoanAndLeaseLosses

(234,000)

us-gaap_ProvisionForLoanAndLeaseLosses

(128,000)

us-gaap_ProvisionForLoanAndLeaseLosses

(234,000)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect

us-gaap_ProvisionForLoanAndLeaseLosses

(128,000)

us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

(18,815,000)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect

us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

(770,146,000)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect

us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

(18,815,000)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect

us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

(770,146,000)

us-gaap_PaidInKindInterest

5,960,000

us-gaap_PaidInKindInterest

5,984,000

us-gaap_PaidInKindInterest

5,960,000