0001656423-23-000040 | 10-Q | XBRL Viewer

Stockholders' Equity / Partners' Capital (Tables)

6 Months Ended

Jun. 30, 2023

The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2023 and during the six months ended June 30, 2022:


Record Date	Payment Date	Dividend (Per Share)	Distribution (Per Unit)
June 30, 2023	July 31, 2023	$0.98	$0.98
March 31, 2023	April 28, 2023	$0.98	$0.98
December 30, 2022	January 30, 2023	$0.98	$0.98


June 30, 2022	July 29, 2022	$0.98	$0.98
March 31, 2022	April 29, 2022	$0.98	$0.98
December 31, 2021	January 28, 2022	$0.98	$0.98

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Unsecured Debt Disclosure

6. Debt

Unsecured Senior Notes

The following summarizes the unsecured senior notes outstanding as of June 30, 2023 (dollars in thousands):


	Coupon/Stated Rate		Effective Rate(1)		Principal Amount		Maturity Date(2)
10.5 Year Unsecured Senior Notes	3.125	%	3.279	%	$	500,000	September 1, 2023
10.5 Year Unsecured Senior Notes	3.800	%	3.916	%	700,000		February 1, 2024
7 Year Unsecured Senior Notes	3.200	%	3.350	%	850,000		January 15, 2025
10 Year Unsecured Senior Notes	3.650	%	3.766	%	1,000,000		February 1, 2026
10 Year Unsecured Senior Notes	2.750	%	3.495	%	1,000,000		October 1, 2026
5 Year Unsecured Senior Notes	6.750	%	6.924	%	750,000		December 1, 2027
10 Year Unsecured Senior Notes	4.500	%	4.628	%	1,000,000		December 1, 2028
10 Year Unsecured Senior Notes	3.400	%	3.505	%	850,000		June 21, 2029
10.5 Year Unsecured Senior Notes	2.900	%	2.984	%	700,000		March 15, 2030
10.75 Year Unsecured Senior Notes	3.250	%	3.343	%	1,250,000		January 30, 2031
11 Year Unsecured Senior Notes	2.550	%	2.671	%	850,000		April 1, 2032
12 Year Unsecured Senior Notes	2.450	%	2.524	%	850,000		October 1, 2033
10.7 Year Unsecured Senior Notes	6.500	%	6.619	%	750,000		January 15, 2034
Total principal					11,050,000
Less:
Net unamortized discount					14,831
Deferred financing costs, net					49,774
Total					$	10,985,395

_______________

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

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

On May 15, 2023, BPLP completed a public offering of $750.0 million in aggregate principal amount of its 6.500% unsecured senior notes due 2034. The notes were priced at 99.697% of the principal amount to yield an effective rate (including financing fees) of approximately 6.619% per annum to maturity. The notes will mature on January 15, 2034, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $741.3 million after deducting underwriting discounts and transaction expenses.

The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. At June 30, 2023, BPLP was in compliance with each of these financial restrictions and requirements.

Unsecured Credit Facility

On June 1, 2023, BPLP amended its unsecured credit facility (as amended, the “2021 Credit Facility”) to replace the LIBOR-based daily floating rate option with a SOFR-based daily floating rate option and to add options for SOFR-based term floating rates and rates for alternative currency loans. In addition, the amendment added a SOFR credit spread adjustment of 0.10%. Other than the foregoing, the material terms of the 2021 Credit Facility remain unchanged.

The 2021 Credit Facility provides for borrowings of up to $1.5 billion through BPLP’s revolving facility (the “Revolving Facility”), subject to customary conditions. The 2021 Credit Facility matures on June 15, 2026 and includes a sustainability-linked pricing component. Under the 2021 Credit Facility, BPLP may increase the total commitment by up to $500.0 million by increasing the amount of the Revolving Facility and/or by incurring one or more term loans, in each case, subject to syndication of the increase and other conditions.

At BPLP’s option, loans under the 2021 Credit Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, Term SOFR and SOFR, (b) in the case of loans denominated in Euro, EURIBOR, (c) in the case of loans denominated in Canadian Dollars, CDOR, and (d) in the case of loans denominated in Sterling, SONIA, in each case, plus a margin ranging from 70.0 to 140.0 basis points based on BPLP’s credit rating or (2) an alternate base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 40 basis points based on BPLP’s credit rating.

The 2021 Credit Facility also features a sustainability-linked pricing component such that if BPLP meets certain sustainability performance targets, the applicable per annum interest rate will be reduced by one basis point. In addition, the 2021 Credit Facility contains a competitive bid option for up to 65% of the Revolving Facility that allows banks that are part of the lender consortium to bid to make loan advances to BPLP at a reduced interest rate.

Pursuant to the 2021 Credit Facility, BPLP is obligated to pay (1) in quarterly installments a facility fee on the total commitment under the Revolving Facility at a rate per annum ranging from 0.10% to 0.30% based on BPLP’s credit rating and (2) an annual fee on the undrawn amount of each letter of credit ranging from 0.70% to 1.40% based on BPLP’s credit rating.

Based on BPLP’s June 30, 2023 credit rating, (1) the applicable Daily SOFR, Term SOFR, alternative currency daily rate, and alternative currency term rate margins are 0.775%, (2) the alternate base rate margin is zero basis points and (3) the facility fee is 0.15% per annum.

At June 30, 2023, BPLP had no amount outstanding under the Revolving Facility.

Unsecured Term Loan

On January 4, 2023, BPLP entered into a credit agreement that provided for a $1.2 billion unsecured term loan facility (the “2023 Unsecured Term Loan”). Under the credit agreement, BPLP may, at any time prior to the maturity date, increase total commitments by up to an additional $300.0 million in aggregate principal amount by increasing the existing 2023 Unsecured Term Loan or incurring one or more additional term loans, in each case, subject to syndication of the increase and other conditions. The 2023 Unsecured Term Loan matures on May 16, 2024, with one 12-month extension option, subject to customary conditions. Upon entry into the credit agreement, BPLP exercised its option to draw $1.2 billion under the 2023 Unsecured Term Loan, a portion of which was used to repay in full the $730.0 million outstanding under its prior unsecured credit agreement (the “2022 Unsecured Term Loan”), which was scheduled to mature on May 16, 2023. There was no prepayment penalty associated with the

repayment of the 2022 Unsecured Term Loan.

At BPLP’s option, loans under the 2023 Unsecured Term Loan will bear interest at a rate per annum equal to (1) a base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR for a one-month period plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 60 basis points based on BPLP’s credit rating; or (2) a rate equal to adjusted Term SOFR with a one-month period plus a margin ranging from 75 to 160 basis points based on BPLP’s credit rating. Based on BPLP’s credit rating upon entry into the credit agreement, the base rate margin is 0 basis points and the Term SOFR margin is 0.85%. As of June 30, 2023, the 2023 Unsecured Term Loan bears interest at a rate equal to adjusted Term SOFR plus 0.85% (see Note 7). At June 30, 2023, BPLP had $1.2 billion outstanding under the 2023 Unsecured Term Loan.

2021 Credit Facility and 2023 Unsecured Term Loan Compliance

The agreements governing the 2021 Credit Facility and 2023 Unsecured Term Loan contain customary representations and warranties, affirmative and negative covenants and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay, in the case of the 2021 Credit Facility, all outstanding amounts and the cancellation of all commitments outstanding under the 2021 Credit Facility and, in the case of the 2023 Unsecured Term Loan, any outstanding amount under the 2023 Unsecured Term Loan. Among other covenants, the 2021 Credit Facility and the 2023 Unsecured Term Loan require that BPLP maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. At June 30, 2023, BPLP was in compliance with each of these financial and other covenant requirements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Consolidated Statement of Capital and Noncontrolling Interests - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Common Stock, Shares, Outstanding	156,853,400		156,853,400			156,757,867
Net activity from stock option and incentive plan, value	$ 13,942	$ 18,025	$ 41,361	$ 36,946
Effective portion of interest rate contracts	14,965	35	8,427	7,600
Amortization of interest rate contracts	1,674	1,677	3,349	3,353
Contributions from noncontrolling interests in property partnerships			7,555	849
Distributions to noncontrolling interests in property partnerships	$ (14,614)	$ (14,439)	$ (36,220)	$ (41,079)
General Partner [Member]
Common Stock, Shares, Outstanding	1,755,000	1,750,000	1,755,000	1,750,000	1,755,000	1,750,000	1,749,000	1,746,000
Net activity from contributions and unearned compensation	0	1,000	5,000	1,000
Conversion of redeemable partnership units			0	3,000
Limited Partner [Member]
Common Stock, Shares, Outstanding	155,098,000	154,977,000	155,098,000	154,977,000	155,075,000	155,008,000	154,962,000	154,799,000
Net activity from contributions and unearned compensation	7,000	4,000	69,000	29,000
Conversion of redeemable partnership units	16,000	11,000	21,000	149,000
Partners' Capital (General and Limited Partners)[Member]
Beginning Balance	$ 5,351,166	$ 4,716,430	$ 5,351,166	$ 4,716,430	$ 5,449,936	$ 5,299,428	$ 3,914,832	$ 4,173,290
Net activity from contributions and unearned compensation, value	(110)	4,418	3,922	4,885
Allocated net income for the period	106,007	228,088	185,759	373,556
Distributions	(153,716)	(153,592)	(307,409)	(307,169)
Conversion of redeemable partnership units, value	599	401	794	5,429
Adjustment to reflect redeemable partnership units at redemption value	(51,550)	722,283	168,672	466,439
Accumulated Other Comprehensive Loss [Member]
Beginning Balance	(3,406)	(27,077)	(3,406)	(27,077)	(18,214)	(13,718)	(28,485)	(36,662)
Effective portion of interest rate contracts	13,435	31	7,565	6,831
Amortization of interest rate contracts	1,373	1,377	2,747	2,754
Noncontrolling interest - property partnerships [Member]
Beginning Balance	1,557,368	1,552,706	1,557,368	1,552,706	1,552,070	1,547,317	1,548,455	1,556,553
Allocated net income for the period	19,768	18,546	38,428	36,095
Amortization of interest rate contracts	144	144	288	288
Contributions from noncontrolling interests in property partnerships			7,555	849
Distributions to noncontrolling interests in property partnerships	(14,614)	(14,439)	(36,220)	(41,079)
Total Capital [Member]
Beginning Balance	6,905,128	6,242,059	6,905,128	6,242,059	6,983,792	6,833,027	5,434,802	5,693,181
Net activity from contributions and unearned compensation, value	(110)	4,418	3,922	4,885
Allocated net income for the period	125,775	246,634	224,187	409,651
Distributions	(153,716)	(153,592)	(307,409)	(307,169)
Conversion of redeemable partnership units, value	599	401	794	5,429
Adjustment to reflect redeemable partnership units at redemption value	(51,550)	722,283	168,672	466,439
Effective portion of interest rate contracts	13,435	31	7,565	6,831
Amortization of interest rate contracts	1,517	1,521	3,035	3,042
Contributions from noncontrolling interests in property partnerships			7,555	849
Distributions to noncontrolling interests in property partnerships	(14,614)	(14,439)	(36,220)	(41,079)
Noncontrolling interest - Redeemable partnership units [Member]
Beginning Balance	1,135,053	1,646,678	1,135,053	1,646,678	$ 1,074,648	$ 1,280,886	$ 2,347,834	$ 2,078,603
Net activity from contributions and unearned compensation, value	14,052	13,607	38,025	32,661
Allocated net income for the period	12,091	25,700	21,169	42,061
Distributions	(18,376)	(17,939)	(36,737)	(35,859)
Conversion of redeemable partnership units, value	(599)	(401)	(794)	(5,429)
Adjustment to reflect redeemable partnership units at redemption value	51,550	(722,283)	(168,672)	(466,439)
Effective portion of interest rate contracts	1,530	4	862	769
Amortization of interest rate contracts	$ 157	$ 156	$ 314	$ 311

(Common Units) (Narrative) (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Feb. 07, 2023 USD ($)	Feb. 03, 2023 USD ($) shares	Jun. 30, 2023 USD ($) yr $ / shares shares	Dec. 31, 2022 USD ($)
Boston Properties Limited Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount \| $			$ 1,135,053	$ 1,280,886
MYLTIP \| Boston Properties Limited Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Vesting Period			3 years
Unvested MYLTIP Units [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
unvested MYLTIP distributions as compared to total distributions (percentage)			10.00%
MYLTIP 2021 \| Boston Properties Limited Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding			349,267
MYLTIP 2020 [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Final awards percentage of target		50.00%
Value of MYLTIP Awards \| $		$ 3,800
Forfeitures, in units		152,460
MYLTIP 2022 \| Boston Properties Limited Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding			252,151
MYLTIP 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Vesting Period	3 years
Value of MYLTIP Awards \| $	$ 13,100
MYLTIP 2023 \| Boston Properties Limited Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding			322,053
OP Units [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
OP Units for redemption (in shares)			21,346
Restriction on redemption of OP Unit to Common Stock (in years) \| yr			1
Redemption of OP Unit equivalent to Common Stock (in shares)			1
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount \| $			$ 1,100,000
Closing price of common stock (in dollars per share) \| $ / shares			$ 57.59
Vested 2012 OPP units and MYLTIPS
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
OP Units for redemption (in shares)			21,346

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

Jun. 30, 2023

Dec. 31, 2022

ASSETS

Total real estate

$ 19,598,101

$ 19,496,442

Total assets

25,341,680

24,207,669

LIABILITIES AND MEMBERS'/PARTNERS' EQUITY

Mortgage and notes payable, net

3,274,764

3,272,368

Other Liabilities

418,813

450,918

Members’/Partners’ equity

6,040,052

6,132,919

Total liabilities and equity / capital

25,341,680

24,207,669

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

1,780,959

1,715,911

Right-of-use assets - finance leases

237,526

237,510

Right of use assets - operating leases

166,421

167,351

Lease liabilities - finance leases

251,874

249,335

Lease liabilities - operating leases

204,826

204,686

Unconsolidated Joint Ventures [Member]

ASSETS

Total real estate

^[1]

6,748,400

6,537,554

Other assets

779,220

756,786

Total assets

7,527,620

7,294,340

LIABILITIES AND MEMBERS'/PARTNERS' EQUITY

Mortgage and notes payable, net

4,056,181

4,022,746

Other Liabilities

^[2]

724,078

716,271

Members’/Partners’ equity

2,747,361

2,555,323

Total liabilities and equity / capital

7,527,620

7,294,340

Company's share of equity

1,301,827

1,238,929

Basis differentials

^[3]

401,205

391,556

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

^[4]

1,703,032

1,630,485

Right-of-use assets - finance leases

248,900

Right of use assets - operating leases

20,600

21,200

Lease liabilities - finance leases

379,700

382,200

Lease liabilities - operating leases

30,500

Unconsolidated Joint Ventures [Member]

LIABILITIES AND MEMBERS'/PARTNERS' EQUITY

Other Liabilities

77,900

85,400

Colorado Center

LIABILITIES AND MEMBERS'/PARTNERS' EQUITY

Basis differentials

300,370

301,820

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

^[5]

235,846

233,862

200 Fifth Avenue JV LLC

LIABILITIES AND MEMBERS'/PARTNERS' EQUITY

Basis differentials

96,837

94,497

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

^[5]

116,335

120,083

Gateway Commons Complex [Member]

LIABILITIES AND MEMBERS'/PARTNERS' EQUITY

Basis differentials

48,078

47,808

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

^[5]

349,055

324,038

Dock 72

LIABILITIES AND MEMBERS'/PARTNERS' EQUITY

Other Liabilities

^[5]

13,511

19,921

Basis differentials

$ (97,232)

$ (98,980)

[1]

At June 30, 2023 and December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At June 30, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.6 million and $21.2 million, respectively.

[2]

At June 30, 2023 and December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $379.7 million and $382.2 million, respectively. At June 30, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 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:


	June 30, 2023		December 31, 2022
Property	(in thousands)
Colorado Center	$	300,370	$	301,820
200 Fifth Avenue	96,837		94,497
Gateway Commons	48,078		47,808
Dock 72	(97,232)		(98,980)

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 $77.9 million and $85.4 million at June 30, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.

[5]

Investments with deficit balances aggregating approximately $77.9 million and $85.4 million at June 30, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.

Stockholders' Equity / Partners' Capital Dividends / Distributions (Details) - $ / shares	Apr. 28, 2023	Jan. 30, 2023	Jul. 29, 2022	Apr. 29, 2022	Jan. 28, 2022	Jun. 20, 2023
Dividends / Distributions [Line Items]
Dividends Payable, Amount Per Share / Unit						$ 0.98
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid	$ 0.98	$ 0.98	$ 0.98	$ 0.98	$ 0.98
Boston Properties Limited Partnership
Dividends / Distributions [Line Items]
Dividends Payable, Amount Per Share / Unit						0.98
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid	0.98	0.98	0.98	0.98	0.98
Boston Properties Limited Partnership \| Op units and LTIP units
Dividends / Distributions [Line Items]
Dividends Payable, Amount Per Share / Unit						0.98
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid	0.98	0.98	0.98	0.98	0.98
Boston Properties Limited Partnership \| Unvested MYLTIP Units [Member]
Dividends / Distributions [Line Items]
Dividends Payable, Amount Per Share / Unit						$ 0.098
Common Stock / Unit, Dividends / Distributions, Per Share / Unit, Cash Paid	$ 0.098	$ 0.098	$ 0.098	$ 0.098	$ 0.098

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

BXP


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)
Net income attributable to Boston Properties, Inc.	$	104,299	$	222,989	$	182,215	$	366,044
Add:
Noncontrolling interest—common units of the Operating Partnership	12,117		25,708		21,169		42,061
Noncontrolling interests in property partnerships	19,768		18,546		38,428		36,095
Interest expense	142,473		104,142		276,680		205,370
Net operating income from unconsolidated joint ventures	42,254		35,710		83,010		73,031

Depreciation and amortization expense	202,577		183,146		411,311		360,770
Transaction costs	308		496		1,219		496
Payroll and related costs from management services contracts	4,609		3,239		9,844		7,304
General and administrative expense	44,175		34,665		99,977		77,859
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,958		47,862		95,055		94,917
Unrealized gain on non-real estate investment	124		—		383		—
Gains (losses) from investments in securities	1,571		(4,716)		3,236		(6,978)
Other income - assignment fee	—		6,624		—		6,624
Interest and other income (loss)	17,343		1,195		28,284		2,423
Gains on sales of real estate	—		96,247		—		118,948
Income (loss) from unconsolidated joint ventures	(6,668)		(54)		(14,237)		2,135
Direct reimbursements of payroll and related costs from management services contracts	4,609		3,239		9,844		7,304
Development and management services revenue	9,858		6,354		18,838		12,185
Company’s share of Net Operating Income	$	497,785	$	471,890	$	982,450	$	931,472

BPLP


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)
Net income attributable to Boston Properties Limited Partnership	$	118,098	$	253,788	$	206,928	$	415,617
Add:
Noncontrolling interests in property partnerships	19,768		18,546		38,428		36,095
Interest expense	142,473		104,142		276,680		205,370
Net operating income from unconsolidated joint ventures	42,254		35,710		83,010		73,031

Depreciation and amortization expense	200,895		181,416		407,767		357,302
Transaction costs	308		496		1,219		496
Payroll and related costs from management services contracts	4,609		3,239		9,844		7,304
General and administrative expense	44,175		34,665		99,977		77,859
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,958		47,862		95,055		94,917
Unrealized gain on non-real estate investment	124		—		383		—
Gains (losses) from investments in securities	1,571		(4,716)		3,236		(6,978)
Other income - assignment fee	—		6,624		—		6,624
Interest and other income (loss)	17,343		1,195		28,284		2,423
Gains on sales of real estate	—		99,608		—		122,992
Income (loss) from unconsolidated joint ventures	(6,668)		(54)		(14,237)		2,135
Direct reimbursements of payroll and related costs from management services contracts	4,609		3,239		9,844		7,304
Development and management services revenue	9,858		6,354		18,838		12,185
Company’s share of Net Operating Income	$	497,785	$	471,890	$	982,450	$	931,472

Schedule Of Segment Information By Geographic Area And Property Type

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

For the three months ended June 30, 2023:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	269,464		$	—		$	262,979		$	136,241		$	17,060		$	90,720		$	776,464
Residential	4,124			—			—			3,864			—			4,265			12,253
Hotel	13,969			—			—			—			—			—			13,969
Total	287,557			—			262,979			140,105			17,060			94,985			802,686
% of Grand Totals	35.83		%	—		%	32.76		%	17.45		%	2.13		%	11.83		%	100.00		%
Rental Expenses:
Premier Workplace	95,597			—			102,948			48,197			3,082			35,429			285,253
Residential	1,601			—			—			2,215			—			1,967			5,783
Hotel	8,161			—			—			—			—			—			8,161
Total	105,359			—			102,948			50,412			3,082			37,396			299,197
% of Grand Totals	35.21		%	—		%	34.41		%	16.85		%	1.03		%	12.50		%	100.00		%
Net operating income	$	182,198		$	—		$	160,031		$	89,693		$	13,978		$	57,589		$	503,489
% of Grand Totals	36.19		%	—		%	31.78		%	17.81		%	2.78		%	11.44		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,343)			—			(36,615)			—			—			—			(47,958)
Add: Company’s share of net operating income from unconsolidated joint ventures	8,771			12,768			3,363			3,332			1,878			12,142			42,254
Company’s share of net operating income	$	179,626		$	12,768		$	126,779		$	93,025		$	15,856		$	69,731		$	497,785
% of Grand Totals	36.08		%	2.56		%	25.47		%	18.69		%	3.19		%	14.01		%	100.00		%

_______________

(1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.

For the three months ended June 30, 2022:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	244,936		$	—		$	254,264		$	133,707		$	6,472		$	95,954		$	735,333
Residential	3,748			—			—			5,850			—			7,314			16,912
Hotel	12,089			—			—			—			—			—			12,089
Total	260,773			—			254,264			139,557			6,472			103,268			764,334
% of Grand Totals	34.11		%	—		%	33.27		%	18.26		%	0.85		%	13.51		%	100.00		%
Rental Expenses:
Premier Workplace	87,027			—			95,363			45,201			1,680			34,759			264,030
Residential	1,492			—			—			5,145			—			3,181			9,818
Hotel	6,444			—			—			—			—			—			6,444
Total	94,963			—			95,363			50,346			1,680			37,940			280,292
% of Grand Totals	33.88		%	—		%	34.02		%	17.96		%	0.60		%	13.54		%	100.00		%
Net operating income	$	165,810		$	—		$	158,901		$	89,211		$	4,792		$	65,328		$	484,042
% of Grand Totals	34.25		%	—		%	32.83		%	18.43		%	0.99		%	13.50		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,377)			—			(36,485)			—			—			—			(47,862)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	8,134			13,247			18			3,183			1,944			9,184			35,710
Company’s share of net operating income	$	162,567		$	13,247		$	122,434		$	92,394		$	6,736		$	74,512		$	471,890
% of Grand Totals	34.44		%	2.81		%	25.95		%	19.58		%	1.43		%	15.79		%	100.00		%

_______________

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

For the six months ended June 30, 2023:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	539,415		$	—		$	521,171		$	272,334		$	31,318		$	181,384		$	1,545,622
Residential	8,173			—			—			7,506			—			8,300			23,979
Hotel	22,070			—			—			—			—			—			22,070
Total	569,658			—			521,171			279,840			31,318			189,684			1,591,671
% of Grand Totals	35.79		%	—		%	32.74		%	17.58		%	1.97		%	11.92		%	100.00		%
Rental Expenses:
Premier Workplace	195,646			—			205,433			94,282			6,042			69,695			571,098
Residential	3,153			—			—			4,388			—			3,705			11,246
Hotel	14,832			—			—			—			—			—			14,832
Total	213,631			—			205,433			98,670			6,042			73,400			597,176
% of Grand Totals	35.78		%	—		%	34.40		%	16.52		%	1.01		%	12.29		%	100.00		%
Net operating income	$	356,027		$	—		$	315,738		$	181,170		$	25,276		$	116,284		$	994,495
% of Grand Totals	35.80		%	—		%	31.75		%	18.22		%	2.54		%	11.69		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(22,160)			—			(72,895)			—			—			—			(95,055)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	17,348			25,993			7,013			6,796			3,724			22,136			83,010
Company’s share of net operating income	$	351,215		$	25,993		$	249,856		$	187,966		$	29,000		$	138,420		$	982,450
% of Grand Totals	35.75		%	2.65		%	25.43		%	19.13		%	2.95		%	14.09		%	100.00		%

_______________

For the six months ended June 30, 2022:


	Boston			Los Angeles			New York			San Francisco			Seattle				Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	487,014		$	—		$	511,134		$	266,082		$	6,472			$	191,519		$	1,462,221
Residential	7,344			—			—			8,241			—				14,293			29,878
Hotel	16,646			—			—			—			—				—			16,646
Total	511,004			—			511,134			274,323			6,472				205,812			1,508,745
% of Grand Totals	33.87		%	—		%	33.88		%	18.18		%	0.43		%		13.64		%	100.00		%
Rental Expenses:
Premier Workplace	177,555			—			191,703			88,609			1,680				68,306			527,853
Residential	2,929			—			—			7,013			—				6,308			16,250
Hotel	11,284			—			—			—			—				—			11,284
Total	191,768			—			191,703			95,622			1,680			—	74,614			555,387
% of Grand Totals	34.53		%	—		%	34.52		%	17.22		%	0.30		%		13.43		%	100.00		%
Net operating income	$	319,236		$	—		$	319,431		$	178,701		$	4,792			$	131,198		$	953,358
% of Grand Totals	33.49		%	—		%	33.51		%	18.74		%	0.50		%		13.76		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(23,112)			—			(71,805)			—			—				—			(94,917)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	17,827			27,004			(138)			6,364			3,899				18,075			73,031
Company’s share of net operating income	$	313,951		$	27,004		$	247,488		$	185,065		$	8,691			$	149,273		$	931,472
% of Grand Totals	33.70		%	2.90		%	26.57		%	19.87		%	0.93		%		16.03		%	100.00		%

_______________

Summary Of Significant Accounting Policies Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest rate swaps	$ 6,445	$ 0

Commitments And Contingencies	6 Months Ended
Commitments And Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	8. 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 $21.6 million at June 30, 2023. 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 June 30, 2023, the maximum funding obligation under the guarantee was approximately $11.2 million. The Company earns a fee from the joint venture for providing the guarantee and has an agreement with the outside partners to reimburse the joint venture for their share of any payments made under the guarantee. As of June 30, 2023, no amounts related to the guarantee were recorded as liabilities in the Company’s consolidated financial statements. In connection with the development of the Company’s 290 Binney Street project located in Cambridge, Massachusetts, which commenced on January 5, 2023 (see Note 3), the Cambridge Zoning Ordinance requires that a building permit for the construction of a residential project of at least 400,000 square feet be issued prior to or concurrently with the issuance of a building permit for the commercial building. 290 Binney Street and the residential project are components of the Company’s future life sciences development project located in the heart of Kendall Square in Cambridge, Massachusetts. When completed the Company expects the project will consist of two premier workplace properties aggregating approximately 1.1 million rentable square feet of life sciences space and the approximately 400,000 square foot residential building. The commencement of construction of each phase of the overall project is subject to various conditions, some of which are not within the Company’s control. There can be no assurance that the conditions will be satisfied or that the Company will commence the development of the remaining phases on the terms and schedule currently contemplated or at all. 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 5% of the value of the affected property. In addition, the Company currently carries earthquake insurance which covers its Seattle region with a $110 million per occurrence limit, and a $110 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.

Noncontrolling Interests (Property Partnerships) (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Noncontrolling Interest in Limited Partnerships	$ 1,557,368	$ 1,547,317

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On July 20, 2023, the Company completed and fully placed in-service 140 Kendrick Street - Building A, a premier workplace redevelopment project with approximately 104,000 net rentable square feet located in Needham, Massachusetts. On July 28, 2023, the Company entered into a joint venture agreement with an institutional investor for the future development of 343 Madison Avenue located on Madison Avenue between 44th and 45th Streets in New York City, New York adjacent to Grand Central Station. The Company owns a 55% interest in the venture and its partner owns a 45% interest, and the Company will provide customary development, property management, and leasing services. The 343 Madison Avenue project contemplates the construction of (1) a direct entrance to the Long Island Railroad’s new east side access project (Grand Central Madison) (“Phase 1”) and (2) an approximately 900,000 square foot premier workplace building with ground floor retail (“Phase 2”). Subsequently, on August 1, 2023, the joint venture executed a 99-year ground lease with the Metropolitan Transportation Authority for the approximately 25,000 square foot site. The ground lease requires the joint venture to construct the direct access to Grand Central Madison as Phase 1 of the development project. The joint venture has the option until July 31, 2025 to terminate the ground lease prior to construction of the new building and receive reimbursement for the cost of the construction of access to Grand Central Station. There can be no assurance that Phase 1 will be completed on the terms currently contemplated or that Phase 2 of the development project will commence on the terms currently contemplated or at all. On July 28, 2023, a joint venture in which the Company has a 50% interest modified and exercised an option to extend by one year the maturity date of its loan collateralized by 100 Causeway Street. At the time of the modification and extension, the loan had an outstanding balance totaling approximately $340.6 million, bore interest at Term SOFR plus 1.60% per annum, and was scheduled to mature on September 5, 2023. The modified and extended loan has an outstanding balance of $336.6 million, which included an approximately $4.0 million principal repayment, bears interest at Term SOFR plus 1.48% per annum, and matures on September 5, 2024, with an additional one-year extension option, subject to certain conditions. 100 Causeway Street is an approximately 634,000 square foot premier workplace located in Boston, Massachusetts and is approximately 95% leased. Effective July 28, 2023, BXP’s independent directors appointed Joel I. Klein to serve as the lead independent director, replacing Kelly A. Ayotte. Ms. Ayotte stepped down as the lead independent director due to the additional time commitment and responsibilities of that role, and the independent directors determined that it is in the best interests of BXP and its stockholders that Mr. Klein once again assume that role. Ms. Ayotte served as BXP’s lead independent director since May 2022 and will remain on BXP’s Board of Directors. Mr. Klein previously served as BXP’s lead independent director from May 2016 to May 2019 and as its independent Chairman from May 2019 to May 2022.

Real Estate

6 Months Ended

Jun. 30, 2023

Real Estate [Abstract]

Real Estate

3. Real Estate

BXP

Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Land	$	5,189,287	$	5,189,811
Right of use assets - finance leases	237,526		237,510
Right of use assets - operating leases	166,421		167,351
Land held for future development (1)	637,191		721,501
Buildings and improvements	16,054,447		15,820,724
Tenant improvements	3,345,766		3,200,743
Furniture, fixtures and equipment	53,181		50,310
Construction in progress	482,850		406,574
Total	26,166,669		25,794,524
Less: Accumulated depreciation	(6,568,568)		(6,298,082)
	$	19,598,101	$	19,496,442

_______________

(1)Includes pre-development costs.

BPLP

Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Land	$	5,094,578	$	5,095,102
Right of use assets - finance leases	237,526		237,510
Right of use assets - operating leases	166,421		167,351
Land held for future development (1)	637,191		721,501
Buildings and improvements	15,782,891		15,547,919
Tenant improvements	3,345,766		3,200,743
Furniture, fixtures and equipment	53,181		50,310
Construction in progress	482,850		406,574
Total	25,800,404		25,427,010
Less: Accumulated depreciation	(6,448,665)		(6,180,474)
	$	19,351,739	$	19,246,536

_______________

(1)Includes pre-development costs.

Developments/Redevelopments

On January 5, 2023, the Company commenced the development of 290 Binney Street, an approximately 566,000 net rentable square foot laboratory/life sciences project in Cambridge, Massachusetts. Concurrent with the commencement of this project, the Kendall Center Blue Parking Garage was taken out of service and demolished to support the development of this project. 290 Binney Street is 100% pre-leased to AstraZeneca.

On January 30, 2023, the Company commenced the redevelopment of 300 Binney Street at Kendall Center in Cambridge, Massachusetts. 300 Binney Street consisted of an approximately 195,000 net rentable square foot premier workplace that is being redeveloped into approximately 236,000 net rentable square feet of laboratory/life sciences space. BXP and BPLP recognized approximately $11.0 million of depreciation expense during the six months ended June 30, 2023 associated with the acceleration of depreciation on the assets being removed from service and demolished as part of the redevelopment of the property. The project is 100% pre-leased to the Broad Institute.

On April 29, 2023, the Company completed and fully placed in-service 2100 Pennsylvania Avenue, a premier workplace project with approximately 476,000 net rentable square feet located in Washington, DC.

On June 1, 2023, the Company completed and fully placed in-service its View Boston Observatory at The Prudential Center, a redevelopment of the top three floors of 800 Boylston Street - The Prudential Center, located in Boston, Massachusetts. View Boston Observatory at The Prudential Center consists of approximately 63,000 net rentable square feet of retail, including food and beverage, and observation space.

2021 Credit Facility and 2023 Unsecured Term Loan Compliance (Details) - 2021 Credit Facility and 2023 Unsecured Term Loan [Member]	6 Months Ended
	Jun. 30, 2023
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	Among other covenants, the 2021 Credit Facility and the 2023 Unsecured Term Loan require that BPLP maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments.
Leverage ratio	60.00%
Leverage ratio - maximum	65.00%
Secured debt leverage ratio - maximum	55.00%
Fixed charge coverage - minimum	1.40
Unsecured debt leverage ratio	60.00%
Unsecured debt leverage ratio - maximum	65.00%
Unsecured debt interest coverage ratio	1.75
Debt Instrument, Covenant Compliance	At June 30, 2023, BPLP was in compliance with each of these financial and other covenant requirements.

Stock Option and Incentive Plan (Narrative) (Details) - USD ($) $ in Thousands	Feb. 07, 2023	Feb. 03, 2023
MYLTIP 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of MYLTIP Awards		$ 3,800
Final awards percentage of target		50.00%
Forfeitures, in units		152,460
MYLTIP 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	The 2023 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.
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 February 6, 2026, but, in general, may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter.
Value of MYLTIP Awards	$ 13,100
Minimum [Member] \| MYLTIP 2023 \| Boston Properties Limited Partnership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance	0
Maximum [Member] \| MYLTIP 2023 \| Boston Properties Limited Partnership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance	322,053
Target \| MYLTIP 2023 \| Boston Properties Limited Partnership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance	161,026

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

6 Months Ended

May 15, 2023

Jun. 30, 2023

Jun. 30, 2022

Debt Instrument [Line Items]

Proceeds from unsecured senior notes

$ 747,727

$ 0

Boston Properties Limited Partnership

Debt Instrument [Line Items]

Proceeds from unsecured senior notes

747,727

$ 0

Senior Notes | Boston Properties Limited Partnership

Debt Instrument [Line Items]

Debt

$ 11,050,000

Debt Instrument, Covenant Description

Leverage ratio

60.00%

Secured debt leverage ratio - maximum

50.00%

Interest Coverage - Minimum

1.50

Unencumbered Asset Value - Minimum

150.00%

Debt Instrument, Covenant Compliance

At June 30, 2023, BPLP was in compliance with each of these financial restrictions and requirements.

6.619% unsecured senior notes | Senior Notes | Boston Properties Limited Partnership

Debt Instrument [Line Items]

Debt

$ 750,000

Debt Instrument, Interest Rate, Stated Percentage

6.50%

Senior Notes Pricing

99.697%

Debt Instrument, Interest Rate, Effective Percentage

6.619%

^[1]

Proceeds from unsecured senior notes

$ 741,300

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

Summary Of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2. Summary of Significant Accounting Policies

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, 2022.

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

Variable Interest Entities (VIEs)

Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The assets of each VIE are only available to satisfy such VIE's respective liabilities. The Company has identified six entities that are VIEs as of June 30, 2023 and has determined that it is the primary beneficiary for all of these entities as of June 30, 2023.

Consolidated Variable Interest Entities

As of June 30, 2023, BXP has identified six consolidated VIEs, including BPLP. Excluding BPLP, the VIEs consisted of the following five in-service properties: 767 Fifth Avenue (the General Motors Building), Times Square Tower, 601 Lexington Avenue, Atlantic Wharf Office Building and 100 Federal Street.

The Company consolidates these VIEs because it is the primary beneficiary. The third parties’ interests in these consolidated entities (excluding BPLP’s interest) are reflected as noncontrolling interests in property partnerships in the accompanying consolidated financial statements (See Note 9).

In addition, BXP’s only significant asset is its investment in BPLP and, consequently, substantially all of BXP’s assets and liabilities are the assets and liabilities of BPLP.

Fair Value Measurements

The Company follows the authoritative guidance for fair value measurements.

The table below presents for June 30, 2023 and December 31, 2022, the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized (as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”).


Financial Instrument			Level
Unsecured senior notes (1)			Level 1
Related party note receivable			Level 3
Sales-type lease receivable			Level 3
Mortgage notes payable			Level 3
Unsecured line of credit			Level 3
Unsecured term loan			Level 3

_______________

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

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

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

The following table presents the aggregate carrying value of the Company’s related party note receivable, net, sales-type lease receivable, net, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Related party note receivable, net	$	88,834	$	90,500	$	78,576	$	79,220
Sales-type lease receivable, net	13,250		13,173		12,811		13,045
Total	$	102,084	$	103,673	$	91,387	$	92,265

Mortgage notes payable, net	$	3,274,764	$	2,765,657	$	3,272,368	$	2,744,479
Unsecured senior notes, net	10,985,395		9,751,688		10,237,968		9,135,512
Unsecured line of credit	—		—		—		—
Unsecured term loan, net	1,196,046		1,194,895		730,000		730,000
Total	$	15,456,205	$	13,712,240	$	14,240,336	$	12,609,991

In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Note 7). The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The following table presents the aggregate fair value of the Company’s interest rate swaps as of June 30, 2023 and December 31, 2022 (in thousands):


Fair value	June 30, 2023		December 31, 2022
Interest rate swaps	$	6,445	$	—

Derivative Instruments and Hedging Activities Gain (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Derivative Instruments, Gain (Loss) [Line Items]

Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI

^[1]

$ 14,965

$ 35

$ 8,427

$ 7,600

Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion

^[2]

1,674

1,677

3,349

3,353

Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net

$ 0

[1]	Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties.
[2]	Consists of amounts from previous interest rate programs.

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

BPLP’s interest rate swap contracts consisted of the following at June 30, 2023 (dollars in thousands):


Derivative Instrument	Aggregate Notional Amount				Strike Rate Range					Balance Sheet Location
			Effective Date	Maturity Date	Low			High			Fair Value
Interest Rate Swaps	$	1,200,000	May 4, 2023	May 16, 2024	4.638	%	—	4.646	%	Prepaid expenses and other assets	$	6,445

Derivative Instruments, Gain (Loss)

The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three and six months ended June 30, 2023 and 2022 (dollars in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1)	$	14,965	$	35	$	8,427	$	7,600


Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2)	$	1,674	$	1,677	$	3,349	$	3,353
Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing	$	—	$	—	$	—	$	—

_______________

(1)Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties.

(2)Consists of amounts from previous interest rate programs.

Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income attributable to the Company	$ 104,299	$ 222,989	$ 182,215	$ 366,044
Noncontrolling interest-common units of the Operating Partnership	(12,117)	(25,708)	(21,169)	(42,061)
Noncontrolling interest in property partnerships	(19,768)	(18,546)	(38,428)	(36,095)
Interest expense	(142,473)	(104,142)	(276,680)	(205,370)
Company's share of net operating income from joint ventures	(503,489)	(484,042)	(994,495)	(953,358)
Depreciation and amortization expense	(202,577)	(183,146)	(411,311)	(360,770)
Transaction costs	(308)	(496)	(1,219)	(496)
General and administrative expense	(44,175)	(34,665)	(99,977)	(77,859)
Unrealized Gain (Loss) on Investments	(124)	0	(383)	0
Gains (losses) from investments in securities	(1,571)	4,716	(3,236)	6,978
Interest and other income (loss)	(17,343)	(1,195)	(28,284)	(2,423)
Gains on sales of real estate	0	(96,247)	0	(118,948)
Income (loss) from unconsolidated joint ventures	6,668	54	14,237	(2,135)
Other Income - assignment fee	0	(6,624)	0	(6,624)
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income attributable to the Company	104,299	222,989	182,215	366,044
Noncontrolling interest-common units of the Operating Partnership	12,117	25,708	21,169	42,061
Noncontrolling interest in property partnerships	19,768	18,546	38,428	36,095
Interest expense	142,473	104,142	276,680	205,370
Depreciation and amortization expense	202,577	183,146	411,311	360,770
Transaction costs	308	496	1,219	496
Operating expense	4,609	3,239	9,844	7,304
General and administrative expense	44,175	34,665	99,977	77,859
Unrealized Gain (Loss) on Investments	124	0	383	0
Gains (losses) from investments in securities	1,571	(4,716)	3,236	(6,978)
Interest and other income (loss)	17,343	1,195	28,284	2,423
Gains on sales of real estate	0	96,247	0	118,948
Income (loss) from unconsolidated joint ventures	(6,668)	(54)	(14,237)	2,135
Other Income - assignment fee	0	6,624	0	6,624
Other revenue	4,609	3,239	9,844	7,304
Company's share of Net Operating Income	497,785	471,890	982,450	931,472
Unconsolidated Joint Ventures [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest expense	(58,799)	(32,219)	(116,049)	(62,592)
Depreciation and amortization expense	(51,233)	(43,293)	(101,211)	(87,957)
Transaction costs	(27)	(811)	(101)	(811)
Income (loss) from unconsolidated joint ventures	6,668	54	14,237	(2,135)
Unconsolidated Joint Ventures [Member] \| Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Company's share of net operating income from joint ventures	42,254	35,710	83,010	73,031
Boston Properties Limited Partnership
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income attributable to the Company	118,098	253,788	206,928	415,617
Noncontrolling interest in property partnerships	(19,768)	(18,546)	(38,428)	(36,095)
Interest expense	(142,473)	(104,142)	(276,680)	(205,370)
Depreciation and amortization expense	(200,895)	(181,416)	(407,767)	(357,302)
Transaction costs	(308)	(496)	(1,219)	(496)
General and administrative expense	(44,175)	(34,665)	(99,977)	(77,859)
Unrealized Gain (Loss) on Investments	(124)	0	(383)	0
Gains (losses) from investments in securities	(1,571)	4,716	(3,236)	6,978
Interest and other income (loss)	(17,343)	(1,195)	(28,284)	(2,423)
Gains on sales of real estate	0	(99,608)	0	(122,992)
Income (loss) from unconsolidated joint ventures	6,668	54	14,237	(2,135)
Other Income - assignment fee	0	(6,624)	0	(6,624)
Boston Properties Limited Partnership \| Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income attributable to the Company	118,098	253,788	206,928	415,617
Noncontrolling interest in property partnerships	19,768	18,546	38,428	36,095
Interest expense	142,473	104,142	276,680	205,370
Depreciation and amortization expense	200,895	181,416	407,767	357,302
Transaction costs	308	496	1,219	496
Operating expense	4,609	3,239	9,844	7,304
General and administrative expense	44,175	34,665	99,977	77,859
Unrealized Gain (Loss) on Investments	124	0	383	0
Gains (losses) from investments in securities	1,571	(4,716)	3,236	(6,978)
Interest and other income (loss)	17,343	1,195	28,284	2,423
Gains on sales of real estate	0	99,608	0	122,992
Income (loss) from unconsolidated joint ventures	(6,668)	(54)	(14,237)	2,135
Other Income - assignment fee	0	6,624	0	6,624
Other revenue	4,609	3,239	9,844	7,304
Company's share of Net Operating Income	497,785	471,890	982,450	931,472
Management Service [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Other revenue	(9,858)	(6,354)	(18,838)	(12,185)
Management Service [Member] \| Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Other revenue	9,858	6,354	18,838	12,185
Management Service [Member] \| Boston Properties Limited Partnership
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Other revenue	(9,858)	(6,354)	(18,838)	(12,185)
Management Service [Member] \| Boston Properties Limited Partnership \| Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Other revenue	9,858	6,354	18,838	12,185
Noncontrolling interest - property partnerships [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Company's share of net operating income from joint ventures	47,958	47,862	95,055	94,917
Noncontrolling interest - property partnerships [Member] \| Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Company's share of net operating income from joint ventures	47,958	47,862	95,055	94,917
Noncontrolling interest - property partnerships [Member] \| Boston Properties Limited Partnership \| Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Company's share of net operating income from joint ventures	$ 47,958	$ 47,862	$ 95,055	$ 94,917

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 241,812	$ 444,200
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	411,311	360,770
Amortization of right of use assets - operating leases	929	1,407
Non-cash compensation expense	41,524	36,195
Loss (income) from unconsolidated joint ventures	14,237	(2,135)
Distributions of net cash flow from operations of unconsolidated joint ventures	11,437	10,097
Losses (gains) from investments in securities	(3,236)	6,978
Allowance for current expected credit losses	264	(458)
Non-cash portion of interest expense	14,940	12,528
Other Income - assignment fee	0	(6,624)
Gains on sales of real estate	0	(118,948)
Unrealized gain on non-real estate investment	(383)	0
Change in assets and liabilities:
Tenant and other receivables, net	3,721	10,167
Notes receivable, net	0	(152)
Accrued rental income, net	(42,965)	(48,901)
Prepaid expenses and other assets	(24,758)	6,326
Lease liabilities - operating leases	140	82
Accounts payable and accrued expenses	6,320	(18,636)
Accrued interest payable	7,314	2,036
Other liabilities	(21,773)	(37,732)
Tenant leasing costs	(47,651)	(40,561)
Total adjustments	371,371	172,439
Net cash provided by operating activities	613,183	616,639
Cash flows from investing activities:
Acquisitions of real estate	0	(727,835)
Construction in progress	(235,331)	(237,182)
Building and other capital improvements	(78,344)	(63,278)
Tenant improvements	(135,743)	(97,844)
Proceeds from sales of real estate	0	157,345
Proceeds from assignment fee	0	6,624
Capital contributions to unconsolidated joint ventures	(103,595)	(69,819)
Capital distributions from unconsolidated joint ventures	7,350	36,622
Investment in non-real estate investments	(733)	0
Issuance of related party note receivable	(10,500)	0
Proceeds from note receivable	0	10,000
Investments in securities, net	2,032	5,197
Net cash used in investing activities	(554,864)	(980,170)
Cash flows from financing activities:
Proceeds from unsecured senior notes	747,727	0
Borrowings on unsecured line of credit	0	340,000
Repayments of unsecured line of credit	0	(320,000)
Borrowings on unsecured term loan	1,200,000	730,000
Repayment of unsecured term loan	(730,000)	0
Deferred financing costs	(12,339)	(2,230)
Net activity from equity transactions	(39)	(366)
Dividends and distributions	(343,325)	(341,951)
Contributions from noncontrolling interests in property partnerships	7,555	849
Distributions to noncontrolling interests in property partnerships	(36,220)	(41,079)
Net cash provided by financing activities	833,359	365,223
Net increase (decrease) in cash and cash equivalents and cash held in escrows	891,678	1,692
Cash and cash equivalents and cash held in escrows, beginning of period	736,812	501,158
Cash and cash equivalents and cash held in escrows, end of period	1,628,490	502,850
Reconciliation of cash and cash equivalents and cash held in escrow
Cash and cash equivalents, beginning of period	690,333	452,692
Cash held in escrows, beginning of period	46,479	48,466
Cash and cash equivalents, end of period	1,581,575	456,491
Cash held in escrows,end of period	46,915	46,359
Supplemental disclosures:
Cash paid for interest	273,214	216,409
Interest capitalized	21,153	27,819
Non-cash investing and financing activities:
Write-off of fully depreciated real estate	(85,878)	(65,435)
Change in real estate included in accounts payable and accrued expenses	25,562	40,655
Construction in progress, net deconsolidated	0	(11,316)
Investment in unconsolidated joint ventures recorded upon deconsolidation	0	11,316
Dividends and distributions declared but not paid	171,465	170,937
Conversions of noncontrolling interests to stockholders’ equity	794	5,429
Issuance of restricted securities to employees and non-employee directors	47,885	47,198
Boston Properties Limited Partnership
Net income	245,356	451,712
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	407,767	357,302
Amortization of right of use assets - operating leases	929	1,407
Non-cash compensation expense	41,524	36,195
Loss (income) from unconsolidated joint ventures	14,237	(2,135)
Distributions of net cash flow from operations of unconsolidated joint ventures	11,437	10,097
Losses (gains) from investments in securities	(3,236)	6,978
Allowance for current expected credit losses	264	(458)
Non-cash portion of interest expense	14,940	12,528
Other Income - assignment fee	0	(6,624)
Gains on sales of real estate	0	(122,992)
Unrealized gain on non-real estate investment	(383)	0
Change in assets and liabilities:
Tenant and other receivables, net	3,721	10,167
Notes receivable, net	0	(152)
Accrued rental income, net	(42,965)	(48,901)
Prepaid expenses and other assets	(24,758)	6,326
Lease liabilities - operating leases	140	82
Accounts payable and accrued expenses	6,320	(18,636)
Accrued interest payable	7,314	2,036
Other liabilities	(21,773)	(37,732)
Tenant leasing costs	(47,651)	(40,561)
Total adjustments	367,827	164,927
Net cash provided by operating activities	613,183	616,639
Cash flows from investing activities:
Acquisitions of real estate	0	(727,835)
Construction in progress	(235,331)	(237,182)
Building and other capital improvements	(78,344)	(63,278)
Tenant improvements	(135,743)	(97,844)
Proceeds from sales of real estate	0	157,345
Proceeds from assignment fee	0	6,624
Capital contributions to unconsolidated joint ventures	(103,595)	(69,819)
Capital distributions from unconsolidated joint ventures	7,350	36,622
Investment in non-real estate investments	(733)	0
Issuance of related party note receivable	(10,500)	0
Proceeds from note receivable	0	10,000
Investments in securities, net	2,032	5,197
Net cash used in investing activities	(554,864)	(980,170)
Cash flows from financing activities:
Proceeds from unsecured senior notes	747,727	0
Borrowings on unsecured line of credit	0	340,000
Repayments of unsecured line of credit	0	(320,000)
Borrowings on unsecured term loan	1,200,000	730,000
Repayment of unsecured term loan	(730,000)	0
Deferred financing costs	(12,339)	(2,230)
Net activity from equity transactions	(39)	(366)
Dividends and distributions	(343,325)	(341,951)
Contributions from noncontrolling interests in property partnerships	7,555	849
Distributions to noncontrolling interests in property partnerships	(36,220)	(41,079)
Net cash provided by financing activities	833,359	365,223
Net increase (decrease) in cash and cash equivalents and cash held in escrows	891,678	1,692
Cash and cash equivalents and cash held in escrows, beginning of period	736,812	501,158
Cash and cash equivalents and cash held in escrows, end of period	1,628,490	502,850
Reconciliation of cash and cash equivalents and cash held in escrow
Cash and cash equivalents, beginning of period	690,333	452,692
Cash held in escrows, beginning of period	46,479	48,466
Cash and cash equivalents, end of period	1,581,575	456,491
Cash held in escrows,end of period	46,915	46,359
Supplemental disclosures:
Cash paid for interest	273,214	216,409
Interest capitalized	21,153	27,819
Non-cash investing and financing activities:
Write-off of fully depreciated real estate	(84,629)	(65,435)
Change in real estate included in accounts payable and accrued expenses	25,562	40,655
Construction in progress, net deconsolidated	0	(11,316)
Investment in unconsolidated joint ventures recorded upon deconsolidation	0	11,316
Dividends and distributions declared but not paid	171,465	170,937
Conversions of noncontrolling interests to stockholders’ equity	794	5,429
Issuance of restricted securities to employees and non-employee directors	$ 47,885	$ 47,198

Consolidated Statements Of Equity - USD ($) $ in Thousands	Total	Common 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, 2021		156,545,000
Equity, value at Dec. 31, 2021	$ 8,033,228	$ 1,565	$ 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		152,000
Redemption of operating partnership units to common stock, value	0	$ 2	5,427				(5,429)
Allocated net income for the period	444,200			366,044			42,061	36,095
Dividends declared	(343,028)			(307,169)			(35,859)
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		24,000
Net activity from stock option and incentive plan, value	36,946		4,287				32,659
Contributions from noncontrolling interests in property partnerships	849							849
Distributions to noncontrolling interests in property partnerships	(41,079)							(41,079)
Effective portion of interest rate contracts	7,600					6,831	769
Amortization of interest rate contracts	3,353					2,754	311	288
Reallocation of noncontrolling interest	0		16,953				(16,953)
Equity, shares at Jun. 30, 2022		156,726,000
Equity, value at Jun. 30, 2022	8,142,669	$ 1,567	6,524,997	(567,016)	(2,722)	(27,077)	660,214	1,552,706
Equity, shares at Mar. 31, 2022		156,712,000
Equity, value at Mar. 31, 2022	8,041,659	$ 1,567	6,509,663	(636,421)	(2,722)	(28,485)	649,602	1,548,455
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of operating partnership units to common stock, shares		11,000
Redemption of operating partnership units to common stock, value	0	$ 0	401				(401)
Allocated net income for the period	267,243			222,997			25,700	18,546
Dividends declared	(171,531)			(153,592)			(17,939)
Net activity from stock option and incentive plan, shares		3,000
Net activity from stock option and incentive plan, value	18,025		4,420				13,605
Distributions to noncontrolling interests in property partnerships	(14,439)							(14,439)
Effective portion of interest rate contracts	35					31	4
Amortization of interest rate contracts	1,677					1,377	156	144
Reallocation of noncontrolling interest	0		10,513				(10,513)
Equity, shares at Jun. 30, 2022		156,726,000
Equity, value at Jun. 30, 2022	$ 8,142,669	$ 1,567	6,524,997	(567,016)	(2,722)	(27,077)	660,214	1,552,706
Equity, shares at Dec. 31, 2022	156,757,867	156,758,000
Equity, value at Dec. 31, 2022	$ 8,363,819	$ 1,568	6,539,147	(391,356)	(2,722)	(13,718)	683,583	1,547,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of operating partnership units to common stock, shares		21,000
Redemption of operating partnership units to common stock, value	0	$ 1	793				(794)
Allocated net income for the period	241,812			182,215			21,169	38,428
Dividends declared	(344,146)			(307,409)			(36,737)
Shares issued pursuant to stock purchase plan, shares		9,000
Shares issued pursuant to stock purchase plan, value	586		586
Net activity from stock option and incentive plan, shares		66,000
Net activity from stock option and incentive plan, value	41,361		3,338				38,023
Contributions from noncontrolling interests in property partnerships	7,555							7,555
Distributions to noncontrolling interests in property partnerships	(36,220)							(36,220)
Effective portion of interest rate contracts	8,427					7,565	862
Amortization of interest rate contracts	3,349					2,747	314	288
Reallocation of noncontrolling interest	$ 0		17,297				(17,297)
Equity, shares at Jun. 30, 2023	156,853,400	156,854,000
Equity, value at Jun. 30, 2023	$ 8,286,543	$ 1,569	6,561,161	(516,550)	(2,722)	(3,406)	689,123	1,557,368
Equity, shares at Mar. 31, 2023		156,830,000
Equity, value at Mar. 31, 2023	8,306,484	$ 1,568	6,549,314	(467,159)	(2,722)	(18,214)	691,627	1,552,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of operating partnership units to common stock, shares		16,000
Redemption of operating partnership units to common stock, value	0	$ 1	598				(599)
Allocated net income for the period	136,184			104,325			12,091	19,768
Dividends declared	(172,092)			(153,716)			(18,376)
Net activity from stock option and incentive plan, shares		8,000
Net activity from stock option and incentive plan, value	13,942		(110)				14,052
Distributions to noncontrolling interests in property partnerships	(14,614)							(14,614)
Effective portion of interest rate contracts	14,965					13,435	1,530
Amortization of interest rate contracts	1,674					1,373	157	144
Reallocation of noncontrolling interest	$ 0		11,359				(11,359)
Equity, shares at Jun. 30, 2023	156,853,400	156,854,000
Equity, value at Jun. 30, 2023	$ 8,286,543	$ 1,569	$ 6,561,161	$ (516,550)	$ (2,722)	$ (3,406)	$ 689,123	$ 1,557,368

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands		2 Months Ended	3 Months Ended		6 Months Ended
	May 02, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Derivative [Line Items]
Interest Expense			$ 142,473	$ 104,142	$ 276,680	$ 205,370
Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date	May 02, 2023
Derivative, Notional Amount	$ 1,200,000	$ 1,200,000	$ 1,200,000		$ 1,200,000
Derivative, Average Fixed Interest Rate	4.642%
Derivative, Maturity Date	May 16, 2024		May 16, 2024
Derivative, Number of Instruments Held	4
Interest Expense		$ (900)

Stockholders' Equity / Partners' Capital

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Equity / Partners' Capital

10. Stockholders’ Equity / Partners’ Capital

As of June 30, 2023, BXP had 156,853,400 shares of Common Stock outstanding.

As of June 30, 2023, BXP owned 1,755,118 general partnership units and 155,098,282 limited partnership units in BPLP.

On May 17, 2023, 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 May 22, 2023. 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 six months ended June 30, 2023, BXP did not issue any shares of Common Stock upon the exercise of options to purchase Common Stock. As a result of the applicable exercise period ending, 103,641 options were forfeited during the six months ended June 30, 2023. As of June 30, 2023, BXP no longer has any outstanding options.

During the six months ended June 30, 2023, BXP issued 21,346 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 2023 and during the six months ended June 30, 2022:


Record Date	Payment Date	Dividend (Per Share)	Distribution (Per Unit)
June 30, 2023	July 31, 2023	$0.98	$0.98
March 31, 2023	April 28, 2023	$0.98	$0.98
December 30, 2022	January 30, 2023	$0.98	$0.98


June 30, 2022	July 29, 2022	$0.98	$0.98
March 31, 2022	April 29, 2022	$0.98	$0.98
December 31, 2021	January 28, 2022	$0.98	$0.98

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Noncontrolling Interests (Narrative) (Details) - Boston Properties Limited Partnership	Jun. 30, 2023 shares
OP Units [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	16,522,540
LTIP Units [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	2,135,852
2012 OPP and 2013-2020 MYLTIP [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	514,715
MYLTIP 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	349,267
MYLTIP 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	252,151
MYLTIP 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Outstanding	322,053

Stockholders' Equity / Partners' Capital Narrative (Details) $ in Millions		6 Months Ended
	May 17, 2023 USD ($) yr	Jun. 30, 2023 shares	Dec. 31, 2022 shares	May 22, 2020 USD ($)
Class of Stock [Line Items]
Common Stock, Shares, Outstanding		156,853,400	156,757,867
General Partners' Capital Account, Units Outstanding (in units)		1,755,118
Limited Partners' Capital Account, Units Outstanding (in units)		155,098,282
Options exercised		0
Shares of Common Stock issued in connection with redemption of an equal number of OP Units (in shares)		21,346
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period		103,641
Outstanding options		0
ATM Program [Member]
Class of Stock [Line Items]
At The Market Stock Offering Program Aggregate Value Of Common Stock \| $	$ 600.0			$ 600.0
At Market Stock Offering Program Maximum Length Of Sale (in years) \| yr	3

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed contractual payments	$ 629,189	$ 601,351	$ 1,250,835	$ 1,200,958
Variable lease payments	132,315	120,548	267,318	239,061
Sales-type lease income	229	0	455	0
Lease	$ 761,733	$ 721,899	$ 1,518,608	$ 1,440,019

Summary Of Significant Accounting Policies (Policies)	6 Months Ended
Summary Of Significant Accounting Policies (Policies)	Jun. 30, 2023
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, 2022.
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.
Use of Estimates in the Preparation of Financial Statements	The Company bases its estimates on historical experience and on various other assumptions that it considers to be reasonable under the circumstances, including the impact of extraordinary events such as the coronavirus (“COVID-19”) pandemic, the results of which form the basis for making significant judgments about the carrying values of assets and liabilities, assessments of future collectability, and other areas of the financial statements that are impacted by the use of estimates. Actual results may differ from these estimates under different assumptions or conditions.

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lessor, Operating Leases [Text Block]

4. Leases

The Company estimates the collectability of its accrued rent and accounts receivable balances related to lease revenue. When evaluating the collectability of these accrued rent and accounts receivable balances, management considers tenant creditworthiness, current economic trends, including the impact of the COVID-19 pandemic on tenants’ businesses, and changes in tenants’ payment patterns, on a lease-by-lease basis. If the Company determines that the accrued rent and/or accounts receivable balances are no longer probable of collection then the balances are written-off and the lease is recognized on a cash basis.

If applicable, 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 can be found in Note 5.

Lessor

The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and six months ended June 30, 2023 and 2022 and included within the Company's Consolidated Statements of Operations (in thousands):


	Three months ended June 30,				Six months ended June 30,
Lease Revenue	2023		2022		2023		2022
Fixed contractual payments	$	629,189	$	601,351	$	1,250,835	$	1,200,958
Variable lease payments	132,315		120,548		267,318		239,061
Sales-type lease income	229		—		455		—
	$	761,733	$	721,899	$	1,518,608	$	1,440,019

Consolidated Statements Of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Revenue

Lease

$ 761,733

$ 721,899

$ 1,518,608

$ 1,440,019

Total revenue

817,153

773,927

1,620,353

1,528,234

Expenses

Rental

291,036

273,848

582,344

544,103

General and administrative

44,175

34,665

99,977

77,859

Transaction costs

308

496

1,219

496

Depreciation and amortization

202,577

183,146

411,311

360,770

Total expenses

550,866

501,838

1,119,527

1,001,816

Other income (expense)

income (loss() from unconsolidated joint ventures

(6,668)

(54)

(14,237)

2,135

Gains on sales of real estate

96,247

118,948

Interest and other income (loss)

17,343

1,195

28,284

2,423

Other Income - assignment fee

6,624

Gain (Loss) on Investments

1,571

(4,716)

3,236

(6,978)

Unrealized gain on non-real estate investment

124

383

Interest expense

(142,473)

(104,142)

(276,680)

(205,370)

Net income

136,184

267,243

241,812

444,200

Net income attributable to noncontrolling interests

Noncontrolling interests in property partnerships

(19,768)

(18,546)

(38,428)

(36,095)

Noncontrolling interest - common units of the Operating Partnership

(12,117)

(25,708)

(21,169)

(42,061)

Net income attributable to the Company

104,299

222,989

182,215

366,044

Net income attributable to the Company

$ 104,299

$ 222,989

$ 182,215

$ 366,044

Basic earnings per common share / unit attributable to the Company

Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share)

$ 0.67

$ 1.42

$ 1.16

$ 2.33

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

156,826

156,720

156,815

156,685

Diluted earnings per common share / unit attributable to the Company

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

$ 0.66

$ 1.42

$ 1.16

$ 2.33

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

157,218

157,192

157,131

157,098

Boston Properties Limited Partnership

Revenue

Lease

$ 761,733

$ 721,899

$ 1,518,608

$ 1,440,019

Total revenue

817,153

773,927

1,620,353

1,528,234

Expenses

Rental

291,036

273,848

582,344

544,103

General and administrative

44,175

34,665

99,977

77,859

Transaction costs

308

496

1,219

496

Depreciation and amortization

200,895

181,416

407,767

357,302

Total expenses

549,184

500,108

1,115,983

998,348

Other income (expense)

income (loss() from unconsolidated joint ventures

(6,668)

(54)

(14,237)

2,135

Gains on sales of real estate

99,608

122,992

Interest and other income (loss)

17,343

1,195

28,284

2,423

Other Income - assignment fee

6,624

Gain (Loss) on Investments

1,571

(4,716)

3,236

(6,978)

Unrealized gain on non-real estate investment

124

383

Interest expense

(142,473)

(104,142)

(276,680)

(205,370)

Net income

137,866

272,334

245,356

451,712

Net income attributable to noncontrolling interests

Noncontrolling interests in property partnerships

(19,768)

(18,546)

(38,428)

(36,095)

Net income attributable to the Company

118,098

253,788

206,928

415,617

Net income attributable to the Company

$ 118,098

$ 253,788

$ 206,928

$ 415,617

Basic earnings per common share / unit attributable to the Company

Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share)

$ 0.68

$ 1.45

$ 1.18

$ 2.38

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

174,748

174,392

174,693

174,323

Diluted earnings per common share / unit attributable to the Company

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

$ 0.67

$ 1.45

$ 1.18

$ 2.38

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

175,140

174,864

175,009

174,736

Parking and Other [Member]

Revenue

Other revenue

$ 26,984

$ 30,346

$ 50,993

$ 52,080

Parking and Other [Member] | Boston Properties Limited Partnership

Revenue

Other revenue

26,984

30,346

50,993

52,080

Hotel [Member]

Revenue

Other revenue

13,969

^[1]

12,089

^[1]

22,070

^[2]

16,646

^[2]

Expenses

Operating expense

8,161

6,444

14,832

11,284

Hotel [Member] | Boston Properties Limited Partnership

Revenue

Other revenue

13,969

12,089

22,070

16,646

Expenses

Operating expense

8,161

6,444

14,832

11,284

Real Estate, Other [Member]

Revenue

Other revenue

4,609

3,239

9,844

7,304

Expenses

Operating expense

4,609

3,239

9,844

7,304

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

Revenue

Other revenue

4,609

3,239

9,844

7,304

Expenses

Operating expense

4,609

3,239

9,844

7,304

Management Service [Member]

Revenue

Other revenue

9,858

6,354

18,838

12,185

Management Service [Member] | Boston Properties Limited Partnership

Revenue

Other revenue

$ 9,858

$ 6,354

$ 18,838

$ 12,185

[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.
[2]	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.

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

6 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Schedule of Equity Method Investments [Line Items]

Other Liabilities

$ (418,813)

$ (450,918)

Investments in unconsolidated joint ventures

1,780,959

1,715,911

Investments In Affiliates Subsidiaries Associates And Joint Ventures net

^[1]

1,703,032

1,630,485

Unconsolidated Joint Ventures [Member]

Schedule of Equity Method Investments [Line Items]

Other Liabilities

$ (77,900)

(85,400)

Square 407 Limited Partnership [Member]

Schedule of Equity Method Investments [Line Items]

Properties

Market Square North

Ownership Percentage

50.00%

Other Liabilities

^[1]

$ (6,053)

(6,198)

BP/CRF Metropolitan Square LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

Metropolitan Square

Ownership Percentage

20.00%

Other Liabilities

^[1]

$ (37,654)

(37,629)

901 New York Avenue LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

901 New York Avenue

Ownership Percentage

^[2]

25.00%

Other Liabilities

^[1]

$ (12,150)

$ (12,493)

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

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

50.00%

WP Project Developer LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

Wisconsin Place Land and Infrastructure

Ownership Percentage

^[3]

33.33%

Investments in unconsolidated joint ventures

^[1]

$ 31,398

$ 31,971

500 North Capitol Venture LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

500 North Capitol Street, NW

Ownership Percentage

30.00%

Other Liabilities

^[1]

$ (8,559)

(9,185)

501 K Street LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

1001 6th Street

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 43,443

42,922

Podium Developer LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

The Hub on Causeway - Podium

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 44,542

46,839

Residential Tower Developer LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

Hub50House

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 44,214

45,414

Hotel Tower Developer LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

The Hub on Causeway - Hotel Air Rights

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 12,750

12,366

Office Tower Developer LLC

Schedule of Equity Method Investments [Line Items]

Properties

100 Causeway Street

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 59,550

59,716

1265 Main Office JV LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

1265 Main Street

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 3,583

3,465

BNY Tower Holdings LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

Dock 72

Ownership Percentage

^[4]

50.00%

Other Liabilities

^[1]

$ (13,511)

(19,921)

CA-Colorado Center LLC[Member]

Schedule of Equity Method Investments [Line Items]

Properties

Colorado Center

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 235,846

233,862

7750 Wisconsin Avenue LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

7750 Wisconsin Avenue

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 50,789

52,152

BP-M 3HB Venture LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

3 Hudson Boulevard

Ownership Percentage

25.00%

Investments in unconsolidated joint ventures

^[1]

$ 115,878

116,397

SMBP Venture LP [Member]

Schedule of Equity Method Investments [Line Items]

Properties

Santa Monica Business Park

Ownership Percentage

55.00%

Investments in unconsolidated joint ventures

^[1]

$ 161,368

164,735

Platform 16 Holdings LP [Member]

Schedule of Equity Method Investments [Line Items]

Properties

Platform 16

Ownership Percentage

^[5]

55.00%

Investments in unconsolidated joint ventures

^[1]

$ 184,642

158,109

Gateway Portfolio Holdings LLC [Member]

Schedule of Equity Method Investments [Line Items]

Properties

Gateway Commons

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 349,055

324,038

Rosecrans-Sepulveda Partners 4, LLC

Schedule of Equity Method Investments [Line Items]

Properties

Beach Cities Media Campus

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 27,013

27,000

Safeco Plaza REIT LLC

Schedule of Equity Method Investments [Line Items]

Properties

Safeco Plaza

Ownership Percentage

^[6]

33.67%

Investments in unconsolidated joint ventures

^[1]

$ 70,331

69,785

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

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

33.00%

360 PAS Holdco LLC

Schedule of Equity Method Investments [Line Items]

Properties

360 Park Avenue South

Ownership Percentage

^[7]

42.21%

Investments in unconsolidated joint ventures

^[1]

$ 112,219

114,992

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

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

35.79%

360 PAS Holdco LLC | Joint Venture Partner [Member] | Scenario, Plan

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

58.00%

PR II BXP Reston Gateway LLC

Schedule of Equity Method Investments [Line Items]

Properties

Reston Next Residential

Ownership Percentage

20.00%

Investments in unconsolidated joint ventures

^[1]

$ 11,796

11,351

751 Gateway Holdings LLC

Schedule of Equity Method Investments [Line Items]

Properties

751 Gateway

Ownership Percentage

49.00%

Investments in unconsolidated joint ventures

^[1]

$ 89,025

80,714

200 Fifth Avenue JV LLC

Schedule of Equity Method Investments [Line Items]

Properties

200 Fifth Avenue

Ownership Percentage

26.69%

Investments in unconsolidated joint ventures

^[1]

$ 116,335

$ 120,083

ABXP Worldgate Investments LLC

Schedule of Equity Method Investments [Line Items]

Properties

13100 and 13150 Worldgate Drive

Ownership Percentage

50.00%

Investments in unconsolidated joint ventures

^[1]

$ 17,182

Entity Owning Land And Infrastructure Of Project [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

33.33%

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

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

1.00%

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

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

1.00%

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

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

1.00%

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

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

1.00%

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

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

5.837%

[1]	Investments with deficit balances aggregating approximately $77.9 million and $85.4 million at June 30, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
[2]	The Company’s economic ownership has increased based on the achievement of certain return thresholds. At June 30, 2023 and December 31, 2022, 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]	This property includes net equity balances from the amenity joint venture.
[5]	At December 31, 2022, this entity was a VIE.
[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 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 through which each partner owns its interest in the joint venture. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.

Summary Of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Summary Of Significant Accounting Policies [Line Items]

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

The Company follows the authoritative guidance for fair value measurements.


Financial Instrument			Level
Unsecured senior notes (1)			Level 1
Related party note receivable			Level 3
Sales-type lease receivable			Level 3
Mortgage notes payable			Level 3
Unsecured line of credit			Level 3
Unsecured term loan			Level 3

_______________

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

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


	June 30, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Related party note receivable, net	$	88,834	$	90,500	$	78,576	$	79,220
Sales-type lease receivable, net	13,250		13,173		12,811		13,045
Total	$	102,084	$	103,673	$	91,387	$	92,265

Mortgage notes payable, net	$	3,274,764	$	2,765,657	$	3,272,368	$	2,744,479
Unsecured senior notes, net	10,985,395		9,751,688		10,237,968		9,135,512
Unsecured line of credit	—		—		—		—
Unsecured term loan, net	1,196,046		1,194,895		730,000		730,000
Total	$	15,456,205	$	13,712,240	$	14,240,336	$	12,609,991

Schedule of Derivative Assets at Fair Value [Table Text Block]

The following table presents the aggregate fair value of the Company’s interest rate swaps as of June 30, 2023 and December 31, 2022 (in thousands):


Fair value	June 30, 2023		December 31, 2022
Interest rate swaps	$	6,445	$	—

Unsecured Credit Facility (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 01, 2023	Jun. 15, 2021	Dec. 31, 2022
Line of Credit Facility [Line Items]
Line of Credit Facility, Expiration Date			Jun. 15, 2026
Line of Credit Facility, Interest Rate Reduction			0.01%
Line of credit facility, maximum percent for loan advances			65.00%
Line of Credit Facility, Commitment Fee Percentage	0.15%
Debt Instrument, Alternate Basis Spread on Variable Rate	0.00%
Long-term Line of Credit	$ 0			$ 0
Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage			0.30%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			1.40%
Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage			0.10%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.70%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.775%
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,500,000
Line of Credit, Additional Borrowing Capacity			$ 500,000
Line of Credit Facility, Interest Rate Description			At BPLP’s option, loans under the 2021 Credit Facility will bear interest at a rate per annum equal to (1) (a) in the case of loans denominated in Dollars, Term SOFR and SOFR, (b) in the case of loans denominated in Euro, EURIBOR, (c) in the case of loans denominated in Canadian Dollars, CDOR, and (d) in the case of loans denominated in Sterling, SONIA, in each case, plus a margin ranging from 70.0 to 140.0 basis points based on BPLP’s credit rating or (2) an alternate base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 40 basis points based on BPLP’s credit rating.
Long-term Line of Credit	$ 0
Revolving Credit Facility [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.10%

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

Jun. 30, 2023

Dec. 31, 2022

Real Estate Properties [Line Items]

Land

$ 5,189,287

$ 5,189,811

Right-of-use assets - finance leases

237,526

237,510

Right of use assets - operating leases

166,421

167,351

Land held for future development

^[1]

637,191

721,501

Buildings and improvements

16,054,447

15,820,724

Tenant improvements

3,345,766

3,200,743

Furniture, Fixtures and Equipment

53,181

50,310

Construction in progress

482,850

406,574

Total

26,166,669

25,794,524

Less: accumulated depreciation

(6,568,568)

(6,298,082)

Total real estate

19,598,101

19,496,442

Boston Properties Limited Partnership

Real Estate Properties [Line Items]

Land

5,094,578

5,095,102

Right-of-use assets - finance leases

237,526

237,510

Right of use assets - operating leases

166,421

167,351

Land held for future development

^[1]

637,191

721,501

Buildings and improvements

15,782,891

15,547,919

Tenant improvements

3,345,766

3,200,743

Furniture, Fixtures and Equipment

53,181

50,310

Construction in progress

482,850

406,574

Total

25,800,404

25,427,010

Less: accumulated depreciation

(6,448,665)

(6,180,474)

Total real estate

$ 19,351,739

$ 19,246,536

[1]	Includes pre-development costs.

Real Estate (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
Real Estate (Narrative) (Details) $ in Thousands	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 01, 2023 ft²	Apr. 29, 2023 ft²	Jan. 30, 2023 ft²	Jan. 05, 2023 ft²
Real Estate Properties [Line Items]
Depreciation and amortization \| $	$ 202,577	$ 183,146	$ 411,311	$ 360,770
Construction in Progress
Real Estate Properties [Line Items]
Net Rentable Area (in sf)	3,100,000		3,100,000
290 Binney
Real Estate Properties [Line Items]
Net Rentable Area (in sf)								566,000
Leased percentage								100.00%
300 Binney Street
Real Estate Properties [Line Items]
Net Rentable Area (in sf)							195,000
Depreciation and amortization \| $			$ 11,000
300 Binney Street \| Construction in Progress
Real Estate Properties [Line Items]
Net Rentable Area (in sf)							236,000
Leased percentage							100.00%
2100 Pennsylvania Avenue
Real Estate Properties [Line Items]
Net Rentable Area (in sf)						476,000
View Boston
Real Estate Properties [Line Items]
Net Rentable Area (in sf)					63,000

Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2023

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 2023 and during the six months ended June 30, 2022:


Record Date	Payment Date	Dividend (Per Share)	Distribution (Per Unit)
June 30, 2023	July 31, 2023	$0.98	$0.98
March 31, 2023	April 28, 2023	$0.98	$0.98
December 30, 2022	January 30, 2023	$0.98	$0.98


June 30, 2022	July 29, 2022	$0.98	$0.98
March 31, 2022	April 29, 2022	$0.98	$0.98
December 31, 2021	January 28, 2022	$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 - 2019 MYLTIP Units and, after the February 3, 2023 measurement date, the 2020 MYLTIP Units) and its distributions on the 2020 MYLTIP Units (prior to the February 3, 2023 measurement date) and 2021 - 2023 MYLTIP Units (after the February 7, 2023 issuance date of the 2023 MYLTIP Units) that occurred during the six months ended June 30, 2023:

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

June 30, 2023

July 31, 2023

$0.98

$0.098

March 31, 2023

April 28, 2023

$0.98

$0.098

December 30, 2022

January 30, 2023

$0.98

$0.098

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 six months ended June 30, 2022:

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

June 30, 2022

July 29, 2022

$0.98

$0.098

March 31, 2022

April 29, 2022

$0.98

$0.098

December 31, 2021

January 28, 2022

$0.98

$0.098

Earnings Per Share / Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic Earnings:
Net income attributable to the Company	$ 104,299	$ 222,989	$ 182,215	$ 366,044
Net income attributable to the company's common shareholders / unitholders (in shares / units)	156,826,000	156,720,000	156,815,000	156,685,000
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit)	$ 0.67	$ 1.42	$ 1.16	$ 2.33
Allocation of undistributed earnings to participating securities		$ (267)		$ (236)
Allocation of undistributed earnings to participating securities (in shares / units)		0		0
Allocation of undistributed earnings to participating securities (in dollars per share / unit)		$ 0		$ 0
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic		$ 222,722		$ 365,808
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares)		156,720,000		156,685,000
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share)	$ 0.67	$ 1.42	$ 1.16	$ 2.33
Effect of Dilutive Securities:
Stock Based Compensation	$ 0	$ 0	$ 0	$ 0
Stock Based Compensation (in shares / units)	392,000	472,000	316,000	413,000
Weighted Average Number Diluted Shares Outstanding Adjustment (per share)	$ (0.01)	$ 0	$ 0	$ 0
Diluted Earnings:
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders	$ 104,299	$ 222,722	$ 182,215	$ 365,808
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units)	157,218,000	157,192,000	157,131,000	157,098,000
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)	$ 0.66	$ 1.42	$ 1.16	$ 2.33
Boston Properties Limited Partnership
Redeemable Common Units	17,922,000	17,672,000	17,878,000	17,638,000
Basic Earnings:
Net income attributable to the Company	$ 118,098	$ 253,788	$ 206,928	$ 415,617
Net income attributable to the company's common shareholders / unitholders (in shares / units)	174,748,000	174,392,000	174,693,000	174,323,000
Net income attributable to the company's common shareholders / unitholders (in dollars per share / unit)	$ 0.68	$ 1.45	$ 1.18	$ 2.38
Allocation of undistributed earnings to participating securities		$ (297)		$ (263)
Allocation of undistributed earnings to participating securities (in shares / units)		0		0
Allocation of undistributed earnings to participating securities (in dollars per share / unit)		$ 0		$ 0
Net Income Available To Common Stockholders After Allocation of Undistributed Earnings to Participating Securities Basic		$ 253,491		$ 415,354
Weighted Average Number Of Shares Outstanding After Allocation of Undistributed Earnings to Participating Securities Basic (in shares)		174,392,000		174,323,000
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share)	$ 0.68	$ 1.45	$ 1.18	$ 2.38
Effect of Dilutive Securities:
Stock Based Compensation	$ 0	$ 0	$ 0	$ 0
Stock Based Compensation (in shares / units)	392,000	472,000	316,000	413,000
Weighted Average Number Diluted Shares Outstanding Adjustment (per share)	$ (0.01)	$ 0	$ 0	$ 0
Diluted Earnings:
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders	$ 118,098	$ 253,491	$ 206,928	$ 415,354
Diluted Earnings: Net income attributable to the Company's common shareholders / unitholders (in shares / units)	175,140,000	174,864,000	175,009,000	174,736,000
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)	$ 0.67	$ 1.45	$ 1.18	$ 2.38

Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Equity Method Investments [Line Items]

Investments In Unconsolidated Joint Ventures

The investments in unconsolidated joint ventures consist of the following at June 30, 2023 and December 31, 2022:


					Carrying Value of Investment (1)
Entity	Properties	Nominal % Ownership			June 30, 2023		December 31, 2022
					(in thousands)
Square 407 Limited Partnership	Market Square North	50.00	%		$	(6,053)	$	(6,198)
BP/CRF Metropolitan Square LLC	Metropolitan Square	20.00	%		(37,654)		(37,629)
901 New York, LLC	901 New York Avenue	25.00	%	(2)	(12,150)		(12,493)
WP Project Developer LLC	Wisconsin Place Land and Infrastructure	33.33	%	(3)	31,398		31,971
500 North Capitol Venture LLC	500 North Capitol Street, NW	30.00	%		(8,559)		(9,185)
501 K Street LLC	1001 6th Street	50.00	%		43,443		42,922
Podium Developer LLC	The Hub on Causeway - Podium	50.00	%		44,542		46,839
Residential Tower Developer LLC	Hub50House	50.00	%		44,214		45,414
Hotel Tower Developer LLC	The Hub on Causeway - Hotel Air Rights	50.00	%		12,750		12,366
Office Tower Developer LLC	100 Causeway Street	50.00	%		59,550		59,716
1265 Main Office JV LLC	1265 Main Street	50.00	%		3,583		3,465
BNY Tower Holdings LLC	Dock 72	50.00	%	(4)	(13,511)		(19,921)

CA-Colorado Center, LLC	Colorado Center	50.00	%		235,846		233,862
7750 Wisconsin Avenue LLC	7750 Wisconsin Avenue	50.00	%		50,789		52,152
BP-M 3HB Venture LLC	3 Hudson Boulevard	25.00	%		115,878		116,397
SMBP Venture LP	Santa Monica Business Park	55.00	%		161,368		164,735
Platform 16 Holdings LP	Platform 16	55.00	%	(5)	184,642		158,109
Gateway Portfolio Holdings LLC	Gateway Commons	50.00	%		349,055		324,038
Rosecrans-Sepulveda Partners 4, LLC	Beach Cities Media Campus	50.00	%		27,013		27,000
Safeco Plaza REIT LLC	Safeco Plaza	33.67	%	(6)	70,331		69,785
360 PAS Holdco LLC	360 Park Avenue South	42.21	%	(7)	112,219		114,992
PR II/BXP Reston Gateway LLC	Reston Next Residential	20.00	%		11,796		11,351
751 Gateway Holdings LLC	751 Gateway	49.00	%		89,025		80,714
200 Fifth Avenue JV LLC	200 Fifth Avenue	26.69	%		116,335		120,083
ABXP Worldgate Investments LLC	13100 and 13150 Worldgate Drive	50.00	%		17,182		N/A
					$	1,703,032	$	1,630,485

_______________

(1)Investments with deficit balances aggregating approximately $77.9 million and $85.4 million at June 30, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.

(2)The Company’s economic ownership has increased based on the achievement of certain return thresholds. At June 30, 2023 and December 31, 2022, 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)This property includes net equity balances from the amenity joint venture.

(5)At December 31, 2022, this entity was a VIE.

(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 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 through which each partner owns its interest in the joint venture. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.

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

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


	June 30, 2023		December 31, 2022
	(in thousands)
ASSETS
Real estate and development in process, net (1)	$	6,748,400	$	6,537,554
Other assets	779,220		756,786
Total assets	$	7,527,620	$	7,294,340
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable, net	$	4,056,181	$	4,022,746
Other liabilities (2)	724,078		716,271
Members’/Partners’ equity	2,747,361		2,555,323
Total liabilities and members’/partners’ equity	$	7,527,620	$	7,294,340
Company’s share of equity	$	1,301,827	$	1,238,929
Basis differentials (3)	401,205		391,556
Carrying value of the Company’s investments in unconsolidated joint ventures (4)	$	1,703,032	$	1,630,485

_______________

(1)At June 30, 2023 and December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At June 30, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.6 million and $21.2 million, respectively.

(2)At June 30, 2023 and December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $379.7 million and $382.2 million, respectively. At June 30, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 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:


	June 30, 2023		December 31, 2022
Property	(in thousands)
Colorado Center	$	300,370	$	301,820
200 Fifth Avenue	96,837		94,497
Gateway Commons	48,078		47,808
Dock 72	(97,232)		(98,980)

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 $77.9 million and $85.4 million at June 30, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.

Statements Of Operations Of The Joint Ventures

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)
Total revenue (1)	$	164,771	$	120,871	$	316,194	$	245,362
Expenses
Operating	61,023		45,353		118,229		90,994
Transaction costs	27		811		101		811
Depreciation and amortization	51,233		43,293		101,211		87,957
Total expenses	112,283		89,457		219,541		179,762
Other income (expense)
Loss from early extinguishment of debt	(3)		—		(3)		(1,327)
Interest expense	(58,799)		(32,219)		(116,049)		(62,592)
Unrealized gain on derivative instruments	14,457		—		3,847		—

Net income (loss)	$	8,143	$	(805)	$	(15,552)	$	1,681

Company’s share of net income (loss)	$	639	$	1,082	$	(6,263)	$	4,476


Basis differential (2)	(7,307)		(1,136)		(7,974)		(2,341)
Income (loss) from unconsolidated joint ventures	$	(6,668)	$	(54)	$	(14,237)	$	2,135

_______________

(1)Includes straight-line rent adjustments of approximately $6.9 million and $17.8 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $13.2 million and $45.3 million for the six months ended June 30, 2023 and 2022, respectively.

(2)Includes straight-line rent adjustments of approximately $0.4 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.7 million and $0.2 million for the six months ended June 30, 2023 and 2022, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.4 million and $0.2 million for the six months ended June 30, 2023 and 2022.

Organization (Details) ft² in Millions	6 Months Ended	12 Months Ended
Organization (Details) ft² in Millions	Jun. 30, 2023 ft² Real_Estate_Properties yr shares	Dec. 31, 2022
Real Estate Properties [Line Items]
Restriction on redemption of OP units from date of issuance (years) \| yr	1
One OP unit is equivalent to one share of Common Stock (in shares) \| shares	1
OP unit conversion rate (in shares) \| shares	1
2012 OPP Units and Vested MYLTIPs
Real Estate Properties [Line Items]
Vesting Period	3 years
Construction in Progress
Real Estate Properties [Line Items]
Number of real estate properties	13
Net Rentable Area (in sf) \| ft²	3.1
Commercial Real Estate Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	191
Net Rentable Area (in sf) \| ft²	54.1
Office and Life Sciences Building [Member]
Real Estate Properties [Line Items]
Number of real estate properties	170
Office and Life Sciences Building [Member] \| Construction in Progress
Real Estate Properties [Line Items]
Number of real estate properties	10
Retail Site [Member]
Real Estate Properties [Line Items]
Number of real estate properties	14
Retail Site [Member] \| Construction in Progress
Real Estate Properties [Line Items]
Number of real estate properties	2
Residential Building
Real Estate Properties [Line Items]
Number of real estate properties	6
Residential Building \| Construction in Progress
Real Estate Properties [Line Items]
Number of real estate properties	1
Hotel [Member]
Real Estate Properties [Line Items]
Number of real estate properties	1
Boston Properties Limited Partnership
Real Estate Properties [Line Items]
General and limited partnership interest in the operating partnership (percent)	89.40%	89.60%

Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively)	$ 25,762,722	$ 25,389,663
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively)	237,526	237,510
Right of use assets - operating leases	166,421	167,351
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively)	(6,568,568)	(6,298,082)
Total real estate	19,598,101	19,496,442
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively)	1,581,575	690,333
Cash held in escrows	46,915	46,479
Investments in securities	33,481	32,277
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively)	91,968	81,389
Related party note receivable, net	88,834	78,576
Sales-type lease receivable, net	13,250	12,811
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively)	1,318,320	1,276,580
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively)	710,820	733,282
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively)	77,457	43,589
Investments in unconsolidated joint ventures	1,780,959	1,715,911
Total assets	25,341,680	24,207,669
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively)	3,274,764	3,272,368
Unsecured senior notes, net	10,985,395	10,237,968
Unsecured line of credit	0	0
Unsecured term loan	1,196,046	730,000
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively)	251,874	249,335
Lease liabilities - operating leases	204,826	204,686
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively)	434,574	417,545
Dividends and distributions payable	171,465	170,643
Accrued interest payable	111,088	103,774
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively)	418,813	450,918
Total liabilities	17,048,845	15,837,237
Redeemable deferred stock units— 108,642 and 97,853 units outstanding at redemption value at June 30, 2023 and December 31, 2022, respectively	$ 6,292	$ 6,613
Excess stock, shares outstanding	0	0
Excess stock, shares issued	0	0
Preferred stock / units, shares / units issued (in shares / units)	0	0
Preferred stock / units, shares / units outstanding (in shares / units)	0	0
Equity / Capital:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	$ 0	$ 0
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding	0	0
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,932,300 and 156,836,767 issued and 156,853,400 and 156,757,867 outstanding at June 30, 2023 and December 31, 2022, respectively	1,569	1,568
Additional paid-in capital	6,561,161	6,539,147
Dividends in excess of earnings	(516,550)	(391,356)
Treasury common stock at cost, 78,900 shares at June 30, 2023 and December 31, 2022	(2,722)	(2,722)
Accumulated other comprehensive loss	(3,406)	(13,718)
Total stockholders' equity attributable to Boston Properties, Inc.	6,040,052	6,132,919
Noncontrolling interests:
Common units of the Operating Partnership	689,123	683,583
Property partnerships	1,557,368	1,547,317
Total equity / capital	8,286,543	8,363,819
Total liabilities and equity / capital	25,341,680	24,207,669
Boston Properties Limited Partnership
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively)	25,396,457	25,022,149
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively)	237,526	237,510
Right of use assets - operating leases	166,421	167,351
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively)	(6,448,665)	(6,180,474)
Total real estate	19,351,739	19,246,536
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively)	1,581,575	690,333
Cash held in escrows	46,915	46,479
Investments in securities	33,481	32,277
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively)	91,968	81,389
Related party note receivable, net	88,834	78,576
Sales-type lease receivable, net	13,250	12,811
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively)	1,318,320	1,276,580
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively)	710,820	733,282
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively)	77,457	43,589
Investments in unconsolidated joint ventures	1,780,959	1,715,911
Total assets	25,095,318	23,957,763
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively)	3,274,764	3,272,368
Unsecured senior notes, net	10,985,395	10,237,968
Unsecured line of credit	0	0
Unsecured term loan	1,196,046	730,000
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively)	251,874	249,335
Lease liabilities - operating leases	204,826	204,686
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively)	434,574	417,545
Dividends and distributions payable	171,465	170,643
Accrued interest payable	111,088	103,774
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively)	418,813	450,918
Total liabilities	17,048,845	15,837,237
Redeemable deferred stock units— 108,642 and 97,853 units outstanding at redemption value at June 30, 2023 and December 31, 2022, respectively	6,292	6,613
Noncontrolling interest:
Redeemable partnership units— 16,522,540 and 16,531,172 common units and 2,135,852 and 1,679,175 long term incentive units outstanding at redemption value at June 30, 2023 and December 31, 2022, respectively	1,135,053	1,280,886
Equity / Capital:
Boston Properties Limited Partnership partners’ capital— 1,755,118 and 1,749,682 general partner units and 155,098,282 and 155,008,185 limited partner units outstanding at June 30, 2023 and December 31, 2022, respectively	5,351,166	5,299,428
Accumulated other comprehensive loss	(3,406)	(13,718)
Total partners’ capital	5,347,760	5,285,710
Noncontrolling interests in property partnerships	1,557,368	1,547,317
Noncontrolling interests:
Total equity / capital	6,905,128	6,833,027
Total liabilities and equity / capital	$ 25,095,318	$ 23,957,763

Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022:


					Carrying Value of Investment (1)
Entity	Properties	Nominal % Ownership			June 30, 2023		December 31, 2022
					(in thousands)
Square 407 Limited Partnership	Market Square North	50.00	%		$	(6,053)	$	(6,198)
BP/CRF Metropolitan Square LLC	Metropolitan Square	20.00	%		(37,654)		(37,629)
901 New York, LLC	901 New York Avenue	25.00	%	(2)	(12,150)		(12,493)
WP Project Developer LLC	Wisconsin Place Land and Infrastructure	33.33	%	(3)	31,398		31,971
500 North Capitol Venture LLC	500 North Capitol Street, NW	30.00	%		(8,559)		(9,185)
501 K Street LLC	1001 6th Street	50.00	%		43,443		42,922
Podium Developer LLC	The Hub on Causeway - Podium	50.00	%		44,542		46,839
Residential Tower Developer LLC	Hub50House	50.00	%		44,214		45,414
Hotel Tower Developer LLC	The Hub on Causeway - Hotel Air Rights	50.00	%		12,750		12,366
Office Tower Developer LLC	100 Causeway Street	50.00	%		59,550		59,716
1265 Main Office JV LLC	1265 Main Street	50.00	%		3,583		3,465
BNY Tower Holdings LLC	Dock 72	50.00	%	(4)	(13,511)		(19,921)

CA-Colorado Center, LLC	Colorado Center	50.00	%		235,846		233,862
7750 Wisconsin Avenue LLC	7750 Wisconsin Avenue	50.00	%		50,789		52,152
BP-M 3HB Venture LLC	3 Hudson Boulevard	25.00	%		115,878		116,397
SMBP Venture LP	Santa Monica Business Park	55.00	%		161,368		164,735
Platform 16 Holdings LP	Platform 16	55.00	%	(5)	184,642		158,109
Gateway Portfolio Holdings LLC	Gateway Commons	50.00	%		349,055		324,038
Rosecrans-Sepulveda Partners 4, LLC	Beach Cities Media Campus	50.00	%		27,013		27,000
Safeco Plaza REIT LLC	Safeco Plaza	33.67	%	(6)	70,331		69,785
360 PAS Holdco LLC	360 Park Avenue South	42.21	%	(7)	112,219		114,992
PR II/BXP Reston Gateway LLC	Reston Next Residential	20.00	%		11,796		11,351
751 Gateway Holdings LLC	751 Gateway	49.00	%		89,025		80,714
200 Fifth Avenue JV LLC	200 Fifth Avenue	26.69	%		116,335		120,083
ABXP Worldgate Investments LLC	13100 and 13150 Worldgate Drive	50.00	%		17,182		N/A
					$	1,703,032	$	1,630,485

_______________

(4)This property includes net equity balances from the amenity joint venture.

(5)At December 31, 2022, this entity was a VIE.

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:


	June 30, 2023		December 31, 2022
	(in thousands)
ASSETS
Real estate and development in process, net (1)	$	6,748,400	$	6,537,554
Other assets	779,220		756,786
Total assets	$	7,527,620	$	7,294,340
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable, net	$	4,056,181	$	4,022,746
Other liabilities (2)	724,078		716,271
Members’/Partners’ equity	2,747,361		2,555,323
Total liabilities and members’/partners’ equity	$	7,527,620	$	7,294,340
Company’s share of equity	$	1,301,827	$	1,238,929
Basis differentials (3)	401,205		391,556
Carrying value of the Company’s investments in unconsolidated joint ventures (4)	$	1,703,032	$	1,630,485

_______________


	June 30, 2023		December 31, 2022
Property	(in thousands)
Colorado Center	$	300,370	$	301,820
200 Fifth Avenue	96,837		94,497
Gateway Commons	48,078		47,808
Dock 72	(97,232)		(98,980)

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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)
Total revenue (1)	$	164,771	$	120,871	$	316,194	$	245,362
Expenses
Operating	61,023		45,353		118,229		90,994
Transaction costs	27		811		101		811
Depreciation and amortization	51,233		43,293		101,211		87,957
Total expenses	112,283		89,457		219,541		179,762
Other income (expense)
Loss from early extinguishment of debt	(3)		—		(3)		(1,327)
Interest expense	(58,799)		(32,219)		(116,049)		(62,592)
Unrealized gain on derivative instruments	14,457		—		3,847		—

Net income (loss)	$	8,143	$	(805)	$	(15,552)	$	1,681

Company’s share of net income (loss)	$	639	$	1,082	$	(6,263)	$	4,476


Basis differential (2)	(7,307)		(1,136)		(7,974)		(2,341)
Income (loss) from unconsolidated joint ventures	$	(6,668)	$	(54)	$	(14,237)	$	2,135

_______________

On January 31, 2023, the Company acquired a 50% interest in a joint venture that owns 13100 and 13150 Worldgate Drive located in Herndon, Virginia for a gross purchase price of approximately $17.0 million. The acquisition was completed with available cash. 13100 and 13150 Worldgate Drive consists of two vacant office buildings aggregating approximately 350,000 rentable square feet and a 1,200-space structured parking deck situated on a 10-acre site. The joint venture intends to redevelop the property for residential use. There can be no assurance that the joint venture will commence the development as currently contemplated or at all.

On April 21, 2023, a joint venture in which the Company owns a 50% interest exercised an option to extend the maturity date of the construction loan collateralized by its 7750 Wisconsin Avenue property. Prior to the extension, the loan had a total commitment amount of approximately $252.6 million, bore interest at a variable rate equal to London interbank offered rate (“LIBOR”) plus 1.25% per annum and was scheduled to mature on April 26, 2023, with two, one-year extension options, subject to certain conditions. The extended loan continued to bear interest at LIBOR plus 1.25% per annum through June 1, 2023 after which, the interest rate was converted to a variable rate equal to Term Secured Overnight Finance Rate (“SOFR”) plus 1.35% per annum. The extended loan now matures on April 26, 2024, with a one-year extension option, subject to certain conditions. 7750 Wisconsin Avenue is a premier workplace with approximately 734,000 net rentable square feet located in Bethesda, Maryland.

On June 5, 2023, a joint venture in which the Company owns a 30% interest repaid the existing construction loan collateralized by its 500 North Capitol Street, NW property and obtained new mortgage loans with related parties. At the time of the pay off, the outstanding balance of the loan totaled approximately $105.0 million and the loan was scheduled to mature on June 6, 2023. The new mortgage loans have an aggregate principal balance of $105.0 million, bear interest at a weighted average fixed rate of 6.83% per annum and mature on June 5, 2026. The Company’s portion of the mortgage loans, $10.5 million, has been reflected as a Related Party Note

Receivable on the Company’s Consolidated Balance Sheets. 500 North Capitol Street, NW is an approximately 231,000 net rentable square foot premier workplace in Washington, DC.

On June 28, 2023, a joint venture in which the Company owns a 25% interest exercised an option to extend by 30 days the maturity date of the loan collateralized by its 3 Hudson Boulevard property. At the time of the modification, the outstanding balance of the loan totaled $80.0 million, bore interest at a variable rate equal to LIBOR plus 3.50% per annum and was scheduled to mature on July 13, 2023, with two extension options (30 days and 180 days, respectively), subject to certain conditions. The modified loan continued to bear interest at a variable rate equal to LIBOR plus 3.50% per annum for the period from June 28, 2023 through July 6, 2023. As of June 30, 2023, the loan had approximately $23.2 million of accrued interest due at the maturity date, August 13, 2023. For the period commencing on July 7, 2023 through the maturity date, the modified loan will bear interest at a variable rate equal to Term SOFR plus approximately 3.61% per annum. The modified loan now matures on August 13, 2023, with one 180 days extension option, subject to certain conditions. 3 Hudson Boulevard consists of land and improvements held for future development located in New York, New York.

During the three months ended June 30, 2023, a joint venture in which the Company has a 55% interest elected to pause vertical construction on Platform 16 in San Jose, California. Platform 16 was planned to be constructed in phases to best accommodate market demand. The first phase of the development project included the construction of an approximately 390,000 net rentable square foot premier workplace building and below-grade parking garage. The joint venture intends to complete the construction of the below-grade parking garage and building foundation elements over the next several months to facilitate a restart of construction in the future as demand improves.

Derivative Instruments and Hedging Activities (Details) - Interest Rate Swap - USD ($) $ in Thousands		3 Months Ended
	May 02, 2023	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative, Swap Type		Interest Rate Swaps
Derivative, Notional Amount	$ 1,200,000	$ 1,200,000
Derivative, Maturity Date	May 16, 2024	May 16, 2024
Fair Value Hedge Assets		$ 6,445	$ 0
Minimum [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate		4.638%
Maximum [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate		4.646%

Noncontrolling Interests Common Units Distributions (Details) - $ / shares	Apr. 28, 2023	Jan. 30, 2023	Jul. 29, 2022	Apr. 29, 2022	Jan. 28, 2022	Jun. 20, 2023
Dividends Payable [Line Items]
Distributions Payable, Amount Per Unit						$ 0.98
Dividends, Per Unit, Cash Paid	$ 0.98	$ 0.98	$ 0.98	$ 0.98	$ 0.98
Boston Properties Limited Partnership
Dividends Payable [Line Items]
Distributions Payable, Amount Per Unit						0.98
Dividends, Per Unit, Cash Paid	0.98	0.98	0.98	0.98	0.98
Boston Properties Limited Partnership \| Op units and LTIP units
Dividends Payable [Line Items]
Distributions Payable, Amount Per Unit						0.98
Dividends, Per Unit, Cash Paid	0.98	0.98	0.98	0.98	0.98
Boston Properties Limited Partnership \| Unvested MYLTIP Units [Member]
Dividends Payable [Line Items]
Distributions Payable, Amount Per Unit						$ 0.098
Dividends, Per Unit, Cash Paid	$ 0.098	$ 0.098	$ 0.098	$ 0.098	$ 0.098

Subsequent Events (Details) $ in Thousands	Aug. 01, 2023 ft²	Jul. 28, 2023 USD ($) ft² Integer	Jul. 27, 2023 USD ($)	Jul. 20, 2023 ft²	Jun. 30, 2023
Office Tower Developer LLC
Subsequent Event [Line Items]
Ownership Percentage					50.00%
Subsequent Event [Member] \| 140 Kendrick Street - Building A
Subsequent Event [Line Items]
Net Rentable Area (in sf)				104,000
Subsequent Event [Member] \| 100 Causeway Street [Member] \| Unconsolidated Properties
Subsequent Event [Line Items]
Net Rentable Area (in sf)		634,000
Leased percentage		95.00%
Subsequent Event [Member] \| 100 Causeway Street [Member] \| Office Tower Developer LLC
Subsequent Event [Line Items]
Ownership Percentage		50.00%
Subsequent Event [Member] \| 100 Causeway Street [Member] \| Construction Loans
Subsequent Event [Line Items]
Debt \| $		$ 336,600	$ 340,600
Extension Option (in years) \| Integer		1
Repayments of Construction Loans Payable \| $		$ 4,000
Subsequent Event [Member] \| 100 Causeway Street [Member] \| Construction Loans \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Debt Instrument, Description of Variable Rate Basis		Term SOFR	Term SOFR
Debt Instrument, Basis Spread on Variable Rate		1.48%	1.60%
Subsequent Event [Member] \| 100 Causeway Street [Member] \| Extended Maturity \| Construction Loans
Subsequent Event [Line Items]
Fiscal Period Duration		1 year
Subsequent Event [Member] \| 343 Madison Avenue
Subsequent Event [Line Items]
Ownership Percentage		55.00%
Subsequent Event [Member] \| 343 Madison Avenue \| Unconsolidated Properties
Subsequent Event [Line Items]
Net Rentable Area (in sf)		900,000
Subsequent Event [Member] \| 343 Madison Avenue \| Ground Lease Term of Contract \| Unconsolidated Properties
Subsequent Event [Line Items]
Fiscal Period Duration	99 years
Land Subject to Ground Leases	25,000
Subsequent Event [Member] \| Unconsolidated Joint Ventures [Member] \| 343 Madison Avenue
Subsequent Event [Line Items]
Ownership Percentage		45.00%

Earnings Per Share / Common Unit

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share / Common Unit

12. Earnings Per Share / Common Unit

BXP

The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. 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. 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 - 2020 MYLTIP Units required, and the 2021 - 2023 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 June 30, 2023
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc.	$	104,299	156,826	$	0.67


Effect of Dilutive Securities:
Stock Based Compensation	—		392	(0.01)
Diluted Earnings:
Net income attributable to Boston Properties, Inc.	$	104,299	157,218	$	0.66

	Three months ended June 30, 2022
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc.	$	222,989	156,720	$	1.42
Allocation of undistributed earnings to participating securities	(267)		—	—
Net income attributable to Boston Properties, Inc.	222,722		156,720	1.42
Effect of Dilutive Securities:
Stock Based Compensation	—		472	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc.	$	222,722	157,192	$	1.42


	Six months ended June 30, 2023
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc.	$	182,215	156,815	$	1.16


Effect of Dilutive Securities:
Stock Based Compensation	—		316	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc.	$	182,215	157,131	$	1.16


	Six months ended June 30, 2022
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc.	$	366,044	156,685	$	2.33
Allocation of undistributed earnings to participating securities	(236)		—	—
Net income attributable to Boston Properties, Inc.	365,808		156,685	2.33
Effect of Dilutive Securities:
Stock Based Compensation	—		413	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc.	$	365,808	157,098	$	2.33

BPLP

The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership 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 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 - 2020 MYLTIP Units required, and the 2021 - 2023 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 17,922,000 and 17,672,000 redeemable common units for the three months ended June 30, 2023 and 2022, respectively, and 17,878,000 and 17,638,000 redeemable common units for the six months ended June 30, 2023 and 2022, respectively.


	Three months ended June 30, 2023
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:
Net income attributable to Boston Properties Limited Partnership	$	118,098	174,748	$	0.68


Effect of Dilutive Securities:
Stock Based Compensation	—		392	(0.01)
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership	$	118,098	175,140	$	0.67


	Three months ended June 30, 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	$	253,788	174,392	$	1.45
Allocation of undistributed earnings to participating securities	(297)		—	—
Net income attributable to Boston Properties Limited Partnership	253,491		174,392	1.45
Effect of Dilutive Securities:
Stock Based Compensation	—		472	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership	$	253,491	174,864	$	1.45


	Six months ended June 30, 2023
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:
Net income attributable to Boston Properties Limited Partnership	$	206,928	174,693	$	1.18


Effect of Dilutive Securities:
Stock Based Compensation	—		316	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership	$	206,928	175,009	$	1.18

	Six months ended June 30, 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	$	415,617	174,323	$	2.38
Allocation of undistributed earnings to participating securities	(263)		—	—
Net income attributable to Boston Properties Limited Partnership	415,354		174,323	2.38
Effect of Dilutive Securities:
Stock Based Compensation	—		413	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership	$	415,354	174,736	$	2.38

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Segment Reporting Information [Line Items]

Rental Revenue: Class A Office

$ 776,464

^[1]

$ 735,333

^[1]

$ 1,545,622

^[2]

$ 1,462,221

^[2]

Rental Revenue: Residential

12,253

^[1]

16,912

^[1]

23,979

^[2]

29,878

^[2]

Rental Revenue Total

$ 802,686

^[1]

$ 764,334

^[1]

$ 1,591,671

^[2]

$ 1,508,745

^[2]

Rental Revenue: % of Grand Totals

100.00%

Rental Expenses: Class A Office

$ 285,253

$ 264,030

$ 571,098

$ 527,853

Rental Expenses: Residential

5,783

9,818

11,246

16,250

Rental Expenses: Total

$ 299,197

$ 280,292

$ 597,176

$ 555,387

Rental Expenses: % Of Grand Totals

100.00%

Net Operating Income

$ 503,489

$ 484,042

$ 994,495

$ 953,358

Net Operating Income: % of Grand Totals

100.00%

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

100.00%

Boston [Member]

Segment Reporting Information [Line Items]

Rental Revenue: Class A Office

$ 269,464

^[1]

$ 244,936

^[1]

$ 539,415

^[2]

$ 487,014

^[2]

Rental Revenue: Residential

4,124

^[1]

3,748

^[1]

8,173

^[2]

7,344

^[2]

Rental Revenue Total

$ 287,557

^[1]

$ 260,773

^[1]

$ 569,658

^[2]

$ 511,004

^[2]

Rental Revenue: % of Grand Totals

35.83%

34.11%

35.79%

33.87%

Rental Expenses: Class A Office

$ 95,597

$ 87,027

$ 195,646

$ 177,555

Rental Expenses: Residential

1,601

1,492

3,153

2,929

Rental Expenses: Total

$ 105,359

$ 94,963

$ 213,631

$ 191,768

Rental Expenses: % Of Grand Totals

35.21%

33.88%

35.78%

34.53%

Net Operating Income

$ 182,198

$ 165,810

$ 356,027

$ 319,236

Net Operating Income: % of Grand Totals

36.19%

34.25%

35.80%

33.49%

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

36.08%

34.44%

35.75%

33.70%

Los Angeles [Member]

Segment Reporting Information [Line Items]

Rental Revenue: Class A Office

$ 0

^[1]

$ 0

^[1]

$ 0

^[2]

$ 0

^[2]

Rental Revenue: Residential

^[1]

^[2]

Rental Revenue Total

$ 0

^[1]

$ 0

^[1]

$ 0

^[2]

$ 0

^[2]

Rental Revenue: % of Grand Totals

0.00%

Rental Expenses: Class A Office

$ 0

Rental Expenses: Residential

Rental Expenses: Total

$ 0

Rental Expenses: % Of Grand Totals

0.00%

Net Operating Income

$ 0

Net Operating Income: % of Grand Totals

0.00%

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

2.56%

2.81%

2.65%

2.90%

New York [Member]

Segment Reporting Information [Line Items]

Rental Revenue: Class A Office

$ 262,979

^[1]

$ 254,264

^[1]

$ 521,171

^[2]

$ 511,134

^[2]

Rental Revenue: Residential

^[1]

^[2]

Rental Revenue Total

$ 262,979

^[1]

$ 254,264

^[1]

$ 521,171

^[2]

$ 511,134

^[2]

Rental Revenue: % of Grand Totals

32.76%

33.27%

32.74%

33.88%

Rental Expenses: Class A Office

$ 102,948

$ 95,363

$ 205,433

$ 191,703

Rental Expenses: Residential

Rental Expenses: Total

$ 102,948

$ 95,363

$ 205,433

$ 191,703

Rental Expenses: % Of Grand Totals

34.41%

34.02%

34.40%

34.52%

Net Operating Income

$ 160,031

$ 158,901

$ 315,738

$ 319,431

Net Operating Income: % of Grand Totals

31.78%

32.83%

31.75%

33.51%

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

25.47%

25.95%

25.43%

26.57%

San Francisco [Member]

Segment Reporting Information [Line Items]

Rental Revenue: Class A Office

$ 136,241

^[1]

$ 133,707

^[1]

$ 272,334

^[2]

$ 266,082

^[2]

Rental Revenue: Residential

3,864

^[1]

5,850

^[1]

7,506

^[2]

8,241

^[2]

Rental Revenue Total

$ 140,105

^[1]

$ 139,557

^[1]

$ 279,840

^[2]

$ 274,323

^[2]

Rental Revenue: % of Grand Totals

17.45%

18.26%

17.58%

18.18%

Rental Expenses: Class A Office

$ 48,197

$ 45,201

$ 94,282

$ 88,609

Rental Expenses: Residential

2,215

5,145

4,388

7,013

Rental Expenses: Total

$ 50,412

$ 50,346

$ 98,670

$ 95,622

Rental Expenses: % Of Grand Totals

16.85%

17.96%

16.52%

17.22%

Net Operating Income

$ 89,693

$ 89,211

$ 181,170

$ 178,701

Net Operating Income: % of Grand Totals

17.81%

18.43%

18.22%

18.74%

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

18.69%

19.58%

19.13%

19.87%

Seattle

Segment Reporting Information [Line Items]

Rental Revenue: Class A Office

$ 17,060

^[1]

$ 6,472

$ 31,318

^[2]

$ 6,472

^[2]

Rental Revenue: Residential

^[1]

^[2]

Rental Revenue Total

$ 17,060

^[1]

$ 6,472

$ 31,318

^[2]

$ 6,472

^[2]

Rental Revenue: % of Grand Totals

2.13%

0.85%

1.97%

0.43%

Rental Expenses: Class A Office

$ 3,082

$ 1,680

$ 6,042

$ 1,680

Rental Expenses: Residential

Rental Expenses: Total

$ 3,082

$ 1,680

$ 6,042

$ 1,680

Rental Expenses: % Of Grand Totals

1.03%

0.60%

1.01%

0.30%

Net Operating Income

$ 13,978

$ 4,792

$ 25,276

$ 4,792

Net Operating Income: % of Grand Totals

2.78%

0.99%

2.54%

0.50%

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

3.19%

1.43%

2.95%

0.93%

Washington, DC [Member]

Segment Reporting Information [Line Items]

Rental Revenue: Class A Office

$ 90,720

^[1]

$ 95,954

^[1]

$ 181,384

^[2]

$ 191,519

^[2]

Rental Revenue: Residential

4,265

^[1]

7,314

^[1]

8,300

^[2]

14,293

^[2]

Rental Revenue Total

$ 94,985

^[1]

$ 103,268

^[1]

$ 189,684

^[2]

$ 205,812

^[2]

Rental Revenue: % of Grand Totals

11.83%

13.51%

11.92%

13.64%

Rental Expenses: Class A Office

$ 35,429

$ 34,759

$ 69,695

$ 68,306

Rental Expenses: Residential

1,967

3,181

3,705

6,308

Rental Expenses: Total

$ 37,396

$ 37,940

$ 73,400

$ 74,614

Rental Expenses: % Of Grand Totals

12.50%

13.54%

12.29%

13.43%

Net Operating Income

$ 57,589

$ 65,328

$ 116,284

$ 131,198

Net Operating Income: % of Grand Totals

11.44%

13.50%

11.69%

13.76%

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

14.01%

15.79%

14.09%

16.03%

Hotel [Member]

Segment Reporting Information [Line Items]

Other revenue

$ 13,969

^[1]

$ 12,089

^[1]

$ 22,070

^[2]

$ 16,646

^[2]

Operating expense

8,161

6,444

14,832

11,284

Hotel [Member] | Boston [Member]

Segment Reporting Information [Line Items]

Other revenue

13,969

^[1]

12,089

^[1]

22,070

^[2]

16,646

^[2]

Operating expense

8,161

6,444

14,832

11,284

Hotel [Member] | Los Angeles [Member]

Segment Reporting Information [Line Items]

Other revenue

^[1]

^[2]

Operating expense

Hotel [Member] | New York [Member]

Segment Reporting Information [Line Items]

Other revenue

^[1]

^[2]

Operating expense

Hotel [Member] | San Francisco [Member]

Segment Reporting Information [Line Items]

Other revenue

^[1]

^[2]

Operating expense

Hotel [Member] | Seattle

Segment Reporting Information [Line Items]

Other revenue

^[1]

^[2]

Operating expense

Hotel [Member] | Washington, DC [Member]

Segment Reporting Information [Line Items]

Other revenue

^[1]

^[2]

Operating expense

Noncontrolling interest - property partnerships [Member]

Segment Reporting Information [Line Items]

Net Operating Income

(47,958)

(47,862)

(95,055)

(94,917)

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

Segment Reporting Information [Line Items]

Net Operating Income

(11,343)

(11,377)

(22,160)

(23,112)

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

Segment Reporting Information [Line Items]

Net Operating Income

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

Segment Reporting Information [Line Items]

Net Operating Income

(36,615)

(36,485)

(72,895)

(71,805)

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

Segment Reporting Information [Line Items]

Net Operating Income

Noncontrolling interest - property partnerships [Member] | Seattle

Segment Reporting Information [Line Items]

Net Operating Income

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

Segment Reporting Information [Line Items]

Net Operating Income

Unconsolidated Joint Ventures [Member] | Boston [Member]

Segment Reporting Information [Line Items]

Net Operating Income

8,771

8,134

17,348

17,827

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

Segment Reporting Information [Line Items]

Net Operating Income

12,768

13,247

25,993

27,004

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

Segment Reporting Information [Line Items]

Net Operating Income

3,363

7,013

(138)

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

Segment Reporting Information [Line Items]

Net Operating Income

3,332

3,183

6,796

6,364

Unconsolidated Joint Ventures [Member] | Seattle

Segment Reporting Information [Line Items]

Net Operating Income

1,878

1,944

3,724

3,899

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

Segment Reporting Information [Line Items]

Net Operating Income

12,142

9,184

22,136

18,075

Company's Share [Member]

Segment Reporting Information [Line Items]

Net Operating Income

497,785

471,890

982,450

931,472

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

Segment Reporting Information [Line Items]

Net Operating Income

179,626

162,567

351,215

313,951

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

Segment Reporting Information [Line Items]

Net Operating Income

12,768

13,247

25,993

27,004

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

Segment Reporting Information [Line Items]

Net Operating Income

126,779

122,434

249,856

247,488

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

Segment Reporting Information [Line Items]

Net Operating Income

93,025

92,394

187,966

185,065

Company's Share [Member] | Seattle

Segment Reporting Information [Line Items]

Net Operating Income

15,856

6,736

29,000

8,691

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

Segment Reporting Information [Line Items]

Net Operating Income

$ 69,731

$ 74,512

$ 138,420

$ 149,273

[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.
[2]	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.

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

Jun. 30, 2023

May 15, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Senior Notes

$ 10,985,395

$ 10,237,968

Boston Properties Limited Partnership

Debt Instrument [Line Items]

Senior Notes

10,985,395

$ 10,237,968

Boston Properties Limited Partnership | Senior Notes

Debt Instrument [Line Items]

Debt

11,050,000

Debt Instrument, Unamortized Discount

14,831

Debt Issuance Costs, Net

$ 49,774

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.125%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

3.279%

Debt

$ 500,000

Long-term Debt, Maturity Date

^[2]

Sep. 01, 2023

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.80%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

3.916%

Debt

$ 700,000

Long-term Debt, Maturity Date

^[2]

Feb. 01, 2024

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.20%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

3.35%

Debt

$ 850,000

Long-term Debt, Maturity Date

^[2]

Jan. 15, 2025

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.65%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

3.766%

Debt

$ 1,000,000

Long-term Debt, Maturity Date

^[2]

Feb. 01, 2026

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

2.75%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

3.495%

Debt

$ 1,000,000

Long-term Debt, Maturity Date

^[2]

Oct. 01, 2026

Boston Properties Limited Partnership | Senior Notes | 6.924% unsecured senior notes

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.75%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

6.924%

Debt

$ 750,000

Long-term Debt, Maturity Date

^[2]

Dec. 01, 2027

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.50%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

4.628%

Debt

$ 1,000,000

Long-term Debt, Maturity Date

^[2]

Dec. 01, 2028

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.40%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

3.505%

Debt

$ 850,000

Long-term Debt, Maturity Date

^[2]

Jun. 21, 2029

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

2.90%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

2.984%

Debt

$ 700,000

Long-term Debt, Maturity Date

^[2]

Mar. 15, 2030

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.25%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

3.343%

Debt

$ 1,250,000

Long-term Debt, Maturity Date

^[2]

Jan. 30, 2031

Boston Properties Limited Partnership | Senior Notes | 2.671% unsecured senior notes

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

2.55%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

2.671%

Debt

$ 850,000

Long-term Debt, Maturity Date

^[2]

Apr. 01, 2032

Boston Properties Limited Partnership | Senior Notes | 2.524% unsecured senior notes

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

2.45%

Debt Instrument, Interest Rate, Effective Percentage

^[1]

2.524%

Debt

$ 850,000

Long-term Debt, Maturity Date

^[2]

Oct. 01, 2033

Boston Properties Limited Partnership | Senior Notes | 6.619% unsecured senior notes

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.50%

Debt Instrument, Interest Rate, Effective Percentage

6.619%

^[1]

6.619%

Debt

$ 750,000

Long-term Debt, Maturity Date

^[2]

Jan. 15, 2034

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

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following summarizes the unsecured senior notes outstanding as of June 30, 2023 (dollars in thousands):


	Coupon/Stated Rate		Effective Rate(1)		Principal Amount		Maturity Date(2)
10.5 Year Unsecured Senior Notes	3.125	%	3.279	%	$	500,000	September 1, 2023
10.5 Year Unsecured Senior Notes	3.800	%	3.916	%	700,000		February 1, 2024
7 Year Unsecured Senior Notes	3.200	%	3.350	%	850,000		January 15, 2025
10 Year Unsecured Senior Notes	3.650	%	3.766	%	1,000,000		February 1, 2026
10 Year Unsecured Senior Notes	2.750	%	3.495	%	1,000,000		October 1, 2026
5 Year Unsecured Senior Notes	6.750	%	6.924	%	750,000		December 1, 2027
10 Year Unsecured Senior Notes	4.500	%	4.628	%	1,000,000		December 1, 2028
10 Year Unsecured Senior Notes	3.400	%	3.505	%	850,000		June 21, 2029
10.5 Year Unsecured Senior Notes	2.900	%	2.984	%	700,000		March 15, 2030
10.75 Year Unsecured Senior Notes	3.250	%	3.343	%	1,250,000		January 30, 2031
11 Year Unsecured Senior Notes	2.550	%	2.671	%	850,000		April 1, 2032
12 Year Unsecured Senior Notes	2.450	%	2.524	%	850,000		October 1, 2033
10.7 Year Unsecured Senior Notes	6.500	%	6.619	%	750,000		January 15, 2034
Total principal					11,050,000
Less:
Net unamortized discount					14,831
Deferred financing costs, net					49,774
Total					$	10,985,395

_______________

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

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

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Schedule of Equity Method Investments [Line Items]

Total revenue

$ 817,153

$ 773,927

$ 1,620,353

$ 1,528,234

Expenses

Transaction costs

308

496

1,219

496

Depreciation and amortization

202,577

183,146

411,311

360,770

Total expenses

550,866

501,838

1,119,527

1,001,816

Other income (expense)

Interest expense

(142,473)

(104,142)

(276,680)

(205,370)

Gains on sales of real estate

96,247

118,948

Net income

136,184

267,243

241,812

444,200

Income (Loss) from Equity Method Investments

(6,668)

(54)

(14,237)

2,135

Unconsolidated Joint Ventures [Member]

Schedule of Equity Method Investments [Line Items]

Total revenue

^[1]

164,771

120,871

316,194

245,362

Expenses

Operating

61,023

45,353

118,229

90,994

Transaction costs

811

101

811

Depreciation and amortization

51,233

43,293

101,211

87,957

Total expenses

112,283

89,457

219,541

179,762

Other income (expense)

Losses from early extinguishment of debt

(3)

(1,327)

Interest expense

(58,799)

(32,219)

(116,049)

(62,592)

Unrealized gain on derivative instruments

14,457

(3,847)

Net income

8,143

(805)

(15,552)

1,681

Company's share of net income (loss)

639

1,082

(6,263)

4,476

Basis differential

^[2]

(7,307)

(1,136)

(7,974)

(2,341)

Income (Loss) from Equity Method Investments

(6,668)

(54)

(14,237)

2,135

Straight Line Rent Adjustments

6,900

17,800

13,200

45,300

Above and below market rent adjustments, net

200

100

400

200

Colorado Center [Member] | Unconsolidated Joint Ventures [Member]

Other income (expense)

Straight Line Rent Adjustments

$ 400

$ 100

$ 700

$ 200

[1]

Includes straight-line rent adjustments of approximately $6.9 million and $17.8 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $13.2 million and $45.3 million for the six months ended June 30, 2023 and 2022, respectively.

[2]

Includes straight-line rent adjustments of approximately $0.4 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.7 million and $0.2 million for the six months ended June 30, 2023 and 2022, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.4 million and $0.2 million for the six months ended June 30, 2023 and 2022.

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

7. Derivative Instruments and Hedging Activities

On May 2, 2023, BPLP entered into four interest rate swap contracts with notional amounts aggregating $1.2 billion. BPLP entered into these interest rate swap contracts to reduce its exposure to the variability in future cash flows attributable to changes in the 2023 Unsecured Term Loan interest rate. These interest rate swaps were entered into to fix Term SOFR, the reference rate for BPLP’s 2023 Unsecured Term Loan, at a weighted-average rate of 4.6420% for the period commencing on May 4, 2023 and ending on May 16, 2024 (see Note 6). For the period from May 4, 2023 through June 30, 2023, the Company recognized approximately $(0.9) million of interest expense related to its interest rate swap contracts.

BPLP assesses the effectiveness of its hedges both at inception and on an ongoing basis. If the hedges are deemed to be effective, the fair value is recorded in “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets and is subsequently reclassified into “Interest expense” in the Company’s Consolidated Statements of Operations in the period that the hedged forecasted transactions affect earnings. BPLP’s derivative financial instruments are cash flow hedges that are designated as effective hedges, and are carried at their estimated fair value on a recurring basis (See Note 2). The Company did not incur any ineffectiveness during the three months ended June 30, 2023.

BPLP’s interest rate swap contracts consisted of the following at June 30, 2023 (dollars in thousands):


Derivative Instrument	Aggregate Notional Amount				Strike Rate Range					Balance Sheet Location
			Effective Date	Maturity Date	Low			High			Fair Value
Interest Rate Swaps	$	1,200,000	May 4, 2023	May 16, 2024	4.638	%	—	4.646	%	Prepaid expenses and other assets	$	6,445


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1)	$	14,965	$	35	$	8,427	$	7,600


Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2)	$	1,674	$	1,677	$	3,349	$	3,353
Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing	$	—	$	—	$	—	$	—

_______________

(1)Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties.

(2)Consists of amounts from previous interest rate programs.

BPLP has formally documented all of its relationships between hedge instruments and hedging items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income (loss) and equity.

BPLP’s agreements with the swap derivative counterparties contain provisions whereby if BPLP defaults on the underlying indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then BPLP could also be declared in default of the swap derivative obligation. As of June 30, 2023, the Company had not posted any collateral related to the agreements.

Investment in Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands								3 Months Ended		6 Months Ended		59 Months Ended
	Jul. 07, 2023	Jun. 28, 2023	Jun. 27, 2023 USD ($)	Jun. 02, 2023	Apr. 21, 2023 ft² Year	Apr. 20, 2023 USD ($)	Jan. 31, 2023 USD ($) ft² a Building Vehicles	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft²	Jun. 05, 2023 USD ($) ft²	Jun. 04, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Interest and Other Income								$ 17,343	$ 1,195	$ 28,284	$ 2,423
Related party note receivable								$ 88,834		$ 88,834		$ 88,834			$ 78,576
3 Hudson Boulevard [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage								25.00%		25.00%		25.00%
Interest and Other Income												$ 23,200
Worldgate Drive \| Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Ownership Percentage							50.00%
Payments to Acquire Interest in Joint Venture							$ 17,000
Net Rentable Area (in sf) \| ft²							350,000
Number of buildings \| Building							2
Number of parking space \| Vehicles							1,200
Area of Land \| a							10
7750 Wisconsin Avenue [Member] \| Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Ownership Percentage					50.00%
Net Rentable Area (in sf) \| ft²					734,000
Construction Loan						$ 252,600
Debt Instrument, Description of Variable Rate Basis				Term Secured Overnight Finance Rate (“SOFR”)	LIBOR	London interbank offered rate (“LIBOR”)
Extension Option (in years)					1	1
Number of extensions						2
7750 Wisconsin Avenue [Member] \| Unconsolidated Properties \| London Interbank Offered Rate (LIBOR)
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.25%	1.25%
7750 Wisconsin Avenue [Member] \| Unconsolidated Properties \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.35%
500 North Capitol Street, NW \| Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Ownership Percentage													30.00%
Net Rentable Area (in sf) \| ft²													231,000
Debt													$ 105,000	$ 105,000
Debt, Weighted Average Interest Rate													6.83%
500 North Capitol Street, NW \| Unconsolidated Properties \| Company's Share [Member]
Schedule of Equity Method Investments [Line Items]
Related party note receivable													$ 10,500
3 Hudson Boulevard [Member] \| Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Ownership Percentage		25.00%
Debt Instrument, Description of Variable Rate Basis		LIBOR	LIBOR
Debt Instrument, Basis Spread on Variable Rate		3.50%	3.50%
Debt			$ 80,000
Number of extensions		1	2
Extension Option (in days)			30 days
Extension Option Two (in days)		180 days	180 days
3 Hudson Boulevard [Member] \| Unconsolidated Properties \| Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Description of Variable Rate Basis	Term SOFR
Debt Instrument, Basis Spread on Variable Rate	3.61%
3 Hudson Boulevard [Member] \| Unconsolidated Properties \| Extended Maturity
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Term		30 days
Platform 16 \| Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Ownership Percentage								55.00%		55.00%		55.00%
Net Rentable Area (in sf) \| ft²								390,000		390,000		390,000

Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Related party note receivable, net	$ 88,834	$ 78,576
Sales-type lease receivable, net	13,250	12,811
Mortgage notes payable, net	3,274,764	3,272,368
Unsecured senior notes, net	10,985,395	10,237,968
Unsecured line of credit	0	0
Unsecured term loan, net	1,196,046	730,000
Carrying Amount [Member]
Summary Of Significant Accounting Policies [Line Items]
Related party note receivable, net	88,834	78,576
Sales-type lease receivable, net	13,250	12,811
Total	102,084	91,387
Mortgage notes payable, net	3,274,764	3,272,368
Unsecured senior notes, net	10,985,395	10,237,968
Unsecured line of credit	0	0
Unsecured term loan, net	1,196,046	730,000
Total	15,456,205	14,240,336
Estimated Fair Value [Member]
Summary Of Significant Accounting Policies [Line Items]
Related party note receivable, net	90,500	79,220
Sales-type lease receivable, net	13,173	13,045
Total	103,673	92,265
Mortgage notes payable, net	2,765,657	2,744,479
Unsecured senior notes, net	9,751,688	9,135,512
Unsecured line of credit	0	0
Unsecured term loan, net	1,194,895	730,000
Total	$ 13,712,240	$ 12,609,991

Organization	6 Months Ended
Organization	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization BXP is a fully integrated, self-administered and self-managed REIT. BXP is the sole general partner of BPLP, its operating partnership, and at June 30, 2023 owned an approximate 89.4% (89.6% at December 31, 2022) general and limited partnership interest in BPLP. Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries. Partnership interests in BPLP include: •common units of partnership interest (also referred to as “OP Units”) and •long term incentive units of partnership interest (also referred to as “LTIP Units”) Unless specifically noted otherwise, all references to OP Units exclude units held by BXP. 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 is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of BXP (“Common Stock”). In lieu of such cash redemption, BXP may elect to acquire the OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that BXP owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock. The Company uses LTIP Units as a form of time-based, restricted equity compensation and as a form of performance-based equity compensation for employees, and has previously granted LTIP Units in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013 - 2023 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance-based and time-based vesting conditions, is convertible into one OP Unit. The three-year measurement periods for the 2012 OPP Units and the 2013 - 2020 MYLTIP Units have ended and BXP’s total stockholder return (“TSR”) was sufficient for employees to earn and therefore become eligible to vest in a portion of the awards. Unless and until they are earned, the rights, preferences and privileges of the 2021 - 2023 MYLTIP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units and the 2013 - 2020 MYLTIP Units, which have been earned). Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2021 - 2023 MYLTIP Units. LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2020 MYLTIP Units), whether vested or not, will receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 9 and 13). Properties At June 30, 2023, the Company owned or had joint venture interests in a portfolio of 191 commercial real estate properties (the “Properties”) aggregating approximately 54.1 million net rentable square feet of primarily premier workplaces, including 13 properties under construction/redevelopment totaling approximately 3.1 million net rentable square feet. At June 30, 2023, the Properties consisted of: •170 office and life sciences properties (including 10 properties under construction/redevelopment); •14 retail properties (including two properties under construction/redevelopment); •six residential properties (including one property under construction); and •one hotel. The Company considers premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings and professionally managed and maintained. As such, these properties attract high-quality clients and command upper-tier rental rates.

Stock Option and Incentive Plan	6 Months Ended
Stock Option and Incentive Plan	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock Option and Incentive Plan	13. Stock Option and Incentive Plan On January 25, 2023, BXP’s Compensation Committee approved the grant of 2023 MYLTIP awards under the Boston Properties, Inc. 2021 Stock Incentive Plan (the “2021 Plan”) to certain executive officers of BXP, effective February 7, 2023. The 2023 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. Total earned awards under the 2023 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 322,053 LTIP Units with a target of approximately 161,026 LTIP Units and linear interpolation between zero and maximum. Earned awards (if any) will vest 100% on February 6, 2026, but, in general, may not be converted, redeemed, sold or otherwise transferred for one additional year thereafter. The 2023 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 2023 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, the Company will also make a “catch-up” cash payment on the 2023 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 2023 MYLTIP Units during the performance period on all of the awarded 2023 MYLTIP Units. Under ASC 718 “Compensation - Stock Compensation,” the 2023 MYLTIP awards have an aggregate value of approximately $13.1 million, which amount will generally be amortized into earnings under the graded vesting method. On February 3, 2023, the measurement period for the Company’s 2020 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 50% of target, or an aggregate of approximately $3.8 million (after giving effect to employee separations). As a result, an aggregate of 152,460 2020 MYLTIP Units that had been previously granted were automatically forfeited. During the six months ended June 30, 2023, BXP issued 73,414 shares of restricted common stock and BPLP issued 427,176 LTIP Units and 322,053 2023 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 2023 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 BXP and BPLP. 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 six months ended June 30, 2023 were valued at approximately $5.4 million. The LTIP Units granted were valued at approximately $29.2 million using a Monte Carlo simulation method model. Because the 2012 OPP Units and 2013 - 2023 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 $14.9 million and $14.6 million for the three months ended June 30, 2023 and 2022, respectively, and $40.9 million and $35.5 million for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, there was (1) an aggregate of approximately $29.2 million of unrecognized compensation expense related to unvested restricted stock, LTIP Units and 2020 MYLTIP Units and (2) an aggregate of approximately $0.8 million of unrecognized compensation expense related to unvested 2021 - 2023 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.7 years.

Summary Of Significant Accounting Policies (Narrative) (Details) - Variable Interest Entity, Primary Beneficiary [Member]	Jun. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Number of VIEs	6
Commercial Real Estate Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of VIEs	5

Stock Option and Incentive Plan Stock and Units (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued \| shares	156,932,300		156,932,300		156,836,767
Stock based compensation expense	$ 14,900	$ 14,600	$ 40,900	$ 35,500
Common Stock, Value, Issued	$ 1,569		$ 1,569		$ 1,568
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued \| shares	73,414		73,414
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value Of LTIP Units Issued			$ 29,200
Unvested Restricted stock and LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Annual Installments for Vesting			4
Boston Properties Limited Partnership \| LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares) \| shares	427,176		427,176
Boston Properties Limited Partnership \| MYLTIP 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued \| shares			322,053
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee and director payment per share (in dollars per share) \| $ / shares			$ 0.01
Common Stock, Value, Issued	$ 5,400		$ 5,400
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) \| $ / shares			$ 0.25
Ltips (including vested MYLTIPS) And Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses	29,200		$ 29,200
Unvested MYLTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses	$ 800		$ 800
Weighted-average period (years)			2 years 8 months 12 days

Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

11. Segment Information

The following tables present reconciliations of Net Income Attributable to Boston Properties, Inc. to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership to the Company’s share of Net Operating Income for the three and six months ended June 30, 2023 and 2022.

BXP


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)
Net income attributable to Boston Properties, Inc.	$	104,299	$	222,989	$	182,215	$	366,044
Add:
Noncontrolling interest—common units of the Operating Partnership	12,117		25,708		21,169		42,061
Noncontrolling interests in property partnerships	19,768		18,546		38,428		36,095
Interest expense	142,473		104,142		276,680		205,370
Net operating income from unconsolidated joint ventures	42,254		35,710		83,010		73,031

Depreciation and amortization expense	202,577		183,146		411,311		360,770
Transaction costs	308		496		1,219		496
Payroll and related costs from management services contracts	4,609		3,239		9,844		7,304
General and administrative expense	44,175		34,665		99,977		77,859
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,958		47,862		95,055		94,917
Unrealized gain on non-real estate investment	124		—		383		—
Gains (losses) from investments in securities	1,571		(4,716)		3,236		(6,978)
Other income - assignment fee	—		6,624		—		6,624
Interest and other income (loss)	17,343		1,195		28,284		2,423
Gains on sales of real estate	—		96,247		—		118,948
Income (loss) from unconsolidated joint ventures	(6,668)		(54)		(14,237)		2,135
Direct reimbursements of payroll and related costs from management services contracts	4,609		3,239		9,844		7,304
Development and management services revenue	9,858		6,354		18,838		12,185
Company’s share of Net Operating Income	$	497,785	$	471,890	$	982,450	$	931,472

BPLP


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)
Net income attributable to Boston Properties Limited Partnership	$	118,098	$	253,788	$	206,928	$	415,617
Add:
Noncontrolling interests in property partnerships	19,768		18,546		38,428		36,095
Interest expense	142,473		104,142		276,680		205,370
Net operating income from unconsolidated joint ventures	42,254		35,710		83,010		73,031

Depreciation and amortization expense	200,895		181,416		407,767		357,302
Transaction costs	308		496		1,219		496
Payroll and related costs from management services contracts	4,609		3,239		9,844		7,304
General and administrative expense	44,175		34,665		99,977		77,859
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,958		47,862		95,055		94,917
Unrealized gain on non-real estate investment	124		—		383		—
Gains (losses) from investments in securities	1,571		(4,716)		3,236		(6,978)
Other income - assignment fee	—		6,624		—		6,624
Interest and other income (loss)	17,343		1,195		28,284		2,423
Gains on sales of real estate	—		99,608		—		122,992
Income (loss) from unconsolidated joint ventures	(6,668)		(54)		(14,237)		2,135
Direct reimbursements of payroll and related costs from management services contracts	4,609		3,239		9,844		7,304
Development and management services revenue	9,858		6,354		18,838		12,185
Company’s share of Net Operating Income	$	497,785	$	471,890	$	982,450	$	931,472

Net operating income (“NOI”) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. and net income attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income attributable to noncontrolling interests, interest expense, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain on non-real estate investment, gains (losses) from investments in securities, other income - assignment fee, interest and other income (loss), gains on sales of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue. The Company believes NOI is useful to investors as a performance measure and believes it provides useful information to investors regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to Boston Properties, Inc. and net income attributable to Boston Properties Limited Partnership. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently.

The Company’s internal reporting utilizes its share of NOI, which includes its share of NOI from consolidated and unconsolidated joint ventures, which is a non-GAAP financial measure that is calculated as the consolidated

amount, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s economic percentage ownership interest and, in some cases, after priority allocations), less the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ economic percentage ownership interests and, in some cases, after priority allocations, income allocation to private REIT shareholders and their share of fees due to the Company). The Company’s share of NOI from unconsolidated joint ventures, as defined above, also does not include its share of losses from early extinguishment of debt from unconsolidated joint ventures and unrealized gain on derivative instruments, both of which are included within Income (Loss) From Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations. Management utilizes its share of NOI in assessing its performance as the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, the presentations of the Company’s share of NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP.

Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Interest expense, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts, corporate general and administrative expense, unrealized gain on non-real estate investment, gains (losses) from investments in securities, other income - assignment fee, interest and other income (loss), gains on sales of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue are not included in NOI and are provided as reconciling items to the Company’s reconciliations of its share of NOI to net income.

The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. The Company also presents information for each segment by property type, including Premier Workplace (which includes office, life sciences and retail), Residential and Hotel.

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

For the three months ended June 30, 2023:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	269,464		$	—		$	262,979		$	136,241		$	17,060		$	90,720		$	776,464
Residential	4,124			—			—			3,864			—			4,265			12,253
Hotel	13,969			—			—			—			—			—			13,969
Total	287,557			—			262,979			140,105			17,060			94,985			802,686
% of Grand Totals	35.83		%	—		%	32.76		%	17.45		%	2.13		%	11.83		%	100.00		%
Rental Expenses:
Premier Workplace	95,597			—			102,948			48,197			3,082			35,429			285,253
Residential	1,601			—			—			2,215			—			1,967			5,783
Hotel	8,161			—			—			—			—			—			8,161
Total	105,359			—			102,948			50,412			3,082			37,396			299,197
% of Grand Totals	35.21		%	—		%	34.41		%	16.85		%	1.03		%	12.50		%	100.00		%
Net operating income	$	182,198		$	—		$	160,031		$	89,693		$	13,978		$	57,589		$	503,489
% of Grand Totals	36.19		%	—		%	31.78		%	17.81		%	2.78		%	11.44		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,343)			—			(36,615)			—			—			—			(47,958)
Add: Company’s share of net operating income from unconsolidated joint ventures	8,771			12,768			3,363			3,332			1,878			12,142			42,254
Company’s share of net operating income	$	179,626		$	12,768		$	126,779		$	93,025		$	15,856		$	69,731		$	497,785
% of Grand Totals	36.08		%	2.56		%	25.47		%	18.69		%	3.19		%	14.01		%	100.00		%

_______________

For the three months ended June 30, 2022:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	244,936		$	—		$	254,264		$	133,707		$	6,472		$	95,954		$	735,333
Residential	3,748			—			—			5,850			—			7,314			16,912
Hotel	12,089			—			—			—			—			—			12,089
Total	260,773			—			254,264			139,557			6,472			103,268			764,334
% of Grand Totals	34.11		%	—		%	33.27		%	18.26		%	0.85		%	13.51		%	100.00		%
Rental Expenses:
Premier Workplace	87,027			—			95,363			45,201			1,680			34,759			264,030
Residential	1,492			—			—			5,145			—			3,181			9,818
Hotel	6,444			—			—			—			—			—			6,444
Total	94,963			—			95,363			50,346			1,680			37,940			280,292
% of Grand Totals	33.88		%	—		%	34.02		%	17.96		%	0.60		%	13.54		%	100.00		%
Net operating income	$	165,810		$	—		$	158,901		$	89,211		$	4,792		$	65,328		$	484,042
% of Grand Totals	34.25		%	—		%	32.83		%	18.43		%	0.99		%	13.50		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,377)			—			(36,485)			—			—			—			(47,862)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	8,134			13,247			18			3,183			1,944			9,184			35,710
Company’s share of net operating income	$	162,567		$	13,247		$	122,434		$	92,394		$	6,736		$	74,512		$	471,890
% of Grand Totals	34.44		%	2.81		%	25.95		%	19.58		%	1.43		%	15.79		%	100.00		%

_______________

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

For the six months ended June 30, 2023:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	539,415		$	—		$	521,171		$	272,334		$	31,318		$	181,384		$	1,545,622
Residential	8,173			—			—			7,506			—			8,300			23,979
Hotel	22,070			—			—			—			—			—			22,070
Total	569,658			—			521,171			279,840			31,318			189,684			1,591,671
% of Grand Totals	35.79		%	—		%	32.74		%	17.58		%	1.97		%	11.92		%	100.00		%
Rental Expenses:
Premier Workplace	195,646			—			205,433			94,282			6,042			69,695			571,098
Residential	3,153			—			—			4,388			—			3,705			11,246
Hotel	14,832			—			—			—			—			—			14,832
Total	213,631			—			205,433			98,670			6,042			73,400			597,176
% of Grand Totals	35.78		%	—		%	34.40		%	16.52		%	1.01		%	12.29		%	100.00		%
Net operating income	$	356,027		$	—		$	315,738		$	181,170		$	25,276		$	116,284		$	994,495
% of Grand Totals	35.80		%	—		%	31.75		%	18.22		%	2.54		%	11.69		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(22,160)			—			(72,895)			—			—			—			(95,055)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	17,348			25,993			7,013			6,796			3,724			22,136			83,010
Company’s share of net operating income	$	351,215		$	25,993		$	249,856		$	187,966		$	29,000		$	138,420		$	982,450
% of Grand Totals	35.75		%	2.65		%	25.43		%	19.13		%	2.95		%	14.09		%	100.00		%

_______________

For the six months ended June 30, 2022:


	Boston			Los Angeles			New York			San Francisco			Seattle				Washington, DC			Total
Rental Revenue: (1)
Premier Workplace	$	487,014		$	—		$	511,134		$	266,082		$	6,472			$	191,519		$	1,462,221
Residential	7,344			—			—			8,241			—				14,293			29,878
Hotel	16,646			—			—			—			—				—			16,646
Total	511,004			—			511,134			274,323			6,472				205,812			1,508,745
% of Grand Totals	33.87		%	—		%	33.88		%	18.18		%	0.43		%		13.64		%	100.00		%
Rental Expenses:
Premier Workplace	177,555			—			191,703			88,609			1,680				68,306			527,853
Residential	2,929			—			—			7,013			—				6,308			16,250
Hotel	11,284			—			—			—			—				—			11,284
Total	191,768			—			191,703			95,622			1,680			—	74,614			555,387
% of Grand Totals	34.53		%	—		%	34.52		%	17.22		%	0.30		%		13.43		%	100.00		%
Net operating income	$	319,236		$	—		$	319,431		$	178,701		$	4,792			$	131,198		$	953,358
% of Grand Totals	33.49		%	—		%	33.51		%	18.74		%	0.50		%		13.76		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(23,112)			—			(71,805)			—			—				—			(94,917)
Add: Company’s share of net operating income (loss) from unconsolidated joint ventures	17,827			27,004			(138)			6,364			3,899				18,075			73,031
Company’s share of net operating income	$	313,951		$	27,004		$	247,488		$	185,065		$	8,691			$	149,273		$	931,472
% of Grand Totals	33.70		%	2.90		%	26.57		%	19.87		%	0.93		%		16.03		%	100.00		%

_______________

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Lessor, Lease, Description [Line Items]

Operating Lease, Lease Income [Table Text Block]


	Three months ended June 30,				Six months ended June 30,
Lease Revenue	2023		2022		2023		2022
Fixed contractual payments	$	629,189	$	601,351	$	1,250,835	$	1,200,958
Variable lease payments	132,315		120,548		267,318		239,061
Sales-type lease income	229		—		455		—
	$	761,733	$	721,899	$	1,518,608	$	1,440,019

Sales-type Lease, Lease Income


	Three months ended June 30,				Six months ended June 30,
Lease Revenue	2023		2022		2023		2022
Fixed contractual payments	$	629,189	$	601,351	$	1,250,835	$	1,200,958
Variable lease payments	132,315		120,548		267,318		239,061
Sales-type lease income	229		—		455		—
	$	761,733	$	721,899	$	1,518,608	$	1,440,019

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Net income

$ 136,184

$ 267,243

$ 241,812

$ 444,200

Other comprehensive income :

Effective portion of interest rate contracts

14,965

8,427

7,600

Amortization of interest rate contracts

^[1]

1,674

1,677

3,349

3,353

Other comprehensive income

16,639

1,712

11,776

10,953

Comprehensive Income

152,823

268,955

253,588

455,153

Net income attributable to noncontrolling interests

(31,885)

(44,254)

(59,597)

(78,156)

Other comprehensive income attributable to noncontrolling interests

(1,831)

(304)

(1,463)

(1,368)

Comprehensive income attributable to the Company

119,107

224,397

192,528

375,629

Boston Properties Limited Partnership

Net income

137,866

272,334

245,356

451,712

Other comprehensive income :

Effective portion of interest rate contracts

14,965

8,427

7,600

Amortization of interest rate contracts

^[2]

1,674

1,677

3,349

3,353

Other comprehensive income

16,639

1,712

11,776

10,953

Comprehensive Income

154,505

274,046

257,132

462,665

Net income attributable to noncontrolling interests

(19,912)

(18,690)

(38,716)

(36,383)

Comprehensive income attributable to the Company

$ 134,593

$ 255,356

$ 218,416

$ 426,282

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

Real Estate (Tables)

6 Months Ended

Jun. 30, 2023

Real Estate Properties [Line Items]

Schedule of Real Estate Properties

BXP

Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Land	$	5,189,287	$	5,189,811
Right of use assets - finance leases	237,526		237,510
Right of use assets - operating leases	166,421		167,351
Land held for future development (1)	637,191		721,501
Buildings and improvements	16,054,447		15,820,724
Tenant improvements	3,345,766		3,200,743
Furniture, fixtures and equipment	53,181		50,310
Construction in progress	482,850		406,574
Total	26,166,669		25,794,524
Less: Accumulated depreciation	(6,568,568)		(6,298,082)
	$	19,598,101	$	19,496,442

_______________

(1)Includes pre-development costs.

Boston Properties Limited Partnership

Real Estate Properties [Line Items]

Schedule of Real Estate Properties

BPLP

Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Land	$	5,094,578	$	5,095,102
Right of use assets - finance leases	237,526		237,510
Right of use assets - operating leases	166,421		167,351
Land held for future development (1)	637,191		721,501
Buildings and improvements	15,782,891		15,547,919
Tenant improvements	3,345,766		3,200,743
Furniture, fixtures and equipment	53,181		50,310
Construction in progress	482,850		406,574
Total	25,800,404		25,427,010
Less: Accumulated depreciation	(6,448,665)		(6,180,474)
	$	19,351,739	$	19,246,536

_______________

(1)Includes pre-development costs.

Cover - $ / shares	6 Months Ended
Cover - $ / shares	Jun. 30, 2023	Jul. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-13087
Entity Registrant Name	BOSTON PROPERTIES, INC.
Entity Central Index Key	0001037540
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2473675
Entity Address, Address Line One	Prudential Center, 800 Boylston Street, Suite 1900
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02199-8103
City Area Code	617
Local Phone Number	236-3300
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Listing, Par Value Per Share	$ 0.01
Trading Symbol	BXP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		156,864,549
Boston Properties Limited Partnership
Entity Information [Line Items]
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Entity File Number	0-50209
Entity Registrant Name	BOSTON PROPERTIES LIMITED PARTNERSHIP
Entity Central Index Key	0001043121
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3372948
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively)	$ 25,762,722	$ 25,389,663
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively)	237,526	237,510
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively)	(6,568,568)	(6,298,082)
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively)	1,581,575	690,333
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively)	91,968	81,389
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively)	1,318,320	1,276,580
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively)	710,820	733,282
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively)	77,457	43,589
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively)	3,274,764	3,272,368
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively)	251,874	249,335
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively)	434,574	417,545
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively)	$ 418,813	$ 450,918
Reedemable deferred stock units, units	108,642	97,853
Limited Partners' Capital Account, Units Outstanding (in units)	155,098,282
General Partners' Capital Account, Units Outstanding (in units)	1,755,118
Excess stock, par value	$ 0.01	$ 0.01
Excess stock, shares authorized	150,000,000	150,000,000
Excess stock, shares outstanding	0	0
Excess stock, shares issued	0	0
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock / units, shares / units issued (in shares / units)	0	0
Preferred stock / units, shares / units outstanding (in shares / units)	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	156,932,300	156,836,767
Common Stock, Shares, Outstanding	156,853,400	156,757,867
Treasury common stock at cost, shares	78,900	78,900
Boston Properties Limited Partnership
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively)	$ 25,396,457	$ 25,022,149
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively)	237,526	237,510
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively)	(6,448,665)	(6,180,474)
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively)	1,581,575	690,333
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively)	91,968	81,389
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively)	1,318,320	1,276,580
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively)	710,820	733,282
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively)	77,457	43,589
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively)	3,274,764	3,272,368
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively)	251,874	249,335
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively)	434,574	417,545
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively)	$ 418,813	$ 450,918
Reedemable deferred stock units, units	108,642	97,853
Limited Partners' Capital Account, Units Outstanding (in units)	155,098,282	155,008,185
General Partners' Capital Account, Units Outstanding (in units)	1,755,118	1,749,682
NonControlling Interest Redeemable Partnership Units Common Units Shares Outstanding	16,522,540	16,531,172
NonControlling Interest Redeemable Partnership Units Common Units Long Term Incentive Units At Redemption Value Shares Outstanding	2,135,852	1,679,175
Variable Interest Entity, Primary Beneficiary [Member]
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively)	$ 6,870,107	$ 6,789,029
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively)	21,000	21,000
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively)	(1,434,592)	(1,381,401)
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively)	256,201	259,658
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively)	13,921	16,521
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively)	382,622	367,138
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively)	172,655	176,597
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively)	13,534	11,647
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively)	3,274,764	3,272,368
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively)	20,675	20,604
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively)	57,852	29,466
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively)	101,301	114,232
Variable Interest Entity, Primary Beneficiary [Member] \| Boston Properties Limited Partnership
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively)	6,870,107	6,789,029
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively)	21,000	21,000
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively)	(1,434,592)	(1,381,401)
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively)	256,201	259,658
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively)	13,921	16,521
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively)	382,622	367,138
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively)	172,655	176,597
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively)	13,534	11,647
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively)	3,274,764	3,272,368
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively)	20,675	20,604
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively)	57,852	29,466
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively)	$ 101,301	$ 114,232

Earnings Per Share / Common Unit (Tables)

6 Months Ended

Jun. 30, 2023

Entity Information [Line Items]

Computation Of Basic And Diluted Earnings Per Share / Unit


	Three months ended June 30, 2023
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc.	$	104,299	156,826	$	0.67


Effect of Dilutive Securities:
Stock Based Compensation	—		392	(0.01)
Diluted Earnings:
Net income attributable to Boston Properties, Inc.	$	104,299	157,218	$	0.66

	Three months ended June 30, 2022
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc.	$	222,989	156,720	$	1.42
Allocation of undistributed earnings to participating securities	(267)		—	—
Net income attributable to Boston Properties, Inc.	222,722		156,720	1.42
Effect of Dilutive Securities:
Stock Based Compensation	—		472	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc.	$	222,722	157,192	$	1.42


	Six months ended June 30, 2023
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc.	$	182,215	156,815	$	1.16


Effect of Dilutive Securities:
Stock Based Compensation	—		316	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc.	$	182,215	157,131	$	1.16


	Six months ended June 30, 2022
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc.	$	366,044	156,685	$	2.33
Allocation of undistributed earnings to participating securities	(236)		—	—
Net income attributable to Boston Properties, Inc.	365,808		156,685	2.33
Effect of Dilutive Securities:
Stock Based Compensation	—		413	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc.	$	365,808	157,098	$	2.33

Boston Properties Limited Partnership

Entity Information [Line Items]

Computation Of Basic And Diluted Earnings Per Share / Unit


	Three months ended June 30, 2023
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:
Net income attributable to Boston Properties Limited Partnership	$	118,098	174,748	$	0.68


Effect of Dilutive Securities:
Stock Based Compensation	—		392	(0.01)
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership	$	118,098	175,140	$	0.67


	Three months ended June 30, 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	$	253,788	174,392	$	1.45
Allocation of undistributed earnings to participating securities	(297)		—	—
Net income attributable to Boston Properties Limited Partnership	253,491		174,392	1.45
Effect of Dilutive Securities:
Stock Based Compensation	—		472	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership	$	253,491	174,864	$	1.45


	Six months ended June 30, 2023
	Income (Numerator)		Units (Denominator)	Per Unit Amount
	(in thousands, except for per unit amounts)
Basic Earnings:
Net income attributable to Boston Properties Limited Partnership	$	206,928	174,693	$	1.18


Effect of Dilutive Securities:
Stock Based Compensation	—		316	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership	$	206,928	175,009	$	1.18

	Six months ended June 30, 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	$	415,617	174,323	$	2.38
Allocation of undistributed earnings to participating securities	(263)		—	—
Net income attributable to Boston Properties Limited Partnership	415,354		174,323	2.38
Effect of Dilutive Securities:
Stock Based Compensation	—		413	—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership	$	415,354	174,736	$	2.38

Unsecured Term Loan (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jan. 04, 2023 USD ($) mo Rate	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Unsecured term loan \| $	$ 1,196,046		$ 730,000
2022 Unsecured Term Loan
Debt Instrument [Line Items]
Repayments of Unsecured Debt \| $		$ 730,000
Payment for Debt Extinguishment or Debt Prepayment Cost \| $		0
2023 Unsecured Term Loan
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity \| $		1,200,000
Line of Credit, Additional Borrowing Capacity \| $		$ 300,000
Debt Instrument, Maturity Date		May 16, 2024
Number of extensions		1
Extension Option (in months) \| mo		12
Proceeds from Unsecured Lines of Credit \| $		$ 1,200,000
Debt Instrument, Basis Spread on Variable Rate \| Rate		1.00%
Debt Instrument, Interest Rate Terms		At BPLP’s option, loans under the 2023 Unsecured Term Loan will bear interest at a rate per annum equal to (1) a base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR for a one-month period plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 60 basis points based on BPLP’s credit rating; or (2) a rate equal to adjusted Term SOFR with a one-month period plus a margin ranging from 75 to 160 basis points based on BPLP’s credit rating. Based on BPLP’s credit rating upon entry into the credit agreement, the base rate margin is 0 basis points and the Term SOFR margin is 0.85%.
Unsecured term loan \| $	$ 1,200,000
2023 Unsecured Term Loan \| Minimum [Member]
Debt Instrument [Line Items]
Number of Additional Term Loans		1
2023 Unsecured Term Loan \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate		0.50%
2023 Unsecured Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate		1.00%
2023 Unsecured Term Loan \| Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.00%
2023 Unsecured Term Loan \| Base Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate		0.60%
2023 Unsecured Term Loan \| Base Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate		0.00%
2023 Unsecured Term Loan \| Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.85%	0.85%
2023 Unsecured Term Loan \| Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate		1.60%
2023 Unsecured Term Loan \| Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate		0.75%

Commitments And Contingencies (Details) $ in Thousands	6 Months Ended
Commitments And Contingencies (Details) $ in Thousands	Jun. 30, 2023 USD ($) ft² Real_Estate_Properties
Commitments And Contingencies [Line Items]
Letter of credit and performance obligations	$ 21,600
Property insurance program per occurrence limits	1,000,000
Per occurrence limit for NBCR Coverage	1,000,000
Value of program trigger	$ 200,000
Coinsurance of program trigger	20.00%
Program trigger deductible	20.00%
Per occurrence limit of the earthquake insurance which covers San Francisco and Los Angeles regions	$ 330,000
Annual aggregate limit of the earthquake insurance which covers San Francisco and Los Angeles regions	330,000
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco and Los Angeles	$ 30,000
Deductible in insurance as a percentage of the value of the affected property, San Francisco and Los Angeles	5.00%
Per Occurrence Limit of Earthquake Insurance Seattle	$ 110,000
Annual Aggregate Limit of Earthquake Insurance Seattle	$ 110,000
Earthquake Deductible Insurance Percentage of Value of the Affected Property Seattle	2.00%
Boston Properties Limited Partnership
Commitments And Contingencies [Line Items]
Operating partnership guarantee to cover liabilities of IXP	$ 20,000
767 Venture, LLC [Member]
Commitments And Contingencies [Line Items]
Maximum funding obligation	11,200
Property insurance program per occurrence limits	1,625,000
601 Lexington Avenue
Commitments And Contingencies [Line Items]
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP	1,350,000
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Property and Terrorism	750,000
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP - Terrorism	600,000
Sum of Coverage Covered by IXP and Excess Coverage for Property and Terrorism	$ 1,750,000
Residential Properties [Member] \| Scenario, Plan
Commitments And Contingencies [Line Items]
Net Rentable Area (in sf) \| ft²	400,000
Office and Life Sciences Building [Member]
Commitments And Contingencies [Line Items]
Number of real estate properties \| Real_Estate_Properties	170
Office and Life Sciences Building [Member] \| Scenario, Plan
Commitments And Contingencies [Line Items]
Net Rentable Area (in sf) \| ft²	1,100,000
Number of real estate properties	2

Noncontrolling Interests

6 Months Ended

Jun. 30, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interest Disclosure [Text Block]

9. 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 June 30, 2023, the noncontrolling interests in BPLP consisted of 16,522,540 OP Units, 2,135,852 LTIP Units (including 514,715 LTIP Units earned by employees under the Company’s multi-year long-term incentive awards granted between 2012 and 2020 (i.e., 2012 OPP and 2013 - 2020 MYLTIP awards)), 349,267 2021 MYLTIP Units, 252,151 2022 MYLTIP Units and 322,053 2023 MYLTIP Units held by parties other than BXP.

Noncontrolling Interest—Common Units

During the six months ended June 30, 2023, 21,346 OP Units were presented by the holders for redemption (including an aggregate of 21,346 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 June 30, 2023, BPLP had outstanding 349,267 2021 MYLTIP Units, 252,151 2022 MYLTIP Units and 322,053 2023 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 three-year performance period for each plan has ended, (1) 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 and (2) with respect to the 2021 - 2023 MYLTIP, the Company will make a “catch-up” cash payment on the MYLTIP Units that are ultimately earned in an amount equal to the regular and special dividends, if any, declared during the performance period on Common Stock, less the distributions actually paid during the performance period on all of the awarded 2021 - 2023 MYLTIP Units.

On February 3, 2023, the measurement period for the Company’s 2020 MYLTIP awards ended and, based on BXP’s relative TSR performance, the final payout was determined to be 50% of target, or an aggregate of approximately $3.8 million (after giving effect to employee separations). As a result, an aggregate of 152,460 2020 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

June 30, 2023

July 31, 2023

$0.98

$0.098

March 31, 2023

April 28, 2023

$0.98

$0.098

December 30, 2022

January 30, 2023

$0.98

$0.098

Record Date

Payment Date

Distributions per OP Unit and LTIP Unit

Distributions per MYLTIP Unit

June 30, 2022

July 29, 2022

$0.98

$0.098

March 31, 2022

April 29, 2022

$0.98

$0.098

December 31, 2021

January 28, 2022

$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 (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2020 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at June 30, 2023 was approximately $1.1 billion based on the last reported price of a share of Common Stock on the New York Stock Exchange of $57.59 per share on June 30, 2023.

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 $1.6 billion and $1.5 billion at June 30, 2023 and December 31, 2022, respectively, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.