v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
11. Segment Information
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Makers (“CODM”). The CODM decides how resources should be allocated and assesses performance on a recurring basis, at least quarterly. The Company’s CODMs are its Chief Executive Officer and President. The CODMs review operating performance and financial reports by geographic area and property type. In addition, given the size of the Company’s joint venture portfolio, the CODMs utilize the Company’s share of net operating income (“NOI”), which includes the Company’s share of NOI from consolidated and unconsolidated joint ventures, as its profit or loss measure in assessing each segment’s performance and deciding how to allocate resources.
The Company’s share of NOI is used by the CODMs to evaluate the profitability and performance of each geographic area on a consistent and comparable basis, supporting decisions on capital resource allocation, including in connection with development, redevelopment, acquisition and disposition activities in each segment. Additionally, the Company believes its share of NOI is useful as a profit or loss measure and believes it provides useful information 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 BXP, Inc. and net income attributable to Boston Properties Limited Partnership.
Asset information by segment is not reported because the Company and the CODMs are not provided with the segment asset information and therefore do not use this measure to assess performance or allocate resources. Asset values for the Company’s properties are reported in the Consolidated Balance Sheets at historical cost, which may not reflect current market values. Therefore, depreciation and amortization expense is not allocated among segments. The following are not included in the Company’s share of NOI as they are not necessarily linked to the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level: development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gain on sale of real estate, interest and other income (loss), gains from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, impairment loss, loss from early extinguishment of debt, interest expense and net income attributable to noncontrolling interests. The Company’s share of NOI presented may not be comparable to what is reported by other REITs or real estate companies that define NOI differently.
The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. The Company also presents information for each segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel. The Company shows the different property types as the revenue from each type is derived from non-comparable lease structures.
The following tables present reconciliations of Company’s share of NOI to Net Income Attributable to BXP, Inc. and Net Income Attributable to Boston Properties Limited Partnership for the three and six months ended June 30, 2025 and 2024.
BXP
 Three months ended June 30,Six months ended June 30,
2025202420252024
(in thousands)
Company’s share of NOI$493,547 $492,913 $988,325 $990,593 
Add:
Development and management services revenue8,846 6,352 18,621 12,506 
Direct reimbursements of payroll and related costs from management services contracts
4,104 4,148 8,603 8,441 
Income (loss) from unconsolidated joint ventures(3,324)(5,799)(5,463)13,387 
Gain on sale of real estate18,390 — 18,390 — 
Interest and other income (loss)8,063 10,788 15,813 25,317 
Gains from investments in securities2,600 315 2,235 2,587 
Unrealized gain (loss) on non-real estate investments(39)58 (522)454 
Net operating income attributable to noncontrolling interests in property partnerships
51,562 47,391 101,264 93,961 
Less:
General and administrative expense42,516 44,109 94,800 94,127 
Payroll and related costs from management services contracts
4,104 4,148 8,603 8,441 
Transaction costs357 189 1,125 702 
Depreciation and amortization expense223,819 219,542 443,926 438,258 
Loss on sales-type lease— — 2,490 — 
Net operating income from unconsolidated joint ventures31,029 31,587 63,711 67,017 
Impairment loss— — — 13,615 
Loss from early extinguishment of debt— — 338 — 
Interest expense162,783 149,642 326,227 311,533 
Net Income119,141 106,949 206,046 213,553 
Less:
Noncontrolling interests in property partnerships20,100 17,825 38,849 35,046 
Noncontrolling interest—common units of the Operating Partnership
10,064 9,509 17,036 19,009 
Net income attributable to BXP, Inc.$88,977 $79,615 $150,161 $159,498 
BPLP
 Three months ended June 30,Six months ended June 30,
 2025202420252024
(in thousands)
Company’s share of NOI$493,547 $492,913 $988,325 $990,593 
Add:
Development and management services revenue8,846 6,352 18,621 12,506 
Direct reimbursements of payroll and related costs from management services contracts
4,104 4,148 8,603 8,441 
Income (loss) from unconsolidated joint ventures(3,324)(5,799)(5,463)13,387 
Gain on sale of real estate18,489 — 18,489 — 
Interest and other income (loss)8,063 10,788 15,813 25,317 
Gains from investments in securities2,600 315 2,235 2,587 
Unrealized gain (loss) on non-real estate investments(39)58 (522)454 
Net operating income attributable to noncontrolling interests in property partnerships
51,562 47,391 101,264 93,961 
Less:
General and administrative expense42,516 44,109 94,800 94,127 
Payroll and related costs from management services contracts
4,104 4,148 8,603 8,441 
Transaction costs357 189 1,125 702 
Depreciation and amortization expense222,116 217,839 440,520 434,858 
Loss on sales-type lease— — 2,490 — 
Net operating income from unconsolidated joint ventures31,029 31,587 63,711 67,017 
Impairment loss— — — 13,615 
Loss from early extinguishment of debt— — 338 — 
Interest expense162,783 149,642 326,227 311,533 
Net Income120,943 108,652 209,551 216,953 
Less:
Noncontrolling interests in property partnerships20,100 17,825 38,849 35,046 
Net income attributable to Boston Properties Limited Partnership$100,843 $90,827 $170,702 $181,907 
The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three and six months ended June 30, 2025 and 2024.
 Three months ended June 30,Six months ended June 30,
2025202420252024
(in thousands)
Revenue$868,457 $850,482 $1,733,672 $1,689,921 
Less:
Development and management services8,846 6,352 18,621 12,506 
Direct reimbursements of payroll and related costs from management services contracts4,104 4,148 8,603 8,441 
Total rental revenue$855,507 $839,982 $1,706,448 $1,668,974 
The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three and six months ended June 30, 2025 and 2024 (dollars in thousands).
For the three months ended June 30, 2025:
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal
Rental Revenue:
Office$303,822 $17,616 $264,089 $125,380 $12,112 $105,183 $828,202 
Residential4,400 — — 3,355 — 4,777 12,532 
Hotel14,773 — — — — — 14,773 
Total322,995 17,616 264,089 128,735 12,112 109,960 855,507 
% of Grand Totals37.75 %2.06 %30.87 %15.05 %1.42 %12.85 %100.00 %
Rental Expenses:
Office111,235 6,950 114,676 49,632 2,986 40,005 325,484 
Residential1,673 — — 2,804 — 2,101 6,578 
Hotel9,365 — — — — — 9,365 
Total122,273 6,950 114,676 52,436 2,986 42,106 341,427 
% of Grand Totals35.81 %2.04 %33.59 %15.36 %0.87 %12.33 %100.00 %
Net operating income$200,722 $10,666 $149,413 $76,299 $9,126 $67,854 $514,080 
% of Grand Totals39.05 %2.07 %29.06 %14.84 %1.78 %13.20 %100.00 %
Less: Net operating income attributable to noncontrolling interests in property partnerships(15,728)— (35,834)— — — (51,562)
Add: Company’s share of net operating income from unconsolidated joint ventures9,070 7,053 1,511 4,198 2,277 6,920 31,029 
Company’s share of net operating income$194,064 $17,719 $115,090 $80,497 $11,403 $74,774 $493,547 
% of Grand Totals39.32 %3.59 %23.32 %16.31 %2.31 %15.15 %100.00 %
For the three months ended June 30, 2024:
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal
Rental Revenue:
Office$285,352 $18,472 $261,805 $131,709 $10,520 $105,086 $812,944 
Residential4,272 — — 3,318 — 4,636 12,226 
Hotel14,812 — — — — — 14,812 
Total304,436 18,472 261,805 135,027 10,520 109,722 839,982 
% of Grand Totals36.25 %2.20 %31.17 %16.07 %1.25 %13.06 %100.00 %
Rental Expenses:
Office108,908 6,767 108,476 48,668 3,290 39,578 315,687 
Residential1,543 — — 2,169 — 2,027 5,739 
Hotel9,839 — — — — — 9,839 
Total120,290 6,767 108,476 50,837 3,290 41,605 331,265 
% of Grand Totals36.31 %2.04 %32.75 %15.35 %0.99 %12.56 %100.00 %
Net operating income$184,146 $11,705 $153,329 $84,190 $7,230 $68,117 $508,717 
% of Grand Totals36.20 %2.30 %30.14 %16.55 %1.42 %13.39 %100.00 %
Less: Net operating income attributable to noncontrolling interests in property partnerships(10,924)— (36,467)— — — (47,391)
Add: Company’s share of net operating income from unconsolidated joint ventures8,691 7,035 3,158 4,411 1,938 6,354 31,587 
Company’s share of net operating income$181,913 $18,740 $120,020 $88,601 $9,168 $74,471 $492,913 
% of Grand Totals36.91 %3.80 %24.35 %17.97 %1.86 %15.11 %100.00 %
For the six months ended June 30, 2025:
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal
Rental Revenue:
Office$609,111 $34,781 $527,514 $251,188 $24,103 $210,501 $1,657,198 
Residential8,529 — — 6,858 — 9,493 24,880 
Hotel24,370 — — — — — 24,370 
Total642,010 34,781 527,514 258,046 24,103 219,994 1,706,448 
% of Grand Totals37.63 %2.04 %30.91 %15.12 %1.41 %12.89 %100.00 %
Rental Expenses:
Office228,120 13,446 224,637 98,184 5,982 80,796 651,165 
Residential3,481 — — 4,944 — 4,050 12,475 
Hotel16,930 — — — — — 16,930 
Total248,531 13,446 224,637 103,128 5,982 84,846 680,570 
% of Grand Totals36.51 %1.98 %33.01 %15.15 %0.88 %12.47 %100.00 %
Net operating income$393,479 $21,335 $302,877 $154,918 $18,121 $135,148 $1,025,878 
% of Grand Totals38.36 %2.08 %29.52 %15.10 %1.77 %13.17 %100.00 %
Less: Net operating income attributable to noncontrolling interests in property partnerships(31,029)— (70,235)— — — (101,264)
Add: Company’s share of net operating income from unconsolidated joint ventures17,521 14,405 5,024 8,779 4,534 13,448 63,711 
Company’s share of net operating income$379,971 $35,740 $237,666 $163,697 $22,655 $148,596 $988,325 
% of Grand Totals38.44 %3.62 %24.05 %16.56 %2.29 %15.04 %100.00 %
For the six months ended June 30, 2024:
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal
Rental Revenue:
Office$565,818 $38,873 $522,614 $264,323 $21,430 $208,008 $1,621,066 
Residential8,468 — — 7,276 — 9,166 24,910 
Hotel22,998 — — — — — 22,998 
Total597,284 38,873 522,614 271,599 21,430 217,174 1,668,974 
% of Grand Totals35.80 %2.33 %31.31 %16.27 %1.28 %13.01 %100.00 %
Rental Expenses:
Office214,079 13,334 215,957 95,610 6,371 78,807 624,158 
Residential3,136 — — 4,387 — 3,902 11,425 
Hotel15,854 — — — — — 15,854 
Total233,069 13,334 215,957 99,997 6,371 82,709 651,437 
% of Grand Totals35.77 %2.05 %33.15 %15.35 %0.98 %12.70 %100.00 %
Net operating income$364,215 $25,539 $306,657 $171,602 $15,059 $134,465 $1,017,537 
% of Grand Totals35.80 %2.51 %30.14 %16.86 %1.48 %13.21 %100.00 %
Less: Net operating income attributable to noncontrolling interests in property partnerships(21,980)— (71,981)— — — (93,961)
Add: Company’s share of net operating income from unconsolidated joint ventures17,448 14,283 9,142 9,565 3,814 12,765 67,017 
Company’s share of net operating income$359,683 $39,822 $243,818 $181,167 $18,873 $147,230 $990,593 
% of Grand Totals36.31 %4.02 %24.61 %18.29 %1.91 %14.86 %100.00 %