v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,917,248 and $7,797,430 at June 30, 2025 and December 31, 2024, respectively) $ 28,428,074 $ 27,870,623
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2025 and December 31, 2024, respectively) 372,839 372,922
Right of use assets - operating leases (amounts related to VIEs of $131,751 and $140,558 at June 30, 2025 and December 31, 2024, respectively) 325,670 334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,698,752) and $(1,628,274) at June 30, 2025 and December 31, 2024, respectively) (7,863,743) (7,528,057)
Total real estate 21,262,840 21,050,255
Cash and cash equivalents (amounts related to VIEs of $319,475 and $373,737 at June 30, 2025 and December 31, 2024, respectively) 446,953 1,254,882
Cash held in escrows (amounts related to VIEs of $4,997 and $4,979 at June 30, 2025 and December 31, 2024, respectively) 80,888 80,314
Investments in securities 41,062 39,706
Tenant and other receivables, net (amounts related to VIEs of $31,572 and $20,435 at June 30, 2025 and December 31, 2024, respectively) 109,683 107,453
Related party notes receivable, net 6,711 4,947
Sales-type lease receivable, net 15,188 14,657
Accrued rental income, net (amounts related to VIEs of $452,950 and $435,110 at June 30, 2025 and December 31, 2024, respectively) 1,509,347 1,466,220
Deferred charges, net (amounts related to VIEs of $208,365 and $211,726 at June 30, 2025 and December 31, 2024, respectively) 809,033 813,345
Prepaid expenses and other assets (amounts related to VIEs of $18,569 and $15,036 at June 30, 2025 and December 31, 2024, respectively) 89,624 70,839
Investments in unconsolidated joint ventures 1,161,036 1,093,583
Total assets 25,621,190 26,084,980
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,284,449 and $3,282,027 at June 30, 2025 and December 31, 2024, respectively) 4,278,788 4,276,609
Unsecured senior notes, net 9,800,577 10,645,077
Unsecured line of credit 185,000 0
Unsecured term loans, net 796,640 798,813
Unsecured commercial paper 750,000 500,000
Lease liabilities - finance leases (amounts related to VIEs of $21,010 and $20,931 at June 30, 2025 and December 31, 2024, respectively) 365,897 370,885
Lease liabilities - operating leases (amounts related to VIEs of $163,981 and $157,691 at June 30, 2025 and December 31, 2024, respectively) 399,174 392,686
Accounts payable and accrued expenses (amounts related to VIEs of $144,822 and $115,808 at June 30, 2025 and December 31, 2024, respectively) 480,158 401,874
Dividends and distributions payable 172,732 172,486
Accrued interest payable 120,975 128,098
Other liabilities (amounts related to VIEs of $93,554 and $126,202 at June 30, 2025 and December 31, 2024, respectively) 416,838 450,796
Total liabilities 17,766,779 18,137,324
Redeemable deferred stock units— 103,473 and 128,227 units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively $ 6,981 $ 9,535
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, 158,445,177 and 158,253,895 issued and 158,366,277 and 158,174,995 outstanding at June 30, 2025 and December 31, 2024, respectively 1,584 1,582
Additional paid-in capital 6,854,753 6,836,093
Dividends in excess of earnings $ (1,579,770) $ (1,419,575)
Treasury common stock at cost, shares 78,900 78,900
Treasury common stock at cost, 78,900 shares at June 30, 2025 and December 31, 2024 $ (2,722) $ (2,722)
Accumulated other comprehensive loss (15,059) (2,072)
Total stockholders' equity attributable to BXP, Inc. 5,258,786 5,413,306
Noncontrolling interests:    
Common units of the Operating Partnership 584,651 591,270
Property partnerships 2,003,993 1,933,545
Total equity / capital 7,847,430 7,938,121
Total liabilities and equity / capital 25,621,190 26,084,980
Related Party    
ASSETS    
Related party notes receivable, net 88,825 88,779
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,917,248 and $7,797,430 at June 30, 2025 and December 31, 2024, respectively) 7,917,248 7,797,430
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2025 and December 31, 2024, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $131,751 and $140,558 at June 30, 2025 and December 31, 2024, respectively) 131,751 140,558
Less: accumulated depreciation (amounts related to VIEs of $(1,698,752) and $(1,628,274) at June 30, 2025 and December 31, 2024, respectively) (1,698,752) (1,628,274)
Cash and cash equivalents (amounts related to VIEs of $319,475 and $373,737 at June 30, 2025 and December 31, 2024, respectively) 319,475 373,737
Cash held in escrows (amounts related to VIEs of $4,997 and $4,979 at June 30, 2025 and December 31, 2024, respectively) 4,997 4,979
Tenant and other receivables, net (amounts related to VIEs of $31,572 and $20,435 at June 30, 2025 and December 31, 2024, respectively) 31,572 20,435
Accrued rental income, net (amounts related to VIEs of $452,950 and $435,110 at June 30, 2025 and December 31, 2024, respectively) 452,950 435,110
Deferred charges, net (amounts related to VIEs of $208,365 and $211,726 at June 30, 2025 and December 31, 2024, respectively) 208,365 211,726
Prepaid expenses and other assets (amounts related to VIEs of $18,569 and $15,036 at June 30, 2025 and December 31, 2024, respectively) 18,569 15,036
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,284,449 and $3,282,027 at June 30, 2025 and December 31, 2024, respectively) 3,284,449 3,282,027
Lease liabilities - finance leases (amounts related to VIEs of $21,010 and $20,931 at June 30, 2025 and December 31, 2024, respectively) 21,010 20,931
Lease liabilities - operating leases (amounts related to VIEs of $163,981 and $157,691 at June 30, 2025 and December 31, 2024, respectively) 163,981 157,691
Accounts payable and accrued expenses (amounts related to VIEs of $144,822 and $115,808 at June 30, 2025 and December 31, 2024, respectively) 144,822 115,808
Other liabilities (amounts related to VIEs of $93,554 and $126,202 at June 30, 2025 and December 31, 2024, respectively) 93,554 126,202
Boston Properties Limited Partnership    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,917,248 and $7,797,430 at June 30, 2025 and December 31, 2024, respectively) 28,061,966 27,504,358
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2025 and December 31, 2024, respectively) 372,839 372,922
Right of use assets - operating leases (amounts related to VIEs of $131,751 and $140,558 at June 30, 2025 and December 31, 2024, respectively) 325,670 334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,698,752) and $(1,628,274) at June 30, 2025 and December 31, 2024, respectively) (7,730,220) (7,397,882)
Total real estate 21,030,255 20,814,165
Cash and cash equivalents (amounts related to VIEs of $319,475 and $373,737 at June 30, 2025 and December 31, 2024, respectively) 446,953 1,254,882
Cash held in escrows (amounts related to VIEs of $4,997 and $4,979 at June 30, 2025 and December 31, 2024, respectively) 80,888 80,314
Investments in securities 41,062 39,706
Tenant and other receivables, net (amounts related to VIEs of $31,572 and $20,435 at June 30, 2025 and December 31, 2024, respectively) 109,683 107,453
Related party notes receivable, net 6,711 4,947
Sales-type lease receivable, net 15,188 14,657
Accrued rental income, net (amounts related to VIEs of $452,950 and $435,110 at June 30, 2025 and December 31, 2024, respectively) 1,509,347 1,466,220
Deferred charges, net (amounts related to VIEs of $208,365 and $211,726 at June 30, 2025 and December 31, 2024, respectively) 809,033 813,345
Prepaid expenses and other assets (amounts related to VIEs of $18,569 and $15,036 at June 30, 2025 and December 31, 2024, respectively) 89,624 70,839
Investments in unconsolidated joint ventures 1,161,036 1,093,583
Total assets 25,388,605 25,848,890
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,284,449 and $3,282,027 at June 30, 2025 and December 31, 2024, respectively) 4,278,788 4,276,609
Unsecured senior notes, net 9,800,577 10,645,077
Unsecured line of credit 185,000 0
Unsecured term loans, net 796,640 798,813
Unsecured commercial paper 750,000 500,000
Lease liabilities - finance leases (amounts related to VIEs of $21,010 and $20,931 at June 30, 2025 and December 31, 2024, respectively) 365,897 370,885
Lease liabilities - operating leases (amounts related to VIEs of $163,981 and $157,691 at June 30, 2025 and December 31, 2024, respectively) 399,174 392,686
Accounts payable and accrued expenses (amounts related to VIEs of $144,822 and $115,808 at June 30, 2025 and December 31, 2024, respectively) 480,158 401,874
Dividends and distributions payable 172,732 172,486
Accrued interest payable 120,975 128,098
Other liabilities (amounts related to VIEs of $93,554 and $126,202 at June 30, 2025 and December 31, 2024, respectively) 416,838 450,796
Total liabilities 17,766,779 18,137,324
Redeemable deferred stock units— 103,473 and 128,227 units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively 6,981 9,535
Noncontrolling interest:    
Redeemable partnership units— 15,707,557 and 15,730,882 common units and 2,720,300 and 2,335,229 long term incentive units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively 1,285,061 1,378,573
Equity / Capital:    
Boston Properties Limited Partnership partners’ capital— 1,767,941 and 1,762,411 general partner units and 156,598,336 and 156,412,584 limited partner units outstanding at June 30, 2025 and December 31, 2024, respectively 4,340,850 4,391,985
Accumulated other comprehensive loss (15,059) (2,072)
Total partners’ capital 4,325,791 4,389,913
Noncontrolling interests in property partnerships 2,003,993 1,933,545
Noncontrolling interests:    
Total equity / capital 6,329,784 6,323,458
Total liabilities and equity / capital 25,388,605 25,848,890
Boston Properties Limited Partnership | Related Party    
ASSETS    
Related party notes receivable, net 88,825 88,779
Boston Properties Limited Partnership | Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,917,248 and $7,797,430 at June 30, 2025 and December 31, 2024, respectively) 7,917,248 7,797,430
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2025 and December 31, 2024, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $131,751 and $140,558 at June 30, 2025 and December 31, 2024, respectively) 131,751 140,558
Less: accumulated depreciation (amounts related to VIEs of $(1,698,752) and $(1,628,274) at June 30, 2025 and December 31, 2024, respectively) (1,698,752) (1,628,274)
Cash and cash equivalents (amounts related to VIEs of $319,475 and $373,737 at June 30, 2025 and December 31, 2024, respectively) 319,475 373,737
Cash held in escrows (amounts related to VIEs of $4,997 and $4,979 at June 30, 2025 and December 31, 2024, respectively) 4,997 4,979
Tenant and other receivables, net (amounts related to VIEs of $31,572 and $20,435 at June 30, 2025 and December 31, 2024, respectively) 31,572 20,435
Accrued rental income, net (amounts related to VIEs of $452,950 and $435,110 at June 30, 2025 and December 31, 2024, respectively) 452,950 435,110
Deferred charges, net (amounts related to VIEs of $208,365 and $211,726 at June 30, 2025 and December 31, 2024, respectively) 208,365 211,726
Prepaid expenses and other assets (amounts related to VIEs of $18,569 and $15,036 at June 30, 2025 and December 31, 2024, respectively) 18,569 15,036
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,284,449 and $3,282,027 at June 30, 2025 and December 31, 2024, respectively) 3,284,449 3,282,027
Lease liabilities - finance leases (amounts related to VIEs of $21,010 and $20,931 at June 30, 2025 and December 31, 2024, respectively) 21,010 20,931
Lease liabilities - operating leases (amounts related to VIEs of $163,981 and $157,691 at June 30, 2025 and December 31, 2024, respectively) 163,981 157,691
Accounts payable and accrued expenses (amounts related to VIEs of $144,822 and $115,808 at June 30, 2025 and December 31, 2024, respectively) 144,822 115,808
Other liabilities (amounts related to VIEs of $93,554 and $126,202 at June 30, 2025 and December 31, 2024, respectively) $ 93,554 $ 126,202