Market Summary
USD49.42+2.05
Market Closed4.33%
BXP Stock Price
BXP RSI Chart
BXP Valuation
BXP Price/Sales (Trailing)
BXP Profitability
BXP Fundamentals
BXP Revenue
BXP Earnings
Price Action
52 Week Range
46.18129.32
(Low)(High)
Last 7 days
-7.6%
Last 30 days
-27.5%
Last 90 days
-27.8%
Trailing 12 Months
-59.6%
BXP Financial Health
BXP Investor Care
Peers (Alternatives to Boston Properties)
View All Peers In Detail| Name | Mkt Capsorted ascending | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|
| LARGE-CAP | ||||||||
PSA | 50.2B | 4.2B | -1.95% | -19.53% | 11.55 | 12.01 | 22.43% | 122.66% |
DLR | 27.5B | 4.7B | -11.51% | -30.78% | 72.75 | 5.86 | 5.96% | -77.90% |
EQR | 21.2B | 2.7B | -12.90% | -34.85% | 27.27 | 7.81 | 11.91% | -41.71% |
ARE | 20.5B | 2.6B | -23.09% | -36.12% | 39.23 | 7.91 | 22.46% | -8.68% |
KIM | 13.2B | 1.7B | -4.07% | -25.83% | 104.43 | 7.61 | 26.61% | -85.07% |
| MID-CAP | ||||||||
FRT | 7.5B | 1.1B | -12.78% | -19.56% | 19.52 | 7 | 12.95% | 47.42% |
KRG | 4.3B | 802.0M | -9.18% | -8.49% | -338.08 | 5.33 | 114.83% | 84.36% |
VNO | 2.6B | 1.8B | -34.87% | -68.35% | -7.52 | 1.45 | 13.26% | -296.88% |
MAC | 2.0B | 859.2M | -22.66% | -32.73% | -30.92 | 2.38 | 1.38% | -563.21% |
| SMALL-CAP | ||||||||
SKT | 2.0B | 421.4M | 1.35% | 15.46% | 23.02 | 4.64 | 3.35% | 1705.32% |
SLG | 1.3B | 826.7M | -42.91% | -73.34% | -17.18 | 1.62 | -2.04% | -117.36% |
AIV | 1.0B | 190.3M | -3.26% | -2.73% | 11.34 | 5.49 | 12.08% | 1950.56% |
PGRE | 909.5M | 740.4M | -23.50% | -61.25% | -24.99 | 1.23 | 1.87% | -78.85% |
Financials for Boston Properties
| Income Statement (Last 12 Months) | (In Millions) | |||||
|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
| Revenue | 1.9% | 3,109 | 3,050 | 2,989 | 2,929 | 2,889 |
| S&GA Expenses | 1.6% | 146 | 144 | 146 | 150 | 152 |
| Costs and Expenses | 2.5% | 2,050 | 1,999 | 1,961 | 1,936 | 1,921 |
| Interest Expenses | 3.9% | 437 | 421 | 414 | 417 | 423 |
| Net Income | -8.0% | 839 | 912 | 659 | 548 | 505 |
| Net Income Margin | -9.7% | 0.27* | 0.30* | 0.23* | 0.19* | - |
| Free Cahsflow | 1.9% | 1,282 | 1,259 | 1,189 | 1,201 | - |
| Balance Sheet | (In Millions) | |||||
|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
| Assets | 2.0% | 24,208 | 23,727 | 23,266 | 22,476 | 22,365 |
| Cash Equivalents | 83.7% | 690 | 376 | 456 | 436 | 453 |
| Liabilities | 3.3% | 15,837 | 15,327 | 15,116 | 14,423 | 14,322 |
| Long Term Debt | - | 3,300 | - | - | - | - |
| Shareholder's Equity | -0.4% | 6,133 | 6,156 | 8,143 | 8,042 | 5,834 |
| Retained Earnings | -8.9% | -391 | -359 | -567 | -636 | -625 |
| Additional Paid-In Capital | 0.1% | 6,539 | 6,532 | 6,525 | 6,510 | 6,498 |
| Shares Outstanding | 0.0% | 157 | 157 | 157 | 157 | 157 |
| Cashflow (Last 12 Months) | (In Millions) | |||||
|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
| Cashflow From Operations | 1.9% | 1,282 | 1,259 | 1,189 | 1,201 | 1,133 |
| Share Based Compensation | 0.1% | 52.00 | 52.00 | 53.00 | 52.00 | 51.00 |
| Cashflow From Investing | -18.3% | -1,602 | -1,354 | -1,456 | -949 | -1,039 |
| Cashflow From Financing | 203.5% | 556 | -537 | 133 | -718 | -1,311 |
| Dividend Payments | 0.2% | 685 | 684 | 683 | 683 | 684 |
Risks for BXP
What is the probability of a big loss on BXP?
43.1%
Probability that Boston Properties stock will be more than 20% underwater in next one year
36.9%
Probability that Boston Properties stock will be more than 30% underwater in next one year.
29.6%
Probability that Boston Properties stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.
How does BXP drawdown profile look like?
Y-axis is the maximum loss one would have experienced if Boston Properties was unfortunately bought at previous high price.
Drawdowns
Returns for BXP
Cumulative Returns on BXP
-3.6%
10-Year Cumulative Returns
-9.6%
7-Year Cumulative Returns
-13.1%
5-Year Cumulative Returns
-14.3%
3-Year Cumulative Returns
What are the long-term rolling returns for BXP?
FIve years rolling returns for Boston Properties.
Annualized Returns
Which funds bought or sold BXP recently?
View All Details| Datesorted ascending | Fund Name | Type | % Chg | $ Change | $ Held | % Portfolio |
|---|---|---|---|---|---|---|
2023-03-10 | VICTORY CAPITAL MANAGEMENT INC | reduced | -29.08 | -4,464,460 | 7,912,540 | 0.01% |
2023-03-06 | Rockefeller Capital Management L.P. | added | 8.2 | -11,000 | 426,000 | -% |
2023-02-28 | Voya Investment Management LLC | added | 2.29 | -298,189 | 3,527,810 | -% |
2023-02-24 | National Pension Service | reduced | -98.24 | -16,713,500 | 270,793 | -% |
2023-02-24 | NATIXIS | added | 1,409 | 19,637,000 | 21,195,000 | 0.12% |
2023-02-24 | SRS Capital Advisors, Inc. | unchanged | - | -658 | 3,342 | -% |
2023-02-22 | CVA Family Office, LLC | added | 8.74 | -431 | 7,569 | -% |
2023-02-22 | TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY | unchanged | - | -97,000 | 878,000 | 0.01% |
2023-02-21 | CENTERSQUARE INVESTMENT MANAGEMENT LLC | reduced | -20.04 | -4,754,620 | 12,276,400 | 0.14% |
2023-02-21 | NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC | reduced | -15.59 | -94,850 | 302,150 | 0.01% |
Latest Funds Activity
Calls
Puts
Net Call Options
No. of Funds
Boston Properties News
Schedule 13G FIlings of Boston Properties
| Date Filed | Name of Filer | Percent of Class | No. of Shares | Form Type | |
|---|---|---|---|---|---|
| Feb 14, 2023 | norges bank | 8.10% | 12,695,570 | SC 13G/A | |
| Feb 14, 2023 | tci fund management ltd | 0% | 0 | SC 13G/A | |
| Feb 09, 2023 | vanguard group inc | 15.05% | 23,591,706 | SC 13G/A | |
| Feb 06, 2023 | state street corp | 7.10% | 11,123,759 | SC 13G/A | |
| Jan 26, 2023 | blackrock inc. | 11.6% | 18,146,691 | SC 13G/A | |
| Jan 20, 2023 | blackrock inc. | 11.6% | 18,146,691 | SC 13G | |
| Feb 14, 2022 | tci fund management ltd | 7.96% | 12,458,851 | SC 13G/A | |
| Feb 10, 2022 | state street corp | 6.68% | 10,427,686 | SC 13G/A | |
| Feb 09, 2022 | vanguard group inc | 14.71% | 22,978,972 | SC 13G/A | |
| Jan 27, 2022 | blackrock inc. | 11.1% | 17,343,626 | SC 13G/A |
BXP Fair Value
Boston Properties fair value in different scenarios
The table shows the Fair Value estimates for Boston Properties for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.
| Fair Value | Very Pessimistic | Pessimistic | Base Case | Optimistic | Very Optimistic |
|---|---|---|---|---|---|
| Very Low Inflation | 48.89 -1.07% | 58.10 17.56% | 77.61 57.04% | 104.55 111.55% | 120.96 144.76% |
| Current Inflation | 46.11 -6.70% | 54.12 9.51% | 70.64 42.94% | 93.15 88.49% | 106.85 116.21% |
| Very High Inflation | 42.62 -13.76% | 49.21 -0.42% | 62.31 26.08% | 79.87 61.61% | 90.54 83.21% |
Historical Boston Properties Fair Value Estimates
Very Pessimistic Case
Pessimistic Case
Fair Value
Optimistic Case
Very Optimistic Case
Closing Stock Price
Recent SEC filings of Boston Properties
View All Filings| Date Filed | Form Type | Document | |
|---|---|---|---|
| Mar 15, 2023 | 4 | Insider Trading | |
| Mar 08, 2023 | 3 | Insider Trading | |
| Mar 02, 2023 | 8-K | Current Report | |
| Feb 27, 2023 | 10-K | Annual Report | |
| Feb 15, 2023 | 4 | Insider Trading | |
| Feb 15, 2023 | 4 | Insider Trading | |
| Feb 15, 2023 | 4 | Insider Trading | |
| Feb 15, 2023 | 4 | Insider Trading | |
| Feb 15, 2023 | 4 | Insider Trading | |
| Feb 15, 2023 | 4 | Insider Trading |
Latest Insider Trading transactions for BXP
Filter Transactions| Datesorted ascending | Name | Buy/Sell | $ Value | Avg. Price | # Shares | Title |
|---|---|---|---|---|---|---|
2023-03-15 | LUSTIG MATTHEW J | bought | 529,200 | 52.92 | 10,000 | - |
2023-02-07 | Spann Hilary J. | acquired | - | - | 4,081 | executive vice president |
2023-02-03 | Kevorkian Eric G | acquired | - | - | 994 | svp, clo and secretary |
2023-02-03 | Spann Hilary J. | acquired | - | - | 3,974 | executive vice president |
2023-02-03 | LABELLE MICHAEL E | acquired | - | - | 3,726 | evp and cfo |
2023-01-15 | LABELLE MICHAEL E | sold (taxes) | -23,140 | 71.2 | -325 | evp and cfo |
2023-01-15 | Spann Hilary J. | sold (taxes) | -39,088 | 71.2 | -549 | executive vice president |
2022-09-07 | Spann Hilary J. | sold (taxes) | -392,058 | 82.87 | -4,731 | executive vice president |
2022-08-12 | RITCHEY RAYMOND A | acquired | - | - | 22,472 | senior evp |
2022-08-12 | RITCHEY RAYMOND A | sold | -2,021,670 | 89.9641 | -22,472 | senior evp |
Boston Properties (NYSE:BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. The Company's portfolio totals 51.2 million square feet and 196 properties, including six properties under construction/redevelopment.
BXP Income Statement
2022-12-31Consolidated Statements Of Operations - USD ($) shares in Thousands | 12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
| Revenue | |||||
| Lease | $ 2,918,368,000 | $ 2,753,014,000 | $ 2,646,261,000 | ||
| Total revenue | 3,108,581,000 | 2,888,621,000 | 2,765,686,000 | ||
| Expenses | |||||
| Rental | 1,108,070,000 | 1,021,151,000 | 1,017,208,000 | ||
| General and administrative | 146,378,000 | 151,573,000 | 133,112,000 | ||
| Transaction costs | 2,905,000 | 5,036,000 | 1,531,000 | ||
| Depreciation and amortization | 749,775,000 | 717,336,000 | 683,751,000 | ||
| Total expenses | 2,050,056,000 | 1,920,581,000 | 1,860,364,000 | ||
| Other income (expense) | |||||
| Loss from Unconsolidated Joint Ventures | (59,840,000) | (2,570,000) | (85,110,000) | ||
| Gains on sales of real estate | 437,019,000 | 123,660,000 | 618,982,000 | ||
| Gain on sales-type lease | 10,058,000 | 0 | 0 | ||
| Interest and other income (loss) | 11,940,000 | 5,704,000 | 5,953,000 | ||
| Other Income - assignment fee | 6,624,000 | 0 | 0 | ||
| Gains (losses) from investments in securities | (6,453,000) | 5,626,000 | 5,261,000 | ||
| Unrealized loss on non-real estate investment | (150,000) | 0 | 0 | ||
| Losses from early extinguishment of debt | 0 | (45,182,000) | 0 | ||
| Interest expense | (437,139,000) | (423,346,000) | (431,717,000) | ||
| Net income | 1,020,584,000 | 631,932,000 | 1,018,691,000 | ||
| Net income attributable to noncontrolling interests | |||||
| Noncontrolling interests in property partnerships | (74,857,000) | (70,806,000) | (48,260,000) | ||
| Noncontrolling interest - common units of the Operating Partnership | (96,780,000) | (55,931,000) | (97,704,000) | ||
| Net income attributable to the Company | 848,947,000 | 505,195,000 | 872,727,000 | ||
| Preferred dividends / distributions | 0 | (2,560,000) | (10,500,000) | ||
| Preferred Stock Redemption Charge | 0 | (6,412,000) | 0 | ||
| Net income attributable to the Company's common shareholders / unitholders | $ 848,947,000 | $ 496,223,000 | $ 862,227,000 | ||
| 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) | $ 5.41 | $ 3.18 | $ 5.54 | ||
| Weighted average number of common shares / units outstanding (in shares / units) | 156,726 | 156,116 | 155,432 | ||
| Diluted earnings per common share / unit attributable to the Company | |||||
| Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 5.40 | $ 3.17 | $ 5.54 | ||
| Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 157,137 | 156,376 | 155,517 | ||
| Boston Properties Limited Partnership | |||||
| Revenue | |||||
| Lease | $ 2,918,368,000 | $ 2,753,014,000 | $ 2,646,261,000 | ||
| Total revenue | 3,108,581,000 | 2,888,621,000 | 2,765,686,000 | ||
| Expenses | |||||
| Rental | 1,108,070,000 | 1,021,151,000 | 1,017,208,000 | ||
| General and administrative | 146,378,000 | 151,573,000 | 133,112,000 | ||
| Transaction costs | 2,905,000 | 5,036,000 | 1,531,000 | ||
| Depreciation and amortization | 742,293,000 | 709,035,000 | |||
| Total expenses | 2,042,574,000 | 1,912,280,000 | 1,853,279,000 | ||
| Other income (expense) | |||||
| Loss from Unconsolidated Joint Ventures | (59,840,000) | (2,570,000) | (85,110,000) | ||
| Gains on sales of real estate | 441,075,000 | 125,198,000 | 631,945,000 | ||
| Gain on sales-type lease | 10,058,000 | 0 | 0 | ||
| Interest and other income (loss) | 11,940,000 | 5,704,000 | 5,953,000 | ||
| Other Income - assignment fee | 6,624,000 | 0 | 0 | ||
| Gains (losses) from investments in securities | (6,453,000) | 5,626,000 | 5,261,000 | ||
| Unrealized loss on non-real estate investment | (150,000) | 0 | 0 | ||
| Losses from early extinguishment of debt | 0 | (45,182,000) | 0 | ||
| Interest expense | (437,139,000) | (423,346,000) | (431,717,000) | ||
| Net income | 1,032,122,000 | 641,771,000 | 1,038,739,000 | ||
| Net income attributable to noncontrolling interests | |||||
| Noncontrolling interests in property partnerships | (74,857,000) | (70,806,000) | (48,260,000) | ||
| Net income attributable to the Company | 957,265,000 | 570,965,000 | 990,479,000 | ||
| Preferred dividends / distributions | 0 | (2,560,000) | (10,500,000) | ||
| Preferred Stock Redemption Charge | 0 | (6,412,000) | 0 | ||
| Net income attributable to the Company's common shareholders / unitholders | $ 957,265,000 | $ 561,993,000 | $ 979,979,000 | ||
| 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) | $ 5.48 | $ 3.25 | $ 5.67 | ||
| Weighted average number of common shares / units outstanding (in shares / units) | 174,360 | 173,150 | 172,643 | ||
| Diluted earnings per common share / unit attributable to the Company | |||||
| Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit) | $ 5.47 | $ 3.24 | $ 5.67 | ||
| Weighted average number of common and common equivalent shares / units outstanding (in shares / units) | 174,771 | 173,410 | 172,728 | ||
| Parking and Other [Member] | |||||
| Revenue | |||||
| Other revenue | $ 107,225,000 | $ 81,814,000 | $ 70,680,000 | ||
| Parking and Other [Member] | Boston Properties Limited Partnership | |||||
| Revenue | |||||
| Other revenue | 107,225,000 | 81,814,000 | 70,680,000 | ||
| Hotel [Member] | |||||
| Revenue | |||||
| Other revenue | [1] | 39,482,000 | 13,609,000 | 7,478,000 | |
| Expenses | |||||
| Operating expense | 27,478,000 | 12,998,000 | 13,136,000 | ||
| Hotel [Member] | Boston Properties Limited Partnership | |||||
| Revenue | |||||
| Other revenue | 39,482,000 | 13,609,000 | 7,478,000 | ||
| Expenses | |||||
| Operating expense | 27,478,000 | 12,998,000 | 13,136,000 | ||
| Real Estate, Other [Member] | |||||
| Revenue | |||||
| Other revenue | 15,450,000 | 12,487,000 | 11,626,000 | ||
| Expenses | |||||
| Operating expense | 15,450,000 | 12,487,000 | 11,626,000 | ||
| Real Estate, Other [Member] | Boston Properties Limited Partnership | |||||
| Revenue | |||||
| Other revenue | 15,450,000 | 12,487,000 | 11,626,000 | ||
| Expenses | |||||
| Operating expense | 15,450,000 | 12,487,000 | 11,626,000 | ||
| Management Service [Member] | |||||
| Revenue | |||||
| Other revenue | 28,056,000 | 27,697,000 | 29,641,000 | ||
| Management Service [Member] | Boston Properties Limited Partnership | |||||
| Revenue | |||||
| Other revenue | $ 28,056,000 | $ 27,697,000 | $ 29,641,000 | ||
| |||||
BXP Balance Sheet
2022-12-31Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
|---|---|---|
| ASSETS | ||
| Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,789,029 and $6,702,830 at December 31, 2022 and December 31, 2021, respectively) | $ 25,389,663 | $ 23,752,630 |
| Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2022 and December 31, 2021, respectively) | 237,510 | 237,507 |
| Right of use assets - operating leases | 167,351 | 169,778 |
| Less: accumulated depreciation (amounts related to VIEs of $(1,381,401) and $(1,283,060) at December 31, 2022 and December 31, 2021, respectively) | (6,298,082) | (5,883,961) |
| Total real estate | 19,496,442 | 18,275,954 |
| Cash and cash equivalents (amounts related to VIEs of $259,658 and $300,937 at December 31, 2022 and December 31, 2021, respectively) | 690,333 | 452,692 |
| Cash held in escrows | 46,479 | 48,466 |
| Investments in securities | 32,277 | 43,632 |
| Tenant and other receivables, net (amounts related to VIEs of $16,521 and $6,824 at December 31, 2022 and December 31, 2021, respectively) | 81,389 | 70,186 |
| Related party note receivable, net | 78,576 | 78,336 |
| Notes receivable, net | 0 | 9,641 |
| Sales-type lease receivable, net | 12,811 | 0 |
| Accrued rental income, net (amounts related to VIEs of $367,138 and $357,395 at December 31, 2022 and December 31, 2021, respectively) | 1,276,580 | 1,226,745 |
| Deferred charges, net (amounts related to VIEs of $176,597 and $174,637 at December 31, 2022 and December 31, 2021, respectively) | 733,282 | 618,798 |
| Prepaid expenses and other assets (amounts related to VIEs of $11,647 and $29,668 at December 31, 2022 and December 31, 2021, respectively) | 43,589 | 57,811 |
| Investments in unconsolidated joint ventures | 1,715,911 | 1,482,997 |
| Total assets | 24,207,669 | 22,365,258 |
| Liabilities: | ||
| Mortgage notes payable, net (amounts related to VIEs of $3,272,368 and $3,267,914 at December 31, 2022 and December 31, 2021, respectively) | 3,272,368 | 3,267,914 |
| Unsecured senior notes, net | 10,237,968 | 9,483,695 |
| Unsecured line of credit | 0 | 145,000 |
| Unsecured term loan | 730,000 | 0 |
| Lease liabilities - finance leases (amounts related to VIEs of $20,604 and $20,458 at December 31, 2022 and December 31, 2021, respectively) | 249,335 | 244,421 |
| Lease liabilities - operating leases | 204,686 | 204,561 |
| Accounts payable and accrued expenses (amounts related to VIEs of $29,466 and $29,464 at December 31, 2022 and December 31, 2021, respectively) | 417,545 | 320,775 |
| Dividends and distributions payable | 170,643 | 169,859 |
| Accrued interest payable | 103,774 | 94,796 |
| Other liabilities (amounts related to VIEs of $114,232 and $150,131 at December 31, 2022 and December 31, 2021, respectively) | 450,918 | 391,441 |
| Total liabilities | 15,837,237 | 14,322,462 |
| Redeemable deferred stock units— 97,853 and 83,073 units outstanding at redemption value at December 31, 2022 and December 31, 2021, respectively | $ 6,613 | $ 9,568 |
| 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, 156,836,767 and 156,623,749 issued and 156,757,867 and 156,544,849 outstanding at December 31, 2022 and December 31, 2021, respectively | 1,568 | 1,565 |
| Additional paid-in capital | 6,539,147 | 6,497,730 |
| Dividends in excess of earnings | (391,356) | (625,891) |
| Treasury common stock at cost, 78,900 shares at December 31, 2022 and December 31, 2021 | (2,722) | (2,722) |
| Accumulated other comprehensive loss | (13,718) | (36,662) |
| Total stockholders' equity attributable to Boston Properties, Inc. | 6,132,919 | 5,834,020 |
| Noncontrolling interests: | ||
| Common units of the Operating Partnership | 683,583 | 642,655 |
| Property partnerships | 1,547,317 | 1,556,553 |
| Total equity / capital | 8,363,819 | 8,033,228 |
| Total liabilities and equity / capital | 24,207,669 | 22,365,258 |
| Boston Properties Limited Partnership | ||
| ASSETS | ||
| Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,789,029 and $6,702,830 at December 31, 2022 and December 31, 2021, respectively) | 25,022,149 | 23,379,243 |
| Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2022 and December 31, 2021, respectively) | 237,510 | 237,507 |
| Right of use assets - operating leases | 167,351 | 169,778 |
| Less: accumulated depreciation (amounts related to VIEs of $(1,381,401) and $(1,283,060) at December 31, 2022 and December 31, 2021, respectively) | (6,180,474) | (5,772,018) |
| Total real estate | 19,246,536 | 18,014,510 |
| Cash and cash equivalents (amounts related to VIEs of $259,658 and $300,937 at December 31, 2022 and December 31, 2021, respectively) | 690,333 | 452,692 |
| Cash held in escrows | 46,479 | 48,466 |
| Investments in securities | 32,277 | 43,632 |
| Tenant and other receivables, net (amounts related to VIEs of $16,521 and $6,824 at December 31, 2022 and December 31, 2021, respectively) | 81,389 | 70,186 |
| Related party note receivable, net | 78,576 | 78,336 |
| Notes receivable, net | 0 | 9,641 |
| Sales-type lease receivable, net | 12,811 | 0 |
| Accrued rental income, net (amounts related to VIEs of $367,138 and $357,395 at December 31, 2022 and December 31, 2021, respectively) | 1,276,580 | 1,226,745 |
| Deferred charges, net (amounts related to VIEs of $176,597 and $174,637 at December 31, 2022 and December 31, 2021, respectively) | 733,282 | 618,798 |
| Prepaid expenses and other assets (amounts related to VIEs of $11,647 and $29,668 at December 31, 2022 and December 31, 2021, respectively) | 43,589 | 57,811 |
| Investments in unconsolidated joint ventures | 1,715,911 | 1,482,997 |
| Total assets | 23,957,763 | 22,103,814 |
| Liabilities: | ||
| Mortgage notes payable, net (amounts related to VIEs of $3,272,368 and $3,267,914 at December 31, 2022 and December 31, 2021, respectively) | 3,272,368 | 3,267,914 |
| Unsecured senior notes, net | 10,237,968 | 9,483,695 |
| Unsecured line of credit | 0 | 145,000 |
| Unsecured term loan | 730,000 | 0 |
| Lease liabilities - finance leases (amounts related to VIEs of $20,604 and $20,458 at December 31, 2022 and December 31, 2021, respectively) | 249,335 | 244,421 |
| Lease liabilities - operating leases | 204,686 | 204,561 |
| Accounts payable and accrued expenses (amounts related to VIEs of $29,466 and $29,464 at December 31, 2022 and December 31, 2021, respectively) | 417,545 | 320,775 |
| Dividends and distributions payable | 170,643 | 169,859 |
| Accrued interest payable | 103,774 | 94,796 |
| Other liabilities (amounts related to VIEs of $114,232 and $150,131 at December 31, 2022 and December 31, 2021, respectively) | 450,918 | 391,441 |
| Total liabilities | 15,837,237 | 14,322,462 |
| Redeemable deferred stock units— 97,853 and 83,073 units outstanding at redemption value at December 31, 2022 and December 31, 2021, respectively | 6,613 | 9,568 |
| Noncontrolling interest: | ||
| Redeemable partnership units— 16,531,172 and 16,561,186 common units and 1,679,175 and 1,485,376 long term incentive units outstanding at redemption value at December 31, 2022 and December 31, 2021, respectively | 1,280,886 | 2,078,603 |
| Equity / Capital: | ||
| Boston Properties Limited Partnership partners’ capital— 1,749,682 and 1,745,914 general partner units and 155,008,185 and 154,798,935 limited partner units outstanding at December 31, 2022 and December 31, 2021, respectively | 5,299,428 | 4,173,290 |
| Accumulated other comprehensive loss | (13,718) | (36,662) |
| Total partners’ capital | 5,285,710 | 4,136,628 |
| Noncontrolling interests in property partnerships | 1,547,317 | 1,556,553 |
| Noncontrolling interests: | ||
| Total equity / capital | 6,833,027 | 5,693,181 |
| Total liabilities and equity / capital | $ 23,957,763 | $ 22,103,814 |