Company Quick10K Filing
Boston Properties
Price130.12 EPS4
Shares155 P/E32
MCap20,149 P/FCF25
Net Debt-805 EBIT940
TEV19,344 TEV/EBIT21
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-05-22 Other Events, Exhibits
8-K 2020-05-20 Shareholder Vote
8-K 2020-05-05 Other Events, Exhibits
8-K 2020-05-01 Other Events, Exhibits
8-K 2020-04-28 Earnings, Exhibits
8-K 2020-03-20 Amend Bylaw, Exhibits
8-K 2020-01-28 Earnings, Exhibits
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-09-03 Other Events, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-06-21 Other Events, Exhibits
8-K 2019-05-21 Shareholder Vote, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-11-28 Other Events, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-23 Shareholder Vote
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-01-30 Earnings, Exhibits

BXP 10Q Quarterly Report

Part I. Financial Information
Item 1 - Financial Statements.
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk.
Item 4 - Controls and Procedures.
Part II. Other Information
Item 1 - Legal Proceedings.
Item 1A - Risk Factors.
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities.
Item 4 - Mine Safety Disclosures.
Item 5 - Other Information.
Item 6 - Exhibits.
EX-31.1 bxpbplp-2020331ex311.htm
EX-31.2 bxpbplp2020331ex312.htm
EX-31.3 bxpbplp-2020331ex313.htm
EX-31.4 bxpbplp-2020331ex314.htm
EX-32.1 bxpbplp-2020331ex321.htm
EX-32.2 bxpbplp-2020331ex322.htm
EX-32.3 bxpbplp-2020331ex323.htm
EX-32.4 bxpbplp-2020331ex324.htm

Boston Properties Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
0.80.60.50.30.20.02012201420172020
Rev, G Profit, Net Income
0.90.50.1-0.4-0.8-1.22012201420172020
Ops, Inv, Fin

Document
0.010.011143215134329916764466164218880.05250.05250.05250.0525three-yearfalsefalse--12-31--12-31Q1Q1202020202020-03-3110-Q000103754000010431210.010.0145777000457770002843700028437000289180002891800019954000199540002800330002800330002684150002684150000.010.012500000002500000001548691981553934551547902980.03250.02822147690002147690002056880002056880002983180002983180003084820003084820001500000001500000000000201890002018900020198000201980002100000021000000210000002100000017269801730797153063318153583758170000000014011000014011000014238100014238100025002500250025000.010.010.010.01500000009200050000000920008000080000800008000080000800008000020931000209310005264100052641000105849500010584950001082486000108248600064970310006497031000656476200065647620002918806000291880600029160680002916068000P4Y0M0D606766067663475634757890078900 0001037540 2020-01-01 2020-03-31 0001037540 srt:SubsidiariesMember 2020-01-01 2020-03-31 0001037540 2020-05-05 0001037540 bxp:A5.25SeriesBCumulativeRedeemablePreferredStockparvalue0.01pershareMember 2020-01-01 2020-03-31 0001037540 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001037540 2019-12-31 0001037540 2020-03-31 0001037540 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-12-31 0001037540 bxp:SeriesBCumulativeRedeemablePreferredStockUnitMember 2020-03-31 0001037540 bxp:SeriesBCumulativeRedeemablePreferredStockUnitMember 2019-12-31 0001037540 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-03-31 0001037540 srt:HotelMember 2019-01-01 2019-03-31 0001037540 2019-01-01 2019-03-31 0001037540 us-gaap:RealEstateOtherMember 2020-01-01 2020-03-31 0001037540 us-gaap:ManagementServiceMember 2020-01-01 2020-03-31 0001037540 bxp:ParkingandOtherMember 2019-01-01 2019-03-31 0001037540 bxp:ParkingandOtherMember 2020-01-01 2020-03-31 0001037540 us-gaap:ManagementServiceMember 2019-01-01 2019-03-31 0001037540 us-gaap:RealEstateOtherMember 2019-01-01 2019-03-31 0001037540 srt:HotelMember 2020-01-01 2020-03-31 0001037540 bxp:NoncontrollinginterestpropertypartnershipsMember 2020-01-01 2020-03-31 0001037540 us-gaap:CommonStockMember 2019-03-31 0001037540 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001037540 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001037540 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001037540 us-gaap:PreferredStockMember 2020-03-31 0001037540 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001037540 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001037540 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0001037540 us-gaap:NoncontrollingInterestMember 2019-12-31 0001037540 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001037540 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001037540 us-gaap:RetainedEarningsMember 2020-03-31 0001037540 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001037540 bxp:NoncontrollinginterestpropertypartnershipsMember 2019-01-01 2019-03-31 0001037540 us-gaap:CommonStockMember 2019-12-31 0001037540 us-gaap:PreferredStockMember 2018-12-31 0001037540 bxp:NoncontrollinginterestpropertypartnershipsMember 2018-12-31 0001037540 2018-12-31 0001037540 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001037540 us-gaap:NoncontrollingInterestMember 2018-12-31 0001037540 us-gaap:TreasuryStockMember 2019-03-31 0001037540 us-gaap:NoncontrollingInterestMember 2019-03-31 0001037540 2019-03-31 0001037540 us-gaap:RetainedEarningsMember 2018-12-31 0001037540 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001037540 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001037540 us-gaap:CommonStockMember 2020-03-31 0001037540 us-gaap:CommonStockMember 2018-12-31 0001037540 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001037540 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001037540 us-gaap:TreasuryStockMember 2020-03-31 0001037540 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001037540 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001037540 us-gaap:RetainedEarningsMember 2019-12-31 0001037540 bxp:NoncontrollinginterestpropertypartnershipsMember 2019-12-31 0001037540 us-gaap:RetainedEarningsMember 2019-03-31 0001037540 us-gaap:NoncontrollingInterestMember 2020-03-31 0001037540 us-gaap:TreasuryStockMember 2018-12-31 0001037540 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001037540 us-gaap:PreferredStockMember 2019-03-31 0001037540 us-gaap:PreferredStockMember 2019-12-31 0001037540 us-gaap:TreasuryStockMember 2019-12-31 0001037540 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001037540 bxp:NoncontrollinginterestpropertypartnershipsMember 2019-03-31 0001037540 bxp:NoncontrollinginterestpropertypartnershipsMember 2020-03-31 0001037540 srt:SubsidiariesMember 2020-03-31 0001037540 srt:SubsidiariesMember 2019-12-31 0001037540 srt:SubsidiariesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-03-31 0001037540 srt:SubsidiariesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-12-31 0001037540 srt:SubsidiariesMember bxp:SeriesBCumulativeRedeemablePreferredStockUnitMember 2020-03-31 0001037540 srt:SubsidiariesMember bxp:SeriesBCumulativeRedeemablePreferredStockUnitMember 2019-12-31 0001037540 srt:SubsidiariesMember 2019-01-01 2019-03-31 0001037540 srt:SubsidiariesMember bxp:ParkingandOtherMember 2019-01-01 2019-03-31 0001037540 srt:SubsidiariesMember us-gaap:ManagementServiceMember 2020-01-01 2020-03-31 0001037540 srt:SubsidiariesMember srt:HotelMember 2019-01-01 2019-03-31 0001037540 srt:SubsidiariesMember us-gaap:ManagementServiceMember 2019-01-01 2019-03-31 0001037540 srt:SubsidiariesMember us-gaap:RealEstateOtherMember 2020-01-01 2020-03-31 0001037540 srt:SubsidiariesMember us-gaap:RealEstateOtherMember 2019-01-01 2019-03-31 0001037540 srt:SubsidiariesMember srt:HotelMember 2020-01-01 2020-03-31 0001037540 srt:SubsidiariesMember bxp:ParkingandOtherMember 2020-01-01 2020-03-31 0001037540 bxp:CapitalMember 2020-01-01 2020-03-31 0001037540 bxp:NoncontrollinginterestRedeemablepartnershipunitsMember 2018-12-31 0001037540 bxp:CapitalMember 2019-01-01 2019-03-31 0001037540 bxp:NoncontrollinginterestRedeemablepartnershipunitsMember 2019-12-31 0001037540 bxp:NoncontrollinginterestRedeemablepartnershipunitsMember 2020-01-01 2020-03-31 0001037540 us-gaap:GeneralPartnerMember 2019-03-31 0001037540 us-gaap:PreferredStockMember 2019-01-01 2019-03-31 0001037540 bxp:BostonPropertiesLimitedParntershipMember 2020-01-01 2020-03-31 0001037540 us-gaap:LimitedPartnerMember 2020-01-01 2020-03-31 0001037540 bxp:BostonPropertiesLimitedParntershipMember 2019-01-01 2019-03-31 0001037540 us-gaap:LimitedPartnerMember 2019-12-31 0001037540 bxp:CapitalMember 2020-03-31 0001037540 bxp:NoncontrollinginterestRedeemablepartnershipunitsMember 2019-01-01 2019-03-31 0001037540 us-gaap:GeneralPartnerMember 2018-12-31 0001037540 bxp:NoncontrollinginterestRedeemablepartnershipunitsMember 2020-03-31 0001037540 bxp:CapitalMember 2019-12-31 0001037540 bxp:BostonPropertiesLimitedParntershipMember 2019-12-31 0001037540 us-gaap:LimitedPartnerMember 2020-03-31 0001037540 bxp:BostonPropertiesLimitedParntershipMember 2019-03-31 0001037540 us-gaap:PreferredStockMember 2020-01-01 2020-03-31 0001037540 us-gaap:LimitedPartnerMember 2019-01-01 2019-03-31 0001037540 bxp:CapitalMember 2019-03-31 0001037540 bxp:NoncontrollinginterestRedeemablepartnershipunitsMember 2019-03-31 0001037540 bxp:CapitalMember 2018-12-31 0001037540 us-gaap:GeneralPartnerMember 2019-12-31 0001037540 bxp:BostonPropertiesLimitedParntershipMember 2018-12-31 0001037540 us-gaap:GeneralPartnerMember 2020-01-01 2020-03-31 0001037540 bxp:BostonPropertiesLimitedParntershipMember 2020-03-31 0001037540 us-gaap:LimitedPartnerMember 2018-12-31 0001037540 us-gaap:GeneralPartnerMember 2020-03-31 0001037540 us-gaap:GeneralPartnerMember 2019-01-01 2019-03-31 0001037540 us-gaap:LimitedPartnerMember 2019-03-31 0001037540 bxp:SeriesBCumulativeRedeemablePreferredStockUnitMember 2020-01-01 2020-03-31 0001037540 srt:SubsidiariesMember 2018-12-31 0001037540 srt:SubsidiariesMember 2019-03-31 0001037540 bxp:ResidentialPropertiesUnderConstructionMember 2020-03-31 0001037540 us-gaap:ResidentialRealEstateMember 2020-03-31 0001037540 bxp:DepositorySharesOfSeriesBCumulativeRedeemablePreferredMember 2020-03-31 0001037540 2019-01-01 2019-12-31 0001037540 bxp:PropertiesUnderConstructionMember 2020-03-31 0001037540 us-gaap:CommercialRealEstateMember 2020-03-31 0001037540 bxp:OfficePropertiesUnderConstructionMember 2020-03-31 0001037540 bxp:SeriesBPreferredUnitsMember 2020-03-31 0001037540 bxp:TotalOfficePropertiesMember 2020-03-31 0001037540 bxp:RetailPropertiesMember 2020-03-31 0001037540 bxp:HotelPropertyMember 2020-03-31 0001037540 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001037540 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-03-31 0001037540 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-03-31 0001037540 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001037540 srt:WeightedAverageMember us-gaap:SecuredDebtMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0001037540 us-gaap:LineOfCreditMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0001037540 us-gaap:NotesReceivableMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0001037540 srt:WeightedAverageMember us-gaap:LineOfCreditMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0001037540 us-gaap:FinanceReceivablesMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0001037540 srt:WeightedAverageMember us-gaap:NotesReceivableMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0001037540 srt:WeightedAverageMember us-gaap:FinanceReceivablesMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0001037540 srt:MinimumMember us-gaap:SecuredDebtMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0001037540 srt:MaximumMember us-gaap:SecuredDebtMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0001037540 bxp:NewDominionTechnologyParkMember 2019-01-01 2019-03-31 0001037540 bxp:SeventeenFiftyPresidentsStreetMember 2020-03-26 0001037540 srt:SubsidiariesMember bxp:NewDominionTechnologyParkMember 2020-02-20 2020-02-20 0001037540 bxp:JointVenturePartnerMember bxp:GatewayCommonsComplexFutureDevelopmentMemberMember 2020-01-28 0001037540 bxp:NewDominionTechnologyParkMember 2020-02-20 2020-02-20 0001037540 bxp:NewDominionTechnologyParkMember 2020-01-01 2020-02-19 0001037540 bxp:GatewayCommonsComplexMember 2020-01-28 0001037540 bxp:GatewayCommonsComplexpriortodeferredcontributionMemberMember 2020-01-28 0001037540 bxp:JointVenturePartnerMember bxp:GatewayCommonsComplexMember 2020-01-28 2020-01-28 0001037540 bxp:GatewayCommonsComplexFutureDevelopmentMemberMember 2020-01-28 0001037540 bxp:FourHundredtwentyfiveFourthStreetMember 2020-01-28 0001037540 bxp:NewDominionTechnologyParkMember 2020-02-20 0001037540 srt:SubsidiariesMember bxp:GatewayCenterMember 2020-01-28 2020-01-28 0001037540 bxp:GatewayCommonsComplexMember 2020-01-28 2020-01-28 0001037540 bxp:GatewayCenterMember 2019-01-01 2019-03-31 0001037540 bxp:GatewayCenterMember 2020-01-01 2020-01-27 0001037540 bxp:JointVenturePartnerMember bxp:GatewayCommonsComplexMember 2020-01-28 0001037540 bxp:GatewayCenterMember 2020-01-28 2020-01-28 0001037540 bxp:ThreeHudsonBoulevardMember 2020-01-01 2020-03-31 0001037540 bxp:PodiumDeveloperLLCMember 2020-01-01 2020-03-31 0001037540 bxp:GatewayCommonsComplexMember 2020-03-31 0001037540 bxp:BNYTowerHoldingsLLCMember 2020-03-31 0001037540 bxp:GatewayCommonsComplexMember 2020-01-01 2020-03-31 0001037540 bxp:SquareFourZeroSevenLimitedPartnershipMember 2020-01-01 2020-03-31 0001037540 bxp:CAColoradoCenterLimitedPartnershipMember 2020-03-31 0001037540 bxp:PodiumDeveloperLLCMember 2020-03-31 0001037540 bxp:BNYTowerHoldingsLLCMember 2019-12-31 0001037540 bxp:PlatformSixteenMember 2019-12-31 0001037540 bxp:OneTwoSixFiveMainOfficeJVLLCMember 2020-03-31 0001037540 bxp:BpCrfNineZeroOneNewYorkAvenueLlcMember 2020-01-01 2020-03-31 0001037540 bxp:SevensevenfivezeroWisconsinAvenueLLCMember 2019-12-31 0001037540 bxp:WpProjectDeveloperLlcMember 2020-01-01 2020-03-31 0001037540 bxp:ResidentialTowerDeveloperLLCMember 2020-03-31 0001037540 bxp:BPCRFMetropolitanSquareLLCMember 2019-12-31 0001037540 bxp:SevensevenfivezeroWisconsinAvenueLLCMember 2020-03-31 0001037540 bxp:BNYAAmenityOperatorLLCMember 2020-03-31 0001037540 bxp:BpCrfNineZeroOneNewYorkAvenueLlcMember 2020-03-31 0001037540 bxp:CAColoradoCenterLimitedPartnershipMember 2019-12-31 0001037540 bxp:ThreeHudsonBoulevardMember 2020-03-31 0001037540 bxp:FivezerooneKStreetLLCMember 2020-03-31 0001037540 bxp:OnehundredCausewayStreetMember 2019-12-31 0001037540 bxp:OnehundredCausewayStreetMember 2020-03-31 0001037540 bxp:HotelTowerDeveloperLLCMember 2020-03-31 0001037540 bxp:SevensevenfivezeroWisconsinAvenueLLCMember 2020-01-01 2020-03-31 0001037540 bxp:SantaMonicaBusinessParkMember 2020-01-01 2020-03-31 0001037540 bxp:SantaMonicaBusinessParkMember 2019-12-31 0001037540 bxp:SquareFourZeroSevenLimitedPartnershipMember 2020-03-31 0001037540 bxp:BpCrfNineZeroOneNewYorkAvenueLlcMember 2019-12-31 0001037540 bxp:WpProjectDeveloperLlcMember 2020-03-31 0001037540 bxp:AnnapolisJunctionNfmLlcMember 2020-01-01 2020-03-31 0001037540 bxp:SantaMonicaBusinessParkMember 2020-03-31 0001037540 bxp:FiveFourZeroMadisonVentureLlcMember 2019-12-31 0001037540 bxp:BNYAAmenityOperatorLLCMember 2020-01-01 2020-03-31 0001037540 bxp:BNYTowerHoldingsLLCMember 2020-01-01 2020-03-31 0001037540 bxp:BPCRFMetropolitanSquareLLCMember 2020-03-31 0001037540 bxp:FiveZeroZeroNorthCapitolLlcMember 2020-03-31 0001037540 bxp:BPCRFMetropolitanSquareLLCMember 2020-01-01 2020-03-31 0001037540 bxp:AnnapolisJunctionNfmLlcMember 2019-12-31 0001037540 bxp:SquareFourZeroSevenLimitedPartnershipMember 2019-12-31 0001037540 bxp:FivezerooneKStreetLLCMember 2020-01-01 2020-03-31 0001037540 bxp:ResidentialTowerDeveloperLLCMember 2019-12-31 0001037540 bxp:OneTwoSixFiveMainOfficeJVLLCMember 2020-01-01 2020-03-31 0001037540 bxp:FiveFourZeroMadisonVentureLlcMember 2020-03-31 0001037540 bxp:PodiumDeveloperLLCMember 2019-12-31 0001037540 bxp:HotelTowerDeveloperLLCMember 2019-12-31 0001037540 bxp:WpProjectDeveloperLlcMember 2019-12-31 0001037540 bxp:OnehundredCausewayStreetMember 2020-01-01 2020-03-31 0001037540 bxp:FiveFourZeroMadisonVentureLlcMember 2020-01-01 2020-03-31 0001037540 bxp:HotelTowerDeveloperLLCMember 2020-01-01 2020-03-31 0001037540 bxp:PlatformSixteenMember 2020-03-31 0001037540 bxp:OneTwoSixFiveMainOfficeJVLLCMember 2019-12-31 0001037540 bxp:PlatformSixteenMember 2020-01-01 2020-03-31 0001037540 bxp:BNYAAmenityOperatorLLCMember 2019-12-31 0001037540 bxp:AnnapolisJunctionNfmLlcMember 2020-03-31 0001037540 bxp:FivezerooneKStreetLLCMember 2019-12-31 0001037540 bxp:FiveZeroZeroNorthCapitolLlcMember 2020-01-01 2020-03-31 0001037540 bxp:ThreeHudsonBoulevardMember 2019-12-31 0001037540 bxp:FiveZeroZeroNorthCapitolLlcMember 2019-12-31 0001037540 bxp:CAColoradoCenterLimitedPartnershipMember 2020-01-01 2020-03-31 0001037540 bxp:ResidentialTowerDeveloperLLCMember 2020-01-01 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember 2020-01-01 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember 2019-01-01 2019-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember 2019-12-31 0001037540 bxp:UnconsolidatedJointVenturesMember 2020-03-31 0001037540 bxp:PlatformSixteenMember 2020-01-28 0001037540 bxp:ColoradoCenterMember 2020-03-31 0001037540 bxp:AnnapolisJunctionbuildingsevenandeightMember 2020-03-18 2020-03-18 0001037540 bxp:PlatformSixteenMember 2020-02-20 0001037540 bxp:AnnapolisJunctionbuildingsevenandeightMember 2020-03-18 0001037540 bxp:EntityOwningLandAndInfrastructureOfProjectMember 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember 2019-12-31 0001037540 bxp:AnnapolisJunctionBuildingSevenMember 2020-03-18 0001037540 bxp:ColoradoCenterMember 2019-01-01 2019-03-31 0001037540 bxp:ColoradoCenterMember 2020-01-01 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember 2020-03-31 0001037540 bxp:ColoradoCenterMember 2019-12-31 0001037540 bxp:AnnapolisJunctionBuildingEightMember 2020-03-18 0001037540 bxp:BpCrfNineZeroOneNewYorkAvenueLlceconomicpercentageMemberMember 2020-03-31 0001037540 bxp:SevenSixSevenVentureLlcMember 2020-03-31 0001037540 bxp:LehmanMember 2014-01-10 0001037540 bxp:FutureRetailBuildingMember bxp:ThreeTwoFiveMainStreetMember 2020-03-31 0001037540 bxp:LehmanMember 2018-12-31 0001037540 bxp:LehmanMember 2020-03-31 0001037540 bxp:SixFiveNineFiveSpringfieldCenterDriveMember 2020-03-31 0001037540 bxp:FutureResidentialBuildingMember bxp:ThreeTwoFiveMainStreetMember 2020-03-31 0001037540 srt:MinimumMember bxp:SevenSevenFiveZeroWisconsinAvenueMember 2020-03-31 0001037540 bxp:FutureOfficeBuildingMember bxp:ThreeTwoFiveMainStreetMember 2020-03-31 0001037540 bxp:SixZeroOneLexingtonAvenueMember 2020-01-01 2020-03-31 0001037540 bxp:ThreeTwoFiveMainStreetMember 2020-03-31 0001037540 bxp:FutureResidentialBuildingMember bxp:ThreeTwoFiveMainStreetMember bxp:HomeownershipunitsMember 2020-03-31 0001037540 bxp:LehmanMember 2009-01-01 2009-12-31 0001037540 srt:MaximumMember bxp:SevenSevenFiveZeroWisconsinAvenueMember 2020-03-31 0001037540 bxp:SevenSevenFiveZeroWisconsinAvenueMember 2020-03-31 0001037540 srt:SubsidiariesMember bxp:MYLTIPTwothousandfourteenMember 2020-03-31 0001037540 bxp:OpUnitsMember 2020-03-31 0001037540 bxp:MYLTIPtwothousandseventeenMember 2020-02-06 0001037540 bxp:OpUnitsMember 2020-01-01 2020-03-31 0001037540 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2020-03-31 0001037540 srt:SubsidiariesMember bxp:MYLTIPtwothousandnineteenMember 2020-03-31 0001037540 srt:SubsidiariesMember bxp:TwothousandtwentyMYLTIPSMemberMember 2020-03-31 0001037540 srt:SubsidiariesMember bxp:MYLTIPtwothousandseventeenMember 2020-03-31 0001037540 srt:SubsidiariesMember bxp:MYLTIPTwothousandsixteenMember 2020-03-31 0001037540 srt:SubsidiariesMember bxp:OppUnitsTwoThousandAndTwelveMember 2020-03-31 0001037540 srt:SubsidiariesMember bxp:TwothousandeighteenMYLTIPMember 2020-03-31 0001037540 bxp:MYLTIPtwothousandseventeenMember 2020-02-06 2020-02-06 0001037540 srt:SubsidiariesMember bxp:MYLTIPtwothousandfifteenMember 2020-03-31 0001037540 srt:SubsidiariesMember bxp:MYLTIPtwothousandthirteenMember 2020-03-31 0001037540 srt:SubsidiariesMember 2020-01-30 2020-01-30 0001037540 srt:SubsidiariesMember 2020-03-19 0001037540 srt:SubsidiariesMember 2019-01-30 2019-01-30 0001037540 srt:SubsidiariesMember 2019-04-30 2019-04-30 0001037540 bxp:AtmProgramMember 2017-06-02 2017-06-02 0001037540 bxp:SeriesBCumulativeRedeemablePreferredStockUnitMember 2018-03-27 0001037540 bxp:AtmProgramMember 2017-06-02 0001037540 bxp:DepositorySharesOfSeriesBCumulativeRedeemablePreferredMember 2018-03-27 0001037540 bxp:AtmProgramMember 2014-06-03 0001037540 2019-01-30 2019-01-30 0001037540 srt:SubsidiariesMember 2020-03-18 0001037540 2020-01-30 2020-01-30 0001037540 2019-04-30 2019-04-30 0001037540 2020-03-18 0001037540 bxp:SeriesBCumulativeRedeemablePreferredStockUnitMember 2020-02-18 2020-02-18 0001037540 bxp:SeriesBCumulativeRedeemablePreferredStockUnitMember 2019-05-15 2019-05-15 0001037540 bxp:SeriesBCumulativeRedeemablePreferredStockUnitMember 2019-02-15 2019-02-15 0001037540 bxp:SeriesBCumulativeRedeemablePreferredStockUnitMember 2020-03-18 0001037540 us-gaap:RestrictedStockMember 2020-01-01 2020-03-31 0001037540 us-gaap:RestrictedStockMember 2020-03-31 0001037540 bxp:TwothousandtwentyMYLTIPSMemberMember 2020-02-04 2020-02-04 0001037540 bxp:LTIPUnitsMember 2020-01-01 2020-03-31 0001037540 bxp:UnvestedMYLTIPUnitsMember 2020-03-31 0001037540 bxp:TwothousandtwentyMYLTIPSMemberMember 2020-02-04 0001037540 bxp:LTIPand2014MYLTIPUnitsMember 2020-01-01 2020-03-31 0001037540 bxp:TwothousandtwentyMYLTIPSMemberMember srt:SubsidiariesMember 2020-03-31 0001037540 bxp:LtipsincludingvestedMYLTIPSAndRestrictedStockMember 2020-03-31 0001037540 bxp:LTIPUnitsMember 2020-03-31 0001037540 bxp:UnvestedMYLTIPUnitsMember 2020-01-01 2020-03-31 0001037540 bxp:LTIPUnitsMember srt:SubsidiariesMember 2020-03-31 0001037540 bxp:MYLTIPtwothousandnineteenMember 2019-02-05 2019-02-05 0001037540 bxp:BostonMember 2020-01-01 2020-03-31 0001037540 srt:HotelMember stpr:NY 2020-01-01 2020-03-31 0001037540 stpr:NY 2020-01-01 2020-03-31 0001037540 srt:HotelMember bxp:BostonMember 2020-01-01 2020-03-31 0001037540 bxp:SanFranciscoMember 2020-01-01 2020-03-31 0001037540 bxp:LosAngelesMember 2020-01-01 2020-03-31 0001037540 stpr:DC 2020-01-01 2020-03-31 0001037540 stpr:DC bxp:NoncontrollinginterestpropertypartnershipsMember 2020-01-01 2020-03-31 0001037540 bxp:CompanysShareMember 2020-01-01 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember bxp:SanFranciscoMember 2020-01-01 2020-03-31 0001037540 bxp:CompanysShareMember stpr:DC 2020-01-01 2020-03-31 0001037540 bxp:CompanysShareMember bxp:BostonMember 2020-01-01 2020-03-31 0001037540 srt:HotelMember bxp:SanFranciscoMember 2020-01-01 2020-03-31 0001037540 srt:HotelMember stpr:DC 2020-01-01 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember bxp:BostonMember 2020-01-01 2020-03-31 0001037540 bxp:CompanysShareMember bxp:SanFranciscoMember 2020-01-01 2020-03-31 0001037540 srt:HotelMember bxp:LosAngelesMember 2020-01-01 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember bxp:LosAngelesMember 2020-01-01 2020-03-31 0001037540 bxp:LosAngelesMember bxp:NoncontrollinginterestpropertypartnershipsMember 2020-01-01 2020-03-31 0001037540 bxp:CompanysShareMember bxp:LosAngelesMember 2020-01-01 2020-03-31 0001037540 bxp:SanFranciscoMember bxp:NoncontrollinginterestpropertypartnershipsMember 2020-01-01 2020-03-31 0001037540 bxp:CompanysShareMember stpr:NY 2020-01-01 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember stpr:DC 2020-01-01 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember stpr:NY 2020-01-01 2020-03-31 0001037540 bxp:BostonMember bxp:NoncontrollinginterestpropertypartnershipsMember 2020-01-01 2020-03-31 0001037540 stpr:NY bxp:NoncontrollinginterestpropertypartnershipsMember 2020-01-01 2020-03-31 0001037540 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-03-31 0001037540 us-gaap:IntersegmentEliminationMember bxp:NoncontrollinginterestpropertypartnershipsMember 2019-01-01 2019-03-31 0001037540 us-gaap:IntersegmentEliminationMember 2020-01-01 2020-03-31 0001037540 us-gaap:ManagementServiceMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-03-31 0001037540 us-gaap:IntersegmentEliminationMember bxp:NoncontrollinginterestpropertypartnershipsMember 2020-01-01 2020-03-31 0001037540 us-gaap:ManagementServiceMember us-gaap:IntersegmentEliminationMember 2019-01-01 2019-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember us-gaap:IntersegmentEliminationMember 2019-01-01 2019-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-03-31 0001037540 srt:SubsidiariesMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-03-31 0001037540 srt:SubsidiariesMember us-gaap:IntersegmentEliminationMember 2019-01-01 2019-03-31 0001037540 srt:SubsidiariesMember us-gaap:ManagementServiceMember us-gaap:IntersegmentEliminationMember 2019-01-01 2019-03-31 0001037540 srt:SubsidiariesMember us-gaap:IntersegmentEliminationMember bxp:NoncontrollinginterestpropertypartnershipsMember 2019-01-01 2019-03-31 0001037540 srt:SubsidiariesMember us-gaap:IntersegmentEliminationMember bxp:NoncontrollinginterestpropertypartnershipsMember 2020-01-01 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember srt:SubsidiariesMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember srt:SubsidiariesMember us-gaap:IntersegmentEliminationMember 2019-01-01 2019-03-31 0001037540 srt:SubsidiariesMember us-gaap:ManagementServiceMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-03-31 0001037540 bxp:LosAngelesMember 2019-01-01 2019-03-31 0001037540 bxp:BostonMember 2019-01-01 2019-03-31 0001037540 stpr:DC 2019-01-01 2019-03-31 0001037540 stpr:NY 2019-01-01 2019-03-31 0001037540 srt:HotelMember stpr:DC 2019-01-01 2019-03-31 0001037540 stpr:NY bxp:NoncontrollinginterestpropertypartnershipsMember 2019-01-01 2019-03-31 0001037540 bxp:SanFranciscoMember 2019-01-01 2019-03-31 0001037540 srt:HotelMember bxp:BostonMember 2019-01-01 2019-03-31 0001037540 bxp:SanFranciscoMember bxp:NoncontrollinginterestpropertypartnershipsMember 2019-01-01 2019-03-31 0001037540 bxp:CompanysShareMember 2019-01-01 2019-03-31 0001037540 bxp:CompanysShareMember bxp:SanFranciscoMember 2019-01-01 2019-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember bxp:BostonMember 2019-01-01 2019-03-31 0001037540 bxp:BostonMember bxp:NoncontrollinginterestpropertypartnershipsMember 2019-01-01 2019-03-31 0001037540 bxp:CompanysShareMember bxp:LosAngelesMember 2019-01-01 2019-03-31 0001037540 bxp:CompanysShareMember stpr:DC 2019-01-01 2019-03-31 0001037540 bxp:LosAngelesMember bxp:NoncontrollinginterestpropertypartnershipsMember 2019-01-01 2019-03-31 0001037540 srt:HotelMember bxp:SanFranciscoMember 2019-01-01 2019-03-31 0001037540 bxp:CompanysShareMember bxp:BostonMember 2019-01-01 2019-03-31 0001037540 stpr:DC bxp:NoncontrollinginterestpropertypartnershipsMember 2019-01-01 2019-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember bxp:SanFranciscoMember 2019-01-01 2019-03-31 0001037540 srt:HotelMember bxp:LosAngelesMember 2019-01-01 2019-03-31 0001037540 bxp:CompanysShareMember stpr:NY 2019-01-01 2019-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember stpr:NY 2019-01-01 2019-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember bxp:LosAngelesMember 2019-01-01 2019-03-31 0001037540 srt:HotelMember stpr:NY 2019-01-01 2019-03-31 0001037540 bxp:UnconsolidatedJointVenturesMember stpr:DC 2019-01-01 2019-03-31 0001037540 bxp:MetropolitanSquareAssociatesLlcMember us-gaap:SubsequentEventMember 2020-04-22 0001037540 bxp:ThreepointthreefourthreepercentunsecuredseniornotesMember us-gaap:SubsequentEventMember 2020-05-05 0001037540 bxp:ThreepointthreefourthreepercentunsecuredseniornotesMember us-gaap:SubsequentEventMember 2020-05-05 2020-05-05 xbrli:shares iso4217:USD xbrli:pure iso4217:USD xbrli:shares utreg:sqft utreg:Y bxp:Real_Estate_Properties bxp:Land_Parcels bxp:Buildings utreg:acre bxp:payments

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File Number: 1-13087 (Boston Properties, Inc.)
Commission File Number: 0-50209 (Boston Properties Limited Partnership)
 
BOSTON PROPERTIES, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact name of Registrants as specified in its charter)
 
Boston Properties, Inc.
Delaware
04-2473675
 
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
 
 
 
Boston Properties Limited Partnership
Delaware
04-3372948
 
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
Prudential Center, 800 Boylston Street, Suite 1900, Boston, Massachusetts 02199-8103
(Address of principal executive offices) (Zip Code)
(617) 236-3300
(Registrants’ telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Registrant
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Boston Properties, Inc.
Common Stock, par value $0.01 per share
BXP
New York Stock Exchange
Boston Properties, Inc.
Depository Shares Each Representing 1/100th of a share
BXP PRB
New York Stock Exchange
of 5.25% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
Boston Properties, Inc.:    Yes  x   No           Boston Properties Limited Partnership:    Yes  x    No      
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Boston Properties, Inc.:    Yes  x    No           Boston Properties Limited Partnership:    Yes  x    No      
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Boston Properties, Inc.:    
Large accelerated filer  x         Accelerated filer           Non-accelerated filer           Smaller reporting company           Emerging growth company  

Boston Properties Limited Partnership:
Large accelerated filer           Accelerated filer           Non-accelerated filer  x           Smaller reporting company             Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Boston Properties, Inc.                  Boston Properties Limited Partnership 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Boston Properties, Inc.:    Yes      No  x        Boston Properties Limited Partnership:    Yes      No  x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Boston Properties, Inc.
Common Stock, par value $0.01 per share
155,369,141
(Registrant)
(Class)
(Outstanding on May 5, 2020)
 




EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2020 of Boston Properties, Inc. and Boston Properties Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “BXP” mean Boston Properties, Inc., a Delaware corporation and real estate investment trust (“REIT”), and references to “BPLP” and the “Operating Partnership” mean Boston Properties Limited Partnership, a Delaware limited partnership. BPLP is the entity through which BXP conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets. BXP is the sole general partner and also a limited partner of BPLP. As the sole general partner of BPLP, BXP has exclusive control of BPLP’s day-to-day management. Therefore, unless stated otherwise or the context requires, references to the “Company,” “we,” “us” and “our” mean collectively BXP, BPLP and those entities/subsidiaries consolidated by BXP.
As of March 31, 2020, BXP owned an approximate 89.7% ownership interest in BPLP. The remaining approximate 10.3% interest was owned by limited partners. The other limited partners of BPLP are (1) persons who contributed their direct or indirect interests in properties to BPLP in exchange for common units or preferred units of limited partnership interest in BPLP and/or (2) recipients of long-term incentive plan units of BPLP pursuant to BXP’s Stock Option and Incentive Plans. Under the limited partnership agreement of BPLP, unitholders may present their common units of BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time, generally one year from issuance). Upon presentation of a common unit for redemption, BPLP must redeem the unit for cash equal to the then value of a share of BXP’s common stock. In lieu of a cash redemption by BPLP, however, BXP may elect to acquire any common units so tendered by issuing shares of BXP common stock in exchange for the common units. If BXP so elects, its common stock will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. BXP generally expects that it will elect to issue its common stock in connection with each such presentation for redemption rather than having BPLP pay cash. With each such exchange or redemption, BXP’s percentage ownership in BPLP will increase. In addition, whenever BXP issues shares of its common stock other than to acquire common units of BPLP, BXP must contribute any net proceeds it receives to BPLP and BPLP must issue to BXP an equivalent number of common units of BPLP. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the quarterly reports on Form 10-Q of BXP and BPLP into this single report provides the following benefits:
enhances investors’ understanding of BXP and BPLP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more concise and readable presentation because a substantial portion of the disclosure applies to both BXP and BPLP; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between BXP and BPLP in the context of how BXP and BPLP operate as a consolidated company. The financial results of BPLP are consolidated into the financial statements of BXP. 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 the securities of BXP. BPLP holds substantially all of the assets of BXP, including ownership interests in joint ventures. BPLP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by BXP, which are contributed to the capital of BPLP in exchange for common or preferred units of partnership in BPLP, as applicable, BPLP generates all remaining capital required by the Company’s business. These sources include working capital, net cash provided by operating activities, borrowings under its credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties and interests in joint ventures.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of BXP and BPLP. The limited partners of BPLP are accounted for as partners’ capital in BPLP’s financial statements and as noncontrolling interests in BXP’s financial statements. The noncontrolling interests in BPLP’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in BXP’s financial statements include the same



noncontrolling interests at BPLP’s level and limited partners of BPLP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at BXP and BPLP levels.
In addition, the consolidated financial statements of BXP and BPLP differ in total real estate assets resulting from previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of BPLP. This accounting resulted in a step-up of the real estate assets at BXP. This resulted in a difference between the net real estate of BXP as compared to BPLP of approximately $280.0 million, or 1.6% at March 31, 2020, and a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of certain properties having an allocation of the real estate step-up. The acquisition accounting was nullified on a prospective basis beginning in 2009 as a result of the Company’s adoption of a new accounting standard requiring any future redemptions to be accounted for solely as an equity transaction.
To help investors better understand the key differences between BXP and BPLP, certain information for BXP and BPLP in this report has been separated, as set forth below:
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP:
Note 3. Real Estate;
Note 8. Stockholders’ Equity / Partners’ Capital;
Note 9. Earnings Per Share / Common Unit; and
Note 11. Segment Information
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable; and
Item 2. Liquidity and Capital Resources includes separate reconciliations of amounts to each entity’s financial statements, where applicable.
This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP.





BOSTON PROPERTIES, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP
FORM 10-Q
for the quarter ended March 31, 2020
TABLE OF CONTENTS
 
 
 
 
 
Page
 
ITEM 1.
 
 
 
Boston Properties, Inc.
 
 
 
 
 
 
 
 
 
Boston Properties Limited Partnership
 
 
 
 
 
 
 
 
 
Boston Properties, Inc. and Boston Properties Limited Partnership
 
 
 
 
 
ITEM 2.
ITEM 3.
ITEM 4.
 
 
 
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
 
 
 




PART I. FINANCIAL INFORMATION
ITEM 1—Financial Statements.

BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except for share and par value amounts)

 
 
March 31,
2020
 
December 31,
2019
ASSETS
 
 
 
 
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,564,762 and $6,497,031 at March 31, 2020 and December 31, 2019, respectively)
 
$
22,342,209

 
$
22,502,976

Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2020 and December 31, 2019, respectively)
 
237,394

 
237,394

Right of use assets - operating leases
 
148,057

 
148,640

Less: accumulated depreciation (amounts related to VIEs of $(1,082,486) and$(1,058,495) at March 31, 2020 and December 31, 2019, respectively)
 
(5,209,487
)
 
(5,266,798
)
Total real estate
 
17,518,173

 
17,622,212

Cash and cash equivalents (amounts related to VIEs of $268,415 and $280,033 at March 31, 2020 and December 31, 2019, respectively)
 
660,733

 
644,950

Cash held in escrows
 
197,845

 
46,936

Investments in securities
 
28,101

 
36,747

Tenant and other receivables, net (amounts related to VIEs of $19,954 and $28,918 at March 31, 2020 and December 31, 2019, respectively)
 
89,431

 
112,807

Related party note receivable, net
 
78,800

 
80,000

Note receivable, net
 
15,794

 
15,920

Accrued rental income, net (amounts related to VIEs of $308,482 and $298,318 at March 31, 2020 and December 31, 2019, respectively)
 
1,059,677

 
1,038,788

Deferred charges, net (amounts related to VIEs of $205,688 and $214,769 at March 31, 2020 and December 31, 2019, respectively)
 
667,076

 
689,213

Prepaid expenses and other assets (amounts related to VIEs of $52,641 and $20,931 at March 31, 2020 and December 31, 2019, respectively)
 
136,730

 
41,685

Investments in unconsolidated joint ventures
 
1,377,338

 
955,647

Total assets
 
$
21,829,698

 
$
21,284,905

LIABILITIES AND EQUITY
 
 
 
 
Liabilities:
 
 
 
 
Mortgage notes payable, net (amounts related to VIEs of $2,916,068 and $2,918,806 at March 31, 2020 and December 31, 2019, respectively)
 
$
2,919,157

 
$
2,922,408

Unsecured senior notes, net
 
8,393,009

 
8,390,459

Unsecured line of credit
 
250,000

 

Unsecured term loan, net
 
499,058

 
498,939

Lease liabilities - finance leases (amounts related to VIEs of $20,198 and $20,189 at March 31, 2020 and December 31, 2019, respectively)
 
227,067

 
224,042

Lease liabilities - operating leases
 
200,573

 
200,180

Accounts payable and accrued expenses (amounts related to VIEs of $28,437 and $45,777 at March 31, 2020 and December 31, 2019, respectively)
 
293,831

 
377,553

Dividends and distributions payable
 
171,026

 
170,713

Accrued interest payable
 
82,388

 
90,016

Other liabilities (amounts related to VIEs of $142,381 and $140,110 at March 31, 2020 and December 31, 2019, respectively)
 
366,852

 
387,994

Total liabilities
 
13,402,961

 
13,262,304

Commitments and contingencies
 

 

 
 
 
 
 
Redeemable deferred stock units— 63,475 and 60,676 units outstanding at redemption value at March 31, 2020 and December 31, 2019, respectively
 
5,854

 
8,365


1


BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except for share and par value amounts)

 
 
March 31,
2020
 
December 31,
2019
Equity:
 
 
 
 
Stockholders’ equity attributable to Boston Properties, Inc.:
 
 
 
 
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding
 

 

Preferred stock, $0.01 par value, 50,000,000 shares authorized;
 
 
 
 
5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at March 31, 2020 and December 31, 2019
 
200,000

 
200,000

Common stock, $0.01 par value, 250,000,000 shares authorized, 155,393,455 and 154,869,198 issued and 155,314,555 and 154,790,298 outstanding at March 31, 2020 and December 31, 2019, respectively
 
1,553

 
1,548

Additional paid-in capital
 
6,321,475

 
6,294,719

Dividends in excess of earnings
 
(416,740
)
 
(760,523
)
Treasury common stock at cost, 78,900 shares at March 31, 2020 and December 31, 2019
 
(2,722
)
 
(2,722
)
Accumulated other comprehensive loss
 
(55,700
)
 
(48,335
)
Total stockholders’ equity attributable to Boston Properties, Inc.
 
6,047,866

 
5,684,687

Noncontrolling interests:
 
 
 
 
Common units of Boston Properties Limited Partnership
 
636,572

 
600,860

Property partnerships
 
1,736,445

 
1,728,689

Total equity
 
8,420,883

 
8,014,236

Total liabilities and equity
 
$
21,829,698

 
$
21,284,905



















The accompanying notes are an integral part of these consolidated financial statements.

2


BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except for per share amounts)
 
Three months ended March 31,
 
2020
 
2019
Revenue
 
 
 
Lease
$
710,111

 
$
679,251

Parking and other
24,504

 
24,906

Hotel
6,825

 
8,938

Development and management services
7,879

 
9,277

Direct reimbursements of payroll and related costs from management services contracts
3,237

 
3,395

Total revenue
752,556

 
725,767

Expenses
 
 
 
Operating
 
 
 
Rental
262,966

 
257,517

Hotel
6,821

 
7,863

General and administrative
36,454

 
41,762

Payroll and related costs from management services contracts
3,237

 
3,395

Transaction costs
615

 
460

Depreciation and amortization
171,094

 
164,594

Total expenses
481,187

 
475,591

Other income (expense)
 
 
 
Income (loss) from unconsolidated joint ventures
(369
)
 
213

Gains (losses) on sales of real estate
410,165

 
(905
)
Interest and other income
3,017

 
3,753

Gains (losses) from investments in securities
(5,445
)
 
2,969

Impairment loss

 
(24,038
)
Interest expense
(101,591
)
 
(101,009
)
Net income
577,146

 
131,159

Net income attributable to noncontrolling interests
 
 
 
Noncontrolling interests in property partnerships
(19,486
)
 
(18,830
)
Noncontrolling interest—common units of the Operating Partnership
(57,539
)
 
(11,599
)
Net income attributable to Boston Properties, Inc.
500,121

 
100,730

Preferred dividends
(2,625
)
 
(2,625
)
Net income attributable to Boston Properties, Inc. common shareholders
$
497,496

 
$
98,105

Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
 
 
 
Net income
$
3.20

 
$
0.63

Weighted average number of common shares outstanding
155,011

 
154,525

Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
 
 
 
Net income
$
3.20

 
$
0.63

Weighted average number of common and common equivalent shares outstanding
155,258

 
154,844










The accompanying notes are an integral part of these consolidated financial statements.

3


BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited and in thousands)
 
 
 
Three months ended March 31,
 
 
2020
 
2019
Net income
 
$
577,146

 
$
131,159

Other comprehensive (loss):
 
 
 
 
Effective portion of interest rate contracts
 
(9,720
)
 
(2,628
)
Amortization of interest rate contracts (1)
 
1,666

 
1,666

Other comprehensive (loss)
 
(8,054
)
 
(962
)
Comprehensive income
 
569,092

 
130,197

Net income attributable to noncontrolling interests
 
(77,025
)
 
(30,429
)
Other comprehensive (income) loss attributable to noncontrolling interests
 
689

 
(31
)
Comprehensive income attributable to Boston Properties, Inc.
 
$
492,756

 
$
99,737

_______________
(1)
Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties, Inc.’s Consolidated Statements of Operations.

































The accompanying notes are an integral part of these consolidated financial statements.

4



BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited and in thousands)

 
Common Stock
 
Preferred Stock
 
Additional Paid-in Capital
 
Dividends in Excess of Earnings
 
Treasury Stock,
at cost
 
Accumulated Other Comprehensive Loss
 
Noncontrolling Interests - Common Units
 
Noncontrolling Interests - Property Partnerships
 
Total
 
Shares
 
Amount
 
 
Equity, December 31, 2019
154,790

 
$
1,548

 
$
200,000

 
$
6,294,719

 
$
(760,523
)
 
$
(2,722
)
 
$
(48,335
)
 
$
600,860

 
$
1,728,689

 
$
8,014,236

Cumulative effect of a change in accounting principle

 

 

 

 
(1,505
)
 

 

 
(174
)
 

 
(1,679
)
Redemption of operating partnership units to common stock
462

 
5

 

 
15,490

 

 

 

 
(15,495
)
 

 

Allocated net income for the year

 

 

 

 
500,121

 

 

 
57,539

 
19,486

 
577,146

Dividends/distributions declared

 

 

 

 
(154,833
)
 

 

 
(17,444
)
 

 
(172,277
)
Shares issued pursuant to stock purchase plan
2

 

 

 
325

 

 

 

 

 

 
325

Net activity from stock option and incentive plan
61

 

 

 
7,383

 

 

 

 
15,677

 

 
23,060

Contributions from noncontrolling interests in property partnerships

 

 

 

 

 

 

 

 
3,876

 
3,876

Distributions to noncontrolling interests in property partnerships

 

 

 

 

 

 

 

 
(15,750
)
 
(15,750
)
Effective portion of interest rate contracts

 

 

 

 

 

 
(8,732
)
 
(988
)
 

 
(9,720
)
Amortization of interest rate contracts

 

 

 

 

 

 
1,367

 
155

 
144

 
1,666

Reallocation of noncontrolling interest

 

 

 
3,558

 

 

 

 
(3,558
)
 

 

Equity, March 31, 2020
155,315

 
$
1,553

 
$
200,000

 
$
6,321,475

 
$
(416,740
)
 
$
(2,722
)
 
$
(55,700
)
 
$
636,572

 
$
1,736,445

 
$
8,420,883

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity, December 31, 2018
154,458

 
$
1,545

 
$
200,000

 
$
6,407,623

 
$
(675,534
)
 
$
(2,722
)
 
$
(47,741
)
 
$
619,352

 
$
1,711,445

 
$
8,213,968

Cumulative effect of a change in accounting principle

 

 

 

 
(3,864
)
 

 

 
(445
)
 
(70
)
 
(4,379
)
Redemption of operating partnership units to common stock
14

 

 

 
492

 

 

 

 
(492
)
 

 

Allocated net income for the year

 

 

 

 
100,730

 

 

 
11,599

 
18,830

 
131,159

Dividends/distributions declared

 

 

 

 
(149,415
)
 

 

 
(17,185
)
 

 
(166,600
)
Shares issued pursuant to stock purchase plan
4

 

 

 
373

 

 

 

 

 

 
373

Net activity from stock option and incentive plan
39

 

 

 
3,059

 

 

 

 
13,410

 

 
16,469

Contributions from noncontrolling interests in property partnerships

 

 

 

 

 

 

 

 
4,387

 
4,387

Distributions to noncontrolling interests in property partnerships

 

 

 

 

 

 

 

 
(24,128
)
 
(24,128
)
Effective portion of interest rate contracts

 

 

 

 

 

 
(2,359
)
 
(269
)
 

 
(2,628
)
Amortization of interest rate contracts

 

 

 

 

 

 
1,366

 
156

 
144

 
1,666

Reallocation of noncontrolling interest

 

 

 
3,065

 

 

 

 
(3,065
)
 

 

Equity, March 31, 2019
154,515

 
$
1,545

 
$
200,000

 
$
6,414,612

 
$
(728,083
)
 
$
(2,722
)
 
$
(48,734
)
 
$
623,061

 
$
1,710,608

 
$
8,170,287

The accompanying notes are an integral part of these consolidated financial statements.

5


BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)

 
For the three months ended March 31,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
577,146

 
$
131,159

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
171,094

 
164,594

Amortization of right of use assets - operating leases
583

 
605

Impairment loss

 
24,038

Non-cash compensation expense
17,525

 
15,050

Loss (income) from unconsolidated joint ventures
369

 
(213
)
Distributions of net cash flow from operations of unconsolidated joint ventures
5,917

 
2,650

Losses (gains) from investments in securities
5,445

 
(2,969
)
Non-cash portion of interest expense
5,646

 
5,447

(Gains) losses on sales of real estate
(410,165
)
 
905

Change in assets and liabilities:
 
 
 
Tenant and other receivables, net
17,784

 
(14,000
)
Note receivable, net
(128
)
 
(125
)
Accrued rental income, net
(27,285
)
 
(15,570
)
Prepaid expenses and other assets
(93,819
)
 
(68,554
)
Lease liabilities - operating leases
393

 
370

Accounts payable and accrued expenses
(48,591
)
 
258

Accrued interest payable
(7,644
)
 
(160
)
Other liabilities
(21,296
)
 
(17,831
)
Tenant leasing costs
(17,777
)
 
(18,420
)
Total adjustments
(401,949
)