2019 Q4 Form 10-K Financial Statement

#000165642320000007 Filed on March 02, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $757.5M $705.2M $686.3M
YoY Change 7.42% 7.62% 4.34%
Cost Of Revenue $279.4M $263.5M $259.3M
YoY Change 6.03% 8.88% 5.49%
Gross Profit $478.1M $441.7M $411.7M
YoY Change 8.24% 6.9% -0.05%
Gross Profit Margin 63.12% 62.64% 59.99%
Selling, General & Admin $32.80M $27.70M $29.70M
YoY Change 18.41% -5.78% 15.12%
% of Gross Profit 6.86% 6.27% 7.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $169.9M $165.4M $158.0M
YoY Change 2.72% 7.26% 3.81%
% of Gross Profit 35.54% 37.45% 38.38%
Operating Expenses $202.7M $193.1M $187.7M
YoY Change 4.97% 5.17% 5.45%
Operating Profit $275.4M $248.6M $238.4M
YoY Change 10.78% 8.28% 1.98%
Interest Expense -$97.20M -$94.60M $95.37M
YoY Change 2.75% 12.22% 3.62%
% of Operating Profit -35.29% -38.05% 40.01%
Other Income/Expense, Net
YoY Change
Pretax Income $176.0M $185.2M $150.4M
YoY Change -4.97% 40.09% 1.83%
Income Tax
% Of Pretax Income
Net Earnings $140.8M $148.5M $119.1M
YoY Change -5.19% 43.05% 1.52%
Net Earnings / Revenue 18.59% 21.06% 17.36%
Basic Earnings Per Share $0.91 $0.96 $0.77
Diluted Earnings Per Share $0.91 $0.96 $0.77
COMMON SHARES
Basic Shares Outstanding 154.6M shares 154.4M shares 154.4M shares
Diluted Shares Outstanding 154.7M shares

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $681.7M $571.6M $353.9M
YoY Change 19.27% 23.2% -23.53%
Cash & Equivalents $645.0M $543.4M $322.5M
Short-Term Investments $36.75M $28.20M $31.38M
Other Short-Term Assets $42.00M $81.00M $133.0M
YoY Change -48.15% 3.85% -8.28%
Inventory
Prepaid Expenses
Receivables $113.0M $87.00M $99.00M
Other Receivables $1.039B $935.0M $926.0M
Total Short-Term Assets $1.839B $1.646B $1.481B
YoY Change 11.73% 12.2% -4.64%
LONG-TERM ASSETS
Property, Plant & Equipment $17.62B $16.75B $16.85B
YoY Change 5.19% 1.48% 2.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $992.0M $985.0M $957.0M
YoY Change 0.71% 51.77% 49.53%
Other Assets $736.0M $775.0M $771.0M
YoY Change -5.03% 3.33% 4.05%
Total Long-Term Assets $19.45B $18.61B $18.66B
YoY Change 4.49% 3.94% 5.07%
TOTAL ASSETS
Total Short-Term Assets $1.839B $1.646B $1.481B
Total Long-Term Assets $19.45B $18.61B $18.66B
Total Assets $21.28B $20.26B $20.14B
YoY Change 5.08% 4.56% 4.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $378.0M $277.0M $315.0M
YoY Change 36.46% -16.57% -3.08%
Accrued Expenses $290.0M $89.00M $93.00M
YoY Change 225.84% 5.95% -6.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $839.0M $531.0M $573.0M
YoY Change 58.0% -4.32% 3.43%
LONG-TERM LIABILITIES
Long-Term Debt $12.04B $11.01B $10.89B
YoY Change 9.34% 7.17% 6.4%
Other Long-Term Liabilities $396.0M $504.0M $468.0M
YoY Change -21.43% 13.51% 11.69%
Total Long-Term Liabilities $12.43B $11.51B $11.36B
YoY Change 7.99% 7.43% 6.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $839.0M $531.0M $573.0M
Total Long-Term Liabilities $12.43B $11.51B $11.36B
Total Liabilities $13.26B $12.04B $11.93B
YoY Change 10.13% 6.86% 6.45%
SHAREHOLDERS EQUITY
Retained Earnings -$760.5M -$675.5M -$677.3M
YoY Change 12.58% -5.17% -2.23%
Common Stock $1.548M $1.545M $1.544M
YoY Change 0.19% 0.13% 0.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.722M $2.722M $2.722M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 78.90K shares 78.90K shares 78.90K shares
Shareholders Equity $5.685B $5.883B $5.877B
YoY Change
Total Liabilities & Shareholders Equity $21.28B $20.26B $20.14B
YoY Change 5.08% 4.56% 4.29%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $140.8M $148.5M $119.1M
YoY Change -5.19% 43.05% 1.52%
Depreciation, Depletion And Amortization $169.9M $165.4M $158.0M
YoY Change 2.72% 7.26% 3.81%
Cash From Operating Activities $361.4M $379.6M $209.8M
YoY Change -4.79% 18.89% -7.94%
INVESTING ACTIVITIES
Capital Expenditures -$267.4M -$293.8M -$239.5M
YoY Change -8.99% 9.3% -8.38%
Acquisitions
YoY Change
Other Investing Activities -$11.20M $215.0M -$294.8M
YoY Change -105.21% 2262.64% -257.98%
Cash From Investing Activities -$278.6M -$78.80M -$534.3M
YoY Change 253.55% -69.65% 615.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -195.6M -85.40M 21.30M
YoY Change 129.04% -22.78% -115.58%
NET CHANGE
Cash From Operating Activities 361.4M 379.6M 209.8M
Cash From Investing Activities -278.6M -78.80M -534.3M
Cash From Financing Activities -195.6M -85.40M 21.30M
Net Change In Cash -112.8M 215.4M -303.2M
YoY Change -152.37% -523.18% -1937.58%
FREE CASH FLOW
Cash From Operating Activities $361.4M $379.6M $209.8M
Capital Expenditures -$267.4M -$293.8M -$239.5M
Free Cash Flow $628.8M $673.4M $449.3M
YoY Change -6.62% 14.5% -8.17%

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182356000 USD
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535000000 USD
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500000000 USD
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CY2017 us-gaap Repayments Of Notes Payable
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502000 USD
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CY2019 us-gaap Repayments Of Long Term Capital Lease Obligations
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0 USD
CY2018 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1353000 USD
CY2017 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
493000 USD
CY2019 bxp Paymentsonrealestatetransaction
Paymentsonrealestatetransaction
0 USD
CY2018 bxp Paymentsonrealestatetransaction
Paymentsonrealestatetransaction
960000 USD
CY2017 bxp Paymentsonrealestatetransaction
Paymentsonrealestatetransaction
2840000 USD
CY2019 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
0 USD
CY2018 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
0 USD
CY2017 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
23200000 USD
CY2019 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2018 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2017 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
23200000 USD
CY2019 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
13213000 USD
CY2018 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
8362000 USD
CY2017 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
50705000 USD
CY2019 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
28716000 USD
CY2018 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
15973000 USD
CY2017 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
12784000 USD
CY2019 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
13710000 USD
CY2018 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
-730000 USD
CY2017 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
241000 USD
CY2019 us-gaap Payments Of Dividends
PaymentsOfDividends
666294000 USD
CY2018 us-gaap Payments Of Dividends
PaymentsOfDividends
587628000 USD
CY2017 us-gaap Payments Of Dividends
PaymentsOfDividends
526578000 USD
CY2019 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
35816000 USD
CY2018 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
46701000 USD
CY2017 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
52009000 USD
CY2019 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
69913000 USD
CY2018 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
82501000 USD
CY2017 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
54342000 USD
CY2018 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
0 USD
CY2017 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
0 USD
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-113379000 USD
CY2019 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-186963000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
82453000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
55346000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
52695000 USD
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
133822000 USD
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
85281000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
639191000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
505369000 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
420088000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
691886000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
639191000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
505369000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
543359000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
434767000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
356914000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
95832000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
70602000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
63174000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
644950000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
543359000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
434767000 USD
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
46936000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
95832000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
70602000 USD
CY2019 us-gaap Interest Paid
InterestPaid
439059000 USD
CY2018 us-gaap Interest Paid
InterestPaid
416019000 USD
CY2017 us-gaap Interest Paid
InterestPaid
598486000 USD
CY2019 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
54911000 USD
CY2018 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
65766000 USD
CY2017 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
61070000 USD
CY2019 bxp Writeoffoffullydepreciatedrealestate
Writeoffoffullydepreciatedrealestate
129831000 USD
CY2018 bxp Writeoffoffullydepreciatedrealestate
Writeoffoffullydepreciatedrealestate
135431000 USD
CY2017 bxp Writeoffoffullydepreciatedrealestate
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124891000 USD
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
89245000 USD
CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
-44866000 USD
CY2017 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
27978000 USD
CY2019 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
0 USD
CY2018 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
12397000 USD
CY2017 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
28962000 USD
CY2019 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
287540000 USD
CY2018 bxp Prepaidrentreclassifiedtorightofuseasset
Prepaidrentreclassifiedtorightofuseasset
0 USD
CY2017 bxp Prepaidrentreclassifiedtorightofuseasset
Prepaidrentreclassifiedtorightofuseasset
0 USD
CY2018 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0 USD
CY2017 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0 USD
CY2019 bxp Prepaidrentreclassifiedtorightofuseasset
Prepaidrentreclassifiedtorightofuseasset
15000000 USD
CY2019 us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
12767000 USD
CY2018 us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
0 USD
CY2017 us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
0 USD
CY2019 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
135004000 USD
CY2018 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 USD
CY2017 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 USD
CY2019 us-gaap Transfer To Investments
TransferToInvestments
29246000 USD
CY2018 us-gaap Transfer To Investments
TransferToInvestments
0 USD
CY2017 us-gaap Transfer To Investments
TransferToInvestments
0 USD
CY2019 bxp Leaseliabilityfinanceleasedeconsolidation
Leaseliabilityfinanceleasedeconsolidation
-119534000 USD
CY2018 bxp Leaseliabilityfinanceleasedeconsolidation
Leaseliabilityfinanceleasedeconsolidation
0 USD
CY2017 bxp Leaseliabilityfinanceleasedeconsolidation
Leaseliabilityfinanceleasedeconsolidation
0 USD
CY2019 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
0 USD
CY2018 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
0 USD
CY2017 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
109576000 USD
CY2019Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
170713000 USD
CY2018Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
165114000 USD
CY2017Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
139040000 USD
CY2019 bxp Conversions Of Noncontrolling Interests To Stockholders Equity
ConversionsOfNoncontrollingInterestsToStockholdersEquity
4885000 USD
CY2018 bxp Conversions Of Noncontrolling Interests To Stockholders Equity
ConversionsOfNoncontrollingInterestsToStockholdersEquity
2880000 USD
CY2017 bxp Conversions Of Noncontrolling Interests To Stockholders Equity
ConversionsOfNoncontrollingInterestsToStockholdersEquity
16916000 USD
CY2019 bxp Issuance Of Restricted Securities To Employees And Directors
IssuanceOfRestrictedSecuritiesToEmployeesAndDirectors
37622000 USD
CY2018 bxp Issuance Of Restricted Securities To Employees And Directors
IssuanceOfRestrictedSecuritiesToEmployeesAndDirectors
37052000 USD
CY2017 bxp Issuance Of Restricted Securities To Employees And Directors
IssuanceOfRestrictedSecuritiesToEmployeesAndDirectors
35989000 USD
CY2017 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
0 USD
CY2019 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.896
CY2018 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.897
CY2019Q4 bxp Restriction On Redemption Of Op Units From Date Of Issuance In Years
RestrictionOnRedemptionOfOpUnitsFromDateOfIssuanceInYears
1 Y
CY2019Q4 bxp Op Unit Conversion Rate
OpUnitConversionRate
1 shares
CY2019Q4 bxp Common Stock Conversion Rate
CommonStockConversionRate
1 shares
CY2019Q4 bxp Op Unit Conversion Rate
OpUnitConversionRate
1 shares
CY2019Q4 bxp Number Of Series Of Preferred Units Outstanding
NumberOfSeriesOfPreferredUnitsOutstanding
1
CY2019Q4 bxp Numberof Vi Es
NumberofVIEs
6
CY2019Q4 bxp Numberof Vi Es Total
NumberofVIEsTotal
8
CY2019Q4 bxp Numberof Vi Es
NumberofVIEs
6
CY2019 bxp Probable Sale Term Of Property After Classified As Held For Sale Years
ProbableSaleTermOfPropertyAfterClassifiedAsHeldForSaleYears
1 Y
CY2019 bxp Probable Sale Term Of Property After Classified As Held For Sale Years
ProbableSaleTermOfPropertyAfterClassifiedAsHeldForSaleYears
1 Y
CY2019 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
54900000 USD
CY2018 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
65800000 USD
CY2017 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
61100000 USD
CY2019 bxp Salaries And Related Costs Capitalized
SalariesAndRelatedCostsCapitalized
10400000 USD
CY2018 bxp Salaries And Related Costs Capitalized
SalariesAndRelatedCostsCapitalized
12500000 USD
CY2017 bxp Salaries And Related Costs Capitalized
SalariesAndRelatedCostsCapitalized
13200000 USD
CY2019Q4 bxp Cash Fdic Insured Limit
CashFdicInsuredLimit
250000 USD
CY2019Q4 bxp Separate Unrestricted Cash For Deferred Compensation Plan
SeparateUnrestrictedCashForDeferredCompensationPlan
36700000 USD
CY2018Q4 bxp Separate Unrestricted Cash For Deferred Compensation Plan
SeparateUnrestrictedCashForDeferredCompensationPlan
28200000 USD
CY2019 us-gaap Gain Loss On Investments
GainLossOnInvestments
6400000 USD
CY2018 us-gaap Gain Loss On Investments
GainLossOnInvestments
-1900000 USD
CY2017 us-gaap Gain Loss On Investments
GainLossOnInvestments
3700000 USD
CY2018 bxp Internal Leasing Salaries And Related Costs Capitalized
InternalLeasingSalariesAndRelatedCostsCapitalized
5400000 USD
CY2017 bxp Internal Leasing Salaries And Related Costs Capitalized
InternalLeasingSalariesAndRelatedCostsCapitalized
5000000.0 USD
CY2019 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-58400000 USD
CY2018 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-51900000 USD
CY2017 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-54800000 USD
CY2019 bxp Above And Below Market Rent Adjustments
AboveAndBelowMarketRentAdjustments
20900000 USD
CY2018 bxp Above And Below Market Rent Adjustments
AboveAndBelowMarketRentAdjustments
23800000 USD
CY2017 bxp Above And Below Market Rent Adjustments
AboveAndBelowMarketRentAdjustments
23500000 USD
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-top:18px;text-indent:16px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Use of Estimates in the Preparation of Financial Statements</span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates include such items as depreciation and allowances for doubtful accounts. Actual results could differ from those estimates.</span></div>
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
151800000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
199300000 USD
CY2019Q4 us-gaap Lessee Finance Lease Description
LesseeFinanceLeaseDescription
four
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
14573000 USD
CY2019 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
29000 USD
CY2019 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
47000 USD
CY2019Q4 bxp Financeleasesunderdevelopment
Financeleasesunderdevelopment
3
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P51Y
CY2019Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P71Y
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.057
CY2019Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.062
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
11425000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
18425000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
25310000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
8894000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
9084000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
567232000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
1441000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
12682000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
2123000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
1253000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
944000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
73241000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Net Minimum Payments1
CapitalLeasesFutureMinimumPaymentsNetMinimumPayments1
91684000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
27497000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
64187000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
10050000 USD
CY2019Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
834000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
24973000 USD
CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
5960000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
18041000 USD
CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
10208000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
10322000 USD
CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
9708000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
9277000 USD
CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
48518000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
557954000 USD
CY2019Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
1383242000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
630617000 USD
CY2019Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1458470000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
-430437000 USD
CY2019Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
-1234428000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
200180000 USD
CY2019Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
224042000 USD
CY2019Q4 bxp Lessee Finance Lease Optionto Extend Reasonably Certain2024
LesseeFinanceLeaseOptiontoExtendReasonablyCertain2024
38700000 USD
CY2019 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
2261260000 USD
CY2019 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
496754000 USD
CY2019 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
2758014000 USD
CY2019 bxp Dividends Treatment For Federal Tax Purposes
DividendsTreatmentForFederalTaxPurposes
3.15
CY2019 bxp Dividends Treatment For Federal Tax Purposes Percentage
DividendsTreatmentForFederalTaxPurposesPercentage
1.0000
CY2018 bxp Dividends Treatment For Federal Tax Purposes
DividendsTreatmentForFederalTaxPurposes
3.57
CY2018 bxp Dividends Treatment For Federal Tax Purposes Percentage
DividendsTreatmentForFederalTaxPurposesPercentage
1.0000
CY2017 bxp Dividends Treatment For Federal Tax Purposes
DividendsTreatmentForFederalTaxPurposes
2.91
CY2017 bxp Dividends Treatment For Federal Tax Purposes Percentage
DividendsTreatmentForFederalTaxPurposesPercentage
1.0000
CY2019 bxp Reit Annual Taxable Income Distribution Requirement Percentage Minimum
ReitAnnualTaxableIncomeDistributionRequirementPercentageMinimum
0.90
CY2019 bxp Company Annual Taxable Income Distribution Percentage
CompanyAnnualTaxableIncomeDistributionPercentage
1
CY2019Q4 us-gaap Land
Land
5111606000 USD
CY2018Q4 us-gaap Land
Land
5072568000 USD
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
237394000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
148640000 USD
CY2019Q4 us-gaap Land Available For Development
LandAvailableForDevelopment
254828000 USD
CY2018Q4 us-gaap Land Available For Development
LandAvailableForDevelopment
200498000 USD
CY2019Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
13646054000 USD
CY2018Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
13356751000 USD
CY2019Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2656439000 USD
CY2018Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2396932000 USD
CY2019Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
44313000 USD
CY2018Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
44351000 USD
CY2019Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
789736000 USD
CY2018Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
578796000 USD
CY2019Q4 bxp Real Estate Investment Property At Cost Including Rightof Use Assets
RealEstateInvestmentPropertyAtCostIncludingRightofUseAssets
22889010000 USD
CY2018Q4 bxp Real Estate Investment Property At Cost Including Rightof Use Assets
RealEstateInvestmentPropertyAtCostIncludingRightofUseAssets
21649896000 USD
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
5266798000 USD
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
4897777000 USD
CY2019Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
17622212000 USD
CY2018Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
16752119000 USD
CY2019Q4 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
1155958000 USD
CY2018Q4 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
1191297000 USD
CY2019Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
12728000 USD
CY2018Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
12796000 USD
CY2019Q4 bxp Deferred Costs Gross
DeferredCostsGross
1168686000 USD
CY2018Q4 bxp Deferred Costs Gross
DeferredCostsGross
1204093000 USD
CY2019Q4 bxp Accumulated Amortization Leasing And Financing Costs
AccumulatedAmortizationLeasingAndFinancingCosts
479473000 USD
CY2018Q4 bxp Accumulated Amortization Leasing And Financing Costs
AccumulatedAmortizationLeasingAndFinancingCosts
525369000 USD
CY2019Q4 us-gaap Deferred Costs
DeferredCosts
689213000 USD
CY2018Q4 us-gaap Deferred Costs
DeferredCosts
678724000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
17536000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
11001000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5918000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4286000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
2510000 USD
CY2019Q4 bxp Investments In Affiliates Subsidiaries Associates And Joint Venturesnet
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesnet
933223000 USD
CY2018Q4 bxp Investments In Affiliates Subsidiaries Associates And Joint Venturesnet
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesnet
931219000 USD
CY2019 bxp Schedule Of Statements Of Operations Of Unconsolidated Joint Ventures Text Bock
ScheduleOfStatementsOfOperationsOfUnconsolidatedJointVenturesTextBock
<div style="line-height:120%;padding-top:18px;text-indent:32px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:</span><span style="font-family:Arial;font-size:9pt;"> </span></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"/></tr><tr><td style="width:52%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/><td style="width:3%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/><td style="width:3%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"> </span></div></td><td colspan="11" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Arial;font-size:8pt;font-weight:bold;">For the year ended December 31,</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Arial;font-size:8pt;font-weight:bold;">2019</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Arial;font-size:8pt;font-weight:bold;">2018</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Arial;font-size:8pt;font-weight:bold;">2017</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"> </span></div></td><td colspan="11" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Arial;font-size:8pt;font-weight:bold;">(in thousands)</span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Total revenue (1)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>322,817</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>271,951</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>222,517</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Expenses</span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Operating</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>122,992</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>106,610</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>90,542</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Transaction costs</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>1,000</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Depreciation and amortization (2)</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>102,296</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>103,079</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>57,079</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Total expenses</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>226,288</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>209,689</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>147,621</span></span></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Other income (expense)</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Gains on sales of real estate (3)</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>32,706</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>16,951</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Interest expense</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>(84,409</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>(71,308</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>(46,371</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">)</span></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Net income</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>44,826</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>7,905</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>28,525</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Company’s share of net income</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>24,423</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>8,084</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>18,439</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Basis differential (3)(4)</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>22,169</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>(5,862</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>(7,207</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">)</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Income from unconsolidated joint ventures</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>46,592</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>2,222</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>11,232</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">_______________ </span></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:12px;"><span style="font-family:Arial;font-size:9pt;">(1)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Includes straight-line rent adjustments of approximately </span><span style="font-family:Arial;font-size:9pt;"><span>$32.4 million</span></span><span style="font-family:Arial;font-size:9pt;">, </span><span style="font-family:Arial;font-size:9pt;"><span>$15.9 million</span></span><span style="font-family:Arial;font-size:9pt;"> and </span><span style="font-family:Arial;font-size:9pt;"><span>$21.7 million</span></span><span style="font-family:Arial;font-size:9pt;"> for the years ended </span><span style="font-family:Arial;font-size:9pt;">December 31, 2019</span><span style="font-family:Arial;font-size:9pt;">, </span><span style="font-family:Arial;font-size:9pt;">2018</span><span style="font-family:Arial;font-size:9pt;"> and </span><span style="font-family:Arial;font-size:9pt;">2017</span><span style="font-family:Arial;font-size:9pt;">, respectively. </span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:12px;"><span style="font-family:Arial;font-size:9pt;">(2)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">During the year ended December 31, 2018, the joint venture that owns Metropolitan Square in Washington, DC, commenced a renovation project and recorded accelerated depreciation expense of approximately </span><span style="font-family:Arial;font-size:9pt;"><span>$22.4 million</span></span><span style="font-family:Arial;font-size:9pt;"> related to the remaining book value of the assets to be replaced. The Company’s share of the accelerated depreciation expense totaled approximately </span><span style="font-family:Arial;font-size:9pt;"><span>$4.5 million</span></span><span style="font-family:Arial;font-size:9pt;">.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:12px;"><span style="font-family:Arial;font-size:9pt;">(3)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">For the year ended December 31, 2019, represents the gain on sale of 540 Madison Avenue recognized by the joint venture, as described below. During 2008, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture resulting in a basis differential between the carrying value of the Company’s investment in the joint venture and the joint venture’s basis in the assets and liabilities of the property. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately </span><span style="font-family:Arial;font-size:9pt;"><span>$47.2 million</span></span><span style="font-family:Arial;font-size:9pt;"> for the year ended December 31, 2019, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for the basis differential. The gain on sale of real estate is included in Income from Unconsolidated Joint Ventures in the Company’s Consolidated Statements of Operations.</span></div></td></tr></table><div style="line-height:120%;font-size:9pt;padding-left:12px;"><span style="font-family:Arial;font-size:9pt;">(4)</span></div><div style="line-height:120%;text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Includes straight-line rent adjustments of approximately </span><span style="font-family:Arial;font-size:9pt;"><span>$2.1 million</span></span><span style="font-family:Arial;font-size:9pt;">, </span><span style="font-family:Arial;font-size:9pt;"><span>$2.4 million</span></span><span style="font-family:Arial;font-size:9pt;"> and </span><span style="font-family:Arial;font-size:9pt;"><span>$1.9 million</span></span><span style="font-family:Arial;font-size:9pt;"> for the years ended December 31, 2019, 2018 and 2017, respectively. Also includes net above-/below-market rent adjustments of approximately </span><span style="font-family:Arial;font-size:9pt;"><span>$1.7 million</span></span><span style="font-family:Arial;font-size:9pt;">, </span><span style="font-family:Arial;font-size:9pt;"><span>$1.6 million</span></span><span style="font-family:Arial;font-size:9pt;"> and </span><span style="font-family:Arial;font-size:9pt;"><span>$2.9 million</span></span><span style="font-family:Arial;font-size:9pt;"> for the years ended December 31, 2019, 2018 and 2017, respectively. </span></div>
CY2019Q4 us-gaap Secured Debt
SecuredDebt
2900000000 USD
CY2018Q4 us-gaap Secured Debt
SecuredDebt
3000000000.0 USD
CY2019Q4 bxp Number Of Mortgage Loans Accounted For Fair Value
NumberOfMortgageLoansAccountedForFairValue
0
CY2017 bxp Nterest Expense Decrease Due To Recording Mortgage Loans At Fair Value
NterestExpenseDecreaseDueToRecordingMortgageLoansAtFairValue
19600000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
17168000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
17276000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
614710000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
2300000000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
2949154000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
26746000 USD
CY2019Q4 us-gaap Secured Debt
SecuredDebt
2922408000 USD
CY2019 dei Document Period End Date
DocumentPeriodEndDate
2019-12-31
CY2019 us-gaap Line Of Credit Facility Covenant Compliance
LineOfCreditFacilityCovenantCompliance
At December 31, 2019, Boston Properties Limited Partnership was in compliance with each of these financial and other covenant requirements.
CY2019Q4 bxp Letter Of Credit And Performance Obligation
LetterOfCreditAndPerformanceObligation
21000000.0 USD
CY2019Q4 bxp Insurance Policy Limit
InsurancePolicyLimit
1000000000.0 USD
CY2019Q4 bxp Insurance Policy Limit
InsurancePolicyLimit
1000000000.0 USD
CY2019 bxp Per Occurrence Limit For Nbcr Coverage
PerOccurrenceLimitForNbcrCoverage
1000000000.0 USD
CY2019Q4 bxp Program Trigger Value
ProgramTriggerValue
180000000 USD
CY2019 bxp Program Trigger Coinsurance
ProgramTriggerCoinsurance
0.19
CY2019 bxp Earthquake Deductible Insurance Percentage Of Value Of The Affected Property San Franciscoand Los Angeles
EarthquakeDeductibleInsurancePercentageOfValueOfTheAffectedPropertySanFranciscoandLosAngeles
0.03
CY2019 bxp Per Occurrence Limit Of Earth Quake Insurance San Franciscoand Los Angeles
PerOccurrenceLimitOfEarthQuakeInsuranceSanFranciscoandLosAngeles
240000000 USD
CY2019 bxp Annual Aggregate Limit Of Earth Quake Insurance San Franciscoand Los Angeles
AnnualAggregateLimitOfEarthQuakeInsuranceSanFranciscoandLosAngeles
240000000 USD
CY2019 bxp Amount Of Earthquake Insurance Provided By Ixpllc As Direct Insurer San Franciscoand Los Angeles
AmountOfEarthquakeInsuranceProvidedByIXPLLCAsDirectInsurerSanFranciscoandLosAngeles
20000000 USD
CY2019Q4 us-gaap Minority Interest In Limited Partnerships
MinorityInterestInLimitedPartnerships
1700000000 USD
CY2018 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
83136 shares
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
154790298 shares
CY2019Q4 us-gaap General Partners Capital Account Units Outstanding
GeneralPartnersCapitalAccountUnitsOutstanding
1726980 shares
CY2019Q4 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
153063318 shares
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
145088 shares
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2019 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
144481 shares
CY2019Q4 us-gaap Dividends Payable Amount Per Share
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0.98
CY2019Q4 us-gaap Common Stock Dividends Per Share Cash Paid
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0.95
CY2019Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.95
CY2019Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.95
CY2019Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.95
CY2018Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.95
CY2018Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.80
CY2018Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.80
CY2018Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.80
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
2088171000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
2106963000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
2015031000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
1838699000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
1736636000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
12295464000 USD
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
2205675000 USD
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
2222643000 USD
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
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