BOSTON PROPERTIES INC

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 27, 2024

BXP$63.54-4.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Financial Statement Schedule

Boston Properties, Inc.Schedule 3—Real Estate and Accumulated DepreciationDecember 31, 2023(dollars in thousands)
Property Name · Type · Location · Encumbrances · Original · Costs Capitalized Subsequent to Acquisition · Land and Improvements · Building and Improvements · Land Held for Development · Development and Construction in Progress · Total · Accumulated Depreciation · Year(s) Built/Renovated · Year(s) Acquired · Depreciable Lives (Years)
Land	Building
767 Fifth Avenue (the General Motors Building)	Office	New York, NY	$2,288,004		$1,796,252	$1,532,654	$365,829	$1,796,252	$1,898,483	$—	$—	$3,694,735	$507,660	1968/2019	2013	(1)
Prudential Center	Office	Boston, MA	—		92,077	948,357	791,280	115,634	1,687,021	—	29,059	1,831,714	774,225	1965/1993/2002/2016-2017	1998/1999/2000	(1)
Embarcadero Center	Office	San Francisco, CA	—		179,697	847,410	524,483	195,986	1,355,604	—	—	1,551,590	781,405	1970/1989	1998-1999	(1)
399 Park Avenue	Office	New York, NY	—		339,200	700,358	408,846	354,107	1,094,297	—	—	1,448,404	482,752	1961/2018	2002	(1)
601 Lexington Avenue	Office	New York, NY	989,181		241,600	494,782	545,612	289,639	992,355	—	—	1,281,994	372,795	1977/1997/2021	2001	(1)
Salesforce Tower	Office	San Francisco, CA	—		200,349	946,205	7,623	200,349	953,828	—	—	1,154,177	159,274	2018	2013	(1)
200 Clarendon Street and Garage	Office	Boston, MA	—		219,543	667,884	251,372	250,910	887,889	—	—	1,138,799	338,529	1976	2010	(1)
250 West 55th Street	Office	New York, NY	—		285,263	603,167	52,917	285,263	656,084	—	—	941,347	198,081	2014	2007	(1)
100 Federal Street	Office	Boston, MA	—		131,067	435,954	127,199	131,067	563,153	—	—	694,220	172,079	1971-1975/2017	2012	(1)
Times Square Tower	Office	New York, NY	—		165,413	380,438	140,281	169,193	516,939	—	—	686,132	256,942	2004	2000	(1)
Madison Centre	Office	Seattle, WA	—		104,641	564,336	4,082	104,641	568,418	—	—	673,059	35,516	2017	2022	(1)
Carnegie Center	Office	Princeton, NJ	—		142,666	316,856	177,545	94,243	484,024	58,800	—	637,067	267,232	1983-2016	1998/1999/2000/2007/2014/2017/2019	(1)
Santa Monica Business Park	Office	Los Angeles, CA	295,649		46,360	410,421	164,229	210,471	410,535	4	—	621,010	865	1976-1980	2023	(1)
125 Broadway	Office	Cambridge, MA	—		126,364	433,662	4,000	126,364	437,662	—	—	564,026	20,717	2000	2022	(1)
Reston Next	Office	Reston, VA	—		35,549	525,277	—	2,901	557,925	—	—	560,826	32,504	2022	1998	(1)
Atlantic Wharf	Office	Boston, MA	—		63,988	454,537	39,399	63,988	493,936	—	—	557,924	180,686	2011	2007	(1)
2100 Pennsylvania Avenue	Office	Washington, DC	—		185,203	324,206	—	185,203	324,206	—	—	509,409	20,768	2023	N/A	(1)
599 Lexington Avenue	Office	New York, NY	—		81,040	100,507	258,659	87,852	352,354	—	—	440,206	197,429	1986	1997	(1)
Fountain Square	Office	Reston, VA	—		56,853	306,298	49,874	56,853	356,172	—	—	413,025	111,481	1986-1990	2012	(1)
510 Madison Avenue	Office	New York, NY	—		103,000	253,665	33,100	103,000	286,765	—	—	389,765	104,052	2012	2010	(1)
325 Main Street	Office	Cambridge, MA	—	(2)	21,596	312,492	30,933	21,596	343,425	—	—	365,021	14,833	2022	1997	(1)
680 Folsom Street	Office	San Francisco, CA	—		72,545	219,766	8,026	72,545	227,792	—	—	300,337	80,964	2014	2012	(1)
145 Broadway	Office	Cambridge, MA	—		121	273,013	26,359	23,367	276,126	—	—	299,493	35,390	2019	1997	(1)
2200 Pennsylvania Avenue	Office	Washington, DC	—		—	183,541	114,090	102,979	194,652	—	—	297,631	77,357	2011	2008	(1)
South of Market and Democracy Tower	Office	Reston, VA	—		13,603	237,479	30,952	13,687	268,347	—	—	282,034	108,973	2008-2009	2003	(1)
Bay Colony Corporate Center	Office	Waltham, MA	—		18,789	148,451	96,639	18,789	240,416	4,674	—	263,879	113,123	1985-1989	2011	(1)
535 Mission Street	Office	San Francisco, CA	—		40,933	148,378	4,629	40,934	153,006	—	—	193,940	46,615	2015	2013	(1)

Boston Properties, Inc.Schedule 3—Real Estate and Accumulated DepreciationDecember 31, 2023(dollars in thousands)
Property Name · Type · Location · Encumbrances · Original · Costs Capitalized Subsequent to Acquisition · Land and Improvements · Building and Improvements · Land Held for Development · Development and Construction in Progress · Total · Accumulated Depreciation · Year(s) Built/Renovated · Year(s) Acquired · Depreciable Lives (Years)
Land	Building
Mountain View Research Park	Office	Mountain View, CA	—		95,066	68,373	21,069	95,066	89,442	—	—	184,508	33,095	1977-1981/2007-2013	2013	(1)
Reservoir Place	Office	Waltham, MA	—		18,605	104,124	56,160	20,108	156,954	1,827	—	178,889	90,808	1955/1987/2017	1997/1998	(1)
140 Kendrick Street	Office	Needham, MA	—		18,095	66,905	71,861	19,092	137,769	—	—	156,861	46,586	2000	2004	(1)
1330 Connecticut Avenue	Office	Washington, DC	—		25,982	82,311	39,924	27,135	121,082	—	—	148,217	53,332	1984/2018	2004	(1)
880 Winter Street	Office	Waltham, MA	—		15,597	37,255	95,265	15,597	132,520	—	—	148,117	10,056	1998/2022	2019	(1)
One Freedom Square	Office	Reston, VA	—		9,929	84,504	48,985	11,293	132,125	—	—	143,418	68,406	2000	2003	(1)
Two Freedom Square	Office	Reston, VA	—		13,930	77,739	45,068	15,420	121,317	—	—	136,737	44,662	2001	2003	(1)
Kingstowne Towne Center	Office	Alexandria, VA	—		18,021	109,038	4,665	18,062	113,662	—	—	131,724	54,480	2003-2006	2007	(1)
One and Two Reston Overlook	Office	Reston, VA	—		16,456	66,192	45,224	16,179	111,693	—	—	127,872	61,572	1999	2000	(1)
Shady Grove Innovation District	Office	Rockville, MD	—		52,030	64,212	10,676	26,834	34,954	65,130	—	126,918	4,701	1968-1985	2021	(1)
Weston Corporate Center	Office	Weston, MA	—		25,753	92,312	1,038	25,854	93,249	—	—	119,103	41,485	2010	2001	(1)
355 Main Street	Office	Cambridge, MA	593,545		18,863	53,346	41,772	21,173	92,808	—	—	113,981	36,957	1981/1996/2013	2006	(1)
17Fifty Presidents Street	Office	Reston, VA	—		—	113,362	162	—	113,524	—	—	113,524	16,624	2020	2013	(1)
200 West Street	Office	Waltham, MA	—		16,148	24,983	71,199	16,813	95,160	357	—	112,330	28,192	1999/2021	1997	(1)
Discovery Square	Office	Reston, VA	—		11,198	71,782	21,744	12,533	92,191	—	—	104,724	57,015	2001	2003	(1)
10 CityPoint	Office	Waltham, MA	—		1,953	85,752	7,571	2,288	92,988	—	—	95,276	24,003	2016	1997	(1)
90 Broadway	Office	Cambridge, MA	—	(2)	19,104	52,078	22,742	20,785	73,139	—	—	93,924	31,538	1983/1998/2013	2006	(1)
Waltham Weston Corporate Center	Office	Waltham, MA	—		10,385	60,694	20,705	11,097	80,687	—	—	91,784	45,601	2003	1999	(1)
153 & 211 Second Avenue	Office	Waltham, MA	—		33,233	55,940	718	33,233	55,940	718	—	89,891	6,186	1964-2006	2021	(1)
230 CityPoint	Office	Waltham, MA	—		13,189	49,823	24,297	13,807	73,502	—	—	87,309	40,959	1992	2005	(1)
20 CityPoint	Office	Waltham, MA	—		4,887	72,764	7,072	4,887	79,836	—	—	84,723	13,031	2020	2007	(1)
Sumner Square	Office	Washington, DC	—		624	28,745	51,253	27,837	52,785	—	—	80,622	32,911	1985	1999	(1)
77 CityPoint	Office	Waltham, MA	—		13,847	60,383	1,506	14,023	61,713	—	—	75,736	26,943	2008	2001	(1)
2440 West El Camino Real	Office	Mountain View, CA	—		16,741	51,285	6,565	16,741	57,850	—	—	74,591	21,469	1987/2003	2011	(1)
Wisconsin Place	Office	Chevy Chase, MD	—		—	53,349	13,834	—	67,183	—	—	67,183	28,960	2009	2004	(1)
Reston Corporate Center	Office	Reston, VA	—		9,135	50,857	4,489	10,148	54,333	—	—	64,481	34,194	1984	1998	(1)
255 Main Street	Office	Cambridge, MA	—		134	25,110	33,330	548	58,026	—	—	58,574	43,927	1987	1997	(1)
University Place	Office	Cambridge, MA	—		—	37,091	15,768	4,807	48,052	—	—	52,859	37,130	1985	1998	(1)
890 Winter Street	Office	Waltham, MA	—		13,913	28,557	8,507	13,913	37,064	—	—	50,977	7,296	1999	2019	(1)
Capital Gallery	Office	Washington, DC	—		4,725	29,565	10,361	8,662	35,989	—	—	44,651	23,764	1981/2006	2007	(1)
North First Business Park	Office	San Jose, CA	—		23,398	13,069	5,258	23,378	18,347	—	—	41,725	17,354	1981	2007	(1)
150 Broadway	Office	Cambridge, MA	—		850	25,042	15,749	1,323	40,318	—	—	41,641	18,506	1999	1997	(1)
105 Broadway	Office	Cambridge, MA	—		1,299	12,943	12,723	2,395	24,570	—	—	26,965	16,847	1990	1997	(1)
Lexington Office Park	Office	Lexington, MA	—		998	1,426	19,924	1,263	19,470	1,615	—	22,348	17,200	1982	1997	(1)
The Point	Office	Waltham, MA	—		6,395	10,040	546	6,492	10,489	—	—	16,981	2,638	2015	2007	(1)

Boston Properties, Inc.Schedule 3—Real Estate and Accumulated DepreciationDecember 31, 2023(dollars in thousands)
Property Name · Type · Location · Encumbrances · Original · Costs Capitalized Subsequent to Acquisition · Land and Improvements · Building and Improvements · Land Held for Development · Development and Construction in Progress · Total · Accumulated Depreciation · Year(s) Built/Renovated · Year(s) Acquired · Depreciable Lives (Years)
Land	Building
690 Folsom Street	Office	San Francisco, CA	—			3,219	11,038	1,877		3,219		12,915	—		—		16,134			4,280			2015		2012		(1)
33 Hayden Avenue	Office	Lexington, MA	—			266	3,234	11,502		425		14,577	—		—		15,002			9,090			1979		1997		(1)
Avant Retail	Office	Reston, VA	—			1,499	6,647	2,577		1,499		9,224	—		—		10,723			3,587			2014		2010		(1)
92-100 Hayden Avenue	Office	Lexington, MA	—			594	6,748	1,922		778		8,486	—		—		9,264			7,388			1985		1997		(1)
32 Hartwell Avenue	Office	Lexington, MA	—			168	1,943	6,403		314		8,200	—		—		8,514			2,931			1968/1979/1987		1997		(1)
250 Binney Street	Office	Cambridge, MA	—			110	4,483	3,593		273		7,913		—		8,186			7,244			1983		1997		(1)
453 Ravendale Drive	Office	Mountain View, CA	—			5,477	1,090	1,286		5,477		2,376	—		—		7,853			1,086			1977		2012		(1)
17 Hartwell Avenue	Office	Lexington, MA	—			26	150	6,064		65		6,175		—		6,240			3,755			1968		1997		(1)
The Skylyne	Residential	Oakland, CA	—			28,962	239,077	1,792		28,962		240,869	—		—		269,831			20,181			2020		N/A		(1)
Signature at Reston	Residential	Reston, VA	—			27,076	190,580	3,817		27,076		194,397	—		—		221,473			27,876			2018		2013		(1)
Proto Kendall Square	Residential	Cambridge, MA	—			9,243	127,248	3,336		9,245		130,582	—		—		139,827			17,820			2018		2015		(1)
The Lofts at Atlantic Wharf	Residential	Boston, MA	—			3,529	54,891	2,509		3,529		57,400	—		—		60,929			18,631			2011		2007		(1)
Boston Marriott Cambridge	Hotel	Cambridge, MA	—			478	37,918	32,131		1,201		68,697	629		—		70,527			53,282			1986/2017		1997		(1)
Kendall Center Green Garage	Garage	Cambridge, MA	—		(2)	—	35,035	7,335		103		42,267	—		—		42,370			18,414			1984		2006		(1)
Kendall Center Yellow Garage	Garage	Cambridge, MA	—			1,256	15,697	1,743		1,434		17,262	—		—		18,696			7,857			2006		2004		(1)
290 Binney Street	Development	Cambridge, MA	—			—	—	243,099		1,054		—	—		242,045		243,099			—			N/A		1997		N/A
180 CityPoint	Development	Waltham, MA	—			—	—	214,754		10,908		108,970	—		94,876		214,754			541			N/A		2006		N/A
300 Binney Street	Development	Cambridge, MA	—			18,080	51,262	38,454		18,080		27,805	—		61,911		107,796			6,719			2013		2009		N/A
103 CityPoint	Development	Waltham, MA	—			—	—	88,190		4,672		3,025	8,672		71,821		88,190			18			N/A		2007		N/A
Reston Next Office Phase II	Development	Reston, VA	—			—	—	39,201		—		—	—		39,201		39,201			—			N/A		1998		N/A
Reston Next Retail	Development	Reston, VA	—			—	—	8,367		—		—	—		8,367		8,367			—			N/A		1998		N/A
343 Madison Avenue	Land	New York, NY	—			—	—	206,052		158,885		—	47,167		—		206,052			—			N/A		2023		N/A
777 Harrison Street	Land	San Francisco, CA	—			144,647	—	28,334		—		47	172,934		—		172,981			29			N/A		2020		N/A
Back Bay Station Master Plan	Land	Boston, MA	—			—	—	78,150		—		—	78,150		—		78,150			—			N/A		N/A		N/A
3625-3635 Peterson Way	Land	Santa Clara, CA	—			63,206	—	5,173		—		—	68,379		—		68,379			—			N/A		2016		N/A
Kendall Center Master Plan	Land	Cambridge, MA	—			—	—	48,857		—		—	48,857		—		48,857			—			N/A		1997		N/A
North First Master Plan	Land	San Jose, CA	—			35,004	—	4,068		—		—	39,072		—		39,072			—			N/A		2007		N/A
Plaza at Almaden	Land	San Jose, CA	—			—	—	38,163		—		—	38,163		—		38,163			—			N/A		2006		N/A
CityPoint South Master Plan	Land	Waltham, MA	—			—	—	25,594		—		—	25,594		—		25,594			—			N/A		N/A		N/A
Springfield Metro Center	Land	Springfield, VA	—			—	—	19,896		—		—	19,896		—		19,896			—			N/A		2007		N/A
Reston Gateway Master Plan	Land	Reston, VA	—			—	—	13,908		—		—	13,908		—		13,908			—			N/A		1998		N/A
Weston Quarry	Land	Weston, MA	—			—	—	1,249		—		—	1,249		—		1,249			—			N/A		2001		N/A
Broad Run Business Park	Land	Loudoun County, VA	—			—	—	1,186		—		—	1,186		—		1,186			—			N/A		1998		N/A
Reston Overlook Master Plan	Land	Reston, VA	—			—	—	80		—		—	80		—		80			—			N/A		2000		N/A
				$4,166,379		(3)	$5,637,035		$15,478,086		$6,306,350		$5,953,798	(4)		$20,223,332		(5)			$697,061		(6)			$547,280		$27,421,471	$6,841,404

Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $53,716. Accumulated Depreciation does not include approximately $40,324 of accumulated depreciation related to Furniture, Fixtures and Equipment. Office type includes office, life sciences, and retail properties.

The aggregate cost and accumulated depreciation for tax purposes was approximately $25.2 billion and $5.9 billion, respectively.

(1)Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years.

(2)This property is encumbered with the mortgage note shown at 355 Main Street. See Note 7 to the Consolidated Financial Statements.

(3)Includes unamortized deferred financing costs and fair value debt adjustment totaling approximately $(33.6) million.

(4)Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $378,276 and $324,298, respectively.

(5)Includes Right of Use Assets - Finance Leases of approximately $23,404.

(6)Includes pre-development costs.

Boston Properties, Inc.

Real Estate and Accumulated Depreciation

December 31, 2023, 2022 and 2021

(dollars in thousands)

A summary of activity for real estate and accumulated depreciation is as follows:

	2023	2022	2021
Real Estate:
Balance at the beginning of the year	$25,744,214	$24,108,220	$23,303,303
Additions to/improvements of real estate	1,811,036	2,228,000	1,145,084
Assets sold/written-off	(133,779)	(592,006)	(340,167)
Balance at the end of the year	$27,421,471	$25,744,214	$24,108,220
Accumulated Depreciation:
Balance at the beginning of the year	$6,260,992	$5,848,183	$5,501,637
Depreciation expense	714,191	646,020	623,854
Assets sold/written-off	(133,779)	(233,211)	(277,308)
Balance at the end of the year	$6,841,404	$6,260,992	$5,848,183

Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.