Boston Properties Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Boston Properties Inc. has filed its 2023 10-K report detailing its real estate operations and financial performance for the fiscal year ending December 31, 2023.</b>

AI Summary

BOSTON PROPERTIES INC (BXP) filed a Annual Report (10-K) with the SEC on February 27, 2024. Boston Properties Inc. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is the ownership, management, leasing, acquisition, and development of real estate. The filing includes data for Boston Properties Limited Partnership. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking BOSTON PROPERTIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Boston Properties' financial health, operational activities, and strategic positioning within the real estate market for the past fiscal year. Investors and analysts can use this report to assess the company's performance, identify potential risks, and make informed investment decisions regarding BXP.

Risk Assessment

Risk Level: — BOSTON PROPERTIES INC shows moderate risk based on this filing. The company operates in the real estate sector, which is subject to economic downturns, interest rate fluctuations, and changes in tenant demand, as detailed in the risk factors section of the 10-K.

Analyst Insight

Monitor BXP's disclosures regarding leasing activity, property development pipeline, and any commentary on market conditions in future filings to gauge its resilience and growth prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-27 — Filing Date (Date of submission)
• 133 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• BOSTON PROPERTIES INC (company) — Filer name
• Boston Properties Limited Partnership (company) — Related entity
• 800 BOYLSTON STREET (company) — Business address
• DE (company) — State of incorporation
• 2023-12-31 (date) — Fiscal year end
• 2024-02-27 (date) — Filing date

FAQ

Industry Context

Boston Properties Inc. is a real estate investment trust (REIT) primarily engaged in the ownership, management, leasing, acquisition, and development of office, life science, and residential properties.

Regulatory Implications

As a publicly traded company, Boston Properties Inc. is subject to the reporting requirements of the Securities Exchange Act of 1934, including the annual filing of a Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's portfolio diversification and leasing trends within its key markets.
3. Assess the company's debt levels and liquidity position as presented in the financial statements.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $57.59 — ed upon the last reported sale price of $57.59 per share on the New York Stock Exchang
• $242.9 m — XP as compared to BPLP of approximately $242.9 million, or 1.2% at December 31, 2023, an
• $300.0 million — ct to existing mortgage indebtedness of $300.0 million that bears interest at a variable rate
• $38.0 m — completed for a gross purchase price of $38.0 million, and we acquired net working capi
• $20 million — h and cash equivalents of approximately $20 million. Prior to the acquisition, we had a 55%
• $2.4 b — omplete these projects is approximately $2.4 billion, of which approximately $1.3 bill
• $1.3 billion — ly $2.4 billion, of which approximately $1.3 billion remained to be invested as of December
• $11.0 million — . BXP and BPLP recognized approximately $11.0 million of depreciation expense during the year
• $212.9 million — itutional investor funded approximately $212.9 million in cash at closing for its investment i

Filing Documents

• bxp-20231231.htm (10-K) — 7532KB
• bxpbplp-20231231ex211.htm (EX-21.1) — 198KB
• bxpbplp-20231231ex231.htm (EX-23.1) — 3KB
• bxpbplp-20231231ex232.htm (EX-23.2) — 2KB
• bxpbplp-20231231ex311.htm (EX-31.1) — 9KB
• bxpbplp-20231231ex312.htm (EX-31.2) — 9KB
• bxpbplp-20231231ex313.htm (EX-31.3) — 8KB
• bxpbplp-20231231ex314.htm (EX-31.4) — 9KB
• bxpbplp-20231231ex321.htm (EX-32.1) — 5KB
• bxpbplp-20231231ex322.htm (EX-32.2) — 5KB
• bxpbplp-20231231ex323.htm (EX-32.3) — 5KB
• bxpbplp-20231231ex324.htm (EX-32.4) — 5KB
• bxpbplp-20231231ex971compe.htm (EX-97.1) — 30KB
• bxp-20231231_g1.jpg (GRAPHIC) — 138KB
• bxp-20231231_g2.jpg (GRAPHIC) — 136KB
• bxp-20231231_g3.jpg (GRAPHIC) — 18KB
• bxp-20231231_g4.jpg (GRAPHIC) — 19KB
• bxp-20231231_g5.jpg (GRAPHIC) — 19KB
• bxp-20231231_g6.jpg (GRAPHIC) — 28KB
• bxp-20231231_g7.jpg (GRAPHIC) — 28KB
• bxp-20231231_g8.jpg (GRAPHIC) — 19KB
• bxp-20231231_g9.jpg (GRAPHIC) — 112KB
• 0001656423-24-000007.txt (&nbsp;) — 31826KB
• bxp-20231231.xsd (EX-101.SCH) — 148KB
• bxp-20231231_cal.xml (EX-101.CAL) — 126KB
• bxp-20231231_def.xml (EX-101.DEF) — 1251KB
• bxp-20231231_lab.xml (EX-101.LAB) — 1703KB
• bxp-20231231_pre.xml (EX-101.PRE) — 1452KB
• bxp-20231231_htm.xml (XML) — 5479KB

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities;

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities; Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and Liquidity and Capital Resources, includes information specific to each entity, where applicable;

Financial Statements and Supplementary Data which includes the following specific disclosures for BXP and BPLP

Item 8. Financial Statements and Supplementary Data which includes the following specific disclosures for BXP and BPLP: Note 2. Summary of Significant Accounting Policies; Note 3. Real Estate; Note 11. Stockholders' Equity / Partners' Capital; Note 12. Segment Information; and Note 13. Earnings Per Share / Common Unit;

Financial Statement Schedule—Schedule 3

Item 15. Financial Statement Schedule—Schedule 3. This report also includes separate Part II, Item 9A. Controls and Procedures, as well as separate Exhibit 23 consents of the independent registered public accounting firm and Exhibits 31 and 32 certifications for each of BXP and BPLP. T able of Contents TABLE OF CONTENTS ITEM NO. DESCRIPTION PAGE NO. PART I 3 1. BUSINESS 3 1A. RISK FACTORS 26 1B. UNRESOLVED STAFF COMMENTS 46 1C. CYBERSECURITY 46 2. PROPERTIES 48 3. LEGAL PROCEEDINGS 54 4. MINE SAFETY DISCLOSURES 54 PART II 55 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 55 6. RESERVED 57 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 58 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 110 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 112 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 190 9A. CONTROLS AND PROCEDURES 190 9B. OTHER INFORMATION 191 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 191 PART III 192 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 192 11. EXECUTIVE COMPENSATION 192 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 192 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 193 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 193 PART IV 194 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 194 16. FORM 10-K SUMMARY 208 T able of Contents Summary of Risk Factors The risk factors detailed in Item 1A titled "Risk Factors" in this Annual Report on Form 10-K are the risks that we believe are material to our investors and a reader should carefully consider them. Those risks are not all of the risks we face and other factors not presently known to us or that we currently believe are immaterial may al

. Business

Item 1 . Business General BXP, a Delaware corporation, is a fully integrated, self-administered and self-managed REIT, and is one of the largest publicly-traded office REITs (based on total market capitalization as of December 31, 2023) in the United States that develops, owns and manages primarily premier workplaces. BXP was formed in 1997 to succeed the real estate development, redevelopment, acquisition, management, operating and leasing businesses associated with the predecessor company founded by Mortimer B. Zuckerman and Edward H. Linde in 1970. Our properties are concentrated in six dynamic gateway markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. At December 31, 2023, we owned or had joint venture interests in a portfolio of 188 commercial real estate properties, aggregating approximately 53.3 million net rentable square feet of primarily premier workplaces, including 10 properties under construction/redevelopment totaling approximately 2.7 million net rentable square feet. As of December 31, 2023, our properties consisted of: 167 office and life sciences properties (including seven properties under construction/redevelopment); 14 retail properties (including two properties under construction/redevelopment); six residential properties (including one property under construction); and one hotel. We consider premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings and are professionally managed and maintained. As such, these properties attract creditworthy clients and command upper-tier rental rates. Our definition of premier workplaces may be different than those used by other companies. We are a full-service real estate company, with substantial in-house expertise and resources in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, risk management, tax and legal ser