Boston Properties Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Boston Properties Inc. has filed its Q1 2024 10-Q report, detailing financial activities and corporate structure.</b>

AI Summary

BOSTON PROPERTIES INC (BXP) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Boston Properties Inc. filed a 10-Q report for the period ending March 31, 2024. The filing pertains to Boston Properties Inc. (CIK: 0001037540) and Boston Properties Ltd Partnership (CIK: 0001043121). The company's fiscal year ends on December 31st. The filing was made on May 10, 2024. The report covers the first quarter of 2024.

Why It Matters

For investors and stakeholders tracking BOSTON PROPERTIES INC, this filing contains several important signals. This 10-Q filing provides crucial updates on Boston Properties' financial performance and operational status for the first quarter of 2024, enabling investors to assess recent business developments. Understanding the details within this report is essential for stakeholders to evaluate the company's financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — BOSTON PROPERTIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative or positive financial disclosures that would alter the risk profile.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand revenue trends, operating expenses, and any changes in asset or debt structure.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-10 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal Year End for BOSTON PROPERTIES INC)
• 6798 — SIC Code (Standard Industrial Classification for Real Estate Investment Trusts)

Key Players & Entities

• BOSTON PROPERTIES INC (company) — Filer
• BOSTON PROPERTIES LTD PARTNERSHIP (company) — Filer
• 0001037540 (company) — Central Index Key for BOSTON PROPERTIES INC
• 0001043121 (company) — Central Index Key for BOSTON PROPERTIES LTD PARTNERSHIP
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-10 (date) — Filed as of date
• 800 BOYLSTON STREET (address) — Business and Mail Address
• BOSTON (location) — City for Business and Mail Address

FAQ

Industry Context

Boston Properties Inc. operates as a real estate investment trust (REIT), primarily focused on owning, managing, and developing office properties in major U.S. markets.

Regulatory Implications

As a publicly traded company, Boston Properties Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, net income, and other key financial metrics.
2. Examine any disclosures related to debt, equity, and cash flow to assess the company's financial health.
3. Review the business and operational sections for any updates on property development, leasing activities, or market conditions affecting the company.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first set of quarterly financial data for the year.

Key Financial Figures

• $0.01 — roperties, Inc. Common Stock, par value $0.01 per share BXP New York Stock Exchange
• $241.2 m — XP as compared to BPLP of approximately $241.2 million, or 1.2% at March 31, 2024, and a

Filing Documents

• bxp-20240331.htm (10-Q) — 2974KB
• bxpbplp-2024331ex311.htm (EX-31.1) — 9KB
• bxpbplp-2024331ex312.htm (EX-31.2) — 9KB
• bxpbplp-2024331ex313.htm (EX-31.3) — 8KB
• bxpbplp-2024331ex314.htm (EX-31.4) — 9KB
• bxpbplp-20243311ex321.htm (EX-32.1) — 5KB
• bxpbplp-2024331ex322.htm (EX-32.2) — 5KB
• bxpbplp-2024331ex323.htm (EX-32.3) — 4KB
• bxpbplp-2024331ex324.htm (EX-32.4) — 5KB
• 0001656423-24-000028.txt (&nbsp;) — 14051KB
• bxp-20240331.xsd (EX-101.SCH) — 95KB
• bxp-20240331_cal.xml (EX-101.CAL) — 112KB
• bxp-20240331_def.xml (EX-101.DEF) — 880KB
• bxp-20240331_lab.xml (EX-101.LAB) — 1143KB
• bxp-20240331_pre.xml (EX-101.PRE) — 997KB
• bxp-20240331_htm.xml (XML) — 1909KB

Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP

Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP: Note 3. Real Estate; Note 10. Stockholders' Equity / Partners' Capital; Note 11. Segment Information; and Note 12. Earnings Per Share / Common Unit Item 2. 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. This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP. Table of Contents BOSTON PROPERTIES, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP FORM 10-Q for the quarter ended March 31, 2024 TABLE OF CONTENTS Page

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

ITEM 1. Financial Statements (unaudited) 1 Boston Properties, Inc. a) Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 b) Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 3 c) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 4 d) Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023 5 e) Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Boston Properties Limited Partnership a) Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 8 b) Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 10 c) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 11 d) Consolidated Statements of Capital and Noncontrolling Interests for the three months ended March 31, 2024 and 2023 12 e) Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 13 Boston Properties, Inc. and Boston Properties Limited Partnership Notes to the Consolidated Financial Statements 15

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 81

Controls and Procedures

ITEM 4. Controls and Procedures 82

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 83

Risk Factors

ITEM 1A. Risk Factors 83

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 83

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 84

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 84

Other Information

ITEM 5. Other Information 84

Exhibits

ITEM 6. Exhibits 85

SIGNATURES

SIGNATURES 86 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

—Financial Statements

ITEM 1—Financial Statements. BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) March 31, 2024 December 31, 2023 ASSETS Real estate, at cost (amounts related to variable interest entities ("VIEs") of $ 7,376,175 and $ 7,054,075 at March 31, 2024 and December 31, 2023, respectively) $ 27,063,048 $ 26,749,209 Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at March 31, 2024 and December 31, 2023, respectively) 401,486 401,680 Right of use assets - operating leases (amounts related to VIEs of $ 154,217 and $ 158,885 at March 31, 2024 and December 31, 2023, respectively) 344,255 324,298 Less: accumulated depreciation (amounts related to VIEs of $( 1,538,940 ) and $( 1,501,483 ) at March 31, 2024 and December 31, 2023, respectively) ( 7,040,501 ) ( 6,881,728 ) Total real estate 20,768,288 20,593,459 Cash and cash equivalents (amounts related to VIEs of $ 298,548 and $ 245,317 at March 31, 2024 and December 31, 2023, respectively) 701,695 1,531,477 Cash held in escrows (amounts related to VIEs of $ 4,839 and $ 22,160 at March 31, 2024 and December 31, 2023, respectively) 64,939 81,090 Investments in securities 37,184 36,337 Tenant and other receivables, net (amounts related to VIEs of $ 27,792 and $ 27,987 at March 31, 2024 and December 31, 2023, respectively) 94,115 122,407 Note receivable, net 2,274 1,714 Related party note receivable, net 88,789 88,779 Sales-type lease receivable, net 13,943 13,704 Accrued rental income, net (amounts related to VIEs of $ 409,628 and $ 401,159 at March 31, 2024 and December 31, 2023, respectively) 1,390,217 1,355,212 Deferred charges, net (amounts related to VIEs of $ 194,489 and $ 175,383 at March 31, 2024 and December 31, 2023, respectively) 818,424 760,421 Prepaid expenses and other assets (amounts related to VIEs of $ 45,672 and $ 11,824 at March 31, 2024 and December 31, 2023, respectively) 14