Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,920,052 and $7,797,430 at March 31, 2025 and December 31, 2024, respectively)	$ 28,115,423	$ 27,870,623
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2025 and December 31, 2024, respectively)	372,845	372,922
Right of use assets - operating leases (amounts related to VIEs of $136,123 and $140,558 at March 31, 2025 and December 31, 2024, respectively)	330,129	334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,660,324) and $(1,628,274) at March 31, 2025 and December 31, 2024, respectively)	(7,699,234)	(7,528,057)
Total real estate	21,119,163	21,050,255
Cash and cash equivalents (amounts related to VIEs of $238,137 and $373,737 at March 31, 2025 and December 31, 2024, respectively)	398,126	1,254,882
Cash held in escrows (amounts related to VIEs of $5,305 and $4,979 at March 31, 2025 and December 31, 2024, respectively)	81,081	80,314
Investments in securities	38,310	39,706
Tenant and other receivables, net (amounts related to VIEs of $29,067 and $20,435 at March 31, 2025 and December 31, 2024, respectively)	117,353	107,453
Note receivable, net	5,535	4,947
Sales-type lease receivable, net	14,958	14,657
Accrued rental income, net (amounts related to VIEs of $443,953 and $435,110 at March 31, 2025 and December 31, 2024, respectively)	1,490,522	1,466,220
Deferred charges, net (amounts related to VIEs of $209,654 and $211,726 at March 31, 2025 and December 31, 2024, respectively)	806,057	813,345
Prepaid expenses and other assets (amounts related to VIEs of $46,605 and $15,036 at March 31, 2025 and December 31, 2024, respectively)	138,868	70,839
Investments in unconsolidated joint ventures	1,137,732	1,093,583
Total assets	25,436,521	26,084,980
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,283,239 and $3,282,027 at March 31, 2025 and December 31, 2024, respectively)	4,277,710	4,276,609
Unsecured senior notes, net	9,797,824	10,645,077
Unsecured line of credit	300,000	0
Unsecured term loans, net	796,158	798,813
Unsecured commercial paper	500,000	500,000
Lease liabilities - finance leases (amounts related to VIEs of $20,965 and $20,931 at March 31, 2025 and December 31, 2024, respectively)	368,379	370,885
Lease liabilities - operating leases (amounts related to VIEs of $160,805 and $157,691 at March 31, 2025 and December 31, 2024, respectively)	395,638	392,686
Accounts payable and accrued expenses (amounts related to VIEs of $123,169 and $115,808 at March 31, 2025 and December 31, 2024, respectively)	398,760	401,874
Dividends and distributions payable	172,674	172,486
Accrued interest payable	120,432	128,098
Other liabilities (amounts related to VIEs of $108,335 and $126,202 at March 31, 2025 and December 31, 2024, respectively)	450,165	450,796
Total liabilities	17,577,740	18,137,324
Redeemable deferred stock units— 133,051 and 128,227 units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively	$ 8,940	$ 9,535
Excess stock, shares outstanding	0	0
Excess stock, shares issued	0	0
Preferred stock / units, shares / units issued (in shares / units)	0	0
Preferred stock / units, shares / units outstanding (in shares / units)	0	0
Equity / Capital:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	$ 0	$ 0
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding	0	0
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,402,227 and 158,253,895 issued and 158,323,327 and 158,174,995 outstanding at March 31, 2025 and December 31, 2024, respectively	1,583	1,582
Additional paid-in capital	6,846,015	6,836,093
Dividends in excess of earnings	$ (1,513,555)	$ (1,419,575)
Treasury common stock at cost, shares	78,900	78,900
Treasury common stock at cost, 78,900 shares at March 31, 2025 and December 31, 2024	$ (2,722)	$ (2,722)
Accumulated other comprehensive loss	(11,379)	(2,072)
Total stockholders' equity attributable to BXP, Inc.	5,319,942	5,413,306
Noncontrolling interests:
Common units of the Operating Partnership	591,555	591,270
Property partnerships	1,938,344	1,933,545
Total equity / capital	7,849,841	7,938,121
Total liabilities and equity / capital	25,436,521	26,084,980
Related Party
ASSETS
Related party notes receivable, net	88,816	88,779
Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,920,052 and $7,797,430 at March 31, 2025 and December 31, 2024, respectively)	7,920,052	7,797,430
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2025 and December 31, 2024, respectively)	21,000	21,000
Right of use assets - operating leases (amounts related to VIEs of $136,123 and $140,558 at March 31, 2025 and December 31, 2024, respectively)	136,123	140,558
Less: accumulated depreciation (amounts related to VIEs of $(1,660,324) and $(1,628,274) at March 31, 2025 and December 31, 2024, respectively)	(1,660,324)	(1,628,274)
Cash and cash equivalents (amounts related to VIEs of $238,137 and $373,737 at March 31, 2025 and December 31, 2024, respectively)	238,137	373,737
Cash held in escrows (amounts related to VIEs of $5,305 and $4,979 at March 31, 2025 and December 31, 2024, respectively)	5,305	4,979
Tenant and other receivables, net (amounts related to VIEs of $29,067 and $20,435 at March 31, 2025 and December 31, 2024, respectively)	29,067	20,435
Accrued rental income, net (amounts related to VIEs of $443,953 and $435,110 at March 31, 2025 and December 31, 2024, respectively)	443,953	435,110
Deferred charges, net (amounts related to VIEs of $209,654 and $211,726 at March 31, 2025 and December 31, 2024, respectively)	209,654	211,726
Prepaid expenses and other assets (amounts related to VIEs of $46,605 and $15,036 at March 31, 2025 and December 31, 2024, respectively)	46,605	15,036
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,283,239 and $3,282,027 at March 31, 2025 and December 31, 2024, respectively)	3,283,239	3,282,027
Lease liabilities - finance leases (amounts related to VIEs of $20,965 and $20,931 at March 31, 2025 and December 31, 2024, respectively)	20,965	20,931
Lease liabilities - operating leases (amounts related to VIEs of $160,805 and $157,691 at March 31, 2025 and December 31, 2024, respectively)	160,805	157,691
Accounts payable and accrued expenses (amounts related to VIEs of $123,169 and $115,808 at March 31, 2025 and December 31, 2024, respectively)	123,169	115,808
Other liabilities (amounts related to VIEs of $108,335 and $126,202 at March 31, 2025 and December 31, 2024, respectively)	108,335	126,202
Boston Properties Limited Partnership
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,920,052 and $7,797,430 at March 31, 2025 and December 31, 2024, respectively)	27,749,158	27,504,358
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2025 and December 31, 2024, respectively)	372,845	372,922
Right of use assets - operating leases (amounts related to VIEs of $136,123 and $140,558 at March 31, 2025 and December 31, 2024, respectively)	330,129	334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,660,324) and $(1,628,274) at March 31, 2025 and December 31, 2024, respectively)	(7,567,356)	(7,397,882)
Total real estate	20,884,776	20,814,165
Cash and cash equivalents (amounts related to VIEs of $238,137 and $373,737 at March 31, 2025 and December 31, 2024, respectively)	398,126	1,254,882
Cash held in escrows (amounts related to VIEs of $5,305 and $4,979 at March 31, 2025 and December 31, 2024, respectively)	81,081	80,314
Investments in securities	38,310	39,706
Tenant and other receivables, net (amounts related to VIEs of $29,067 and $20,435 at March 31, 2025 and December 31, 2024, respectively)	117,353	107,453
Note receivable, net	5,535	4,947
Sales-type lease receivable, net	14,958	14,657
Accrued rental income, net (amounts related to VIEs of $443,953 and $435,110 at March 31, 2025 and December 31, 2024, respectively)	1,490,522	1,466,220
Deferred charges, net (amounts related to VIEs of $209,654 and $211,726 at March 31, 2025 and December 31, 2024, respectively)	806,057	813,345
Prepaid expenses and other assets (amounts related to VIEs of $46,605 and $15,036 at March 31, 2025 and December 31, 2024, respectively)	138,868	70,839
Investments in unconsolidated joint ventures	1,137,732	1,093,583
Total assets	25,202,134	25,848,890
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,283,239 and $3,282,027 at March 31, 2025 and December 31, 2024, respectively)	4,277,710	4,276,609
Unsecured senior notes, net	9,797,824	10,645,077
Unsecured line of credit	300,000	0
Unsecured term loans, net	796,158	798,813
Unsecured commercial paper	500,000	500,000
Lease liabilities - finance leases (amounts related to VIEs of $20,965 and $20,931 at March 31, 2025 and December 31, 2024, respectively)	368,379	370,885
Lease liabilities - operating leases (amounts related to VIEs of $160,805 and $157,691 at March 31, 2025 and December 31, 2024, respectively)	395,638	392,686
Accounts payable and accrued expenses (amounts related to VIEs of $123,169 and $115,808 at March 31, 2025 and December 31, 2024, respectively)	398,760	401,874
Dividends and distributions payable	172,674	172,486
Accrued interest payable	120,432	128,098
Other liabilities (amounts related to VIEs of $108,335 and $126,202 at March 31, 2025 and December 31, 2024, respectively)	450,165	450,796
Total liabilities	17,577,740	18,137,324
Redeemable deferred stock units— 133,051 and 128,227 units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively	8,940	9,535
Noncontrolling interest:
Redeemable partnership units— 15,624,856 and 15,730,882 common units and 2,794,004 and 2,335,229 long term incentive units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively	1,280,106	1,378,573
Equity / Capital:
Boston Properties Limited Partnership partners’ capital— 1,767,422 and 1,762,411 general partner units and 156,555,905 and 156,412,584 limited partner units outstanding at March 31, 2025 and December 31, 2024, respectively	4,408,383	4,391,985
Accumulated other comprehensive loss	(11,379)	(2,072)
Total partners’ capital	4,397,004	4,389,913
Noncontrolling interests in property partnerships	1,938,344	1,933,545
Noncontrolling interests:
Total equity / capital	6,335,348	6,323,458
Total liabilities and equity / capital	25,202,134	25,848,890
Boston Properties Limited Partnership \| Related Party
ASSETS
Related party notes receivable, net	88,816	88,779
Boston Properties Limited Partnership \| Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,920,052 and $7,797,430 at March 31, 2025 and December 31, 2024, respectively)	7,920,052	7,797,430
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2025 and December 31, 2024, respectively)	21,000	21,000
Right of use assets - operating leases (amounts related to VIEs of $136,123 and $140,558 at March 31, 2025 and December 31, 2024, respectively)	136,123	140,558
Less: accumulated depreciation (amounts related to VIEs of $(1,660,324) and $(1,628,274) at March 31, 2025 and December 31, 2024, respectively)	(1,660,324)	(1,628,274)
Cash and cash equivalents (amounts related to VIEs of $238,137 and $373,737 at March 31, 2025 and December 31, 2024, respectively)	238,137	373,737
Cash held in escrows (amounts related to VIEs of $5,305 and $4,979 at March 31, 2025 and December 31, 2024, respectively)	5,305	4,979
Tenant and other receivables, net (amounts related to VIEs of $29,067 and $20,435 at March 31, 2025 and December 31, 2024, respectively)	29,067	20,435
Accrued rental income, net (amounts related to VIEs of $443,953 and $435,110 at March 31, 2025 and December 31, 2024, respectively)	443,953	435,110
Deferred charges, net (amounts related to VIEs of $209,654 and $211,726 at March 31, 2025 and December 31, 2024, respectively)	209,654	211,726
Prepaid expenses and other assets (amounts related to VIEs of $46,605 and $15,036 at March 31, 2025 and December 31, 2024, respectively)	46,605	15,036
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,283,239 and $3,282,027 at March 31, 2025 and December 31, 2024, respectively)	3,283,239	3,282,027
Lease liabilities - finance leases (amounts related to VIEs of $20,965 and $20,931 at March 31, 2025 and December 31, 2024, respectively)	20,965	20,931
Lease liabilities - operating leases (amounts related to VIEs of $160,805 and $157,691 at March 31, 2025 and December 31, 2024, respectively)	160,805	157,691
Accounts payable and accrued expenses (amounts related to VIEs of $123,169 and $115,808 at March 31, 2025 and December 31, 2024, respectively)	123,169	115,808
Other liabilities (amounts related to VIEs of $108,335 and $126,202 at March 31, 2025 and December 31, 2024, respectively)	$ 108,335	$ 126,202

BXP, Inc. 10-Q