BOSTON PROPERTIES LTD PARTNERSHIP

CIK:0001043121|SEC Filings

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Lease	$ 831,678	$ 805,935	$ 1,649,834	$ 1,617,037
Total revenue	895,699	868,457	1,767,847	1,733,672
Expenses
Rental	336,141	332,062	680,223	663,640
General and administrative	50,444	42,516	109,785	94,800
Transaction costs	(62)	357	67	1,125
Depreciation and amortization	236,977	223,819	464,944	443,926
Total expenses	636,770	612,223	1,281,141	1,229,024
Other income (expense)
Income (loss) from unconsolidated joint ventures	(2,448)	(3,324)	32,965	(5,463)
Gains on sales of real estate	6,997	18,390	20,399	18,390
Loss on sales-type lease	0	0	0	(2,490)
Interest and other income (loss)	6,137	8,063	15,022	15,813
Gains from investments in securities	4,385	2,600	3,819	2,235
Unrealized gain (loss) on non-real estate investments	(75)	(39)	113	(522)
Impairment loss	(18,036)	0	(18,036)	0
Loss from early extinguishment of debt	0	0	0	(338)
Interest expense	(153,425)	(162,783)	(305,518)	(326,227)
Net income	102,464	119,141	235,470	206,046
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(26,121)	(20,100)	(45,990)	(38,849)
Noncontrolling interest - common units of the Operating Partnership	(7,779)	(10,064)	(19,294)	(17,036)
Net Income Attributable to the Company	$ 68,564	$ 88,977	$ 170,186	$ 150,161
Basic earnings per common share / unit attributable to the Company
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share)	$ 0.43	$ 0.56	$ 1.07	$ 0.95
Weighted average number of common shares / units outstanding (in shares / units)	159,167	158,312	158,863	158,257
Diluted earnings per common share / unit attributable to the Company
Diluted Earnings: Net income (Loss), Per Share Amount (in dollars per share / unit)	$ 0.43	$ 0.56	$ 1.07	$ 0.95
Weighted average number of common and common equivalent shares / units outstanding (in shares / units)	159,629	158,795	159,344	158,713
Boston Properties Limited Partnership
Revenue
Lease	$ 831,678	$ 805,935	$ 1,649,834	$ 1,617,037
Total revenue	895,699	868,457	1,767,847	1,733,672
Expenses
Rental	336,141	332,062	680,223	663,640
General and administrative	50,444	42,516	109,785	94,800
Transaction costs	(62)	357	67	1,125
Depreciation and amortization	235,321	222,116	461,626	440,520
Total expenses	635,114	610,520	1,277,823	1,225,618
Other income (expense)
Income (loss) from unconsolidated joint ventures	(2,448)	(3,324)	32,965	(5,463)
Gains on sales of real estate	7,016	18,489	20,418	18,489
Loss on sales-type lease	0	0	0	(2,490)
Interest and other income (loss)	6,137	8,063	15,022	15,813
Gains from investments in securities	4,385	2,600	3,819	2,235
Unrealized gain (loss) on non-real estate investments	(75)	(39)	113	(522)
Impairment loss	(16,752)	0	(16,752)	0
Loss from early extinguishment of debt	0	0	0	(338)
Interest expense	(153,425)	(162,783)	(305,518)	(326,227)
Net income	105,423	120,943	240,091	209,551
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(26,121)	(20,100)	(45,990)	(38,849)
Net Income Attributable to the Company	$ 79,302	$ 100,843	$ 194,101	$ 170,702
Basic earnings per common share / unit attributable to the Company
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share)	$ 0.45	$ 0.57	$ 1.10	$ 0.97
Weighted average number of common shares / units outstanding (in shares / units)	176,474	175,871	176,397	175,812
Diluted earnings per common share / unit attributable to the Company
Diluted Earnings: Net income (Loss), Per Share Amount (in dollars per share / unit)	$ 0.45	$ 0.57	$ 1.10	$ 0.97
Weighted average number of common and common equivalent shares / units outstanding (in shares / units)	176,936	176,354	176,878	176,268
Parking and Other [Member]
Revenue
Other revenue	$ 37,586	$ 34,799	$ 68,400	$ 65,041
Parking and Other [Member] \| Boston Properties Limited Partnership
Revenue
Other revenue	37,586	34,799	68,400	65,041
Hotel [Member]
Revenue
Other revenue	14,901	14,773	24,002	24,370
Expenses
Operating expense	9,369	9,365	17,351	16,930
Hotel [Member] \| Boston Properties Limited Partnership
Revenue
Other revenue	14,901	14,773	24,002	24,370
Expenses
Operating expense	9,369	9,365	17,351	16,930
Management Service [Member]
Revenue
Other revenue	7,633	8,846	16,840	18,621
Management Service [Member] \| Boston Properties Limited Partnership
Revenue
Other revenue	7,633	8,846	16,840	18,621
Real Estate, Other [Member]
Revenue
Other revenue	3,901	4,104	8,771	8,603
Expenses
Operating expense	3,901	4,104	8,771	8,603
Real Estate, Other [Member] \| Boston Properties Limited Partnership
Revenue
Other revenue	3,901	4,104	8,771	8,603
Expenses
Operating expense	$ 3,901	$ 4,104	$ 8,771	$ 8,603

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Net Income	$ 102,464	$ 119,141	$ 235,470	$ 206,046
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			464,944	443,926
Impairment loss	18,036	0	18,036	0
Amortization of right of use assets - operating leases			(43)	289
Amortization of sales type lease			(494)	(513)
Non-cash compensation expense			41,057	34,860
Income (loss) from unconsolidated joint ventures	2,448	3,324	(32,965)	5,463
Distributions of net cash flow from operations of unconsolidated joint ventures			61,010	25,857
Gains from investments in securities			(3,819)	(2,235)
Allowance for current expected credit losses			134	(6)
Non-cash portion of interest expense			15,947	16,926
Loss from early extinguishment of debt	0	0	0	338
Gains on sales of real estate	(6,997)	(18,390)	(20,399)	(18,390)
Loss on sales-type lease	0	0	0	2,490
Unrealized (gain) loss on non-real estate investments			(113)	522
Change in assets and liabilities:
Tenant and other receivables, net			(6,097)	4,336
Accrued rental income, net			(23,209)	(51,222)
Prepaid expenses and other assets			(15,399)	(22,275)
Lease liabilities - operating leases			(8,944)	199
Accounts payable and accrued expenses			(9,192)	12,133
Accrued interest payable			(15,821)	(7,116)
Other liabilities			(29,243)	(41,586)
Tenant leasing costs			(68,336)	(46,861)
Total adjustments			367,054	357,135
Net cash provided by operating activities			602,524	563,181
Cash flows from investing activities:
Construction in progress			(404,691)	(278,667)
Building, pre-development and other capital improvements			(55,819)	(129,031)
Tenant improvements			(176,520)	(139,748)
Proceeds from sales of real estate			143,936	21,840
Capital contributions to unconsolidated joint ventures			(69,117)	(84,432)
Capital distributions from unconsolidated joint ventures			7,431	0
Proceeds from sales of investments in unconsolidated joint ventures			215,058	0
Investment in non-real estate investments			(1,103)	(1,430)
Issuance of notes receivable (including related party)			(9,946)	(1,800)
Investments in securities, net			1,890	864
Net cash used in investing activities			(348,881)	(612,404)
Cash flows from financing activities:
Repayments of mortgage notes payable			(2,151)	(2,152)
Redemption of unsecured senior notes			(1,000,000)	(850,000)
Borrowings on unsecured line of credit			0	520,000
Repayments of unsecured line of credit			0	(335,000)
Borrowings on unsecured term loans			0	700,000
Repayment of unsecured term loan			0	(700,000)
Finance Lease, Principal Payments			(7,124)	(6,735)
Proceeds from Issuance of Commercial Paper			5,520,910	3,997,365
Repayments of Commercial Paper			(5,520,910)	(3,747,365)
Deferred financing costs			(139)	(14,478)
Net activity from equity transactions			(925)	(938)
Dividends and distributions			(248,624)	(346,418)
Contributions from noncontrolling interests in property partnerships			42,092	65,591
Distributions to noncontrolling interests in property partnerships	(17,965)	(18,477)	(40,575)	(38,002)
Net cash used in financing activities			(1,257,446)	(758,132)
Net increase (decrease) in cash and cash equivalents and cash held in escrows			(1,003,803)	(807,355)
Cash and cash equivalents and cash held in escrows, beginning of period			1,557,266	1,335,196	$ 1,335,196
Cash and cash equivalents and cash held in escrows, end of period	553,463	527,841	553,463	527,841	1,557,266
Reconciliation of cash and cash equivalents and cash held in escrow
Cash and cash equivalents, beginning of period			1,478,206	1,254,882	1,254,882
Cash held in escrows, beginning of period			79,060	80,314	80,314
Cash and cash equivalents, end of period	493,949	446,953	493,949	446,953	1,478,206
Cash held in escrows,end of period	59,514	80,888	59,514	80,888	79,060
Supplemental disclosures:
Cash paid for interest (net of amounts capitalized)			333,647	342,936
Interest capitalized			29,358	22,465
Non-cash investing and financing activities:
Write-off of fully depreciated real estate			(83,550)	(48,037)
Change in real estate included in accounts payable and accrued expenses			7,754	64,135
Non-cash contributions from noncontrolling interests in property partnerships, net			71	(2,393)
Capitalized operating lease costs			16,098	15,096
Real estate contributed in exchange for investment in unconsolidated joint venture			0	(5,595)
Investment in unconsolidated joint ventures funded by real estate contributed			0	5,595
Dividends and distributions declared but not paid	123,857	172,732	123,857	172,732	123,753
Conversions of noncontrolling interests to stockholders’ equity			27,531	3,801
Issuance of restricted securities to employees and non-employee directors			47,151	43,658
Boston Properties Limited Partnership
Net Income	105,423	120,943	240,091	209,551
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			461,626	440,520
Impairment loss	16,752	0	16,752	0
Amortization of right of use assets - operating leases			(43)	289
Amortization of sales type lease			(494)	(513)
Non-cash compensation expense			41,057	34,860
Income (loss) from unconsolidated joint ventures	2,448	3,324	(32,965)	5,463
Distributions of net cash flow from operations of unconsolidated joint ventures			61,010	25,857
Gains from investments in securities			(3,819)	(2,235)
Allowance for current expected credit losses			134	(6)
Non-cash portion of interest expense			15,947	16,926
Loss from early extinguishment of debt	0	0	0	338
Gains on sales of real estate	(7,016)	(18,489)	(20,418)	(18,489)
Loss on sales-type lease	0	0	0	2,490
Unrealized (gain) loss on non-real estate investments			(113)	522
Change in assets and liabilities:
Tenant and other receivables, net			(6,097)	4,336
Accrued rental income, net			(23,209)	(51,222)
Prepaid expenses and other assets			(15,399)	(22,275)
Lease liabilities - operating leases			(8,944)	199
Accounts payable and accrued expenses			(9,192)	12,133
Accrued interest payable			(15,821)	(7,116)
Other liabilities			(29,243)	(41,586)
Tenant leasing costs			(68,336)	(46,861)
Total adjustments			362,433	353,630
Net cash provided by operating activities			602,524	563,181
Cash flows from investing activities:
Construction in progress			(404,691)	(278,667)
Building, pre-development and other capital improvements			(55,819)	(129,031)
Tenant improvements			(176,520)	(139,748)
Proceeds from sales of real estate			143,936	21,840
Capital contributions to unconsolidated joint ventures			(69,117)	(84,432)
Capital distributions from unconsolidated joint ventures			7,431	0
Proceeds from sales of investments in unconsolidated joint ventures			215,058	0
Investment in non-real estate investments			(1,103)	(1,430)
Issuance of notes receivable (including related party)			(9,946)	(1,800)
Investments in securities, net			1,890	864
Net cash used in investing activities			(348,881)	(612,404)
Cash flows from financing activities:
Repayments of mortgage notes payable			(2,151)	(2,152)
Redemption of unsecured senior notes			(1,000,000)	(850,000)
Borrowings on unsecured line of credit			0	520,000
Repayments of unsecured line of credit			0	(335,000)
Borrowings on unsecured term loans			0	700,000
Repayment of unsecured term loan			0	(700,000)
Finance Lease, Principal Payments			(7,124)	(6,735)
Proceeds from Issuance of Commercial Paper			5,520,910	3,997,365
Repayments of Commercial Paper			(5,520,910)	(3,747,365)
Deferred financing costs			(139)	(14,478)
Net activity from equity transactions			(925)	(938)
Dividends and distributions			(248,624)	(346,418)
Contributions from noncontrolling interests in property partnerships			42,092	65,591
Distributions to noncontrolling interests in property partnerships			(40,575)	(38,002)
Net cash used in financing activities			(1,257,446)	(758,132)
Net increase (decrease) in cash and cash equivalents and cash held in escrows			(1,003,803)	(807,355)
Cash and cash equivalents and cash held in escrows, beginning of period			1,557,266	1,335,196	1,335,196
Cash and cash equivalents and cash held in escrows, end of period	553,463	527,841	553,463	527,841	1,557,266
Reconciliation of cash and cash equivalents and cash held in escrow
Cash and cash equivalents, beginning of period			1,478,206	1,254,882	1,254,882
Cash held in escrows, beginning of period			79,060	80,314	80,314
Cash and cash equivalents, end of period	493,949	446,953	493,949	446,953	1,478,206
Cash held in escrows,end of period	59,514	80,888	59,514	80,888	79,060
Supplemental disclosures:
Cash paid for interest (net of amounts capitalized)			333,647	342,936
Interest capitalized			29,358	22,465
Non-cash investing and financing activities:
Write-off of fully depreciated real estate			(83,550)	(48,037)
Change in real estate included in accounts payable and accrued expenses			7,754	64,135
Non-cash contributions from noncontrolling interests in property partnerships, net			71	(2,393)
Capitalized operating lease costs			16,098	15,096
Real estate contributed in exchange for investment in unconsolidated joint venture			0	(5,595)
Investment in unconsolidated joint ventures funded by real estate contributed			0	5,595
Dividends and distributions declared but not paid	$ 123,857	$ 172,732	123,857	172,732	$ 123,753
Conversions of noncontrolling interests to stockholders’ equity			27,531	3,801
Issuance of restricted securities to employees and non-employee directors			$ 47,151	$ 43,658

Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,169,231 and $8,005,124 at June 30, 2026 and December 31, 2025, respectively)	$ 28,606,910	$ 28,241,879
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2026 and December 31, 2025, respectively)	371,889	372,470
Right of use assets - operating leases	290,726	325,841
Less: accumulated depreciation (amounts related to VIEs of $(1,836,395) and $(1,763,988) at June 30, 2026 and December 31, 2025, respectively)	(8,277,690)	(8,040,311)
Total real estate	20,991,835	20,899,879
Cash and cash equivalents (amounts related to VIEs of $286,535 and $255,631 at June 30, 2026 and December 31, 2025, respectively)	493,949	1,478,206
Cash held in escrows (amounts related to VIEs of $5,218 and $10,319 at June 30, 2026 and December 31, 2025, respectively)	59,514	79,060
Investments in securities	46,526	44,614
Tenant and other receivables, net (amounts related to VIEs of $34,292 and $30,989 at June 30, 2026 and December 31, 2025, respectively)	90,679	92,625
Sales-type lease receivable, net	16,170	15,672
Accrued rental income, net (amounts related to VIEs of $479,569 and $470,734 at June 30, 2026 and December 31, 2025, respectively)	1,573,959	1,538,515
Deferred charges, net (amounts related to VIEs of $199,438 and $204,924 at June 30, 2026 and December 31, 2025, respectively)	848,273	847,690
Prepaid expenses and other assets (amounts related to VIEs of $11,990 and $14,509 at June 30, 2026 and December 31, 2025, respectively)	122,830	108,105
Investments in unconsolidated joint ventures	820,068	999,309
Assets held for sale	62,544	24,770
Total assets	25,173,869	26,166,164
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,289,291 and $3,286,870 at June 30, 2026 and December 31, 2025, respectively)	4,281,198	4,280,067
Unsecured senior notes, net	8,811,158	9,806,100
Unsecured exchangeable senior notes, net	978,642	976,263
Unsecured line of credit	0	0
Unsecured term loans, net	797,565	797,053
Unsecured commercial paper	750,000	750,000
Lease liabilities - finance leases (amounts related to VIEs of $21,164 and $21,074 at June 30, 2026 and December 31, 2025, respectively)	353,436	360,039
Lease liabilities - operating leases	386,487	389,213
Accounts payable and accrued expenses (amounts related to VIEs of $77,945 and $88,849 at June 30, 2026 and December 31, 2025, respectively)	474,141	480,017
Dividends and distributions payable	123,857	123,753
Accrued interest payable	109,523	125,345
Other liabilities (amounts related to VIEs of $114,331 and $95,209 at June 30, 2026 and December 31, 2025, respectively)	364,082	386,074
Liabilities held for sale	6,130	0
Total liabilities	17,436,219	18,473,924
Redeemable deferred stock units— 119,549 and 111,701 units outstanding at redemption value at June 30, 2026 and December 31, 2025, respectively	$ 7,927	$ 7,538
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, 159,600,410 and 158,627,198 issued and 159,521,510 and 158,548,298 outstanding at June 30, 2026 and December 31, 2025, respectively	1,595	1,585
Additional paid-in capital	6,881,671	6,836,243
Dividends in excess of earnings	(1,727,547)	(1,674,995)
Treasury common stock at cost, 78,900 shares at June 30, 2026 and December 31, 2025	(2,722)	(2,722)
Accumulated other comprehensive income (loss)	2,148	(12,921)
Total stockholders' equity attributable to BXP, Inc.	5,155,145	5,147,190
Noncontrolling interests:
Common units of the Operating Partnership	555,763	566,563
Property partnerships	2,018,815	1,970,949
Total equity / capital	7,729,723	7,684,702
Total liabilities and equity / capital	25,173,869	26,166,164
Nonrelated Party
ASSETS
Related party note receivable, net	12,185	9,373
Related Party
ASSETS
Related party note receivable, net	35,337	28,346
Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,169,231 and $8,005,124 at June 30, 2026 and December 31, 2025, respectively)	8,169,231	8,005,124
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2026 and December 31, 2025, respectively)	21,000	21,000
Less: accumulated depreciation (amounts related to VIEs of $(1,836,395) and $(1,763,988) at June 30, 2026 and December 31, 2025, respectively)	(1,836,395)	(1,763,988)
Cash and cash equivalents (amounts related to VIEs of $286,535 and $255,631 at June 30, 2026 and December 31, 2025, respectively)	286,535	255,631
Cash held in escrows (amounts related to VIEs of $5,218 and $10,319 at June 30, 2026 and December 31, 2025, respectively)	5,218	10,319
Tenant and other receivables, net (amounts related to VIEs of $34,292 and $30,989 at June 30, 2026 and December 31, 2025, respectively)	34,292	30,989
Accrued rental income, net (amounts related to VIEs of $479,569 and $470,734 at June 30, 2026 and December 31, 2025, respectively)	479,569	470,734
Deferred charges, net (amounts related to VIEs of $199,438 and $204,924 at June 30, 2026 and December 31, 2025, respectively)	199,438	204,924
Prepaid expenses and other assets (amounts related to VIEs of $11,990 and $14,509 at June 30, 2026 and December 31, 2025, respectively)	11,990	14,509
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,289,291 and $3,286,870 at June 30, 2026 and December 31, 2025, respectively)	3,289,291	3,286,870
Lease liabilities - finance leases (amounts related to VIEs of $21,164 and $21,074 at June 30, 2026 and December 31, 2025, respectively)	21,164	21,074
Accounts payable and accrued expenses (amounts related to VIEs of $77,945 and $88,849 at June 30, 2026 and December 31, 2025, respectively)	77,945	88,849
Other liabilities (amounts related to VIEs of $114,331 and $95,209 at June 30, 2026 and December 31, 2025, respectively)	114,331	95,209
Boston Properties Limited Partnership
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,169,231 and $8,005,124 at June 30, 2026 and December 31, 2025, respectively)	28,251,536	27,884,397
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2026 and December 31, 2025, respectively)	371,889	372,470
Right of use assets - operating leases	290,726	325,841
Less: accumulated depreciation (amounts related to VIEs of $(1,836,395) and $(1,763,988) at June 30, 2026 and December 31, 2025, respectively)	(8,141,495)	(7,906,629)
Total real estate	20,772,656	20,676,079
Cash and cash equivalents (amounts related to VIEs of $286,535 and $255,631 at June 30, 2026 and December 31, 2025, respectively)	493,949	1,478,206
Cash held in escrows (amounts related to VIEs of $5,218 and $10,319 at June 30, 2026 and December 31, 2025, respectively)	59,514	79,060
Investments in securities	46,526	44,614
Tenant and other receivables, net (amounts related to VIEs of $34,292 and $30,989 at June 30, 2026 and December 31, 2025, respectively)	90,679	92,625
Sales-type lease receivable, net	16,170	15,672
Accrued rental income, net (amounts related to VIEs of $479,569 and $470,734 at June 30, 2026 and December 31, 2025, respectively)	1,573,959	1,538,515
Deferred charges, net (amounts related to VIEs of $199,438 and $204,924 at June 30, 2026 and December 31, 2025, respectively)	848,273	847,690
Prepaid expenses and other assets (amounts related to VIEs of $11,990 and $14,509 at June 30, 2026 and December 31, 2025, respectively)	122,830	108,105
Investments in unconsolidated joint ventures	820,068	999,309
Assets held for sale	62,544	24,770
Total assets	24,954,690	25,942,364
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,289,291 and $3,286,870 at June 30, 2026 and December 31, 2025, respectively)	4,281,198	4,280,067
Unsecured senior notes, net	8,811,158	9,806,100
Unsecured exchangeable senior notes, net	978,642	976,263
Unsecured line of credit	0	0
Unsecured term loans, net	797,565	797,053
Unsecured commercial paper	750,000	750,000
Lease liabilities - finance leases (amounts related to VIEs of $21,164 and $21,074 at June 30, 2026 and December 31, 2025, respectively)	353,436	360,039
Lease liabilities - operating leases	386,487	389,213
Accounts payable and accrued expenses (amounts related to VIEs of $77,945 and $88,849 at June 30, 2026 and December 31, 2025, respectively)	474,141	480,017
Dividends and distributions payable	123,857	123,753
Accrued interest payable	109,523	125,345
Other liabilities (amounts related to VIEs of $114,331 and $95,209 at June 30, 2026 and December 31, 2025, respectively)	364,082	386,074
Liabilities held for sale	6,130	0
Total liabilities	17,436,219	18,473,924
Redeemable deferred stock units— 119,549 and 111,701 units outstanding at redemption value at June 30, 2026 and December 31, 2025, respectively	7,927	7,538
Noncontrolling interest:
Redeemable partnership units— 14,867,831 and 15,590,009 common units and 3,102,888 and 2,662,140 long term incentive units outstanding at redemption value at June 30, 2026 and December 31, 2025, respectively	1,233,605	1,272,719
Equity / Capital:
Boston Properties Limited Partnership partners’ capital— 1,774,922 and 1,768,004 general partner units and 157,746,588 and 156,780,294 limited partner units outstanding at June 30, 2026 and December 31, 2025, respectively	4,255,976	4,230,155
Accumulated other comprehensive income (loss)	2,148	(12,921)
Total partners’ capital	4,258,124	4,217,234
Noncontrolling interests in property partnerships	2,018,815	1,970,949
Noncontrolling interests:
Total equity / capital	6,276,939	6,188,183
Total liabilities and equity / capital	24,954,690	25,942,364
Boston Properties Limited Partnership \| Nonrelated Party
ASSETS
Related party note receivable, net	12,185	9,373
Boston Properties Limited Partnership \| Related Party
ASSETS
Related party note receivable, net	35,337	28,346
Boston Properties Limited Partnership \| Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,169,231 and $8,005,124 at June 30, 2026 and December 31, 2025, respectively)	8,169,231	8,005,124
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2026 and December 31, 2025, respectively)	21,000	21,000
Less: accumulated depreciation (amounts related to VIEs of $(1,836,395) and $(1,763,988) at June 30, 2026 and December 31, 2025, respectively)	(1,836,395)	(1,763,988)
Cash and cash equivalents (amounts related to VIEs of $286,535 and $255,631 at June 30, 2026 and December 31, 2025, respectively)	286,535	255,631
Cash held in escrows (amounts related to VIEs of $5,218 and $10,319 at June 30, 2026 and December 31, 2025, respectively)	5,218	10,319
Tenant and other receivables, net (amounts related to VIEs of $34,292 and $30,989 at June 30, 2026 and December 31, 2025, respectively)	34,292	30,989
Accrued rental income, net (amounts related to VIEs of $479,569 and $470,734 at June 30, 2026 and December 31, 2025, respectively)	479,569	470,734
Deferred charges, net (amounts related to VIEs of $199,438 and $204,924 at June 30, 2026 and December 31, 2025, respectively)	199,438	204,924
Prepaid expenses and other assets (amounts related to VIEs of $11,990 and $14,509 at June 30, 2026 and December 31, 2025, respectively)	11,990	14,509
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,289,291 and $3,286,870 at June 30, 2026 and December 31, 2025, respectively)	3,289,291	3,286,870
Lease liabilities - finance leases (amounts related to VIEs of $21,164 and $21,074 at June 30, 2026 and December 31, 2025, respectively)	21,164	21,074
Accounts payable and accrued expenses (amounts related to VIEs of $77,945 and $88,849 at June 30, 2026 and December 31, 2025, respectively)	77,945	88,849
Other liabilities (amounts related to VIEs of $114,331 and $95,209 at June 30, 2026 and December 31, 2025, respectively)	$ 114,331	$ 95,209