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Investments In Unconsolidated Joint Ventures (Tables)
 3 Months Ended
Mar. 31, 2012
Investments In Unconsolidated Joint Ventures [Abstract]  
Investments In Unconsolidated Joint Ventures

Entity

   

Properties

    Nominal %
Ownership		  

Square 407 Limited Partnership

    Market Square North      50.0 % 

The Metropolitan Square Associates LLC

    Metropolitan Square      51.0 % 

BP/CRF 901 New York Avenue LLC

    901 New York Avenue      25.0 %(1) 

WP Project Developer LLC

    Wisconsin Place Land and Infrastructure      33.3 %(2) 

RBP Joint Venture LLC

    Eighth Avenue and 46th Street      50.0 %(3) 

Boston Properties Office Value-Added Fund, L.P.

    300 Billerica Road and Mountain View Research and Technology Parks      37.6 %(1)(4) 

Annapolis Junction NFM, LLC

    Annapolis Junction      50.0 %(5) 

767 Venture, LLC

    The General Motors Building      60.0 % 

2 GCT Venture LLC

    Two Grand Central Tower      60.0 %(6) 

540 Madison Venture LLC

    540 Madison Avenue      60.0 % 

125 West 55th Street Venture LLC

    125 West 55th Street      60.0 % 

500 North Capitol LLC

    500 North Capitol Street, NW      30.0 %(7) 

(1) The Company's economic ownership can increase based on the achievement of certain return thresholds.
(2) The Company's wholly-owned entity that owns the office component of the project owns a 33.3% interest in the entity owning the land and infrastructure of the project.
(3) This property is not in operation and consists of assembled land.
(4) Represents the Company's effective ownership interest. The Company has a 25.0% interest in the 300 Billerica Road property and a 39.5% interest in the Mountain View Research and Technology Park properties.
(5) Comprised of one building, one building under construction and two undeveloped land parcels.
(6) The property was sold on October 25, 2011. As of March 31, 2012, the investment is comprised of working capital and a portion of the sale proceeds.
(7) This property is under construction.
Balance Sheets Of The Unconsolidated Joint Ventures

 

     March 31,
2012		     December 31,
2011		  
     (in thousands)  
ASSETS     

Real estate and development in process, net

    $ 4,536,222      $ 4,542,594   

Other assets

      658,851        668,113   
  

 

 

    

 

 

  

Total assets

    $ 5,195,073      $ 5,210,707   
  

 

 

    

 

 

  
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY     

Mortgage and notes payable

    $ 3,001,945      $ 2,988,894   

Other liabilities

      829,981        854,257   

Members'/Partners' equity

      1,363,147        1,367,556   
  

 

 

    

 

 

  

Total liabilities and members'/partners' equity

    $ 5,195,073      $ 5,210,707   
  

 

 

    

 

 

  

Company's share of equity

    $ 796,668      $ 799,479   

Basis differentials(1)

      (129,291 )      (129,757 ) 
  

 

 

    

 

 

  

Carrying value of the Company's investments in unconsolidated joint ventures

    $ 667,377      $ 669,722   
  

 

 

    

 

 

  

(1)

This amount represents the aggregate difference between the Company's historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from impairment of investments and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level.

Statements Of Operations Of The Joint Ventures
     For the three months ended
March 31,		  
     2012      2011  
     (in thousands)  

Total revenue(1)

    $ 139,100       $ 145,645   

Expenses

      

Operating

      38,892         42,842   

Depreciation and amortization

      41,899         50,637   
  

 

 

     

 

 

  

Total expenses

      80,791         93,479   

Operating income

      58,309         52,166   

Other expense

      

Interest expense

      55,362         57,761   
  

 

 

     

 

 

  

Net income (loss)

    $ 2,947       $ (5,595 ) 
  

 

 

     

 

 

  

Company's share of net income (loss)

    $ 1,371       $ (3,055 ) 

Basis differential

      466         1,756   

Elimination of inter-entity interest on partner loan

      9,884         9,275   
  

 

 

     

 

 

  

Income from unconsolidated joint ventures

    $ 11,721       $ 7,976   
  

 

 

     

 

 

  

(1) Includes straight-line rent adjustments of $4.3 million and $4.1 million for the three months ended March 31, 2012 and 2011, respectively. Includes net "below-" market rent adjustments of $25.3 million and $29.5 million for the three months ended March 31, 2012 and 2011, respectively.