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Investments in Unconsolidated Joint Ventures (Tables)
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3 Months Ended |
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Mar. 31, 2013
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| Investments In Unconsolidated Joint Ventures [Abstract] |
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| Investments In Unconsolidated Joint Ventures |
The investments in unconsolidated joint ventures consist of the following at March 31, 2013: | | | | | | | | | 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. | | Mountain View Research and Technology Parks | | 39.5 | % | | (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 | % | | (4) | 500 North Capitol LLC | | 500 North Capitol Street, NW | | 30.0 | % | | |
_______________ | | (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 also 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. |
| | (5) | Comprised of two buildings, one building under construction and two undeveloped land parcels. |
| | (6) | The property was sold on October 25, 2011. As of March 31, 2013, the investment is comprised of undistributed cash. |
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| Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block] |
The combined summarized balance sheets of the unconsolidated joint ventures are as follows: | | | | | | | | | | March 31,
2013 | | December 31,
2012 | | (in thousands) | ASSETS | | | | Real estate and development in process, net | $ | 4,482,563 |
| | $ | 4,494,971 |
| Other assets | 645,517 |
| | 673,716 |
| Total assets | $ | 5,128,080 |
| | $ | 5,168,687 |
| LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | | | | Mortgage and notes payable | $ | 3,044,389 |
| | $ | 3,039,922 |
| Other liabilities | 759,827 |
| | 792,888 |
| Members’/Partners’ equity | 1,323,864 |
| | 1,335,877 |
| Total liabilities and members’/partners’ equity | $ | 5,128,080 |
| | $ | 5,168,687 |
| Company’s share of equity | $ | 780,388 |
| | $ | 787,941 |
| Basis differentials(1) | (127,581 | ) | | (128,025 | ) | Carrying value of the Company’s investments in unconsolidated joint ventures | $ | 652,807 |
| | $ | 659,916 |
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_______________ | | (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. |
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| Statements Of Operations Of The Joint Ventures |
The combined summarized statements of operations of the joint ventures are as follows: | | | | | | | | | | For the three months ended March 31, | | 2013 | | 2012 | | (in thousands) | Total revenue (1) | $ | 135,650 |
| | $ | 139,100 |
| Expenses | | | | Operating | 42,366 |
| | 38,892 |
| Depreciation and amortization | 39,277 |
| | 41,899 |
| Total expenses | 81,643 |
| | 80,791 |
| Operating income | 54,007 |
| | 58,309 |
| Other expense | | | | Interest expense | 56,234 |
| | 55,362 |
| Net income (loss) | $ | (2,227 | ) | | $ | 2,947 |
| | | | | Company’s share of net income (loss) | $ | (1,858 | ) | | $ | 1,371 |
| Basis differential | 444 |
| | 466 |
| Elimination of inter-entity interest on partner loan | 10,135 |
| | 9,884 |
| Income from unconsolidated joint ventures | $ | 8,721 |
| | $ | 11,721 |
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_______________ | | (1) | Includes straight-line rent adjustments of $4.0 million and $4.3 million for the three months ended March 31, 2013 and 2012, respectively. Includes net below-market rent adjustments of $20.4 million and $25.3 million for the three months ended March 31, 2013 and 2012, respectively. |
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