| Investments In Unconsolidated Joint Ventures |
The investments in unconsolidated joint ventures consist of the following at June 30, 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. | | N/A | | 39.5 | % | | (4) | Annapolis Junction NFM, LLC | | Annapolis Junction | | 50.0 | % | | (5) | 2 GCT Venture LLC | | N/A | | 60.0 | % | | (6) | 540 Madison Venture LLC | | 540 Madison Avenue | | 60.0 | % | | | 125 West 55th Street Venture LLC | | N/A | | 60.0 | % | | (7) | 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. |
| | (4) | The Company acquired Mountain View Research Park and Mountain View Technology Park from the Value-Added Fund on April 10, 2013 (See Note 3). As of June 30, 2013, the investment is comprised of undistributed cash. |
| | (5) | Comprised of two buildings, one building under construction and two undeveloped land parcels. |
| | (6) | Two Grand Central Tower was sold on October 25, 2011. As of June 30, 2013, the investment is comprised of undistributed cash. |
| | (7) | 125 West 55th Street was sold on May 30, 2013. As of June 30, 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 Company's unconsolidated joint ventures are as follows: | | | | | | | | | | June 30,
2013 | | December 31,
2012 | | (in thousands) | ASSETS | | | | Real estate and development in process, net | $ | 949,193 |
| | $ | 4,494,971 |
| Other assets | 162,065 |
| | 673,716 |
| Total assets | $ | 1,111,258 |
| | $ | 5,168,687 |
| LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | | | | Mortgage and notes payable | $ | 745,550 |
| | $ | 3,039,922 |
| Other liabilities | 25,756 |
| | 792,888 |
| Members’/Partners’ equity | 339,952 |
| | 1,335,877 |
| Total liabilities and members’/partners’ equity | $ | 1,111,258 |
| | $ | 5,168,687 |
| Company’s share of equity | $ | 167,225 |
| | $ | 787,941 |
| Basis differentials (1) | (29,250 | ) | | (128,025 | ) | Carrying value of the Company’s investments in unconsolidated joint ventures | $ | 137,975 |
| | $ | 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 Company's unconsolidated joint ventures are as follows: | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | For the six months ended June 30, | | 2013 | | 2012 | | 2013 | | 2012 | | (in thousands) | Total revenue (1) | $ | 99,831 |
| | $ | 156,035 |
| | $ | 235,481 |
| | $ | 295,135 |
| Expenses | | | | | | | | Operating | 32,497 |
| | 39,261 |
| | 74,863 |
| | 78,153 |
| Depreciation and amortization | 27,141 |
| | 42,679 |
| | 66,418 |
| | 84,578 |
| Total expenses | 59,638 |
| | 81,940 |
| | 141,281 |
| | 162,731 |
| Operating income | 40,193 |
| | 74,095 |
| | 94,200 |
| | 132,404 |
| Other income (expense) | | | | | | | | Interest expense | (40,054 | ) | | (55,909 | ) | | (96,288 | ) | | (111,271 | ) | Losses from early extinguishments of debt | (1,677 | ) | | — |
| | (1,677 | ) | | — |
| Income (loss) from continuing operations | (1,538 | ) | | 18,186 |
| | (3,765 | ) | | 21,133 |
| Gain on sale of real estate | 1,766 |
| | — |
| | 1,766 |
| | — |
| Net income (loss) | $ | 228 |
| | $ | 18,186 |
| | $ | (1,999 | ) | | $ | 21,133 |
| | | | | | | | | Company’s share of net income (loss) | $ | 683 |
| | $ | 10,641 |
| | $ | (1,175 | ) | | $ | 12,012 |
| Gain on sale of real estate | 43,327 |
| | — |
| | 43,327 |
| | — |
| Basis differential | (2,070 | ) | | 431 |
| | (1,626 | ) | | 897 |
| Elimination of inter-entity interest on partner loan | 6,843 |
| | 10,119 |
| | 16,978 |
| | 20,003 |
| Income from unconsolidated joint ventures | $ | 48,783 |
| | $ | 21,191 |
| | $ | 57,504 |
| | $ | 32,912 |
| | | | | | | | | Gains on consolidation of joint ventures | $ | 387,801 |
| | $ | — |
| | $ | 387,801 |
| | $ | — |
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_______________ | | (1) | Includes straight-line rent adjustments of $3.1 million and $2.8 million for the three months ended June 30, 2013 and 2012, respectively, and $7.1 million and $7.1 million for the six months ended June 30, 2013 and 2012, respectively. Includes net below-market rent adjustments of $13.5 million and $23.2 million for the three months ended June 30, 2013 and 2012, respectively, and $34.0 million and $48.5 million for the six months ended June 30, 2013 and 2012, respectively. |
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