v2.4.0.8

Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2014
Segment Reporting [Abstract] |
Segment Information | 12. Segment Information The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by both geographic area and property type. Beginning on January 1, 2014, the properties that were historically part of the Princeton region are reflected as the suburban component of the New York region. Therefore, the operations for the Princeton region have been included in the New York region. Accordingly, amounts reflected below for the New York region have been adjusted to reflect the Company's retrospective inclusion of the Princeton region in the New York region. The Company’s segments by geographic area are Boston, New York, San Francisco and Washington, DC. Segments by property type include: Class A Office, Office/Technical, Residential and Hotel. Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Interest and other income, development and management services income, general and administrative expenses, transaction costs, impairment loss, interest expense, depreciation and amortization expense, gains (losses) from investments in securities, gains (losses) from early extinguishments of debt, income from unconsolidated joint ventures, gains on consolidation of joint ventures, discontinued operations, gains on sales of real estate and noncontrolling interests are not included in Net Operating Income as internal reporting addresses these items on a corporate level. Net Operating Income is not a measure of operating results or cash flows from operating activities as measured by accounting principles generally accepted in the United States of America, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate Net Operating Income in the same manner. The Company considers Net Operating Income to be an appropriate supplemental measure to net income because it helps both investors and management to understand the core operations of the Company’s properties. The Company's management also uses Net Operating Income to evaluate regional property level performance and to make decisions about resource allocations. Further, the Company believes Net Operating Income is useful to investors as a performance measure because, when compared across periods, Net Operating Income reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspectives not immediately apparent from net income attributable to Boston Properties, Inc. On May 31, 2013, the Company's two joint venture partners in 767 Venture, LLC (the entity that owns 767 Fifth Avenue (the General Motors Building) located in New York City) transferred all of their interests in the joint venture to third parties. Effective as of May 31, 2013, the Company accounts for the assets, liabilities and operations of 767 Venture, LLC on a consolidated basis in its financial statements instead of under the equity method of accounting. Upon consolidation, the operations for this building are included in the New York region. Information by geographic area and property type (dollars in thousands): For the three months ended September 30, 2014:
| Boston |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: |  |  |  |  |  |  |  |  |
Class A Office | $ | 176,788 |  |  | $ | 243,033 |  |  | $ | 61,691 |  |  | $ | 96,219 |  |  | $ | 577,731 |
Office/Technical | 6,056 |  |  | — |  |  | 5,892 |  |  | 3,713 |  |  | 15,661 |
Residential | 1,137 |  |  | — |  |  | — |  |  | 5,881 |  |  | 7,018 |
Hotel | 11,918 |  |  | — |  |  | — |  |  | — |  |  | 11,918 |
Total | 195,899 |  |  | 243,033 |  |  | 67,583 |  |  | 105,813 |  |  | 612,328 |
% of Grand Totals | 31.99 | % |  | 39.69 | % |  | 11.04 | % |  | 17.28 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |
Class A Office | 69,026 |  |  | 82,335 |  |  | 22,484 |  |  | 32,898 |  |  | 206,743 |
Office/Technical | 1,901 |  |  | — |  |  | 1,363 |  |  | 1,009 |  |  | 4,273 |
Residential | 509 |  |  | — |  |  | — |  |  | 3,654 |  |  | 4,163 |
Hotel | 7,585 |  |  | — |  |  | — |  |  | — |  |  | 7,585 |
Total | 79,021 |  |  | 82,335 |  |  | 23,847 |  |  | 37,561 |  |  | 222,764 |
% of Grand Totals | 35.47 | % |  | 36.96 | % |  | 10.71 | % |  | 16.86 | % |  | 100.00 | %
Net operating income | $ | 116,878 |  |  | $ | 160,698 |  |  | $ | 43,736 |  |  | $ | 68,252 |  |  | $ | 389,564 |
% of Grand Totals | 30.00 | % |  | 41.25 | % |  | 11.23 | % |  | 17.52 | % |  | 100.00 | %
For the three months ended September 30, 2013:
| Boston |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: |  |  |  |  |  |  |  |  |
Class A Office | $ | 170,415 |  |  | $ | 214,086 |  |  | $ | 53,841 |  |  | $ | 96,141 |  |  | $ | 534,483 |
Office/Technical | 5,662 |  |  | — |  |  | 5,839 |  |  | 3,877 |  |  | 15,378 |
Residential | 1,125 |  |  | — |  |  | — |  |  | 4,368 |  |  | 5,493 |
Hotel | 10,652 |  |  | — |  |  | — |  |  | — |  |  | 10,652 |
Total | 187,854 |  |  | 214,086 |  |  | 59,680 |  |  | 104,386 |  |  | 566,006 |
% of Grand Totals | 33.19 | % |  | 37.83 | % |  | 10.54 | % |  | 18.44 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |
Class A Office | 67,228 |  |  | 73,355 |  |  | 20,006 |  |  | 31,678 |  |  | 192,267 |
Office/Technical | 1,763 |  |  | — |  |  | 1,287 |  |  | 1,064 |  |  | 4,114 |
Residential | 466 |  |  | — |  |  | — |  |  | 2,441 |  |  | 2,907 |
Hotel | 6,580 |  |  | — |  |  | — |  |  | — |  |  | 6,580 |
Total | 76,037 |  |  | 73,355 |  |  | 21,293 |  |  | 35,183 |  |  | 205,868 |
% of Grand Totals | 36.94 | % |  | 35.63 | % |  | 10.34 | % |  | 17.09 | % |  | 100.00 | %
Net operating income | $ | 111,817 |  |  | $ | 140,731 |  |  | $ | 38,387 |  |  | $ | 69,203 |  |  | $ | 360,138 |
% of Grand Totals | 31.05 | % |  | 39.08 | % |  | 10.66 | % |  | 19.21 | % |  | 100.00 | %
For the nine months ended September 30, 2014:
| Boston |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: |  |  |  |  |  |  |  |  |
Class A Office | $ | 520,857 |  |  | $ | 684,240 |  |  | $ | 173,749 |  |  | $ | 287,489 |  |  | $ | 1,666,335 |
Office/Technical | 17,788 |  |  | — |  |  | 18,451 |  |  | 11,044 |  |  | 47,283 |
Residential | 3,389 |  |  | — |  |  | — |  |  | 15,609 |  |  | 18,998 |
Hotel | 32,478 |  |  | — |  |  | — |  |  | — |  |  | 32,478 |
Total | 574,512 |  |  | 684,240 |  |  | 192,200 |  |  | 314,142 |  |  | 1,765,094 |
% of Grand Totals | 32.55 | % |  | 38.76 | % |  | 10.89 | % |  | 17.80 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |
Class A Office | 206,242 |  |  | 231,668 |  |  | 63,078 |  |  | 98,818 |  |  | 599,806 |
Office/Technical | 5,326 |  |  | — |  |  | 3,885 |  |  | 3,335 |  |  | 12,546 |
Residential | 1,501 |  |  | — |  |  | — |  |  | 10,360 |  |  | 11,861 |
Hotel | 21,697 |  |  | — |  |  | — |  |  | — |  |  | 21,697 |
Total | 234,766 |  |  | 231,668 |  |  | 66,963 |  |  | 112,513 |  |  | 645,910 |
% of Grand Totals | 36.35 | % |  | 35.86 | % |  | 10.37 | % |  | 17.42 | % |  | 100.00 | %
Net operating income | $ | 339,746 |  |  | $ | 452,572 |  |  | $ | 125,237 |  |  | $ | 201,629 |  |  | $ | 1,119,184 |
% of Grand Totals | 30.36 | % |  | 40.43 | % |  | 11.19 | % |  | 18.02 | % |  | 100.00 | %
For the nine months ended September 30, 2013:
| Boston |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: |  |  |  |  |  |  |  |  |
Class A Office | $ | 495,376 |  |  | $ | 510,767 |  |  | $ | 159,843 |  |  | $ | 284,554 |  |  | $ | 1,450,540 |
Office/Technical | 16,853 |  |  | — |  |  | 11,317 |  |  | 11,951 |  |  | 40,121 |
Residential | 3,257 |  |  | — |  |  | — |  |  | 13,298 |  |  | 16,555 |
Hotel | 30,061 |  |  | — |  |  | — |  |  | — |  |  | 30,061 |
Total | 545,547 |  |  | 510,767 |  |  | 171,160 |  |  | 309,803 |  |  | 1,537,277 |
% of Grand Totals | 35.49 | % |  | 33.23 | % |  | 11.13 | % |  | 20.15 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |
Class A Office | 195,206 |  |  | 177,800 |  |  | 58,036 |  |  | 94,145 |  |  | 525,187 |
Office/Technical | 5,177 |  |  | — |  |  | 2,439 |  |  | 3,095 |  |  | 10,711 |
Residential | 1,316 |  |  | — |  |  | — |  |  | 7,154 |  |  | 8,470 |
Hotel | 20,959 |  |  | — |  |  | — |  |  | — |  |  | 20,959 |
Total | 222,658 |  |  | 177,800 |  |  | 60,475 |  |  | 104,394 |  |  | 565,327 |
% of Grand Totals | 39.38 | % |  | 31.45 | % |  | 10.70 | % |  | 18.47 | % |  | 100.00 | %
Net operating income | $ | 322,889 |  |  | $ | 332,967 |  |  | $ | 110,685 |  |  | $ | 205,409 |  |  | $ | 971,950 |
% of Grand Totals | 33.22 | % |  | 34.26 | % |  | 11.39 | % |  | 21.13 | % |  | 100.00 | %
The following is a reconciliation of Net Operating Income to net income attributable to Boston Properties, Inc.:
| Three months ended September 30, |  | Nine months ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| (in thousands)
Net Operating Income | $ | 389,564 |  |  | $ | 360,138 |  |  | $ | 1,119,184 |  |  | $ | 971,950 |
Add: |  |  |  |  |  |  |
Development and management services income | 6,475 |  |  | 5,475 |  |  | 18,197 |  |  | 22,063 |
Income from unconsolidated joint ventures | 4,419 |  |  | 14,736 |  |  | 10,069 |  |  | 72,240 |
Gains on consolidation of joint ventures | — |  |  | (1,810 | ) |  | — |  |  | 385,991 |
Interest and other income | 3,421 |  |  | 3,879 |  |  | 6,841 |  |  | 6,646 |
Gains (losses) from investments in securities | (297 | ) |  | 956 |  |  | 651 |  |  | 1,872 |
Gains (losses) from early extinguishments of debt | — |  |  | (30 | ) |  | — |  |  | 122 |
Income from discontinued operations | — |  |  | 1,677 |  |  | — |  |  | 7,486 |
Gain on sale of real estate from discontinued operations | — |  |  | 86,448 |  |  | — |  |  | 86,448 |
Gain on forgiveness of debt from discontinued operations | — |  |  | — |  |  | — |  |  | 20,182 |
Gains on sales of real estate | 41,937 |  |  | — |  |  | 41,937 |  |  | — |
Less: |  |  |  |  |  |  |
General and administrative expense | 22,589 |  |  | 24,841 |  |  | 75,765 |  |  | 94,673 |
Transaction costs | 1,402 |  |  | 766 |  |  | 2,500 |  |  | 1,744 |
Depreciation and amortization expense | 157,245 |  |  | 153,253 |  |  | 466,143 |  |  | 406,162 |
Interest expense | 113,308 |  |  | 122,173 |  |  | 337,839 |  |  | 325,746 |
Impairment loss | — |  |  | — |  |  | — |  |  | 8,306 |
Impairment loss from discontinued operations | — |  |  | — |  |  | — |  |  | 3,241 |
Noncontrolling interest in property partnerships | 5,566 |  |  | (3,279 | ) |  | 17,473 |  |  | (924 | )
Noncontrolling interest—redeemable preferred units of the Operating Partnership | 75 |  |  | 1,082 |  |  | 1,014 |  |  | 3,385 |
Noncontrolling interest—common units of the Operating Partnership | 14,963 |  |  | 8,339 |  |  | 29,819 |  |  | 62,945 |
Noncontrolling interest in discontinued operations—common units of the Operating Partnership | — |  |  | 8,970 |  |  | — |  |  | 11,450 |
Net income attributable to Boston Properties, Inc. | $ | 130,371 |  |  | $ | 155,324 |  |  | $ | 266,326 |  |  | $ | 658,272 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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