XML 42 R24.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Investments in Unconsolidated Joint Ventures (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2016
Investments In Unconsolidated Joint Ventures [Abstract] |
Investments In Unconsolidated Joint Ventures | The investments in unconsolidated joint ventures consist of the following at March 31, 2016 and December 31, 2015:
|  |  |  | Nominal % Ownership |  |  | Carrying Value of Investment (1) |
Entity |  | Properties |  |  |  | March 31, 2016 |  | December 31, 2015 |
|  |  |  |  |  |  | (in thousands) |
Square 407 Limited Partnership |  | Market Square North |  | 50.0 | % |  |  | $ | (9,506 | ) |  | $ | (9,951 | ) |
The Metropolitan Square Associates LLC |  | Metropolitan Square |  | 51.0 | % |  |  | 9,238 |  |  | 9,179 |  |
BP/CRF 901 New York Avenue LLC |  | 901 New York Avenue |  | 25.0 | % | (2) |  | (11,617 | ) |  | (11,958 | ) |
WP Project Developer LLC |  | Wisconsin Place Land and Infrastructure |  | 33.3 | % | (3) |  | 43,057 |  |  | 43,524 |  |
Annapolis Junction NFM, LLC |  | Annapolis Junction |  | 50.0 | % | (4) (5) |  | 21,134 |  |  | 29,009 |  |
540 Madison Venture LLC |  | 540 Madison Avenue |  | 60.0 | % |  |  | 67,715 |  |  | 68,983 |  |
500 North Capitol LLC |  | 500 North Capitol Street, NW |  | 30.0 | % |  |  | (3,470 | ) |  | (3,292 | ) |
501 K Street LLC |  | 1001 6th Street |  | 50.0 | % | (6) |  | 42,540 |  |  | 42,584 |  |
Podium Developer LLC |  | The Hub on Causeway |  | 50.0 | % |  |  | 23,881 |  |  | 18,508 |  |
1265 Main Office JV LLC |  | 1265 Main Street |  | 50.0 | % |  |  | 16,143 |  |  | 11,916 |  |
BNY Tower Holdings LLC |  | Dock72 at the Brooklyn Navy Yard |  | 50.0 | % | (7) |  | 12,196 |  |  | 11,521 |  |
|  |  |  |  |  |  | $ | 211,311 |  |  | $ | 210,023 |  |
_______________
(1) | Investments with deficit balances aggregating approximately $24.6 million and $25.2 million at March 31, 2016 and December 31, 2015, respectively, have been reflected within Other Liabilities on the Company’s Consolidated Balance Sheets.
(2) | The Company’s economic ownership has increased based on the achievement of certain return thresholds.
(3) | 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, parking garage and infrastructure of the project.
(4) | The joint venture owns four in-service buildings and two undeveloped land parcels.
(5) | See Note 13.
(6) | Under the joint venture agreement for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization.
(7) | Entity is a VIE (See Note 2).
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:
| March 31, 2016 |  | December 31, 2015
| (in thousands)
ASSETS |  |  |
Real estate and development in process, net | $ | 1,041,533 |  |  | $ | 1,072,412 |
Other assets | 225,200 |  |  | 252,285 |
Total assets | $ | 1,266,733 |  |  | $ | 1,324,697 |
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY |  |  |
Mortgage and notes payable, net | $ | 829,089 |  |  | $ | 830,125 |
Other liabilities | 38,920 |  |  | 44,549 |
Members’/Partners’ equity | 398,724 |  |  | 450,023 |
Total liabilities and members’/partners’ equity | $ | 1,266,733 |  |  | $ | 1,324,697 |
Company’s share of equity | $ | 238,166 |  |  | $ | 237,070 |
Basis differentials (1) | (26,855 | ) |  | (27,047 | )
Carrying value of the Company’s investments in unconsolidated joint ventures (2) | $ | 211,311 |  |  | $ | 210,023 |
_______________
(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.
(2) | Investments with deficit balances aggregating approximately $24.6 million and $25.2 million at March 31, 2016 and December 31, 2015, respectively, have been reflected within Other Liabilities on the Company’s Consolidated Balance Sheets.
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 March 31, |
| 2016 |  | 2015 |
| (in thousands) |
Total revenue (1) | $ | 37,669 |  |  | $ | 39,532 |  |
Expenses |  |  |  |
Operating | 16,667 |  |  | 16,275 |  |
Depreciation and amortization | 9,064 |  |  | 9,071 |  |
Total expenses | 25,731 |  |  | 25,346 |  |
Operating income | 11,938 |  |  | 14,186 |  |
Other expense |  |  |  |
Interest expense | 8,389 |  |  | 7,980 |  |
Net income | $ | 3,549 |  |  | $ | 6,206 |  |
Company’s share of net income | $ | 1,599 |  |  | $ | 14,642 |  | (2)
Basis differential | 192 |  |  | 192 |  |
Income from unconsolidated joint ventures | $ | 1,791 |  |  | $ | 14,834 |  |
_______________
(1) | Includes straight-line rent adjustments of approximately $2.2 million and $1.6 million for the three months ended March 31, 2016 and 2015, respectively.
(2) | During the three months ended March 31, 2015, the Company received a distribution of approximately $24.5 million, which was generated from the excess loan proceeds from the refinancing of 901 New York Avenue’s mortgage loan to a new 10-year mortgage loan totaling $225.0 million. The Company’s allocation of income and distributions for the three months ended March 31, 2015 was not proportionate to its nominal ownership interest as a result of the achievement of specified investment return thresholds, as provided for in the joint venture agreement.

X
- Definition Investments In Unconsolidated Joint Ventures [Abstract] + References No definition available. + Details
Name: | bxp_InvestmentsInUnconsolidatedJointVenturesAbstract
Namespace Prefix: | bxp_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block] + References No definition available. + Details
Name: | bxp_ScheduleOfBalanceSheetsOfUnconsolidatedJointVenturesTextBlock
Namespace Prefix: | bxp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Statements Of Operations Of The Unconsolidated Joint Ventures [Text Bock] + References No definition available. + Details
Name: | bxp_ScheduleOfStatementsOfOperationsOfUnconsolidatedJointVenturesTextBock
Namespace Prefix: | bxp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration