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Real Estate | 6 Months Ended
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Jun. 30, 2018
Real Estate [Abstract] |
Real Estate | 3. Real Estate Boston Properties, Inc. Real estate consisted of the following at June 30, 2018 and December 31, 2017 (in thousands):
| June 30, 2018 |  | December 31, 2017
Land | $ | 5,108,880 |  |  | $ | 5,080,679 |
Land held for future development (1) | 210,902 |  |  | 204,925 |
Buildings and improvements | 12,720,779 |  |  | 12,284,164 |
Tenant improvements | 2,278,755 |  |  | 2,219,608 |
Furniture, fixtures and equipment | 44,164 |  |  | 37,928 |
Construction in progress | 1,163,040 |  |  | 1,269,338 |
Total | 21,526,520 |  |  | 21,096,642 |
Less: Accumulated depreciation | (4,745,590 | ) |  | (4,589,634 | )
| $ | 16,780,930 |  |  | $ | 16,507,008 |
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(1) | Includes pre-development costs.
Boston Properties Limited Partnership Real estate consisted of the following at June 30, 2018 and December 31, 2017 (in thousands):
| June 30, 2018 |  | December 31, 2017
Land | $ | 5,005,471 |  |  | $ | 4,976,303 |
Land held for future development (1) | 210,902 |  |  | 204,925 |
Buildings and improvements | 12,416,577 |  |  | 11,977,062 |
Tenant improvements | 2,278,755 |  |  | 2,219,608 |
Furniture, fixtures and equipment | 44,164 |  |  | 37,928 |
Construction in progress | 1,163,040 |  |  | 1,269,338 |
Total | 21,118,909 |  |  | 20,685,164 |
Less: Accumulated depreciation | (4,649,907 | ) |  | (4,496,959 | )
| $ | 16,469,002 |  |  | $ | 16,188,205 |
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(1) | Includes pre-development costs.
Development On January 24, 2018, the Company entered into a lease agreement with Leidos for a build-to-suit project with approximately 276,000 net rentable square feet of Class A office space at the Company's 17Fifty Presidents Street development project located in Reston, Virginia. Concurrently with the execution of the lease, the Company commenced development of the project and expects the building to be completed and available for occupancy during the second quarter of 2020. On January 31, 2018, the Company partially placed in-service its Signature at Reston development project comprised of 508 apartment units and retail space aggregating approximately 518,000 square feet located in Reston, Virginia. This project was completed and fully placed in-service on June 7, 2018. On February 23, 2018, the Company entered into a lease agreement with Fannie Mae to lease approximately 850,000 net rentable square feet of Class A office space at the Company's Reston Gateway development project located in Reston, Virginia. The initial phase of the project will consist of approximately 1.1 million net rentable square feet. The Company expects to begin construction in the second half of 2018 upon receipt of all necessary approvals. On June 20, 2018, the Company partially placed in-service its Proto Kendall Square development project comprised of 280 apartment units and retail space aggregating approximately 167,000 square feet located in Cambridge, Massachusetts. Dispositions On January 9, 2018, the Company completed the sale of its 500 E Street, S.W. property located in Washington, DC for a net contract sale price of approximately $118.6 million. Net cash proceeds totaled approximately $116.1 million, resulting in a gain on sale of real estate totaling approximately $96.4 million for Boston Properties, Inc. and approximately $98.9 million for Boston Properties Limited Partnership. 500 E Street, S.W. is an approximately 262,000 net rentable square foot Class A office property. 500 E Street, S.W. contributed approximately $0.1 million of net income to the Company for the period from January 1, 2018 through January 8, 2018 and contributed approximately $1.6 million and $3.2 million of net income to the Company for the three and six months ended June 30, 2017, respectively. On May 24, 2018, the Company completed the sale of its 91 Hartwell Avenue property located in Lexington, Massachusetts for a gross sale price of approximately $22.2 million. Net cash proceeds totaled approximately $21.7 million, resulting in a gain on sale of real estate totaling approximately $15.5 million for Boston Properties, Inc. and approximately $15.9 million for Boston Properties Limited Partnership. 91 Hartwell Avenue is an approximately 119,000 net rentable square foot Class A office property. 91 Hartwell Avenue contributed approximately $0.1 million and $0.3 million of net income to the Company for the period from April 1, 2018 through May 23, 2018 and the period from January 1, 2018 through May 23, 2018, respectively, and contributed approximately $0.1 million and $0.3 million of net income to the Company for the three and six months ended June 30, 2017, respectively.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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