XML 47 R32.htm IDEA: XBRL DOCUMENT
v3.19.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
Segment Reporting [Abstract] |
Schedule Of Reconciliation Of Net Operating Income To Net Income | The following tables present reconciliations of Net Income Attributable to Boston Properties, Inc. Common Shareholders to the Company’s share of Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership Common Unitholders to the Company’s share of Net Operating Income for the three and six months ended June 30, 2019 and 2018. Boston Properties, Inc.
| Three months ended June 30, |  | Six months ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in thousands)
Net income attributable to Boston Properties, Inc. common shareholders | $ | 164,318 |  |  | $ | 128,681 |  |  | $ | 262,431 |  |  | $ | 304,682 |
Add: |  |  |  |  |  |  |
Preferred dividends | 2,625 |  |  | 2,625 |  |  | 5,250 |  |  | 5,250 |
Noncontrolling interest—common units of Boston Properties Limited Partnership | 19,036 |  |  | 14,859 |  |  | 30,627 |  |  | 35,311 |
Noncontrolling interests in property partnerships | 17,482 |  |  | 14,400 |  |  | 36,312 |  |  | 31,634 |
Interest expense | 102,357 |  |  | 92,204 |  |  | 203,366 |  |  | 182,424 |
Impairment loss | — |  |  | — |  |  | 24,038 |  |  | — |
Net operating income from unconsolidated joint ventures | 24,715 |  |  | 16,227 |  |  | 50,064 |  |  | 32,287 |
Depreciation and amortization expense | 177,411 |  |  | 156,417 |  |  | 342,005 |  |  | 322,214 |
Transaction costs | 417 |  |  | 474 |  |  | 877 |  |  | 495 |
Payroll and related costs from management services contracts | 2,403 |  |  | 1,970 |  |  | 5,798 |  |  | 4,855 |
General and administrative expense | 35,071 |  |  | 28,468 |  |  | 76,833 |  |  | 64,362 |
Less: |  |  |  |  |  |  |
Net operating income attributable to noncontrolling interests in property partnerships | 45,562 |  |  | 43,049 |  |  | 92,647 |  |  | 88,958 |
Gains from investments in securities | 1,165 |  |  | 505 |  |  | 4,134 |  |  | 379 |
Interest and other income | 3,615 |  |  | 2,579 |  |  | 7,368 |  |  | 4,227 |
Gains on sales of real estate | 1,686 |  |  | 18,292 |  |  | 781 |  |  | 114,689 |
Income from unconsolidated joint ventures | 47,964 |  |  | 769 |  |  | 48,177 |  |  | 1,230 |
Direct reimbursements of payroll and related costs from management services contracts | 2,403 |  |  | 1,970 |  |  | 5,798 |  |  | 4,855 |
Development and management services revenue | 9,986 |  |  | 9,305 |  |  | 19,263 |  |  | 17,710 |
Company’s share of Net Operating Income | $ | 433,454 |  |  | $ | 379,856 |  |  | $ | 859,433 |  |  | $ | 751,466 |
Boston Properties Limited Partnership
| Three months ended June 30, |  | Six months ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 185,715 |  |  | $ | 145,961 |  |  | $ | 299,097 |  |  | $ | 346,868 |
Add: |  |  |  |  |  |  |
Preferred distributions | 2,625 |  |  | 2,625 |  |  | 5,250 |  |  | 5,250 |
Noncontrolling interests in property partnerships | 17,482 |  |  | 14,400 |  |  | 36,312 |  |  | 31,634 |
Interest expense | 102,357 |  |  | 92,204 |  |  | 203,366 |  |  | 182,424 |
Impairment loss | — |  |  | — |  |  | 22,272 |  |  | — |
Net operating income from unconsolidated joint ventures | 24,715 |  |  | 16,227 |  |  | 50,064 |  |  | 32,287 |
Depreciation and amortization expense | 175,199 |  |  | 154,474 |  |  | 337,881 |  |  | 318,327 |
Transaction costs | 417 |  |  | 474 |  |  | 877 |  |  | 495 |
Payroll and related costs from management services contracts | 2,403 |  |  | 1,970 |  |  | 5,798 |  |  | 4,855 |
General and administrative expense | 35,071 |  |  | 28,468 |  |  | 76,833 |  |  | 64,362 |
Less: |  |  |  |  |  |  |
Net operating income attributable to noncontrolling interests in property partnerships | 45,562 |  |  | 43,049 |  |  | 92,647 |  |  | 88,958 |
Gains from investments in securities | 1,165 |  |  | 505 |  |  | 4,134 |  |  | 379 |
Interest and other income | 3,615 |  |  | 2,579 |  |  | 7,368 |  |  | 4,227 |
Gains on sales of real estate | 1,835 |  |  | 18,770 |  |  | 930 |  |  | 117,677 |
Income from unconsolidated joint ventures | 47,964 |  |  | 769 |  |  | 48,177 |  |  | 1,230 |
Direct reimbursements of payroll and related costs from management services contracts | 2,403 |  |  | 1,970 |  |  | 5,798 |  |  | 4,855 |
Development and management services revenue | 9,986 |  |  | 9,305 |  |  | 19,263 |  |  | 17,710 |
Company’s share of Net Operating Income | $ | 433,454 |  |  | $ | 379,856 |  |  | $ | 859,433 |  |  | $ | 751,466 |
Schedule Of Segment Information By Geographic Area And Property Type | Information by geographic area (dollars in thousands): For the three months ended June 30, 2019:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |
Office | $ | 217,961 |  |  | $ | — |  |  | $ | 251,556 |  |  | $ | 131,506 |  |  | $ | 96,486 |  |  | $ | 697,509 |
Residential | 3,222 |  |  | — |  |  | — |  |  | — |  |  | 5,777 |  |  | 8,999 |
Hotel | 14,844 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,844 |
Total | 236,027 |  |  | — |  |  | 251,556 |  |  | 131,506 |  |  | 102,263 |  |  | 721,352 |
% of Grand Totals | 32.72 | % |  | — | % |  | 34.87 | % |  | 18.23 | % |  | 14.18 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |
Office | 77,660 |  |  | — |  |  | 96,809 |  |  | 43,708 |  |  | 35,672 |  |  | 253,849 |
Residential | 1,279 |  |  | — |  |  | — |  |  | — |  |  | 2,843 |  |  | 4,122 |
Hotel | 9,080 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,080 |
Total | 88,019 |  |  | — |  |  | 96,809 |  |  | 43,708 |  |  | 38,515 |  |  | 267,051 |
% of Grand Totals | 32.96 | % |  | — | % |  | 36.25 | % |  | 16.37 | % |  | 14.42 | % |  | 100.00 | %
Net operating income | $ | 148,008 |  |  | $ | — |  |  | $ | 154,747 |  |  | $ | 87,798 |  |  | $ | 63,748 |  |  | $ | 454,301 |
% of Grand Totals | 32.58 | % |  | — | % |  | 34.06 | % |  | 19.33 | % |  | 14.03 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (10,031 | ) |  | — |  |  | (35,531 | ) |  | — |  |  | — |  |  | (45,562 | )
Add: Company’s share of net operating income from unconsolidated joint ventures | 818 |  |  | 15,454 |  |  | 1,696 |  |  | — |  |  | 6,747 |  |  | 24,715 |
Company’s share of net operating income | $ | 138,795 |  |  | $ | 15,454 |  |  | $ | 120,912 |  |  | $ | 87,798 |  |  | $ | 70,495 |  |  | $ | 433,454 |
% of Grand Totals | 32.01 | % |  | 3.57 | % |  | 27.90 | % |  | 20.26 | % |  | 16.26 | % |  | 100.00 | %
_______________
(1) | Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.
For the three months ended June 30, 2018:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |
Office | $ | 207,810 |  |  | $ | — |  |  | $ | 234,006 |  |  | $ | 93,482 |  |  | $ | 98,505 |  |  | $ | 633,803 |
Residential | 1,195 |  |  | — |  |  | — |  |  | — |  |  | 3,604 |  |  | 4,799 |
Hotel | 14,607 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,607 |
Total | 223,612 |  |  | — |  |  | 234,006 |  |  | 93,482 |  |  | 102,109 |  |  | 653,209 |
% of Grand Totals | 34.23 | % |  | — | % |  | 35.83 | % |  | 14.31 | % |  | 15.63 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |
Office | 77,147 |  |  | — |  |  | 91,838 |  |  | 31,214 |  |  | 34,678 |  |  | 234,877 |
Residential | 706 |  |  | — |  |  | — |  |  | — |  |  | 2,207 |  |  | 2,913 |
Hotel | 8,741 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,741 |
Total | 86,594 |  |  | — |  |  | 91,838 |  |  | 31,214 |  |  | 36,885 |  |  | 246,531 |
% of Grand Totals | 35.12 | % |  | — | % |  | 37.26 | % |  | 12.66 | % |  | 14.96 | % |  | 100.00 | %
Net operating income | $ | 137,018 |  |  | $ | — |  |  | $ | 142,168 |  |  | $ | 62,268 |  |  | $ | 65,224 |  |  | $ | 406,678 |
% of Grand Totals | 33.69 | % |  | — | % |  | 34.96 | % |  | 15.31 | % |  | 16.04 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (8,418 | ) |  | — |  |  | (34,751 | ) |  | 120 |  |  | — |  |  | (43,049 | )
Add: Company’s share of net operating income from unconsolidated joint ventures | 781 |  |  | 6,902 |  |  | 1,706 |  |  | — |  |  | 6,838 |  |  | 16,227 |
Company’s share of net operating income | $ | 129,381 |  |  | $ | 6,902 |  |  | $ | 109,123 |  |  | $ | 62,388 |  |  | $ | 72,062 |  |  | $ | 379,856 |
% of Grand Totals | 34.06 | % |  | 1.82 | % |  | 28.73 | % |  | 16.42 | % |  | 18.97 | % |  | 100.00 | %
_______________
(1) | Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.
For the six months ended June 30, 2019:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |
Office | $ | 435,372 |  |  | $ | — |  |  | $ | 510,187 |  |  | $ | 255,561 |  |  | $ | 192,831 |  |  | $ | 1,393,951 |
Residential | 5,923 |  |  | — |  |  | — |  |  | — |  |  | 10,791 |  |  | 16,714 |
Hotel | 23,782 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,782 |
Total | 465,077 |  |  | — |  |  | 510,187 |  |  | 255,561 |  |  | 203,622 |  |  | 1,434,447 |
% of Grand Totals | 32.42 | % |  | — | % |  | 35.56 | % |  | 17.82 | % |  | 14.20 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |
Office | 157,160 |  |  | — |  |  | 193,780 |  |  | 84,833 |  |  | 71,819 |  |  | 507,592 |
Residential | 2,485 |  |  | — |  |  | — |  |  | — |  |  | 5,411 |  |  | 7,896 |
Hotel | 16,943 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,943 |
Total | 176,588 |  |  | — |  |  | 193,780 |  |  | 84,833 |  |  | 77,230 |  |  | 532,431 |
% of Grand Totals | 33.17 | % |  | — | % |  | 36.39 | % |  | 15.93 | % |  | 14.51 | % |  | 100.00 | %
Net operating income | $ | 288,489 |  |  | $ | — |  |  | $ | 316,407 |  |  | $ | 170,728 |  |  | $ | 126,392 |  |  | $ | 902,016 |
% of Grand Totals | 31.98 | % |  | — | % |  | 35.08 | % |  | 18.93 | % |  | 14.01 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (19,404 | ) |  | — |  |  | (72,795 | ) |  | (448 | ) |  | — |  |  | (92,647 | )
Add: Company’s share of net operating income from unconsolidated joint ventures | 1,590 |  |  | 31,162 |  |  | 3,482 |  |  | — |  |  | 13,830 |  |  | 50,064 |
Company’s share of net operating income | $ | 270,675 |  |  | $ | 31,162 |  |  | $ | 247,094 |  |  | $ | 170,280 |  |  | $ | 140,222 |  |  | $ | 859,433 |
% of Grand Totals | 31.49 | % |  | 3.63 | % |  | 28.75 | % |  | 19.81 | % |  | 16.32 | % |  | 100.00 | %
_______________
(1) | Rental Revenue is equal to total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.
For the six months ended June 30, 2018:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |
Office | $ | 412,807 |  |  | $ | — |  |  | $ | 476,404 |  |  | $ | 183,375 |  |  | $ | 197,817 |  |  | $ | 1,270,403 |
Residential | 2,347 |  |  | — |  |  | — |  |  | — |  |  | 6,611 |  |  | 8,958 |
Hotel | 23,709 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,709 |
Total | 438,863 |  |  | — |  |  | 476,404 |  |  | 183,375 |  |  | 204,428 |  |  | 1,303,070 |
% of Grand Totals | 33.68 | % |  | — | % |  | 36.56 | % |  | 14.07 | % |  | 15.69 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |
Office | 157,471 |  |  | — |  |  | 185,600 |  |  | 58,842 |  |  | 71,021 |  |  | 472,934 |
Residential | 1,220 |  |  | — |  |  | — |  |  | — |  |  | 3,965 |  |  | 5,185 |
Hotel | 16,814 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,814 |
Total | 175,505 |  |  | — |  |  | 185,600 |  |  | 58,842 |  |  | 74,986 |  |  | 494,933 |
% of Grand Totals | 35.46 | % |  | — | % |  | 37.50 | % |  | 11.89 | % |  | 15.15 | % |  | 100.00 | %
Net operating income | $ | 263,358 |  |  | $ | — |  |  | $ | 290,804 |  |  | $ | 124,533 |  |  | $ | 129,442 |  |  | $ | 808,137 |
% of Grand Totals | 32.59 | % |  | — | % |  | 35.98 | % |  | 15.41 | % |  | 16.02 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (16,547 | ) |  | — |  |  | (72,697 | ) |  | 286 |  |  | — |  |  | (88,958 | )
Add: Company’s share of net operating income from unconsolidated joint ventures | 1,315 |  |  | 13,976 |  |  | 3,367 |  |  | — |  |  | 13,629 |  |  | 32,287 |
Company’s share of net operating income | $ | 248,126 |  |  | $ | 13,976 |  |  | $ | 221,474 |  |  | $ | 124,819 |  |  | $ | 143,071 |  |  | $ | 751,466 |
% of Grand Totals | 33.02 | % |  | 1.86 | % |  | 29.47 | % |  | 16.61 | % |  | 19.04 | % |  | 100.00 | %
_______________ (1) Rental Revenue is equal to total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration