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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.

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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.

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