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Segment Information (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2019 and 2018. Boston Properties, Inc.
| Three months ended September 30, |  | Nine months ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in thousands)
Net income attributable to Boston Properties, Inc. common shareholders | $ | 107,771 |  |  | $ | 119,118 |  |  | $ | 370,200 |  |  | $ | 423,835 |
Add: |  |  |  |  |  |  |
Preferred dividends | 2,625 |  |  | 2,625 |  |  | 7,875 |  |  | 7,875 |
Noncontrolling interest—common units of Boston Properties Limited Partnership | 12,504 |  |  | 13,852 |  |  | 43,133 |  |  | 49,128 |
Noncontrolling interests in property partnerships | 18,470 |  |  | 14,850 |  |  | 54,782 |  |  | 46,484 |
Interest expense | 106,471 |  |  | 95,366 |  |  | 309,837 |  |  | 277,790 |
Loss from early extinguishment of debt | 28,010 |  |  | — |  |  | 28,010 |  |  | — |
Impairment loss | — |  |  | — |  |  | 24,038 |  |  | — |
Net operating income from unconsolidated joint ventures | 23,065 |  |  | 22,511 |  |  | 73,129 |  |  | 54,798 |
Depreciation and amortization expense | 165,862 |  |  | 157,996 |  |  | 507,867 |  |  | 480,210 |
Transaction costs | 538 |  |  | 914 |  |  | 1,415 |  |  | 1,409 |
Payroll and related costs from management services contracts | 2,429 |  |  | 2,516 |  |  | 8,227 |  |  | 7,371 |
General and administrative expense | 31,147 |  |  | 29,677 |  |  | 107,980 |  |  | 94,039 |
Less: |  |  |  |  |  |  |
Net operating income attributable to noncontrolling interests in property partnerships | 46,249 |  |  | 43,068 |  |  | 138,896 |  |  | 132,026 |
Gains from investments in securities | 106 |  |  | 1,075 |  |  | 4,240 |  |  | 1,454 |
Interest and other income | 7,178 |  |  | 2,822 |  |  | 14,546 |  |  | 7,049 |
Gains (losses) on sales of real estate | (15 | ) |  | 7,863 |  |  | 766 |  |  | 122,552 |
Income (loss) from unconsolidated joint ventures | (649 | ) |  | (4,313 | ) |  | 47,528 |  |  | (3,083 | )
Direct reimbursements of payroll and related costs from management services contracts | 2,429 |  |  | 2,516 |  |  | 8,227 |  |  | 7,371 |
Development and management services revenue | 10,303 |  |  | 15,253 |  |  | 29,566 |  |  | 32,963 |
Company’s share of Net Operating Income | $ | 433,291 |  |  | $ | 391,141 |  |  | $ | 1,292,724 |  |  | $ | 1,142,607 |
Boston Properties Limited Partnership
| Three months ended September 30, |  | Nine months ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 122,117 |  |  | $ | 136,201 |  |  | $ | 421,214 |  |  | $ | 483,069 |
Add: |  |  |  |  |  |  |
Preferred distributions | 2,625 |  |  | 2,625 |  |  | 7,875 |  |  | 7,875 |
Noncontrolling interests in property partnerships | 18,470 |  |  | 14,850 |  |  | 54,782 |  |  | 46,484 |
Interest expense | 106,471 |  |  | 95,366 |  |  | 309,837 |  |  | 277,790 |
Loss from early extinguishment of debt | 28,010 |  |  | — |  |  | 28,010 |  |  | — |
Impairment loss | — |  |  | — |  |  | 22,272 |  |  | — |
Net operating income from unconsolidated joint ventures | 23,065 |  |  | 22,511 |  |  | 73,129 |  |  | 54,798 |
Depreciation and amortization expense | 164,020 |  |  | 156,056 |  |  | 501,901 |  |  | 474,383 |
Transaction costs | 538 |  |  | 914 |  |  | 1,415 |  |  | 1,409 |
Payroll and related costs from management services contracts | 2,429 |  |  | 2,516 |  |  | 8,227 |  |  | 7,371 |
General and administrative expense | 31,147 |  |  | 29,677 |  |  | 107,980 |  |  | 94,039 |
Less: |  |  |  |  |  |  |
Net operating income attributable to noncontrolling interests in property partnerships | 46,249 |  |  | 43,068 |  |  | 138,896 |  |  | 132,026 |
Gains from investments in securities | 106 |  |  | 1,075 |  |  | 4,240 |  |  | 1,454 |
Interest and other income | 7,178 |  |  | 2,822 |  |  | 14,546 |  |  | 7,049 |
Gains (losses) on sales of real estate | (15 | ) |  | 9,154 |  |  | 915 |  |  | 126,831 |
Income (loss) from unconsolidated joint ventures | (649 | ) |  | (4,313 | ) |  | 47,528 |  |  | (3,083 | )
Direct reimbursements of payroll and related costs from management services contracts | 2,429 |  |  | 2,516 |  |  | 8,227 |  |  | 7,371 |
Development and management services revenue | 10,303 |  |  | 15,253 |  |  | 29,566 |  |  | 32,963 |
Company’s share of Net Operating Income | $ | 433,291 |  |  | $ | 391,141 |  |  | $ | 1,292,724 |  |  | $ | 1,142,607 |
Schedule Of Segment Information By Geographic Area And Property Type | Information by geographic area (dollars in thousands): For the three months ended September 30, 2019:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |
Office | $ | 224,345 |  |  | $ | — |  |  | $ | 251,806 |  |  | $ | 136,290 |  |  | $ | 95,370 |  |  | $ | 707,811 |
Residential | 3,809 |  |  | — |  |  | — |  |  | — |  |  | 6,187 |  |  | 9,996 |
Hotel | 13,014 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,014 |
Total | 241,168 |  |  | — |  |  | 251,806 |  |  | 136,290 |  |  | 101,557 |  |  | 730,821 |
% of Grand Totals | 33.00 | % |  | — | % |  | 34.45 | % |  | 18.65 | % |  | 13.90 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |
Office | 81,278 |  |  | — |  |  | 98,698 |  |  | 45,900 |  |  | 35,716 |  |  | 261,592 |
Residential | 1,244 |  |  | — |  |  | — |  |  | — |  |  | 2,767 |  |  | 4,011 |
Hotel | 8,743 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,743 |
Total | 91,265 |  |  | — |  |  | 98,698 |  |  | 45,900 |  |  | 38,483 |  |  | 274,346 |
% of Grand Totals | 33.27 | % |  | — | % |  | 35.97 | % |  | 16.73 | % |  | 14.03 | % |  | 100.00 | %
Net operating income | $ | 149,903 |  |  | $ | — |  |  | $ | 153,108 |  |  | $ | 90,390 |  |  | $ | 63,074 |  |  | $ | 456,475 |
% of Grand Totals | 32.84 | % |  | — | % |  | 33.54 | % |  | 19.80 | % |  | 13.82 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (10,379 | ) |  | — |  |  | (35,870 | ) |  | — |  |  | — |  |  | (46,249 | )
Add: Company’s share of net operating income from unconsolidated joint ventures | 1,686 |  |  | 14,702 |  |  | (27 | ) |  | — |  |  | 6,704 |  |  | 23,065 |
Company’s share of net operating income | $ | 141,210 |  |  | $ | 14,702 |  |  | $ | 117,211 |  |  | $ | 90,390 |  |  | $ | 69,778 |  |  | $ | 433,291 |
% of Grand Totals | 32.60 | % |  | 3.39 | % |  | 27.05 | % |  | 20.86 | % |  | 16.10 | % |  | 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 September 30, 2018:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |
Office | $ | 210,277 |  |  | $ | — |  |  | $ | 237,944 |  |  | $ | 102,035 |  |  | $ | 98,275 |  |  | $ | 648,531 |
Residential | 1,905 |  |  | — |  |  | — |  |  | — |  |  | 4,415 |  |  | 6,320 |
Hotel | 13,664 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,664 |
Total | 225,846 |  |  | — |  |  | 237,944 |  |  | 102,035 |  |  | 102,690 |  |  | 668,515 |
% of Grand Totals | 33.78 | % |  | — | % |  | 35.60 | % |  | 15.26 | % |  | 15.36 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |
Office | 78,089 |  |  | — |  |  | 96,795 |  |  | 34,016 |  |  | 35,365 |  |  | 244,265 |
Residential | 1,159 |  |  | — |  |  | — |  |  | — |  |  | 2,565 |  |  | 3,724 |
Hotel | 8,828 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,828 |
Total | 88,076 |  |  | — |  |  | 96,795 |  |  | 34,016 |  |  | 37,930 |  |  | 256,817 |
% of Grand Totals | 34.30 | % |  | — | % |  | 37.68 | % |  | 13.25 | % |  | 14.77 | % |  | 100.00 | %
Net operating income | $ | 137,770 |  |  | $ | — |  |  | $ | 141,149 |  |  | $ | 68,019 |  |  | $ | 64,760 |  |  | $ | 411,698 |
% of Grand Totals | 33.46 | % |  | — | % |  | 34.29 | % |  | 16.52 | % |  | 15.73 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (8,332 | ) |  | — |  |  | (34,723 | ) |  | (13 | ) |  | — |  |  | (43,068 | )
Add: Company’s share of net operating income from unconsolidated joint ventures | 781 |  |  | 13,246 |  |  | 1,698 |  |  | — |  |  | 6,786 |  |  | 22,511 |
Company’s share of net operating income | $ | 130,219 |  |  | $ | 13,246 |  |  | $ | 108,124 |  |  | $ | 68,006 |  |  | $ | 71,546 |  |  | $ | 391,141 |
% of Grand Totals | 33.29 | % |  | 3.39 | % |  | 27.64 | % |  | 17.39 | % |  | 18.29 | % |  | 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 nine months ended September 30, 2019:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |
Office | $ | 659,717 |  |  | $ | — |  |  | $ | 761,993 |  |  | $ | 391,851 |  |  | $ | 288,201 |  |  | $ | 2,101,762 |
Residential | 9,732 |  |  | — |  |  | — |  |  | — |  |  | 16,978 |  |  | 26,710 |
Hotel | 36,796 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36,796 |
Total | 706,245 |  |  | — |  |  | 761,993 |  |  | 391,851 |  |  | 305,179 |  |  | 2,165,268 |
% of Grand Totals | 32.62 | % |  | — | % |  | 35.19 | % |  | 18.10 | % |  | 14.09 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |
Office | 238,438 |  |  | — |  |  | 292,478 |  |  | 130,733 |  |  | 107,535 |  |  | 769,184 |
Residential | 3,729 |  |  | — |  |  | — |  |  | — |  |  | 8,178 |  |  | 11,907 |
Hotel | 25,686 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,686 |
Total | 267,853 |  |  | — |  |  | 292,478 |  |  | 130,733 |  |  | 115,713 |  |  | 806,777 |
% of Grand Totals | 33.20 | % |  | — | % |  | 36.26 | % |  | 16.20 | % |  | 14.34 | % |  | 100.00 | %
Net operating income | $ | 438,392 |  |  | $ | — |  |  | $ | 469,515 |  |  | $ | 261,118 |  |  | $ | 189,466 |  |  | $ | 1,358,491 |
% of Grand Totals | 32.27 | % |  | — | % |  | 34.56 | % |  | 19.22 | % |  | 13.95 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (29,783 | ) |  | — |  |  | (108,665 | ) |  | (448 | ) |  | — |  |  | (138,896 | )
Add: Company’s share of net operating income from unconsolidated joint ventures | 3,276 |  |  | 45,864 |  |  | 3,455 |  |  | — |  |  | 20,534 |  |  | 73,129 |
Company’s share of net operating income | $ | 411,885 |  |  | $ | 45,864 |  |  | $ | 364,305 |  |  | $ | 260,670 |  |  | $ | 210,000 |  |  | $ | 1,292,724 |
% of Grand Totals | 31.87 | % |  | 3.55 | % |  | 28.18 | % |  | 20.16 | % |  | 16.24 | % |  | 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 nine months ended September 30, 2018:
| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Washington, DC |  | Total
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |
Office | $ | 623,084 |  |  | $ | — |  |  | $ | 714,348 |  |  | $ | 285,410 |  |  | $ | 296,092 |  |  | $ | 1,918,934 |
Residential | 4,252 |  |  | — |  |  | — |  |  | — |  |  | 11,026 |  |  | 15,278 |
Hotel | 37,373 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37,373 |
Total | 664,709 |  |  | — |  |  | 714,348 |  |  | 285,410 |  |  | 307,118 |  |  | 1,971,585 |
% of Grand Totals | 33.71 | % |  | — | % |  | 36.23 | % |  | 14.48 | % |  | 15.58 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |
Office | 235,560 |  |  | — |  |  | 282,395 |  |  | 92,858 |  |  | 106,386 |  |  | 717,199 |
Residential | 2,379 |  |  | — |  |  | — |  |  | — |  |  | 6,530 |  |  | 8,909 |
Hotel | 25,642 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,642 |
Total | 263,581 |  |  | — |  |  | 282,395 |  |  | 92,858 |  |  | 112,916 |  |  | 751,750 |
% of Grand Totals | 35.06 | % |  | — | % |  | 37.57 | % |  | 12.35 | % |  | 15.02 | % |  | 100.00 | %
Net operating income | $ | 401,128 |  |  | $ | — |  |  | $ | 431,953 |  |  | $ | 192,552 |  |  | $ | 194,202 |  |  | $ | 1,219,835 |
% of Grand Totals | 32.88 | % |  | — | % |  | 35.41 | % |  | 15.79 | % |  | 15.92 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (24,879 | ) |  | — |  |  | (107,420 | ) |  | 273 |  |  | — |  |  | (132,026 | )
Add: Company’s share of net operating income from unconsolidated joint ventures | 2,096 |  |  | 27,222 |  |  | 5,065 |  |  | — |  |  | 20,415 |  |  | 54,798 |
Company’s share of net operating income | $ | 378,345 |  |  | $ | 27,222 |  |  | $ | 329,598 |  |  | $ | 192,825 |  |  | $ | 214,617 |  |  | $ | 1,142,607 |
% of Grand Totals | 33.11 | % |  | 2.38 | % |  | 28.85 | % |  | 16.88 | % |  | 18.78 | % |  | 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.

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