XML 23 R41.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

Boston Properties, Inc.

		Year ended December 31,
		2019				2018				2017
		(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders		$	511,034			$	572,347			$	451,939
Add:
Preferred dividends		10,500				10,500				10,500
Noncontrolling interest—common units of the Operating Partnership		59,345				66,807				52,210
Noncontrolling interests in property partnerships		71,120				62,909				47,832
Interest expense		412,717				378,168				374,481
Losses (gains) from early extinguishments of debt		29,540				16,490				(496		)
Impairment losses		24,038				11,812				—
Net operating income from unconsolidated joint ventures		97,716				79,893				64,008
Depreciation and amortization expense		677,764				645,649				617,547
Transaction costs		1,984				1,604				668
Payroll and related costs from management services contracts		10,386				9,590				—
General and administrative expense		140,777				121,722				113,715
Less:
Net operating income attributable to noncontrolling interests in property partnerships		183,989				177,365				174,245
Gains (losses) from investments in securities		6,417				(1,865		)		3,678
Interest and other income		18,939				10,823				5,783
Gains on sales of real estate		709				182,356				7,663
Income from unconsolidated joint ventures		46,592				2,222				11,232
Direct reimbursements of payroll and related costs from management services contracts		10,386				9,590				—
Development and management services revenue		40,039				45,158				34,605
Company’s share of Net Operating Income		$	1,739,850			$	1,551,842			$	1,495,198

Boston Properties Limited Partnership

	Year ended December 31,
		2019				2018				2017
		(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders		$	580,102			$	656,903			$	512,866
Add:
Preferred distributions		10,500				10,500				10,500
Noncontrolling interests in property partnerships		71,120				62,909				47,832
Interest expense		412,717				378,168				374,481
Losses (gains) from early extinguishments of debt		29,540				16,490				(496		)
Impairment losses		22,272				10,181				—
Net operating income from unconsolidated joint ventures		97,716				79,893				64,008
Depreciation and amortization expense		669,956				637,891				609,407
Transaction costs		1,984				1,604				668
Payroll and related costs from management services contracts		10,386				9,590				—
General and administrative expense		140,777				121,722				113,715
Less:
Net operating income attributable to noncontrolling interests in property partnerships		183,989				177,365				174,245
Gains (losses) from investments in securities		6,417				(1,865		)		3,678
Interest and other income		18,939				10,823				5,783
Gains on sales of real estate		858				190,716				8,240
Income from unconsolidated joint ventures		46,592				2,222				11,232
Direct reimbursements of payroll and related costs from management services contracts		10,386				9,590				—
Development and management services revenue		40,039				45,158				34,605
Company’s share of Net Operating Income		$	1,739,850			$	1,551,842			$	1,495,198

Schedule Of Segment Information By Geographic Area And Property Type

Information by geographic area and property type (dollars in thousands):

For the year ended December 31, 2019:

	Boston				Los Angeles				New York				San Francisco				Washington, DC				Total
Rental Revenue: (1)
Office	$	895,098			$	—			$	1,011,912			$	533,189			$	384,435			$	2,824,634
Residential	13,786				—				—				—				23,128				36,914
Hotel	48,589				—				—				—				—				48,589
Total	957,473				—				1,011,912				533,189				407,563				2,910,137
% of Grand Totals	32.90		%		—		%		34.78		%		18.32		%		14.00		%		100.00		%
Rental Expenses:
Office	322,282				—				389,532				177,994				144,217				1,034,025
Residential	5,071				—				—				—				10,914				15,985
Hotel	34,004				—				—				—				—				34,004
Total	361,357				—				389,532				177,994				155,131				1,084,014
% of Grand Totals	33.34		%		—		%		35.93		%		16.42		%		14.31		%		100.00		%
Net operating income	$	596,116			$	—			$	622,380			$	355,195			$	252,432			$	1,826,123
% of Grand Totals	32.64		%		—		%		34.09		%		19.45		%		13.82		%		100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(40,109		)		—				(143,432		)		(448		)		—				(183,989		)
Add: Company’s share of net operating income from unconsolidated joint ventures	5,494				61,338				4,174				—				26,710				97,716
Company’s share of net operating income	$	561,501			$	61,338			$	483,122			$	354,747			$	279,142			$	1,739,850
% of Grand Totals	32.27		%		3.53		%		27.77		%		20.39		%		16.04		%		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.

For the year ended December 31, 2018:

	Boston				Los Angeles				New York				San Francisco				Washington, DC				Total
Rental Revenue: (1)
Office	$	838,341			$	—			$	959,050			$	397,180			$	396,088			$	2,590,659
Residential	6,694				—				—				—				15,857				22,551
Hotel	49,118				—				—				—				—				49,118
Total	894,153				—				959,050				397,180				411,945				2,662,328
% of Grand Totals	33.59		%		—		%		36.02		%		14.92		%		15.47		%		100.00		%
Rental Expenses:
Office	315,653				—				377,992				130,016				142,886				966,547
Residential	3,632				—				—				—				8,972				12,604
Hotel	33,863				—				—				—				—				33,863
Total	353,148				—				377,992				130,016				151,858				1,013,014
% of Grand Totals	34.86		%		—		%		37.32		%		12.83		%		14.99		%		100.00		%
Net operating income	$	541,005			$	—			$	581,058			$	267,164			$	260,087			$	1,649,314
% of Grand Totals	32.80		%		—		%		35.23		%		16.20		%		15.77		%		100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(33,862		)		—				(143,562		)		59				—				(177,365		)
Add: Company’s share of net operating income from unconsolidated joint ventures	2,866				42,750				6,590				—				27,687				79,893
Company’s share of net operating income	$	510,009			$	42,750			$	444,086			$	267,223			$	287,774			$	1,551,842
% of Grand Totals	32.86		%		2.75		%		28.63		%		17.22		%		18.54		%		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 year ended December 31, 2017:

	Boston				Los Angeles				New York				San Francisco				Washington, DC				Total
Rental Revenue: (1)
Office	$	776,279			$	—			$	969,371			$	345,519			$	414,103			$	2,505,272
Residential	4,745				—				—				—				11,851				16,596
Hotel	45,603				—				—				—				—				45,603
Total	826,627				—				969,371				345,519				425,954				2,567,471
% of Grand Totals	32.20		%		—		%		37.75		%		13.46		%		16.59		%		100.00		%
Rental Expenses:
Office	301,097				—				372,810				105,253				144,515				923,675
Residential	2,044				—				—				—				4,258				6,302
Hotel	32,059				—				—				—				—				32,059
Total	335,200				—				372,810				105,253				148,773				962,036
% of Grand Totals	34.84		%		—		%		38.76		%		10.94		%		15.46		%		100.00		%
Net operating income	$	491,427			$	—			$	596,561			$	240,266			$	277,181			$	1,605,435
% of Grand Totals	30.61		%		—		%		37.15		%		14.97		%		17.27		%		100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(31,857		)		—				(142,916		)		528				—				(174,245		)
Add: Company’s share of net operating income from unconsolidated joint ventures	1,962				26,816				8,832				—				26,398				64,008
Company’s share of net operating income	$	461,532			$	26,816			$	462,477			$	240,794			$	303,579			$	1,495,198
% of Grand Totals	30.87		%		1.79		%		30.94		%		16.10		%		20.30		%		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