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Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

Boston Properties, Inc.

						Three months ended June 30,																		Six months ended June 30,
						2020						2019						2020						2019
						(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders						$	266,525					$	164,318					$	764,232					$	262,431
Add:
Preferred dividends						2,625						2,625						5,250						5,250
Noncontrolling interest—common units of the Operating Partnership						30,197						19,036						87,525						30,627
Noncontrolling interests in property partnerships						(767)						17,482						18,719						36,312
Interest expense						107,142						102,357						208,733						203,366
Impairment loss						—						—						—						24,038
Net operating income from unconsolidated joint ventures						27,911						24,715						56,669						50,064
Depreciation and amortization expense						178,188						177,411						349,282						342,005
Transaction costs						332						417						947						877
Payroll and related costs from management services contracts						2,484						2,403						5,721						5,798
General and administrative expense						37,743						35,071						74,197						76,833
Less:
Net operating income attributable to noncontrolling interests in property partnerships						32,427						45,562						80,088						92,647
Gains (losses) from investments in securities						4,552						1,165						(893)						4,134
Interest and other income (loss)						1,305						3,615						4,322						7,368
Gains on sales of real estate						203,767						1,686						613,932						781
Income from unconsolidated joint ventures						1,832						47,964						1,463						48,177
Direct reimbursements of payroll and related costs from management services contracts						2,484						2,403						5,721						5,798
Development and management services revenue						8,125						9,986						16,004						19,263
Company’s share of Net Operating Income						$	397,888					$	433,454					$	850,638					$	859,433

Boston Properties Limited Partnership

						Three months ended June 30,																		Six months ended June 30,
						2020						2019						2020						2019
						(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders						$	301,975					$	185,715					$	868,308					$	299,097
Add:
Preferred distributions						2,625						2,625						5,250						5,250
Noncontrolling interests in property partnerships						(767)						17,482						18,719						36,312
Interest expense						107,142						102,357						208,733						203,366
Impairment loss						—						—						—						22,272
Net operating income from unconsolidated joint ventures						27,911						24,715						56,669						50,064
Depreciation and amortization expense						176,409						175,199						345,694						337,881
Transaction costs						332						417						947						877
Payroll and related costs from management services contracts						2,484						2,403						5,721						5,798
General and administrative expense						37,743						35,071						74,197						76,833
Less:
Net operating income attributable to noncontrolling interests in property partnerships						32,427						45,562						80,088						92,647
Gains (losses) from investments in securities						4,552						1,165						(893)						4,134
Interest and other income (loss)						1,305						3,615						4,322						7,368
Gains on sales of real estate						207,241						1,835						626,895						930
Income from unconsolidated joint ventures						1,832						47,964						1,463						48,177
Direct reimbursements of payroll and related costs from management services contracts						2,484						2,403						5,721						5,798
Development and management services revenue						8,125						9,986						16,004						19,263
Company’s share of Net Operating Income						$	397,888					$	433,454					$	850,638					$	859,433

Schedule Of Segment Information By Geographic Area And Property Type

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

For the three months ended June 30, 2020:

			Boston						Los Angeles						New York						San Francisco						Washington, DC						Total
Rental Revenue: (1)
Office			$	218,351					$	—					$	204,242					$	128,233					$	83,837					$	634,663
Residential			3,401						—						—						—						6,001						9,402
Hotel			99						—						—						—						—						99
Total			221,851						—						204,242						128,233						89,838						644,164
% of Grand Totals			34.43		%				—		%				31.71		%				19.91		%				13.95		%				100.00		%
Rental Expenses:
Office			75,694						—						88,367						39,081						32,680						235,822
Residential			1,235						—						—						—						2,730						3,965
Hotel			1,973						—						—						—						—						1,973
Total			78,902						—						88,367						39,081						35,410						241,760
% of Grand Totals			32.64		%				—		%				36.54		%				16.17		%				14.65		%				100.00		%
Net operating income			$	142,949					$	—					$	115,875					$	89,152					$	54,428					$	402,404
% of Grand Totals			35.52		%				—		%				28.80		%				22.15		%				13.53		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(10,576)						—						(21,851)						—						—						(32,427)
Add: Company’s share of net operating income from unconsolidated joint ventures			2,627						15,026						815						4,127						5,316						27,911
Company’s share of net operating income			$	135,000					$	15,026					$	94,839					$	93,279					$	59,744					$	397,888
% of Grand Totals			33.92		%				3.78		%				23.84		%				23.44		%				15.02		%				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, 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 six months ended June 30, 2020:

			Boston						Los Angeles						New York						San Francisco						Washington, DC						Total
Rental Revenue: (1)
Office			$	457,849					$	—					$	459,528					$	264,972					$	176,973					$	1,359,322
Residential			7,469						—						—						—						11,889						19,358
Hotel			6,924						—						—						—						—						6,924
Total			472,242						—						459,528						264,972						188,862						1,385,604
% of Grand Totals			34.09		%				—		%				33.16		%				19.12		%				13.63		%				100.00		%
Rental Expenses:
Office			158,239						—						187,507						81,650						67,328						494,724
Residential			2,575						—						—						—						5,454						8,029
Hotel			8,794						—						—						—						—						8,794
Total			169,608						—						187,507						81,650						72,782						511,547
% of Grand Totals			33.16		%				—		%				36.65		%				15.96		%				14.23		%				100.00		%
Net operating income			$	302,634					$	—					$	272,021					$	183,322					$	116,080					$	874,057
% of Grand Totals			34.63		%				—		%				31.12		%				20.97		%				13.28		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(21,239)						—						(58,849)						—						—						(80,088)
Add: Company’s share of net operating income from unconsolidated joint ventures			5,726						30,956						1,571						7,286						11,130						56,669
Company’s share of net operating income			$	287,121					$	30,956					$	214,743					$	190,608					$	127,210					$	850,638
% of Grand Totals			33.76		%				3.64		%				25.24		%				22.41		%				14.95		%				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.

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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