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Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

Boston Properties, Inc.

						Three months ended September 30,												Nine months ended September 30,
						2020						2019						2020						2019
						(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders						$	89,854					$	107,771					$	854,541					$	370,200
Add:
Preferred dividends						2,625						2,625						7,875						7,875
Noncontrolling interest—common units of the Operating Partnership						10,020						12,504						97,090						43,133
Noncontrolling interests in property partnerships						15,561						18,470						34,280						54,782
Interest expense						110,993						106,471						319,726						309,837
Loss from early extinguishment of debt						—						28,010						—						28,010
Impairment loss						—						—						—						24,038
Net operating income from unconsolidated joint ventures						24,938						23,065						81,607						73,129
Depreciation and amortization expense						166,456						165,862						515,738						507,867
Transaction costs						307						538						1,254						1,415
Payroll and related costs from management services contracts						2,896						2,429						8,617						8,227
General and administrative expense						27,862						31,147						102,059						107,980
Less:
Net operating income attributable to noncontrolling interests in property partnerships						42,160						46,249						122,248						138,896
Gains from investments in securities						1,858						106						965						4,240
Interest and other income (loss)						(45)						7,178						4,277						14,546
Gains (losses) on sales of real estate						(209)						(15)						613,723						766
Income (loss) from unconsolidated joint ventures						(6,873)						(649)						(5,410)						47,528
Direct reimbursements of payroll and related costs from management services contracts						2,896						2,429						8,617						8,227
Development and management services revenue						7,281						10,303						23,285						29,566
Company’s share of Net Operating Income						$	404,444					$	433,291					$	1,255,082					$	1,292,724

Boston Properties Limited Partnership

						Three months ended September 30,												Nine months ended September 30,
						2020						2019						2020						2019
						(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders						$	101,624					$	122,117					$	969,932					$	421,214
Add:
Preferred distributions						2,625						2,625						7,875						7,875
Noncontrolling interests in property partnerships						15,561						18,470						34,280						54,782
Interest expense						110,993						106,471						319,726						309,837
Loss from early extinguishment of debt						—						28,010						—						28,010
Impairment loss						—						—						—						22,272
Net operating income from unconsolidated joint ventures						24,938						23,065						81,607						73,129
Depreciation and amortization expense						164,706						164,020						510,400						501,901
Transaction costs						307						538						1,254						1,415
Payroll and related costs from management services contracts						2,896						2,429						8,617						8,227
General and administrative expense						27,862						31,147						102,059						107,980
Less:
Net operating income attributable to noncontrolling interests in property partnerships						42,160						46,249						122,248						138,896
Gains from investments in securities						1,858						106						965						4,240
Interest and other income (loss)						(45)						7,178						4,277						14,546
Gains (losses) on sales of real estate						(209)						(15)						626,686						915
Income (loss) from unconsolidated joint ventures						(6,873)						(649)						(5,410)						47,528
Direct reimbursements of payroll and related costs from management services contracts						2,896						2,429						8,617						8,227
Development and management services revenue						7,281						10,303						23,285						29,566
Company’s share of Net Operating Income						$	404,444					$	433,291					$	1,255,082					$	1,292,724

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 September 30, 2020:

			Boston						Los Angeles						New York						San Francisco						Washington, DC						Total
Rental Revenue: (1)
Office			$	225,652					$	—					$	239,535					$	128,165					$	79,931					$	673,283
Residential			3,043						—						—						23						6,652						9,718
Hotel			90						—						—						—						—						90
Total			228,785						—						239,535						128,188						86,583						683,091
% of Grand Totals			33.48		%				—		%				35.07		%				18.77		%				12.68		%				100.00		%
Rental Expenses:
Office			81,890						—						97,904						41,518						31,994						253,306
Residential			1,350						—						—						740						2,865						4,955
Hotel			3,164						—						—						—						—						3,164
Total			86,404						—						97,904						42,258						34,859						261,425
% of Grand Totals			33.05		%				—		%				37.46		%				16.16		%				13.33		%				100.00		%
Net operating income			$	142,381					$	—					$	141,631					$	85,930					$	51,724					$	421,666
% of Grand Totals			33.77		%				—		%				33.58		%				20.38		%				12.27		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(10,228)						—						(31,932)						—						—						(42,160)
Add: Company’s share of net operating income from unconsolidated joint ventures			2,764						11,953						539						4,098						5,584						24,938
Company’s share of net operating income			$	134,917					$	11,953					$	110,238					$	90,028					$	57,308					$	404,444
% of Grand Totals			33.35		%				2.96		%				27.26		%				22.26		%				14.17		%				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, 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 nine months ended September 30, 2020:

			Boston						Los Angeles						New York						San Francisco						Washington, DC						Total
Rental Revenue: (1)
Office			$	683,501					$	—					$	699,063					$	393,137					$	256,904					$	2,032,605
Residential			10,512						—						—						23						18,541						29,076
Hotel			7,014						—						—						—						—						7,014
Total			701,027						—						699,063						393,160						275,445						2,068,695
% of Grand Totals			33.89		%				—		%				33.79		%				19.01		%				13.31		%				100.00		%
Rental Expenses:
Office			240,129						—						285,411						123,168						99,322						748,030
Residential			3,925						—						—						740						8,319						12,984
Hotel			11,958						—						—						—						—						11,958
Total			256,012						—						285,411						123,908						107,641						772,972
% of Grand Totals			33.12		%				—		%				36.92		%				16.03		%				13.93		%				100.00		%
Net operating income			$	445,015					$	—					$	413,652					$	269,252					$	167,804					$	1,295,723
% of Grand Totals			34.35		%				—		%				31.92		%				20.78		%				12.95		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(31,467)						—						(90,781)						—						—						(122,248)
Add: Company’s share of net operating income from unconsolidated joint ventures			8,490						42,909						2,110						11,384						16,714						81,607
Company’s share of net operating income			$	422,038					$	42,909					$	324,981					$	280,636					$	184,518					$	1,255,082
% of Grand Totals			33.63		%				3.42		%				25.89		%				22.36		%				14.70		%				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.

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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