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Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

Boston Properties, Inc.

												Year ended December 31,
																		2020						2019						2018
															(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders																		$	862,227					$	511,034					$	572,347
Add:
Preferred dividends																		10,500						10,500						10,500
Noncontrolling interest—common units of the Operating Partnership																		97,704						59,345						66,807
Noncontrolling interests in property partnerships																		48,260						71,120						62,909
Interest expense																		431,717						412,717						378,168
Loss from early extinguishment of debt																		—						29,540						16,490
Impairment loss																		—						24,038						11,812
Net operating income from unconsolidated joint ventures																		94,943						97,716						79,893
Depreciation and amortization expense																		683,751						677,764						645,649
Transaction costs																		1,531						1,984						1,604
Payroll and related costs from management services contracts																		11,626						10,386						9,590
General and administrative expense																		133,112						140,777						121,722
Less:
Net operating income attributable to noncontrolling interests in property partnerships																		162,887						183,989						177,365
Gains (losses) from investments in securities																		5,261						6,417						(1,865)
Interest and other income (loss)																		5,953						18,939						10,823
Gains on sales of real estate																		618,982						709						182,356
Income (loss) from unconsolidated joint ventures																		(85,110)						46,592						2,222
Direct reimbursements of payroll and related costs from management services contracts																		11,626						10,386						9,590
Development and management services revenue																		29,641						40,039						45,158
Company’s share of Net Operating Income																		$	1,626,131					$	1,739,850					$	1,551,842

Boston Properties Limited Partnership

												Year ended December 31,
																		2020						2019						2018
																		(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders																		$	979,979					$	580,102					$	656,903
Add:
Preferred distributions																		10,500						10,500						10,500
Noncontrolling interests in property partnerships																		48,260						71,120						62,909
Interest expense																		431,717						412,717						378,168
Loss from early extinguishment of debt																		—						29,540						16,490
Impairment loss																		—						22,272						10,181
Net operating income from unconsolidated joint ventures																		94,943						97,716						79,893
Depreciation and amortization expense																		676,666						669,956						637,891
Transaction costs																		1,531						1,984						1,604
Payroll and related costs from management services contracts																		11,626						10,386						9,590
General and administrative expense																		133,112						140,777						121,722
Less:
Net operating income attributable to noncontrolling interests in property partnerships																		162,887						183,989						177,365
Gains (losses) from investments in securities																		5,261						6,417						(1,865)
Interest and other income (loss)																		5,953						18,939						10,823
Gains on sales of real estate																		631,945						858						190,716
Income (loss) from unconsolidated joint ventures																		(85,110)						46,592						2,222
Direct reimbursements of payroll and related costs from management services contracts																		11,626						10,386						9,590
Development and management services revenue																		29,641						40,039						45,158
Company’s share of Net Operating Income																		$	1,626,131					$	1,739,850					$	1,551,842

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, 2020:

			Boston						Los Angeles						New York						San Francisco						Washington, DC						Total
Rental Revenue: (1)
Office			$	897,915					$	—					$	935,966					$	508,327					$	336,587					$	2,678,795
Residential			13,616						—						—						155						24,375						38,146
Hotel			7,478						—						—						—						—						7,478
Total			919,009						—						935,966						508,482						360,962						2,724,419
% of Grand Totals			33.73		%				—		%				34.36		%				18.66		%				13.25		%				100.00		%
Rental Expenses:
Office			318,509						—						384,753						163,156						132,051						998,469
Residential			5,378						—						—						2,261						11,100						18,739
Hotel			13,136						—						—						—						—						13,136
Total			337,023						—						384,753						165,417						143,151						1,030,344
% of Grand Totals			32.71		%				—		%				37.35		%				16.05		%				13.89		%				100.00		%
Net operating income			$	581,986					$	—					$	551,213					$	343,065					$	217,811					$	1,694,075
% of Grand Totals			34.35		%				—		%				32.54		%				20.25		%				12.86		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(41,849)						—						(121,038)						—						—						(162,887)
Add: Company’s share of net operating income from unconsolidated joint ventures			10,765						57,907						(5,326)						14,928						16,669						94,943
Company’s share of net operating income			$	550,902					$	57,907					$	424,849					$	357,993					$	234,480					$	1,626,131
% of Grand Totals			33.88		%				3.56		%				26.12		%				22.02		%				14.42		%				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, 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.

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.

+ References

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