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Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

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,
						2021						2020						2021						2020
						(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders						$	108,297					$	89,854					$	311,680					$	854,541
Add:
Preferred stock redemption charge						—						—						6,412						—
Preferred dividends						—						2,625						2,560						7,875
Noncontrolling interest—common units of the Operating Partnership						11,982						10,020						35,393						97,090
Noncontrolling interests in property partnerships						18,971						15,561						52,602						34,280
Interest expense						105,794						110,993						320,015						319,726
Losses from early extinguishment of debt						—						—						898						—
Loss from unconsolidated joint ventures						5,597						6,873						1,745						5,410
Net operating income from unconsolidated joint ventures						24,266						24,938						74,478						81,607
Depreciation and amortization expense						179,412						166,456						539,815						515,738
Transaction costs						1,888						307						2,970						1,254
Payroll and related costs from management services contracts						3,006						2,896						9,166						8,617
General and administrative expense						34,560						27,862						117,924						102,059
Less:
Net operating income attributable to noncontrolling interests in property partnerships						47,800						42,160						138,463						122,248
Gains (losses) from investments in securities						(190)						1,858						3,744						965
Interest and other income (loss)						1,520						(45)						4,140						4,277
Gains (losses) on sales of real estate						348						(209)						8,104						613,723
Direct reimbursements of payroll and related costs from management services contracts						3,006						2,896						9,166						8,617
Development and management services revenue						6,094						7,281						20,181						23,285
Company’s share of Net Operating Income						$	435,195					$	404,444					$	1,291,860					$	1,255,082

Boston Properties Limited Partnership

						Three months ended September 30,												Nine months ended September 30,
						2021						2020						2021						2020
						(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders						$	122,014					$	101,624					$	353,633					$	969,932
Add:
Preferred unit redemption charge						—						—						6,412						—
Preferred distributions						—						2,625						2,560						7,875
Noncontrolling interests in property partnerships						18,971						15,561						52,602						34,280
Interest expense						105,794						110,993						320,015						319,726
Losses from early extinguishment of debt						—						—						898						—
Loss from unconsolidated joint ventures						5,597						6,873						1,745						5,410
Net operating income from unconsolidated joint ventures						24,266						24,938						74,478						81,607
Depreciation and amortization expense						177,677						164,706						533,255						510,400
Transaction costs						1,888						307						2,970						1,254
Payroll and related costs from management services contracts						3,006						2,896						9,166						8,617
General and administrative expense						34,560						27,862						117,924						102,059
Less:
Net operating income attributable to noncontrolling interests in property partnerships						47,800						42,160						138,463						122,248
Gains (losses) from investments in securities						(190)						1,858						3,744						965
Interest and other income (loss)						1,520						(45)						4,140						4,277
Gains (losses) on sales of real estate						348						(209)						8,104						626,686
Direct reimbursements of payroll and related costs from management services contracts						3,006						2,896						9,166						8,617
Development and management services revenue						6,094						7,281						20,181						23,285
Company’s share of Net Operating Income						$	435,195					$	404,444					$	1,291,860					$	1,255,082

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, 2021:

			Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC						Total
Rental Revenue: (1)
Office			$	236,080					$	—					$	257,656					$	125,340					$	—					$	85,797					$	704,873
Residential			3,418						—						—						806						—						6,670						10,894
Hotel			5,189						—						—						—						—						—						5,189
Total			244,687						—						257,656						126,146						—						92,467						720,956
% of Grand Totals			33.93		%				—		%				35.74		%				17.50		%				—		%				12.83		%				100.00		%
Rental Expenses:
Office			82,697						—						94,338						43,582						—						31,619						252,236
Residential			1,396						—						—						1,688						—						2,961						6,045
Hotel			3,946						—						—						—						—						—						3,946
Total			88,039						—						94,338						45,270						—						34,580						262,227
% of Grand Totals			33.57		%				—		%				35.98		%				17.26		%				—		%				13.19		%				100.00		%
Net operating income			$	156,648					$	—					$	163,318					$	80,876					$	—					$	57,887					$	458,729
% of Grand Totals			34.15		%				—		%				35.60		%				17.63		%				—		%				12.62		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(10,841)						—						(36,959)						—						—						—						(47,800)
Add: Company’s share of net operating income from unconsolidated joint ventures			3,464						12,078						104						3,502						671						4,447						24,266
Company’s share of net operating income			$	149,271					$	12,078					$	126,463					$	84,378					$	671					$	62,334					$	435,195
% of Grand Totals			34.30		%				2.78		%				29.06		%				19.39		%				0.15		%				14.32		%				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.

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 nine months ended September 30, 2021:

			Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC						Total
Rental Revenue: (1)
Office			$	696,054					$	—					$	760,002					$	382,119					$	—					$	252,822					$	2,090,997
Residential			9,594						—						—						1,817						—						18,421						29,832
Hotel			7,382						—						—						—						—						—						7,382
Total			713,030						—						760,002						383,936						—						271,243						2,128,211
% of Grand Totals			33.50		%				—		%				35.71		%				18.04		%				—		%				12.75		%				100.00		%
Rental Expenses:
Office			240,743						—						286,385						124,785						—						94,360						746,273
Residential			4,286						—						—						4,918						—						8,896						18,100
Hotel			7,993						—						—						—						—						—						7,993
Total			253,022						—						286,385						129,703						—						103,256						772,366
% of Grand Totals			32.76		%				—		%				37.08		%				16.79		%				—		%				13.37		%				100.00		%
Net operating income			$	460,008					$	—					$	473,617					$	254,233					$	—					$	167,987					$	1,355,845
% of Grand Totals			33.93		%				—		%				34.93		%				18.75		%				—		%				12.39		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(31,641)						—						(106,822)						—						—						—						(138,463)
Add: Company’s share of net operating income from unconsolidated joint ventures			9,369						38,535						(517)						10,562						671						15,858						74,478
Company’s share of net operating income			$	437,736					$	38,535					$	366,278					$	264,795					$	671					$	183,845					$	1,291,860
% of Grand Totals			33.88		%				2.98		%				28.35		%				20.50		%				0.05		%				14.24		%				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, 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.

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- 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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