Investments In Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2011

Investments In Unconsolidated Joint Ventures [Abstract]

Investments In Unconsolidated Joint Ventures

Entity	Properties	Nominal % Ownership
Square 407 Limited Partnership	Market Square North		50.0	%
The Metropolitan Square Associates LLC	Metropolitan Square		51.0	%
BP/CRF 901 New York Avenue LLC	901 New York Avenue		25.0	%(1)
WP Project Developer LLC	Wisconsin Place Land and Infrastructure		33.3	%(2)
RBP Joint Venture LLC	Eighth Avenue and 46th Street		50.0	%(3)
Boston Properties Office Value-Added Fund, L.P.	300 Billerica Road and Mountain View Research and Technology Parks		37.6	%(1)(4)
Annapolis Junction NFM, LLC	Annapolis Junction		50.0	%(5)
767 Venture, LLC	The General Motors Building		60.0	%
2 GCT Venture LLC	Two Grand Central Tower		60.0	%
540 Madison Venture LLC	540 Madison Avenue		60.0	%
125 West 55th Street Venture LLC	125 West 55th Street		60.0	%
500 North Capitol LLC	500 North Capitol Street, NW		30.0	%

(1) The Company's economic ownership can increase based on the achievement of certain return thresholds.

(2) The Company's wholly-owned entity that owns the office component of the project owns a 33.3% interest in the entity owning the land and infrastructure of the project.

(3) This property consists of assembled land.

(4) Represents the Company's effective ownership interest. The Company has a 25.0% interest in the 300 Billerica Road property and a 39.5% interest in the Mountain View Research and Technology Park properties.

(5) Comprised of one building, one building under construction and two undeveloped land parcels.

Balance Sheets Of The Unconsolidated Joint Ventures

	September 30, 2011			December 31, 2010
	(in thousands)
ASSETS
Real estate and development in process, net	$	4,991,083		$	5,028,851
Other assets		680,091			749,308
Total assets	$	5,671,174		$	5,778,159
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY
Mortgage and notes payable	$	3,139,362		$	3,151,220
Other liabilities		907,144			969,082
Members'/Partners' equity		1,624,668			1,657,857
Total liabilities and members'/partners' equity	$	5,671,174		$	5,778,159
Company's share of equity	$	898,910		$	924,235
Basis differentials(1)		(128,444	)		(156,983	)
Carrying value of the Company's investments in unconsolidated joint ventures	$	770,466		$	767,252

(1) This amount represents the aggregate difference between the Company's historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from impairment of investments and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level.

Statements Of Operations Of The Joint Ventures

	For the three months ended September 30,						For the nine months ended September 30,
	2011			2010			2011			2010
	(in thousands)						(in thousands)
Total revenue(1)	$	150,101		$	155,126		$	440,733		$	457,217
Expenses
Operating		44,584			45,546			129,698			130,083
Depreciation and amortization		46,773			50,548			145,653			164,763
Total expenses		91,357			96,094			275,351			294,846
Operating income		58,744			59,032			165,382			162,371
Other expenses
Interest expense		57,699			59,120			172,467			176,705
Loss on guarantee obligation		—			3,581			—			3,581
Impairment loss		39,384			—			39,384			—
Net loss	$	(38,339	)	$	(3,669	)	$	(46,469	)	$	(17,915	)
Company's share of net loss	$	(23,231	)	$	(487	)	$	(28,570	)	$	(7,207	)
Basis differential		25,024			3,125			28,539			7,918
Elimination of inter-entity interest on partner loan		9,533			8,927			28,215			26,229
Income from unconsolidated joint ventures	$	11,326		$	11,565		$	28,184		$	26,940

(1) Includes straight-line rent adjustments of $6.7 million and $5.9 million for the three months ended September 30, 2011 and 2010, respectively, and $14.8 million and $19.8 million for the nine months ended September 30, 2011 and 2010, respectively. Includes net "above-" and "below-market" rent adjustments of $28.3 million and $30.5 million for the three months ended September 30, 2011 and 2010, respectively, and $87.0 million and $97.6 million for the nine months ended September 30, 2011 and 2010, respectively.