Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2012

Investments In Unconsolidated Joint Ventures [Abstract]

Investments In Unconsolidated Joint Ventures

The investments in unconsolidated joint ventures consist of the following at December 31, 2012:

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.	Mountain View Research and Technology Parks	39.5	%	(1)
Annapolis Junction NFM, LLC	Annapolis Junction	50.0	%	(4)
767 Venture, LLC	767 Fifth Avenue (The GM Building)	60.0	%
2 GCT Venture LLC	Two Grand Central Tower	60.0	%	(5)
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	%	(6)
Transit Tower Site LLC	Transbay Tower	50.0	%	(7)

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(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 also owns a 33.3% interest in the entity owning the land, parking and infrastructure of the project.

(3) This property is not in operation and consists of assembled land.

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

(5) The property was sold on October 25, 2011. As of December 31, 2012, the investment is comprised of working capital and a portion of undistributed sale proceeds.

(6) This property has been partially placed in-service.

(7) See Note 20.

Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block]

The combined summarized balance sheets of the unconsolidated joint ventures are as follows:

	December 31, 2012			December 31, 2011
	(in thousands)
ASSETS
Real estate and development in process, net	$	4,494,971		$	4,542,594
Other assets	673,716			668,113
Total assets	$	5,168,687		$	5,210,707
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable	$	3,039,922		$	2,988,894
Other liabilities	792,888			854,257
Members’/Partners’ equity	1,335,877			1,367,556
Total liabilities and members’/partners’ equity	$	5,168,687		$	5,210,707
Company’s share of equity	$	787,941		$	799,479
Basis differentials (1)	(128,025		)	(129,757		)
Carrying value of the Company’s investments in unconsolidated joint ventures	$	659,916		$	669,722

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(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

The combined summarized statements of operations of the joint ventures are as follows:

	For the year ended December 31,
	2012			2011			2010
	(in thousands)
Total revenue (1)	$	564,205		$	589,294		$	607,915
Expenses
Operating	162,665			170,404			175,309
Depreciation and amortization	163,134			190,437			215,533
Impairment losses	—			40,468			—
Total expenses	325,799			401,309			390,842
Operating income	238,406			187,985			217,073
Other income (expense)
Interest expense	(224,645		)	(228,494		)	(235,723		)
Loss on guarantee obligation	—			—			(3,800		)
Gains from early extinguishments of debt	—			—			17,920
Income (loss) from continuing operations	13,761			(40,509		)	(4,530		)
Gain on sale of real estate	990			—			—
Net income (loss)	$	14,751		$	(40,509	)	$	(4,530	)
Company’s share of net income (loss)	$	6,863		$	(25,374	)	$	(5,691	)
Gain on sale of real estate	—			46,166			572
Basis differential	1,732			27,226			6,565
Elimination of inter-entity interest on partner loan	40,483			37,878			35,328
Income from unconsolidated joint ventures	$	49,078		$	85,896		$	36,774

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(1) Includes straight-line rent adjustments of $12.0 million, $21.9 million and $24.5 million for the years ended December 31, 2012, 2011 and 2010, respectively. Includes net below-market rent adjustments of $91.1 million, $120.3 million and $132.1 million for the years ended December 31, 2012, 2011 and 2010, respectively. Total revenue for the year ended December 31, 2012 includes termination income totaling approximately $19.6 million (of which the Company's share is approximately $11.8 million) related to a lease termination with a tenant at 767 Fifth Avenue (The GM Building).