Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2013

Investments In Unconsolidated Joint Ventures [Abstract]

Investments In Unconsolidated Joint Ventures

The investments in unconsolidated joint ventures consist of the following at June 30, 2013:

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.	N/A	39.5	%	(4)
Annapolis Junction NFM, LLC	Annapolis Junction	50.0	%	(5)
2 GCT Venture LLC	N/A	60.0	%	(6)
540 Madison Venture LLC	540 Madison Avenue	60.0	%
125 West 55th Street Venture LLC	N/A	60.0	%	(7)
500 North Capitol LLC	500 North Capitol Street, NW	30.0	%

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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 and infrastructure of the project.

(3) See Note 14.

(4) The Company acquired Mountain View Research Park and Mountain View Technology Park from the Value-Added Fund on April 10, 2013 (See Note 3). As of June 30, 2013, the investment is comprised of undistributed cash.

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

(6) Two Grand Central Tower was sold on October 25, 2011. As of June 30, 2013, the investment is comprised of undistributed cash.

(7) 125 West 55th Street was sold on May 30, 2013. As of June 30, 2013, the investment is comprised of undistributed cash.

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

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

	June 30, 2013			December 31, 2012
	(in thousands)
ASSETS
Real estate and development in process, net	$	949,193		$	4,494,971
Other assets	162,065			673,716
Total assets	$	1,111,258		$	5,168,687
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable	$	745,550		$	3,039,922
Other liabilities	25,756			792,888
Members’/Partners’ equity	339,952			1,335,877
Total liabilities and members’/partners’ equity	$	1,111,258		$	5,168,687
Company’s share of equity	$	167,225		$	787,941
Basis differentials (1)	(29,250		)	(128,025		)
Carrying value of the Company’s investments in unconsolidated joint ventures	$	137,975		$	659,916

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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 Company's unconsolidated joint ventures are as follows:

	For the three months ended June 30,						For the six months ended June 30,
	2013			2012			2013			2012
	(in thousands)
Total revenue (1)	$	99,831		$	156,035		$	235,481		$	295,135
Expenses
Operating	32,497			39,261			74,863			78,153
Depreciation and amortization	27,141			42,679			66,418			84,578
Total expenses	59,638			81,940			141,281			162,731
Operating income	40,193			74,095			94,200			132,404
Other income (expense)
Interest expense	(40,054		)	(55,909		)	(96,288		)	(111,271		)
Losses from early extinguishments of debt	(1,677		)	—			(1,677		)	—
Income (loss) from continuing operations	(1,538		)	18,186			(3,765		)	21,133
Gain on sale of real estate	1,766			—			1,766			—
Net income (loss)	$	228		$	18,186		$	(1,999	)	$	21,133
Company’s share of net income (loss)	$	683		$	10,641		$	(1,175	)	$	12,012
Gain on sale of real estate	43,327			—			43,327			—
Basis differential	(2,070		)	431			(1,626		)	897
Elimination of inter-entity interest on partner loan	6,843			10,119			16,978			20,003
Income from unconsolidated joint ventures	$	48,783		$	21,191		$	57,504		$	32,912
Gains on consolidation of joint ventures	$	387,801		$	—		$	387,801		$	—

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(1) Includes straight-line rent adjustments of $3.1 million and $2.8 million for the three months ended June 30, 2013 and 2012, respectively, and $7.1 million and $7.1 million for the six months ended June 30, 2013 and 2012, respectively. Includes net below-market rent adjustments of $13.5 million and $23.2 million for the three months ended June 30, 2013 and 2012, respectively, and $34.0 million and $48.5 million for the six months ended June 30, 2013 and 2012, respectively.