XML 19 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Real Estate Activity During the Six Months Ended June 30, 2013 (Tables)
 6 Months Ended
Jun. 30, 2013
Business Acquisition [Line Items]  
Business Acquisition, Pro Forma Information [Table Text Block]

Pro Forma (Unaudited)
Six Months Ended June 30,
(in thousands, except per share data)
2013
 
2012
Total revenue
$
1,119,893

 
$
1,065,877

Income from continuing operations
$
147,627

 
$
508,812

Net income attributable to Boston Properties, Inc.
$
154,077

 
$
501,060

Basic earnings per share:
 
 
 
Net income per share attributable to Boston Properties, Inc.
$
1.00

 
$
3.33

Diluted earnings per share:
 
 
 
Net income per share attributable to Boston Properties, Inc.
$
0.99

 
$
3.32
Summary Of The Discontinued Operations Related To Montvale Center, 303 Almaden Blvd and Bedford Business Park
The following table summarizes the income from discontinued operations related to Montvale Center and 303 Almaden Boulevard and the related gain on forgiveness of debt and impairment loss for the three and six months ended June 30, 2013 and 2012 and the gain on sale of real estate and income from discontinued operations for the three and six months ended June 30, 2012 related to the Company's Bedford Business Park properties which were sold on May 17, 2012:
 
 
For the three months ended June 30,
 
For the six months ended June 30,
 
2013
 
2012
 
2013
 
2012
 
(in thousands)
Total revenue
$
1,529

 
$
3,263

 
$
3,376

 
$
7,784

Expenses
 
 
 
 
 
 
 
Operating
656

 
1,489

 
1,486

 
3,392

Depreciation and amortization
—

 
907

 
596

 
2,310

Total expenses
656

 
2,396

 
2,082

 
5,702

Operating income
873

 
867

 
1,294

 
2,082

Other expense
 
 
 
 
 
 
 
Interest expense
—

 
(649
)
 
(360
)
 
(1,294
)
Income from discontinued operations
$
873

 
$
218

 
$
934

 
$
788

Noncontrolling interest in income from discontinued operations – common units of the Operating Partnership
(88
)
 
(23
)
 
(94
)
 
(84
)
Income from discontinued operations attributable to Boston Properties, Inc.
$
785

 
$
195

 
$
840

 
$
704

 
 
 
 
 
 
 
 
Gain on sale of real estate from discontinued operations
$
—

 
$
36,877

 
$
—

 
$
36,877

Gain on forgiveness of debt from discontinued operations
—

 
—

 
20,182

 
—

Impairment loss from discontinued operations
—

 
—

 
(3,241
)
 
—

Noncontrolling interest in gain on sale of real estate, gain on forgiveness of debt and impairment loss from discontinued operations – common units of the Operating Partnership
—

 
(4,052
)
 
(1,806
)
 
(4,075
)
Gain sale of real estate, gain on forgiveness of debt and impairment loss from discontinued operations attributable to Boston Properties, Inc.
$
—

 
$
32,825

 
$
15,135

 
$
32,802
Mountain View Research And Technology Parks [Member]
  
Business Acquisition [Line Items]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The following table summarizes the allocation of the aggregate purchase price of Mountain View Research Park and Mountain View Technology Park at the date of acquisition (in thousands).
 
Land
$
126,521

Building and improvements
82,451

Tenant improvements
7,326

In-place lease intangibles
23,279

Above-market rents
843

Below-market rents
(7,336
)
Net assets acquired
$
233,084
767 Fifth Avenue (The GM Building) [Member]
  
Business Acquisition [Line Items]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The following table summarizes the allocation of the aggregate purchase price of 767 Fifth Avenue (the General Motors Building) at the date of consolidation on May 31, 2013 (in thousands).

Real estate and related intangibles recorded upon consolidation
 
 
     Land
$
1,796,252

 
     Building and improvements
1,447,446

 
     Tenant improvements
85,208

 
     In-place lease intangibles
357,781

 
     Above market rents
101,897

 
     Below market rents
(239,641
)
 
     Above market assumed debt adjustments
(192,943
)
 
 
$
3,356,000

 
Debt recorded upon consolidation
 
 
     Mortgage notes payable
(1,300,000
)
 
     Mezzanine notes payable

(306,000
)
 
     Related party notes payable
(450,000
)
(1)
 
$
(2,056,000
)
 
 
 
 
Working capital recorded upon consolidation
 
 
     Cash and cash equivalents
$
79,468

 
     Cash held in escrows
2,403

 
     Tenant and other receivables
7,104

 
     Prepaid expenses and other assets
4,269

 
     Accounts payable and accrued expenses
(2,418
)
 
     Accrued interest payable
(175,802
)
(2)
     Other liabilities
(6,304
)
 
 
$
(91,280
)
 
 
 
 
Noncontrolling interest recorded upon consolidation
 
 
     Noncontrolling interests
$
(520,000
)
 
     Noncontrolling interests - working capital
36,512

 
 
$
(483,488
)
 
 
 
 
Net assets recorded upon consolidation
$
725,232

 
_______________
(1) The Company's partner loans totaling $270.0 million eliminates in consolidation.
(2) The Company's share of the accrued interest payable on the partner loans totaling approximately $105.5 million eliminates in consolidation.