Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2014

Investments In Unconsolidated Joint Ventures [Abstract]

Investments In Unconsolidated Joint Ventures

The investments in unconsolidated joint ventures consist of the following at March 31, 2014:

Entity	Properties	Nominal % Ownership			Carrying Value of Investment
					(in thousands)
Square 407 Limited Partnership	Market Square North	50.0	%		$	(9,758	)
The Metropolitan Square Associates LLC	Metropolitan Square	51.0	%		6,236
BP/CRF 901 New York Avenue LLC	901 New York Avenue	25.0	%	(1)	(2,509		)
WP Project Developer LLC	Wisconsin Place Land and Infrastructure	33.3	%	(2)	46,944
Boston Properties Office Value-Added Fund, L.P.	N/A	39.5	%	(3)	(30		)
Annapolis Junction NFM, LLC	Annapolis Junction	50.0	%	(4)	17,528
2 GCT Venture LLC	N/A	60.0	%	(5)	(91		)
540 Madison Venture LLC	540 Madison Avenue	60.0	%		69,002
125 West 55th Street Venture LLC	N/A	60.0	%	(6)	944
500 North Capitol LLC	500 North Capitol Street, NW	30.0	%		(910		)
					$	127,356

 _______________

(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 garage and infrastructure of the project.

(3) The Company acquired Mountain View Research Park and Mountain View Technology Park from the Value-Added Fund on April 10, 2013.

(4) Comprised of two buildings, one building under construction and two undeveloped land parcels (See also Note 12).

(5) Two Grand Central Tower was sold on October 25, 2011.

(6) 125 West 55th Street was sold on May 30, 2013.

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:

	March 31, 2014			December 31, 2013
	(in thousands)
ASSETS
Real estate and development in process, net	$	921,524		$	924,297
Other assets	158,375			163,149
Total assets	$	1,079,899		$	1,087,446
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable	$	748,700		$	749,732
Other liabilities	19,593			28,830
Members’/Partners’ equity	311,606			308,884
Total liabilities and members’/partners’ equity	$	1,079,899		$	1,087,446
Company’s share of equity	$	155,807		$	154,726
Basis differentials (1)	(28,451		)	(28,642		)
Carrying value of the Company’s investments in unconsolidated joint ventures	$	127,356		$	126,084

 _______________

(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 March 31,
	2014		2013
	(in thousands)
Total revenue (1)	$	38,034	$	135,650
Expenses
Operating	15,464		42,366
Depreciation and amortization	9,092		39,277
Total expenses	24,556		81,643
Operating income	13,478		54,007
Other expense
Interest expense	8,012		56,234
Net income (loss)	$	5,466	$	(2,227	)
Company’s share of net income (loss)	$	2,625	$	(1,858	)
Basis differential	191		444
Elimination of inter-entity interest on partner loan	—		10,135
Income from unconsolidated joint ventures	$	2,816	$	8,721

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(1) Includes straight-line rent adjustments of $0.6 million and $4.0 million for the three months ended March 31, 2014 and 2013, respectively. Includes net below-market rent adjustments of $0.1 million and $20.4 million for the three months ended March 31, 2014 and 2013, respectively.