XML 52 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary Of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]  
Property, Plant and Equipment [Table Text Block]
Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:
 
Land improvements
  
25 to 40 years
Buildings and improvements
  
10 to 40 years
Tenant improvements
  
Shorter of useful life or terms of related lease
Furniture, fixtures, and equipment
  
3 to 7 years
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands).
 
 
Acquired Above-Market Lease Intangibles
 
Acquired Below-Market Lease Intangibles
2017
 
$
11,697

 
$
33,871

2018
 
8,609

 
32,156

2019
 
7,100

 
27,318

2020
 
5,394

 
10,736

2021
 
2,988

 
6,294

The following table summarizes the scheduled amortization of the Company’s acquired in-place lease intangibles for each of the five succeeding years (in thousands).
 
Acquired In-Place Lease Intangibles
2017
$
37,547

2018
32,831

2019
26,556

2020
13,885

2021
8,365

Schedule Of Future Contractual Minimum Lease Payments Under Non-Cancelable Ground Leases [Table Text Block]
The future contractual minimum lease payments to be made by the Company as of December 31, 2016, under non-cancelable ground leases which expire on various dates through 2114, are as follows:
Years Ending December 31,
(in thousands)
2017
$
12,554

2018
28,781

2019
17,868

2020
9,870

2021
9,492

Thereafter
585,209

 
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table presents the aggregate carrying value of the Company’s mortgage notes payable, net, mezzanine notes payable and unsecured senior notes, net and the Company’s corresponding estimate of fair value as of December 31, 2016 and December 31, 2015 (in thousands):
 
 
December 31, 2016
 
December 31, 2015
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
Mortgage notes payable, net
$
2,063,087

 
$
2,092,237

 
$
3,435,242

 
$
3,503,746

Mezzanine notes payable
307,093

 
308,344

 
308,482

 
306,103

Unsecured senior notes, net
7,245,953

 
7,428,077

 
5,264,819

 
5,547,738

Total
$
9,616,133

 
$
9,828,658

 
$
9,008,543

 
$
9,357,587

Tax Treatment Of Common Dividends Per Share For Federal Tax Purposes, Table [Table Text Block]
The tax treatment of common dividends per share for federal income tax purposes is as follows: 
 
 
For the year ended December 31,
 
 
2016
 
2015
 
2014
 
 
Per Share
 
%
 
Per Share
 
%
 
Per Share
 
%
Ordinary income
 
$
2.76

 
90.51
%
 
$
2.34

 
57.97
%
 
$

 
%
Capital gain income
 
0.29

 
9.49
%
 
1.70

 
42.03
%
 
6.82

 
100.00
%
Total
 
$
3.05

(1)
100.00
%
 
$
4.04

(2)
100.00
%
 
$
6.82

(3)
100.00
%

 _____________
(1)
The fourth quarter 2016 regular quarterly dividend was $0.75 per common share of which approximately $0.56 per common share was allocable to 2016 and approximately $0.19 per common share is allocable to 2017.
(2)
The fourth quarter 2015 dividend of $1.90 per common share consists of a $1.25 per common share special dividend and a $0.65 per common share regular quarterly dividend. Approximately $1.35 per common share was allocable to 2015 and approximately $0.55 per common share is allocable to 2016.
(3)
The fourth quarter 2014 dividend of $5.15 per common share consists of a $4.50 per common share special dividend and a $0.65 per common share regular quarterly dividend. Approximately $4.41 per common share was allocable to 2014 and approximately $0.74 per common share is allocable to 2015.

Gaap Reconciliation Of Net Income To Taxable Income, Table [Table Text Block]
The following table reconciles GAAP net income attributable to Boston Properties, Inc. to taxable income (unaudited): 
 
 
For the year ended December 31,
 
 
 
2016
 
2015
 
2014
 
 
 
(in thousands)
 
Net income attributable to Boston Properties, Inc.
 
$
512,785

 
$
583,106

 
$
443,611

 
Straight-line rent and net “above-” and “below-market” rent adjustments
 
(65,861
)
 
(92,483
)
 
(91,733
)
 
Book/Tax differences from depreciation and amortization
 
235,819

 
307,115

 
239,681

 
Book/Tax differences from interest expense
 
(36,223
)
 
(43,349
)
 
(43,148
)
 
Book/Tax differences on gains/(losses) from capital transactions
 
(70,880
)
 
(74,482
)
 
943,778

(1)
Book/Tax differences from stock-based compensation
 
33,463

 
22,008

 
32,483

 
Tangible Property Regulations (2)
 
(104,783
)
 
(74,887
)
 
(442,650
)
 
Other book/tax differences, net
 
(6,121
)
 
(15,259
)
 
(7,945
)
 
Taxable income
 
$
498,199

 
$
611,769

 
$
1,074,077

 

__________
(1)
Consists primarily of the gain on sale of real estate for tax purposes related to the October 2014 sale by the Company of a 45% interest in each of 601 Lexington Avenue in New York City and Atlantic Wharf Office Building and 100 Federal Street in Boston, which was accounted for as an equity transaction for GAAP purposes with no gain on sale of real estate recognized.
(2)
In September 2013, the Internal Revenue Service released final Regulations governing when taxpayers like Boston Properties, Inc. must capitalize and depreciate costs for acquiring, maintaining, repairing and replacing tangible property and when taxpayers can deduct such costs.  These final Regulations were effective for tax years beginning on or after January 1, 2014.  These Regulations permitted Boston Properties, Inc. to deduct certain types of expenditures that were previously required to be capitalized.  The Regulations also allowed Boston Properties, Inc. to make a one-time election in 2014 to immediately deduct certain amounts that were capitalized in previous years that are not required to be capitalized under the new Regulations. The one-time deduction included above totaled approximately $385.6 million for the year ended December 31, 2014.
Boston Properties Limited Partnership  
Summary Of Significant Accounting Policies [Line Items]  
Gaap Reconciliation Of Net Income To Taxable Income, Table [Table Text Block]
The following table reconciles GAAP net income attributable to Boston Properties Limited Partnership to taxable income (unaudited):
 
 
For the year ended December 31,
 
 
 
2016
 
2015
 
2014
 
 
 
(in thousands)
 
Net income attributable to Boston Properties Limited Partnership
 
$
585,841

 
$
659,248

 
$
509,629

 
Straight-line rent and net “above-” and “below-market” rent adjustments
 
(73,604
)
 
(103,227
)
 
(102,319
)
 
Book/Tax differences from depreciation and amortization
 
245,239

 
329,629

 
253,590

 
Book/Tax differences from interest expense
 
(40,481
)
 
(48,385
)
 
(48,128
)
 
Book/Tax differences on gains/(losses) from capital transactions
 
(69,683
)
 
(67,602
)
 
1,065,518

(1)
Book/Tax differences from stock-based compensation
 
37,397

 
24,565

 
36,232

 
Tangible Property Regulations (2)
 
(117,102
)
 
(83,587
)
 
(493,731
)
 
Other book/tax differences, net
 
(3,387
)
 
(14,561
)
 
(11,403
)
 
Taxable income
 
$
564,220

 
$
696,080

 
$
1,209,388

 
__________
(1)
Consists primarily of the gain on sale of real estate for tax purposes related to the October 2014 sale by the Company of a 45% interest in each of 601 Lexington Avenue in New York City and Atlantic Wharf Office Building and 100 Federal Street in Boston, which was accounted for as an equity transaction for GAAP purposes with no gain on sale of real estate recognized.
(2)
In September 2013, the Internal Revenue Service released final Regulations governing when taxpayers like Boston Properties Limited Partnership must capitalize and depreciate costs for acquiring, maintaining, repairing and replacing tangible property and when taxpayers can deduct such costs.  These final Regulations were effective for tax years beginning on or after January 1, 2014.  These Regulations permitted Boston Properties Limited Partnership to deduct certain types of expenditures that were previously required to be capitalized.  The Regulations also allowed Boston Properties Limited Partnership to make a one-time election in 2014 to immediately deduct certain amounts that were capitalized in previous years that are not required to be capitalized under the new Regulations.  The one-time deduction included above totaled approximately $430.1 million for the year ended December 31, 2014.