Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

Boston Properties, Inc.

	Three months ended March 31,
	2021		2020
	(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders	$	91,624	$	497,496
Add:
Preferred stock redemption charge	6,412		—
Preferred dividends	2,560		2,625
Noncontrolling interest—common units of the Operating Partnership	11,084		57,539
Noncontrolling interests in property partnerships	16,467		19,486
Interest expense	107,902		101,591
Losses from early extinguishment of debt	898		—
Net operating income from unconsolidated joint ventures	24,795		28,758
Depreciation and amortization expense	176,565		171,094
Transaction costs	331		615
Payroll and related costs from management services contracts	3,505		3,237
General and administrative expense	44,959		36,454
Less:
Net operating income attributable to noncontrolling interests in property partnerships	44,376		47,661
Gains (losses) from investments in securities	1,659		(5,445)
Interest and other income (loss)	1,168		3,017
Gains on sales of real estate	—		410,165
Income (loss) from unconsolidated joint ventures	5,225		(369)
Direct reimbursements of payroll and related costs from management services contracts	3,505		3,237
Development and management services revenue	6,803		7,879
Company’s share of Net Operating Income	$	424,366	$	452,750

Boston Properties Limited Partnership

	Three months ended March 31,
	2021		2020
	(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	105,773	$	566,333
Add:
Preferred unit redemption charge	6,412		—
Preferred distributions	2,560		2,625
Noncontrolling interests in property partnerships	16,467		19,486
Interest expense	107,902		101,591
Losses from early extinguishment of debt	898		—
Net operating income from unconsolidated joint ventures	24,795		28,758
Depreciation and amortization expense	173,500		169,285
Transaction costs	331		615
Payroll and related costs from management services contracts	3,505		3,237
General and administrative expense	44,959		36,454
Less:
Net operating income attributable to noncontrolling interests in property partnerships	44,376		47,661
Gains (losses) from investments in securities	1,659		(5,445)
Interest and other income (loss)	1,168		3,017
Gains on sales of real estate	—		419,654
Income (loss) from unconsolidated joint ventures	5,225		(369)
Direct reimbursements of payroll and related costs from management services contracts	3,505		3,237
Development and management services revenue	6,803		7,879
Company’s share of Net Operating Income	$	424,366	$	452,750

Schedule Of Segment Information By Geographic Area And Property Type

Information by geographic area and property type (dollars in thousands):

For the three months ended March 31, 2021:

	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	230,403		$	—		$	250,164		$	130,598		$	82,415		$	693,580
Residential	3,045			—			—			321			5,809			9,175
Hotel	632			—			—			—			—			632
Total	234,080			—			250,164			130,919			88,224			703,387
% of Grand Totals	33.28		%	—		%	35.57		%	18.61		%	12.54		%	100.00		%
Rental Expenses:
Office	79,881			—			99,385			40,249			31,747			251,262
Residential	1,455			—			—			1,686			2,986			6,127
Hotel	2,051			—			—			—			—			2,051
Total	83,387			—			99,385			41,935			34,733			259,440
% of Grand Totals	32.14		%	—		%	38.31		%	16.16		%	13.39		%	100.00		%
Net operating income	$	150,693		$	—		$	150,779		$	88,984		$	53,491		$	443,947
% of Grand Totals	33.94		%	—		%	33.97		%	20.04		%	12.05		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,224)			—			(34,152)			—			—			(44,376)
Add: Company’s share of net operating income from unconsolidated joint ventures	2,281			14,192			(793)			3,480			5,635			24,795
Company’s share of net operating income	$	142,750		$	14,192		$	115,834		$	92,464		$	59,126		$	424,366
% of Grand Totals	33.64		%	3.34		%	27.30		%	21.79		%	13.93		%	100.00		%

  _______________

(1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.

For the three months ended March 31, 2020:

	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	239,498		$	—		$	255,286		$	136,739		$	93,136		$	724,659
Residential	4,068			—			—			—			5,888			9,956
Hotel	6,825			—			—			—			—			6,825
Total	250,391			—			255,286			136,739			99,024			741,440
% of Grand Totals	33.77		%	—		%	34.43		%	18.44		%	13.36		%	100.00		%
Rental Expenses:
Office	82,545			—			99,140			42,569			34,648			258,902
Residential	1,340			—			—			—			2,724			4,064
Hotel	6,821			—			—			—			—			6,821
Total	90,706			—			99,140			42,569			37,372			269,787
% of Grand Totals	33.62		%	—		%	36.75		%	15.78		%	13.85		%	100.00		%
Net operating income	$	159,685		$	—		$	156,146		$	94,170		$	61,652		$	471,653
% of Grand Totals	33.85		%	—		%	33.11		%	19.97		%	13.07		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,663)			—			(36,998)			—			—			(47,661)
Add: Company’s share of net operating income from unconsolidated joint ventures	3,099			15,930			756			3,159			5,814			28,758
Company’s share of net operating income	$	152,121		$	15,930		$	119,904		$	97,329		$	67,466		$	452,750
% of Grand Totals	33.60		%	3.52		%	26.48		%	21.50		%	14.90		%	100.00		%

  _______________

(1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.