Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

Boston Properties, Inc.

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders	$	111,703	$	266,525	$	203,372	$	764,232
Add:
Preferred stock redemption charge	—		—		6,412		—
Preferred dividends	—		2,625		2,560		5,250
Noncontrolling interest—common units of the Operating Partnership	12,383		30,197		23,422		87,525
Noncontrolling interests in property partnerships	17,164		(767)		33,631		18,719
Interest expense	106,319		107,142		214,221		208,733
Losses from early extinguishment of debt	—		—		898		—
Net operating income from unconsolidated joint ventures	25,417		27,911		50,212		56,669
Depreciation and amortization expense	183,838		178,188		360,403		349,282
Transaction costs	751		332		1,082		947
Payroll and related costs from management services contracts	2,655		2,484		6,160		5,721
General and administrative expense	38,405		37,743		83,364		74,197
Less:
Net operating income attributable to noncontrolling interests in property partnerships	46,287		32,427		90,663		80,088
Gains (losses) from investments in securities	2,275		4,552		3,934		(893)
Interest and other income (loss)	1,452		1,305		2,620		4,322
Gains on sales of real estate	7,756		203,767		7,756		613,932
Income (loss) from unconsolidated joint ventures	(1,373)		1,832		3,852		1,463
Direct reimbursements of payroll and related costs from management services contracts	2,655		2,484		6,160		5,721
Development and management services revenue	7,284		8,125		14,087		16,004
Company’s share of Net Operating Income	$	432,299	$	397,888	$	856,665	$	850,638

Boston Properties Limited Partnership

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	125,846	$	301,975	$	231,619	$	868,308
Add:
Preferred unit redemption charge	—		—		6,412		—
Preferred distributions	—		2,625		2,560		5,250
Noncontrolling interests in property partnerships	17,164		(767)		33,631		18,719
Interest expense	106,319		107,142		214,221		208,733
Losses from early extinguishment of debt	—		—		898		—
Net operating income from unconsolidated joint ventures	25,417		27,911		50,212		56,669
Depreciation and amortization expense	182,078		176,409		355,578		345,694
Transaction costs	751		332		1,082		947
Payroll and related costs from management services contracts	2,655		2,484		6,160		5,721
General and administrative expense	38,405		37,743		83,364		74,197
Less:
Net operating income attributable to noncontrolling interests in property partnerships	46,287		32,427		90,663		80,088
Gains (losses) from investments in securities	2,275		4,552		3,934		(893)
Interest and other income (loss)	1,452		1,305		2,620		4,322
Gains on sales of real estate	7,756		207,241		7,756		626,895
Income (loss) from unconsolidated joint ventures	(1,373)		1,832		3,852		1,463
Direct reimbursements of payroll and related costs from management services contracts	2,655		2,484		6,160		5,721
Development and management services revenue	7,284		8,125		14,087		16,004
Company’s share of Net Operating Income	$	432,299	$	397,888	$	856,665	$	850,638

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 June 30, 2021:

	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	229,571		$	—		$	252,182		$	126,181		$	84,610		$	692,544
Residential	3,131			—			—			690			5,942			9,763
Hotel	1,561			—			—			—			—			1,561
Total	234,263			—			252,182			126,871			90,552			703,868
% of Grand Totals	33.28		%	—		%	35.84		%	18.02		%	12.86		%	100.00		%
Rental Expenses:
Office	78,165			—			92,662			40,954			30,994			242,775
Residential	1,435			—			—			1,544			2,949			5,928
Hotel	1,996			—			—			—			—			1,996
Total	81,596			—			92,662			42,498			33,943			250,699
% of Grand Totals	32.55		%	—		%	36.96		%	16.95		%	13.54		%	100.00		%
Net operating income	$	152,667		$	—		$	159,520		$	84,373		$	56,609		$	453,169
% of Grand Totals	33.69		%	—		%	35.20		%	18.62		%	12.49		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,576)			—			(35,711)			—			—			(46,287)
Add: Company’s share of net operating income from unconsolidated joint ventures	3,624			12,265			172			3,580			5,776			25,417
Company’s share of net operating income	$	145,715		$	12,265		$	123,981		$	87,953		$	62,385		$	432,299
% of Grand Totals	33.70		%	2.84		%	28.68		%	20.35		%	14.43		%	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 June 30, 2020:

	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	218,351		$	—		$	204,242		$	128,233		$	83,837		$	634,663
Residential	3,401			—			—			—			6,001			9,402
Hotel	99			—			—			—			—			99
Total	221,851			—			204,242			128,233			89,838			644,164
% of Grand Totals	34.43		%	—		%	31.71		%	19.91		%	13.95		%	100.00		%
Rental Expenses:
Office	75,694			—			88,367			39,081			32,680			235,822
Residential	1,235			—			—			—			2,730			3,965
Hotel	1,973			—			—			—			—			1,973
Total	78,902			—			88,367			39,081			35,410			241,760
% of Grand Totals	32.64		%	—		%	36.54		%	16.17		%	14.65		%	100.00		%
Net operating income	$	142,949		$	—		$	115,875		$	89,152		$	54,428		$	402,404
% of Grand Totals	35.52		%	—		%	28.80		%	22.15		%	13.53		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,576)			—			(21,851)			—			—			(32,427)
Add: Company’s share of net operating income from unconsolidated joint ventures	2,627			15,026			815			4,127			5,316			27,911
Company’s share of net operating income	$	135,000		$	15,026		$	94,839		$	93,279		$	59,744		$	397,888
% of Grand Totals	33.92		%	3.78		%	23.84		%	23.44		%	15.02		%	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 six months ended June 30, 2021:

	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	459,974		$	—		$	502,346		$	256,779		$	167,025		$	1,386,124
Residential	6,176			—			—			1,011			11,751			18,938
Hotel	2,193			—			—			—			—			2,193
Total	468,343			—			502,346			257,790			178,776			1,407,255
% of Grand Totals	33.28		%	—		%	35.70		%	18.32		%	12.70		%	100.00		%
Rental Expenses:
Office	158,046			—			192,047			81,203			62,741			494,037
Residential	2,890			—			—			3,230			5,935			12,055
Hotel	4,047			—			—			—			—			4,047
Total	164,983			—			192,047			84,433			68,676			510,139
% of Grand Totals	32.34		%	—		%	37.65		%	16.55		%	13.46		%	100.00		%
Net operating income	$	303,360		$	—		$	310,299		$	173,357		$	110,100		$	897,116
% of Grand Totals	33.82		%	—		%	34.59		%	19.32		%	12.27		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(20,800)			—			(69,863)			—			—			(90,663)
Add: Company’s share of net operating income from unconsolidated joint ventures	5,905			26,457			(621)			7,060			11,411			50,212
Company’s share of net operating income	$	288,465		$	26,457		$	239,815		$	180,417		$	121,511		$	856,665
% of Grand Totals	33.68		%	3.09		%	27.99		%	21.06		%	14.18		%	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 six months ended June 30, 2020:

	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	457,849		$	—		$	459,528		$	264,972		$	176,973		$	1,359,322
Residential	7,469			—			—			—			11,889			19,358
Hotel	6,924			—			—			—			—			6,924
Total	472,242			—			459,528			264,972			188,862			1,385,604
% of Grand Totals	34.09		%	—		%	33.16		%	19.12		%	13.63		%	100.00		%
Rental Expenses:
Office	158,239			—			187,507			81,650			67,328			494,724
Residential	2,575			—			—			—			5,454			8,029
Hotel	8,794			—			—			—			—			8,794
Total	169,608			—			187,507			81,650			72,782			511,547
% of Grand Totals	33.16		%	—		%	36.65		%	15.96		%	14.23		%	100.00		%
Net operating income	$	302,634		$	—		$	272,021		$	183,322		$	116,080		$	874,057
% of Grand Totals	34.63		%	—		%	31.12		%	20.97		%	13.28		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(21,239)			—			(58,849)			—			—			(80,088)
Add: Company’s share of net operating income from unconsolidated joint ventures	5,726			30,956			1,571			7,286			11,130			56,669
Company’s share of net operating income	$	287,121		$	30,956		$	214,743		$	190,608		$	127,210		$	850,638
% of Grand Totals	33.76		%	3.64		%	25.24		%	22.41		%	14.95		%	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.