Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'BOSTON PROPERTIES INC | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001037540 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 152,878,764 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Real estate, at cost | $17,105,492 | $13,581,454 |
Construction in progress | 1,502,017 | 1,036,780 |
Land held for future development | 295,370 | 275,094 |
Less: accumulated depreciation | -3,076,280 | -2,934,160 |
Total real estate | 15,826,599 | 11,959,168 |
Cash and cash equivalents | 1,641,275 | 1,041,978 |
Cash held in escrows | 53,499 | 55,181 |
Investments in securities | 15,377 | 12,172 |
Tenant and other receivables (net of allowance for doubtful accounts of $1,515 and $1,960, respectively) | 55,393 | 69,555 |
Related party notes receivable | 0 | 282,491 |
Interest receivable from related party notes receivable | 0 | 104,816 |
Accrued rental income (net of allowance of $3,382 and $1,571, respectively) | 641,041 | 598,199 |
Deferred charges, net | 918,798 | 588,235 |
Prepaid expenses and other assets | 238,688 | 90,610 |
Investments in unconsolidated joint ventures | 129,038 | 659,916 |
Total assets | 19,519,708 | 15,462,321 |
Liabilities: | ' | ' |
Mortgage notes payable | 4,468,069 | 3,102,485 |
Unsecured senior notes (net of discount of $14,576 and $10,472, respectively) | 5,835,424 | 4,639,528 |
Unsecured exchangeable senior notes (net of discount of $555 and $1,653, respectively) | 739,536 | 1,170,356 |
Unsecured line of credit | 0 | 0 |
Mezzanine notes payable | 311,340 | 0 |
Related party notes payable | 180,000 | 0 |
Accounts payable and accrued expenses | 215,778 | 199,102 |
Dividends and distributions payable | 112,470 | 110,488 |
Accrued interest payable | 181,310 | 72,461 |
Other liabilities | 567,464 | 324,613 |
Total liabilities | 12,611,391 | 9,619,033 |
Commitments and contingencies | 0 | 0 |
Noncontrolling interest: | ' | ' |
Redeemable preferred units of the Operating Partnership | 67,806 | 110,876 |
Redeemable interest in property partnerships | 98,649 | 97,558 |
Equity: | ' | ' |
Excess stock, $.01 par value, 150,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Preferred stock, $.01 par value, 50,000,000 shares authorized | ' | ' |
5.25% Series B cumulative redeemable preferred stock, $.01 par value, liquidation preference of $2,500 per share, 92,000 shares authorized, 80,000 and no shares issued and outstanding at September 30, 2013 and December 31,2012, respectively | 200,000 | 0 |
Common stock, $.01 par value, 250,000,000 shares authorized, 152,469,495 and 151,680,109 issued and 152,390,595 and 151,601,209 outstanding at Seotember 30, 2013 and December 31, 2012, respectively | 1,524 | 1,516 |
Additional paid-in capital | 5,250,174 | 5,222,073 |
Dividends in excess of earnings | 246,206 | -109,985 |
Treasury common stock at cost, 78,900 shares at September 30, 2013 and December 31, 2012 | -2,722 | -2,722 |
Accumulated other comprehensive loss | -12,122 | -13,817 |
Total stockholders' equity attributable to Boston Properties, Inc. | 5,683,060 | 5,097,065 |
Noncontrolling interests: | ' | ' |
Common units of the Operating Partnership | 577,173 | 539,753 |
Property partnerships | 481,629 | -1,964 |
Total equity | 6,741,862 | 5,634,854 |
Total liabilities and equity | $19,519,708 | $15,462,321 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Tenant and other receivables, allowance for doubtful accounts | $1,515 | $1,960 |
Accrued rental income, allowance | 3,382 | 1,571 |
Unsecured senior notes, discount | 14,576 | 10,472 |
Unsecured exchangeable senior notes, discount | $555 | $1,653 |
Excess stock, par value | $0.01 | $0.01 |
Excess stock, shares authorized | 150,000,000 | 150,000,000 |
Excess stock, shares issued | 0 | 0 |
Excess stock, shares outstanding | 0 | 0 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 152,469,495 | 151,680,119 |
Common stock, shares outstanding | 152,390,595 | 151,601,209 |
Treasury common stock at cost, shares | 78,900 | 78,900 |
Series B Cumulative Redeemable Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.01 | $0 |
Preferred stock, shares authorized | 92,000 | 0 |
Series B Dividend Rate Percentage | 5.25% | 0.00% |
Series B, Liquidation Preference Per Share | $2,500 | $0 |
Series B, shares issued | 80,000 | 0 |
Series B, Shares Outstanding | 80,000 | 0 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue | ' | ' | ' | ' |
Base rent | $451,866,000 | $366,795,000 | $1,228,429,000 | $1,087,787,000 |
Recoveries from tenants | 80,839,000 | 59,855,000 | 213,647,000 | 168,858,000 |
Parking and other | 25,246,000 | 22,647,000 | 72,625,000 | 67,846,000 |
Total rental revenue | 557,951,000 | 449,297,000 | 1,514,701,000 | 1,324,491,000 |
Hotel revenue | 10,652,000 | 9,359,000 | 30,061,000 | 26,224,000 |
Development and management services | 5,479,000 | 8,024,000 | 22,072,000 | 25,733,000 |
Total revenue | 574,082,000 | 466,680,000 | 1,566,834,000 | 1,376,448,000 |
Expenses | ' | ' | ' | ' |
Rental | 200,350,000 | 165,693,000 | 547,212,000 | 477,249,000 |
Hotel | 6,580,000 | 6,886,000 | 20,959,000 | 19,601,000 |
General and administrative | 24,841,000 | 21,617,000 | 94,673,000 | 72,208,000 |
Transaction costs | 766,000 | 1,140,000 | 1,744,000 | 3,252,000 |
Impairment loss | 0 | 0 | 8,306,000 | 0 |
Depreciation and amortization | 154,193,000 | 110,653,000 | 408,923,000 | 329,819,000 |
Total expenses | 386,730,000 | 305,989,000 | 1,081,817,000 | 902,129,000 |
Operating income | 187,352,000 | 160,691,000 | 485,017,000 | 474,319,000 |
Other income (expense) | ' | ' | ' | ' |
Income from unconsolidated joint ventures | 14,736,000 | 9,217,000 | 72,240,000 | 42,129,000 |
Gains on consolidation of joint ventures | -1,810,000 | 0 | 385,991,000 | 0 |
Interest and other income | 3,879,000 | 4,001,000 | 6,646,000 | 8,029,000 |
Gains from investments in securities | 956,000 | 587,000 | 1,872,000 | 1,202,000 |
Gains (losse) from early extinguishments of debt | -30,000 | -5,494,000 | 122,000 | -4,453,000 |
Interest expense | -122,173,000 | -105,030,000 | -325,746,000 | -308,168,000 |
Income from continuing operations | 82,910,000 | 63,972,000 | 626,142,000 | 213,058,000 |
Discontinued operations | ' | ' | ' | ' |
Income from discontinued operations | 1,078,000 | 1,550,000 | 5,597,000 | 5,596,000 |
Gains on sale of real estate from discontinued operations | 86,448,000 | 0 | 86,448,000 | 36,877,000 |
Gain on forgiveness of debt from discontinued operations | 0 | 0 | 20,182,000 | 0 |
Impairment loss from discontinued operations | 0 | 0 | -3,241,000 | 0 |
Net income | 170,436,000 | 65,522,000 | 735,128,000 | 255,531,000 |
Net income attributable to noncontrolling interests | ' | ' | ' | ' |
Noncontrolling interests in property partnerships | 3,279,000 | -458,000 | 924,000 | -1,461,000 |
Noncontrolling interest - redeemable preferred units of the Operating Partnership | -1,082,000 | -874,000 | -3,385,000 | -2,440,000 |
Noncontrolling interest - common units of the Operating Partnership | -8,399,000 | -6,779,000 | -63,135,000 | -22,735,000 |
Noncontrolling interest in discontinued operations - common units of the Operating Partnership | -8,910,000 | -162,000 | -11,260,000 | -4,651,000 |
Net income attributable to Boston Properties, Inc. | 155,324,000 | 57,249,000 | 658,272,000 | 224,244,000 |
Preferred dividends | -2,647,000 | 0 | -5,411,000 | 0 |
Net income attributable to Boston Properties, Inc. common shareholders | $152,677,000 | $57,249,000 | $652,861,000 | $224,244,000 |
Basic earnings per common share attributable to Boston Properties, Inc.: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.49 | $0.37 | $3.63 | $1.25 |
Discontinued operations (in dollars per share) | $0.51 | $0.01 | $0.64 | $0.25 |
Net income (in dollars per share) | $1 | $0.38 | $4.27 | $1.50 |
Weighted average number of common shares outstanding (in shares) | 152,407 | 150,801 | 152,000 | 149,823 |
Diluted earnings per common share attributable to Boston Properties, Inc.: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.49 | $0.37 | $3.62 | $1.24 |
Discontinued operations (in dollars per share) | $0.51 | $0.01 | $0.64 | $0.25 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share) | $1 | $0.38 | $4.26 | $1.49 |
Weighted average number of common and common equivalent shares outstanding (in shares) | 152,692 | 151,983 | 152,381 | 150,478 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income | $170,436 | $65,522 | $735,128 | $255,531 | ||||
Other comprehensive income: | ' | ' | ' | ' | ||||
Amortization of interest rate contracts | 629 | [1] | 670 | [1] | 1,884 | [1] | 1,967 | [1] |
Other Comprehensive Income | 629 | 670 | 1,884 | 1,967 | ||||
Comprehensive income | 171,065 | 66,192 | 737,012 | 257,498 | ||||
Net income attributable to noncontrolling interests | -15,112 | -8,273 | -76,856 | -31,287 | ||||
Other comprehensive income attributable to noncontrolling interest | -62 | -71 | -189 | -208 | ||||
Comprehensive income attributable to Boston Properties, Inc. | $155,891 | $57,848 | $659,967 | $226,003 | ||||
[1] | Amounts reclassified from comprehensive income primarily to interest expense within the Company's Consolidated Statements of Operations. |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-In Capital [Member] | Dividends In Excess Of Earnings [Member] | Treasury Stock, At Cost [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||
Equity, value at Dec. 31, 2011 | $5,413,516 | $1,481 | ' | $4,936,457 | ($53,080) | ($2,722) | ($16,138) | $547,518 |
Equity, shares at Dec. 31, 2011 | ' | 148,108,000 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of operating partnership units to Common Stock, shares | ' | 366,000 | ' | ' | ' | ' | ' | ' |
Conversion of operating partnership units to Common Stock, value | 0 | 4 | ' | 11,232 | ' | ' | ' | -11,236 |
Conversion of redeemable preferred units to common units | 5,852 | ' | ' | ' | ' | ' | ' | ' |
Allocated net income for the year | 253,091 | ' | ' | ' | 224,244 | ' | ' | 28,847 |
Dividends/distributions declared | ' | ' | ' | ' | -248,014 | ' | ' | ' |
Sale of common stock, net of offering costs | ' | 2,348,000 | ' | ' | ' | ' | ' | ' |
Sale of common stock, net of offering costs | 247,186 | 24 | ' | 247,162 | ' | ' | ' | ' |
Shares issued in connection with exchange of Exchangeable Senior Notes, value | 0 | ' | ' | ' | ' | ' | ' | ' |
Shares issued pursuant to stock purchase plan, shares | ' | 8,000 | ' | ' | ' | ' | ' | ' |
Shares issued pursuant to stock purchase plan, value | 781 | ' | ' | 781 | ' | ' | ' | ' |
Net activity from stock option and incentive plan, shares | ' | 26,000 | ' | ' | ' | ' | ' | ' |
Net activity from stock option and incentive plan, value | 24,294 | ' | ' | 4,473 | ' | ' | ' | 19,821 |
Noncontrolling interests in property partnerships recorded upon consolidation | 0 | ' | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests in property partnerships | -2,250 | ' | ' | ' | ' | ' | ' | -2,250 |
Amortization of interest rate contracts | 1,967 | ' | ' | ' | ' | ' | 1,759 | 208 |
Reallocation of noncontrolling interest | ' | ' | ' | -5,565 | ' | ' | ' | 5,565 |
Equity, value at Sep. 30, 2012 | 5,666,323 | 1,509 | ' | 5,194,540 | -76,850 | -2,722 | -14,379 | 564,225 |
Equity, shares at Sep. 30, 2012 | ' | 150,856,000 | ' | ' | ' | ' | ' | ' |
Equity, value at Dec. 31, 2012 | 5,634,854 | 1,516 | 0 | 5,222,073 | -109,985 | -2,722 | -13,817 | 537,789 |
Equity, shares at Dec. 31, 2012 | 151,601,209 | 151,601,000 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of operating partnership units to Common Stock, shares | ' | 337,000 | ' | ' | ' | ' | ' | ' |
Conversion of operating partnership units to Common Stock, value | 0 | 4 | ' | 10,402 | ' | ' | ' | -10,406 |
Allocated net income for the year | 726,717 | ' | ' | ' | 658,272 | ' | ' | 68,445 |
Dividends/distributions declared | -336,037 | ' | ' | ' | -302,081 | ' | ' | -33,956 |
Issuance of 5.25% Series B cumulative redeemable preferred stock | 193,623 | ' | 200,000 | ' | ' | ' | ' | ' |
Shares issued in connection with exchange of Exchangeable Senior Notes, shares | ' | 419,000 | ' | ' | ' | ' | ' | ' |
Shares issued in connection with exchange of Exchangeable Senior Notes, value | 43,834 | 4 | ' | 43,830 | ' | ' | ' | ' |
Equity component of exchange of Exchangeable Senior Notes | ' | ' | ' | -43,869 | ' | ' | ' | ' |
Issuance of 5.25% Series B cumulative redeemable preferred stock | ' | ' | ' | -6,377 | ' | ' | ' | ' |
Shares issued pursuant to stock purchase plan, shares | ' | 6,000 | ' | ' | ' | ' | ' | ' |
Shares issued pursuant to stock purchase plan, value | 681 | ' | ' | 681 | ' | ' | ' | ' |
Net activity from stock option and incentive plan, shares | ' | 28,000 | ' | ' | ' | ' | ' | ' |
Net activity from stock option and incentive plan, value | 30,632 | ' | ' | 6,510 | ' | ' | ' | 24,122 |
Noncontrolling interests in property partnerships recorded upon consolidation | 480,861 | ' | ' | ' | ' | ' | ' | 480,861 |
Contributions from noncontrolling interests in property partnerships | 10,932 | ' | ' | ' | ' | ' | ' | 10,932 |
Distributions to noncontrolling interests in property partnerships | -2,250 | ' | ' | ' | ' | ' | ' | -2,250 |
Amortization of interest rate contracts | 1,884 | ' | ' | ' | ' | ' | 1,695 | 189 |
Reallocation of noncontrolling interest | 0 | ' | ' | 16,924 | ' | ' | ' | -16,924 |
Equity, value at Sep. 30, 2013 | $6,741,862 | $1,524 | $200,000 | $5,250,174 | $246,206 | ($2,722) | ($12,122) | $1,058,802 |
Equity, shares at Sep. 30, 2013 | 152,390,595 | 152,391,000 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $735,128 | $255,531 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 409,988 | 333,494 |
Non-cash compensation expense | 39,001 | 24,859 |
Impairment loss | 8,306 | 0 |
Income from unconsolidated joint ventures | -72,240 | -42,129 |
Gains on consolidation of joint ventures | 385,991 | 0 |
Distributions of net cash flow from operations of unconsolidated joint ventures | 29,607 | 32,359 |
Gains from investments in securities | -1,872 | -1,202 |
Non-cash portion of interest expense | 29,149 | 32,681 |
Settlement of accreted debt discount on repurchases of unsecured exchangeable senior notes | -56,532 | -68,760 |
Gains from early extinguishments of debt | -264 | -1,000 |
Gains on sale of real estate from discontinued operations | -86,448 | -36,877 |
Gain on forgiveness of debt from discontinued operations | -20,182 | 0 |
Impairment loss from discontinued operations | 3,241 | 0 |
Change in assets and liabilities: | ' | ' |
Cash held in escrows | 4,017 | 7,406 |
Tenant and other receivables, net | 3,628 | 28,680 |
Accrued rental income, net | -44,636 | -59,177 |
Prepaid expenses and other assets | -41,245 | -29,925 |
Accounts payable and accrued expenses | 9,179 | 3,713 |
Accrued interest payable | 35,089 | 32,769 |
Other liabilities | -9,352 | -6,939 |
Tenant leasing costs | -37,150 | -41,797 |
Total adjustments | -184,707 | 208,155 |
Net cash provided by operating activities | 550,421 | 463,686 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | -522,900 | -688,073 |
Construction in progress | -279,786 | -238,627 |
Building and other capital improvements | -46,805 | -32,159 |
Tenant improvements | -78,462 | -108,100 |
Proceeds from the sales of real estate | 160,815 | 61,963 |
Cash recorded upon consolidation | 79,468 | 0 |
Deposits on real estate | 0 | -15,000 |
Repayments of notes receivable, net | 12,491 | -1,764 |
Capital contributions to unconsolidated joint ventures | 0 | -367 |
Capital distributions from unconsolidated joint ventures | 223,067 | 3,057 |
Investments in securities, net | -1,333 | -1,042 |
Net cash used in investing activities | -453,445 | -1,020,112 |
Cash flows from financing activities: | ' | ' |
Repayments of mortgage notes payable | -96,750 | -248,304 |
Proceeds from unsecured senior notes | 1,194,753 | 997,790 |
Redemption of unsecured senior notes | 0 | -225,000 |
Redemption/repurchase of unsecured exchangeable senior notes | -393,468 | -507,434 |
Deferred financing costs | -15,180 | -8,448 |
Net proceeds from preferred stock issuance | 193,623 | 0 |
Net proceeds from ATM stock issuances | 0 | 247,186 |
Net proceeds from equity transactions | -348 | 216 |
Redemption of preferred units | -43,070 | -18,329 |
Dividends and distributions | -337,440 | -278,994 |
Contributions from noncontrolling interest in property partnerships | 6,386 | 0 |
Distributions to noncontrolling interest in property partnerships | -6,185 | -2,250 |
Net cash provided by (sued in) financing activities | 502,321 | -43,567 |
Net decrease in cash and cash equivalents | 599,297 | -599,993 |
Cash and cash equivalents, beginning of period | 1,041,978 | 1,823,208 |
Cash and cash equivalents, end of period | 1,641,275 | 1,223,215 |
Supplemental disclosures: | ' | ' |
Cash paid for interest | 368,652 | 344,831 |
Interest capitalized | 50,252 | 31,409 |
Non-cash investing and financing activities: | ' | ' |
Additions to real estate included in accounts payable and accrued expenses | 6,397 | 11,190 |
Real estate and realted intangibles recorded upon consolidation | 3,356,000 | 0 |
Debt recorded upon consolidation | 2,056,000 | 0 |
Working capital recorded upon consolidation | 97,847 | 0 |
Noncontrolling interest recorded upon consolidation | 480,861 | 0 |
investment in unconsolidated joint venture elminated upon consolidation | 361,808 | 0 |
Mortgage note payable extinguished through foreclosure | 25,000 | 0 |
Real estate transferred upon foreclosure | 7,508 | 0 |
Land improvements contributed by noncontrolling property partnership | 4,546 | 0 |
Preferred Units Issued In Connection With Acquisition Of Real Estate | 0 | 79,405 |
Dividends and distributions declared but not paid | 112,470 | 93,461 |
issuance of common stock in connection with the exchange of exchangeable senior notes | 43,834 | 0 |
Conversions of noncontrolling interests to stockholders' equity | 10,406 | 11,236 |
Conversion of redeemable preferred units to common units | 0 | 5,852 |
Issuance of restricted securities to employees and directors | $30,077 | $26,351 |
Organization
Organization | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization | ' | |
Organization | ||
Boston Properties, Inc. (the “Company”), a Delaware corporation, is a self-administered and self-managed real estate investment trust (“REIT”). The Company is the sole general partner of Boston Properties Limited Partnership (the “Operating Partnership”) and at September 30, 2013 owned an approximate 89.2% (88.6% at September 30, 2012) general and limited partnership interest in the Operating Partnership. Partnership interests in the Operating Partnership are denominated as “common units of partnership interest” (also referred to as “OP Units”), “long term incentive units of partnership interest” (also referred to as “LTIP Units”) or “preferred units of partnership interest” (also referred to as “Preferred Units”). In addition, in February 2011 and February 2012, the Company issued LTIP Units in connection with the granting to employees of outperformance awards (also referred to as “2011 OPP Units” and “2012 OPP Units,” respectively, and collectively as “OPP Units”). In February 2013, the Company issued LTIP Units in connection with the granting to employees of 2013 MYLTIP Units (“2013 MYLTIP Units”). Because the rights, preferences and privileges of OPP Units and 2013 MYLTIP Units differ from other LTIP Units granted to employees as part of the annual compensation process, unless specifically noted otherwise, all references to LTIP Units exclude OPP Units and 2013 MYLTIP Units (See Notes 10 and 13). | ||
Unless specifically noted otherwise, all references to OP Units exclude units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership is obligated to redeem such OP Unit for cash equal to the value of a share of common stock of the Company (“Common Stock”) at such time. In lieu of a cash redemption, the Company may elect to acquire such OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that the Company owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock. An LTIP Unit is generally the economic equivalent of a share of restricted common stock of the Company. LTIP Units, whether vested or not, will receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Note 11). | ||
At September 30, 2013, there were three series of Preferred Units outstanding (i.e., Series Two Preferred Units, Series Four Preferred Units and Series B Preferred Units). The Series Two Preferred Units bear a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Each Series Two Preferred Unit may also be converted into approximately 1.312336 OP Units or redeemed for $50.00 of cash at the election of the holder thereof or the Operating Partnership in accordance with the terms and conditions set forth in the applicable amendment to the partnership agreement. The Series Four Preferred Units are not convertible into or exchangeable for any common equity of the Operating Partnership or the Company, have a per unit liquidation preference of $50.00 and are entitled to receive quarterly distributions of $0.25 per unit (or an annual rate of 2.00%) (See Note 10). The Series B Preferred Units were issued to the Company on March 27, 2013 in connection with the Company's issuance of 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) of 5.25% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock"). The Company contributed the net proceeds from the offering to the Operating Partnership in exchange for 80,000 Series B Preferred Units having terms and preferences generally mirroring those of the Series B Preferred Stock (See Note 11). | ||
All references herein to the Company refer to Boston Properties, Inc. and its consolidated subsidiaries, including the Operating Partnership, collectively, unless the context otherwise requires. | ||
Properties | ||
At September 30, 2013, the Company owned or had interests in a portfolio of 177 commercial real estate properties (the “Properties”) aggregating approximately 44.6 million net rentable square feet, including eight properties under construction totaling approximately 2.8 million net rentable square feet. In addition, the Company has structured parking for approximately 46,221 vehicles containing approximately 15.7 million square feet. At September 30, 2013, the Properties consist of: | ||
• | 169 office properties, including 130 Class A office properties (including seven properties under construction) and 39 Office/Technical properties; | |
• | one hotel; | |
• | four retail properties; and | |
• | three residential properties (including one property under construction). | |
The Company owns or controls undeveloped land parcels totaling approximately 512.6 acres. | ||
The Company considers Class A office properties to be centrally located buildings that are professionally managed and maintained, attract high-quality tenants and command upper-tier rental rates, and that are modern structures or have been modernized to compete with newer buildings. The Company considers Office/Technical properties to be properties that support office, research and development, laboratory and other technical uses. The Company’s definitions of Class A Office and Office/Technical properties may be different than those used by other companies. |
Basis_Of_Presentation_And_Summ
Basis Of Presentation And Summary Of Significant Accounting Policies | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | ' | |||||||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ||||||||||||||||||||
Boston Properties, Inc. does not have any other significant assets, liabilities or operations, other than its investment in the Operating Partnership, nor does it have employees of its own. The Operating Partnership, not Boston Properties, Inc., executes all significant business relationships. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities ("VIE"s) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income. | ||||||||||||||||||||
The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2012. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company has modified the presentation of expenses to operate its San Francisco and Princeton regional offices to reflect the growing activity in its San Francisco region and to have a consistent presentation across the Company. These expenses, which totaled approximately $2.0 million and $1.9 million for the three months ended September 30, 2013 and 2012, respectively, and approximately $6.1 million and $5.8 million for the nine months ended September 30, 2013 and 2012, respectively, were previously included in Rental Operating Expenses and are now included in General and Administrative Expenses for all periods presented. | ||||||||||||||||||||
The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The Company determines the fair value of its unsecured senior notes and unsecured exchangeable senior notes using market prices. The inputs used in determining the fair value of the Company’s unsecured senior notes and unsecured exchangeable senior notes is categorized at a level 1 basis (as defined in the accounting standards for Fair Value Measurements and Disclosures) due to the fact that the Company uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized at a level 2 basis (as defined in the accounting standards for Fair Value Measurements and Disclosures) if trading volumes are low. The Company determines the fair value of its mortgage notes payable using discounted cash flow analyses by discounting the spread between the future contractual interest payments and hypothetical future interest payments on mortgage debt based on current market rates for similar securities. In determining the current market rates, the Company adds its estimates of market spreads to the quoted yields on federal government treasury securities with similar maturity dates to its debt. The inputs used in determining the fair value of the Company’s mortgage notes payable are categorized at a level 3 basis (as defined in the accounting standards for Fair Value Measurements and Disclosures) due to the fact that the Company considers the rates used in the valuation techniques to be unobservable inputs. | ||||||||||||||||||||
Because the Company’s valuations of its financial instruments are based on these types of estimates, the actual fair values of its financial instruments may differ materially if the Company’s estimates do not prove to be accurate. The following table presents the aggregate carrying value of the Company’s indebtedness and the Company’s corresponding estimate of fair value as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||
Mortgage notes payable | $ | 4,468,069 | $ | 4,592,273 | $ | 3,102,485 | $ | 3,256,940 | ||||||||||||
Mezzanine notes payable | 311,340 | 311,366 | — | — | ||||||||||||||||
Unsecured senior notes | 5,835,424 | 6,065,723 | 4,639,528 | 5,162,486 | ||||||||||||||||
Unsecured exchangeable senior notes | 739,536 | -1 | 768,019 | 1,170,356 | -1 | 1,278,554 | ||||||||||||||
Total | $ | 11,354,369 | $ | 11,737,381 | $ | 8,912,369 | $ | 9,697,980 | ||||||||||||
_______________ | ||||||||||||||||||||
-1 | Includes the net adjustment for the equity component allocation totaling approximately $7.4 million and $25.5 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
Out-of-Period Adjustment | ||||||||||||||||||||
During the nine months ended September 30, 2012, the Company recorded additional real estate operating expenses totaling approximately $3.2 million related to the cumulative non-cash straight-line adjustment to the ground rent expense of certain ground leases that were not previously recognized on a straight-line basis. This resulted in the overstatement of real estate operating expenses by approximately $3.2 million during the nine months ended September 30, 2012 and in the understatement of real estate operating expenses in the aggregate amount of approximately $3.2 million in previous periods. Because this adjustment was not material to the prior years’ consolidated financial statements and the impact of recording the adjustment in the then-current period was not material to the Company’s consolidated financial statements, the Company recorded the related adjustment during the nine months ended September 30, 2012. | ||||||||||||||||||||
Revision of Prior Period Amounts | ||||||||||||||||||||
The table below reflects selected information for the Company for the three and nine months ended September 30, 2012. The servicer of the non-recourse mortgage loan in the amount of $25.0 million collateralized by the Company's Montvale Center property located in Gaithersburg, Maryland foreclosed on the property on January 31, 2012. As a result of the foreclosure, the Company recognized a gain on forgiveness of debt during the nine months ended September 30, 2012 totaling approximately $17.8 million. Due to a procedural error of the trustee, the foreclosure sale was subsequently dismissed by the applicable court prior to ratification. As a result, the Company, as part of its Form 10-K for the fiscal year ended December 31, 2012, revised its financial statements to (1) properly reflect the property and related mortgage debt on its consolidated balance sheet at December 31, 2012, (2) reverse the gain on forgiveness of debt during the nine months ended September 30, 2012 and (3) recognize the operating activity from the property for the three and nine months ended September 30, 2012. On February 20, 2013, the subsequent foreclosure sale of Montvale Center was ratified by the court. As a result of the ratification, the mortgage loan totaling $25.0 million was extinguished and the related obligations were satisfied with the transfer of the real estate resulting in the recognition of a gain on forgiveness of debt totaling approximately $20.2 million during the nine months ended September 30, 2013 (See Note 3). As a result, for the three and nine months ended September 30, 2012, the activity for Montvale Center has been reclassified to discontinued operations in the consolidated statements of operations. In addition, operating results have been reclassified for the three and nine months ended September 30, 2012 as a result of the discontinued operations presentation of (1) the Company's Bedford Business Park properties which were sold on May 17, 2012, (2) the Company's 303 Almaden Boulevard property which was sold on June 28, 2013 (See Note 3) and (3) the Company's 1301 New York Avenue property which was sold on August 22, 2013 (See Note 3). | ||||||||||||||||||||
For the three months ended September 30, 2012 | For the nine months ended September 30, 2012 | |||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | |||||||||||||||||
(in thousands, except for per share amounts) | ||||||||||||||||||||
Total revenue | $ | 470,904 | $ | 466,680 | $ | 1,389,028 | $ | 1,376,448 | ||||||||||||
Income from continuing operations | $ | 66,103 | $ | 63,972 | $ | 219,291 | $ | 213,058 | ||||||||||||
Discontinued operations | $ | — | $ | 1,550 | $ | 55,568 | $ | 42,473 | ||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 57,769 | $ | 57,249 | $ | 241,473 | $ | 224,244 | ||||||||||||
Income attributable to Boston Properties, Inc. common shareholders per share—basic | $ | 0.38 | $ | 0.38 | $ | 1.61 | $ | 1.5 | ||||||||||||
Income attributable to Boston Properties, Inc. common shareholders per share—diluted | $ | 0.38 | $ | 0.38 | $ | 1.6 | $ | 1.49 | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" (“ASU No. 2013-02”). ASU No. 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU No. 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. The Company’s adoption of ASU No. 2013-02 did not have a material impact on its consolidated financial statements. |
Real_Estate_Activity_During_th
Real Estate Activity During the Nine Months Ended September 30, 2013 | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||
Real Estate Activity During the Nine Months Ended September 30, 2013 | ' | |||||||||||||||
Real Estate Activity During the Nine Months Ended September 30, 2013 | ||||||||||||||||
Acquisitions | ||||||||||||||||
On February 6, 2013, the Company completed the acquisition of 535 Mission Street, a development site, in San Francisco, California for an aggregate purchase price of approximately $71.0 million in cash, including work completed and materials purchased to date. When completed, 535 Mission Street will consist of a 27-story, Class A office tower with approximately 307,000 net rentable square feet of office and retail space. The property is currently under development. | ||||||||||||||||
On March 26, 2013, the consolidated joint venture in which the Company has a 95% interest completed the acquisition of a land parcel in San Francisco, California that will support a 60-story, 1.4 million square foot office tower known as Transbay Tower. The purchase price for the land was approximately $192.0 million. On February 7, 2013, the partner in the joint venture issued a notice that it was electing under the joint venture agreement to reduce its nominal ownership interest in the venture from 50% to 5%. On February 26, 2013, the Company issued a notice to the partner electing to proceed with the venture on that basis. As a result, the Company has a 95% nominal interest in and is consolidating the joint venture (See Note 10). The initial phase of the development consisting of building the project to grade is currently under development. | ||||||||||||||||
On March 29, 2013, the Company completed the acquisition of a parcel of land located in Reston, Virginia for a purchase price of approximately $27.0 million. The land parcel is commercially zoned for 250,000 square feet of office space. | ||||||||||||||||
On April 10, 2013, the Company acquired the Mountain View Research Park and Mountain View Technology Park properties from Boston Properties Office Value-Added Fund, L.P. (the "Value-Added Fund") for an aggregate net purchase price of approximately $233.1 million. Mountain View Research Park is a 16-building complex of Office/Technical properties aggregating approximately 604,000 net rentable square feet. Mountain View Technology Park is a seven-building complex of Office/Technical properties aggregating approximately 135,000 net rentable square feet. 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 | ||||||||||||||
On May 31, 2013, the Company's two joint venture partners in 767 Venture, LLC (the entity that owns 767 Fifth Avenue (the General Motors Building) located in New York City) transferred all of their interests in the joint venture to third parties. 767 Fifth Avenue (the General Motors Building) is a Class A office property totaling approximately 1.8 million net rentable square feet. In connection with the transfer, the Company and its new joint venture partners modified the Company's relative decision making authority and consent rights with respect to the joint venture's assets and operations. These changes resulted in the Company having sufficient financial and operating control over 767 Venture, LLC such that, effective as of May 31, 2013, the Company accounts for the assets, liabilities and operations of 767 Venture, LLC on a consolidated basis in its financial statements instead of under the equity method of accounting (See Notes 5 and 10). 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 | (182,369 | ) | -2 | |||||||||||||
Other liabilities | (6,304 | ) | ||||||||||||||
$ | (97,847 | ) | ||||||||||||||
Noncontrolling interest recorded upon consolidation | ||||||||||||||||
Noncontrolling interests | $ | (520,000 | ) | |||||||||||||
Noncontrolling interests - working capital | 39,139 | |||||||||||||||
$ | (480,861 | ) | ||||||||||||||
Net assets recorded upon consolidation | $ | 721,292 | ||||||||||||||
_______________ | ||||||||||||||||
(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. | ||||||||||||||||
Mountain View Research Park and Mountain View Technology Park contributed approximately $10.9 million of revenue and approximately $(0.1) million of earnings to the Company for the period from April 10, 2013 through September 30, 2013. 767 Fifth Avenue (the General Motors Building) contributed approximately $95.3 million of revenue and approximately $4.1 million of earnings to the Company for the period from May 31, 2013 through September 30, 2013. | ||||||||||||||||
The accompanying unaudited pro forma information for the nine months ended September 30, 2013 and 2012 is presented as if the operating property acquisitions of (1) Mountain View Research Park and Mountain View Technology Park on April 10, 2013 and the approximately $26.5 million gain on consolidation and (2) 767 Fifth Avenue (the General Motors Building) on May 31, 2013 and the approximately $359.5 million gain on consolidation, had occurred on January 1, 2012. This unaudited pro forma information is based upon the historical consolidated financial statements of the Company and should be read in conjunction with the consolidated financial statements and notes thereto. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had the above occurred, nor do they purport to predict the results of operations of future periods. | ||||||||||||||||
Pro Forma (Unaudited) | Nine Months Ended September 30, | |||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | ||||||||||||||
Total revenue | $ | 1,688,393 | $ | 1,602,949 | ||||||||||||
Income from continuing operations | $ | 224,848 | $ | 567,031 | ||||||||||||
Net income attributable to Boston Properties, Inc. | $ | 308,633 | $ | 559,008 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income per share attributable to Boston Properties, Inc. | $ | 1.99 | $ | 3.71 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Net income per share attributable to Boston Properties, Inc. | $ | 1.99 | $ | 3.7 | ||||||||||||
Developments | ||||||||||||||||
On March 22, 2013, the Company completed and fully placed in-service Two Patriots Park, a Class A office redevelopment project with approximately 256,000 net rentable square feet located in Reston, Virginia. | ||||||||||||||||
On April 25, 2013, the Company commenced construction of its 601 Massachusetts Avenue development project totaling approximately 478,000 net rentable square feet located in Washington, DC. | ||||||||||||||||
On June 14, 2013, the Company completed and fully placed in-service 17 Cambridge Center, a Class A office project with approximately 195,000 net rentable square feet located in Cambridge, Massachusetts. | ||||||||||||||||
On July 1, 2013, the Company completed and fully placed in-service its Cambridge Center Connector project with approximately 43,000 net rentable square feet located in Cambridge, Massachusetts. | ||||||||||||||||
Dispositions | ||||||||||||||||
On February 20, 2013, the foreclosure sale of the Company's Montvale Center property was ratified by the court. As a result of the ratification, the mortgage loan totaling $25.0 million was extinguished and the related obligations were satisfied with the transfer of the real estate resulting in the recognition of a gain on forgiveness of debt totaling approximately $20.2 million. The operating results of the property through the date of ratification have been classified as discontinued operations on a historical basis for all periods presented. | ||||||||||||||||
On June 28, 2013, the Company completed the sale of its 303 Almaden Boulevard property located in San Jose, California for a sale price of $40.0 million. Net cash proceeds totaled approximately $39.3 million. 303 Almaden Boulevard is a Class A office property totaling approximately 158,000 net rentable square feet. Because the Company entered into the related purchase and sale agreement on March 28, 2013 and the carrying value of the property exceeded its net sale price, the Company recognized an impairment loss totaling approximately $3.2 million during the three months ended March 31, 2013. As a result, there was no loss on sale of real estate recognized during the nine months ended September 30, 2013. The impairment loss and operating results of this property have been classified as discontinued operations on a historical basis for all periods presented. The sale of this asset caused the Company to reevaluate its strategy for development of its adjacent Almaden land parcel, which can accommodate an approximately 840,000 square feet office complex. Based on a shorter than expected hold period, the Company reduced the carrying value of the land parcel to its estimated fair market value and recognized an impairment loss of approximately $8.3 million during the three months ended March 31, 2013. The Company's estimated fair value, as measured on a non-recurring basis, was based on comparable land sales. The Company has determined that its valuation of the land falls within Level 3 of the fair value hierarchy, as it has utilized significant unobservable inputs in its assessment. | ||||||||||||||||
On August 22, 2013, the Company completed the sale of its 1301 New York Avenue property located in Washington, DC for a net contract sale price of approximately $121.7 million. After adjusting for outstanding lease and other transaction costs assumed by the buyer, the gross sale price was approximately $135.0 million. Net cash proceeds totaled approximately $121.5 million, resulting in a gain on sale of approximately $86.4 million. 1301 New York Avenue is a Class A office property totaling approximately 201,000 net rentable square feet. The operating results of the property through the date of sale have been classified as discontinued operations on a historical basis for all periods presented. | ||||||||||||||||
The following table summarizes the income from discontinued operations related to 1301 New York Avenue, Montvale Center and 303 Almaden Boulevard and the related gain on sale of real estate, gain on forgiveness of debt and impairment loss for the three and nine months ended September 30, 2013 and 2012 and the gain on sale of real estate and income from discontinued operations for the nine months ended September 30, 2012 related to the Company's Bedford Business Park properties which were sold on May 17, 2012: | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Total revenue | $ | 1,511 | $ | 4,882 | $ | 10,469 | $ | 17,940 | ||||||||
Expenses | ||||||||||||||||
Operating | 433 | 1,781 | 3,447 | 6,725 | ||||||||||||
Depreciation and amortization | — | 901 | 1,065 | 3,675 | ||||||||||||
Total expenses | 433 | 2,682 | 4,512 | 10,400 | ||||||||||||
Operating income | 1,078 | 2,200 | 5,957 | 7,540 | ||||||||||||
Other expense | ||||||||||||||||
Interest expense | — | (650 | ) | (360 | ) | (1,944 | ) | |||||||||
Income from discontinued operations | $ | 1,078 | $ | 1,550 | $ | 5,597 | $ | 5,596 | ||||||||
Noncontrolling interest in income from discontinued operations – common units of the Operating Partnership | (107 | ) | (162 | ) | (562 | ) | (591 | ) | ||||||||
Income from discontinued operations attributable to Boston Properties, Inc. | $ | 971 | $ | 1,388 | $ | 5,035 | $ | 5,005 | ||||||||
Gains on sales of real estate from discontinued operations | $ | 86,448 | $ | — | $ | 86,448 | $ | 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 | (8,803 | ) | — | (10,698 | ) | (4,060 | ) | |||||||||
Gain sale of real estate, gain on forgiveness of debt and impairment loss from discontinued operations attributable to Boston Properties, Inc. | $ | 77,645 | $ | — | $ | 92,691 | $ | 32,817 | ||||||||
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Investments In Unconsolidated Joint Ventures [Abstract] | ' | |||||||||||||||
Investments In Unconsolidated Joint Ventures | ' | |||||||||||||||
Investments in Unconsolidated Joint Ventures | ||||||||||||||||
The investments in unconsolidated joint ventures consist of the following at September 30, 2013: | ||||||||||||||||
Entity | Properties | Nominal % | ||||||||||||||
Ownership | ||||||||||||||||
Square 407 Limited Partnership | Market Square North | 50 | % | |||||||||||||
The Metropolitan Square Associates LLC | Metropolitan Square | 51 | % | |||||||||||||
BP/CRF 901 New York Avenue LLC | 901 New York Avenue | 25 | % | (1) | ||||||||||||
WP Project Developer LLC | Wisconsin Place Land and Infrastructure | 33.3 | % | (2) | ||||||||||||
RBP Joint Venture LLC | N/A | 50 | % | (3) | ||||||||||||
Boston Properties Office Value-Added Fund, L.P. | N/A | 39.5 | % | -4 | ||||||||||||
Annapolis Junction NFM, LLC | Annapolis Junction | 50 | % | (5) | ||||||||||||
2 GCT Venture LLC | N/A | 60 | % | (6) | ||||||||||||
540 Madison Venture LLC | 540 Madison Avenue | 60 | % | |||||||||||||
125 West 55th Street Venture LLC | N/A | 60 | % | -7 | ||||||||||||
500 North Capitol LLC | 500 North Capitol Street, NW | 30 | % | |||||||||||||
_______________ | ||||||||||||||||
-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 and infrastructure of the project. | |||||||||||||||
-3 | Eighth Avenue and 46th Street was sold on July 19, 2013. | |||||||||||||||
-4 | The Company acquired Mountain View Research Park and Mountain View Technology Park from the Value-Added Fund on April 10, 2013 (See Note 3). As of September 30, 2013, the investment is comprised of undistributed cash. | |||||||||||||||
-5 | Comprised of two buildings, one building under construction and two undeveloped land parcels. | |||||||||||||||
-6 | Two Grand Central Tower was sold on October 25, 2011. As of September 30, 2013, the investment is comprised of undistributed cash. | |||||||||||||||
-7 | 125 West 55th Street was sold on May 30, 2013. As of September 30, 2013, the investment is comprised of undistributed cash. | |||||||||||||||
Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners. | ||||||||||||||||
The combined summarized balance sheets of the Company's unconsolidated joint ventures are as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Real estate and development in process, net | $ | 927,890 | $ | 4,494,971 | ||||||||||||
Other assets | 158,105 | 673,716 | ||||||||||||||
Total assets | $ | 1,085,995 | $ | 5,168,687 | ||||||||||||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | ||||||||||||||||
Mortgage and notes payable | $ | 748,489 | $ | 3,039,922 | ||||||||||||
Other liabilities | 21,183 | 792,888 | ||||||||||||||
Members’/Partners’ equity | 316,323 | 1,335,877 | ||||||||||||||
Total liabilities and members’/partners’ equity | $ | 1,085,995 | $ | 5,168,687 | ||||||||||||
Company’s share of equity | $ | 157,875 | $ | 787,941 | ||||||||||||
Basis differentials (1) | (28,837 | ) | (128,025 | ) | ||||||||||||
Carrying value of the Company’s investments in unconsolidated joint ventures | $ | 129,038 | $ | 659,916 | ||||||||||||
_______________ | ||||||||||||||||
-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. | |||||||||||||||
The combined summarized statements of operations of the Company's unconsolidated joint ventures are as follows: | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Total revenue (1) | $ | 37,983 | $ | 135,998 | $ | 273,464 | $ | 431,133 | ||||||||
Expenses | ||||||||||||||||
Operating | 14,963 | 42,298 | 89,826 | 120,451 | ||||||||||||
Depreciation and amortization | 9,784 | 39,291 | 76,202 | 123,869 | ||||||||||||
Total expenses | 24,747 | 81,589 | 166,028 | 244,320 | ||||||||||||
Operating income | 13,236 | 54,409 | 107,436 | 186,813 | ||||||||||||
Other income (expense) | ||||||||||||||||
Interest expense | (8,148 | ) | (56,521 | ) | (104,436 | ) | (167,792 | ) | ||||||||
Losses from early extinguishments of debt | — | — | (1,677 | ) | — | |||||||||||
Income (loss) from continuing operations | 5,088 | (2,112 | ) | 1,323 | 19,021 | |||||||||||
Gains on sales of real estate | 12,441 | 990 | 14,207 | 990 | ||||||||||||
Net income (loss) | $ | 17,529 | $ | (1,122 | ) | $ | 15,530 | $ | 20,011 | |||||||
Company’s share of net income (loss) | $ | 3,149 | $ | (1,420 | ) | $ | 1,974 | $ | 10,591 | |||||||
Gains on sales of real estate | 11,174 | — | 54,501 | — | ||||||||||||
Basis differential | 413 | 384 | (1,213 | ) | 1,282 | |||||||||||
Elimination of inter-entity interest on partner loan | — | 10,253 | 16,978 | 30,256 | ||||||||||||
Income from unconsolidated joint ventures | $ | 14,736 | $ | 9,217 | $ | 72,240 | $ | 42,129 | ||||||||
Gains on consolidation of joint ventures | $ | (1,810 | ) | $ | — | $ | 385,991 | $ | — | |||||||
_______________ | ||||||||||||||||
-1 | Includes straight-line rent adjustments of $0.6 million and $2.2 million for the three months ended September 30, 2013 and 2012, respectively, and $7.6 million and $9.3 million for the nine months ended September 30, 2013 and 2012, respectively. Includes net below-market rent adjustments of $(0.1) million and $22.1 million for the three months ended September 30, 2013 and 2012, respectively, and $33.9 million and $70.6 million for the nine months ended September 30, 2013 and 2012, respectively. Total revenue for the nine months ended September 30, 2012 includes termination income totaling approximately $19.6 million (of which the Company's share is approximately $11.8 million) related to a lease termination with a tenant at 767 Fifth Avenue (the General Motors Building). | |||||||||||||||
On February 28, 2013, a joint venture in which the Company has a 50% interest completed and fully placed in-service Annapolis Junction Building Six, a Class A office property with approximately 119,000 net rentable square feet located in Annapolis, Maryland. | ||||||||||||||||
On March 31, 2013, a joint venture in which the Company has a 30% interest completed and fully placed in-service 500 North Capitol Street, NW, a Class A office redevelopment project with approximately 231,000 net rentable square feet located in Washington, DC. | ||||||||||||||||
On April 4, 2013, a joint venture in which the Company has a 50% interest obtained construction financing collateralized by its Annapolis Junction Building Seven development project located in Annapolis, Maryland totaling $22.0 million. The construction financing bears interest at a variable rate equal to LIBOR plus 1.65% per annum and matures on April 4, 2016, with two, one-year extension options, subject to certain conditions. | ||||||||||||||||
On April 10, 2013, the Company acquired the Mountain View Research Park and Mountain View Technology Park properties from its Value-Added Fund for an aggregate net purchase price of approximately $233.1 million. In conjunction with the acquisition, the Value-Added Fund repaid the mortgage loans collateralized by the Mountain View Research Park and Mountain View Technology Park properties totaling approximately $90.0 million and $20.0 million, respectively, as well as the outstanding loans payable to the Company's Operating Partnership totaling approximately $8.6 million and $3.7 million, respectively. The Mountain View Research Park and Mountain View Technology Park mortgage loans bore interest at variable rates equal to LIBOR plus 2.00% per annum and LIBOR plus 2.50% per annum, respectively and were scheduled to mature on May 31, 2014 and November 22, 2014, respectively. The joint venture recognized a loss on early extinguishment of debt totaling approximately $0.4 million, of which the Company's share was approximately $0.2 million, consisting of the write-off of unamortized deferred financing costs. Prior to the acquisition, the Company's ownership interest in the properties was approximately 39.5%. As a result of the acquisition, the Company owns 100% of the properties and is accounting for them on a consolidated basis (See Note 3). The Company had previously recognized an impairment loss on its investment in the unconsolidated joint venture. As a result, the Company recognized a gain on its investment of approximately $26.5 million, which includes an adjustment recognized during the three months ended September 30, 2013 totaling approximately $2.1 million and which is included within gains on consolidation of joint ventures in the Company's consolidated statements of operations. | ||||||||||||||||
On May 30, 2013, a joint venture in which the Company has a 60% interest completed the sale of its 125 West 55th Street property located in New York City for a sale price of $470.0 million, including the assumption by the buyer of the mortgage loan collateralized by the property totaling approximately $198.6 million. The mortgage loan bore interest at a fixed rate of 6.09% per annum and was scheduled to mature on March 10, 2020. Net cash proceeds totaled approximately $253.7 million, of which the Company's share was approximately $152.2 million, after the payment of transaction costs. 125 West 55th Street is a Class A office property totaling approximately 588,000 net rentable square feet. The Company had previously recognized an impairment loss on its investment in the unconsolidated joint venture. As a result, the Company recognized a gain on sale of real estate totaling approximately $43.2 million, which is included within income from unconsolidated joint ventures in the Company's consolidated statements of operations. | ||||||||||||||||
On May 31, 2013, the Company's two joint venture partners in 767 Venture, LLC (the entity that owns 767 Fifth Avenue (the General Motors Building) located in New York City) transferred all of their interests in the joint venture to third parties. In connection with the transfer, the Company and its new joint venture partners modified the Company's relative decision making authority and consent rights with respect to the joint venture's assets and operations. These changes resulted in the Company having sufficient financial and operating control over 767 Venture, LLC such that the Company now accounts for the assets, liabilities and operations of 767 Venture, LLC on a consolidated basis in its financial statements instead of under the equity method of accounting (See Note 3). Upon consolidation, the Company recognized a non-cash gain on its investment of approximately $359.5 million, which includes an adjustment recognized during the three months ended September 30, 2013 totaling approximately $(3.9) million and which is included within gains on consolidation of joint ventures in the Company's consolidated statements of operations. | ||||||||||||||||
On May 31, 2013, a joint venture in which the Company has a 30% interest refinanced its construction loan collateralized by 500 North Capitol Street, NW located in Washington, DC. The construction loan totaling approximately $90.6 million bore interest at a variable rate equal to LIBOR plus 1.65% per annum and was scheduled to mature on October 14, 2014. The joint venture recognized a loss on early extinguishment of debt totaling approximately $1.0 million, of which the Company's share was approximately $0.3 million, consisting of the write-off of unamortized deferred financing costs. The new mortgage loan totaling $105.0 million requires interest only payments at a fixed interest rate of 4.15% per annum and matures on June 6, 2023. | ||||||||||||||||
On June 5, 2013, a joint venture in which the Company has a 60% interest refinanced its mortgage loans collateralized by 540 Madison Avenue located in New York City. The mortgage loans aggregating approximately $118.0 million bore interest at a weighted-average fixed rate of 5.20% per annum and were scheduled to mature on July 11, 2013. The joint venture recognized a loss on early extinguishment of debt totaling approximately $0.3 million, of which the Company's share was approximately $0.2 million, related to the acceleration of the remaining balance of the historical fair value debt adjustment, which was the result of purchase accounting. The new mortgage loan totaling $120.0 million requires interest only payments at a variable rate equal to LIBOR plus 1.50% per annum and matures on June 5, 2018. | ||||||||||||||||
On July 19, 2013, a joint venture in which the Company has a 50% interest completed the sale of its Eighth Avenue and 46th Street project located in New York City for an imputed sale price of $45.0 million. The Eighth Avenue and 46th Street project is comprised of an assemblage of land parcels and air-rights. Net cash proceeds to the Company totaled approximately $21.8 million, after the payment of transaction costs. The joint venture had previously recognized an impairment loss on the property. As a result, the joint venture recognized a gain on sale of real estate totaling approximately $12.6 million, of which the Company's share was approximately $11.3 million. The Company's share of the gain on sale of real estate is reflective of the Company's share of the net proceeds from the imputed sale price and is included within income from unconsolidated joint ventures in the Company's consolidated statements of operations. | ||||||||||||||||
On September 26, 2013, a joint venture in which the Company has a 50% interest entered into a lease agreement for its Annapolis Junction Building Seven development project. Annapolis Junction Building Seven when completed will consist of a Class A office property with approximately 125,000 net rentable square feet located in Annapolis, Maryland. |
Mortgage_Notes_Payable
Mortgage Notes Payable | 9 Months Ended |
Sep. 30, 2013 | |
Loans Payable [Abstract] | ' |
Mortgage Notes Payable | ' |
Mortgage Notes Payable | |
On February 5, 2013, the Company used available cash to repay the mortgage loan collateralized by its Kingstowne One property located in Alexandria, Virginia totaling approximately $17.0 million. The mortgage loan bore interest at a fixed rate of 5.96% per annum and was scheduled to mature on May 5, 2013. There was no prepayment penalty. | |
On February 20, 2013, the foreclosure sale of the Company's Montvale Center property was ratified by the court. As a result of the ratification, the mortgage loan totaling $25.0 million was extinguished and the related obligations were satisfied with the transfer of the real estate resulting in the recognition of a gain on forgiveness of debt totaling approximately $20.2 million. The operating results of the property through the date of ratification have been classified as discontinued operations on a historical basis for all periods (See Notes 2 and 3). | |
On April 1, 2013, the Company used available cash to repay the mortgage loan collateralized by its 140 Kendrick Street property located in Needham, Massachusetts totaling approximately $47.6 million. The mortgage loan bore interest at a fixed rate of 7.51% per annum and was scheduled to mature on July 1, 2013. There was no prepayment penalty. The Company recognized a gain on early extinguishment of debt totaling approximately $0.3 million related to the acceleration of the remaining balance of the historical fair value debt adjustment, which was the result of purchase accounting. | |
On May 31, 2013, in conjunction with the consolidation of the Company's 767 Venture, LLC joint venture (the entity that owns 767 Fifth Avenue (the General Motors Building), the Company recorded mortgage loans collateralized by the property aggregating $1.3 billion and mezzanine loans aggregating $306.0 million. The mortgage loans require interest-only payments at a weighted-average fixed interest rate of 5.95% per annum and mature on October 7, 2017. The mezzanine loans require interest-only payments at a weighted-average fixed interest rate of 6.02% per annum and mature on October 7, 2017. The mortgage loans and mezzanine loans were recorded at their fair values aggregating approximately $1.5 billion and $311.7 million, respectively, using weighted-average effective interest rates of approximately 2.44% and 5.53% per annum, respectively. In addition, in conjunction with the consolidation, the Company recorded loans payable to the joint venture's partners totaling $450.0 million and related accrued interest payable totaling approximately $175.8 million. The partner loans bear interest at a fixed rate of 11.0% per annum and mature on June 9, 2017. The Company has eliminated in consolidation its partner loan totaling $270.0 million and its share of the related accrued interest payable. The remaining notes payable to the outside joint venture partners totaling $180.0 million have been reflected as Related Party Notes Payable on the Consolidated Balance Sheets (See Note 3). |
Unsecured_Senior_Notes_Unsecur
Unsecured Senior Notes Unsecured Senior Notes | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Unsecured Senior Notes [Abstract] | ' | |||||||||||
Unsecured Senior Notes | ' | |||||||||||
6. Unsecured Senior Notes | ||||||||||||
The following summarizes the unsecured senior notes outstanding as of September 30, 2013 (dollars in thousands): | ||||||||||||
Coupon/ | Effective | Principal | Maturity Date(2) | |||||||||
Stated Rate | Rate(1) | Amount | ||||||||||
12 Year Unsecured Senior Notes | 5.625 | % | 5.693 | % | $ | 300,000 | April 15, 2015 | |||||
12 Year Unsecured Senior Notes | 5 | % | 5.194 | % | 250,000 | June 1, 2015 | ||||||
10 Year Unsecured Senior Notes | 5.875 | % | 5.967 | % | 700,000 | October 15, 2019 | ||||||
10 Year Unsecured Senior Notes | 5.625 | % | 5.708 | % | 700,000 | November 15, 2020 | ||||||
10 Year Unsecured Senior Notes | 4.125 | % | 4.289 | % | 850,000 | May 15, 2021 | ||||||
7 Year Unsecured Senior Notes | 3.7 | % | 3.853 | % | 850,000 | November 15, 2018 | ||||||
11 Year Unsecured Senior Notes | 3.85 | % | 3.954 | % | 1,000,000 | February 1, 2023 | ||||||
10.5 Year Unsecured Senior Notes | 3.125 | % | 3.279 | % | 500,000 | September 1, 2023 | ||||||
10.5 Year Unsecured Senior Notes | 3.8 | % | 3.916 | % | 700,000 | February 1, 2024 | ||||||
Total principal | 5,850,000 | |||||||||||
Net unamortized discount | (14,576 | ) | ||||||||||
Total | $ | 5,835,424 | ||||||||||
_______________ | ||||||||||||
-1 | Yield on issuance date including the effects of discounts on the notes and the amortization of financing costs. | |||||||||||
-2 | No principal amounts are due prior to maturity. | |||||||||||
The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. At September 30, 2013, the Company was in compliance with each of these financial restrictions and requirements. | ||||||||||||
On April 11, 2013, the Company's Operating Partnership completed a public offering of $500.0 million in aggregate principal amount of its 3.125% senior unsecured notes due 2023. The notes were priced at 99.379% of the principal amount to yield an effective rate (including financing fees) of 3.279% to maturity. The notes will mature on September 1, 2023, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $492.5 million after deducting underwriting discounts and transaction expenses. | ||||||||||||
On June 27, 2013, the Company's Operating Partnership completed a public offering of $700.0 million in aggregate principal amount of its 3.800% senior unsecured notes due 2024. The notes were priced at 99.694% of the principal amount to yield an effective rate (including financing fees) of 3.916% to maturity. The notes will mature on February 1, 2024, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $691.9 million after deducting the underwriting discount and transaction expenses. |
Unsecured_Exchangeable_Senior_
Unsecured Exchangeable Senior Notes Unsecured Exchangeable Senior Notes | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Unsecured Exchangeable Senior Notes [Abstract] | ' | ||||||||||||||||
Unsecured Exchangeable Senior Notes | ' | ||||||||||||||||
7. Unsecured Exchangeable Senior Notes | |||||||||||||||||
The following summarizes the unsecured exchangeable senior notes outstanding as of September 30, 2013 (dollars in thousands): | |||||||||||||||||
Coupon/ | Effective | Exchange | Principal | First Optional | Maturity Date | ||||||||||||
Stated Rate | Rate(1) | Rate | Amount | Redemption Date by the | |||||||||||||
Company | |||||||||||||||||
3.625% Exchangeable Senior Notes | 3.625 | % | 4.037 | % | 8.5051 | -2 | $ | 747,500 | N/A | February 15, 2014 | |||||||
Net unamortized discount | (555 | ) | |||||||||||||||
Adjustment for the equity component allocation, net of accumulated amortization | (7,409 | ) | |||||||||||||||
Total | $ | 739,536 | |||||||||||||||
_______________ | |||||||||||||||||
-1 | Yield on issuance date including the effects of discounts on the notes and the amortization of financing costs but excluding the effects of the adjustment for the equity component allocation. | ||||||||||||||||
-2 | The initial exchange rate is 8.5051 shares per $1,000 principal amount of the notes (or an initial exchange price of approximately $117.58 per share of Boston Properties, Inc.’s common stock). In addition, the Company entered into capped call transactions with affiliates of certain of the initial purchasers, which are intended to reduce the potential dilution upon future exchange of the notes. The capped call transactions were intended to increase the effective exchange price to the Company of the notes from $117.58 to approximately $137.17 per share (subject to adjustment), representing an overall effective premium of approximately 40% over the closing price on August 13, 2008 of $97.98 per share of Boston Properties, Inc.’s common stock. The net cost of the capped call transactions was approximately $44.4 million. As of September 30, 2013, the effective exchange price was $134.14 per share. | ||||||||||||||||
On April 15, 2013, the Company announced that holders of its Operating Partnership's 3.75% Exchangeable Senior Notes due 2036 (the “Notes”) had the right to surrender their Notes for purchase by the Operating Partnership (the “Put Right”) on May 18, 2013. On April 15, 2013, the Company also announced that the Operating Partnership issued a notice of redemption to the holders of the Notes to redeem, on May 18, 2013 (the “Redemption Date”), all of the Notes outstanding on the Redemption Date. In connection with the notice of redemption, holders of the Notes had the right to exchange their Notes on or prior to May 16, 2013. Notes with respect to which the Put Right was not exercised and that were not surrendered for exchange on or prior to May 16, 2013, were redeemed by the Operating Partnership at a redemption price equal to 100% of the principal amount of the Notes plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. Based on final information provided to the Operating Partnership by the trustee for the Notes, no Notes were validly tendered and accepted for purchase in the Put Right. Pursuant to the notice of redemption, an aggregate principal amount of $990,000 of the Notes was redeemed on May 18, 2013. The remaining aggregate principal amount of $449,010,000 of the Notes was surrendered for exchange and, in addition to the repayment of the principal in cash, the Company issued an aggregate of 419,116 shares of its common stock in exchange for the Notes (See Note 11). The Company recognized a loss on early extinguishment of debt totaling approximately $0.1 million consisting of transaction costs. |
Unsecured_Line_of_Credit_Notes
Unsecured Line of Credit (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Unsecured Line of Credit [Abstract] | ' |
Unsecured Line of Credit [Text Block] | ' |
8. Unsecured Line of Credit | |
On July 26, 2013, the Company's Operating Partnership amended and restated the revolving credit agreement governing the Company's Unsecured Line of Credit, which, among other things, (1) increased the total commitment from $750.0 million to $1.0 billion, (2) extended the maturity date from June 24, 2014 to July 26, 2018 and (3) reduced the per annum variable interest rates and other fees. The Operating Partnership may increase the total commitment to $1.5 billion, subject to syndication of the increase and other conditions. At the Operating Partnership’s option, loans outstanding under the Unsecured Line of Credit will bear interest at a rate per annum equal to (1), in the case of loans denominated in Dollars, Euro or Sterling, LIBOR or, in the case of loans denominated in Canadian Dollars, CDOR, in each case, plus a margin ranging from 0.925% to 1.70% based on the Operating Partnership’s credit rating or (2) an alternate base rate equal to the greatest of (a) the Administrative Agent’s prime rate, (b) the Federal Funds rate plus 0.5% or (c) LIBOR for a one month period plus 1.00%, in each case, plus a margin ranging from 0.0% to 0.70% based on the Operating Partnership’s credit rating. The Unsecured Line of Credit also contains a competitive bid option that allows banks that are part of the lender consortium to bid to make loan advances to the Operating Partnership at a reduced interest rate. In addition, the Operating Partnership is also obligated to pay (1) in quarterly installments a facility fee on the total commitment at a rate per annum ranging from 0.125% to 0.35% based on the Operating Partnership’s credit rating and (2) an annual fee on the undrawn amount of each letter of credit equal to the LIBOR margin. Based on the Operating Partnership’s current credit rating, the LIBOR and CDOR margin is 1.00%, the alternate base rate margin is 0.0% and the facility fee is 0.15%. At September 30, 2013, there were no amounts outstanding on the Unsecured Line of Credit. | |
The terms of the Unsecured Line of Credit require that the Company maintain a number of customary financial and other covenants on an ongoing basis, including: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. At September 30, 2013, the Company was in compliance with each of these financial and other covenant requirements. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
General | |
In the normal course of business, the Company guarantees its performance of services or indemnifies third parties against its negligence. In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of its subsidiaries for the payment of tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises. | |
The Company has letter of credit and performance obligations of approximately $13.9 million related to lender and development requirements. | |
Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. Under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners. | |
In connection with the assumption of 767 Fifth Avenue's (the General Motors Building) secured loan by the Company’s consolidated joint venture, 767 Venture, LLC, the Company guaranteed the consolidated joint venture’s obligation to fund various escrows, including tenant improvements, taxes and insurance in lieu of cash deposits. As of September 30, 2013, the maximum funding obligation under the guarantee was approximately $11.4 million. The Company earns a fee from the joint venture for providing the guarantee and has an agreement with the outside partners to reimburse the joint venture for their share of any payments made under the guarantee. | |
In connection with the mortgage financing collateralized by the Company's John Hancock Tower property located in Boston, Massachusetts, the Company has agreed to guarantee approximately $15.9 million related to its obligations to provide funds for certain tenant re-leasing costs. The mortgage financing matures on January 6, 2017. | |
From time to time, the Company (or the applicable joint venture) has also agreed to guarantee portions of the principal, interest or other amounts in connection with other unconsolidated joint venture borrowings. In addition to the financial guarantees referenced above, the Company has agreed to customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) on certain of its unconsolidated joint venture loans. | |
Insurance | |
The Company carries insurance coverage on its properties of types and in amounts and with deductibles that it believes are in line with coverage customarily obtained by owners of similar properties. In response to the uncertainty in the insurance market following the terrorist attacks of September 11, 2001, the Federal Terrorism Risk Insurance Act (as amended, “TRIA”) was enacted in November 2002 to require regulated insurers to make available coverage for “certified” acts of terrorism (as defined by the statute). The expiration date of TRIA was extended to December 31, 2014 by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) and the Company can provide no assurance that it will be extended further. Currently, the Company’s property insurance program per occurrence limits are $1.0 billion for its portfolio insurance program, including coverage for acts of terrorism certified under TRIA other than nuclear, biological, chemical or radiological terrorism (“Terrorism Coverage”). The Company also carries $250 million of Terrorism Coverage for 601 Lexington Avenue, New York, New York (“601 Lexington Avenue”) in excess of the $1.0 billion of coverage in the Company’s property insurance program which is provided by IXP, LLC (“IXP”) as a direct insurer. Certain properties, including the General Motors Building located at 767 Fifth Avenue in New York, New York (“767 Fifth Avenue”), are currently insured in separate insurance programs. The property insurance program per occurrence limits for 767 Fifth Avenue are $1.625 billion, including Terrorism Coverage, with $1.375 billion of Terrorism Coverage in excess of $250 million being provided by NYXP, LLC (“NYXP”), as a direct insurer. The Company also currently carries nuclear, biological, chemical and radiological terrorism insurance coverage for acts of terrorism certified under TRIA (“NBCR Coverage”), which is provided by IXP as a direct insurer, for the properties in our portfolio, including 767 Fifth Avenue, but excluding certain other properties owned in joint ventures with third parties or which the Company manages. The per occurrence limit for NBCR Coverage is $1.0 billion. Under TRIA, after the payment of the required deductible and coinsurance, the additional Terrorism Coverage provided by IXP for 601 Lexington Avenue, the NBCR Coverage provided by IXP and the Terrorism Coverage provided by NYXP are backstopped by the Federal Government if the aggregate industry insured losses resulting from a certified act of terrorism exceed a “program trigger.” The program trigger is $100.0 million and the coinsurance is 15%. Under TRIPRA, if the Federal Government pays out for a loss under TRIA, it is mandatory that the Federal Government recoup the full amount of the loss from insurers offering TRIA coverage after the payment of the loss pursuant to a formula in TRIPRA. The Company may elect to terminate the NBCR Coverage if the Federal Government seeks recoupment for losses paid under TRIA, if there is a change in its portfolio or for any other reason. In the event TRIPRA is not extended beyond December 31, 2014, (i) the Company will evaluate alternative approaches to secure coverage for acts of terrorism thereby potentially increasing its overall cost of insurance, (ii) if such insurance is not available at commercially reasonable rates with limits equal to its current coverage or at all, the Company may not continue to have full occurrence limit coverage for acts of terrorism, (iii) the Company may not satisfy the insurance requirements under existing or future debt financings secured by individual properties, (iv) the Company may not be able to obtain future debt financings secured by individual properties and (v) the Company may cancel the insurance policies issued by IXP for the NBCR Coverage and the additional Terrorism Coverage for 601 Lexington Avenue and by NYXP for the Terrorism Coverage for 767 Fifth Avenue. The Company intends to continue to monitor the scope, nature and cost of available terrorism insurance and maintain terrorism insurance in amounts and on terms that are commercially reasonable. | |
The Company also currently carries earthquake insurance on its properties located in areas known to be subject to earthquakes in an amount and subject to self-insurance that the Company believes are commercially reasonable. In addition, this insurance is subject to a deductible in the amount of 5% of the value of the affected property. Specifically, the Company currently carries earthquake insurance which covers its San Francisco region (excluding 680 Folsom Street and 535 Mission Street) with a $120 million per occurrence limit and a $120 million annual aggregate limit, $20 million of which is provided by IXP, as a direct insurer. The builders risk policy maintained for the development of 680 Folsom Street in San Francisco includes a $20 million per occurrence and annual aggregate limit of earthquake coverage. In addition, the builders risk policy maintained for the development of 535 Mission Street in San Francisco includes a $15 million per occurrence and annual aggregate limit of earthquake coverage. The amount of the Company’s earthquake insurance coverage may not be sufficient to cover losses from earthquakes. In addition, the amount of earthquake coverage could impact the Company’s ability to finance properties subject to earthquake risk. The Company may discontinue earthquake insurance or change the structure of its earthquake insurance program on some or all of its properties in the future if the premiums exceed the Company’s estimation of the value of the coverage. | |
IXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acts as a direct insurer with respect to a portion of the Company’s earthquake insurance coverage for its Greater San Francisco properties, the additional Terrorism Coverage for 601 Lexington Avenue and the Company’s NBCR Coverage. The additional Terrorism Coverage provided by IXP for 601 Lexington Avenue only applies to losses which exceed the program trigger under TRIA. NYXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acts as a direct insurer with respect to a portion of the Company’s Terrorism Coverage for 767 Fifth Avenue. Currently, NYXP only insures losses which exceed the program trigger under TRIA and NYXP reinsures with a third-party insurance company any coinsurance payable under TRIA. Insofar as the Company owns IXP and NYXP, it is responsible for their liquidity and capital resources, and the accounts of IXP and NYXP are part of the Company’s consolidated financial statements. In particular, if a loss occurs which is covered by the Company’s NBCR Coverage but is less than the applicable program trigger under TRIA, IXP would be responsible for the full amount of the loss without any backstop by the Federal Government. IXP and NYXP would also be responsible for any recoupment charges by the Federal Government in the event losses are paid out and their insurance policies are maintained after the payout by the Federal Government. If the Company experiences a loss and IXP or NYXP are required to pay under their insurance policies, the Company would ultimately record the loss to the extent of the required payment. Therefore, insurance coverage provided by IXP and NYXP should not be considered as the equivalent of third-party insurance, but rather as a modified form of self-insurance. In addition, the Operating Partnership has issued a guarantee to cover liabilities of IXP in the amount of $20.0 million. | |
The mortgages on the Company's properties typically contain requirements concerning the financial ratings of the insurers who provide policies covering the property. The Company provides the lenders on a regular basis with the identity of the insurance companies in the Company's insurance programs. The ratings of some of the Company's insurers are below the rating requirements in some of the Company's loan agreements and the lenders for these loans could attempt to claim that an event of default has occurred under the loan. The Company believes it could obtain insurance with insurers which satisfy the rating requirements. Additionally, in the future, the Company's ability to obtain debt financing secured by individual properties, or the terms of such financing, may be adversely affected if lenders generally insist on ratings for insurers or amounts of insurance which are difficult to obtain or which result in a commercially unreasonable premium. There can be no assurance that a deficiency in the financial ratings of one or more of the Company's insurers will not have a material adverse effect on the Company. | |
The Company continues to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism and California earthquake risk in particular, but the Company cannot anticipate what coverage will be available on commercially reasonable terms in future policy years. There are other types of losses, such as from wars, for which the Company cannot obtain insurance at all or at a reasonable cost. With respect to such losses and losses from acts of terrorism, earthquakes or other catastrophic events, if the Company experiences a loss that is uninsured or that exceeds policy limits, the Company could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties. Depending on the specific circumstances of each affected property, it is possible that the Company could be liable for mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect the Company's business and financial condition and results of operations. |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Noncontrolling Interests | ' | |||
Noncontrolling Interests | ||||
Noncontrolling interests relate to the interests in the Operating Partnership not owned by the Company and interests in consolidated property partnerships not wholly-owned by the Company. As of September 30, 2013, the noncontrolling interests in the Operating Partnership consisted of 15,738,523 OP Units, 1,460,200 LTIP Units, 396,500 2011 OPP Units, 396,150 2012 OPP Units, 316,325 2013 MYLTIP Units, 995,997 Series Two Preferred Units (or 1,307,083 OP Units on an as converted basis) and 360,126 Series Four Preferred Units (not convertible into OP Units) held by parties other than the Company. | ||||
Noncontrolling Interest—Redeemable Preferred Units of the Operating Partnership | ||||
The Preferred Units at September 30, 2013 included 995,997 Series Two Preferred Units, which bear a preferred distribution equal to the greater of (1) the distribution which would have been paid in respect of the Series Two Preferred Unit had such Series Two Preferred Unit been converted into an OP Unit (including both regular and special distributions) or (2) 6.00% per annum on a liquidation preference of $50.00 per unit, and are convertible into OP Units at a rate of $38.10 per Preferred Unit (1.312336 OP Units for each Preferred Unit). The holders of Series Two Preferred Units have the right to require the Operating Partnership to redeem all of the outstanding units for cash at the redemption price of $50.00 per unit on May 12, 2014. The holders also had the right to have 1,007,662 Series Two Preferred Units (or such lesser amount that may have been outstanding) redeemed for cash on each of May 12, 2009, May 12, 2010, May 12, 2011, May 14, 2012 and May 14, 2013, although no holder exercised such right. In May 2014, the Company also has the right, subject to certain conditions, to call for redemption all of the outstanding Series Two Preferred Units for cash or to convert into OP Units any Series Two Preferred Units that have not been previously redeemed. In the event the Company calls the Series Two Preferred Units for redemption, the holders shall have the right to convert the Series Two Preferred Units into OP Units. | ||||
On February 15, 2013, the Operating Partnership paid a distribution on its outstanding Series Two Preferred Units of $0.85302 per unit. On May 15, 2013, the Operating Partnership paid a distribution on its outstanding Series Two Preferred Units of $0.85302 per unit. On August 15, 2013, the Operating Partnership paid a distribution on its outstanding Series Two Preferred Units of $0.85302 per unit. | ||||
The Preferred Units at September 30, 2013 also included 360,126 Series Four Preferred Units, which bear a preferred distribution equal to 2.00% per annum on a liquidation preference of $50.00 per unit and are not convertible into OP Units. In order to secure the performance of certain obligations by the holders, such Series Four Preferred Units are subject to forfeiture pursuant to the terms of a pledge agreement. The holders of Series Four Preferred Units have the right, at certain times and subject to certain conditions set forth in the Certificate of Designations establishing the rights, limitations and preferences of the Series Four Preferred Units, to require the Operating Partnership to redeem all of their their units for cash at the redemption price of $50.00 per unit. The Operating Partnership also has the right, at certain times and subject to certain conditions, to redeem all of the Series Four Preferred Units for cash at the redemption price of $50.00 per unit. The Series Four Preferred Units that are subject to the security interest under the pledge agreement may not be redeemed until and unless such security interest is released. The Operating Partnership's first right to redeem the Series Four Preferred Units was a 30-day period beginning on August 29, 2013. Due to the holders' redemption option existing outside the control of the Company, the Series Four Preferred Units are presented outside of permanent equity in the Company's Consolidated Balance Sheets. On August 29, 2013, the Company's Operating Partnership redeemed approximately 861,400 Series Four Preferred Units for cash at the redemption price of $50.00 per unit plus accrued and unpaid distributions through the redemption date. | ||||
On February 15, 2013, the Operating Partnership paid a distribution on its outstanding Series Four Preferred Units of $0.25 per unit. On May 15, 2013, the Operating Partnership paid a distribution on its outstanding Series Four Preferred Units of $0.25 per unit. On August 15, 2013, the Operating Partnership paid a distribution on its outstanding Series Four Preferred Units of $0.25 per unit. | ||||
The following table reflects the activity of the noncontrolling interests—redeemable preferred units of the Operating Partnership for the nine months ended September 30, 2013 and 2012 (in thousands): | ||||
Balance at January 1, 2013 | $ | 110,876 | ||
Net income | 3,385 | |||
Distributions | (3,385 | ) | ||
Redemption of redeemable preferred units (Series Four Preferred Units) | (43,070 | ) | ||
Balance at September 30, 2013 | $ | 67,806 | ||
Balance at January 1, 2012 | $ | 55,652 | ||
Issuance of redeemable preferred units (Series Four Preferred Units) | 79,405 | |||
Net income | 2,440 | |||
Distributions | (2,440 | ) | ||
Redemption of redeemable preferred units (Series Four Preferred Units) | (18,329 | ) | ||
Conversion of redeemable preferred units (Series Two Preferred Units) to common units | (5,852 | ) | ||
Balance at September 30, 2012 | $ | 110,876 | ||
Noncontrolling Interest—Redeemable Interest in Property Partnership | ||||
On October 4, 2012, the Company completed the formation of a joint venture, which owns and operates Fountain Square located in Reston, Virginia. The joint venture partner contributed the property valued at approximately $385.0 million and related mortgage indebtedness totaling approximately $211.3 million for a nominal 50% interest in the joint venture. The Company contributed cash totaling approximately $87.0 million for its nominal 50% interest, which cash was distributed to the joint venture partner. Pursuant to the joint venture agreement (i) the Company has rights to acquire the partner's nominal 50% interest and (ii) the partner has the right to cause the Company to acquire the partner's interest on January 4, 2016, in each case at a fixed price totaling approximately $102.0 million in cash. The fixed price option rights expire on January 31, 2016. The Company is consolidating this joint venture due to the Company's right to acquire the partner's nominal 50% interest. The Company initially recorded the noncontrolling interest at its acquisition-date fair value as temporary equity, due to the redemption option existing outside the control of the Company. The Company will accrete the changes in the redemption value quarterly over the period from the acquisition date to the earliest redemption date using the effective interest method. The Company will record the accretion after the allocation of net income and distributions of cash flow to the noncontrolling interest account balance. | ||||
The following table reflects the activity of the noncontrolling interest—redeemable interest in property partnership in the Company's Fountain Square consolidated joint venture for the nine months ended September 30, 2013 (in thousands): | ||||
Balance at January 1, 2013 | $ | 97,558 | ||
Net loss | (1,523 | ) | ||
Distributions | (3,935 | ) | ||
Adjustment to reflect redeemable interest at redemption value | 6,549 | |||
Balance at September 30, 2013 | $ | 98,649 | ||
Noncontrolling Interest—Common Units of the Operating Partnership | ||||
During the nine months ended September 30, 2013, 336,935 OP Units were presented by the holders for redemption (including 19,589 OP Units issued upon conversion of LTIP Units) and were redeemed by the Company in exchange for an equal number of shares of Common Stock. | ||||
At September 30, 2013, the Company had outstanding 396,500 2011 OPP Units, 396,150 2012 OPP Units and 316,325 2013 MYLTIP Units. Prior to the measurement date (January 31, 2014 for 2011 OPP Units, February 6, 2015 for 2012 OPP Units and February 4, 2016 for 2013 MYLTIP Units), holders of OPP Units and 2013 MYLTIP Units will be entitled to receive per unit distributions equal to one-tenth (10%) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions. After the measurement date, the number of OPP Units and 2013 MYLTIP Units, both vested and unvested, that OPP and 2013 MYLTIP award recipients have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an OP Unit. | ||||
On January 29, 2013, the Operating Partnership paid a distribution on the OP Units and LTIP Units in the amount of $0.65 per unit, and a distribution on the 2011 OPP Units and 2012 OPP Units in the amount of $0.065 per unit, to holders of record as of the close of business on December 31, 2012. On April 30, 2013, the Operating Partnership paid a distribution on the OP Units and LTIP Units in the amount of $0.65 per unit, and a distribution on the 2011 OPP Units, 2012 OPP Units and 2013 MYLTIP Units in the amount of $0.065 per unit, to holders of record as of the close of business on March 29, 2013. On July 31, 2013, the Operating Partnership paid a distribution on the OP Units and LTIP Units in the amount of $0.65 per unit, and a distribution on the 2011 OPP Units, 2012 OPP Units and 2013 MYLTIP Units in the amount of $0.065 per unit, to holders of record as of the close of business on June 28, 2013. On September 18, 2013, Boston Properties, Inc., as general partner of the Operating Partnership, declared a distribution on the OP Units and LTIP Units in the amount of $0.65 per unit and a distribution on the 2011 OPP Units, 2012 OPP Units and 2013 MYLTIP Units in the amount of $0.065 per unit, in each case payable on October 31, 2013 to holders of record as of the close of business on September 30, 2013. | ||||
The Series Two Preferred Units may be converted into OP Units at the election of the holder thereof at any time. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit for cash equal to the then value of a share of common stock of the Company. The Company may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock. The value of the OP Units (not owned by the Company and including LTIP Units assuming that all conditions had been met for the conversion thereof) and Series Two Preferred Units (on an as converted basis) had all of such units been redeemed at September 30, 2013 was approximately $1.8 billion and $139.7 million, respectively, based on the closing price of the Company’s common stock of $106.90 per share on September 30, 2013. | ||||
Noncontrolling Interests—Property Partnerships | ||||
The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties. The equity interests in these ventures that are not owned by the Company, totaling approximately $481.6 million at September 30, 2013 and approximately $(2.0) million at December 31, 2012, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets. | ||||
On February 7, 2013, the partner in the Company's Transbay Tower joint venture issued a notice that it was electing under the joint venture agreement to reduce its nominal ownership interest in the venture from 50% to 5%. On February 26, 2013, the Company issued a notice to the partner electing to proceed with the venture on that basis. As a result, the Company has a 95% nominal interest in and is consolidating the joint venture. Under the joint venture agreement, if certain return thresholds are achieved the partner will be entitled to an additional promoted interest. Also, under the agreement, (1) the partner has the right to cause the Company to purchase the partner's interest after the defined stabilization date and (2) the Company has the right to acquire the partner's interest on the third anniversary of the stabilization date, in each case at an agreed upon purchase price or appraised value. On March 26, 2013, the consolidated joint venture completed the acquisition of a land parcel in San Francisco, California which will support a 60-story, 1.4 million square foot office tower known as Transbay Tower. The purchase price for the land was approximately $192.0 million. The joint venture has commenced construction of the initial phase of the development consisting of building the project to grade (See Note 3). | ||||
On May 31, 2013, the Company's two joint venture partners in 767 Venture, LLC (the entity that owns 767 Fifth Avenue(the General Motors Building) in New York City) transferred all of their interests in the joint venture to third parties. In connection with the transfer, the Company and its new joint venture partners modified the Company's relative decision making authority and consent rights with respect to the joint venture's assets and operations. These changes resulted in the Company having sufficient financial and operating control over 767 Venture, LLC such that the Company now accounts for the assets, liabilities and operations of 767 Venture, LLC on a consolidated basis in its financial statements instead of under the equity method of accounting. Upon consolidation, the Company recognized the new joint venture partners' aggregate 40% equity interest at its aggregate fair value of approximately $480.9 million within Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets (See Notes 3 and 4). |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders’ Equity | |
As of September 30, 2013, the Company had 152,390,595 shares of Common Stock outstanding. | |
As of September 30, 2013, approximately $305.3 million remained available for issuance under the Company's $600 million “at the market” stock offering program. | |
During the nine months ended September 30, 2013, the Company issued 336,935 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from third parties. | |
On January 29, 2013, the Company paid a dividend in the amount of $0.65 per share of Common Stock to shareholders of record as of the close of business on December 31, 2012. On April 30, 2013, the Company paid a dividend in the amount of $0.65 per share of Common Stock to shareholders of record as of the close of business on March 29, 2013. On July 31, 2013, the Company paid a dividend in the amount of $0.65 per share of Common Stock to shareholders of record as of the close of business on June 28, 2013. On September 18, 2013, the Company's Board of Directors declared a dividend of $0.65 per share of Common Stock payable on October 31, 2013 to shareholders of record as of the close of business on September 30, 2013. | |
On March 27, 2013, the Company completed an underwritten public offering of 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) of its newly designated 5.25% Series B Cumulative Redeemable Preferred Stock, at a price of $2,500.00 per share ($25.00 per depositary share). The net proceeds from this offering were approximately $193.6 million, after deducting the underwriting discount and transaction expenses. The Company contributed the net proceeds to the Operating Partnership in exchange for 80,000 Series B Preferred Units having terms and preferences generally mirroring those of the Series B Preferred Stock. The Company will pay cumulative cash dividends on the Series B Preferred Stock at a rate of 5.25% per annum of the $2,500.00 liquidation preference per share. The Company may not redeem the Series B Preferred Stock prior to March 27, 2018, except in certain circumstances relating to the preservation of the Company's REIT status. On or after March 27, 2018, the Company, at its option, may redeem the Series B Preferred Stock for a cash redemption price of $2,500.00 per share ($25.00 per depositary share), plus all accrued and unpaid dividends. The Series B Preferred Stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of the Company or its affiliates. | |
On May 15, 2013, the Company paid a dividend on its outstanding Series B Preferred Stock of $32.8125 per share. On August 15, 2013, the Company paid a dividend on its outstanding Series B Preferred Stock of $32.8125 per share. On September 18, 2013, the Company's Board of Directors declared a dividend of $32.8125 per share of Series B Preferred Stock payable on November 15, 2013 to shareholders of record as of the close of business on November 5, 2013. | |
During the nine months ended September 30, 2013, the Company issued 419,116 shares of Common Stock in connection with the exchange by holders of its Operating Partnership's 3.75% Exchangeable Senior Notes due 2036 (See Note 7). |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share | ' | ||||||||||
Earnings Per Share | |||||||||||
The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to Boston Properties, Inc. by the weighted-average number of common shares outstanding during the period. The terms of the Series Two Preferred Units enable the holders to obtain OP Units of the Operating Partnership, as well as Common Stock of the Company, and as a result these are considered participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of the Company, LTIP Units, OPP Units and 2013 MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of the Company using the two-class method. Participating securities are included in the computation of diluted EPS of the Company using the if-converted method if the impact is dilutive. Because the OPP Units and 2013 MYLTIP Units require the Company to outperform absolute and relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, the Company excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of the Operating Partnership that are exchangeable for the Company’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS. | |||||||||||
For the three months ended September 30, 2013 | |||||||||||
Income | Shares | Per Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per share amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties, Inc. | $ | 74,061 | 152,407 | $ | 0.49 | ||||||
Discontinued operations attributable to Boston Properties, Inc. | 78,616 | — | 0.51 | ||||||||
Allocation of undistributed earnings to participating securities | (586 | ) | — | — | |||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 152,091 | 152,407 | $ | 1 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 285 | — | ||||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 152,091 | 152,692 | $ | 1 | ||||||
For the three months ended September 30, 2012 | |||||||||||
Income | Shares | Per Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per share amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties, Inc. | $ | 55,861 | 150,801 | $ | 0.37 | ||||||
Discontinued operations attributable to Boston Properties, Inc. | 1,388 | — | 0.01 | ||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 57,249 | 150,801 | $ | 0.38 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 1,182 | — | ||||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 57,249 | 151,983 | $ | 0.38 | ||||||
For the nine months ended September 30, 2013 | |||||||||||
Income | Shares | Per Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per share amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties, Inc. | $ | 555,135 | 152,000 | $ | 3.65 | ||||||
Discontinued operations attributable to Boston Properties, Inc. | 97,726 | — | 0.64 | ||||||||
Allocation of undistributed earnings to participating securities | (3,762 | ) | — | (0.02 | ) | ||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 649,099 | 152,000 | $ | 4.27 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 381 | (0.01 | ) | |||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 649,099 | 152,381 | $ | 4.26 | ||||||
For the nine months ended September 30, 2012 | |||||||||||
Income | Shares | Per Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per share amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties, Inc. | $ | 186,422 | 149,823 | $ | 1.25 | ||||||
Discontinued operations attributable to Boston Properties, Inc. | 37,822 | — | 0.25 | ||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 224,244 | 149,823 | $ | 1.5 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 655 | (0.01 | ) | |||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 224,244 | 150,478 | $ | 1.49 | ||||||
Stock_Option_and_Incentive_Pla
Stock Option and Incentive Plan | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock Option and Incentive Plan | ' |
Stock Option and Incentive Plan | |
On January 28, 2013, the Company's Compensation Committee approved multi-year long-term incentive program (MYLTIP) awards under the Company's 2012 Stock Option and Incentive Plan (the "2012 Plan") to officers and employees of the Company. MYLTIP awards utilize total return to shareholders ("TRS") over a three-year measurement period, on an annualized, compounded basis, as the performance metric. Earned awards will be based on the Company's TRS relative to (i) the Cohen & Steers Realty Majors Portfolio Index (50% weight) and (ii) the NAREIT Office Index adjusted to exclude the Company (50% weight). Earned awards will range from zero to a maximum of approximately $30.7 million depending on the Company's TRS relative to the two indices, with four tiers (threshold: approximately $5.1 million; target: approximately $10.2 million; high: approximately $20.5 million; exceptional: approximately $30.7 million) and linear interpolation between tiers. Earned awards measured on the basis of relative TRS performance are subject to an absolute TRS component in the form of relatively simple modifiers that (A) reduce the level of earned awards in the event the Company's annualized TRS is less than 2% and (B) cause some awards to be earned in the event the Company's annualized TRS is more than 10% even though on a relative basis alone the Company's TRS would not result in any earned awards. | |
Earned awards (if any) will vest 25% on February 4, 2016, 25% on February 4, 2017 and 50% on February 4, 2018, based on continued employment. Vesting will be accelerated in the event of a change in control, termination of employment by the Company without cause, termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to February 4, 2016, earned awards will be calculated based on TRS performance up to the date of the change of control. MYLTIP awards are in the form of LTIP Units issued on the grant date which (i) are subject to forfeiture to the extent awards are not earned and (ii) prior to the performance measurement date are only entitled to one-tenth (10%) of the regular quarterly distributions payable on common partnership units. | |
On March 11, 2013, the Company announced that Owen D. Thomas would succeed Mortimer B. Zuckerman as the Company's Chief Executive Officer, effective April 2, 2013. On April 2, 2013, the Company issued 24,231 LTIP units, 38,926 2013 MYLTIP Units and 50,847 non-qualified stock options under the 2012 Plan to Mr. Thomas, pursuant to his employment agreement. Mr. Zuckerman will continue to serve as Executive Chairman for a transition period and thereafter is expected to continue to serve as the Non-Executive Chairman of the Board. In connection with succession planning, the Company and Mr. Zuckerman entered into a Transition Benefits Agreement. If Mr. Zuckerman remains employed by the Company through July 1, 2014, he will be entitled to receive on January 1, 2015 a lump sum cash payment of $6.7 million and an equity award with a targeted value of approximately $11.1 million. The cash payment and equity award vest one-third on each of March 10, 2013, October 1, 2013 and July 1, 2014, subject to acceleration in certain circumstances. As a result, the Company recognized approximately $2.6 million and $11.8 million of compensation expense during the three and nine months ended September 30, 2013, respectively. In addition, the agreement provides that if Mr. Zuckerman terminates his employment with the Company for any reason, voluntarily or involuntarily, he will become fully vested in any outstanding equity awards with time-based vesting. As a result, during the nine months ended September 30, 2013, the Company accelerated the remaining approximately $12.9 million of stock-based compensation expense associated with Mr. Zuckerman's unvested long-term equity awards. | |
Under the Financial Accounting Standards Board's Accounting Standards Codification (“ASC”) 718 “Compensation-Stock Compensation” the MYLTIP awards granted to employees in February 2013 and granted to Mr. Thomas in April 2013 have an aggregate value of approximately $9.2 million, which amount will generally be amortized into earnings over the five-year plan period under the graded vesting method. | |
During the nine months ended September 30, 2013, the Company issued 36,730 shares of restricted common stock, 252,220 non-qualified stock options, 184,733 LTIP Units and 318,926 2013 MYLTIP Units to employees and non-employee directors under the 2012 Plan, including the amounts issued to Mr. Thomas pursuant to his employment agreement, as discussed above. Employees and directors paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit, OPP Unit and 2013 MYLTIP Unit. An LTIP Unit is generally the economic equivalent of a share of restricted stock in the Company. The aggregate value of the LTIP Units is included in noncontrolling interests in the Consolidated Balance Sheets. Grants of restricted stock and LTIP Units to employees vest in four equal annual installments. Restricted stock is measured at fair value on the date of grant based on the number of shares granted, as adjusted for forfeitures, and the closing price of the Company’s Common Stock on the date of grant as quoted on the New York Stock Exchange. Such value is recognized as an expense ratably over the corresponding employee service period. The shares of restricted stock granted during the nine months ended September 30, 2013 were valued at approximately $3.9 million ($105.30 per share weighted-average). The non-qualified stock options granted to employees in February 2013 had a weighted-average fair value on the date of grant of $18.46 per option, which was computed using the Black-Scholes option-pricing model utilizing the following weighted-average assumptions: an expected life of 6.0 years, a risk-free interest rate of 1.11%, an expected price volatility of 26% and an expected dividend yield of 3%. The exercise price of the options is $105.10, which was the closing price of the Company’s common stock on the date of grant. The LTIP Units granted to employees in February 2013 were valued at approximately $14.8 million ($96.33 per unit fair value) using a Monte Carlo simulation method model. The per unit fair value of each LTIP Unit granted was estimated on the date of grant using the following assumptions: an expected life of 5.7 years, a risk-free interest rate of 1.03% and an expected price volatility of 26%. As the 2011 OPP Units, 2012 OPP Units and 2013 MYLTIP Units are subject to both a service condition and a market condition, the Company recognizes the compensation expense related to the 2011 OPP Units, 2012 OPP Units and 2013 MYLTIP Units under the graded vesting attribution method. Under the graded vesting attribution method, each portion of the award that vests at a different date is accounted for as a separate award and recognized over the period appropriate to that portion so that the compensation cost for each portion should be recognized in full by the time that portion vests. Dividends paid on both vested and unvested shares of restricted stock are charged directly to Dividends in Excess of Earnings in the Consolidated Balance Sheets. Aggregate stock-based compensation expense associated with restricted stock, non-qualified stock options, LTIP Units, 2011 OPP Units, 2012 OPP Units and 2013 MYLTIP Units was approximately $6.2 million and $6.4 million for the three months ended September 30, 2013 and 2012, respectively, and approximately $38.1 million and $23.8 million for the nine months ended September 30, 2013 and 2012, respectively. For the three and nine months ended September 30, 2013, stock-based compensation expense includes approximately $1.6 million and $20.2 million, respectively, consisting of the acceleration of the expense of the Company’s Executive Chairman’s stock-based compensation awards and the stock-based compensation awards associated with his transition benefits agreement related to the Company's succession planning. For the nine months ended September 30, 2012, stock-based compensation expense includes approximately $2.7 million consisting of the acceleration of vesting of the Company’s Chief Operating Officer’s stock-based compensation awards associated with his resignation. At September 30, 2013, there was $20.2 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and $12.7 million of unrecognized compensation expense related to unvested 2011 OPP Units, 2012 OPP Units and 2013 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.8 years. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||
The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by both geographic area and property type. The Company’s segments by geographic area are Boston, New York, Princeton, San Francisco and Washington, DC. Segments by property type include: Class A Office, Office/Technical, Residential and Hotel. | ||||||||||||||||||||||||
Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Interest and other income, development and management services, general and administrative expenses, transaction costs, impairment loss, interest expense, depreciation and amortization expense, gains from investments in securities, gains (losses) from early extinguishments of debt, gains on consolidation of joint ventures, income from unconsolidated joint ventures, discontinued operations and noncontrolling interests are not included in Net Operating Income as internal reporting addresses these items on a corporate level. | ||||||||||||||||||||||||
Net Operating Income is not a measure of operating results or cash flows from operating activities as measured by accounting principles generally accepted in the United States of America, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate Net Operating Income in the same manner. The Company considers Net Operating Income to be an appropriate supplemental measure to net income because it helps both investors and management to understand the core operations of the Company’s properties. | ||||||||||||||||||||||||
We have modified the presentation of expenses to operate our San Francisco and Princeton regional offices to reflect the growing activity in our San Francisco region and to have a consistent presentation across our company. For San Francisco these expenses, which totaled approximately $1.7 million and $1.5 million for the three months ended September 30, 2013 and 2012, respectively, and approximately $4.8 million and $4.4 million for the nine months ended September 30, 2013 and 2012, respectively, and for Princeton these expenses, which totaled approximately $0.3 million and $0.4 million for the three months ended September 30, 2013 and 2012, respectively, and approximately $1.3 million and $1.4 million for the nine months ended September 30, 2013 and 2012, respectively, were previously included in Rental Operating Expenses and are now included in General and Administrative Expenses for all periods presented. | ||||||||||||||||||||||||
On May 31, 2013, the Company's two joint venture partners in 767 Venture, LLC (the entity that owns 767 Fifth Avenue (the General Motors Building) located in New York City) transferred all of their interests in the joint venture to third parties. (See Note 3). Effective as of May 31, 2013, the Company accounts for the assets, liabilities and operations of 767 Venture, LLC on a consolidated basis in its financial statements instead of under the equity method of accounting Upon consolidation, the operations for this building will be included in the New York region. | ||||||||||||||||||||||||
Information by geographic area and property type (dollars in thousands): | ||||||||||||||||||||||||
For the three months ended September 30, 2013: | ||||||||||||||||||||||||
Boston | New York | Princeton | San | Washington, | Total | |||||||||||||||||||
Francisco | DC | |||||||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||||||
Class A Office | $ | 171,228 | $ | 198,450 | $ | 15,636 | $ | 53,841 | $ | 97,925 | $ | 537,080 | ||||||||||||
Office/Technical | 5,662 | — | — | 5,839 | 3,877 | 15,378 | ||||||||||||||||||
Residential | 1,125 | — | — | — | 4,368 | 5,493 | ||||||||||||||||||
Hotel | 10,652 | — | — | — | — | 10,652 | ||||||||||||||||||
Total | 188,667 | 198,450 | 15,636 | 59,680 | 106,170 | 568,603 | ||||||||||||||||||
% of Grand Totals | 33.18 | % | 34.9 | % | 2.75 | % | 10.5 | % | 18.67 | % | 100 | % | ||||||||||||
Rental Expenses: | ||||||||||||||||||||||||
Class A Office | 67,798 | 66,322 | 7,033 | 20,006 | 32,170 | 193,329 | ||||||||||||||||||
Office/Technical | 1,763 | — | — | 1,287 | 1,064 | 4,114 | ||||||||||||||||||
Residential | 466 | — | — | — | 2,441 | 2,907 | ||||||||||||||||||
Hotel | 6,580 | — | — | — | — | 6,580 | ||||||||||||||||||
Total | 76,607 | 66,322 | 7,033 | 21,293 | 35,675 | 206,930 | ||||||||||||||||||
% of Grand Totals | 37.02 | % | 32.05 | % | 3.4 | % | 10.29 | % | 17.24 | % | 100 | % | ||||||||||||
Net operating income | $ | 112,060 | $ | 132,128 | $ | 8,603 | $ | 38,387 | $ | 70,495 | $ | 361,673 | ||||||||||||
% of Grand Totals | 30.98 | % | 36.53 | % | 2.38 | % | 10.62 | % | 19.49 | % | 100 | % | ||||||||||||
For the three months ended September 30, 2012: | ||||||||||||||||||||||||
Boston | New York | Princeton | San | Washington, | Total | |||||||||||||||||||
Francisco | DC | |||||||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||||||
Class A Office | $ | 161,479 | $ | 120,270 | $ | 15,234 | $ | 52,585 | $ | 84,447 | $ | 434,015 | ||||||||||||
Office/Technical | 5,539 | — | — | 148 | 4,099 | 9,786 | ||||||||||||||||||
Residential | 995 | — | — | — | 4,501 | 5,496 | ||||||||||||||||||
Hotel | 9,359 | — | — | — | — | 9,359 | ||||||||||||||||||
Total | 177,372 | 120,270 | 15,234 | 52,733 | 93,047 | 458,656 | ||||||||||||||||||
% of Grand Totals | 38.67 | % | 26.22 | % | 3.32 | % | 11.5 | % | 20.29 | % | 100 | % | ||||||||||||
Rental Expenses: | ||||||||||||||||||||||||
Class A Office | 65,261 | 41,088 | 6,790 | 19,530 | 27,419 | 160,088 | ||||||||||||||||||
Office/Technical | 1,758 | — | — | 52 | 941 | 2,751 | ||||||||||||||||||
Residential | 490 | — | — | — | 2,364 | 2,854 | ||||||||||||||||||
Hotel | 6,886 | — | — | — | — | 6,886 | ||||||||||||||||||
Total | 74,395 | 41,088 | 6,790 | 19,582 | 30,724 | 172,579 | ||||||||||||||||||
% of Grand Totals | 43.11 | % | 23.81 | % | 3.93 | % | 11.35 | % | 17.8 | % | 100 | % | ||||||||||||
Net operating income | $ | 102,977 | $ | 79,182 | $ | 8,444 | $ | 33,151 | $ | 62,323 | $ | 286,077 | ||||||||||||
% of Grand Totals | 36 | % | 27.68 | % | 2.95 | % | 11.59 | % | 21.78 | % | 100 | % | ||||||||||||
For the nine months ended September 30, 2013: | ||||||||||||||||||||||||
Boston | New York | Princeton | San | Washington, | Total | |||||||||||||||||||
Francisco | DC | |||||||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||||||
Class A Office | $ | 497,584 | $ | 463,851 | $ | 46,916 | $ | 159,843 | $ | 289,831 | $ | 1,458,025 | ||||||||||||
Office/Technical | 16,853 | — | — | 11,317 | 11,951 | 40,121 | ||||||||||||||||||
Residential | 3,257 | — | — | — | 13,298 | 16,555 | ||||||||||||||||||
Hotel | 30,061 | — | — | — | — | 30,061 | ||||||||||||||||||
Total | 547,755 | 463,851 | 46,916 | 171,160 | 315,080 | 1,544,762 | ||||||||||||||||||
% of Grand Totals | 35.46 | % | 30.02 | % | 3.04 | % | 11.08 | % | 20.4 | % | 100 | % | ||||||||||||
Rental Expenses: | ||||||||||||||||||||||||
Class A Office | 196,710 | 156,414 | 21,386 | 58,036 | 95,485 | 528,031 | ||||||||||||||||||
Office/Technical | 5,177 | — | — | 2,439 | 3,095 | 10,711 | ||||||||||||||||||
Residential | 1,316 | — | — | — | 7,154 | 8,470 | ||||||||||||||||||
Hotel | 20,959 | — | — | — | — | 20,959 | ||||||||||||||||||
Total | 224,162 | 156,414 | 21,386 | 60,475 | 105,734 | 568,171 | ||||||||||||||||||
% of Grand Totals | 39.45 | % | 27.53 | % | 3.77 | % | 10.64 | % | 18.61 | % | 100 | % | ||||||||||||
Net operating income | $ | 323,593 | $ | 307,437 | $ | 25,530 | $ | 110,685 | $ | 209,346 | $ | 976,591 | ||||||||||||
% of Grand Totals | 33.14 | % | 31.48 | % | 2.61 | % | 11.33 | % | 21.44 | % | 100 | % | ||||||||||||
For the nine months ended September 30, 2012: | ||||||||||||||||||||||||
Boston | New York | Princeton | San | Washington, | Total | |||||||||||||||||||
Francisco | DC | |||||||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||||||
Class A Office | $ | 460,127 | $ | 360,515 | $ | 45,701 | $ | 155,353 | $ | 258,311 | $ | 1,280,007 | ||||||||||||
Office/Technical | 16,882 | — | — | 344 | 12,245 | 29,471 | ||||||||||||||||||
Residential | 2,891 | — | — | — | 12,122 | 15,013 | ||||||||||||||||||
Hotel | 26,224 | — | — | — | — | 26,224 | ||||||||||||||||||
Total | 506,124 | 360,515 | 45,701 | 155,697 | 282,678 | 1,350,715 | ||||||||||||||||||
% of Grand Totals | 37.47 | % | 26.69 | % | 3.38 | % | 11.53 | % | 20.93 | % | 100 | % | ||||||||||||
Rental Expenses: | ||||||||||||||||||||||||
Class A Office | 183,601 | 118,531 | 20,889 | 56,496 | 81,613 | 461,130 | ||||||||||||||||||
Office/Technical | 4,910 | — | — | 114 | 2,952 | 7,976 | ||||||||||||||||||
Residential | 1,247 | — | — | — | 6,896 | 8,143 | ||||||||||||||||||
Hotel | 19,601 | — | — | — | — | 19,601 | ||||||||||||||||||
Total | 209,359 | 118,531 | 20,889 | 56,610 | 91,461 | 496,850 | ||||||||||||||||||
% of Grand Totals | 42.14 | % | 23.86 | % | 4.2 | % | 11.39 | % | 18.41 | % | 100 | % | ||||||||||||
Net operating income | $ | 296,765 | $ | 241,984 | $ | 24,812 | $ | 99,087 | $ | 191,217 | $ | 853,865 | ||||||||||||
% of Grand Totals | 34.76 | % | 28.34 | % | 2.91 | % | 11.6 | % | 22.39 | % | 100 | % | ||||||||||||
The following is a reconciliation of Net Operating Income to net income attributable to Boston Properties, Inc.: | ||||||||||||||||||||||||
Three months ended | Nine months ended September 30, | |||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Net Operating Income | $ | 361,673 | $ | 286,077 | $ | 976,591 | $ | 853,865 | ||||||||||||||||
Add: | ||||||||||||||||||||||||
Development and management services income | 5,479 | 8,024 | 22,072 | 25,733 | ||||||||||||||||||||
Income from unconsolidated joint ventures | 14,736 | 9,217 | 72,240 | 42,129 | ||||||||||||||||||||
Gains on consolidation of joint ventures | (1,810 | ) | — | 385,991 | — | |||||||||||||||||||
Interest and other income | 3,879 | 4,001 | 6,646 | 8,029 | ||||||||||||||||||||
Gains from investments in securities | 956 | 587 | 1,872 | 1,202 | ||||||||||||||||||||
Gains (losses) from early extinguishments of debt | (30 | ) | (5,494 | ) | 122 | (4,453 | ) | |||||||||||||||||
Income from discontinued operations | 1,078 | 1,550 | 5,597 | — | 5,596 | |||||||||||||||||||
Gains on sales of real estate from discontinued operations | 86,448 | — | 86,448 | 36,877 | ||||||||||||||||||||
Gain on forgiveness of debt from discontinued operations | — | — | 20,182 | — | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||
General and administrative expense | 24,841 | 21,617 | 94,673 | 72,208 | ||||||||||||||||||||
Transaction costs | 766 | 1,140 | 1,744 | 3,252 | ||||||||||||||||||||
Depreciation and amortization expense | 154,193 | 110,653 | 408,923 | 329,819 | ||||||||||||||||||||
Interest expense | 122,173 | 105,030 | 325,746 | — | 308,168 | |||||||||||||||||||
Impairment loss | — | — | 8,306 | — | ||||||||||||||||||||
Impairment loss from discontinued operations | — | — | 3,241 | — | ||||||||||||||||||||
Noncontrolling interest in property partnerships | (3,279 | ) | 458 | (924 | ) | — | 1,461 | |||||||||||||||||
Noncontrolling interest—redeemable preferred units of the Operating Partnership | 1,082 | 874 | 3,385 | — | 2,440 | |||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 8,399 | 6,779 | 63,135 | — | 22,735 | |||||||||||||||||||
Noncontrolling interest in discontinued operations—common units of the Operating Partnership | 8,910 | 162 | 11,260 | — | 4,651 | |||||||||||||||||||
Net income attributable to Boston Properties, Inc. | $ | 155,324 | $ | 57,249 | $ | 658,272 | $ | 224,244 | ||||||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 9, 2013, the Company completed the sale of a 45% ownership interest in its Times Square Tower property for a gross sale price of approximately $684.0 million in cash. Net cash proceeds totaled approximately $673.4 million, after the payment of transaction costs. In connection with the sale, the Company formed a joint venture with the buyer and will provide customary property management and leasing services to the joint venture. Times Square Tower is an approximately 1,246,000 net rentable square foot Class A office tower located in New York City. The Company will continue to account for the property on a consolidated basis in its financial statements and as a result will account for the transaction as an equity transaction with no gain on sale recognized in its consolidated statements of operations. | |
On October 21, 2013, approximately 329,881 Series Two Preferred Units of the Operating Partnership were converted by the holder thereof into 432,914 OP Units. The OP Units were subsequently presented by the holders for redemption and were redeemed by the Company on October 29, 2013 in exchange for an equal number of shares of Common Stock. | |
On October 29, 2013, the Company entered into a lease agreement as landlord with a third-party tenant for a build-to-suit project with approximately 130,000 net rentable square feet of Class A office space located in Princeton, New Jersey. | |
On October 29, 2013, a joint venture in which the Company has a 50% interest exercised an option to extend the maturity date to November 17, 2014 of the construction financing collateralized by its Annapolis Junction Building Six property. The construction financing totaling approximately $14.0 million bears interest at a variable rate equal to LIBOR plus 1.65% per annum and was scheduled to mature on November 17, 2013. Annapolis Junction Building Six is a Class A office property with approximately 119,000 net rentable square feet located in Annapolis, Maryland. |
Basis_Of_Presentation_And_Summ1
Basis Of Presentation And Summary Of Significant Accounting Policies Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncement [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" (“ASU No. 2013-02”). ASU No. 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU No. 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. The Company’s adoption of ASU No. 2013-02 did not have a material impact on its consolidated financial statements. |
Basis_Of_Presentation_And_Summ2
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||
Revision of prior period amounts for Montvale Center [Table Text Block] | ' | |||||||||||||||||||
The table below reflects selected information for the Company for the three and nine months ended September 30, 2012. The servicer of the non-recourse mortgage loan in the amount of $25.0 million collateralized by the Company's Montvale Center property located in Gaithersburg, Maryland foreclosed on the property on January 31, 2012. As a result of the foreclosure, the Company recognized a gain on forgiveness of debt during the nine months ended September 30, 2012 totaling approximately $17.8 million. Due to a procedural error of the trustee, the foreclosure sale was subsequently dismissed by the applicable court prior to ratification. As a result, the Company, as part of its Form 10-K for the fiscal year ended December 31, 2012, revised its financial statements to (1) properly reflect the property and related mortgage debt on its consolidated balance sheet at December 31, 2012, (2) reverse the gain on forgiveness of debt during the nine months ended September 30, 2012 and (3) recognize the operating activity from the property for the three and nine months ended September 30, 2012. On February 20, 2013, the subsequent foreclosure sale of Montvale Center was ratified by the court. As a result of the ratification, the mortgage loan totaling $25.0 million was extinguished and the related obligations were satisfied with the transfer of the real estate resulting in the recognition of a gain on forgiveness of debt totaling approximately $20.2 million during the nine months ended September 30, 2013 (See Note 3). As a result, for the three and nine months ended September 30, 2012, the activity for Montvale Center has been reclassified to discontinued operations in the consolidated statements of operations. In addition, operating results have been reclassified for the three and nine months ended September 30, 2012 as a result of the discontinued operations presentation of (1) the Company's Bedford Business Park properties which were sold on May 17, 2012, (2) the Company's 303 Almaden Boulevard property which was sold on June 28, 2013 (See Note 3) and (3) the Company's 1301 New York Avenue property which was sold on August 22, 2013 (See Note 3). | ||||||||||||||||||||
For the three months ended September 30, 2012 | For the nine months ended September 30, 2012 | |||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | |||||||||||||||||
(in thousands, except for per share amounts) | ||||||||||||||||||||
Total revenue | $ | 470,904 | $ | 466,680 | $ | 1,389,028 | $ | 1,376,448 | ||||||||||||
Income from continuing operations | $ | 66,103 | $ | 63,972 | $ | 219,291 | $ | 213,058 | ||||||||||||
Discontinued operations | $ | — | $ | 1,550 | $ | 55,568 | $ | 42,473 | ||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 57,769 | $ | 57,249 | $ | 241,473 | $ | 224,244 | ||||||||||||
Income attributable to Boston Properties, Inc. common shareholders per share—basic | $ | 0.38 | $ | 0.38 | $ | 1.61 | $ | 1.5 | ||||||||||||
Income attributable to Boston Properties, Inc. common shareholders per share—diluted | $ | 0.38 | $ | 0.38 | $ | 1.6 | $ | 1.49 | ||||||||||||
Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value | ' | |||||||||||||||||||
The following table presents the aggregate carrying value of the Company’s indebtedness and the Company’s corresponding estimate of fair value as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||
Mortgage notes payable | $ | 4,468,069 | $ | 4,592,273 | $ | 3,102,485 | $ | 3,256,940 | ||||||||||||
Mezzanine notes payable | 311,340 | 311,366 | — | — | ||||||||||||||||
Unsecured senior notes | 5,835,424 | 6,065,723 | 4,639,528 | 5,162,486 | ||||||||||||||||
Unsecured exchangeable senior notes | 739,536 | -1 | 768,019 | 1,170,356 | -1 | 1,278,554 | ||||||||||||||
Total | $ | 11,354,369 | $ | 11,737,381 | $ | 8,912,369 | $ | 9,697,980 | ||||||||||||
_______________ | ||||||||||||||||||||
-1 | Includes the net adjustment for the equity component allocation totaling approximately $7.4 million and $25.5 million at September 30, 2013 and December 31, 2012, respectively. |
Real_Estate_Activity_During_th1
Real Estate Activity During the Nine Months Ended September 30, 2013 (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||||||
Pro Forma (Unaudited) | Nine Months Ended September 30, | |||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | ||||||||||||||
Total revenue | $ | 1,688,393 | $ | 1,602,949 | ||||||||||||
Income from continuing operations | $ | 224,848 | $ | 567,031 | ||||||||||||
Net income attributable to Boston Properties, Inc. | $ | 308,633 | $ | 559,008 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income per share attributable to Boston Properties, Inc. | $ | 1.99 | $ | 3.71 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Net income per share attributable to Boston Properties, Inc. | $ | 1.99 | $ | 3.7 | ||||||||||||
Summary Of The Discontinued Operations Related To Montvale Center, 303 Almaden Blvd, 1301 New York Avenue and Bedford Business Park | ' | |||||||||||||||
The following table summarizes the income from discontinued operations related to 1301 New York Avenue, Montvale Center and 303 Almaden Boulevard and the related gain on sale of real estate, gain on forgiveness of debt and impairment loss for the three and nine months ended September 30, 2013 and 2012 and the gain on sale of real estate and income from discontinued operations for the nine months ended September 30, 2012 related to the Company's Bedford Business Park properties which were sold on May 17, 2012: | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Total revenue | $ | 1,511 | $ | 4,882 | $ | 10,469 | $ | 17,940 | ||||||||
Expenses | ||||||||||||||||
Operating | 433 | 1,781 | 3,447 | 6,725 | ||||||||||||
Depreciation and amortization | — | 901 | 1,065 | 3,675 | ||||||||||||
Total expenses | 433 | 2,682 | 4,512 | 10,400 | ||||||||||||
Operating income | 1,078 | 2,200 | 5,957 | 7,540 | ||||||||||||
Other expense | ||||||||||||||||
Interest expense | — | (650 | ) | (360 | ) | (1,944 | ) | |||||||||
Income from discontinued operations | $ | 1,078 | $ | 1,550 | $ | 5,597 | $ | 5,596 | ||||||||
Noncontrolling interest in income from discontinued operations – common units of the Operating Partnership | (107 | ) | (162 | ) | (562 | ) | (591 | ) | ||||||||
Income from discontinued operations attributable to Boston Properties, Inc. | $ | 971 | $ | 1,388 | $ | 5,035 | $ | 5,005 | ||||||||
Gains on sales of real estate from discontinued operations | $ | 86,448 | $ | — | $ | 86,448 | $ | 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 | (8,803 | ) | — | (10,698 | ) | (4,060 | ) | |||||||||
Gain sale of real estate, gain on forgiveness of debt and impairment loss from discontinued operations attributable to Boston Properties, Inc. | $ | 77,645 | $ | — | $ | 92,691 | $ | 32,817 | ||||||||
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 | (182,369 | ) | -2 | |||||||||||||
Other liabilities | (6,304 | ) | ||||||||||||||
$ | (97,847 | ) | ||||||||||||||
Noncontrolling interest recorded upon consolidation | ||||||||||||||||
Noncontrolling interests | $ | (520,000 | ) | |||||||||||||
Noncontrolling interests - working capital | 39,139 | |||||||||||||||
$ | (480,861 | ) | ||||||||||||||
Net assets recorded upon consolidation | $ | 721,292 | ||||||||||||||
_______________ | ||||||||||||||||
(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. |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Investments In Unconsolidated Joint Ventures [Abstract] | ' | |||||||||||||||
Investments In Unconsolidated Joint Ventures | ' | |||||||||||||||
The investments in unconsolidated joint ventures consist of the following at September 30, 2013: | ||||||||||||||||
Entity | Properties | Nominal % | ||||||||||||||
Ownership | ||||||||||||||||
Square 407 Limited Partnership | Market Square North | 50 | % | |||||||||||||
The Metropolitan Square Associates LLC | Metropolitan Square | 51 | % | |||||||||||||
BP/CRF 901 New York Avenue LLC | 901 New York Avenue | 25 | % | (1) | ||||||||||||
WP Project Developer LLC | Wisconsin Place Land and Infrastructure | 33.3 | % | (2) | ||||||||||||
RBP Joint Venture LLC | N/A | 50 | % | (3) | ||||||||||||
Boston Properties Office Value-Added Fund, L.P. | N/A | 39.5 | % | -4 | ||||||||||||
Annapolis Junction NFM, LLC | Annapolis Junction | 50 | % | (5) | ||||||||||||
2 GCT Venture LLC | N/A | 60 | % | (6) | ||||||||||||
540 Madison Venture LLC | 540 Madison Avenue | 60 | % | |||||||||||||
125 West 55th Street Venture LLC | N/A | 60 | % | -7 | ||||||||||||
500 North Capitol LLC | 500 North Capitol Street, NW | 30 | % | |||||||||||||
_______________ | ||||||||||||||||
-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 and infrastructure of the project. | |||||||||||||||
-3 | Eighth Avenue and 46th Street was sold on July 19, 2013. | |||||||||||||||
-4 | The Company acquired Mountain View Research Park and Mountain View Technology Park from the Value-Added Fund on April 10, 2013 (See Note 3). As of September 30, 2013, the investment is comprised of undistributed cash. | |||||||||||||||
-5 | Comprised of two buildings, one building under construction and two undeveloped land parcels. | |||||||||||||||
-6 | Two Grand Central Tower was sold on October 25, 2011. As of September 30, 2013, the investment is comprised of undistributed cash. | |||||||||||||||
-7 | 125 West 55th Street was sold on May 30, 2013. As of September 30, 2013, the investment is comprised of undistributed cash. | |||||||||||||||
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: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Real estate and development in process, net | $ | 927,890 | $ | 4,494,971 | ||||||||||||
Other assets | 158,105 | 673,716 | ||||||||||||||
Total assets | $ | 1,085,995 | $ | 5,168,687 | ||||||||||||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | ||||||||||||||||
Mortgage and notes payable | $ | 748,489 | $ | 3,039,922 | ||||||||||||
Other liabilities | 21,183 | 792,888 | ||||||||||||||
Members’/Partners’ equity | 316,323 | 1,335,877 | ||||||||||||||
Total liabilities and members’/partners’ equity | $ | 1,085,995 | $ | 5,168,687 | ||||||||||||
Company’s share of equity | $ | 157,875 | $ | 787,941 | ||||||||||||
Basis differentials (1) | (28,837 | ) | (128,025 | ) | ||||||||||||
Carrying value of the Company’s investments in unconsolidated joint ventures | $ | 129,038 | $ | 659,916 | ||||||||||||
_______________ | ||||||||||||||||
-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 September 30, | For the nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Total revenue (1) | $ | 37,983 | $ | 135,998 | $ | 273,464 | $ | 431,133 | ||||||||
Expenses | ||||||||||||||||
Operating | 14,963 | 42,298 | 89,826 | 120,451 | ||||||||||||
Depreciation and amortization | 9,784 | 39,291 | 76,202 | 123,869 | ||||||||||||
Total expenses | 24,747 | 81,589 | 166,028 | 244,320 | ||||||||||||
Operating income | 13,236 | 54,409 | 107,436 | 186,813 | ||||||||||||
Other income (expense) | ||||||||||||||||
Interest expense | (8,148 | ) | (56,521 | ) | (104,436 | ) | (167,792 | ) | ||||||||
Losses from early extinguishments of debt | — | — | (1,677 | ) | — | |||||||||||
Income (loss) from continuing operations | 5,088 | (2,112 | ) | 1,323 | 19,021 | |||||||||||
Gains on sales of real estate | 12,441 | 990 | 14,207 | 990 | ||||||||||||
Net income (loss) | $ | 17,529 | $ | (1,122 | ) | $ | 15,530 | $ | 20,011 | |||||||
Company’s share of net income (loss) | $ | 3,149 | $ | (1,420 | ) | $ | 1,974 | $ | 10,591 | |||||||
Gains on sales of real estate | 11,174 | — | 54,501 | — | ||||||||||||
Basis differential | 413 | 384 | (1,213 | ) | 1,282 | |||||||||||
Elimination of inter-entity interest on partner loan | — | 10,253 | 16,978 | 30,256 | ||||||||||||
Income from unconsolidated joint ventures | $ | 14,736 | $ | 9,217 | $ | 72,240 | $ | 42,129 | ||||||||
Gains on consolidation of joint ventures | $ | (1,810 | ) | $ | — | $ | 385,991 | $ | — | |||||||
_______________ | ||||||||||||||||
-1 | Includes straight-line rent adjustments of $0.6 million and $2.2 million for the three months ended September 30, 2013 and 2012, respectively, and $7.6 million and $9.3 million for the nine months ended September 30, 2013 and 2012, respectively. Includes net below-market rent adjustments of $(0.1) million and $22.1 million for the three months ended September 30, 2013 and 2012, respectively, and $33.9 million and $70.6 million for the nine months ended September 30, 2013 and 2012, respectively. |
Unsecured_Senior_Notes_Tables
Unsecured Senior Notes (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Unsecured Senior Notes [Abstract] | ' | |||||||||||
Schedule of Unsecured Senior Notes [Table Text Block] | ' | |||||||||||
The following summarizes the unsecured senior notes outstanding as of September 30, 2013 (dollars in thousands): | ||||||||||||
Coupon/ | Effective | Principal | Maturity Date(2) | |||||||||
Stated Rate | Rate(1) | Amount | ||||||||||
12 Year Unsecured Senior Notes | 5.625 | % | 5.693 | % | $ | 300,000 | April 15, 2015 | |||||
12 Year Unsecured Senior Notes | 5 | % | 5.194 | % | 250,000 | June 1, 2015 | ||||||
10 Year Unsecured Senior Notes | 5.875 | % | 5.967 | % | 700,000 | October 15, 2019 | ||||||
10 Year Unsecured Senior Notes | 5.625 | % | 5.708 | % | 700,000 | November 15, 2020 | ||||||
10 Year Unsecured Senior Notes | 4.125 | % | 4.289 | % | 850,000 | May 15, 2021 | ||||||
7 Year Unsecured Senior Notes | 3.7 | % | 3.853 | % | 850,000 | November 15, 2018 | ||||||
11 Year Unsecured Senior Notes | 3.85 | % | 3.954 | % | 1,000,000 | February 1, 2023 | ||||||
10.5 Year Unsecured Senior Notes | 3.125 | % | 3.279 | % | 500,000 | September 1, 2023 | ||||||
10.5 Year Unsecured Senior Notes | 3.8 | % | 3.916 | % | 700,000 | February 1, 2024 | ||||||
Total principal | 5,850,000 | |||||||||||
Net unamortized discount | (14,576 | ) | ||||||||||
Total | $ | 5,835,424 | ||||||||||
_______________ | ||||||||||||
-1 | Yield on issuance date including the effects of discounts on the notes and the amortization of financing costs. | |||||||||||
-2 | No principal amounts are due prior to maturity. |
Unsecured_Exchangeable_Senior_1
Unsecured Exchangeable Senior Notes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Unsecured Exchangeable Senior Notes [Abstract] | ' | ||||||||||||||||
Schedule of Unsecured Exchangeable Senior Notes | ' | ||||||||||||||||
The following summarizes the unsecured exchangeable senior notes outstanding as of September 30, 2013 (dollars in thousands): | |||||||||||||||||
Coupon/ | Effective | Exchange | Principal | First Optional | Maturity Date | ||||||||||||
Stated Rate | Rate(1) | Rate | Amount | Redemption Date by the | |||||||||||||
Company | |||||||||||||||||
3.625% Exchangeable Senior Notes | 3.625 | % | 4.037 | % | 8.5051 | -2 | $ | 747,500 | N/A | February 15, 2014 | |||||||
Net unamortized discount | (555 | ) | |||||||||||||||
Adjustment for the equity component allocation, net of accumulated amortization | (7,409 | ) | |||||||||||||||
Total | $ | 739,536 | |||||||||||||||
_______________ | |||||||||||||||||
-1 | Yield on issuance date including the effects of discounts on the notes and the amortization of financing costs but excluding the effects of the adjustment for the equity component allocation. | ||||||||||||||||
-2 | The initial exchange rate is 8.5051 shares per $1,000 principal amount of the notes (or an initial exchange price of approximately $117.58 per share of Boston Properties, Inc.’s common stock). In addition, the Company entered into capped call transactions with affiliates of certain of the initial purchasers, which are intended to reduce the potential dilution upon future exchange of the notes. The capped call transactions were intended to increase the effective exchange price to the Company of the notes from $117.58 to approximately $137.17 per share (subject to adjustment), representing an overall effective premium of approximately 40% over the closing price on August 13, 2008 of $97.98 per share of Boston Properties, Inc.’s common stock. The net cost of the capped call transactions was approximately $44.4 million. As of September 30, 2013, the effective exchange price was $134.14 per share. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Schedule Of Series Two Preferred Units | ' | |||
The following table reflects the activity of the noncontrolling interests—redeemable preferred units of the Operating Partnership for the nine months ended September 30, 2013 and 2012 (in thousands): | ||||
Balance at January 1, 2013 | $ | 110,876 | ||
Net income | 3,385 | |||
Distributions | (3,385 | ) | ||
Redemption of redeemable preferred units (Series Four Preferred Units) | (43,070 | ) | ||
Balance at September 30, 2013 | $ | 67,806 | ||
Balance at January 1, 2012 | $ | 55,652 | ||
Issuance of redeemable preferred units (Series Four Preferred Units) | 79,405 | |||
Net income | 2,440 | |||
Distributions | (2,440 | ) | ||
Redemption of redeemable preferred units (Series Four Preferred Units) | (18,329 | ) | ||
Conversion of redeemable preferred units (Series Two Preferred Units) to common units | (5,852 | ) | ||
Balance at September 30, 2012 | $ | 110,876 | ||
Schedule of Redeemable Interest in Property Partnerships [Table Text Block] | ' | |||
The following table reflects the activity of the noncontrolling interest—redeemable interest in property partnership in the Company's Fountain Square consolidated joint venture for the nine months ended September 30, 2013 (in thousands): | ||||
Balance at January 1, 2013 | $ | 97,558 | ||
Net loss | (1,523 | ) | ||
Distributions | (3,935 | ) | ||
Adjustment to reflect redeemable interest at redemption value | 6,549 | |||
Balance at September 30, 2013 | $ | 98,649 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Computation Of Basic And Diluted Earnings Per Share | ' | ||||||||||
For the three months ended September 30, 2013 | |||||||||||
Income | Shares | Per Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per share amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties, Inc. | $ | 74,061 | 152,407 | $ | 0.49 | ||||||
Discontinued operations attributable to Boston Properties, Inc. | 78,616 | — | 0.51 | ||||||||
Allocation of undistributed earnings to participating securities | (586 | ) | — | — | |||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 152,091 | 152,407 | $ | 1 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 285 | — | ||||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 152,091 | 152,692 | $ | 1 | ||||||
For the three months ended September 30, 2012 | |||||||||||
Income | Shares | Per Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per share amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties, Inc. | $ | 55,861 | 150,801 | $ | 0.37 | ||||||
Discontinued operations attributable to Boston Properties, Inc. | 1,388 | — | 0.01 | ||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 57,249 | 150,801 | $ | 0.38 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 1,182 | — | ||||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 57,249 | 151,983 | $ | 0.38 | ||||||
For the nine months ended September 30, 2013 | |||||||||||
Income | Shares | Per Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per share amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties, Inc. | $ | 555,135 | 152,000 | $ | 3.65 | ||||||
Discontinued operations attributable to Boston Properties, Inc. | 97,726 | — | 0.64 | ||||||||
Allocation of undistributed earnings to participating securities | (3,762 | ) | — | (0.02 | ) | ||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 649,099 | 152,000 | $ | 4.27 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 381 | (0.01 | ) | |||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 649,099 | 152,381 | $ | 4.26 | ||||||
For the nine months ended September 30, 2012 | |||||||||||
Income | Shares | Per Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per share amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties, Inc. | $ | 186,422 | 149,823 | $ | 1.25 | ||||||
Discontinued operations attributable to Boston Properties, Inc. | 37,822 | — | 0.25 | ||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 224,244 | 149,823 | $ | 1.5 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 655 | (0.01 | ) | |||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 224,244 | 150,478 | $ | 1.49 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
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 September 30, 2013: | ||||||||||||||||||||||||
Boston | New York | Princeton | San | Washington, | Total | |||||||||||||||||||
Francisco | DC | |||||||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||||||
Class A Office | $ | 171,228 | $ | 198,450 | $ | 15,636 | $ | 53,841 | $ | 97,925 | $ | 537,080 | ||||||||||||
Office/Technical | 5,662 | — | — | 5,839 | 3,877 | 15,378 | ||||||||||||||||||
Residential | 1,125 | — | — | — | 4,368 | 5,493 | ||||||||||||||||||
Hotel | 10,652 | — | — | — | — | 10,652 | ||||||||||||||||||
Total | 188,667 | 198,450 | 15,636 | 59,680 | 106,170 | 568,603 | ||||||||||||||||||
% of Grand Totals | 33.18 | % | 34.9 | % | 2.75 | % | 10.5 | % | 18.67 | % | 100 | % | ||||||||||||
Rental Expenses: | ||||||||||||||||||||||||
Class A Office | 67,798 | 66,322 | 7,033 | 20,006 | 32,170 | 193,329 | ||||||||||||||||||
Office/Technical | 1,763 | — | — | 1,287 | 1,064 | 4,114 | ||||||||||||||||||
Residential | 466 | — | — | — | 2,441 | 2,907 | ||||||||||||||||||
Hotel | 6,580 | — | — | — | — | 6,580 | ||||||||||||||||||
Total | 76,607 | 66,322 | 7,033 | 21,293 | 35,675 | 206,930 | ||||||||||||||||||
% of Grand Totals | 37.02 | % | 32.05 | % | 3.4 | % | 10.29 | % | 17.24 | % | 100 | % | ||||||||||||
Net operating income | $ | 112,060 | $ | 132,128 | $ | 8,603 | $ | 38,387 | $ | 70,495 | $ | 361,673 | ||||||||||||
% of Grand Totals | 30.98 | % | 36.53 | % | 2.38 | % | 10.62 | % | 19.49 | % | 100 | % | ||||||||||||
For the three months ended September 30, 2012: | ||||||||||||||||||||||||
Boston | New York | Princeton | San | Washington, | Total | |||||||||||||||||||
Francisco | DC | |||||||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||||||
Class A Office | $ | 161,479 | $ | 120,270 | $ | 15,234 | $ | 52,585 | $ | 84,447 | $ | 434,015 | ||||||||||||
Office/Technical | 5,539 | — | — | 148 | 4,099 | 9,786 | ||||||||||||||||||
Residential | 995 | — | — | — | 4,501 | 5,496 | ||||||||||||||||||
Hotel | 9,359 | — | — | — | — | 9,359 | ||||||||||||||||||
Total | 177,372 | 120,270 | 15,234 | 52,733 | 93,047 | 458,656 | ||||||||||||||||||
% of Grand Totals | 38.67 | % | 26.22 | % | 3.32 | % | 11.5 | % | 20.29 | % | 100 | % | ||||||||||||
Rental Expenses: | ||||||||||||||||||||||||
Class A Office | 65,261 | 41,088 | 6,790 | 19,530 | 27,419 | 160,088 | ||||||||||||||||||
Office/Technical | 1,758 | — | — | 52 | 941 | 2,751 | ||||||||||||||||||
Residential | 490 | — | — | — | 2,364 | 2,854 | ||||||||||||||||||
Hotel | 6,886 | — | — | — | — | 6,886 | ||||||||||||||||||
Total | 74,395 | 41,088 | 6,790 | 19,582 | 30,724 | 172,579 | ||||||||||||||||||
% of Grand Totals | 43.11 | % | 23.81 | % | 3.93 | % | 11.35 | % | 17.8 | % | 100 | % | ||||||||||||
Net operating income | $ | 102,977 | $ | 79,182 | $ | 8,444 | $ | 33,151 | $ | 62,323 | $ | 286,077 | ||||||||||||
% of Grand Totals | 36 | % | 27.68 | % | 2.95 | % | 11.59 | % | 21.78 | % | 100 | % | ||||||||||||
For the nine months ended September 30, 2013: | ||||||||||||||||||||||||
Boston | New York | Princeton | San | Washington, | Total | |||||||||||||||||||
Francisco | DC | |||||||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||||||
Class A Office | $ | 497,584 | $ | 463,851 | $ | 46,916 | $ | 159,843 | $ | 289,831 | $ | 1,458,025 | ||||||||||||
Office/Technical | 16,853 | — | — | 11,317 | 11,951 | 40,121 | ||||||||||||||||||
Residential | 3,257 | — | — | — | 13,298 | 16,555 | ||||||||||||||||||
Hotel | 30,061 | — | — | — | — | 30,061 | ||||||||||||||||||
Total | 547,755 | 463,851 | 46,916 | 171,160 | 315,080 | 1,544,762 | ||||||||||||||||||
% of Grand Totals | 35.46 | % | 30.02 | % | 3.04 | % | 11.08 | % | 20.4 | % | 100 | % | ||||||||||||
Rental Expenses: | ||||||||||||||||||||||||
Class A Office | 196,710 | 156,414 | 21,386 | 58,036 | 95,485 | 528,031 | ||||||||||||||||||
Office/Technical | 5,177 | — | — | 2,439 | 3,095 | 10,711 | ||||||||||||||||||
Residential | 1,316 | — | — | — | 7,154 | 8,470 | ||||||||||||||||||
Hotel | 20,959 | — | — | — | — | 20,959 | ||||||||||||||||||
Total | 224,162 | 156,414 | 21,386 | 60,475 | 105,734 | 568,171 | ||||||||||||||||||
% of Grand Totals | 39.45 | % | 27.53 | % | 3.77 | % | 10.64 | % | 18.61 | % | 100 | % | ||||||||||||
Net operating income | $ | 323,593 | $ | 307,437 | $ | 25,530 | $ | 110,685 | $ | 209,346 | $ | 976,591 | ||||||||||||
% of Grand Totals | 33.14 | % | 31.48 | % | 2.61 | % | 11.33 | % | 21.44 | % | 100 | % | ||||||||||||
For the nine months ended September 30, 2012: | ||||||||||||||||||||||||
Boston | New York | Princeton | San | Washington, | Total | |||||||||||||||||||
Francisco | DC | |||||||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||||||
Class A Office | $ | 460,127 | $ | 360,515 | $ | 45,701 | $ | 155,353 | $ | 258,311 | $ | 1,280,007 | ||||||||||||
Office/Technical | 16,882 | — | — | 344 | 12,245 | 29,471 | ||||||||||||||||||
Residential | 2,891 | — | — | — | 12,122 | 15,013 | ||||||||||||||||||
Hotel | 26,224 | — | — | — | — | 26,224 | ||||||||||||||||||
Total | 506,124 | 360,515 | 45,701 | 155,697 | 282,678 | 1,350,715 | ||||||||||||||||||
% of Grand Totals | 37.47 | % | 26.69 | % | 3.38 | % | 11.53 | % | 20.93 | % | 100 | % | ||||||||||||
Rental Expenses: | ||||||||||||||||||||||||
Class A Office | 183,601 | 118,531 | 20,889 | 56,496 | 81,613 | 461,130 | ||||||||||||||||||
Office/Technical | 4,910 | — | — | 114 | 2,952 | 7,976 | ||||||||||||||||||
Residential | 1,247 | — | — | — | 6,896 | 8,143 | ||||||||||||||||||
Hotel | 19,601 | — | — | — | — | 19,601 | ||||||||||||||||||
Total | 209,359 | 118,531 | 20,889 | 56,610 | 91,461 | 496,850 | ||||||||||||||||||
% of Grand Totals | 42.14 | % | 23.86 | % | 4.2 | % | 11.39 | % | 18.41 | % | 100 | % | ||||||||||||
Net operating income | $ | 296,765 | $ | 241,984 | $ | 24,812 | $ | 99,087 | $ | 191,217 | $ | 853,865 | ||||||||||||
% of Grand Totals | 34.76 | % | 28.34 | % | 2.91 | % | 11.6 | % | 22.39 | % | 100 | % | ||||||||||||
Schedule Of Reconciliation Of Net Operating Income To Net Income | ' | |||||||||||||||||||||||
The following is a reconciliation of Net Operating Income to net income attributable to Boston Properties, Inc.: | ||||||||||||||||||||||||
Three months ended | Nine months ended September 30, | |||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Net Operating Income | $ | 361,673 | $ | 286,077 | $ | 976,591 | $ | 853,865 | ||||||||||||||||
Add: | ||||||||||||||||||||||||
Development and management services income | 5,479 | 8,024 | 22,072 | 25,733 | ||||||||||||||||||||
Income from unconsolidated joint ventures | 14,736 | 9,217 | 72,240 | 42,129 | ||||||||||||||||||||
Gains on consolidation of joint ventures | (1,810 | ) | — | 385,991 | — | |||||||||||||||||||
Interest and other income | 3,879 | 4,001 | 6,646 | 8,029 | ||||||||||||||||||||
Gains from investments in securities | 956 | 587 | 1,872 | 1,202 | ||||||||||||||||||||
Gains (losses) from early extinguishments of debt | (30 | ) | (5,494 | ) | 122 | (4,453 | ) | |||||||||||||||||
Income from discontinued operations | 1,078 | 1,550 | 5,597 | — | 5,596 | |||||||||||||||||||
Gains on sales of real estate from discontinued operations | 86,448 | — | 86,448 | 36,877 | ||||||||||||||||||||
Gain on forgiveness of debt from discontinued operations | — | — | 20,182 | — | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||
General and administrative expense | 24,841 | 21,617 | 94,673 | 72,208 | ||||||||||||||||||||
Transaction costs | 766 | 1,140 | 1,744 | 3,252 | ||||||||||||||||||||
Depreciation and amortization expense | 154,193 | 110,653 | 408,923 | 329,819 | ||||||||||||||||||||
Interest expense | 122,173 | 105,030 | 325,746 | — | 308,168 | |||||||||||||||||||
Impairment loss | — | — | 8,306 | — | ||||||||||||||||||||
Impairment loss from discontinued operations | — | — | 3,241 | — | ||||||||||||||||||||
Noncontrolling interest in property partnerships | (3,279 | ) | 458 | (924 | ) | — | 1,461 | |||||||||||||||||
Noncontrolling interest—redeemable preferred units of the Operating Partnership | 1,082 | 874 | 3,385 | — | 2,440 | |||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 8,399 | 6,779 | 63,135 | — | 22,735 | |||||||||||||||||||
Noncontrolling interest in discontinued operations—common units of the Operating Partnership | 8,910 | 162 | 11,260 | — | 4,651 | |||||||||||||||||||
Net income attributable to Boston Properties, Inc. | $ | 155,324 | $ | 57,249 | $ | 658,272 | $ | 224,244 | ||||||||||||||||
Organization_Details
Organization (Details) (USD $) | 9 Months Ended | 60 Months Ended | 3 Months Ended | |||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 26, 2018 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 07, 2013 | Sep. 30, 2013 | |
Y | Commercial Real Estate Properties [Member] | Total Properties Under Construction [ Member] | Total Office Properties [ Member] | Class A Office Properties [Member] | Office Properties Under Construction [ Member] | Office Technical Properties [Member] | Hotel Property [ Member] | Retail Properties [ Member] | Residential Properties [Member] | Residential Properties Under Construction [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Depository shares of Series B Cumulative Redeemable Preferred [Member] | Series Two Preferred Units [Member] | series four preferred units [Member] | series four preferred units [Member] | Series B Preferred Units [Member] | ||
acre | sqft | Real_Estate_Properties | Real_Estate_Properties | Real_Estate_Properties | Real_Estate_Properties | Real_Estate_Properties | Real_Estate_Properties | Real_Estate_Properties | Real_Estate_Properties | Real_Estate_Properties | ||||||||||
Vehicles | Real_Estate_Properties | sqft | ||||||||||||||||||
sqft | ||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and limited partnership interest in the operating partnership (percent) | 89.20% | 88.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restriction on redemption of OP units from date of issuance (years) | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One OP unit is equivalent to one share of Common Stock (in shares) | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OP unit conversion rate (in shares) | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series B, Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | 0 | 8,000,000 | ' | ' | ' | 80,000 |
Series B, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' |
Number Of Series Of Preferred Units Outstanding | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OP Units for each Preferred Unit (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.312336 | ' | ' | ' |
Preferred Units Liquidation Preference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | $50 | $50 | ' |
Quarterly Distributions to Series Four Preferred Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | ' | ' |
Series Four Preferred Units Annual Dividend Payable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Number of real estate properties | ' | ' | 177 | 8 | 169 | 130 | 7 | 39 | 1 | 4 | 3 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Net Rentable Area | ' | ' | 44,600,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vehicles in structured parking | 46,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of parking (in square feet) | 15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of undeveloped land parcels owned (in acres) | 512.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis_Of_Presentation_And_Summ3
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Reclassification between General and administrative expense and real estate operating expenses | $2 | $1.90 | $6.10 | $5.80 |
Misstatement of real estate operating expense | ' | ' | ' | $3.20 |
Basis_Of_Presentation_And_Summ4
Basis Of Presentation And Summary Of Significant Accounting Policies (Carrying Value Of Indebtedness And Corresponding Estimate Of Fair Value) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ||
Mortgage notes payable | $4,468,069 | $3,102,485 | ||
Mezzanine notes payable | 311,340 | 0 | ||
Unsecured senior notes | 5,835,424 | 4,639,528 | ||
Unsecured exchangeable senior notes | 739,536 | 1,170,356 | ||
Impact of accounting pronouncement | -7,409 | ' | ||
Carrying Amount [Member] | ' | ' | ||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ||
Mortgage notes payable | 4,468,069 | 3,102,485 | ||
Mezzanine notes payable | 311,340 | 0 | ||
Unsecured senior notes | 5,835,424 | 4,639,528 | ||
Unsecured exchangeable senior notes | 739,536 | [1] | 1,170,356 | [1] |
Total | 11,354,369 | 8,912,369 | ||
Estimated Fair Value [Member] | ' | ' | ||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ||
Mortgage notes payable | 4,592,273 | 3,256,940 | ||
Mezzanine notes payable | 311,366 | 0 | ||
Unsecured senior notes | 6,065,723 | 5,162,486 | ||
Unsecured exchangeable senior notes | 768,019 | 1,278,554 | ||
Total | 11,737,381 | 9,697,980 | ||
ASC 470-20 Adjustment [Member] | ' | ' | ||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ||
Impact of accounting pronouncement | $7,400 | $25,500 | ||
[1] | Includes the net adjustment for the equity component allocation totaling approximately $7.4 million and $25.5 million at SeptemberB 30, 2013 and DecemberB 31, 2012, respectively. |
Basis_Of_Presentation_And_Summ5
Basis Of Presentation And Summary Of Significant Accounting Policies Revision of Prior Period Amounts for Montvale Center (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Total revenue | $574,082,000 | $466,680,000 | $1,566,834,000 | $1,376,448,000 |
Income from continuing operations | 82,910,000 | 63,972,000 | 626,142,000 | 213,058,000 |
Discontinued Operations | 1,078,000 | 1,550,000 | 5,597,000 | 5,596,000 |
Net income attributable to Boston Properties, Inc. common shareholders | 152,677,000 | 57,249,000 | 652,861,000 | 224,244,000 |
Income attributable to Boston Properties, Inc. common shareholders per share -basic | $1 | $0.38 | $4.27 | $1.50 |
Income attributable to Boston Properties, Inc. common shareholders per share -diluted | $1 | $0.38 | $4.26 | $1.49 |
Gain on forgiveness of debt from discontinued operations | 0 | 0 | 20,182,000 | 0 |
Montvale Center [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Amount of debt extinguished | ' | ' | ' | 25,000,000 |
Gain on forgiveness of debt from discontinued operations | ' | ' | 20,200,000 | 17,800,000 |
As Revised [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Total revenue | ' | 466,680,000 | ' | 1,376,448,000 |
Income from continuing operations | ' | 63,972,000 | ' | 213,058,000 |
Discontinued Operations | ' | 1,550,000 | ' | 42,473,000 |
Net income attributable to Boston Properties, Inc. common shareholders | ' | 57,249,000 | ' | 224,244,000 |
Income attributable to Boston Properties, Inc. common shareholders per share -basic | ' | $0.38 | ' | $1.50 |
Income attributable to Boston Properties, Inc. common shareholders per share -diluted | ' | $0.38 | ' | $1.49 |
As Reported [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Total revenue | ' | 470,904,000 | ' | 1,389,028,000 |
Income from continuing operations | ' | 66,103,000 | ' | 219,291,000 |
Discontinued Operations | ' | 0 | ' | 55,568,000 |
Net income attributable to Boston Properties, Inc. common shareholders | ' | $57,769,000 | ' | $241,473,000 |
Income attributable to Boston Properties, Inc. common shareholders per share -basic | ' | $0.38 | ' | $1.61 |
Income attributable to Boston Properties, Inc. common shareholders per share -diluted | ' | $0.38 | ' | $1.60 |
Real_Estate_Activity_During_th2
Real Estate Activity During the Nine Months Ended September 30, 2013 (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 4 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 06, 2013 | Mar. 22, 2013 | Apr. 25, 2013 | Jun. 14, 2013 | Mar. 26, 2013 | Feb. 26, 2013 | Feb. 07, 2013 | Mar. 29, 2013 | Mar. 31, 2013 | Mar. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 28, 2013 | Aug. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 10, 2013 | Apr. 10, 2013 | Apr. 10, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | |
535 Mission [Member] | Two Patriots Park [Member] | 601 Massachusetts Avenue [Member] | Seventeen Cambridge Center [Member] | Transbay Tower [Member] | Transbay Tower [Member] | Transbay Tower [Member] | Reston Land Parcel [Member] | Plaza at Almaden [Member] | Plaza at Almaden [Member] | Montvale Center [Member] | Montvale Center [Member] | 303 Almaden Blvd [Member] | 303 Almaden Blvd [Member] | 1301 New York Avenue [Member] | 1301 New York Avenue [Member] | Mountain View Research And Technology Parks [Member] | Mountain View Research And Technology Parks [Member] | Mountain View Research [Member] | Mountain View Technology [Member] | 767 Fifth Avenue (The GM Building) [Member] | 767 Fifth Avenue (The GM Building) [Member] | Cambridge Center Connector [Member] | |||||
floor | sqft | sqft | sqft | floor | sqft | sqft | sqft | sqft | Buildings | Buildings | partners | sqft | |||||||||||||||
sqft | sqft | sqft | sqft | sqft | |||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $574,082,000 | $466,680,000 | $1,566,834,000 | $1,376,448,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,511,000 | $10,900,000 | ' | ' | ' | ' | $95,300,000 | ' |
Operating income | 187,352,000 | 160,691,000 | 485,017,000 | 474,319,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,078,000 | -100,000 | ' | ' | ' | ' | 4,100,000 | ' |
Number of Joint Venture Partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Purchase price | ' | ' | 522,900,000 | 688,073,000 | 71,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of floors real estate | ' | ' | ' | ' | 27 | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt extinguished | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on forgiveness of debt from discontinued operations | 0 | 0 | 20,182,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,200,000 | 17,800,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Net Rentable Area | ' | ' | ' | ' | 307,000 | 256,000 | 478,000 | 195,000 | 1,400,000 | ' | ' | 250,000 | ' | 840,000 | ' | ' | ' | 158,000 | 201,000 | ' | ' | ' | 604,000 | 135,000 | 1,800,000 | ' | 43,000 |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 233,100,000 | ' | ' | ' | ' | ' |
Impairment loss from discontinued operations | 0 | 0 | 3,241,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' |
Payments to Acquire Land | ' | ' | ' | ' | ' | ' | ' | ' | 192,000,000 | ' | ' | 27,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners Joint Venture Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Sales Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | 135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment loss | 0 | 0 | 8,306,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Contractual Sales Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 7 | ' | ' | ' |
Proceeds from the sales of real estate | ' | ' | 160,815,000 | 61,963,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gains on sale of real estate from discontinued operations | $86,448,000 | $0 | $86,448,000 | $36,877,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $86,400,000 | $86,448,000 | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Activity_During_th3
Real Estate Activity During the Nine Months Ended September 30, 2013 Schedule Of Allocation Of The Aggregate Purchase Price Of Acquisition (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 31-May-13 | Apr. 10, 2013 | 31-May-13 | |
767 Fifth Avenue (The GM Building) [Member] | Mountain View Research And Technology Parks [Member] | Consolidation, Eliminations [Member] | |||||
767 Fifth Avenue (The GM Building) [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | |
Land | ' | ' | ' | $1,796,252 | $126,521 | ' | |
Building and Improvements | ' | ' | ' | 1,447,446 | 82,451 | ' | |
Tenant Improvements | ' | ' | ' | 85,208 | 7,326 | ' | |
In place Intangibles | ' | ' | ' | 357,781 | 23,279 | ' | |
Above market rents | ' | ' | ' | 101,897 | 843 | ' | |
Below market rents | ' | ' | ' | -239,641 | -7,336 | ' | |
Above market assumed debt adjustments | ' | ' | ' | -192,943 | ' | ' | |
Net assets required | ' | ' | ' | ' | 233,084 | ' | |
Real estate and realted intangibles recorded upon consolidation | 3,356,000 | 0 | ' | 3,356,000 | ' | ' | |
Mortgage notes payable | 4,468,069 | ' | 3,102,485 | 1,300,000 | ' | ' | |
Mezzanine notes payable | 311,340 | ' | 0 | 306,000 | ' | ' | |
Related party notes payable | -180,000 | ' | 0 | -450,000 | [1] | ' | -270,000 |
Debt recorded upon consolidation | 2,056,000 | 0 | ' | 2,056,000 | ' | ' | |
Cash and cash equivalents | 79,468 | 0 | ' | 79,468 | ' | ' | |
Cash held in escrows | ' | ' | ' | 2,403 | ' | ' | |
Tenant and other receivables | ' | ' | ' | 7,104 | ' | ' | |
Prepaid expense and other assets | ' | ' | ' | 4,269 | ' | ' | |
Accounts payable and accrued expenses | ' | ' | ' | -2,418 | ' | ' | |
Accrued interest payable | -181,310 | ' | -72,461 | -182,369 | [2] | ' | -105,500 |
Other Liabilities | ' | ' | ' | -6,304 | ' | ' | |
Working capital recorded upon consolidation | 97,847 | 0 | ' | -97,847 | ' | ' | |
Noncontrolling Interet | ' | ' | ' | -520,000 | ' | ' | |
Noncontrolling interet working capital | ' | ' | ' | 39,139 | ' | ' | |
Noncontrolling interest recorded upon consolidation | -480,861 | 0 | ' | -480,861 | ' | ' | |
Net assets recorded upon consolidation | ' | ' | ' | $721,292 | ' | ' | |
[1] | (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. |
Real_Estate_Activity_During_th4
Real Estate Activity During the Nine Months Ended September 30, 2013 (Summary Of The Discontinued Operations Related To Montvale Center, 303 Almaden Blvd, 1301 New York Avenue and Bedford Business Park) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Aug. 22, 2013 | Sep. 30, 2013 | Mar. 31, 2013 |
Montvale Center, 303 Almaden Blvd, 1301 New York Avenue and Bedford Business Park[Member] | Montvale Center, 303 Almaden Blvd and 1301 New York Avnue [Member] | Montvale Center, 303 Almaden Blvd and 1301 New York Avnue [Member] | 1301 New York Avenue [Member] | 1301 New York Avenue [Member] | 303 Almaden Blvd [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $574,082 | $466,680 | $1,566,834 | $1,376,448 | $17,940 | $4,882 | $10,469 | ' | $1,511 | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | ' | 6,725 | 1,781 | 3,447 | ' | 433 | ' |
Depreciation and amortization | 154,193 | 110,653 | 408,923 | 329,819 | 3,675 | 901 | 1,065 | ' | 0 | ' |
Total expenses | 386,730 | 305,989 | 1,081,817 | 902,129 | 10,400 | 2,682 | 4,512 | ' | 433 | ' |
Operating income | 187,352 | 160,691 | 485,017 | 474,319 | 7,540 | 2,200 | 5,957 | ' | 1,078 | ' |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | -122,173 | -105,030 | -325,746 | -308,168 | -1,944 | -650 | -360 | ' | 0 | ' |
Income from discontinued operations | 1,078 | 1,550 | 5,597 | 5,596 | 5,596 | 1,550 | 5,597 | ' | 1,078 | ' |
Noncontrolling interest in income (loss) from discontinued operations - common units of the Operating Partnership | -8,910 | -162 | -11,260 | -4,651 | -591 | -162 | -562 | ' | -107 | ' |
Income from discontinued operations attributable to Boston Properties, Inc. | 78,616 | 1,388 | 97,726 | 37,822 | 5,005 | 1,388 | 5,035 | ' | 971 | ' |
Gains on sale of real estate from discontinued operations | 86,448 | 0 | 86,448 | 36,877 | 36,877 | 0 | 86,448 | 86,400 | 86,448 | ' |
Gain on forgiveness of debt from discontinued operations | 0 | 0 | 20,182 | 0 | 0 | 0 | 20,182 | ' | 0 | ' |
Impairment loss from discontinued operations | 0 | 0 | 3,241 | 0 | 0 | 0 | 3,241 | ' | 0 | 3,200 |
Noncontrolling interest in gain on the sale of real estate, gain on forgiveness of debt from discontinued operations - common units of the Operating Partnership | ' | ' | ' | ' | 4,060 | 0 | 10,698 | ' | 8,803 | ' |
Gain on Sale of Real Estate, Gain On Forgiveness of Debt and Impairment Losses from Discontinued Operations Attributable to Company | ' | ' | ' | ' | $32,817 | $0 | $92,691 | ' | $77,645 | ' |
Real_Estate_Activity_During_th5
Real Estate Activity During the Nine Months Ended September 30, 2013 Business Acquistion Pro Forma (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 |
Mountain View Research And Technology Parks [Member] | 767 Fifth Avenue (The GM Building) [Member] | 767 Fifth Avenue (The GM Building) [Member] | 767 Fifth Avenue (The GM Building) [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | $1,688,393 | $1,602,949 | ' | ' | ' | ' |
Income from continuing operations | ' | ' | 224,848 | 567,031 | ' | ' | ' | ' |
Net income attributable to Boston Properties, Inc. | ' | ' | 308,633 | 559,008 | ' | ' | ' | ' |
Basic earnings per share, Net income attributable to Boston Properties, Inc. (dollars per share) | ' | ' | $1.99 | $3.71 | ' | ' | ' | ' |
Diluted earnings per share, Net income attributable to Boston Properties, Inc. (dollars per share) | ' | ' | $1.99 | $3.70 | ' | ' | ' | ' |
Gains on consolidation of joint ventures | ($1,810) | $0 | $385,991 | $0 | $26,500 | $359,500 | ($3,900) | $359,500 |
Investment_in_unconsolidated_J
Investment in unconsolidated Joint Ventures (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 30-May-13 | Apr. 10, 2013 | Feb. 28, 2013 | 31-May-13 | Sep. 30, 2013 | Oct. 29, 2013 | Apr. 04, 2013 | Sep. 26, 2013 | Apr. 10, 2013 | Apr. 10, 2013 | Apr. 10, 2013 | Jun. 05, 2013 | Jul. 19, 2013 | Apr. 10, 2013 | 30-May-13 | Jul. 19, 2013 | Apr. 10, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 10, 2013 | Apr. 10, 2013 | 31-May-13 | 31-May-13 | 31-May-13 | Jun. 05, 2013 | Jun. 05, 2013 | Jun. 05, 2013 | Sep. 30, 2013 | |
125 West 55th Street [Member] | 125 West 55th Street [Member] | Annapolis Junction Building Six [Member] | 500 North Capitol [Member] | 500 North Capitol [Member] | Annapolis Junction Building Seven [Member] | Annapolis Junction Building Seven [Member] | Annapolis Junction Building Seven [Member] | Mountain View Research [Member] | Mountain View Technology [Member] | Mountain View Research And Technology Parks [Member] | 540 Madison Avenue [Member] | 8th Avenue and 46th Street [Member] | Company [Member] | Company [Member] | Company [Member] | Mountain View Research And Technology Parks [Member] | 767 Fifth Avenue (The GM Building) [Member] | 767 Fifth Avenue (The GM Building) [Member] | 767 Fifth Avenue (The GM Building) [Member] | Mountain View Technology [Member] | Mountain View Research [Member] | Construction Loans [Member] | Construction Loans [Member] | First Mortgage [Member] | First Mortgage [Member] | Prior to refinance first mortgage loan [Member] | Prior to refinance first mortgage loan [Member] | Value Added Fund [Member] | |||||
sqft | sqft | sqft | sqft | Y | sqft | 125 West 55th Street [Member] | 8th Avenue and 46th Street [Member] | partners | 500 North Capitol [Member] | Company [Member] | 500 North Capitol [Member] | 540 Madison Avenue [Member] | 540 Madison Avenue [Member] | Company [Member] | |||||||||||||||||||
sqft | 500 North Capitol [Member] | 540 Madison Avenue [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Joint Venture Partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Sales Price | ' | ' | ' | ' | ' | $470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying Value of Debt Assumed in Sale | ' | ' | ' | ' | 198,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | 8,600,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | 1.65% | ' | 2.00% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | ' | ' | 1.50% | ' | ' | ' |
Maturity date | ' | ' | ' | ' | 10-Mar-20 | ' | ' | ' | ' | 17-Nov-14 | 4-Apr-16 | ' | 31-May-14 | 22-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Oct-14 | ' | 6-Jun-23 | 5-Jun-18 | 11-Jul-13 | ' | ' |
Proceeds from Sale of Equity Method Investments | ' | ' | 223,067,000 | 3,057,000 | 253,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Losses from early extinguishment of debt | 30,000 | 5,494,000 | -122,000 | 4,453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 300,000 | ' | ' | 300,000 | 200,000 | ' |
Proceeds from Issuance of Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | 120,000,000 | ' | ' | ' |
Coupon/Stated Rate | ' | ' | ' | ' | 6.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.15% | ' | 5.20% | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 1.65% | ' | 'LIBOR plus 1.65% | ' | ' | 'LIBOR plus 2.00% | 'LIBOR plus 2.50% | ' | 'LIBOR plus 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | 60.00% | 50.00% | 30.00% | 30.00% | 50.00% | 50.00% | 50.00% | ' | ' | ' | 60.00% | 50.00% | ' | ' | ' | 39.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownerhip upon acquistion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains on consolidation of joint ventures | -1,810,000 | 0 | 385,991,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,500,000 | ' | ' | ' | ' | ' | ' | 359,500,000 | -3,900,000 | 359,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 |
Construction Loan Facility Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Rentable Area | ' | ' | ' | ' | ' | 588,000 | 119,000 | ' | 231,000 | 119,000 | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale or real estate | ' | ' | ' | ' | 43,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,600,000 | ' | ' | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extensions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Secured Debt | ' | ' | 96,750,000 | 248,304,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | 90,000,000 | 90,600,000 | ' | ' | ' | 118,000,000 | ' | ' |
Extension Option (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Imputed Sales Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Net Sales Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details) | 9 Months Ended | |
Sep. 30, 2013 | ||
Square 407 Limited Partnership [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | 'MarketB SquareB North | |
Equity Method Investment, Ownership Percentage | 50.00% | |
The Metropolitan Square Associates LLC [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | 'Metropolitan Square | |
Equity Method Investment, Ownership Percentage | 51.00% | |
BP/CRF 901 New York Avenue LLC [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | '901B NewB YorkB Avenue | [1] |
Equity Method Investment, Ownership Percentage | 25.00% | [1] |
WP Project Developer LLC [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | 'Wisconsin Place Land and Infrastructure | [2] |
Equity Method Investment, Ownership Percentage | 33.30% | [2] |
RBP Joint Venture LLC [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | 'N/A | [3] |
Equity Method Investment, Ownership Percentage | 50.00% | [3] |
Boston Properties Office Value-Added Fund, L.P. [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | 'N/A | [4] |
Equity Method Investment, Ownership Percentage | 39.50% | [4] |
Annapolis Junction NFM, LLC [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | 'Annapolis Junction | [5] |
Equity Method Investment, Ownership Percentage | 50.00% | [5] |
Number of real estate properties | 2 | |
Number of buildings under construction | 1 | |
Parcels of undeveloped land | 2 | |
2 GCT Venture LLC [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | 'N/A | [6] |
Equity Method Investment, Ownership Percentage | 60.00% | [6] |
540 Madison Venture LLC [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | '540 Madison Avenue | |
Equity Method Investment, Ownership Percentage | 60.00% | |
125 West 55th Street Venture LLC [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | 'N/A | [7] |
Equity Method Investment, Ownership Percentage | 60.00% | [7] |
500 North Capitol LLC [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Properties | '500 North Capitol Street, NW | |
Equity Method Investment, Ownership Percentage | 30.00% | |
Entity Owning Land And Infrastructure Of Project [Member] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | |
Equity Method Investment, Ownership Percentage | 33.30% | |
[1] | The Companybs economic ownership can increase based on the achievement of certain return thresholds. | |
[2] | The Companybs wholly-owned entity that owns the office component of the project also owns a 33.3% interest in the entity owning the land and infrastructure of the project. | |
[3] | Eighth Avenue and 46th Street was sold on JulyB 19, 2013. | |
[4] | The Company acquired Mountain View Research Park and Mountain View Technology Park from the Value-Added Fund on April 10, 2013 (See Note 3). As of SeptemberB 30, 2013, the investment is comprised of undistributed cash. | |
[5] | Comprised of two buildings, one building under construction and two undeveloped land parcels. | |
[6] | Two Grand Central Tower was sold on OctoberB 25, 2011. As of SeptemberB 30, 2013, the investment is comprised of undistributed cash. | |
[7] | 125 West 55th Street was sold on MayB 30, 2013. As of SeptemberB 30, 2013, the investment is comprised of undistributed cash. |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Real estate and development in process, net | $15,826,599 | $11,959,168 | ||
Mortgage notes payable | 4,468,069 | 3,102,485 | ||
Other liabilities | 567,464 | 324,613 | ||
Total liabilities and equity | 19,519,708 | 15,462,321 | ||
Carrying value of the Company's investments in unconsolidated joint ventures | 129,038 | 659,916 | ||
Unconsolidated Joint Ventures [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Real estate and development in process, net | 927,890 | 4,494,971 | ||
Other assets | 158,105 | 673,716 | ||
Total assets | 1,085,995 | 5,168,687 | ||
Mortgage notes payable | 748,489 | 3,039,922 | ||
Other liabilities | 21,183 | 792,888 | ||
Members'/Partners' equity | 316,323 | 1,335,877 | ||
Total liabilities and equity | 1,085,995 | 5,168,687 | ||
Company's share of equity | 157,875 | 787,941 | ||
Basis differentials | -28,837 | [1] | -128,025 | [1] |
Carrying value of the Company's investments in unconsolidated joint ventures | $129,038 | $659,916 | ||
[1] | This amount represents the aggregate difference between the Companybs 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. |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Total revenue | $574,082,000 | $466,680,000 | $1,566,834,000 | $1,376,448,000 | ||||
Expenses | ' | ' | ' | ' | ||||
Depreciation and amortization | 154,193,000 | 110,653,000 | 408,923,000 | 329,819,000 | ||||
Total expenses | 386,730,000 | 305,989,000 | 1,081,817,000 | 902,129,000 | ||||
Operating income | 187,352,000 | 160,691,000 | 485,017,000 | 474,319,000 | ||||
Other expense | ' | ' | ' | ' | ||||
Interest expense | -122,173,000 | -105,030,000 | -325,746,000 | -308,168,000 | ||||
Losses on Extinguishment of Debt | -30,000 | -5,494,000 | 122,000 | -4,453,000 | ||||
Income from continuing operations | 82,910,000 | 63,972,000 | 626,142,000 | 213,058,000 | ||||
Net income | 170,436,000 | 65,522,000 | 735,128,000 | 255,531,000 | ||||
Income from unconsolidated joint ventures | 14,736,000 | 9,217,000 | 72,240,000 | 42,129,000 | ||||
Gains on consolidation of joint ventures | -1,810,000 | 0 | 385,991,000 | 0 | ||||
Unconsolidated Joint Ventures [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Total revenue | 37,983,000 | [1] | 135,998,000 | [1] | 273,464,000 | [1] | 431,133,000 | [1] |
Expenses | ' | ' | ' | ' | ||||
Operating | 14,963,000 | 42,298,000 | 89,826,000 | 120,451,000 | ||||
Depreciation and amortization | 9,784,000 | 39,291,000 | 76,202,000 | 123,869,000 | ||||
Total expenses | 24,747,000 | 81,589,000 | 166,028,000 | 244,320,000 | ||||
Operating income | 13,236,000 | 54,409,000 | 107,436,000 | 186,813,000 | ||||
Other expense | ' | ' | ' | ' | ||||
Interest expense | -8,148,000 | -56,521,000 | -104,436,000 | -167,792,000 | ||||
Losses on Extinguishment of Debt | 0 | 0 | -1,677,000 | 0 | ||||
Income from continuing operations | 5,088,000 | -2,112,000 | 1,323,000 | 19,021,000 | ||||
Gain on sale of real estate | 12,441,000 | 990,000 | 14,207,000 | 990,000 | ||||
Net income | 17,529,000 | -1,122,000 | 15,530,000 | 20,011,000 | ||||
Company's share of net income (loss) | 3,149,000 | -1,420,000 | 1,974,000 | 10,591,000 | ||||
Gain on sale or real estate | 11,174,000 | 0 | 54,501,000 | 0 | ||||
Basis differential | 413,000 | 384,000 | -1,213,000 | 1,282,000 | ||||
Elimination of inter-entity interest on partner loan | 0 | 10,253,000 | 16,978,000 | 30,256,000 | ||||
Income from unconsolidated joint ventures | 14,736,000 | 9,217,000 | 72,240,000 | 42,129,000 | ||||
Straight-line rent adjustments | 600,000 | 2,200,000 | -7,600,000 | -9,300,000 | ||||
"Above" and "below" market rent adjustments, net | -100,000 | 22,100,000 | 33,900,000 | 70,600,000 | ||||
Termination income | ' | ' | ' | 19,600,000 | ||||
Company Share Of Termination Income | ' | ' | ' | 11,800,000 | ||||
Gains on consolidation of joint ventures | ($1,810,000) | $0 | $385,991,000 | $0 | ||||
[1] | Includes straight-line rent adjustments of $0.6 million and $2.2 million for the three months ended September 30, 2013 and 2012, respectively, and $7.6 million and $9.3 million for the nine months ended September 30, 2013 and 2012, respectively. Includes net below-market rent adjustments of $(0.1) million and $22.1 million for the three months ended September 30, 2013 and 2012, respectively, and $33.9 million and $70.6 million for the nine months ended September 30, 2013 and 2012, respectively. |
Mortgage_Notes_Payable_Narrati
Mortgage Notes Payable (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 05, 2013 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | |
Montvale Center [Member] | Montvale Center [Member] | Kingstowne One [Member] | 140 Kendrick [Member] | 767 Fifth Avenue (The GM Building) [Member] | 767 Fifth Avenue (The GM Building) [Member] | First Mortgage [Member] | Subordinated Debt [Member] | Consolidation, Eliminations [Member] | Company [Member] | ||||||
767 Fifth Avenue (The GM Building) [Member] | 767 Fifth Avenue (The GM Building) [Member] | 767 Fifth Avenue (The GM Building) [Member] | 767 Fifth Avenue (The GM Building) [Member] | ||||||||||||
Mortgage Notes Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Secured Debt | ' | ' | $96,750,000 | $248,304,000 | ' | ' | ' | $17,000,000 | $47,600,000 | ' | ' | ' | ' | ' | ' |
Coupon/Stated Rate | ' | ' | ' | ' | ' | ' | ' | 5.96% | 7.51% | 11.00% | ' | 5.95% | 6.02% | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | 5-May-13 | 1-Jul-13 | 9-Jun-17 | ' | 7-Oct-17 | 7-Oct-17 | ' | ' |
Penalty For Early Repayment Of Debt | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Gains (losse) from early extinguishments of debt | -30,000 | -5,494,000 | 122,000 | -4,453,000 | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' |
Asssumed debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | 306,000,000 | ' | ' |
Amount of debt extinguished | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on forgiveness of debt from discontinued operations | 0 | 0 | 20,182,000 | 0 | ' | 20,200,000 | 17,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
MortgageLoans Accounted For At Fair Value Upon Consolidation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | 311,700,000 | ' | ' |
Interest Rate Used To Account For Mortgage Loan At Fai rValue Upon Consolidation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.44% | 5.53% | ' | ' |
Accrued interest payable | 181,310,000 | ' | 181,310,000 | ' | 72,461,000 | ' | ' | ' | ' | ' | 175,800,000 | ' | ' | ' | ' |
Related party notes payable | $180,000,000 | ' | $180,000,000 | ' | $0 | ' | ' | ' | ' | $450,000,000 | ' | ' | ' | $270,000,000 | $180,000,000 |
Unsecured_Senior_Notes_Unsecur1
Unsecured Senior Notes Unsecured Senior Notes (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Apr. 11, 2013 | Sep. 30, 2013 | Jun. 27, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||
3.279% Unsecured Senior Notes [Member] | 3.279% Unsecured Senior Notes [Member] | 3.916%t Unsecured Senior Notes [Member] | 3.916%t Unsecured Senior Notes [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Maximum Leverage Ratio | ' | ' | ' | ' | ' | ' | 60.00% | ||
Maximum Secured Debt Leverage Ratio | 55.00% | ' | ' | ' | ' | ' | 50.00% | ||
Minimum Interest Coverage Ratio | ' | ' | ' | ' | ' | ' | 1.5 | ||
Minimum Unencumbered Asset Value Percentage Of Unsecured Debt | ' | ' | ' | ' | ' | ' | 150.00% | ||
Proceeds from Issuance of Unsecured Debt | $1,194,753,000 | $997,790,000 | $492,500,000 | ' | $691,900,000 | ' | ' | ||
Debt Instrument, Face Amount | ' | ' | $500,000,000 | ' | $700,000,000 | ' | ' | ||
Coupon/Stated Rate | ' | ' | 3.13% | 3.13% | 3.80% | 3.80% | ' | ||
Senior Notes Pricing | ' | ' | 99.38% | ' | 99.69% | ' | ' | ||
Effective Percentage | ' | ' | 3.28% | 3.28% | [1] | 3.92% | 3.92% | [1] | ' |
Debt Instrument, Maturity Date | ' | ' | 1-Sep-23 | 1-Sep-23 | [2] | 1-Feb-24 | 1-Feb-24 | [2] | ' |
[1] | Yield on issuance date including the effects of discounts on the notes and the amortization of financing costs. | ||||||||
[2] | No principal amounts are due prior to maturity. |
Unsecured_Senior_Notes_Schedul
Unsecured Senior Notes Schedule of Unsecured Senior Notes (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 11, 2013 | Sep. 30, 2013 | Jun. 27, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||
In Thousands, unless otherwise specified | 5.693% unsecured senior notes [Member] | 5.194% Unsecured Senior Notes [Member] | 5.967%t unsecured Senior Notes [Member] | 5.708% Unsecured Senior Notes [Member] | 4.289% Unsecured Senior Notes [Member] | 3.853% Unsecured Senior Notes [Member] | 3.954% Unsecured Senior Notes [Member] | 3.279% Unsecured Senior Notes [Member] | 3.279% Unsecured Senior Notes [Member] | 3.916%t Unsecured Senior Notes [Member] | 3.916%t Unsecured Senior Notes [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Coupon/Stated Rate | ' | ' | 5.63% | 5.00% | 5.88% | 5.63% | 4.13% | 3.70% | 3.85% | 3.13% | 3.13% | 3.80% | 3.80% | ' | |||||||||
Effective Percentage | ' | ' | 5.69% | [1] | 5.19% | [1] | 5.97% | [1] | 5.71% | [1] | 4.29% | [1] | 3.85% | [1] | 3.95% | [1] | 3.28% | 3.28% | [1] | 3.92% | 3.92% | [1] | ' |
Principal Amount | ' | ' | $300,000 | $250,000 | $700,000 | $700,000 | $850,000 | $850,000 | $1,000,000 | ' | $500,000 | ' | $700,000 | $5,850,000 | |||||||||
Maturity date | ' | ' | 15-Apr-15 | [2] | 1-Jun-15 | [2] | 15-Oct-19 | [2] | 15-Nov-20 | [2] | 15-May-21 | [2] | 15-Nov-18 | [2] | 1-Feb-23 | [2] | 1-Sep-23 | 1-Sep-23 | [2] | 1-Feb-24 | 1-Feb-24 | [2] | ' |
Unsecured senior notes, discount | 14,576 | 10,472 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,576 | |||||||||
Unsecured senior notes | $5,835,424 | $4,639,528 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,835,424 | |||||||||
[1] | Yield on issuance date including the effects of discounts on the notes and the amortization of financing costs. | ||||||||||||||||||||||
[2] | No principal amounts are due prior to maturity. |
Unsecured_Exchangeable_Senior_2
Unsecured Exchangeable Senior Notes Schedule of Unsecured Exchangeable Senior Notes (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 15, 2008 | Sep. 30, 2013 | |
3.625% exchangeable senior notes [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Coupon/Stated Rate | ' | ' | ' | 3.63% | |
Effective Percentage | ' | ' | ' | 4.04% | [1] |
Exchange Rrate | ' | ' | ' | 8.5051 | [2] |
Principal Amount | ' | ' | ' | $747,500,000 | |
Maturity date | ' | ' | ' | 15-Feb-14 | |
Unsecured exchangeable senior notes, discount | -555,000 | -1,653,000 | ' | ' | |
Adjustment for the equity component allocation, net of accumulated amortization | -7,409,000 | ' | ' | ' | |
Unsecured exchangeable senior notes | 739,536,000 | 1,170,356,000 | ' | ' | |
Increment Of The Notes For Purposes Of Disclosing Initial Exchange Rate | 1,000 | ' | ' | ' | |
Initial Exchange Rate | 8.5051 | ' | ' | ' | |
Debt Instrument, Convertible, Conversion Price | $117.58 | ' | ' | ' | |
Adjusted Exchange Price Due To Capped Call | $137.17 | ' | ' | ' | |
Premium Over Closing Price Due To Capped Call | 40.00% | ' | ' | ' | |
Share Price | $134.14 | ' | $97.98 | ' | |
Net Cost Of Capped Call Transaction | $44,400,000 | ' | ' | ' | |
[1] | Yield on issuance date including the effects of discounts on the notes and the amortization of financing costs but excluding the effects of the adjustment for the equity component allocation. | ||||
[2] | The initial exchange rate is 8.5051 shares per $1,000 principal amount of the notes (or an initial exchange price of approximately $117.58 per share of Boston Properties, Inc.bs common stock). In addition, the Company entered into capped call transactions with affiliates of certain of the initial purchasers, which are intended to reduce the potential dilution upon future exchange of the notes. The capped call transactions were intended to increase the effective exchange price to the Company of the notes from $117.58 to approximately $137.17 per share (subject to adjustment), representing an overall effective premium of approximately 40% over the closing price on AugustB 13, 2008 of $97.98 per share of Boston Properties, Inc.bs common stock. The net cost of the capped call transactions was approximately $44.4 million. As of SeptemberB 30, 2013, the effective exchange price was $134.14 per share. |
Unsecured_Exchangeable_Senior_3
Unsecured Exchangeable Senior Notes Unsecured Exchangeable Senior Notes (Narrative) (details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 18-May-13 | 18-May-13 | 18-May-13 | |
3.75% xchangeable Senior Notes [Member] | 3.75% xchangeable Senior Notes [Member] | 3.75% xchangeable Senior Notes [Member] | ||||||
Redeemed amount [Member] | Submitted for Exchange [Member] | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Coupon/Stated Rate | ' | ' | ' | ' | ' | 3.75% | ' | ' |
Redemption Date | ' | ' | ' | ' | ' | 18-May-13 | ' | ' |
Debt Instrument Redemption Price Principal Percentage | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Repayments of unseucred senior notes | ' | ' | $0 | $225,000,000 | ' | ' | $990,000 | $449,010,000 |
Shares issued as part of the exchange | 152,469,495 | ' | 152,469,495 | ' | 151,680,119 | 419,116 | ' | ' |
Losses from early extinguishment of debt | $30,000 | $5,494,000 | ($122,000) | $4,453,000 | ' | $100,000 | ' | ' |
Unsecured_Line_of_Credit_Detai
Unsecured Line of Credit (Details) (USD $) | Sep. 30, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Jul. 26, 2013 |
Y | Prior to Amendment [Member] | After Amendment [Member] | Alternative Base Interest Rate Calculation [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Rate Based on Current Credit Rating [Member] | Rate Based on Current Credit Rating [Member] | Rate Based on Current Credit Rating [Member] | |
M | After Amendment [Member] | Interest Rate Based on LIBOR or CDOR [Member] | Alternative Base Interest Rate Calculation [Member] | Interest Rate Based on LIBOR or CDOR [Member] | Alternative Base Interest Rate Calculation [Member] | Interest Rate Based on LIBOR or CDOR [Member] | Alternative Base Interest Rate Calculation [Member] | Current Rates Based on Credit Ratings [Member] | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | $750,000,000 | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | 24-Jun-14 | 26-Jul-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Margin added to Calculated Interest Rate | ' | ' | ' | ' | ' | ' | 1.70% | 0.70% | ' | 0.93% | 0.00% | 1.00% | 0.00% | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | 0.35% | ' | ' | ' | 0.13% | ' | ' | ' | ' | 0.15% |
Amount added to Federal Funds Rate to Calculate Interest Rate | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR Period Used to Calculate Interest Rate (in months) | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount added to LIBOR to Calculate Interest Rate | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage Ratio Maximum | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage Ratio Maximum Increasing Limit | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage Ratio Reduction Limit | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage Ratio Reduction Period, Years | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Secured Debt Leverage Ratio | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio Minimum. | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Unsecured Debt Leverage Ratio | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Debt Leverage Ratio Maximum Increasing Limit | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Debt Leverage Ratio Reduction Limit | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Debt Leverage Ratio Reduction Period, Years | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Debt Interest Coverage Ratio Minimum. | 1.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Line Items] | ' |
Letter of credit and performance obligations | $13,900,000 |
Property insurance program per occurrence limits | 1,000,000,000 |
Per occurrence limit for NBCR Coverage | 1,000,000,000 |
Value of program trigger | 100,000,000 |
Coinsurance of program trigger | 15.00% |
Deductible in insurance as a percentage of the value of the affected property, San Francisco | 5.00% |
Per occurrence limit of the earthquake insurance which covers San Francisco region | 120,000,000 |
Annual aggregate limit of the earthquake insurance which covers San Francisco region | 120,000,000 |
Amount of earthquake insurance provided by IXP, LLC as direct insurer San Francisco | 20,000,000 |
Earthquake Coverage Included in Builders Risk Policy for 680 Folsom | 20,000,000 |
Earthquake Coverage Included In Builders Risk Policy For 535 Mission | 15,000,000 |
Operating partnership guarantee to cover liabilities of IXP | 20,000,000 |
767 Venture, LLC [Member] | ' |
Commitments And Contingencies [Line Items] | ' |
Maximum funding obligation | 11,400,000 |
Property insurance program per occurrence limits | 1,625,000,000 |
Coverage for acts of Terrorism certified under TRIA in excess of amount provided by NYXP, LLC, as a direct insurer | 1,375,000,000 |
Coverage for acts of terrorism certified under TRIA | 250,000,000 |
John Hancock Tower [Member] | ' |
Commitments And Contingencies [Line Items] | ' |
Guarantee Obligation Related To Tenant Re-Leasing Costs | 15,900,000 |
601 Lexington Avenue [Member] | ' |
Commitments And Contingencies [Line Items] | ' |
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP | $250,000,000 |
Noncontrolling_Interests_Narra
Noncontrolling Interests (Narrative) (Details) | Sep. 30, 2013 |
Noncontrolling Interests [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Operating Partnership (OP) Units (in shares) | 15,738,523 |
Long-Term Incentive Plan (LTIP) Units (in shares) | 1,460,200 |
Series Two Preferred Units (in shares) | 995,997 |
Convertible Operating Partnership (OP) Units (in shares) | 1,307,083 |
Series Four Preferred Units (in shares) | 360,126 |
OPP Units 2011 [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Outperformance awards in LTIP Units (in shares) | 396,500 |
OPP Units 2012 [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Outperformance awards in LTIP Units (in shares) | 396,150 |
MYLTIP [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
2013 MYLTIP | 316,325 |
Noncontrolling_Interests_Redee
Noncontrolling Interests (Redeemable Preferred Units) (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 15, 2013 | 15-May-13 | 14-May-13 | Feb. 15, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2013 | Aug. 07, 2013 | Sep. 30, 2013 | Aug. 15, 2013 | 29-May-13 | 15-May-13 | Feb. 15, 2013 | Sep. 30, 2013 |
Noncontrolling Interests [Member] | Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | series four preferred units [Member] | series four preferred units [Member] | series four preferred units [Member] | series four preferred units [Member] | series four preferred units [Member] | series four preferred units [Member] | series four preferred units [Member] | Redemption Year Two Thousand Fourteen [Member] | |
Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | ||||||
D | |||||||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Redeemable On Redemption Dates Preferred Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,007,662 |
Series Two Preferred Units (in shares) | 995,997 | ' | 995,997 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation preference percentage | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Units Liquidation Preference | ' | $50 | $50 | ' | ' | ' | ' | ' | ' | ' | ' | $50 | $50 | $50 | ' | ' | ' | ' | ' |
First opportunity to redeem Series Four Preferred Units (in days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' |
Series Four Preferred Units Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 861,400 | ' | ' | ' | ' | ' | ' |
Operating Units liquidation preference (in dollars per share) | ' | ' | $38.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OP Units for each Preferred Unit (in shares) | ' | 1.312336 | 1.312336 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series Two Preferred Units Redemption Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 |
Dates Series Two Preferred Unit Holders Can Require Redemption From Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12-May-14 |
Maximum portion that may be required for redemption of total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0.1666666667 |
Distributions to Series Two Preferred Units (in dollars per share) | ' | ' | ' | $0.85 | $0.85 | ' | $0.85 | ' | ' | ' | ' | ' | ' | ' | $0.25 | ' | $0.25 | $0.25 | ' |
Series Four Preferred Units (in shares) | 360,126 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,126 | ' | ' | ' | ' | ' |
Series Four Preferred Units Annual Dividend Payable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 2.00% | ' | ' | ' | ' | ' |
Number Of Holders Exercises | ' | ' | ' | ' | ' | 0 | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling_Interests_Redee1
Noncontrolling Interests (Redeemable Preferred Units) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | $110,876 | ' |
Net Income | 1,082 | 874 | 3,385 | 2,440 |
Conversion of redeemable preferred units (Series Two Preferred Units) to common units | ' | ' | ' | 5,852 |
Ending Balance | 67,806 | ' | 67,806 | ' |
Redeemable Preferred Units [Member] | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 110,876 | 55,652 |
Issuance of redeemable preferred units (Series Four Preferred Units) | ' | ' | ' | 79,405 |
Net Income | ' | ' | 3,385 | 2,440 |
Distributions | ' | ' | -3,385 | -2,440 |
Conversion of redeemable preferred units (Series Two Preferred Units) to common units | ' | ' | ' | -5,852 |
Redemption of redeemable preferred units (Series Four Preferred Units) | ' | ' | 43,070 | 18,329 |
Ending Balance | $67,806 | $110,876 | $67,806 | $110,876 |
Common_Units_Narrative_Details
(Common Units) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | |||
Jul. 31, 2013 | Apr. 30, 2013 | Jan. 29, 2013 | Sep. 30, 2013 | Sep. 18, 2013 | |
Y | |||||
OP Units [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
OP Units for redemption (in shares) | ' | ' | ' | 336,935 | ' |
Redemption of OP units issued on conversion of LTIP Units (in shares) | ' | ' | ' | 19,589 | ' |
Outperformance Awards LTIP Units distribution as percentage of OP Unit distribution prior to measurement date | ' | ' | ' | 10.00% | ' |
Distributions made to OP and LTIP units per unit (in dollars per share) | $0.65 | $0.65 | $0.65 | ' | ' |
Distribution paid to outperformance awards, OPP Units (in dollars per share) | $0.07 | $0.07 | $0.07 | ' | ' |
Distribution declared to OP and LTIP units by Boston Properties, Inc. (in dollars per share) | ' | ' | ' | ' | $0.65 |
Distribution declared to outperformance awards OPP Units by Boston Properties, Inc. (in dollars per share) | ' | ' | ' | ' | $0.07 |
Restriction on redemption of OP Unit to Common Stock (in years) | ' | ' | ' | 1 | ' |
Redemption of OP Unit equivalence to Common Stock (in shares) | ' | ' | ' | 1 | ' |
Common units of operating partnership if converted value | ' | ' | ' | $1,800,000,000 | ' |
Value of Series Two Preferred Units assuming conversion | ' | ' | ' | $139,700,000 | ' |
OPP Units 2011 [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Outperformance awards in LTIP Units (in shares) | ' | ' | ' | 396,500 | ' |
OPP Units 2012 [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Outperformance awards in LTIP Units (in shares) | ' | ' | ' | 396,150 | ' |
OP Units [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Closing price of common stock (in dollars per share) | ' | ' | ' | $106.90 | ' |
Quarter 4 2012 [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 29-Jan-13 | ' |
Quarter 4 2012 [Member] | OP Units [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 29-Jan-13 | ' |
Holders of record date | ' | ' | ' | 31-Dec-12 | ' |
Quarter 1 2013 [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 30-Apr-13 | ' |
Quarter 1 2013 [Member] | OP Units [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 30-Apr-13 | ' |
Holders of record date | ' | ' | ' | 29-Mar-13 | ' |
Quarter 2 2013 [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 31-Jul-13 | ' |
Quarter 2 2013 [Member] | OP Units [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 31-Jul-13 | ' |
Holders of record date | ' | ' | ' | 28-Jun-13 | ' |
Quarter 3 2013 [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 31-Oct-13 | ' |
Dividends payable, date declared | ' | ' | ' | 18-Sep-13 | ' |
Quarter 3 2013 [Member] | OP Units [Member] | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 31-Oct-13 | ' |
Holders of record date | ' | ' | ' | 30-Sep-13 | ' |
Dividends payable, date declared | ' | ' | ' | 18-Sep-13 | ' |
Noncontrolling_Interests_Prope
Noncontrolling Interests (Property Partnerships) (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 26, 2013 | Feb. 26, 2013 | Feb. 07, 2013 | 31-May-13 | |
Transbay Tower [Member] | Transbay Tower [Member] | Transbay Tower [Member] | 767 Fifth Avenue (The GM Building) [Member] | ||||
floor | partners | ||||||
sqft | sqft | ||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property partnerships | $481,629,000 | ' | ($1,964,000) | ' | ' | ' | ' |
Partners Joint Venture Ownership Percentage | ' | ' | ' | ' | 5.00% | 50.00% | ' |
Ownership Percentage | ' | ' | ' | 95.00% | 95.00% | ' | 40.00% |
Number of floors real estate | ' | ' | ' | 60 | ' | ' | ' |
Net Rentable Area | ' | ' | ' | 1,400,000 | ' | ' | 1,800,000 |
Payments to Acquire Land | ' | ' | ' | 192,000,000 | ' | ' | ' |
Number of Joint Venture Partners | ' | ' | ' | ' | ' | ' | 2 |
Noncontrolling interest recorded upon consolidation | $480,861,000 | $0 | ' | ' | ' | ' | $480,861,000 |
Noncontrolling_Interests_Nonco
Noncontrolling Interests Noncontrolling Redeemable Property Partnerships (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Noncontrolling Interest Redeemable Property Partnership [Abstract] | ' |
Beginning Balance | $97,558 |
Net Loss for Redeemable interest in Property Partnership | -1,523 |
Distributions on Redeemable Property Partnership | -3,935 |
Adjustment to Reflect Redeemable Interest at Redemption Value | 6,549 |
Ending Balance | $98,649 |
Noncontrolling_Interests_Redee2
Noncontrolling Interests Redeemable interest in proty partnership (Narrative) (Details) (Fountain Square [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 04, 2012 |
Fountain Square [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Aggregate purchase price | $385 |
Asssumed debt | 211.3 |
Ownership Percentage | 50.00% |
Cash contributed | 87 |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% |
Future Fixed Price to Acquire Remaining Portion of Joint venture | $102 |
Fixed Price Option Expiration Date | 31-Jan-16 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 60 Months Ended | 9 Months Ended | |||||||||||||||||||
Jul. 31, 2013 | Apr. 30, 2013 | Mar. 27, 2013 | Jan. 29, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 18, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 15-May-13 | Mar. 26, 2018 | Mar. 27, 2018 | Sep. 30, 2013 | Sep. 18, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 27, 2018 | Sep. 30, 2013 | |
Atm Program [Member] | Issued in conjunction with debt exchange for 3.75% exchangeable senior notes [Member] | Quarter 4 2012 [Member] | Quarter 1 2013 [Member] | Quarter 2 2013 [Member] | Quarter 3 2013 [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Depository shares of Series B Cumulative Redeemable Preferred [Member] | Depository shares of Series B Cumulative Redeemable Preferred [Member] | |||||||||
Quarter 2 2013 [Member] | Quarter 3 2013 [Member] | Quarter 4 2013 [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | ' | ' | 152,390,595 | ' | ' | 151,601,209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
At the market stock offering program, aggregate value of common stock | ' | ' | ' | ' | ' | ' | ' | ' | $600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
At the market stock offering program remaining amount available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | 305,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of its Common Stock in connection with the redemption of an equal number of OP Units | ' | ' | ' | ' | 336,935 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Jan-13 | 30-Apr-13 | 31-Jul-13 | 31-Oct-13 | ' | ' | ' | ' | ' | ' | 15-May-13 | 15-Aug-13 | 15-Nov-13 | ' | ' |
Dividend paid on common stock (in dollars per share) | $0.65 | $0.65 | ' | $0.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend shareholder of record date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-12 | 29-Mar-13 | 28-Jun-13 | 30-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | 5-Nov-13 | ' | ' |
Dividends payable, date declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | 18-Sep-13 | ' | ' |
Dividends Payable, Amount Per Share | ' | ' | ' | ' | ' | ' | $0.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.81 | ' | ' | ' | ' | ' | ' |
Series B, Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' | 0 | ' | ' | ' | ' | 8,000,000 |
Series B, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series B, Liquidation Preference Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500 | $2,500 | ' | $0 | ' | ' | ' | $25 | $25 |
Proceeds from Issuance of Series B | ' | ' | $193,600,000 | ' | $193,623,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of depository shares to shares of Series B Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.01 | ' | ' | ' | ' | ' | ' | ' |
Shares issued in conjunction with exchange of 3.75% exchangeable senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 419,116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coupon/Stated Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic Earnings: | ' | ' | ' | ' |
Income from continuing operations attributable to Boston Properties, Inc., Income (Numerator) | $74,061 | $55,861 | $555,135 | $186,422 |
Net income attributable to Boston Properties Inc., Shares (Denominator) | 152,407 | 150,801 | 152,000 | 149,823 |
Inceom (loss) from continuing operations before discontinued operations and allocation of undistributed earnings (dollars per share) | $0.49 | ' | $3.65 | ' |
Income from continuing operations attributable to Boston Properties, Inc., Per Share Amount (in dollars per share) | $0.49 | $0.37 | $3.63 | $1.25 |
Discontinued operations attributable to Boston Properties, Inc., Income (Numerator) | 78,616 | 1,388 | 97,726 | 37,822 |
Discontinued operations attributable to Boston Properties, Inc., Per Share Amount (in dollars per share) | $0.51 | $0.01 | $0.64 | $0.25 |
Allocation of undistributed earnings to participating securities (numberator) | -586 | ' | -3,762 | ' |
Allocation of undistributed earnings to participating securities (in dollars per shares) | $0 | ' | ($0.02) | ' |
Net Income Loss Available To Common Stockholders After Discontinued Operations and Allocation of undistributed Earnings,Basic | 152,091 | ' | 649,099 | ' |
Net Income (Loss) Available to Common Stockholders, Basic | 152,677 | 57,249 | 652,861 | 224,244 |
Net income (in dollars per share) | $1 | $0.38 | $4.27 | $1.50 |
Effect of Dilutive Securities: | ' | ' | ' | ' |
Stock Based Compensation and Exchangeable Senior Notes, Income (Numerator) | 0 | 0 | 0 | 0 |
Stock Based Compensation and Exchangeable Senior Notes, Shares (Denominator) | 285 | 1,182 | 381 | 655 |
Stock Based Compensation and Exchangeable Senior Notes, Per Share Amount (in dollars per share) | $0 | $0 | ($0.01) | ($0.01) |
Diluted Earnings: | ' | ' | ' | ' |
Diluted Earnings: Net income, Income (Numerator) | $152,091 | $57,249 | $649,099 | $224,244 |
Diluted Earnings: Net income, Shares (Denominator) | 152,692 | 151,983 | 152,381 | 150,478 |
Diluted Earnings: Net income, Per Share Amount (in dollars per share) | $1 | $0.38 | $4.26 | $1.49 |
Stock_Option_and_Incentive_Pla1
Stock Option and Incentive Plan (Restricted Stock) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
Restricted Stock [Member] | LTIP Units [Member] | MYLTIP [Member] | MYLTIP [Member] | LTIPs And Restricted Stock [Member] | LTIPs and OPP Awards [Member] | Non Qualified Stock Options [Member] | Unvested 2011 and 2012 OPP Units and 2013 MYLTIPS [Member] | Board of Directors Chairman [Member] | Executive Vice President [Member] | ||||||
Y | VestingInstallments | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | 152,469,495 | ' | 152,469,495 | ' | 151,680,119 | 36,730 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LTIP units issued (in shares) | ' | ' | ' | ' | ' | ' | 184,733 | ' | ' | ' | ' | ' | ' | ' | ' |
MYLTIP units issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 318,926 | ' | ' | ' | ' | ' | ' |
Non-qualified stock options issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 252,220 | ' | ' | ' |
Employee and director payment per share (in dollars per share) | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | $0.25 | ' | ' | ' | ' |
Vesting annual installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' |
Stock-based compensation associated with restricted stock, non-qualified options, LTIP Units, 2008 OPP Units, 2011 OPP Units, and 2012 OPP Units and 2013 MYLTIPS | $6,200,000 | $6,400,000 | $38,100,000 | $23,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,700,000 |
Acceleration of Stock Basec Compensation and Stock Based Compensation Associated with Transition Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,200,000 | ' |
TRS Measurement, Years | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,200,000 | ' | ' | 12,700,000 | ' | ' |
Weighted-average period (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 9 months 18 days | ' | ' |
Value of shares of common stock | 1,524,000 | ' | 1,524,000 | ' | 1,516,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee's weighted average cost per share (in dollars per share) | ' | ' | ' | ' | ' | $105.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of LTIP units issued | ' | ' | ' | ' | ' | ' | $14,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Per unit fair value weighted-average (in dollars per share) | ' | ' | ' | ' | ' | ' | $96.33 | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life assumed to calculate per unit fair value per LTIP unit (years) | ' | ' | ' | ' | ' | ' | '5 years 8 months 12 days | ' | ' | ' | ' | '6 years 0 months 0 days | ' | ' | ' |
Risk-free rate | ' | ' | ' | ' | ' | ' | 1.03% | ' | ' | ' | ' | 1.11% | ' | ' | ' |
Expected price volatility | ' | ' | ' | ' | ' | ' | 26.00% | ' | ' | ' | ' | 26.00% | ' | ' | ' |
Expected dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' |
Method of valuation | ' | ' | ' | ' | ' | ' | 'Monte Carlo simulation method | ' | ' | ' | ' | 'The non-qualified stock options granted during the nine months ended March 31, 2013 had a weighted-average fair value on the date of grant of $18.64 per option, which was computed using the Black-Scholes option-pricing model utilizing the following weighted-average assumptions: an expected life of 6.3 years, a risk-free interest rate of 1.19%, an expected price volatility of 26% and an expected dividend yield of 3%. | ' | ' | ' |
Weighted-average grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.46 | ' | ' | ' |
Weighted-average exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $105.10 | ' | ' | ' |
Stock_Option_and_Incentive_Pla2
Stock Option and Incentive Plan Stock Option and Incentive Plan (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 11, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Sep. 30, 2013 | Mar. 11, 2013 | Mar. 10, 2013 | |
MYLTIP [Member] | Cohen & Steers Realty Majors Portfolio Index [Member] | NAREIT Office Index adjusted [Member] | Minimum [Member] | Maximum [Member] | Threshold [Member] | Target [Member] | High [Member] | Exceptional [Member] | MYLTIP Vesting 2018 [Member] | MYLTIP Vesting 2017 [Member] | MYLTIP Vesting 2016 [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | ||||||
indices | MYLTIP [Member] | MYLTIP [Member] | MYLTIP [Member] | MYLTIP [Member] | MYLTIP [Member] | MYLTIP [Member] | MYLTIP [Member] | MYLTIP [Member] | MYLTIP [Member] | MYLTIP [Member] | MYLTIP [Member] | |||||||||
Y | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $6,200,000 | $6,400,000 | $38,100,000 | $23,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TRS Measurement, Years | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Percentage of Index Used to Compare to TRS | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential Awards Earned | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 30,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indices Used to Compare TRS | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Tiers | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Each Tier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | 10,200,000 | 20,500,000 | 30,700,000 | ' | ' | ' | ' | ' | ' |
Percentage of annualized TRS for Reduction of Earned Awards | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage to Cause Some Awards to be Earned Even if on a Relative Basis it Would Not Result in any Earned Awards | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 25.00% | 25.00% | ' | ' | 33.33% |
Vesting Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4-Feb-18 | 4-Feb-17 | 4-Feb-16 | ' | ' | ' |
Distributions Percent Before Measurement Date | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of MYLTIP Awards | ' | ' | ' | ' | ' | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MYLTIP Value Amortized Into Earnings, Years | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Payment Related to Transition Agreement | ' | ' | ' | ' | 6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target Equity Award Compensation Associated with Transition Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,100,000 | ' |
Compensation Expense associated with Transition Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,800,000 | ' | ' |
Acceleration of Stock Based Compensation in Association with Transition Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,900,000 | ' | ' |
Segment_Information_Segment_In
Segment Information Segment Information (narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
767 Fifth Avenue (The GM Building) [Member] | Princeton [Member] | Princeton [Member] | Princeton [Member] | Princeton [Member] | San Francisco [Member] | San Francisco [Member] | San Francisco [Member] | San Francisco [Member] | |||||
partners | |||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification between General and administrative expense and real estate operating expenses | $2 | $1.90 | $6.10 | $5.80 | ' | $0.30 | $0.40 | $1.30 | $1.40 | $1.70 | $1.50 | $4.80 | $4.40 |
Number of Joint Venture Partners | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | $537,080 | $434,015 | $1,458,025 | $1,280,007 |
Rental Revenue: Office/Technical | 15,378 | 9,786 | 40,121 | 29,471 |
Rental Revenue: Residential | 5,493 | 5,496 | 16,555 | 15,013 |
Rental Revenue: Hotel | 10,652 | 9,359 | 30,061 | 26,224 |
Total revenue | 568,603 | 458,656 | 1,544,762 | 1,350,715 |
Rental Revenue: % of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% |
Rental Expenses: Class A Office | 193,329 | 160,088 | 528,031 | 461,130 |
Rental Expenses: Office/Technical | 4,114 | 2,751 | 10,711 | 7,976 |
Rental Expenses: Residential | 2,907 | 2,854 | 8,470 | 8,143 |
Rental Expenses: Hotel | 6,580 | 6,886 | 20,959 | 19,601 |
Rental Expenses: Total | 206,930 | 172,579 | 568,171 | 496,850 |
Rental Expenses: % Of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% |
Net operating Income | 361,673 | 286,077 | 976,591 | 853,865 |
Net operating Income: % of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% |
Boston [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | 171,228 | 161,479 | 497,584 | 460,127 |
Rental Revenue: Office/Technical | 5,662 | 5,539 | 16,853 | 16,882 |
Rental Revenue: Residential | 1,125 | 995 | 3,257 | 2,891 |
Rental Revenue: Hotel | 10,652 | 9,359 | 30,061 | 26,224 |
Total revenue | 188,667 | 177,372 | 547,755 | 506,124 |
Rental Revenue: % of Grand Totals | 33.18% | 38.67% | 35.46% | 37.47% |
Rental Expenses: Class A Office | 67,798 | 65,261 | 196,710 | 183,601 |
Rental Expenses: Office/Technical | 1,763 | 1,758 | 5,177 | 4,910 |
Rental Expenses: Residential | 466 | 490 | 1,316 | 1,247 |
Rental Expenses: Hotel | 6,580 | 6,886 | 20,959 | 19,601 |
Rental Expenses: Total | 76,607 | 74,395 | 224,162 | 209,359 |
Rental Expenses: % Of Grand Totals | 37.02% | 43.11% | 39.45% | 42.14% |
Net operating Income | 112,060 | 102,977 | 323,593 | 296,765 |
Net operating Income: % of Grand Totals | 30.98% | 36.00% | 33.14% | 34.76% |
New York [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | 198,450 | 120,270 | 463,851 | 360,515 |
Rental Revenue: Office/Technical | 0 | 0 | 0 | 0 |
Rental Revenue: Residential | 0 | 0 | 0 | 0 |
Rental Revenue: Hotel | 0 | 0 | 0 | 0 |
Total revenue | 198,450 | 120,270 | 463,851 | 360,515 |
Rental Revenue: % of Grand Totals | 34.90% | 26.22% | 30.02% | 26.69% |
Rental Expenses: Class A Office | 66,322 | 41,088 | 156,414 | 118,531 |
Rental Expenses: Office/Technical | 0 | 0 | 0 | 0 |
Rental Expenses: Residential | 0 | 0 | 0 | 0 |
Rental Expenses: Hotel | 0 | 0 | 0 | 0 |
Rental Expenses: Total | 66,322 | 41,088 | 156,414 | 118,531 |
Rental Expenses: % Of Grand Totals | 32.05% | 23.81% | 27.53% | 23.86% |
Net operating Income | 132,128 | 79,182 | 307,437 | 241,984 |
Net operating Income: % of Grand Totals | 36.53% | 27.68% | 31.48% | 28.34% |
Princeton [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | 15,636 | 15,234 | 46,916 | 45,701 |
Rental Revenue: Office/Technical | 0 | 0 | 0 | 0 |
Rental Revenue: Residential | 0 | 0 | 0 | 0 |
Rental Revenue: Hotel | 0 | 0 | 0 | 0 |
Total revenue | 15,636 | 15,234 | 46,916 | 45,701 |
Rental Revenue: % of Grand Totals | 2.75% | 3.32% | 3.04% | 3.38% |
Rental Expenses: Class A Office | 7,033 | 6,790 | 21,386 | 20,889 |
Rental Expenses: Office/Technical | 0 | 0 | 0 | 0 |
Rental Expenses: Residential | 0 | 0 | 0 | 0 |
Rental Expenses: Hotel | 0 | 0 | 0 | 0 |
Rental Expenses: Total | 7,033 | 6,790 | 21,386 | 20,889 |
Rental Expenses: % Of Grand Totals | 3.40% | 3.93% | 3.77% | 4.20% |
Net operating Income | 8,603 | 8,444 | 25,530 | 24,812 |
Net operating Income: % of Grand Totals | 2.38% | 2.95% | 2.61% | 2.91% |
San Francisco [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | 53,841 | 52,585 | 159,843 | 155,353 |
Rental Revenue: Office/Technical | 5,839 | 148 | 11,317 | 344 |
Rental Revenue: Residential | 0 | 0 | 0 | 0 |
Rental Revenue: Hotel | 0 | 0 | 0 | 0 |
Total revenue | 59,680 | 52,733 | 171,160 | 155,697 |
Rental Revenue: % of Grand Totals | 10.50% | 11.50% | 11.08% | 11.53% |
Rental Expenses: Class A Office | 20,006 | 19,530 | 58,036 | 56,496 |
Rental Expenses: Office/Technical | 1,287 | 52 | 2,439 | 114 |
Rental Expenses: Residential | 0 | 0 | 0 | 0 |
Rental Expenses: Hotel | 0 | 0 | 0 | 0 |
Rental Expenses: Total | 21,293 | 19,582 | 60,475 | 56,610 |
Rental Expenses: % Of Grand Totals | 10.29% | 11.35% | 10.64% | 11.39% |
Net operating Income | 38,387 | 33,151 | 110,685 | 99,087 |
Net operating Income: % of Grand Totals | 10.62% | 11.59% | 11.33% | 11.60% |
Washington, DC [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | 97,925 | 84,447 | 289,831 | 258,311 |
Rental Revenue: Office/Technical | 3,877 | 4,099 | 11,951 | 12,245 |
Rental Revenue: Residential | 4,368 | 4,501 | 13,298 | 12,122 |
Rental Revenue: Hotel | 0 | 0 | 0 | 0 |
Total revenue | 106,170 | 93,047 | 315,080 | 282,678 |
Rental Revenue: % of Grand Totals | 18.67% | 20.29% | 20.40% | 20.93% |
Rental Expenses: Class A Office | 32,170 | 27,419 | 95,485 | 81,613 |
Rental Expenses: Office/Technical | 1,064 | 941 | 3,095 | 2,952 |
Rental Expenses: Residential | 2,441 | 2,364 | 7,154 | 6,896 |
Rental Expenses: Hotel | 0 | 0 | 0 | 0 |
Rental Expenses: Total | 35,675 | 30,724 | 105,734 | 91,461 |
Rental Expenses: % Of Grand Totals | 17.24% | 17.80% | 18.61% | 18.41% |
Net operating Income | $70,495 | $62,323 | $209,346 | $191,217 |
Net operating Income: % of Grand Totals | 19.49% | 21.78% | 21.44% | 22.39% |
Segment_Information_Schedule_O1
Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net Operating Income | $187,352 | $160,691 | $485,017 | $474,319 |
Development and management services income | 5,479 | 8,024 | 22,072 | 25,733 |
Income from unconsolidated joint ventures | 14,736 | 9,217 | 72,240 | 42,129 |
Gains on consolidation of joint ventures | -1,810 | 0 | 385,991 | 0 |
Interest and other income | 3,879 | 4,001 | 6,646 | 8,029 |
Gains from investments in securities | 956 | 587 | 1,872 | 1,202 |
Gains (losse) from early extinguishments of debt | -30 | -5,494 | 122 | -4,453 |
Gains on sale of real estate from discontinued operations | 86,448 | 0 | 86,448 | 36,877 |
Gain on forgiveness of debt from discontinued operations | 0 | 0 | 20,182 | 0 |
General and administrative expense | 24,841 | 21,617 | 94,673 | 72,208 |
Transaction costs | 766 | 1,140 | 1,744 | 3,252 |
Depreciation and amortization expense | 154,193 | 110,653 | 408,923 | 329,819 |
Interest expense | 122,173 | 105,030 | 325,746 | 308,168 |
Impairment loss | 0 | 0 | 8,306 | 0 |
Impairment loss from discontinued operations | 0 | 0 | 3,241 | 0 |
Noncontrolling interest in property partnerships | -3,279 | 458 | -924 | 1,461 |
Noncontrolling interest-redeemable preferred units of the Operating Partnership | 1,082 | 874 | 3,385 | 2,440 |
Noncontrolling interest-common units of the Operating Partnership | 8,399 | 6,779 | 63,135 | 22,735 |
Noncontrolling interest in discontinued operations-common units of the Operating Partnership | 8,910 | 162 | 11,260 | 4,651 |
Net income attributable to Boston Properties, Inc. | 155,324 | 57,249 | 658,272 | 224,244 |
Business Intersegment, Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net Operating Income | 361,673 | 286,077 | 976,591 | 853,865 |
Development and management services income | 5,479 | 8,024 | 22,072 | 25,733 |
Income from unconsolidated joint ventures | 14,736 | 9,217 | 72,240 | 42,129 |
Gains on consolidation of joint ventures | -1,810 | 0 | 385,991 | 0 |
Interest and other income | 3,879 | 4,001 | 6,646 | 8,029 |
Gains from investments in securities | 956 | 587 | 1,872 | 1,202 |
Gains (losse) from early extinguishments of debt | -30 | -5,494 | 122 | -4,453 |
Income from discontinued operations | 1,078 | 1,550 | 5,597 | 5,596 |
Gains on sale of real estate from discontinued operations | 86,448 | 0 | 86,448 | 36,877 |
Gain on forgiveness of debt from discontinued operations | 0 | 0 | 20,182 | 0 |
General and administrative expense | 24,841 | 21,617 | 94,673 | 72,208 |
Transaction costs | 766 | 1,140 | 1,744 | 3,252 |
Depreciation and amortization expense | 154,193 | 110,653 | 408,923 | 329,819 |
Interest expense | 122,173 | 105,030 | 325,746 | 308,168 |
Impairment loss | 0 | 0 | 8,306 | 0 |
Impairment loss from discontinued operations | 0 | 0 | 3,241 | 0 |
Noncontrolling interest in property partnerships | -3,279 | 458 | -924 | 1,461 |
Noncontrolling interest-redeemable preferred units of the Operating Partnership | 1,082 | 874 | 3,385 | 2,440 |
Noncontrolling interest-common units of the Operating Partnership | 8,399 | 6,779 | 63,135 | 22,735 |
Noncontrolling interest in discontinued operations-common units of the Operating Partnership | 8,910 | 162 | 11,260 | 4,651 |
Net income attributable to Boston Properties, Inc. | $155,324 | $57,249 | $658,272 | $224,244 |
Subsequent_Events_subsequent_E
Subsequent Events subsequent Events (Details) (USD $) | 0 Months Ended | 0 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Oct. 29, 2013 | Apr. 04, 2013 | Sep. 26, 2013 | Oct. 09, 2013 | Oct. 29, 2013 | Oct. 21, 2013 | Oct. 21, 2013 | Oct. 29, 2013 |
Annapolis Junction Building Seven [Member] | Annapolis Junction Building Seven [Member] | Annapolis Junction Building Seven [Member] | Time Square Tower [Member] | Princeton Build to Suit [Member] | Series Two Preferred Units [Member] | Op Units [Member] | Prior to extension [Member] | |
sqft | sqft | sqft | sqft | Annapolis Junction Building Seven [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus 1.65% | ' | ' | ' | ' | ' | ' | ' |
Ownership Percentage | ' | ' | ' | 45.00% | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | 17-Nov-14 | 4-Apr-16 | ' | ' | ' | ' | ' | 17-Nov-13 |
Contractual Sales Price | ' | ' | ' | $684 | ' | ' | ' | ' |
Proceeds from sale of an interest in a real estate asset | ' | ' | ' | 673.4 | ' | ' | ' | ' |
Net Rentable Area | 119,000 | ' | 125,000 | 1,246,000 | 130,000 | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | ' | ' | 329,881 | 432,914 | ' |
Construction Loan | $14 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.65% | 1.65% | ' | ' | ' | ' | ' | ' |