Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'BOSTON PROPERTIES LTD PARTNERSHIP | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001043121 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Real estate, at cost | $17,250,231 | $16,727,886 |
Construction in progress | 1,309,781 | 1,523,179 |
Land held for future development | 273,587 | 297,376 |
Less: accumulated depreciation | -3,300,262 | -3,096,910 |
Total real estate | 15,533,337 | 15,451,531 |
Cash and cash equivalents | 1,036,576 | 2,365,137 |
Cash held in escrows | 59,248 | 57,201 |
Investments in securities | 18,927 | 16,641 |
Tenant and other receivables (net of allowance for doubtful accounts of $1,496 and $1,636, respectively) | 51,348 | 59,464 |
Accrued rental income (net of allowance of $6,756 and $3,636, respectively) | 673,587 | 651,603 |
Deferred charges, net | 853,924 | 884,450 |
Prepaid expenses and other assets | 133,035 | 184,477 |
Investments in unconsolidated joint ventures | 176,939 | 126,084 |
Total assets | 18,536,921 | 19,796,588 |
Liabilities: | ' | ' |
Mortgage notes payable | 4,411,453 | 4,449,734 |
Unsecured senior notes (net of discount of $13,271 and $14,146 respectively) | 5,836,729 | 5,835,854 |
Unsecured exchangeable senior notes (net of discount of $0 and $182, respectively) | 0 | 744,880 |
Unsecured line of credit | 0 | 0 |
Mezzanine notes payable | 310,427 | 311,040 |
Outside member's notes payable | 180,000 | 180,000 |
Accounts payable and accrued expenses | 216,080 | 202,470 |
Distributions payable | 112,420 | 497,242 |
Accrued interest payable | 156,024 | 167,523 |
Other liabilities | 539,716 | 578,969 |
Total liabilities | 11,762,849 | 12,967,712 |
Commitments and contingencies | 0 | 0 |
Noncontrolling interests: | ' | ' |
Redeemable interest in property partnerships | 103,778 | 99,609 |
Redeemable partnership units— 0 and 666,116 series two preferred units outstanding (0 and 874,168 common units at redemption value, if converted) at June 30, 2014 and December 31, 2013 | 0 | 87,740 |
Redeemable partnership units - 360,126 series four preferred units outstanding at redemption value at June 30, 2014 and December 31, 2013 | 18,006 | 18,006 |
Redeemable partnership units—16,458,014 and 15,583,370 common units and 1,511,796 and 1,455,761 long term incentive units outstanding at redemption value at June 30, 2014 and December 31, 2013, respectively | 2,123,672 | 1,710,218 |
Capital: | ' | ' |
5.25% Series B cumulative redeemable preferred units, liquidation preference of $2,500 per unit, 80,000 units issued and outstanding at June 30, 2014 and December 31,2013 | 193,623 | 193,623 |
Boston Properties Limited Partnership partners’ capital—1,710,624 and 1,700,222 general partner units and 151,381,950 and 151,282,879 limited partner units outstanding at June 30, 2014 and December 31, 2013, respectively | 3,613,897 | 3,993,548 |
Noncontrolling interests in property partnerships | 721,096 | 726,132 |
Total capital | 4,528,616 | 4,913,303 |
Total liabilities and capital | $18,536,921 | $19,796,588 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Tenant and other receivables, allowance for doubtful accounts | $1,496 | $1,636 |
Accrued rental income, allowance | 6,756 | 3,636 |
Unsecured senior notes, discount | 13,271 | 14,146 |
Unsecured exchangeable senior notes, discount | $0 | $182 |
Redeemable partnership units, series two preferred units outstanding (in units) | 0 | 666,116 |
Redeemable partnership units, common units at redemption value, if converted (in units) | 0 | 874,168 |
Redeemable partnership units, series four preferred units outstanding (in units) | 360,126 | 360,126 |
Redeemable partnership units, common units (in units) | 16,458,014 | 15,583,370 |
Redeemable partnership units, long term incentive units outstanding at redemption value (in units) | 1,511,796 | 1,455,761 |
General Partners' Capital Account, Units Outstanding (in units) | 1,710,624 | 1,700,222 |
Limited Partners' Capital Account, Units Outstanding (in units) | 151,381,950 | 151,282,879 |
Series B Cumulative Redeemable Preferred Stock [Member] | ' | ' |
Series B Dividend Rate Percentage | 5.25% | 5.25% |
Series B, Liquidation Preference Per Unit | $2,500 | $2,500 |
Series B, Unitsssued | 80,000 | 80,000 |
Series B, Units Outstanding | 80,000 | 80,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue | ' | ' | ' | ' |
Base rent | $463,239 | $399,192 | $918,257 | $772,238 |
Recoveries from tenants | 81,382 | 68,321 | 163,316 | 132,640 |
Parking and other | 26,300 | 23,547 | 50,633 | 46,984 |
Total rental revenue | 570,921 | 491,060 | 1,132,206 | 951,862 |
Hotel revenue | 12,367 | 11,118 | 20,560 | 19,409 |
Development and management services | 6,506 | 7,855 | 11,722 | 16,588 |
Total revenue | 589,794 | 510,033 | 1,164,488 | 987,859 |
Expenses | ' | ' | ' | ' |
Rental | 202,646 | 176,018 | 409,034 | 345,080 |
Hotel | 7,315 | 7,335 | 14,112 | 14,379 |
General and administrative | 23,271 | 24,316 | 53,176 | 69,832 |
Transaction costs | 661 | 535 | 1,098 | 978 |
Impairment loss | 0 | 0 | 0 | 4,401 |
Depreciation and amortization | 152,602 | 131,506 | 304,847 | 248,915 |
Total expenses | 386,495 | 339,710 | 782,267 | 683,585 |
Operating income | 203,299 | 170,323 | 382,221 | 304,274 |
Other income (expense) | ' | ' | ' | ' |
Income from unconsolidated joint ventures | 2,834 | 48,783 | 5,650 | 57,504 |
Gain on consolidation of joint ventures | 0 | 387,801 | 0 | 387,801 |
Interest and other income | 2,109 | 1,296 | 3,420 | 2,767 |
Gains (Losses) from investments in securities | 662 | 181 | 948 | 916 |
Gains from early extinguishments of debt | 0 | 152 | 0 | 152 |
Interest expense | -110,977 | -103,140 | -224,531 | -203,573 |
Income (loss) from continuing operations | 97,927 | 505,396 | 167,708 | 549,841 |
Discontinued operations | ' | ' | ' | ' |
Income from discontinued operations | 0 | 3,315 | 0 | 5,809 |
Gain on forgiveness of debt from discontinued operations | 0 | 0 | 0 | 20,736 |
Impairment loss from discontinued operations | 0 | 0 | 0 | -2,852 |
Net income | 97,927 | 508,711 | 167,708 | 573,534 |
Net income attributable to noncontrolling interests | ' | ' | ' | ' |
Noncontrolling interest in property partnerships | -7,553 | 219 | -11,907 | -2,355 |
Noncontrolling interest-redeemable preferred units | -2,938 | -3,741 | -6,146 | -5,067 |
Net income attributable to Boston Properties Limited Partnership | $87,436 | $505,189 | $149,655 | $566,112 |
Basic earnings per common unit attributable to Boston Properties Limited Partnership | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.51 | $2.95 | $0.88 | $3.19 |
Discontinued operations (in dollars per share) | $0 | $0.02 | $0 | $0.14 |
Net income (in dollars per share) | $0.51 | $2.97 | $0.88 | $3.33 |
Weighted average number of common units outstanding (in shares) | 170,382 | 168,933 | 170,113 | 168,842 |
Diluted earnings per common unit attributable to Boston Properties Limited Partnership | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.51 | $2.94 | $0.88 | $3.18 |
Discontinued operations (in dollars per share) | $0 | $0.02 | $0 | $0.14 |
Diluted Earnings: Net income, Per Unit Amount (in dollars per share) | $0.51 | $2.96 | $0.88 | $3.32 |
Weighted average number of common and common equivalent units outstanding (in shares) | 170,542 | 169,485 | 170,262 | 169,271 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income | $97,927 | $508,711 | $167,708 | $573,534 | ||||
Other comprehensive income: | ' | ' | ' | ' | ||||
Amortization of interest rate contracts | 624 | [1] | 627 | [1] | 1,253 | [1] | 1,255 | [1] |
Other Comprehensive Income | 624 | 627 | 1,253 | 1,255 | ||||
Comprehensive income | 98,551 | 509,338 | 168,961 | 574,789 | ||||
Comprehensive income attributable to noncontrolling interests | -10,491 | -3,522 | -18,053 | -7,422 | ||||
Comprehensive income attributable to Boston Properties Limited Partnership | $88,060 | $505,816 | $150,908 | $567,367 | ||||
[1] | Amounts reclassified from comprehensive income primarily to interest expense within the Company's Consolidated Statements of Operations. |
Consolidated_Statements_Of_Par
Consolidated Statements Of Partners' Capital (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' |
Beginning Balance | $4,187,171 | $3,330,605 |
Contributions | 3,524 | 196,919 |
Net income allocable to general and limited partner units | 139,852 | 511,699 |
Distributions | -204,178 | -200,380 |
Accumulated other comprehensive loss | 1,127 | 1,128 |
Unearned compensation | 376 | 2,654 |
Conversion of redeemable partnership units | 2,241 | 10,309 |
Adjustment to reflect redeemable partnership units at redemption value | -322,593 | 67,162 |
Ending Balance | $3,807,520 | $3,920,096 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $167,708 | $573,534 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 304,847 | 251,801 |
Non-cash compensation expense | 16,899 | 32,464 |
Impairment loss | 0 | 4,401 |
Income from unconsolidated joint ventures | -5,650 | -57,504 |
Gains on Consolidation of Joint Ventures | 0 | -387,801 |
Distributions of net cash flow from operations of unconsolidated joint ventures | 2,205 | 25,689 |
Gains from investments in securities | -948 | -916 |
Non-cash portion of interest expense | -18,171 | 20,120 |
Settlement of accreted debt discount on repurchases of unsecured exchangeable senior notes | -92,979 | -56,532 |
Gains from early extinguishments of debt | 0 | -264 |
Gain on forgiveness of debt from discontinued operations | 0 | -20,736 |
Impairment loss from discontinued operations | 0 | 2,852 |
Change in assets and liabilities: | ' | ' |
Cash held in escrows | -2,047 | 2,687 |
Tenant and other receivables, net | 8,116 | -7,018 |
Accrued rental income, net | -21,984 | -29,127 |
Prepaid expenses and other assets | 51,442 | 17,708 |
Accounts payable and accrued expenses | -4,704 | 1,399 |
Accrued interest payable | -11,499 | 2,022 |
Other liabilities | -39,253 | -20,086 |
Tenant leasing costs | -44,989 | -19,855 |
Total adjustments | 141,285 | -238,696 |
Net cash provided by operating activities | 308,993 | 334,838 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | 0 | -522,900 |
Construction in progress | -206,603 | -181,056 |
Building and other capital improvements | -37,285 | -23,681 |
Tenant improvements | -53,935 | -55,988 |
Proceeds from sales of real estate | 0 | 39,320 |
Cash recorded upon consolidation | 0 | 79,468 |
Repayments of notes receivable, net | 0 | 12,491 |
Capital contributions to unconsolidated joint ventures | -47,767 | 0 |
Capital distributions from unconsolidated joint ventures | 357 | 201,182 |
Investments in securities, net | -1,338 | -1,138 |
Net cash used in investing activities | -346,571 | -452,302 |
Cash flows from financing activities: | ' | ' |
Repayments of mortgage notes payable | -12,207 | -79,865 |
Proceeds from unsecured senior notes | 0 | 1,194,753 |
Redemption/Repurchase of unsecured exchangeable senior notes | -654,521 | -393,468 |
Deferred financing costs | -31 | -8,546 |
Net proceeds from preferred units issuance | 0 | 193,920 |
Net proceeds from equity transactions | 1,162 | -694 |
Distributions | -612,612 | -223,451 |
Proceeds from noncontrolling interest in property partnership | 1,675 | 6,018 |
Distributions to noncontrolling interest in property partnerships | -14,449 | -4,450 |
Net cash provided by (used in) financing activities | -1,290,983 | 684,217 |
Net decrease)in cash and cash equivalents | -1,328,561 | 566,753 |
Cash and cash equivalents, beginning of period | 2,365,137 | 1,041,978 |
Cash and cash equivalents, end of period | 1,036,576 | 1,608,731 |
Supplemental disclosures: | ' | ' |
Cash paid for interest | 379,766 | 271,177 |
Interest capitalized | 32,586 | 32,854 |
Non-cash investing and financing activities: | ' | ' |
Additions to real estate included in accounts payable and accrued expenses | 4,831 | 4,746 |
Real estate and related intangibles recorded upon consolidation | 0 | 3,356,000 |
Debt recorded upon consolidation | 0 | 2,056,000 |
Working capital recorded upon consolidation | 0 | 170,748 |
Noncontrolling interest recorded upon consolidation | 0 | 483,488 |
Investment in unconsolidated joint venture eliminated upon consolidation | 0 | 361,808 |
Mortgage note payable extinguished through foreclosure | 0 | 25,000 |
Real estate transferred upon foreclosure | 0 | 6,954 |
Land improvements contributed by noncontrolling property partnership | 0 | 4,546 |
Distributions declared but not paid | 112,420 | 112,425 |
Issuance of common stock in connection with the exchange of exchangeable senior notes | 0 | 43,834 |
Conversions of redeemable partnership units to partners' capital | 2,241 | 10,309 |
Conversion of redeemable preferred units to common units | 33,306 | 0 |
Issuance of restricted securities to employees and directors | $27,445 | $30,077 |
Organization
Organization | 6 Months Ended | |
Jun. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization | ' | |
Organization | ||
Boston Properties Limited Partnership (the “Company”), a Delaware limited partnership, is the entity through which Boston Properties, Inc., a self-administered and self-managed real estate investment trust (“REIT”), conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. Boston Properties, Inc. is the sole general partner of the Company and at June 30, 2014 owned an approximate 89.5% (89.2% at June 30, 2013) general and limited partnership interest in the Company. Partnership interests in the Company 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”). On January 31, 2014, the measurement period for the Company’s 2011 OPP Unit awards expired and the Company’s total return to shareholders (“TRS”) was not sufficient for employees to earn and therefore become eligible to vest in any of the 2011 OPP Unit awards. Accordingly, all 2011 OPP Unit awards were automatically forfeited (See Notes 7 and 10). In February 2013 and February 2014, the Company issued LTIP Units in connection with the granting to employees of multi-year, long-term incentive program ("MYLTIP") awards (also referred to as “2013 MYLTIP Units” and “2014 MYLTIP Units,” respectively, and collectively as "MYLTIP Units"). Because the rights, preferences and privileges of OPP Units and 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 MYLTIP Units (See Notes 7 and 10). | ||
Unless specifically noted otherwise, all references to OP Units exclude units held by Boston Properties, Inc. A holder of an OP Unit may present such OP Unit to the Company 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 Company is obligated to redeem such OP Unit for cash equal to the value of a share of common stock of Boston Properties, Inc. (“Common Stock”) at such time. In lieu of a cash redemption, Boston Properties, Inc. 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 Boston Properties, Inc. 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 Boston Properties, Inc. 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 8). | ||
At June 30, 2014, there were two series of Preferred Units outstanding (i.e., Series Four Preferred Units and Series B Preferred Units). | ||
• | The Series Four Preferred Units are not convertible into or exchangeable for any security of the Company or Boston Properties, Inc., 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 Notes 7 and 12). | |
• | The Series B Preferred Units were issued to Boston Properties, Inc. on March 27, 2013 in connection with Boston Properties, Inc.'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"). Boston Properties, Inc. contributed the net proceeds from the offering to the Company in exchange for 80,000 Series B Preferred Units having terms and preferences generally mirroring those of the Series B Preferred Stock (See Note 8). | |
All references herein to the Company refer to Boston Properties Limited Partnership and its consolidated subsidiaries, collectively, unless the context otherwise requires. | ||
Properties | ||
At June 30, 2014, the Company owned or had interests in a portfolio of 180 commercial real estate properties (the “Properties”) aggregating approximately 46.6 million net rentable square feet, including thirteen properties under construction totaling approximately 4.8 million net rentable square feet. In addition, the Company has structured parking for approximately 46,145 vehicles containing approximately 15.8 million square feet. At June 30, 2014, the Properties consist of: | ||
• | 171 office properties, including 132 Class A office properties (including twelve properties under construction) and 39 Office/Technical properties; | |
• | one hotel; | |
• | five retail properties (including one property under construction); and | |
• | three residential properties. | |
The Company owns or controls undeveloped land parcels totaling approximately 492.1 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 | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 Company, nor does it have employees of its own. The Company, not Boston Properties, Inc., generally executes all significant business relationships other than transactions involving securities of Boston Properties, Inc. 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, 2013. Certain prior year amounts have been reclassified to conform to the current year presentation. In the third quarter of 2013, the Company 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 $2.1 million and $4.0 million for the three and six months ended June 30, 2013, respectively, were previously included in Rental Operating Expenses and are now included in General and Administrative Expenses. In addition, beginning on January 1, 2014, the properties that were historically part of the Company's Princeton region are reflected as the suburban component of the Company's New York region (See Note 11). | ||||||||||||||||
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 are 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 and mezzanine 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 June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
Mortgage notes payable | $ | 4,411,453 | $ | 4,547,761 | $ | 4,449,734 | $ | 4,545,283 | ||||||||
Mezzanine notes payable | 310,427 | 310,457 | 311,040 | 311,064 | ||||||||||||
Unsecured senior notes | 5,836,729 | 6,229,201 | 5,835,854 | 6,050,517 | ||||||||||||
Unsecured exchangeable senior notes | — | — | 744,880 | -1 | 750,266 | |||||||||||
Total | $ | 10,558,609 | $ | 11,087,419 | $ | 11,341,508 | $ | 11,657,130 | ||||||||
_______________ | ||||||||||||||||
-1 | Includes the net adjustment for the equity component allocation totaling approximately $2.4 million at December 31, 2013. | |||||||||||||||
Out-of-Period Adjustment | ||||||||||||||||
During the three months ended June 30, 2014, the Company recorded an additional allocation of net income to the noncontrolling interest holder in its Fountain Square consolidated joint venture totaling approximately $2.4 million related to the cumulative non-cash adjustment to the accretion of the changes in the redemption value of the noncontrolling interest. This resulted in the overstatement of Noncontrolling Interests in Property Partnerships by approximately $2.4 million during the three months ended June 30, 2014 and in the understatement of Noncontrolling Interests in Property Partnerships in the aggregate amount of approximately $2.4 million in previous periods. Because this adjustment was not material to the prior periods’ 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 three months ended June 30, 2014. | ||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||
On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" (“ASU No. 2014-08”). ASU No. 2014-08 clarifies that discontinued operations presentation applies only to disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). ASU No. 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014. Early adoption is permitted, and the Company early adopted ASU No. 2014-08 during the first quarter of 2014. The Company’s adoption of ASU No. 2014-08 did not have a material impact on its consolidated financial statements. | ||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contract with Customers (Topic 606)" ("ASU 2014-09"). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's Accounting Standards Codification ("ASC"). ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. The Company is currently assessing the potential impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. | ||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU 2014-12”). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC Topic No. 718, “Compensation - Stock Compensation” (“ASC 718”), as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not expect the adoption of ASU 2014-12 to have a material impact on its consolidated financial statements. |
Real_Estate_Activity_During_th
Real Estate Activity During the Six Months Ended June 30, 2014 | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Real Estate Activity During The Six Months Ended June 30, 2014 | ' | |||||||
Real Estate Activity During the Six Months Ended June 30, 2014 | ||||||||
Developments | ||||||||
On February 10, 2014, the Company completed and fully placed in-service The Avant at Reston Town Center development project comprised of 359 apartment units and retail space aggregating approximately 355,000 square feet located in Reston, Virginia. | ||||||||
On April 1, 2014, the Company commenced construction of its 99 Third Avenue development project totaling approximately 17,000 net rentable square feet of retail space located in Waltham, Massachusetts. | ||||||||
On April 3, 2014, the Company commenced construction of its 690 Folsom Street development project totaling approximately 26,000 net rentable square feet of office and retail space located in San Francisco, California. | ||||||||
On April 10, 2014, a consolidated joint venture in which the Company has a 95% interest signed a lease with salesforce.com for 714,000 square feet at the new Salesforce Tower (formerly Transbay Tower), the 1.4 million square foot, 61-story Class A office development project currently under construction at 415 Mission Street in the South Financial District of San Francisco, California. In conjunction with the lease signing, the Company has commenced construction of the building. | ||||||||
On May 20, 2014, the Company commenced construction of its 888 Boylston Street development project totaling approximately 425,000 net rentable square feet of Class A office space located in Boston, Massachusetts. | ||||||||
On May 20, 2014, the Company commenced construction of its 10 CityPoint development project totaling approximately 245,000 net rentable square feet of Class A office space located in Waltham, Massachusetts. | ||||||||
Dispositions | ||||||||
The Company did not have any dispositions during the three and six months ended June 30, 2014. The following table summarizes the income from discontinued operations for the three and six months ended June 30, 2013 related to One Preserve Parkway, 10 & 20 Burlington Mall Road, 1301 New York Avenue, Montvale Center and 303 Almaden Boulevard and the related gain on forgiveness of debt and impairment loss: | ||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||
2013 | 2013 | |||||||
(in thousands) | ||||||||
Total revenue | $ | 6,815 | $ | 13,850 | ||||
Expenses | ||||||||
Operating | 2,352 | 4,795 | ||||||
Depreciation and amortization | 1,148 | 2,886 | ||||||
Total expenses | 3,500 | 7,681 | ||||||
Operating income | 3,315 | 6,169 | ||||||
Other expense | ||||||||
Interest expense | — | 360 | ||||||
Income from discontinued operations | $ | 3,315 | $ | 5,809 | ||||
Gain on forgiveness of debt from discontinued operations | $ | — | $ | 20,736 | ||||
Impairment loss from discontinued operations | $ | — | $ | (2,852 | ) | |||
On June 11, 2014, the Company entered into a contract for the sale of its Patriots Park properties located in Reston, Virginia for a sale price of $321.0 million, which exceeds the carrying value at June 30, 2014. Patriots Park consists of three Class A office properties aggregating approximately 706,000 net rentable square feet. The sale is subject to government approvals and the satisfaction of customary closing conditions and there can be no assurance that the sale will be consummated on the terms currently contemplated or at all. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, 2014: | ||||||||||||||||
Entity | Properties | Nominal % | Carrying Value of Investment | |||||||||||||
Ownership | ||||||||||||||||
(in thousands) | ||||||||||||||||
Square 407 Limited Partnership | Market Square North | 50 | % | $ | (9,112 | ) | ||||||||||
The Metropolitan Square Associates LLC | Metropolitan Square | 51 | % | 6,561 | ||||||||||||
BP/CRF 901 New York Avenue LLC | 901 New York Avenue | 25 | % | (1) | (1,974 | ) | ||||||||||
WP Project Developer LLC | Wisconsin Place Land and Infrastructure | 33.3 | % | (2) | 46,455 | |||||||||||
Annapolis Junction NFM, LLC | Annapolis Junction | 50 | % | (3) | 23,763 | |||||||||||
2 GCT Venture LLC | N/A | 60 | % | -4 | 326 | |||||||||||
540 Madison Venture LLC | 540 Madison Avenue | 60 | % | 69,664 | ||||||||||||
500 North Capitol LLC | 500 North Capitol Street, NW | 30 | % | (862 | ) | |||||||||||
501 K Street LLC | 501 K Street | 50 | % | -5 | 42,118 | |||||||||||
$ | 176,939 | |||||||||||||||
_______________ | ||||||||||||||||
-1 | The Company’s economic ownership has increased based on the achievement of certain return thresholds. | |||||||||||||||
-2 | The Company’s wholly-owned entity that owns the office component of the project also owns a 33.3% interest in the entity owning the land, parking garage and infrastructure of the project. | |||||||||||||||
-3 | The joint venture owns two in-service buildings, two buildings under construction and two undeveloped land parcels. | |||||||||||||||
-4 | Two Grand Central Tower was sold on October 25, 2011. | |||||||||||||||
-5 | Under the joint venture agreement, the partner will be entitled to up to two additional payments from the venture based on increases in total square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. | |||||||||||||||
Certain of the Company’s unconsolidated 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: | ||||||||||||||||
June 30, 2014 | 31-Dec-13 | |||||||||||||||
(in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Real estate and development in process, net | $ | 1,010,834 | $ | 924,297 | ||||||||||||
Other assets | 175,872 | 163,149 | ||||||||||||||
Total assets | $ | 1,186,706 | $ | 1,087,446 | ||||||||||||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | ||||||||||||||||
Mortgage and notes payable | $ | 747,988 | $ | 749,732 | ||||||||||||
Other liabilities | 26,704 | 28,830 | ||||||||||||||
Members’/Partners’ equity | 412,014 | 308,884 | ||||||||||||||
Total liabilities and members’/partners’ equity | $ | 1,186,706 | $ | 1,087,446 | ||||||||||||
Company’s share of equity | $ | 205,134 | $ | 154,726 | ||||||||||||
Basis differentials (1) | (28,195 | ) | (28,642 | ) | ||||||||||||
Carrying value of the Company’s investments in unconsolidated joint ventures | $ | 176,939 | $ | 126,084 | ||||||||||||
_______________ | ||||||||||||||||
-1 | This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from impairment of investments and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. | |||||||||||||||
The combined summarized statements of operations of the Company's unconsolidated joint ventures are as follows: | ||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Total revenue (1) | $ | 38,437 | $ | 99,831 | $ | 76,471 | $ | 235,481 | ||||||||
Expenses | ||||||||||||||||
Operating | 15,461 | 32,497 | 30,925 | 74,863 | ||||||||||||
Depreciation and amortization | 9,167 | 27,141 | 18,259 | 66,418 | ||||||||||||
Total expenses | 24,628 | 59,638 | 49,184 | 141,281 | ||||||||||||
Operating income | 13,809 | 40,193 | 27,287 | 94,200 | ||||||||||||
Other expense | ||||||||||||||||
Interest expense | 7,984 | 40,054 | 15,996 | 96,288 | ||||||||||||
Losses from early extinguishment of debt | — | 1,677 | — | 1,677 | ||||||||||||
Income (loss) from continuing operations | 5,825 | (1,538 | ) | 11,291 | (3,765 | ) | ||||||||||
Gain on sale of real estate | — | 1,766 | — | 1,766 | ||||||||||||
Net income (loss) | $ | 5,825 | $ | 228 | $ | 11,291 | $ | (1,999 | ) | |||||||
Company’s share of net income (loss) | $ | 2,578 | $ | 683 | $ | 5,203 | $ | (1,175 | ) | |||||||
Gain on sale of real estate | — | 43,327 | — | 43,327 | ||||||||||||
Basis differential | 256 | (2,070 | ) | 447 | (1,626 | ) | ||||||||||
Elimination of inter-entity interest on partner loan | — | 6,843 | — | 16,978 | ||||||||||||
Income from unconsolidated joint ventures | $ | 2,834 | $ | 48,783 | $ | 5,650 | $ | 57,504 | ||||||||
Gains on consolidation of joint ventures | $ | — | $ | 387,801 | $ | — | $ | 387,801 | ||||||||
_______________ | ||||||||||||||||
-1 | Includes straight-line rent adjustments of $0.3 million and $3.1 million for the three months ended June 30, 2014 and 2013, respectively, and $0.9 million and $7.1 million for the six months ended June 30, 2014 and 2013, respectively. Includes net below-market rent adjustments of $(0.1) million and $13.5 million for the three months ended June 30, 2014 and 2013, respectively, and $0.0 million and $34.0 million for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||
On April 10, 2014, the Company entered into a joint venture with an unrelated third party to acquire a parcel of land located at 501 K Street in Washington, DC. The Company anticipates the land parcel will accommodate an approximate 520,000 square foot Class A office property to be developed in the future. The joint venture partner contributed the land for a 50% interest in the joint venture and the Company contributed cash of approximately $39.0 million for its 50% interest. Under the joint venture agreement, the partner will be entitled to up to two additional payments from the venture based on increases in total square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. | ||||||||||||||||
On April 30, 2014, the Company's partner in its Annapolis Junction joint venture contributed a parcel of land and improvements and the Company contributed cash of approximately $5.4 million to the joint venture. The Company has a 50% interest in this joint venture. The joint venture has commenced construction of Annapolis Junction Building Eight, which when completed will consist of a Class A office property with approximately 125,000 net rentable square feet located in Annapolis, Maryland. In addition, on June 23, 2014, the joint venture obtained construction financing collateralized by the development project totaling $26.0 million. The construction financing bears interest at a variable rate equal to LIBOR plus 1.50% per annum and matures on June 23, 2017, with two, one-year extension options, subject to certain conditions. |
Unsecured_Exchangeable_Senior_
Unsecured Exchangeable Senior Notes Unsecured Exchangeable Senior Notes | 6 Months Ended |
Jun. 30, 2014 | |
Unsecured Exchangeable Senior Notes [Abstract] | ' |
Unsecured Exchangeable Senior Notes | ' |
Unsecured Exchangeable Senior Notes | |
On February 18, 2014, the Company repaid at maturity the $747.5 million aggregate principal amount of its 3.625% exchangeable senior notes due 2014 plus accrued and unpaid interest thereon. |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
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 $13.2 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. With limited exception, under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners (See also Note 7). Under certain of the Company's joint venture agreements, if certain return thresholds are achieved the partners will be entitled to an additional promoted interest or payments. | |
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 June 30, 2014, the maximum funding obligation under the guarantee was approximately $22.4 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 $30.5 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. | |
In 2009, the Company filed a general unsecured creditor’s claim against Lehman Brothers, Inc. for $45.3 million related to its rejection of a lease at 399 Park Avenue in New York City. On January 10, 2014, the trustee for the liquidation of the business of Lehman Brothers allowed the Company’s claim in the amount of $45.2 million. Recently, claims of similar priority were quoted privately within a range of $0.40 to $0.41 per $1.00 of claim. The Company was notified on July 30, 2014 that the bankruptcy court approved the trustee’s motion to make an initial interim distribution to holders of claims as of July 15, 2014. The Company will continue to evaluate whether to attempt to sell the claim or wait until the trustee distributes proceeds from the Lehman estate. Given the inherent uncertainties in bankruptcy proceedings, there can be no assurance as to the timing or amount of potential proceeds, if any, that the Company may ultimately realize on the claim, whether by sale to a third party or by one or more distributions from the trustee. Accordingly, the Company has not recorded any estimated recoveries associated with this gain contingency within its consolidated financial statements at June 30, 2014. | |
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 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. 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. Through June 9, 2014, $1.375 billion of the Terrorism Coverage for 767 Fifth Avenue in excess of $250 million was provided by NYXP, LLC (“NYXP”), as a direct insurer. After June 9, 2014, all of the Terrorism Coverage for 767 Fifth Avenue has been provided by third party insurers. 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 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's $1.0 billion portfolio property insurance program and the $250 million of additional Terrorism Coverage for 601 Lexington Avenue will continue to provide Terrorism Coverage through the expiration of the program on March 1, 2015, (ii) the Company will evaluate alternative approaches to secure coverage for acts of terrorism thereby potentially increasing our overall cost of insurance, (iii) if such insurance is not available at commercially reasonable rates with limits equal to our current coverage or at all, the Company may not continue to have full occurrence limit coverage for acts of terrorism, (iv) the Company may not satisfy the insurance requirements under existing or future debt financings secured by individual properties, (v) the Company may not be able to obtain future debt financings secured by individual properties and (vi) the Company may cancel the insurance policies issued by IXP for the NBCR Coverage. 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 is 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 535 Mission Street and Salesforce Tower (formerly Transbay Tower)) 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 535 Mission Street in San Francisco includes a $15 million per occurrence and annual aggregate limit of earthquake coverage. In addition, the builders risk policy maintained for the development of Salesforce Tower (formerly Transbay Tower) in San Francisco includes a $15 million per occurrence and annual aggregate limit of earthquake coverage (on July 28, 2014 this was increased to $60 million). 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 and the Company’s NBCR Coverage. NYXP, a captive insurance company which is a wholly-owned subsidiary of the Company, acted as a direct insurer with respect to a portion of the Company’s Terrorism Coverage for 767 Fifth Avenue through June 9, 2014. NYXP only insured losses which exceeded the program trigger under TRIA and NYXP reinsured 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 Company 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 | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Noncontrolling Interest [Abstract] | ' | ||||
Noncontrolling Interests | ' | ||||
Noncontrolling Interests | |||||
Noncontrolling interests relate to the interests in the Company not owned by Boston Properties, Inc. and interests in consolidated property partnerships not wholly-owned by the Company. As of June 30, 2014, the noncontrolling interests in the Company consisted of 16,458,014 OP Units, 1,511,796 LTIP Units, 394,590 2012 OPP Units, 314,974 2013 MYLTIP Units, 483,555 2014 MYLTIP Units and 360,126 Series Four Preferred Units (none of which are convertible into OP Units) held by parties other than Boston Properties, Inc. | |||||
Noncontrolling Interest—Redeemable Interest in Property Partnership | |||||
On October 4, 2012, the Company completed the formation of a joint venture that 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 six months ended June 30, 2014 and 2013 (in thousands): | |||||
Balance at January 1, 2014 | $ | 99,609 | |||
Net loss | (240 | ) | |||
Distributions | (2,300 | ) | |||
Adjustment to reflect redeemable interest at redemption value | 6,709 | -1 | |||
Balance at June 30, 2014 | $ | 103,778 | |||
Balance at January 1, 2013 | $ | 97,558 | |||
Net loss | (980 | ) | |||
Distributions | (2,950 | ) | |||
Adjustment to reflect redeemable interest at redemption value | 4,534 | ||||
Balance at June 30, 2013 | $ | 98,162 | |||
_______________ | |||||
(1) Includes an out-of-period adjustment totaling approximately $2.4 million (See Note 2). | |||||
Noncontrolling Interest—Redeemable Preferred Units of the Company | |||||
On March 11, 2014, the Company’s general partner notified the holders of the outstanding Series Two Preferred Units that it had elected to redeem all of such Series Two Preferred Units on May 12, 2014. As a result of the Company's general partner’s election to redeem the units, all of the holders of the Series Two Preferred Units elected to convert such units into 1.312336 OP Units, or an aggregate of 874,168 OP Units, on or before May 12, 2014. As of May 12, 2014, the holders of all remaining 666,116 Series Two Preferred Units of partnership interest in the Company converted such units into an aggregate of 874,168 OP Units. The Series Two Preferred Units bore 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 were convertible into OP Units at a rate of $38.10 per Preferred Unit (1.312336 OP Units for each Preferred Unit). In connection with the conversion of the remaining Series Two Preferred Units in May 2014, the Company paid accrued and unpaid distributions which included the special cash distribution on an as-converted basis. On February 18, 2014, the Company paid a distribution on its outstanding Series Two Preferred Units of $0.85302 per unit. Due to the holders' redemption option existing outside the control of the Company’s general partner, the Series Two Preferred Units were presented outside of permanent equity in the Company's Consolidated Balance Sheets. | |||||
The Preferred Units at June 30, 2014 consisted of 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. 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 Company to redeem all their units for cash at the redemption price of $50.00 per unit. The Company 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. In order to secure the performance of certain post-issuance obligations by the holders, all of such outstanding Series Four Preferred Units were subject to forfeiture pursuant to the terms of a pledge agreement and not eligible for redemption until and unless such security interest is released. On May 19, 2014, the Company released to the holders 319,687 Series Four Preferred Units that were previously subject to the security interest. On June 26, 2014, the Company notified the holders that it had elected to redeem such 319,687 Series Four Preferred Units on July 3, 2014 at the redemption price of $50.00 per unit, plus accrued and unpaid distributions. Due to the holders' redemption option existing outside the control of the Company, the Series Four Preferred Units are not included in Partners' Capital in the Company's Consolidated Balance Sheets. See Note 12. | |||||
On February 18, 2014, the Company paid a distribution on its outstanding Series Four Preferred Units of $0.25 per unit. On May 15, 2014, the Company 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 Company for the six months ended June 30, 2014 and 2013 (in thousands): | |||||
Balance at January 1, 2014 | $ | 105,746 | |||
Net income | 939 | ||||
Distributions | (939 | ) | |||
Reallocation of partnership interest (1) | (87,740 | ) | |||
Balance at June 30, 2014 | $ | 18,006 | |||
Balance at January 1, 2013 | $ | 199,378 | |||
Net income | 2,303 | ||||
Distributions | (2,303 | ) | |||
Reallocation of partnership interest | (444 | ) | |||
Balance at June 30, 2013 | $ | 198,934 | |||
_______________ | |||||
(1) Includes the conversion of the remaining 666,116 Series Two Preferred Units into 874,168 OP Units during the six months ended June 30, 2014. | |||||
Noncontrolling Interest—Common Units of the Company | |||||
During the six months ended June 30, 2014, 66,612 OP Units were presented by the holders for redemption (including 65,275 OP Units issued upon conversion of LTIP Units) and were redeemed by Boston Properties, Inc. in exchange for an equal number of shares of Common Stock. | |||||
At June 30, 2014, the Company had outstanding 394,590 2012 OPP Units, 314,974 2013 MYLTIP Units and 483,555 2014 MYLTIP Units. Prior to the measurement date (February 6, 2015 for 2012 OPP Units, February 4, 2016 for 2013 MYLTIP Units and February 3, 2017 for 2014 MYLTIP Units), holders of OPP Units and 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 MYLTIP Units, both vested and unvested, that OPP and 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 31, 2014, the measurement period for the Company’s 2011 OPP Unit awards expired and Boston Properties, Inc.'s TRS was not sufficient for employees to earn and therefore become eligible to vest in any of the 2011 OPP Unit awards. As a result, the Company accelerated the then remaining unrecognized compensation expense totaling approximately $1.2 million during the six months ended June 30, 2014. Accordingly, all 2011 OPP Unit awards were automatically forfeited. | |||||
On January 29, 2014, the Company paid a special cash distribution on the OP Units and LTIP Units in the amount of $2.25 per unit, a regular quarterly cash distribution on the OP Units and LTIP Units in the amount of $0.65 per unit, and a regular quarterly 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 December 31, 2013. The special cash distribution was in addition to the regular quarterly distribution on the OP Units and LTIP Units. Holders of the 2011 OPP Units, 2012 OPP Units, 2013 MYLTIP Units and 2014 MYLTIP Units are not entitled to receive any special distributions. On April 30, 2014, the Company paid a distribution on the OP Units and LTIP Units in the amount of $0.65 per unit, and a distribution on the 2012 OPP Units, 2013 MYLTIP Units and 2014 MYLTIP Units in the amount of $0.065 per unit, to holders of record as of the close of business on March 31, 2014. On June 19, 2014, Boston Properties, Inc., as general partner of the Company, declared a distribution on the OP Units and LTIP Units in the amount of $0.65 per unit and a distribution on the 2012 OPP Units, 2013 MYLTIP Units and 2014 MYLTIP Units in the amount of $0.065 per unit, in each case payable on July 31, 2014 to holders of record as of the close of business on June 30, 2014. | |||||
The following table reflects the activity of the noncontrolling interests—redeemable common units for the six months ended June 30, 2014 and 2013 (in thousands): | |||||
Balance at January 1, 2014 | $ | 1,710,218 | |||
Contributions | 23,990 | ||||
Net income | 15,010 | ||||
Distributions | (22,673 | ) | |||
Conversion of redeemable partnership units | (2,241 | ) | |||
Unearned compensation | (11,091 | ) | |||
Accumulated other comprehensive loss | 126 | ||||
Adjustment to reflect redeemable partnership units at redemption value | 410,333 | ||||
Balance at June 30, 2014 | $ | 2,123,672 | |||
Balance at January 1, 2013 | $ | 1,836,522 | |||
Contributions | 26,384 | ||||
Net income | 57,177 | ||||
Distributions | (22,705 | ) | |||
Conversion of redeemable partnership units | (10,309 | ) | |||
Unearned compensation | (5,996 | ) | |||
Accumulated other comprehensive loss | 127 | ||||
Adjustment to reflect redeemable partnership units at redemption value | (66,718 | ) | |||
Balance at June 30, 2013 | $ | 1,814,482 | |||
Pursuant to the Company’s partnership agreement, certain limited partners in the Company have the right to redeem all or any portion of their interest for cash from the Company. However, Boston Properties, Inc. may elect to acquire the limited partner’s interest by issuing its Common Stock in exchange for the interest. The amount of cash to be paid to the limited partner if the redemption right is exercised and Boston Properties, Inc. does not elect to issue its Common Stock is based on the trading price of Boston Properties, Inc.’s common stock at that time. Due to the redemption option existing outside the control of the Company, such limited partners’ units are not included in Partners’ Capital. The value of the OP Units not owned by Boston Properties, Inc. (including LTIP Units assuming that all conditions had been met for the conversion thereof), assuming all of such units had been redeemed at June 30, 2014 was approximately $2.1 billion based on the closing price of Boston Properties, Inc.’s common stock of $118.18 per share. | |||||
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 $721.1 million at June 30, 2014 and approximately $726.1 million at December 31, 2013, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets. | |||||
On February 7, 2013, the partner in the Company's Salesforce Tower (formerly 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. In addition, if the Company elects to fund the construction of Salesforce Tower without a construction loan (or a construction loan of less than 50% of project costs), then the partner has the option to require the Company to fund up to 2.5% of the total project costs (i.e., of 50% of the partner's 5% interest in the venture) in the form of a loan to the partner. This loan would bear interest at the then prevailing market construction loan interest rates. 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 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. | |||||
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 $684.0 million in cash. Net cash proceeds totaled approximately $673.1 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 transaction did not qualify as a sale of real estate for financial reporting purposes because the Company continues to control the joint venture and will therefore continue to account for the entity on a consolidated basis in its financial statements. The Company has accounted for the transaction as an equity transaction and has recognized noncontrolling interest in its consolidated balance sheets totaling approximately $243.5 million, which is equal to 45% of the carrying value of the total equity of the property immediately prior to the transaction. | |||||
The following table reflects the activity of the noncontrolling interests in property partnerships for the six months ended June 30, 2014 and 2013 (in thousands): | |||||
Balance at January 1, 2014 | $ | 726,132 | |||
Capital contributions | 1,675 | ||||
Net income | 5,438 | ||||
Distributions | (12,149 | ) | |||
Balance at June 30, 2014 | $ | 721,096 | |||
Balance at January 1, 2013 | $ | (1,964 | ) | ||
Fair value of capital recorded upon consolidation | 483,488 | ||||
Capital contributions | 10,564 | ||||
Net income (loss) | (1,199 | ) | |||
Distributions | (1,500 | ) | |||
Balance at June 30, 2013 | $ | 489,389 | |||
Partners_Capital
Partners' Capital | 6 Months Ended |
Jun. 30, 2014 | |
Partners' Capital [Abstract] | ' |
Partners' Capital | ' |
Partners’ Capital | |
As of June 30, 2014, Boston Properties, Inc. owned 1,710,624 general partnership units and 151,381,950 limited partnership units. | |
On June 3, 2014, Boston Properties, Inc. established a new “at the market” (ATM) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its common stock through sales agents over a three-year period. This program replaces Boston Properties, Inc.'s prior $600.0 million ATM stock offering program that expired on June 2, 2014 with approximately $305.3 million of unsold common stock. Boston Properties, Inc. intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction. Boston Properties, Inc. contributes the net proceeds from any such sales to the Company in exchange for a number of OP Units equal to the number of shares issued. No shares of common stock have been issued under this new ATM stock offering program. | |
During the six months ended June 30, 2014, Boston Properties, Inc. acquired 66,612 OP Units in connection with the redemption of an equal number of redeemable OP Units from third parties. | |
During the six months ended June 30, 2014, the Company issued 17,124 OP Units to Boston Properties, Inc. in connection with the exercise by certain employees of options to purchase Common Stock of Boston Properties, Inc. | |
On January 29, 2014, the Company paid a special cash distribution and regular quarterly distribution aggregating $2.90 per OP Unit to unitholders of record as of the close of business on December 31, 2013. On April 30, 2014, the Company paid a distribution of $0.65 per OP Unit to unitholders of record as of the close of business on March 31, 2014. On June 19, 2014, Boston Properties, Inc.'s Board of Directors declared a distribution of $0.65 per OP Unit payable on July 31, 2014 to unitholders of record as of the close of business on June 30, 2014. | |
As of June 30, 2014, Boston Properties, Inc. had 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) outstanding of its 5.25% Series B Cumulative Redeemable Preferred Stock, with a liquidation preference of $2,500.00 per share ($25.00 per depositary share). Boston Properties, Inc. contributed the net proceeds of the offering to the Company in exchange for 80,000 Series B Preferred Units having terms and preferences generally mirroring those of the Series B Preferred Stock. Boston Properties, Inc. 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. Boston Properties, Inc. may not redeem the Series B Preferred Stock prior to March 27, 2018, except in certain circumstances relating to the preservation of Boston Properties, Inc.'s REIT status. On or after March 27, 2018, Boston Properties, Inc., 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 Boston Properties, Inc., the Company or its affiliates. | |
On February 18, 2014, the Company paid a distribution on its outstanding Series B Preferred Units of $32.8125 per unit. On May 15, 2014, the Company paid a distribution on its outstanding Series B Preferred Units of $32.8125 per unit. On June 19, 2014, Boston Properties, Inc.'s Board of Directors declared a distribution of $32.8125 per Series B Preferred Unit payable on August 15, 2014 to shareholders of record as of the close of business on August 5, 2014. |
Earnings_Per_Common_Unit
Earnings Per Common Unit | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Common Unit | ' | ||||||||||
Earnings Per Common Unit | |||||||||||
The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership by the weighted-average number of common units outstanding during the period. The terms of the Series Two Preferred Units enable the holders to obtain OP Units 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 Boston Properties, Inc. and the Company’s LTIP Units, OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic earnings per common unit using the two-class method. Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive. Because the OPP Units and MYLTIP Units require Boston Properties, Inc. 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 earnings per common unit calculation. Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit. Included in the number of units (the denominator) below are approximately 17,304,000 and 16,995,000 redeemable common units for the three months ended June 30, 2014 and 2013, respectively, and approximately 17,059,000 and 17,049,000 redeemable common units for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||
For the three months ended June 30, 2014 | |||||||||||
Income | Units | Per Unit | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per unit amounts) | |||||||||||
Basic Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 87,436 | 170,382 | $ | 0.51 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation | — | 160 | — | ||||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 87,436 | 170,542 | $ | 0.51 | ||||||
For the three months ended June 30, 2013 | |||||||||||
Income | Units | Per Unit | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per unit amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties Limited Partnership | $ | 501,874 | 168,933 | $ | 2.97 | ||||||
Discontinued operations attributable to Boston Properties Limited Partnership | 3,315 | — | 0.02 | ||||||||
Allocation of undistributed earnings to participating securities | (4,035 | ) | — | (0.02 | ) | ||||||
Net income attributable to Boston Properties Limited Partnership | $ | 501,154 | 168,933 | $ | 2.97 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 552 | (0.01 | ) | |||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 501,154 | 169,485 | $ | 2.96 | ||||||
For the six months ended June 30, 2014 | |||||||||||
Income | Units | Per Unit | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per unit amounts) | |||||||||||
Basic Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 149,655 | 170,113 | $ | 0.88 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation | — | 149 | — | ||||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 149,655 | 170,262 | $ | 0.88 | ||||||
For the six months ended June 30, 2013 | |||||||||||
Income | Units | Per Unit | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per unit amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties Limited Partnership | $ | 542,419 | 168,842 | $ | 3.21 | ||||||
Discontinued operations attributable to Boston Properties Limited Partnership | 23,693 | — | 0.14 | ||||||||
Allocation of undistributed earnings to participating securities | (3,536 | ) | — | (0.02 | ) | ||||||
Net income attributable to Boston Properties Limited Partnership | $ | 562,576 | 168,842 | $ | 3.33 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 429 | (0.01 | ) | |||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 562,576 | 169,271 | $ | 3.32 | ||||||
Stock_Option_and_Incentive_Pla
Stock Option and Incentive Plan | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock Option and Incentive Plan | ' |
Stock Option and Incentive Plan | |
On January 27, 2014, Boston Properties, Inc.'s Compensation Committee approved the 2014 MYLTIP awards under Boston Properties, Inc.'s 2012 Plan to certain officers and employees of Boston Properties, Inc. The 2014 MYLTIP awards utilize TRS over a three-year measurement period, on an annualized, compounded basis, as the performance metric. Earned awards, if any, will be based on Boston Properties, Inc.'s TRS relative to (i) the Cohen & Steers Realty Majors Portfolio Index (50% weight) and (ii) the NAREIT Office Index adjusted to exclude Boston Properties, Inc. (50% weight). Earned awards will range from $0 to a maximum of approximately $40.2 million depending on the Boston Properties, Inc.'s TRS relative to the two indices, with four tiers (threshold: approximately $6.7 million; target: approximately $13.4 million; high: approximately $26.8 million; and exceptional: approximately $40.2 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 Boston Properties, Inc.'s annualized TRS is less than 0% and (B) cause some awards to be earned in the event Boston Properties, Inc.'s annualized TRS is more than 12% even though on a relative basis alone Boston Properties, Inc.'s TRS would not result in any earned awards. | |
Earned awards (if any) will vest 50% on February 3, 2017 and 50% on February 3, 2018, based on continued employment. Vesting will be accelerated in the event of a change in control, termination of employment by Boston Properties, Inc. 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 3, 2017, earned awards will be calculated as of the date of the change of control based upon performance through such date as measured against performance hurdles (without proration). The 2014 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. | |
Under the FASB's ASC 718 “Compensation-Stock Compensation” the 2014 MYLTIP awards have an aggregate value of approximately $12.7 million, which amount will generally be amortized into earnings over the four-year plan period under the graded vesting method. | |
On January 31, 2014, the measurement period for the Company’s 2011 OPP Unit awards expired and Boston Properties, Inc.'s TRS was not sufficient for employees to earn and therefore become eligible to vest in any of the 2011 OPP Unit awards. As a result, the Company accelerated the then remaining unrecognized compensation expense totaling approximately $1.2 million during the six months ended June 30, 2014. Accordingly, all 2011 OPP Unit awards were automatically forfeited. | |
During the six months ended June 30, 2014, Boston Properties, Inc. issued 23,968 shares of restricted common stock, no non-qualified stock options and the Company issued 127,094 LTIP Units and 485,459 2014 MYLTIP Units to employees and non-employee directors under the 2012 Plan. Employees and non-employee directors paid $0.01 per share of restricted common stock and $0.25 per LTIP Unit and 2014 MYLTIP Unit. An LTIP Unit is generally the economic equivalent of a share of restricted stock in Boston Properties, Inc. 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 Boston Properties, Inc.’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 six months ended June 30, 2014 were valued at approximately $2.6 million ($109.27 per share weighted-average). The LTIP Units granted were valued at approximately $12.8 million ($100.61 per unit weighted-average 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 1.84% and an expected price volatility of 27%. As the 2011 OPP Units, 2012 OPP Units, 2013 MYLTIP Units and 2014 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, 2013 MYLTIP Units and 2014 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 Partners’ Capital 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, 2013 MYLTIP Units and 2014 MYLTIP Units was approximately $6.2 million and $6.4 million for the three months ended June 30, 2014 and 2013, respectively, and approximately $16.0 million and $31.9 million for the six months ended June 30, 2014 and 2013, respectively. On January 31, 2014, the measurement period for the Company’s 2011 OPP Awards expired and Boston Properties, Inc's TRS was not sufficient for employees to earn and therefore become eligible to vest in any of the 2011 OPP Awards. As a result, the Company accelerated the then remaining unrecognized compensation expense totaling approximately $1.2 million. For the three and six months ended June 30, 2013, stock-based compensation expense includes approximately $1.6 million and $18.6 million, respectively, consisting of the acceleration of the expense of Boston Properties, Inc.’s Executive Chairman’s stock-based compensation awards and the stock-based compensation awards associated with his transition benefits agreement related to Boston Properties, Inc.'s succession planning. At June 30, 2014, there was $22.3 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and $18.6 million of unrecognized compensation expense related to unvested 2012 OPP Units, 2013 MYLTIP Units and 2014 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 3.1 years. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
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. Beginning on January 1, 2014, the properties that were historically part of the Princeton region are reflected as the suburban component of the New York region. The operations for the Princeton region, including the reclassification between Rental Operating Expenses and General and Administrative Expenses for the three and six months ended June 30, 2013 as detailed below, have been included in the New York region. Accordingly, amounts reflected below for the New York region have been adjusted to reflect the Company's retrospective inclusion of the Princeton region in the New York region. The Company’s segments by geographic area are Boston, New York, 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 income, general and administrative expenses, transaction costs, impairment loss, interest expense, depreciation and amortization expense, gains from investments in securities, gains from early extinguishments of debt, income from unconsolidated joint ventures, gains on consolidation of 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. The Company's management also uses Net Operating Income to evaluate regional property level performance and to make decisions about resource allocations. Further, the Company believes Net Operating Income is useful to investors as a performance measure because, when compared across periods, Net Operating Income reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspectives not immediately apparent from net income attributable to Boston Properties Limited Partnership. | ||||||||||||||||||||
In the third quarter of 2013, the Company 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. For San Francisco these expenses, which totaled approximately $1.6 million and $3.1 million for the three and six months ended June 30, 2013, respectively, and for Princeton these expenses, which totaled approximately $0.5 million and $0.9 million for the three and six months ended June 30, 2013, respectively, were previously included in Rental Operating Expenses and are now included in General and Administrative Expenses. | ||||||||||||||||||||
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. 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 are included in the New York region. | ||||||||||||||||||||
Information by geographic area and property type (dollars in thousands): | ||||||||||||||||||||
For the three months ended June 30, 2014: | ||||||||||||||||||||
Boston | New York | San | Washington, | Total | ||||||||||||||||
Francisco | DC | |||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||
Class A Office | $ | 173,128 | $ | 223,899 | $ | 57,450 | $ | 94,222 | $ | 548,699 | ||||||||||
Office/Technical | 5,912 | — | 6,341 | 3,671 | 15,924 | |||||||||||||||
Residential | 1,089 | — | — | 5,209 | 6,298 | |||||||||||||||
Hotel | 12,367 | — | — | — | 12,367 | |||||||||||||||
Total | 192,496 | 223,899 | 63,791 | 103,102 | 583,288 | |||||||||||||||
% of Grand Totals | 33 | % | 38.39 | % | 10.94 | % | 17.67 | % | 100 | % | ||||||||||
Rental Expenses: | ||||||||||||||||||||
Class A Office | 65,818 | 74,962 | 21,282 | 32,481 | 194,543 | |||||||||||||||
Office/Technical | 1,736 | — | 1,308 | 1,123 | 4,167 | |||||||||||||||
Residential | 544 | — | — | 3,392 | 3,936 | |||||||||||||||
Hotel | 7,315 | — | — | — | 7,315 | |||||||||||||||
Total | 75,413 | 74,962 | 22,590 | 36,996 | 209,961 | |||||||||||||||
% of Grand Totals | 35.92 | % | 35.7 | % | 10.76 | % | 17.62 | % | 100 | % | ||||||||||
Net operating income | $ | 117,083 | $ | 148,937 | $ | 41,201 | $ | 66,106 | $ | 373,327 | ||||||||||
% of Grand Totals | 31.36 | % | 39.89 | % | 11.04 | % | 17.71 | % | 100 | % | ||||||||||
For the three months ended June 30, 2013: | ||||||||||||||||||||
Boston | New York | San | Washington, | Total | ||||||||||||||||
Francisco | DC | |||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||
Class A Office | $ | 164,137 | $ | 158,158 | $ | 53,331 | $ | 95,054 | $ | 470,680 | ||||||||||
Office/Technical | 5,538 | — | 5,327 | 4,031 | 14,896 | |||||||||||||||
Residential | 1,065 | — | — | 4,419 | 5,484 | |||||||||||||||
Hotel | 11,118 | — | — | — | 11,118 | |||||||||||||||
Total | 181,858 | 158,158 | 58,658 | 103,504 | 502,178 | |||||||||||||||
% of Grand Totals | 36.21 | % | 31.49 | % | 11.68 | % | 20.62 | % | 100 | % | ||||||||||
Rental Expenses: | ||||||||||||||||||||
Class A Office | 62,693 | 55,357 | 19,657 | 31,711 | 169,418 | |||||||||||||||
Office/Technical | 1,627 | — | 1,116 | 1,027 | 3,770 | |||||||||||||||
Residential | 407 | — | — | 2,423 | 2,830 | |||||||||||||||
Hotel | 7,335 | — | — | — | 7,335 | |||||||||||||||
Total | 72,062 | 55,357 | 20,773 | 35,161 | 183,353 | |||||||||||||||
% of Grand Totals | 39.3 | % | 30.19 | % | 11.33 | % | 19.18 | % | 100 | % | ||||||||||
Net operating income | $ | 109,796 | $ | 102,801 | $ | 37,885 | $ | 68,343 | $ | 318,825 | ||||||||||
% of Grand Totals | 34.44 | % | 32.24 | % | 11.88 | % | 21.44 | % | 100 | % | ||||||||||
For the six months ended June 30, 2014: | ||||||||||||||||||||
Boston | New York | San | Washington, | Total | ||||||||||||||||
Francisco | DC | |||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||
Class A Office | $ | 344,070 | $ | 441,207 | $ | 112,058 | $ | 191,270 | $ | 1,088,605 | ||||||||||
Office/Technical | 11,732 | — | 12,558 | 7,331 | 31,621 | |||||||||||||||
Residential | 2,252 | — | — | 9,728 | 11,980 | |||||||||||||||
Hotel | 20,560 | — | — | — | 20,560 | |||||||||||||||
Total | 378,614 | 441,207 | 124,616 | 208,329 | 1,152,766 | |||||||||||||||
% of Grand Totals | 32.84 | % | 38.28 | % | 10.81 | % | 18.07 | % | 100 | % | ||||||||||
Rental Expenses: | ||||||||||||||||||||
Class A Office | 137,216 | 149,333 | 40,595 | 65,920 | 393,064 | |||||||||||||||
Office/Technical | 3,425 | — | 2,522 | 2,325 | 8,272 | |||||||||||||||
Residential | 992 | — | — | 6,706 | 7,698 | |||||||||||||||
Hotel | 14,112 | — | — | — | 14,112 | |||||||||||||||
Total | 155,745 | 149,333 | 43,117 | 74,951 | 423,146 | |||||||||||||||
% of Grand Totals | 36.81 | % | 35.29 | % | 10.19 | % | 17.71 | % | 100 | % | ||||||||||
Net operating income | $ | 222,869 | $ | 291,874 | $ | 81,499 | $ | 133,378 | $ | 729,620 | ||||||||||
% of Grand Totals | 30.55 | % | 40 | % | 11.17 | % | 18.28 | % | 100 | % | ||||||||||
For the six months ended June 30, 2013: | ||||||||||||||||||||
Boston | New York | San | Washington, | Total | ||||||||||||||||
Francisco | DC | |||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||
Class A Office | $ | 324,961 | $ | 296,681 | $ | 106,002 | $ | 188,413 | $ | 916,057 | ||||||||||
Office/Technical | 11,191 | — | 5,478 | 8,074 | 24,743 | |||||||||||||||
Residential | 2,132 | — | — | 8,930 | 11,062 | |||||||||||||||
Hotel | 19,409 | — | — | — | 19,409 | |||||||||||||||
Total | 357,693 | 296,681 | 111,480 | 205,417 | 971,271 | |||||||||||||||
% of Grand Totals | 36.83 | % | 30.54 | % | 11.48 | % | 21.15 | % | 100 | % | ||||||||||
Rental Expenses: | ||||||||||||||||||||
Class A Office | 127,979 | 104,445 | 38,030 | 62,467 | 332,921 | |||||||||||||||
Office/Technical | 3,414 | — | 1,151 | 2,031 | 6,596 | |||||||||||||||
Residential | 850 | — | — | 4,713 | 5,563 | |||||||||||||||
Hotel | 14,379 | — | — | — | 14,379 | |||||||||||||||
Total | 146,622 | 104,445 | 39,181 | 69,211 | 359,459 | |||||||||||||||
% of Grand Totals | 40.79 | % | 29.06 | % | 10.9 | % | 19.25 | % | 100 | % | ||||||||||
Net operating income | $ | 211,071 | $ | 192,236 | $ | 72,299 | $ | 136,206 | $ | 611,812 | ||||||||||
% of Grand Totals | 34.5 | % | 31.42 | % | 11.82 | % | 22.26 | % | 100 | % | ||||||||||
The following is a reconciliation of Net Operating Income to net income attributable to Boston Properties Limited Partnership: | ||||||||||||||||||||
Three months ended | Six months ended June 30, | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Operating Income | $ | 373,327 | $ | 318,825 | $ | 729,620 | $ | 611,812 | ||||||||||||
Add: | ||||||||||||||||||||
Development and management services income | 6,506 | 7,855 | 11,722 | 16,588 | ||||||||||||||||
Income from unconsolidated joint ventures | 2,834 | 48,783 | 5,650 | 57,504 | ||||||||||||||||
Gain on consolidation of joint ventures | — | 387,801 | — | 387,801 | ||||||||||||||||
Interest and other income | 2,109 | 1,296 | 3,420 | 2,767 | ||||||||||||||||
Gains from investments in securities | 662 | 181 | 948 | 916 | ||||||||||||||||
Gains from early extinguishments of debt | — | 152 | — | 152 | ||||||||||||||||
Income from discontinued operations | — | 3,315 | — | 5,809 | ||||||||||||||||
Gain on forgiveness of debt from discontinued operations | — | — | — | 20,736 | ||||||||||||||||
Less: | ||||||||||||||||||||
General and administrative expense | 23,271 | 24,316 | 53,176 | 69,832 | ||||||||||||||||
Transaction costs | 661 | 535 | 1,098 | 978 | ||||||||||||||||
Depreciation and amortization expense | 152,602 | 131,506 | 304,847 | 248,915 | ||||||||||||||||
Interest expense | 110,977 | 103,140 | 224,531 | 203,573 | ||||||||||||||||
Impairment loss | — | — | — | 4,401 | ||||||||||||||||
Impairment loss from discontinued operations | — | — | — | 2,852 | ||||||||||||||||
Noncontrolling interest in property partnerships | 7,553 | (219 | ) | 11,907 | 2,355 | |||||||||||||||
Noncontrolling interest—redeemable preferred units | 2,938 | 3,741 | 6,146 | 5,067 | ||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 87,436 | $ | 505,189 | $ | 149,655 | $ | 566,112 | ||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On July 1, 2014, the Company used available cash to repay the mortgage loan collateralized by its New Dominion Technology Park Building Two property located in Herndon, Virginia totaling $63.0 million. The mortgage loan bore interest at a fixed rate of 5.55% per annum and was scheduled to mature on October 1, 2014. There was no prepayment penalty. | |
On July 3, 2014, the Company redeemed 319,687 Series Four Preferred Units for cash totaling approximately $16.0 million. An aggregate of 40,440 Series Four Preferred Units remain outstanding and subject to a security interest under a pledge agreement. | |
On July 23, 2014, the tenant exercised the purchase option under its ground lease at the Company’s Broad Run Business Park property located in Loudoun County, Virginia for a sale price of approximately $9.8 million. Broad Run Business Park is an approximately 15.5 acre land parcel subject to the ground lease with the tenant that was scheduled to expire on October 31, 2048. The sale is subject to the satisfaction of customary closing conditions and there can be no assurance that the sale will be consummated on the terms currently contemplated or at all. | |
On July 29, 2014, the Company completed the sale of its Mountain View Technology Park properties and Mountain View Research Park Building Sixteen property located in Mountain View, California for an aggregate sale price of approximately $92.1 million. Mountain View Technology Park is a seven-building complex of Office/Technical properties aggregating approximately 135,000 net rentable square feet. Mountain View Research Park Building Sixteen is an Office/Technical property with approximately 63,000 net rentable square feet. |
Basis_Of_Presentation_And_Summ1
Basis Of Presentation And Summary Of Significant Accounting Policies Recent Accounting Pronouncement (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Recent Accounting Pronouncement [Abstract] | ' |
Recent Accounting Pronouncement [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" (“ASU No. 2014-08”). ASU No. 2014-08 clarifies that discontinued operations presentation applies only to disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). ASU No. 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014. Early adoption is permitted, and the Company early adopted ASU No. 2014-08 during the first quarter of 2014. The Company’s adoption of ASU No. 2014-08 did not have a material impact on its consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contract with Customers (Topic 606)" ("ASU 2014-09"). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's Accounting Standards Codification ("ASC"). ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. The Company is currently assessing the potential impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU 2014-12”). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC Topic No. 718, “Compensation - Stock Compensation” (“ASC 718”), as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not expect the adoption of ASU 2014-12 to have a material impact on its consolidated financial statements. |
Basis_Of_Presentation_And_Summ2
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
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 June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
Mortgage notes payable | $ | 4,411,453 | $ | 4,547,761 | $ | 4,449,734 | $ | 4,545,283 | ||||||||
Mezzanine notes payable | 310,427 | 310,457 | 311,040 | 311,064 | ||||||||||||
Unsecured senior notes | 5,836,729 | 6,229,201 | 5,835,854 | 6,050,517 | ||||||||||||
Unsecured exchangeable senior notes | — | — | 744,880 | -1 | 750,266 | |||||||||||
Total | $ | 10,558,609 | $ | 11,087,419 | $ | 11,341,508 | $ | 11,657,130 | ||||||||
_______________ | ||||||||||||||||
-1 | Includes the net adjustment for the equity component allocation totaling approximately $2.4 million at December 31, 2013. |
Real_Estate_Activity_During_th1
Real Estate Activity During the Six Months Ended June 30, 2014 (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||
2013 | 2013 | |||||||
(in thousands) | ||||||||
Total revenue | $ | 6,815 | $ | 13,850 | ||||
Expenses | ||||||||
Operating | 2,352 | 4,795 | ||||||
Depreciation and amortization | 1,148 | 2,886 | ||||||
Total expenses | 3,500 | 7,681 | ||||||
Operating income | 3,315 | 6,169 | ||||||
Other expense | ||||||||
Interest expense | — | 360 | ||||||
Income from discontinued operations | $ | 3,315 | $ | 5,809 | ||||
Gain on forgiveness of debt from discontinued operations | $ | — | $ | 20,736 | ||||
Impairment loss from discontinued operations | $ | — | $ | (2,852 | ) | |||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Investments In Unconsolidated Joint Ventures [Abstract] | ' | |||||||||||||||
Investments In Unconsolidated Joint Ventures | ' | |||||||||||||||
The investments in unconsolidated joint ventures consist of the following at June 30, 2014: | ||||||||||||||||
Entity | Properties | Nominal % | Carrying Value of Investment | |||||||||||||
Ownership | ||||||||||||||||
(in thousands) | ||||||||||||||||
Square 407 Limited Partnership | Market Square North | 50 | % | $ | (9,112 | ) | ||||||||||
The Metropolitan Square Associates LLC | Metropolitan Square | 51 | % | 6,561 | ||||||||||||
BP/CRF 901 New York Avenue LLC | 901 New York Avenue | 25 | % | (1) | (1,974 | ) | ||||||||||
WP Project Developer LLC | Wisconsin Place Land and Infrastructure | 33.3 | % | (2) | 46,455 | |||||||||||
Annapolis Junction NFM, LLC | Annapolis Junction | 50 | % | (3) | 23,763 | |||||||||||
2 GCT Venture LLC | N/A | 60 | % | -4 | 326 | |||||||||||
540 Madison Venture LLC | 540 Madison Avenue | 60 | % | 69,664 | ||||||||||||
500 North Capitol LLC | 500 North Capitol Street, NW | 30 | % | (862 | ) | |||||||||||
501 K Street LLC | 501 K Street | 50 | % | -5 | 42,118 | |||||||||||
$ | 176,939 | |||||||||||||||
_______________ | ||||||||||||||||
-1 | The Company’s economic ownership has increased based on the achievement of certain return thresholds. | |||||||||||||||
-2 | The Company’s wholly-owned entity that owns the office component of the project also owns a 33.3% interest in the entity owning the land, parking garage and infrastructure of the project. | |||||||||||||||
-3 | The joint venture owns two in-service buildings, two buildings under construction and two undeveloped land parcels. | |||||||||||||||
-4 | Two Grand Central Tower was sold on October 25, 2011. | |||||||||||||||
-5 | Under the joint venture agreement, the partner will be entitled to up to two additional payments from the venture based on increases in total square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. | |||||||||||||||
Balance Sheets Of The Unconsolidated Joint Ventures | ' | |||||||||||||||
The combined summarized balance sheets of the Company's unconsolidated joint ventures are as follows: | ||||||||||||||||
June 30, 2014 | 31-Dec-13 | |||||||||||||||
(in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Real estate and development in process, net | $ | 1,010,834 | $ | 924,297 | ||||||||||||
Other assets | 175,872 | 163,149 | ||||||||||||||
Total assets | $ | 1,186,706 | $ | 1,087,446 | ||||||||||||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | ||||||||||||||||
Mortgage and notes payable | $ | 747,988 | $ | 749,732 | ||||||||||||
Other liabilities | 26,704 | 28,830 | ||||||||||||||
Members’/Partners’ equity | 412,014 | 308,884 | ||||||||||||||
Total liabilities and members’/partners’ equity | $ | 1,186,706 | $ | 1,087,446 | ||||||||||||
Company’s share of equity | $ | 205,134 | $ | 154,726 | ||||||||||||
Basis differentials (1) | (28,195 | ) | (28,642 | ) | ||||||||||||
Carrying value of the Company’s investments in unconsolidated joint ventures | $ | 176,939 | $ | 126,084 | ||||||||||||
_______________ | ||||||||||||||||
-1 | This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from impairment of investments and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. | |||||||||||||||
Statements Of Operations Of The Joint Ventures | ' | |||||||||||||||
The combined summarized statements of operations of the Company's unconsolidated joint ventures are as follows: | ||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Total revenue (1) | $ | 38,437 | $ | 99,831 | $ | 76,471 | $ | 235,481 | ||||||||
Expenses | ||||||||||||||||
Operating | 15,461 | 32,497 | 30,925 | 74,863 | ||||||||||||
Depreciation and amortization | 9,167 | 27,141 | 18,259 | 66,418 | ||||||||||||
Total expenses | 24,628 | 59,638 | 49,184 | 141,281 | ||||||||||||
Operating income | 13,809 | 40,193 | 27,287 | 94,200 | ||||||||||||
Other expense | ||||||||||||||||
Interest expense | 7,984 | 40,054 | 15,996 | 96,288 | ||||||||||||
Losses from early extinguishment of debt | — | 1,677 | — | 1,677 | ||||||||||||
Income (loss) from continuing operations | 5,825 | (1,538 | ) | 11,291 | (3,765 | ) | ||||||||||
Gain on sale of real estate | — | 1,766 | — | 1,766 | ||||||||||||
Net income (loss) | $ | 5,825 | $ | 228 | $ | 11,291 | $ | (1,999 | ) | |||||||
Company’s share of net income (loss) | $ | 2,578 | $ | 683 | $ | 5,203 | $ | (1,175 | ) | |||||||
Gain on sale of real estate | — | 43,327 | — | 43,327 | ||||||||||||
Basis differential | 256 | (2,070 | ) | 447 | (1,626 | ) | ||||||||||
Elimination of inter-entity interest on partner loan | — | 6,843 | — | 16,978 | ||||||||||||
Income from unconsolidated joint ventures | $ | 2,834 | $ | 48,783 | $ | 5,650 | $ | 57,504 | ||||||||
Gains on consolidation of joint ventures | $ | — | $ | 387,801 | $ | — | $ | 387,801 | ||||||||
_______________ | ||||||||||||||||
-1 | Includes straight-line rent adjustments of $0.3 million and $3.1 million for the three months ended June 30, 2014 and 2013, respectively, and $0.9 million and $7.1 million for the six months ended June 30, 2014 and 2013, respectively. Includes net below-market rent adjustments of $(0.1) million and $13.5 million for the three months ended June 30, 2014 and 2013, respectively, and $0.0 million and $34.0 million for the six months ended June 30, 2014 and 2013, respectively. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Noncontrolling Interest [Abstract] | ' | ||||
Schedule of Redeemable Interest in Property Partnerships [Table Text Block] | ' | ||||
he 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 six months ended June 30, 2014 and 2013 (in thousands): | |||||
Balance at January 1, 2014 | $ | 99,609 | |||
Net loss | (240 | ) | |||
Distributions | (2,300 | ) | |||
Adjustment to reflect redeemable interest at redemption value | 6,709 | -1 | |||
Balance at June 30, 2014 | $ | 103,778 | |||
Balance at January 1, 2013 | $ | 97,558 | |||
Net loss | (980 | ) | |||
Distributions | (2,950 | ) | |||
Adjustment to reflect redeemable interest at redemption value | 4,534 | ||||
Balance at June 30, 2013 | $ | 98,162 | |||
Schedule Of Series Two Preferred Units | ' | ||||
The following table reflects the activity of the noncontrolling interests—redeemable preferred units of the Company for the six months ended June 30, 2014 and 2013 (in thousands): | |||||
Balance at January 1, 2014 | $ | 105,746 | |||
Net income | 939 | ||||
Distributions | (939 | ) | |||
Reallocation of partnership interest (1) | (87,740 | ) | |||
Balance at June 30, 2014 | $ | 18,006 | |||
Balance at January 1, 2013 | $ | 199,378 | |||
Net income | 2,303 | ||||
Distributions | (2,303 | ) | |||
Reallocation of partnership interest | (444 | ) | |||
Balance at June 30, 2013 | $ | 198,934 | |||
_______________ | |||||
(1) Includes the conversion of the remaining 666,116 Series Two Preferred Units into 874,168 OP Units during the six months ended June 30, 2014 | |||||
Noncontrolling Interests-Redeemable Common Units | ' | ||||
The following table reflects the activity of the noncontrolling interests—redeemable common units for the six months ended June 30, 2014 and 2013 (in thousands): | |||||
Balance at January 1, 2014 | $ | 1,710,218 | |||
Contributions | 23,990 | ||||
Net income | 15,010 | ||||
Distributions | (22,673 | ) | |||
Conversion of redeemable partnership units | (2,241 | ) | |||
Unearned compensation | (11,091 | ) | |||
Accumulated other comprehensive loss | 126 | ||||
Adjustment to reflect redeemable partnership units at redemption value | 410,333 | ||||
Balance at June 30, 2014 | $ | 2,123,672 | |||
Balance at January 1, 2013 | $ | 1,836,522 | |||
Contributions | 26,384 | ||||
Net income | 57,177 | ||||
Distributions | (22,705 | ) | |||
Conversion of redeemable partnership units | (10,309 | ) | |||
Unearned compensation | (5,996 | ) | |||
Accumulated other comprehensive loss | 127 | ||||
Adjustment to reflect redeemable partnership units at redemption value | (66,718 | ) | |||
Balance at June 30, 2013 | $ | 1,814,482 | |||
Noncontrolling Interests-Property Partnerships | ' | ||||
The following table reflects the activity of the noncontrolling interests in property partnerships for the six months ended June 30, 2014 and 2013 (in thousands): | |||||
Balance at January 1, 2014 | $ | 726,132 | |||
Capital contributions | 1,675 | ||||
Net income | 5,438 | ||||
Distributions | (12,149 | ) | |||
Balance at June 30, 2014 | $ | 721,096 | |||
Balance at January 1, 2013 | $ | (1,964 | ) | ||
Fair value of capital recorded upon consolidation | 483,488 | ||||
Capital contributions | 10,564 | ||||
Net income (loss) | (1,199 | ) | |||
Distributions | (1,500 | ) | |||
Balance at June 30, 2013 | $ | 489,389 | |||
Earnings_Per_Common_Unit_Table
Earnings Per Common Unit (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Computation Of Basic And Diluted Earnings Per Unit | ' | ||||||||||
approximately 17,304,000 and 16,995,000 redeemable common units for the three months ended June 30, 2014 and 2013, respectively, and approximately 17,059,000 and 17,049,000 redeemable common units for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||
For the three months ended June 30, 2014 | |||||||||||
Income | Units | Per Unit | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per unit amounts) | |||||||||||
Basic Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 87,436 | 170,382 | $ | 0.51 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation | — | 160 | — | ||||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 87,436 | 170,542 | $ | 0.51 | ||||||
For the three months ended June 30, 2013 | |||||||||||
Income | Units | Per Unit | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per unit amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties Limited Partnership | $ | 501,874 | 168,933 | $ | 2.97 | ||||||
Discontinued operations attributable to Boston Properties Limited Partnership | 3,315 | — | 0.02 | ||||||||
Allocation of undistributed earnings to participating securities | (4,035 | ) | — | (0.02 | ) | ||||||
Net income attributable to Boston Properties Limited Partnership | $ | 501,154 | 168,933 | $ | 2.97 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 552 | (0.01 | ) | |||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 501,154 | 169,485 | $ | 2.96 | ||||||
For the six months ended June 30, 2014 | |||||||||||
Income | Units | Per Unit | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per unit amounts) | |||||||||||
Basic Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 149,655 | 170,113 | $ | 0.88 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation | — | 149 | — | ||||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 149,655 | 170,262 | $ | 0.88 | ||||||
For the six months ended June 30, 2013 | |||||||||||
Income | Units | Per Unit | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
(in thousands, except for per unit amounts) | |||||||||||
Basic Earnings: | |||||||||||
Income from continuing operations attributable to Boston Properties Limited Partnership | $ | 542,419 | 168,842 | $ | 3.21 | ||||||
Discontinued operations attributable to Boston Properties Limited Partnership | 23,693 | — | 0.14 | ||||||||
Allocation of undistributed earnings to participating securities | (3,536 | ) | — | (0.02 | ) | ||||||
Net income attributable to Boston Properties Limited Partnership | $ | 562,576 | 168,842 | $ | 3.33 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Based Compensation and Exchangeable Senior Notes | — | 429 | (0.01 | ) | |||||||
Diluted Earnings: | |||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 562,576 | 169,271 | $ | 3.32 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
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 June 30, 2014: | ||||||||||||||||||||
Boston | New York | San | Washington, | Total | ||||||||||||||||
Francisco | DC | |||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||
Class A Office | $ | 173,128 | $ | 223,899 | $ | 57,450 | $ | 94,222 | $ | 548,699 | ||||||||||
Office/Technical | 5,912 | — | 6,341 | 3,671 | 15,924 | |||||||||||||||
Residential | 1,089 | — | — | 5,209 | 6,298 | |||||||||||||||
Hotel | 12,367 | — | — | — | 12,367 | |||||||||||||||
Total | 192,496 | 223,899 | 63,791 | 103,102 | 583,288 | |||||||||||||||
% of Grand Totals | 33 | % | 38.39 | % | 10.94 | % | 17.67 | % | 100 | % | ||||||||||
Rental Expenses: | ||||||||||||||||||||
Class A Office | 65,818 | 74,962 | 21,282 | 32,481 | 194,543 | |||||||||||||||
Office/Technical | 1,736 | — | 1,308 | 1,123 | 4,167 | |||||||||||||||
Residential | 544 | — | — | 3,392 | 3,936 | |||||||||||||||
Hotel | 7,315 | — | — | — | 7,315 | |||||||||||||||
Total | 75,413 | 74,962 | 22,590 | 36,996 | 209,961 | |||||||||||||||
% of Grand Totals | 35.92 | % | 35.7 | % | 10.76 | % | 17.62 | % | 100 | % | ||||||||||
Net operating income | $ | 117,083 | $ | 148,937 | $ | 41,201 | $ | 66,106 | $ | 373,327 | ||||||||||
% of Grand Totals | 31.36 | % | 39.89 | % | 11.04 | % | 17.71 | % | 100 | % | ||||||||||
For the three months ended June 30, 2013: | ||||||||||||||||||||
Boston | New York | San | Washington, | Total | ||||||||||||||||
Francisco | DC | |||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||
Class A Office | $ | 164,137 | $ | 158,158 | $ | 53,331 | $ | 95,054 | $ | 470,680 | ||||||||||
Office/Technical | 5,538 | — | 5,327 | 4,031 | 14,896 | |||||||||||||||
Residential | 1,065 | — | — | 4,419 | 5,484 | |||||||||||||||
Hotel | 11,118 | — | — | — | 11,118 | |||||||||||||||
Total | 181,858 | 158,158 | 58,658 | 103,504 | 502,178 | |||||||||||||||
% of Grand Totals | 36.21 | % | 31.49 | % | 11.68 | % | 20.62 | % | 100 | % | ||||||||||
Rental Expenses: | ||||||||||||||||||||
Class A Office | 62,693 | 55,357 | 19,657 | 31,711 | 169,418 | |||||||||||||||
Office/Technical | 1,627 | — | 1,116 | 1,027 | 3,770 | |||||||||||||||
Residential | 407 | — | — | 2,423 | 2,830 | |||||||||||||||
Hotel | 7,335 | — | — | — | 7,335 | |||||||||||||||
Total | 72,062 | 55,357 | 20,773 | 35,161 | 183,353 | |||||||||||||||
% of Grand Totals | 39.3 | % | 30.19 | % | 11.33 | % | 19.18 | % | 100 | % | ||||||||||
Net operating income | $ | 109,796 | $ | 102,801 | $ | 37,885 | $ | 68,343 | $ | 318,825 | ||||||||||
% of Grand Totals | 34.44 | % | 32.24 | % | 11.88 | % | 21.44 | % | 100 | % | ||||||||||
For the six months ended June 30, 2014: | ||||||||||||||||||||
Boston | New York | San | Washington, | Total | ||||||||||||||||
Francisco | DC | |||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||
Class A Office | $ | 344,070 | $ | 441,207 | $ | 112,058 | $ | 191,270 | $ | 1,088,605 | ||||||||||
Office/Technical | 11,732 | — | 12,558 | 7,331 | 31,621 | |||||||||||||||
Residential | 2,252 | — | — | 9,728 | 11,980 | |||||||||||||||
Hotel | 20,560 | — | — | — | 20,560 | |||||||||||||||
Total | 378,614 | 441,207 | 124,616 | 208,329 | 1,152,766 | |||||||||||||||
% of Grand Totals | 32.84 | % | 38.28 | % | 10.81 | % | 18.07 | % | 100 | % | ||||||||||
Rental Expenses: | ||||||||||||||||||||
Class A Office | 137,216 | 149,333 | 40,595 | 65,920 | 393,064 | |||||||||||||||
Office/Technical | 3,425 | — | 2,522 | 2,325 | 8,272 | |||||||||||||||
Residential | 992 | — | — | 6,706 | 7,698 | |||||||||||||||
Hotel | 14,112 | — | — | — | 14,112 | |||||||||||||||
Total | 155,745 | 149,333 | 43,117 | 74,951 | 423,146 | |||||||||||||||
% of Grand Totals | 36.81 | % | 35.29 | % | 10.19 | % | 17.71 | % | 100 | % | ||||||||||
Net operating income | $ | 222,869 | $ | 291,874 | $ | 81,499 | $ | 133,378 | $ | 729,620 | ||||||||||
% of Grand Totals | 30.55 | % | 40 | % | 11.17 | % | 18.28 | % | 100 | % | ||||||||||
For the six months ended June 30, 2013: | ||||||||||||||||||||
Boston | New York | San | Washington, | Total | ||||||||||||||||
Francisco | DC | |||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||
Class A Office | $ | 324,961 | $ | 296,681 | $ | 106,002 | $ | 188,413 | $ | 916,057 | ||||||||||
Office/Technical | 11,191 | — | 5,478 | 8,074 | 24,743 | |||||||||||||||
Residential | 2,132 | — | — | 8,930 | 11,062 | |||||||||||||||
Hotel | 19,409 | — | — | — | 19,409 | |||||||||||||||
Total | 357,693 | 296,681 | 111,480 | 205,417 | 971,271 | |||||||||||||||
% of Grand Totals | 36.83 | % | 30.54 | % | 11.48 | % | 21.15 | % | 100 | % | ||||||||||
Rental Expenses: | ||||||||||||||||||||
Class A Office | 127,979 | 104,445 | 38,030 | 62,467 | 332,921 | |||||||||||||||
Office/Technical | 3,414 | — | 1,151 | 2,031 | 6,596 | |||||||||||||||
Residential | 850 | — | — | 4,713 | 5,563 | |||||||||||||||
Hotel | 14,379 | — | — | — | 14,379 | |||||||||||||||
Total | 146,622 | 104,445 | 39,181 | 69,211 | 359,459 | |||||||||||||||
% of Grand Totals | 40.79 | % | 29.06 | % | 10.9 | % | 19.25 | % | 100 | % | ||||||||||
Net operating income | $ | 211,071 | $ | 192,236 | $ | 72,299 | $ | 136,206 | $ | 611,812 | ||||||||||
% of Grand Totals | 34.5 | % | 31.42 | % | 11.82 | % | 22.26 | % | 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 Limited Partnership: | ||||||||||||||||||||
Three months ended | Six months ended June 30, | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Operating Income | $ | 373,327 | $ | 318,825 | $ | 729,620 | $ | 611,812 | ||||||||||||
Add: | ||||||||||||||||||||
Development and management services income | 6,506 | 7,855 | 11,722 | 16,588 | ||||||||||||||||
Income from unconsolidated joint ventures | 2,834 | 48,783 | 5,650 | 57,504 | ||||||||||||||||
Gain on consolidation of joint ventures | — | 387,801 | — | 387,801 | ||||||||||||||||
Interest and other income | 2,109 | 1,296 | 3,420 | 2,767 | ||||||||||||||||
Gains from investments in securities | 662 | 181 | 948 | 916 | ||||||||||||||||
Gains from early extinguishments of debt | — | 152 | — | 152 | ||||||||||||||||
Income from discontinued operations | — | 3,315 | — | 5,809 | ||||||||||||||||
Gain on forgiveness of debt from discontinued operations | — | — | — | 20,736 | ||||||||||||||||
Less: | ||||||||||||||||||||
General and administrative expense | 23,271 | 24,316 | 53,176 | 69,832 | ||||||||||||||||
Transaction costs | 661 | 535 | 1,098 | 978 | ||||||||||||||||
Depreciation and amortization expense | 152,602 | 131,506 | 304,847 | 248,915 | ||||||||||||||||
Interest expense | 110,977 | 103,140 | 224,531 | 203,573 | ||||||||||||||||
Impairment loss | — | — | — | 4,401 | ||||||||||||||||
Impairment loss from discontinued operations | — | — | — | 2,852 | ||||||||||||||||
Noncontrolling interest in property partnerships | 7,553 | (219 | ) | 11,907 | 2,355 | |||||||||||||||
Noncontrolling interest—redeemable preferred units | 2,938 | 3,741 | 6,146 | 5,067 | ||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | $ | 87,436 | $ | 505,189 | $ | 149,655 | $ | 566,112 | ||||||||||||
Organization_Details
Organization (Details) (USD $) | 6 Months Ended | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
sqft | 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 Properties [Member] | Retail Properties [Member] | Retail Properties Under Construction [Member] | Residential Properties [Member] | series four preferred units [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series B Preferred Units [Member] | depositary shares [Member] | ||
Vehicles | 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 | Real_Estate_Properties | Series B Cumulative Redeemable Preferred Stock [Member] | ||||||
acre | sqft | sqft | |||||||||||||||
Y | |||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and limited partnership interest in the operating partnership (percent) | 89.50% | 89.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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, Units Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | 80,000 | 80,000 | 8,000,000 |
Ratio of depository shares to shares of Series B Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.01 | ' | ' | ' |
Series B, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' | ' |
Preferred Units Liquidation Preference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | ' | ' | ' | ' |
Number of series of preferred units outstanding | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | ' | ' | 180 | 13 | 171 | 132 | 12 | 39 | 1 | 5 | 1 | 3 | ' | ' | ' | ' | ' |
Net Rentable Area (in sf) | ' | ' | 46,600,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vehicles in structured parking | 46,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of parking structures (in square feet) | 15,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of undeveloped land parcels owned (in acres) | 492.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividend Payable Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | ' | ' | ' | ' |
Series Four Preferred Units Annual Dividend Payable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' |
Basis_Of_Presentation_And_Summ3
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 |
Accounting Policies [Abstract] | ' | ' | ' |
Cumulative non-cash adjustment to the accretion of the changes in the redemption value of the noncontrolling interest | $2.40 | ' | ' |
Reclassification between general and administrative expense and real estate operating expense | ' | $2.10 | $4 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | |
Mortgage notes payable | $4,411,453,000 | $4,449,734,000 | |
Mezzanine notes payable | 310,427,000 | 311,040,000 | |
Unsecured senior notes | 5,836,729,000 | 5,835,854,000 | |
Unsecured exchangeable senior notes | 0 | 744,880,000 | |
Carrying Amount [Member] | ' | ' | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | |
Mortgage notes payable | 4,411,453,000 | 4,449,734,000 | |
Mezzanine notes payable | 310,427,000 | 311,040,000 | |
Unsecured senior notes | 5,836,729,000 | 5,835,854,000 | |
Unsecured exchangeable senior notes | 0 | 744,880,000 | [1] |
Total | 10,558,609,000 | 11,341,508,000 | |
Estimated Fair Value [Member] | ' | ' | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | |
Mortgage notes payable | 4,547,761,000 | 4,545,283,000 | |
Mezzanine notes payable | 310,457,000 | 311,064,000 | |
Unsecured senior notes | 6,229,201,000 | 6,050,517,000 | |
Unsecured exchangeable senior notes | 0 | 750,266,000 | |
Total | 11,087,419,000 | 11,657,130,000 | |
ASC 470-20 Adjustment [Member] | ' | ' | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | |
Impact of accounting pronouncement | ' | $2,400,000 | |
[1] | Includes the net adjustment for the equity component allocation totaling approximately $2.4 million at December 31, 2013. |
Real_Estate_Activity_During_th2
Real Estate Activity During the Six Months Ended June 30, 2014 (Narrative) (Details) (USD $) | Jun. 11, 2014 | Feb. 10, 2014 | Apr. 01, 2014 | 20-May-14 | 20-May-14 | Apr. 03, 2014 | Apr. 10, 2014 | Apr. 10, 2014 |
In Millions, unless otherwise specified | Patriots park [Member] | The Avant at Reston Town Center Residential [Member] | 99 Third Avenue [Member] | 888 Boylston Street [Member] | 10 CityPoint [Member] | 690 Folsom Street [Member] | Salesforece Tower (formerly Transbay Tower) [Member] | Salesforece Tower (formerly Transbay Tower) [Member] |
Buildings | apartments | sqft | sqft | sqft | sqft | sqft | Company [Member] | |
sqft | sqft | floor | ||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Sales Price | $321 | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | 3 | ' | ' | ' | ' | ' | ' | ' |
Number of apartment units | ' | 359 | ' | ' | ' | ' | ' | ' |
Net Rentable Area (in sf) | 706,000 | 355,000 | 17,000 | 425,000 | 245,000 | 26,000 | 1,400,000 | ' |
Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | 95.00% |
Square Footage Of Signed Lease | ' | ' | ' | ' | ' | ' | 714,000 | ' |
Number of floors real estate | ' | ' | ' | ' | ' | ' | 61 | ' |
Real_Estate_Activity_During_th3
Real Estate Activity During the Six Months Ended June 30, 2014 (Summary Of The Discontinued Operations Related to Montvale Center, 303 Almaden Blvd, 1301 New York Avenue, One Preserve Parkway, and 10 & 20 Burlington Mall Road) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Total revenue | $589,794 | $510,033 | $1,164,488 | $987,859 |
Expenses | ' | ' | ' | ' |
Depreciation and amortization | 152,602 | 131,506 | 304,847 | 248,915 |
Total expenses | 386,495 | 339,710 | 782,267 | 683,585 |
Operating income | 203,299 | 170,323 | 382,221 | 304,274 |
Other expense | ' | ' | ' | ' |
Interest expense | 110,977 | 103,140 | 224,531 | 203,573 |
Income from discontinued operations | ' | 3,315 | ' | 23,693 |
Gain on forgiveness of debt from discontinued operations attributable to Boston Properties LImited Partnership | 0 | 0 | 0 | 20,736 |
Impairment loss from discontinued operations attributable to Boston Properties Limited Partnership | 0 | 0 | 0 | -2,852 |
Montvale Center, 303 Almaden Blvd, 1301 New York Avenue, One Preserve Parkway and 10 & 20 Burlington Mall Road [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Total revenue | ' | 6,815 | ' | 13,850 |
Expenses | ' | ' | ' | ' |
Operating | ' | 2,352 | ' | 4,795 |
Depreciation and amortization | ' | 1,148 | ' | 2,886 |
Total expenses | ' | 3,500 | ' | 7,681 |
Operating income | ' | 3,315 | ' | 6,169 |
Other expense | ' | ' | ' | ' |
Interest expense | ' | 0 | ' | 360 |
Income from discontinued operations | ' | 3,315 | ' | 5,809 |
Gain on forgiveness of debt from discontinued operations attributable to Boston Properties LImited Partnership | ' | 0 | ' | 20,736 |
Impairment loss from discontinued operations attributable to Boston Properties Limited Partnership | ' | $0 | ' | ($2,852) |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |||||
In Thousands, unless otherwise specified | Square 407 Limited Partnership [Member] | The Metropolitan Square Associates LLC [Member] | BP/CRF 901 New York Avenue LLC [Member] | WP Project Developer LLC [Member] | Annapolis Junction NFM, LLC [Member] | 2 GCT Venture LLC [Member] | 540 Madison Venture LLC [Member] | 500 North Capitol LLC [Member] | Entity Owning Land And Infrastructure Of Project [Member] | 501 K Street [Member] | |||||||
Buildings | |||||||||||||||||
Land_Parcels | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Properties | ' | ' | 'Market Square North | 'Metropolitan Square | '901 New York Avenue | 'Wisconsin Place Land and Infrastructure | 'Annapolis Junction | 'N/A | [1] | '540 Madison Avenue | '500 North Capitol Street, NW | ' | '501 K Street | ||||
Ownership Percentage | ' | ' | 50.00% | 51.00% | 25.00% | [2] | 33.30% | [3] | 50.00% | [4] | 60.00% | [1] | 60.00% | 30.00% | 33.30% | 50.00% | [5] |
Carrying value of the Company's investments in unconsolidated joint ventures | $176,939 | $126,084 | ($9,112) | $6,561 | ($1,974) | $46,455 | $23,763 | $326 | $69,664 | ($862) | ' | $42,118 | |||||
Number of real estate properties | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | |||||
Number of buildings under construction | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | |||||
Parcels of undeveloped land | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | |||||
[1] | Two Grand Central Tower was sold on October 25, 2011. | ||||||||||||||||
[2] | The Company’s economic ownership has increased based on the achievement of certain return thresholds. | ||||||||||||||||
[3] | The Company’s wholly-owned entity that owns the office component of the project also owns a 33.3% interest in the entity owning the land, parking garage and infrastructure of the project. | ||||||||||||||||
[4] | The joint venture owns two in-service buildings, two buildings under construction and two undeveloped land parcels. | ||||||||||||||||
[5] | Under the joint venture agreement, the partner will be entitled to up to two additional payments from the venture based on increases in total square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Real estate and development in process, net | $15,533,337 | $15,451,531 | ||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ' | ' | ||
Mortgage and notes payable | 4,411,453 | 4,449,734 | ||
Other liabilities | 539,716 | 578,969 | ||
Total liabilities and capital | 18,536,921 | 19,796,588 | ||
Carrying value of the Company's investments in unconsolidated joint ventures | 176,939 | 126,084 | ||
Unconsolidated Joint Ventures [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Real estate and development in process, net | 1,010,834 | 924,297 | ||
Other assets | 175,872 | 163,149 | ||
Total assets | 1,186,706 | 1,087,446 | ||
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY | ' | ' | ||
Mortgage and notes payable | 747,988 | 749,732 | ||
Other liabilities | 26,704 | 28,830 | ||
Members'/Partners' equity | 412,014 | 308,884 | ||
Total liabilities and capital | 1,186,706 | 1,087,446 | ||
Company's share of equity | 205,134 | 154,726 | ||
Basis differentials | -28,195 | [1] | -28,642 | [1] |
Carrying value of the Company's investments in unconsolidated joint ventures | $176,939 | $126,084 | ||
[1] | unt 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. |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Total revenue | $589,794,000 | $510,033,000 | $1,164,488,000 | $987,859,000 | ||||
Expenses | ' | ' | ' | ' | ||||
Depreciation and amortization | 152,602,000 | 131,506,000 | 304,847,000 | 248,915,000 | ||||
Total expenses | 386,495,000 | 339,710,000 | 782,267,000 | 683,585,000 | ||||
Operating income | 203,299,000 | 170,323,000 | 382,221,000 | 304,274,000 | ||||
Other expense | ' | ' | ' | ' | ||||
Interest expense | 110,977,000 | 103,140,000 | 224,531,000 | 203,573,000 | ||||
Losses from Early Extinguishment of Debt | 0 | -152,000 | 0 | -152,000 | ||||
Income (loss) from continuing operations | 97,927,000 | 505,396,000 | 167,708,000 | 549,841,000 | ||||
Net income | 97,927,000 | 508,711,000 | 167,708,000 | 573,534,000 | ||||
Income from unconsolidated joint ventures | 2,834,000 | 48,783,000 | 5,650,000 | 57,504,000 | ||||
Gains on Consolidation of Joint Ventures | 0 | -387,801,000 | 0 | -387,801,000 | ||||
Unconsolidated Joint Ventures [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Total revenue | 38,437,000 | [1] | 99,831,000 | [1] | 76,471,000 | [1] | 235,481,000 | [1] |
Expenses | ' | ' | ' | ' | ||||
Operating | 15,461,000 | 32,497,000 | 30,925,000 | 74,863,000 | ||||
Depreciation and amortization | 9,167,000 | 27,141,000 | 18,259,000 | 66,418,000 | ||||
Total expenses | 24,628,000 | 59,638,000 | 49,184,000 | 141,281,000 | ||||
Operating income | 13,809,000 | 40,193,000 | 27,287,000 | 94,200,000 | ||||
Other expense | ' | ' | ' | ' | ||||
Interest expense | 7,984,000 | 40,054,000 | 15,996,000 | 96,288,000 | ||||
Losses from Early Extinguishment of Debt | 0 | 1,677,000 | 0 | 1,677,000 | ||||
Income (loss) from continuing operations | 5,825,000 | -1,538,000 | 11,291,000 | -3,765,000 | ||||
Gain on sale of real estate | 0 | 1,766,000 | 0 | 1,766,000 | ||||
Net income | 5,825,000 | 228,000 | 11,291,000 | -1,999,000 | ||||
Company's share of net income (loss) | 2,578,000 | 683,000 | 5,203,000 | -1,175,000 | ||||
Gain on sale of real estate | 0 | 43,327,000 | 0 | 43,327,000 | ||||
Basis differential | 256,000 | -2,070,000 | 447,000 | -1,626,000 | ||||
Elimination of inter-entity interest on partner loan | 0 | 6,843,000 | 0 | 16,978,000 | ||||
Income from unconsolidated joint ventures | 2,834,000 | 48,783,000 | 5,650,000 | 57,504,000 | ||||
Gains on Consolidation of Joint Ventures | 0 | -387,801,000 | 0 | -387,801,000 | ||||
Straight Line Rent Adjustments | 300,000 | 3,100,000 | 900,000 | 7,100,000 | ||||
Below market rent adjustments, net | ($100,000) | $13,500,000 | $0 | $34,000,000 | ||||
[1] | (1)Includes straight-line rent adjustments of $0.3 million and $3.1 million for the three months ended June 30, 2014 and 2013, respectively, and $0.9 million and $7.1 million for the six months ended June 30, 2014 and 2013, respectively. Includes net below-market rent adjustments of $(0.1) million and $13.5 million for the three months ended June 30, 2014 and 2013, respectively, and $0.0 million and $34.0 million for the six months ended June 30, 2014 and 2013, respectively. |
Investments_in_Unconsolidated_5
Investments in Unconsolidated Joint Ventures Investment in Unconsolidated Joint ventures (Narrative) (Details) (USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Apr. 10, 2014 | Jun. 30, 2014 | Jun. 23, 2014 | Apr. 30, 2014 | Apr. 10, 2014 | Apr. 10, 2014 | Apr. 30, 2014 | ||
501 K Street [Member] | 501 K Street [Member] | Annapolis Junction Building Eight [Member] | Annapolis Junction Building Eight [Member] | joint venture partner [Member] | Company [Member] | Company [Member] | ||||
sqft | Y | sqft | 501 K Street [Member] | 501 K Street [Member] | Annapolis Junction Building Eight [Member] | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' LIBOR plus 1.50% | ' | ' | ' | ' | |
Capital contributions to unconsolidated joint ventures | $47,767,000 | $0 | $39,000,000 | ' | ' | $5,400,000 | ' | ' | ' | |
Ownership Percentage | ' | ' | ' | 50.00% | [1] | ' | ' | 50.00% | 50.00% | 50.00% |
Net Rentable Area (in sf) | ' | ' | 520,000 | ' | ' | 125,000 | ' | ' | ' | |
Construction Loan Facility Borrowing Capacity | ' | ' | ' | ' | $26,000,000 | ' | ' | ' | ' | |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | |
Maturity Date | ' | ' | ' | ' | 23-Jun-17 | ' | ' | ' | ' | |
Number of extensions | ' | ' | ' | ' | 2 | ' | ' | ' | ' | |
Extension Option (in years) | ' | ' | ' | ' | 1 | ' | ' | ' | ' | |
[1] | Under the joint venture agreement, the partner will be entitled to up to two additional payments from the venture based on increases in total square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. |
Unsecured_Exchangeable_Senior_1
Unsecured Exchangeable Senior Notes Unsecured exchangeable Senior Notes (Narrative) (details) (Three point six two five percent exchangeable senior notes [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Feb. 18, 2014 |
Three point six two five percent exchangeable senior notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Coupon/Stated Rate (percent) | 3.63% |
Redemption of unsecured senior notes | $747.50 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 6 Months Ended | 5 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||
Jun. 30, 2014 | Jun. 09, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2009 | Jan. 10, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 28, 2014 | |
767 Venture, LLC [Member] | 767 Venture, LLC [Member] | Lehman [Member] | Lehman [Member] | Lehman [Member] | Lehman [Member] | Lehman [Member] | 601 Lexington Avenue [Member] | John Hancock Tower [Member] | Subsequent Event [Member] | ||
Minimum [Member] | Maximum [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit and performance obligations | $13,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum funding obligation | ' | ' | 22,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee Obligation Related To Tenant Re-Leasing Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,500,000 | ' |
Property insurance program per occurrence limits | 1,000,000,000 | ' | 1,625,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Coverage For Acts Of Terrorism Under TRIA Covered in Excess of Amount Covered by IXP | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' |
Coverage for acts of Terrorism certified under TRIA in excess of amount provided by NYIXP, LLC, as a direct insurer | ' | 1,375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coverage for acts of terrorism certified under TRIA in excess | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per occurrence limit for NBCR Coverage | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of program trigger | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coinsurance of program trigger (percent) | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deductible in insurance as a percentage of the value of the affected property, San Francisco (percent) | 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 535 Mission | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earthquake Coverage Included In Builders Risk Policy For SalesforceTower | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 |
Operating partnership guarantee to cover liabilities of IXP | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Jan-17 | ' |
Bankruptcy claim, amount filed by general creditor | ' | ' | ' | ' | 45,300,000 | ' | ' | ' | ' | ' | ' |
Bankruptcy claim amount allowed by court to creditor | ' | ' | ' | ' | ' | $45,200,000 | ' | ' | ' | ' | ' |
Bankruptcy claim, price on the private market | ' | ' | ' | ' | ' | ' | 0.4 | 0.41 | ' | ' | ' |
Bankruptcy claim, denominator used to evaluate claim price amount | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling_Interests_Narra
Noncontrolling Interests (Narrative) (Details) | Jun. 30, 2014 |
Noncontrolling Interests [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Operating Partnership (OP) Units (in shares) | 16,458,014 |
Long-Term Incentive Plan (LTIP) Units (in shares) | 1,511,796 |
Series Four Preferred Units (in shares) | 360,126 |
2012 OPP Units [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Outperformance awards in LTIP Units (in shares) | 394,590 |
MYLTIP [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
2013 MYLTIP | 314,974 |
2014 MYLTIP Units [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
2014 MYLTIP | 483,555 |
Noncontrolling_Interests_Redee
Noncontrolling Interests (Redeemable Preferred Units) (Narrative) (Details) (USD $) | Jun. 30, 2014 | Mar. 11, 2014 | 12-May-14 | Jun. 30, 2014 | Feb. 18, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 03, 2014 | Jun. 26, 2014 | 19-May-14 | 15-May-14 | Feb. 18, 2014 |
Noncontrolling Interests [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] | |
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] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series Two Preferred Units (in shares) | ' | ' | 666,116 | 666,116 | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation preference percentage | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Units liquidation preference (in dollars per share) | ' | ' | $38.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OP Units for each Preferred Unit (in shares) | ' | 1.312336 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series Two Preferred Units On Converted Basis | ' | 874,168 | 874,168 | 874,168 | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to Series Two Preferred Units (in dollars per share) | ' | ' | ' | ' | $0.85 | ' | ' | ' | ' | ' | $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% | ' | ' | ' | ' | ' |
Preferred Units Liquidation Preference | ' | ' | $50 | ' | ' | $50 | $50 | $50 | ' | ' | ' | ' |
Series Four Preferred Units Released from Escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | 319,687 | ' | ' |
Series Four Preferred Units Elected to Redeem | ' | ' | ' | ' | ' | ' | ' | ' | 319,687 | ' | ' | ' |
Noncontrolling_Interests_Commo
Noncontrolling Interests (Common Units) (Narrative) (Details) (USD $) | 0 Months Ended | 6 Months Ended | ||
Apr. 30, 2014 | Jan. 29, 2014 | Jun. 30, 2014 | Jun. 19, 2014 | |
OP Units [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
OP Units for redemption (in shares) | ' | ' | 66,612 | ' |
Redemption of OP units issued on conversion of LTIP Units (in shares) | ' | ' | 65,275 | ' |
OPP and MYLTIP 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 | ' | ' |
Distribution paid to outperformance awards, OPP Units (in dollars per share) | $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 |
Common units of operating partnership if converted value | ' | ' | $2,100,000,000 | ' |
Closing price of common stock (in dollars per share) | ' | ' | $118.18 | ' |
2012 OPP Units [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Outperformance awards in LTIP Units (in shares) | ' | ' | 394,590 | ' |
MYLTIP [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
2013 MYLTIP | ' | ' | 314,974 | ' |
2014 MYLTIP Units [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
2014 MYLTIP | ' | ' | 483,555 | ' |
Quarter 4 2013 [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Dividend shareholder of record date | ' | ' | 31-Dec-13 | ' |
Dividend payable date | ' | ' | 29-Jan-14 | ' |
Quarter 4 2013 [Member] | OP Units [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Dividend payable date | ' | ' | 29-Jan-14 | ' |
Holders of record date | ' | ' | 31-Dec-13 | ' |
Quarter 1 2014 [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Dividend shareholder of record date | ' | ' | 31-Mar-14 | ' |
Dividend payable date | ' | ' | 30-Apr-14 | ' |
Quarter 1 2014 [Member] | OP Units [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Dividend payable date | ' | ' | 30-Apr-14 | ' |
Holders of record date | ' | ' | 31-Mar-14 | ' |
Quarter 2 2014 [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Dividend shareholder of record date | ' | ' | 30-Jun-14 | ' |
Dividends declared date | ' | ' | 19-Jun-14 | ' |
Dividend payable date | ' | ' | 31-Jul-14 | ' |
Quarter 2 2014 [Member] | OP Units [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Dividends declared date | ' | ' | 19-Jun-14 | ' |
Dividend payable date | ' | ' | 31-Jul-14 | ' |
Holders of record date | ' | ' | 30-Jun-14 | ' |
special dividend [Member] | OP Units [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Distributions made to OP and LTIP units per unit (in dollars per share) | ' | $2.25 | ' | ' |
2011 OPP Unitsn [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Accelerated compensation expenses related to 2011 OPP Units | ' | ' | $1,200,000 | ' |
Noncontrolling_Interests_Prope
Noncontrolling Interests (Property Partnerships) (Narrative) (Details) (USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Feb. 26, 2013 | Feb. 07, 2013 | 31-May-13 | Oct. 09, 2013 | 31-May-13 | Feb. 26, 2013 | |
Salesforece Tower (formerly Transbay Tower) [Member] | Salesforece Tower (formerly Transbay Tower) [Member] | 767 Fifth Avenue (The GM Building) [Member] | Time Square Tower [Member] | 767 Fifth Avenue (The GM Building) [Member] | Company [Member] | ||||
sqft | partners | Salesforece Tower (formerly Transbay Tower) [Member] | |||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners Joint Venture Ownership Percentage | ' | ' | ' | 5.00% | 50.00% | 40.00% | ' | ' | ' |
Number of Joint Venture Partners | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% |
maximum percentage of construction costs to allow partner to have a loan | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Portion of total costs partner can require the company to fund | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' |
portion of partners equity that can be funded by the company | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Portion allocation to noncontrolling interest based on carrying value of the total equity of the property prior to the sale | ' | ' | ' | ' | ' | ' | $243,500,000 | ' | ' |
Fair value of capital recorded upon consolidation | 0 | 483,488,000 | ' | ' | ' | 480,900,000 | ' | ' | ' |
ownership interest sold (percent) | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' |
Net Contractual Sales Price | ' | ' | ' | ' | ' | ' | 684,000,000 | ' | ' |
Proceeds from sale of an interest in a real estate asset | ' | ' | ' | ' | ' | ' | 673,100,000 | ' | ' |
Net Rentable Area (in sf) | ' | ' | ' | ' | ' | ' | 1,246,000 | ' | ' |
Noncontrolling interests in property partnerships | $721,096,000 | ' | $726,132,000 | ' | ' | ' | ' | ' | ' |
Noncontrolling_Interests_Redee1
Noncontrolling Interests (Redeemable Preferred Units) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | 12-May-14 | Mar. 11, 2014 | |
Redeemable Preferred Units [Member] | Redeemable Preferred Units [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | ||||||
Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | Series Two Preferred Units [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Series Two Preferred Units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 666,116 | 666,116 | ' | |
Series Two Preferred Units On Converted Basis | ' | ' | ' | ' | ' | ' | ' | ' | 874,168 | 874,168 | 874,168 | |
Activity of noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Beginning Balance | ' | ' | ' | ' | $105,746 | $199,378 | ' | ' | ' | ' | ' | |
Net income | 2,938 | 3,741 | 6,146 | 5,067 | 939 | 2,303 | ' | ' | ' | ' | ' | |
Distributions | ' | ' | ' | ' | -939 | -2,303 | ' | ' | ' | ' | ' | |
Reallocation of partnership interest | ' | ' | ' | ' | -87,740 | [1] | -444 | -2,241 | -10,309 | ' | ' | ' |
Ending Balance | ' | ' | ' | ' | $18,006 | $198,934 | ' | ' | ' | ' | ' | |
[1] | Includes the conversion of the remaining 666,116 Series Two Preferred Units into 874,168 OP Units during the six months ended June 30, 2014. |
Noncontrolling_Interests_Nonco
Noncontrolling Interests (Noncontrolling Interests-Redeemable Common Units) (Details) (Noncontrolling Interests [Member], USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Noncontrolling Interests [Member] | ' | ' |
Activity of noncontrolling interests | ' | ' |
Beginning Balance | $1,710,218 | $1,836,522 |
Contributions | 23,990 | 26,384 |
Net income | 15,010 | 57,177 |
Distributions | -22,673 | -22,705 |
Conversion of redeemable partnership units | -2,241 | -10,309 |
Unearned compensation | -11,091 | -5,996 |
Accumulated other comprehensive loss | 126 | 127 |
Adjustments to reflect redeemable partnership units at redemption value | 410,333 | -66,718 |
Ending Balance | $2,123,672 | $1,814,482 |
Noncontrolling_Interests_Nonco1
Noncontrolling Interests (Noncontrolling Interests-Property Partnerships) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Activity of noncontrolling interests | ' | ' | ' | ' |
Beginning balance | ' | ' | $726,132 | ' |
Fair value of capital recorded upon consolidation | ' | ' | 0 | 483,488 |
Capital contributions | ' | ' | 1,675 | 6,018 |
Net Income (loss) | 7,553 | -219 | 11,907 | 2,355 |
Ending balance | 721,096 | ' | 721,096 | ' |
Property Partnerships [Member] | ' | ' | ' | ' |
Activity of noncontrolling interests | ' | ' | ' | ' |
Beginning balance | ' | ' | 726,132 | -1,964 |
Fair value of capital recorded upon consolidation | ' | ' | ' | 483,488 |
Capital contributions | ' | ' | 1,675 | 10,564 |
Net Income (loss) | ' | ' | 5,438 | -1,199 |
Distributions | ' | ' | -12,149 | -1,500 |
Ending balance | $721,096 | $489,389 | $721,096 | $489,389 |
Noncontrolling_Interests_Redee2
Noncontrolling Interests Redeemable Interest in Property Partnerships (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Redeemable Interest in Property Partnership [Abstract] | ' | ' | ' | |
Quantifying Misstatement in Current Year Financial Statements, Amount | ($2,400,000) | ' | ' | |
Beginning Balance | ' | 99,609,000 | 97,558,000 | |
Net loss | ' | -240,000 | -980,000 | |
Distributions | ' | -2,300,000 | -2,950,000 | |
Adjustment to reflect redeemable interest at redemption value | ' | 6,709,000 | [1] | 4,534,000 |
Ending Balance | $103,778,000 | $103,778,000 | $98,162,000 | |
[1] | Includes an out-of-period adjustment totaling approximately $2.4 million (See Note 2). |
Noncontrolling_Interests_Nonco2
Noncontrolling Interests Noncontrolling interest - Reddemable interest in Property Partnerships (Details) (Fountain Square [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 04, 2012 |
Fountain Square [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Aggregate purchase price | $385 |
Indebtedness assumed | 211.3 |
Ownership Percentage | 50.00% |
Payments to Acquire Businesses, Gross | 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 |
Partners_Capital_Details
Partners' Capital (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||
Apr. 30, 2014 | Jan. 29, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 19, 2014 | Dec. 31, 2013 | Jun. 03, 2014 | Jun. 30, 2014 | Jun. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 15-May-14 | Feb. 18, 2014 | Jun. 30, 2014 | Jun. 19, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 27, 2018 | Jun. 30, 2014 | Mar. 27, 2018 | |
New ATM program [Member] | New ATM program [Member] | ATM Program [Member] | Quarter 4 2013 [Member] | Quarter 1 2014 [Member] | Quarter 2 2014 [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] | Subsequent Event [Member] | |||||||
Y | Quarter 1 2014 [Member] | Quarter 2 2014 [Member] | Quarter 3 2014 [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partnership units (in units) | ' | ' | 1,710,624 | ' | ' | 1,700,222 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership units (in units) | ' | ' | 151,381,950 | ' | ' | 151,282,879 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
At the market stock offering program, aggregate value of common stock | ' | ' | ' | ' | ' | ' | $600,000,000 | ' | $600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
At Market Stock Offering Program Maximum Length Of Sale In Years | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 (in shares) | ' | ' | 66,612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OP Units to Boston Properties, Inc. in connection with the exercise by certain employees of options to purchase Common Stock of Boston Properties, Inc | ' | ' | 17,124 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Jan-14 | 30-Apr-14 | 31-Jul-14 | ' | ' | ' | ' | ' | 18-Feb-14 | 15-May-14 | 15-Aug-14 | ' | ' | ' |
Dividend paid on common stock (in dollars per share) | $0.65 | $2.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.81 | $32.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend shareholder of record date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-13 | 31-Mar-14 | 30-Jun-14 | ' | ' | ' | ' | ' | ' | ' | 5-Aug-14 | ' | ' | ' |
Dividends payable, date declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19-Jun-14 | ' | ' | ' | ' | ' | ' | ' | 19-Jun-14 | ' | ' | ' |
Dividends payable (in dollars per share) | ' | ' | ' | ' | $0.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.81 | ' | ' | ' | ' | ' | ' | ' |
Series B, Units Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' | 80,000 | ' | ' | ' | ' | 8,000,000 | ' |
Series B, Liquidation Preference Per Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500 | ' | $2,500 | ' | ' | ' | $25 | $25 | $2,500 |
Proceeds from Issuance of Series B Preferred Stock | ' | ' | 0 | 193,920,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of depository shares to shares of Series B Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Series B, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Value, Issued | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Common_Unit_Detai
Earnings Per Common Unit (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | ' | $501,874 | ' | $542,419 |
Redeemable common units (in shares) | 17,304,000 | 16,995,000 | 17,059,000 | 17,049,000 |
Basic Earnings: | ' | ' | ' | ' |
Net income attributable to Boston Properties Limited Partnership, Units (Denominator) (in shares) | 170,382,000 | 168,933,000 | 170,113,000 | 168,842,000 |
Inceom (loss) from continuing operations before discontinued operations and allocation of undistributed earnings (dollars per share) | ' | $2.97 | ' | $3.21 |
Discontinued operations attributable to Boston Properties Limited Partnership, Income (Numerator) | ' | 3,315 | ' | 23,693 |
Discontinued Operations (in shares) | ' | 0 | ' | 0 |
Discontinued operations attributable to Boston Properties Limited Partnership, Per Unit Amount (in dollars per share) | $0 | $0.02 | $0 | $0.14 |
Net income attributable to Boston Properties Limited Partnership | 87,436 | 505,189 | 149,655 | 566,112 |
Allocation of undistributed earnings to participating securities (numerator) | ' | -4,035 | ' | -3,536 |
Allocation of undistributed earnings to participating securities (in shares) | ' | 0 | ' | 0 |
Allocation of undistributed earnings to participating securities (in dollars per shares) | ' | ($0.02) | ' | ($0.02) |
Net income attributable to Boston Properties Limited Partnership | ' | 501,154 | ' | 562,576 |
Net income (in dollars per share) | $0.51 | $2.97 | $0.88 | $3.33 |
Effect of Dilutive Securities: | ' | ' | ' | ' |
Stock Based Compensation and Exchangeable Senior Notes, Income (Numerator) | 0 | 0 | 0 | 0 |
Stock Based Compensation and Exchangeable Senior Notes, Units (Denominator) (in shares) | 160,000 | 552,000 | 149,000 | 429,000 |
Stock Based Compensation and Exchangeable Senior Notes, Per Unit Amount (in dollars per share) | $0 | ($0.01) | $0 | ($0.01) |
Diluted Earnings: | ' | ' | ' | ' |
Diluted Earnings: Net income attributable to Boston Properties Limited Partnership | $87,436 | $501,154 | $149,655 | $562,576 |
Diluted Earnings: Net income, Units (Denominator) (in shares) | 170,542,000 | 169,485,000 | 170,262,000 | 169,271,000 |
Diluted Earnings: Net income, Per Unit Amount (in dollars per share) | $0.51 | $2.96 | $0.88 | $3.32 |
Stock_Option_and_Incentive_Pla1
Stock Option and Incentive Plan (Restricted Stock) (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Option And Incentive Plan And Stock Purchase Plan [Line Items] | ' | ' | ' | ' |
stock based compensation expense | $6,200,000 | $6,400,000 | $16,000,000 | $31,900,000 |
Restricted Stock [Member] | ' | ' | ' | ' |
Stock Option And Incentive Plan And Stock Purchase Plan [Line Items] | ' | ' | ' | ' |
Shares issued (in shares) | 23,968 | ' | 23,968 | ' |
Employee and director payment per share (in dollars per share) | ' | ' | $0.01 | ' |
Common Stock, Value, Issued | 2,600,000 | ' | 2,600,000 | ' |
Employee's weighted average cost per share (in dollars per share) | $109.27 | ' | $109.27 | ' |
LTIP Units [Member] | ' | ' | ' | ' |
Stock Option And Incentive Plan And Stock Purchase Plan [Line Items] | ' | ' | ' | ' |
LTIP units issued (in shares) | 127,094 | ' | 127,094 | ' |
Expected life assumed to calculate per unit fair value per LTIP unit (in years) | ' | ' | '5 years 8 months 12 days | ' |
Risk-free rate | ' | ' | 1.84% | ' |
Expected price volatility | ' | ' | 27.00% | ' |
Value of LTIP units issued | ' | ' | 12,800,000 | ' |
Per unit fair value weighted-average (in dollars per share) | $100.61 | ' | $100.61 | ' |
2011 OPP Unitsn [Member] | ' | ' | ' | ' |
Stock Option And Incentive Plan And Stock Purchase Plan [Line Items] | ' | ' | ' | ' |
Accelerated compensation expenses related to 2011 OPP Units | ' | ' | 1,200,000 | ' |
MYLTIP [Member] | ' | ' | ' | ' |
Stock Option And Incentive Plan And Stock Purchase Plan [Line Items] | ' | ' | ' | ' |
MYLTIP units issued (in shares) | 485,459 | ' | 485,459 | ' |
LTIPs And Restricted Stock [Member] | ' | ' | ' | ' |
Stock Option And Incentive Plan And Stock Purchase Plan [Line Items] | ' | ' | ' | ' |
Vesting annual installments | ' | ' | 4 | ' |
Unrecognized compensation expenses | 22,300,000 | ' | 22,300,000 | ' |
LTIPs and OPP Awards [Member] | ' | ' | ' | ' |
Stock Option And Incentive Plan And Stock Purchase Plan [Line Items] | ' | ' | ' | ' |
Employee and director payment per share (in dollars per share) | ' | ' | $0.25 | ' |
Unvested 2012 OPP Units and 2013 and 2014 MYLTIP Units [Member] | ' | ' | ' | ' |
Stock Option And Incentive Plan And Stock Purchase Plan [Line Items] | ' | ' | ' | ' |
Unrecognized compensation expenses | 18,600,000 | ' | 18,600,000 | ' |
Weighted-average period (in years) | '3 years 1 month 6 days | ' | ' | ' |
Board of Directors Chairman [Member] | ' | ' | ' | ' |
Stock Option And Incentive Plan And Stock Purchase Plan [Line Items] | ' | ' | ' | ' |
stock based compensation expense | ' | $1,600,000 | ' | $18,600,000 |
Stock_Option_and_Incentive_Pla2
Stock Option and Incentive Plan Stock option and incentive plan (Narrative) (Details) (2014 MYLTIP Units [Member], USD $) | 0 Months Ended |
Jan. 27, 2014 | |
indices | |
tiers | |
Y | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
TRS Measurement, Years | 3 |
Indices Used to Compare TRS | 2 |
Number of Tiers | 4 |
Percentage of annualized TRS for Reduction of Earned Awards | 0.00% |
Percentage to Cause Some Awards to be Earned Even if on a Relative Basis it Would Not Result in any Earned Awards | 12.00% |
Distributions Percent Before Measurement Date | 10.00% |
Value of MYLTIP Awards | $12,700,000 |
MYLTIP Value Amortized Into Earnings, Years | 4 |
Cohen & Steers Realty Majors Portfolio Index [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted Percentage of Index Used to Compare to TRS | 50.00% |
NAREIT Office Index adjusted [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted Percentage of Index Used to Compare to TRS | 50.00% |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Potential Awards Earned | 0 |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Potential Awards Earned | 40,200,000 |
Threshold [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Amount of Each Tier | 6,700,000 |
Target [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Amount of Each Tier | 13,400,000 |
Exceptional [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Amount of Each Tier | 40,200,000 |
High [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Amount of Each Tier | $26,800,000 |
MYLTIP Vesting 2017 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Percentage | 50.00% |
Vesting Date | 3-Feb-17 |
MYLTIP vesting two thousand eighteen [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Percentage | 50.00% |
Vesting Date | 3-Feb-18 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Reporting By Geographic Area And Property Type) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | $548,699 | $470,680 | $1,088,605 | $916,057 |
Rental Revenue: Office/Technical | 15,924 | 14,896 | 31,621 | 24,743 |
Rental Revenue: Residential | 6,298 | 5,484 | 11,980 | 11,062 |
Rental Revenue: Hotel | 12,367 | 11,118 | 20,560 | 19,409 |
Rental Revenue Total | 583,288 | 502,178 | 1,152,766 | 971,271 |
Total revenue | 589,794 | 510,033 | 1,164,488 | 987,859 |
Rental Revenue: % of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% |
Rental Expenses: Class A Office | 194,543 | 169,418 | 393,064 | 332,921 |
Rental Expenses: Office/Technical | 4,167 | 3,770 | 8,272 | 6,596 |
Rental Expenses: Residential | 3,936 | 2,830 | 7,698 | 5,563 |
Rental Expenses: Hotel | 7,315 | 7,335 | 14,112 | 14,379 |
Rental Expenses: Total | 209,961 | 183,353 | 423,146 | 359,459 |
Rental Expenses: % Of Grand Totals | 100.00% | 100.00% | 100.00% | 100.00% |
Net operating income | 373,327 | 318,825 | 729,620 | 611,812 |
Percentage Of Total Net Operating Income | 100.00% | 100.00% | 100.00% | 100.00% |
Boston [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | 173,128 | 164,137 | 344,070 | 324,961 |
Rental Revenue: Office/Technical | 5,912 | 5,538 | 11,732 | 11,191 |
Rental Revenue: Residential | 1,089 | 1,065 | 2,252 | 2,132 |
Rental Revenue: Hotel | 12,367 | 11,118 | 20,560 | 19,409 |
Rental Revenue Total | 192,496 | 181,858 | 378,614 | 357,693 |
Rental Revenue: % of Grand Totals | 33.00% | 36.21% | 32.84% | 36.83% |
Rental Expenses: Class A Office | 65,818 | 62,693 | 137,216 | 127,979 |
Rental Expenses: Office/Technical | 1,736 | 1,627 | 3,425 | 3,414 |
Rental Expenses: Residential | 544 | 407 | 992 | 850 |
Rental Expenses: Hotel | 7,315 | 7,335 | 14,112 | 14,379 |
Rental Expenses: Total | 75,413 | 72,062 | 155,745 | 146,622 |
Rental Expenses: % Of Grand Totals | 35.92% | 39.30% | 36.81% | 40.79% |
Net operating income | 117,083 | 109,796 | 222,869 | 211,071 |
Percentage Of Total Net Operating Income | 31.36% | 34.44% | 30.55% | 34.50% |
New York [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | 223,899 | 158,158 | 441,207 | 296,681 |
Rental Revenue: Office/Technical | 0 | 0 | 0 | 0 |
Rental Revenue: Residential | 0 | 0 | 0 | 0 |
Rental Revenue: Hotel | 0 | 0 | 0 | 0 |
Rental Revenue Total | 223,899 | 158,158 | 441,207 | 296,681 |
Rental Revenue: % of Grand Totals | 38.39% | 31.49% | 38.28% | 30.54% |
Rental Expenses: Class A Office | 74,962 | 55,357 | 149,333 | 104,445 |
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 | 74,962 | 55,357 | 149,333 | 104,445 |
Rental Expenses: % Of Grand Totals | 35.70% | 30.19% | 35.29% | 29.06% |
Net operating income | 148,937 | 102,801 | 291,874 | 192,236 |
Percentage Of Total Net Operating Income | 39.89% | 32.24% | 40.00% | 31.42% |
San Francisco [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | 57,450 | 53,331 | 112,058 | 106,002 |
Rental Revenue: Office/Technical | 6,341 | 5,327 | 12,558 | 5,478 |
Rental Revenue: Residential | 0 | 0 | 0 | 0 |
Rental Revenue: Hotel | 0 | 0 | 0 | 0 |
Rental Revenue Total | 63,791 | 58,658 | 124,616 | 111,480 |
Rental Revenue: % of Grand Totals | 10.94% | 11.68% | 10.81% | 11.48% |
Rental Expenses: Class A Office | 21,282 | 19,657 | 40,595 | 38,030 |
Rental Expenses: Office/Technical | 1,308 | 1,116 | 2,522 | 1,151 |
Rental Expenses: Residential | 0 | 0 | 0 | 0 |
Rental Expenses: Hotel | 0 | 0 | 0 | 0 |
Rental Expenses: Total | 22,590 | 20,773 | 43,117 | 39,181 |
Rental Expenses: % Of Grand Totals | 10.76% | 11.33% | 10.19% | 10.90% |
Net operating income | 41,201 | 37,885 | 81,499 | 72,299 |
Percentage Of Total Net Operating Income | 11.04% | 11.88% | 11.17% | 11.82% |
Washington, DC [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental Revenue: Class A Office | 94,222 | 95,054 | 191,270 | 188,413 |
Rental Revenue: Office/Technical | 3,671 | 4,031 | 7,331 | 8,074 |
Rental Revenue: Residential | 5,209 | 4,419 | 9,728 | 8,930 |
Rental Revenue: Hotel | 0 | 0 | 0 | 0 |
Rental Revenue Total | 103,102 | 103,504 | 208,329 | 205,417 |
Rental Revenue: % of Grand Totals | 17.67% | 20.62% | 18.07% | 21.15% |
Rental Expenses: Class A Office | 32,481 | 31,711 | 65,920 | 62,467 |
Rental Expenses: Office/Technical | 1,123 | 1,027 | 2,325 | 2,031 |
Rental Expenses: Residential | 3,392 | 2,423 | 6,706 | 4,713 |
Rental Expenses: Hotel | 0 | 0 | 0 | 0 |
Rental Expenses: Total | 36,996 | 35,161 | 74,951 | 69,211 |
Rental Expenses: % Of Grand Totals | 17.62% | 19.18% | 17.71% | 19.25% |
Net operating income | $66,106 | $68,343 | $133,378 | $136,206 |
Percentage Of Total Net Operating Income | 17.71% | 21.44% | 18.28% | 22.26% |
Segment_Information_Schedule_O1
Segment Information (Schedule Of Reconciliation Of Net Operating Income To Net Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reconciliation of Net Operating Income to net income attributable to Boston Properties Limited Partnership | ' | ' | ' | ' |
Net Operating Income | $203,299 | $170,323 | $382,221 | $304,274 |
Development and management services income | 6,506 | 7,855 | 11,722 | 16,588 |
Income from unconsolidated joint ventures | 2,834 | 48,783 | 5,650 | 57,504 |
Gain on consolidation of joint ventures | 0 | 387,801 | 0 | 387,801 |
Interest and other income | 2,109 | 1,296 | 3,420 | 2,767 |
Gains (Losses) from investments in securities | 662 | 181 | 948 | 916 |
Gains from early extinguishments of debt | 0 | 152 | 0 | 152 |
Gain on forgiveness of debt from discontinued operations | 0 | 0 | 0 | 20,736 |
General and administrative expense | 23,271 | 24,316 | 53,176 | 69,832 |
Transaction costs | 661 | 535 | 1,098 | 978 |
Depreciation and amortization expense | 152,602 | 131,506 | 304,847 | 248,915 |
Interest expense | 110,977 | 103,140 | 224,531 | 203,573 |
Impairment loss | 0 | 0 | 0 | 4,401 |
Impairment loss from discontinued operations | 0 | 0 | 0 | 2,852 |
Noncontrolling interest in property partnerships | 7,553 | -219 | 11,907 | 2,355 |
Noncontrolling interest-redeemable preferred units | 2,938 | 3,741 | 6,146 | 5,067 |
Net income attributable to Boston Properties Limited Partnership | 87,436 | 505,189 | 149,655 | 566,112 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Reconciliation of Net Operating Income to net income attributable to Boston Properties Limited Partnership | ' | ' | ' | ' |
Net Operating Income | 373,327 | 318,825 | 729,620 | 611,812 |
Development and management services income | 6,506 | 7,855 | 11,722 | 16,588 |
Income from unconsolidated joint ventures | 2,834 | 48,783 | 5,650 | 57,504 |
Gain on consolidation of joint ventures | 0 | 387,801 | 0 | 387,801 |
Interest and other income | 2,109 | 1,296 | 3,420 | 2,767 |
Gains (Losses) from investments in securities | 662 | 181 | 948 | 916 |
Gains from early extinguishments of debt | 0 | 152 | 0 | 152 |
Income from discontinued operations | 0 | 3,315 | 0 | 5,809 |
Gain on forgiveness of debt from discontinued operations | 0 | 0 | 0 | 20,736 |
General and administrative expense | 23,271 | 24,316 | 53,176 | 69,832 |
Transaction costs | 661 | 535 | 1,098 | 978 |
Depreciation and amortization expense | 152,602 | 131,506 | 304,847 | 248,915 |
Interest expense | 110,977 | 103,140 | 224,531 | 203,573 |
Impairment loss | 0 | 0 | 0 | 4,401 |
Impairment loss from discontinued operations | 0 | 0 | 0 | 2,852 |
Noncontrolling interest in property partnerships | 7,553 | -219 | 11,907 | 2,355 |
Noncontrolling interest-redeemable preferred units | 2,938 | 3,741 | 6,146 | 5,067 |
Net income attributable to Boston Properties Limited Partnership | $87,436 | $505,189 | $149,655 | $566,112 |
Segment_Information_Segment_In
Segment Information Segment Information (narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | 31-May-13 |
Princeton [Member] | Princeton [Member] | San Francisco [Member] | San Francisco [Member] | 767 Fifth Avenue (The GM Building) [Member] | |||
partners | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Reclassification between general and administrative expense and real estate operating expense | $2.10 | $4 | $0.50 | $0.90 | $1.60 | $3.10 | ' |
Number of Joint Venture Partners | ' | ' | ' | ' | ' | ' | 2 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (USD $) | 6 Months Ended | 0 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 03, 2014 | Jul. 01, 2014 | Jul. 23, 2014 | Jul. 29, 2014 | Jul. 29, 2014 | Jul. 29, 2014 | |
Noncontrolling Interests [Member] | series four preferred units [Member] | series four preferred units [Member] | New Dominion Technology Park, Bldg. Two [Member] | Broad Run Business Park [Member] | Mountain View Technology Park and Mountain View Research Building Sixteen [Member] | Mountain View Research Building Sixteen [Member] | Mountain View Technology [Member] | |||
Noncontrolling Interests [Member] | acre | Mountain View Technology Park and Mountain View Research Building Sixteen [Member] | Mountain View Technology Park and Mountain View Research Building Sixteen [Member] | |||||||
sqft | sqft | |||||||||
Buildings | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Secured Debt | $12,207,000 | $79,865,000 | ' | ' | ' | $63,000,000 | ' | ' | ' | ' |
Coupon/Stated Rate (percent) | ' | ' | ' | ' | ' | 5.55% | ' | ' | ' | ' |
Maturity Date | ' | ' | ' | ' | ' | 1-Oct-14 | ' | ' | ' | ' |
Series Four Preferred Units Redeemed (in shares) | ' | ' | ' | ' | 319,687 | ' | ' | ' | ' | ' |
Redemption of Series Four Preferred Units | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' |
Series Four Preferred Units (in shares) | ' | ' | 360,126 | 360,126 | 40,440 | ' | ' | ' | ' | ' |
Net Rentable Area (in sf) | ' | ' | ' | ' | ' | ' | ' | ' | 63,000 | 135,000 |
Contractual Sales Price | ' | ' | ' | ' | ' | ' | $9,800,000 | $92,100,000 | ' | ' |
Number of real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 |
Land Subject to Ground Leases | ' | ' | ' | ' | ' | ' | 15.5 | ' | ' | ' |