Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Boston Properties, Inc.



	Three months ended March 31,
	2020			2019
	(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders	$	497,496		$	98,105
Add:
Preferred dividends	2,625			2,625
Noncontrolling interest—common units of the Operating Partnership	57,539			11,599
Noncontrolling interests in property partnerships	19,486			18,830
Interest expense	101,591			101,009
Impairment loss	—			24,038
Net operating income from unconsolidated joint ventures	28,758			25,349
Depreciation and amortization expense	171,094			164,594
Transaction costs	615			460
Payroll and related costs from management services contracts	3,237			3,395
General and administrative expense	36,454			41,762
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,661			47,085
Gains (losses) from investments in securities	(5,445		)	2,969
Interest and other income	3,017			3,753
Gains (losses) on sales of real estate	410,165			(905		)
Income (loss) from unconsolidated joint ventures	(369		)	213
Direct reimbursements of payroll and related costs from management services contracts	3,237			3,395
Development and management services revenue	7,879			9,277
Company’s share of Net Operating Income	$	452,750		$	425,979

Boston Properties Limited Partnership



	Three months ended March 31,
	2020			2019
	(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	566,333		$	113,382
Add:
Preferred distributions	2,625			2,625
Noncontrolling interests in property partnerships	19,486			18,830
Interest expense	101,591			101,009
Impairment loss	—			22,272
Net operating income from unconsolidated joint ventures	28,758			25,349
Depreciation and amortization expense	169,285			162,682
Transaction costs	615			460
Payroll and related costs from management services contracts	3,237			3,395
General and administrative expense	36,454			41,762
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,661			47,085
Gains (losses) from investments in securities	(5,445		)	2,969
Interest and other income	3,017			3,753
Gains (losses) on sales of real estate	419,654			(905		)
Income (loss) from unconsolidated joint ventures	(369		)	213
Direct reimbursements of payroll and related costs from management services contracts	3,237			3,395
Development and management services revenue	7,879			9,277
Company’s share of Net Operating Income	$	452,750		$	425,979

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

For the three months ended March 31, 2020:



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

_______________


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

For the three months ended March 31, 2019:



	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	217,411		$	—		$	258,631		$	124,055		$	96,345		$	696,442
Residential	2,701			—			—			—			5,014			7,715
Hotel	8,938			—			—			—			—			8,938
Total	229,050			—			258,631			124,055			101,359			713,095
% of Grand Totals	32.12		%	—		%	36.27		%	17.40		%	14.21		%	100.00		%
Rental Expenses:
Office	79,500			—			96,971			41,125			36,147			253,743
Residential	1,206			—			—			—			2,568			3,774
Hotel	7,863			—			—			—			—			7,863
Total	88,569			—			96,971			41,125			38,715			265,380
% of Grand Totals	33.37		%	—		%	36.54		%	15.50		%	14.59		%	100.00		%
Net operating income	$	140,481		$	—		$	161,660		$	82,930		$	62,644		$	447,715
% of Grand Totals	31.38		%	—		%	36.11		%	18.52		%	13.99		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(9,373		)	—			(37,264		)	(448		)	—			(47,085		)
Add: Company’s share of net operating income from unconsolidated joint ventures	772			15,708			1,786			—			7,083			25,349
Company’s share of net operating income	$	131,880		$	15,708		$	126,182		$	82,482		$	69,727		$	425,979
% of Grand Totals	30.96		%	3.69		%	29.62		%	19.36		%	16.37		%	100.00		%

_______________


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