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Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2013
Investments In Unconsolidated Joint Ventures [Abstract]  
Investments In Unconsolidated Joint Ventures
The investments in unconsolidated joint ventures consist of the following at September 30, 2013:
 
Entity
 
Properties
 
Nominal %
Ownership
 
Square 407 Limited Partnership
 
Market Square North
 
50.0
%
 
The Metropolitan Square Associates LLC
 
Metropolitan Square
 
51.0
%
 
BP/CRF 901 New York Avenue LLC
 
901 New York Avenue
 
25.0
%
(1) 
WP Project Developer LLC
 
Wisconsin Place Land and Infrastructure
 
33.3
%
(2) 
RBP Joint Venture LLC
 
N/A
 
50.0
%
(3) 
Boston Properties Office Value-Added Fund, L.P.
 
N/A
 
39.5
%
(4)
Annapolis Junction NFM, LLC
 
Annapolis Junction
 
50.0
%
(5) 
2 GCT Venture LLC
 
N/A
 
60.0
%
(6) 
540 Madison Venture LLC
 
540 Madison Avenue
 
60.0
%
 
125 West 55th Street Venture LLC
 
N/A
 
60.0
%
(7)
500 North Capitol LLC
 
500 North Capitol Street, NW
 
30.0
%
 
_______________
(1)
The Company’s economic ownership can increase based on the achievement of certain return thresholds.
(2)
The Company’s wholly-owned entity that owns the office component of the project also owns a 33.3% interest in the entity owning the land and infrastructure of the project.
(3)
Eighth Avenue and 46th Street was sold on July 19, 2013.
(4)
The Company acquired Mountain View Research Park and Mountain View Technology Park from the Value-Added Fund on April 10, 2013 (See Note 3). As of September 30, 2013, the investment is comprised of undistributed cash.
(5)
Comprised of two buildings, one building under construction and two undeveloped land parcels.
(6)
Two Grand Central Tower was sold on October 25, 2011. As of September 30, 2013, the investment is comprised of undistributed cash.
(7)
125 West 55th Street was sold on May 30, 2013. As of September 30, 2013, the investment is comprised of undistributed cash
Balance Sheets Of The Unconsolidated Joint Ventures
The combined summarized balance sheets of the Company's unconsolidated joint ventures are as follows:
 
 
September 30, 2013
 
December 31,
2012
 
(in thousands)
ASSETS
 
 
 
Real estate and development in process, net
$
927,890

 
$
4,494,971

Other assets
158,105

 
673,716

Total assets
$
1,085,995

 
$
5,168,687

LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
 
 
 
Mortgage and notes payable
$
748,489

 
$
3,039,922

Other liabilities
21,183

 
792,888

Members’/Partners’ equity
316,323

 
1,335,877

Total liabilities and members’/partners’ equity
$
1,085,995

 
$
5,168,687

Company’s share of equity
$
157,875

 
$
787,941

Basis differentials (1)
(28,837
)
 
(128,025
)
Carrying value of the Company’s investments in unconsolidated joint ventures
$
129,038

 
$
659,916

_______________ 
(1)
This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from impairment of investments and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level.
Statements Of Operations Of The Joint Ventures

The combined summarized statements of operations of the Company's unconsolidated joint ventures are as follows:
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
2013
 
2012
 
2013
 
2012
 
(in thousands)
Total revenue (1)
$
37,983

 
$
135,998

 
$
273,464

 
$
431,133

Expenses
 
 
 
 
 
 
 
Operating
14,963

 
42,298

 
89,826

 
120,451

Depreciation and amortization
9,784

 
39,291

 
76,202

 
123,869

Total expenses
24,747

 
81,589

 
166,028

 
244,320

Operating income
13,236

 
54,409

 
107,436

 
186,813

Other income (expense)
 
 
 
 
 
 
 
Interest expense
(8,148
)
 
(56,521
)
 
(104,436
)
 
(167,792
)
Losses from early extinguishments of debt
—

 
—

 
(1,677
)
 
—

Income (loss) from continuing operations
5,088

 
(2,112
)
 
1,323

 
19,021

Gains on sales of real estate
12,441

 
990

 
14,207

 
990

Net income (loss)
$
17,529

 
$
(1,122
)
 
$
15,530

 
$
20,011

 
 
 
 
 
 
 
 
Company’s share of net income (loss)
$
3,149

 
$
(1,420
)
 
$
1,974

 
$
10,591

Gains on sales of real estate
11,174

 
—

 
54,501

 
—

Basis differential
413

 
384

 
(1,213
)
 
1,282

Elimination of inter-entity interest on partner loan
—

 
10,253

 
16,978

 
30,256

Income from unconsolidated joint ventures
$
14,736

 
$
9,217

 
$
72,240

 
$
42,129

 
 
 
 
 
 
 
 
Gains on consolidation of joint ventures
$
(1,810
)
 
$
—

 
$
385,991

 
$
—

 _______________  
(1)
Includes straight-line rent adjustments of $0.6 million and $2.2 million for the three months ended September 30, 2013 and 2012, respectively, and $7.6 million and $9.3 million for the nine months ended September 30, 2013 and 2012, respectively. Includes net below-market rent adjustments of $(0.1) million and $22.1 million for the three months ended September 30, 2013 and 2012, respectively, and $33.9 million and $70.6 million for the nine months ended September 30, 2013 and 2012, respectively. Total revenue for the nine months ended September 30, 2012 includes termination income totaling approximately $19.6 million (of which the Company's share is approximately $11.8 million) related to a lease termination with a tenant at 767 Fifth Avenue (the General Motors Building).