2016 Q1 Form 10-Q Financial Statement

#000165642316000017 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $666.0M $618.5M
YoY Change 7.68% 7.62%
Cost Of Revenue $226.8M $228.9M
YoY Change -0.92% 7.36%
Gross Profit $439.2M $389.6M
YoY Change 12.73% 7.77%
Gross Profit Margin 65.95% 62.99%
Selling, General & Admin $29.40M $28.80M
YoY Change 2.08% -3.68%
% of Gross Profit 6.69% 7.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $159.4M $154.2M
YoY Change 3.39% -0.03%
% of Gross Profit 36.3% 39.58%
Operating Expenses $188.8M $183.1M
YoY Change 3.11% -0.6%
Operating Profit $250.4M $206.2M
YoY Change 21.41% 16.57%
Interest Expense $105.3M $108.8M
YoY Change -3.17% -4.22%
% of Operating Profit 42.06% 52.74%
Other Income/Expense, Net
YoY Change
Pretax Income $216.2M $209.2M
YoY Change 3.35% 208.55%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $181.7M $171.2M
YoY Change 6.17% 216.8%
Net Earnings / Revenue 27.29% 27.68%
Basic Earnings Per Share $1.18 $1.12
Diluted Earnings Per Share $1.18 $1.11
COMMON SHARES
Basic Shares Outstanding 153.6M shares 153.2M shares
Diluted Shares Outstanding 153.9M shares 153.9M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.627B $1.085B
YoY Change 49.91% -9.39%
Cash & Equivalents $1.606B $1.064B
Short-Term Investments $21.08M $20.74M
Other Short-Term Assets $137.0M $166.0M
YoY Change -17.47% -6.74%
Inventory
Prepaid Expenses
Receivables $74.00M $48.00M
Other Receivables $768.0M $714.0M
Total Short-Term Assets $2.585B $1.992B
YoY Change 29.77% -3.21%
LONG-TERM ASSETS
Property, Plant & Equipment $15.57B $15.58B
YoY Change -0.04% -1.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $257.0M $217.0M
YoY Change 18.43% 49.66%
Other Assets $765.0M $1.395B
YoY Change -45.16% 52.29%
Total Long-Term Assets $16.59B $17.19B
YoY Change -3.47% 1.57%
TOTAL ASSETS
Total Short-Term Assets $2.585B $1.992B
Total Long-Term Assets $16.59B $17.19B
Total Assets $19.18B $19.18B
YoY Change -0.02% 1.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $253.0M $224.0M
YoY Change 12.95% 2.75%
Accrued Expenses $222.0M $187.0M
YoY Change 18.72% 4.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $588.0M $524.0M
YoY Change 12.21% 2.34%
LONG-TERM LIABILITIES
Long-Term Debt $10.16B $10.07B
YoY Change 0.92% -6.41%
Other Long-Term Liabilities $498.0M $484.0M
YoY Change 2.89% -13.11%
Total Long-Term Liabilities $10.66B $10.55B
YoY Change 1.01% -6.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $588.0M $524.0M
Total Long-Term Liabilities $10.66B $10.55B
Total Liabilities $11.25B $11.07B
YoY Change 1.55% -6.35%
SHAREHOLDERS EQUITY
Retained Earnings -$699.0M -$691.0M
YoY Change 1.17% 348.76%
Common Stock $1.536M $1.534M
YoY Change 0.13% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.722M $2.722M
YoY Change 0.0% 0.0%
Treasury Stock Shares 78.90K shares 78.90K shares
Shareholders Equity $5.750B $5.782B
YoY Change
Total Liabilities & Shareholders Equity $19.18B $19.18B
YoY Change -0.02% 1.05%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $181.7M $171.2M
YoY Change 6.17% 216.8%
Depreciation, Depletion And Amortization $159.4M $154.2M
YoY Change 3.39% -0.03%
Cash From Operating Activities $349.0M $201.4M
YoY Change 73.24% 62.18%
INVESTING ACTIVITIES
Capital Expenditures -$204.0M -$106.4M
YoY Change 91.73% -27.17%
Acquisitions
YoY Change
Other Investing Activities $94.70M $109.1M
YoY Change -13.2% -11010.0%
Cash From Investing Activities -$109.4M $2.725M
YoY Change -4113.1% -101.85%
FINANCING ACTIVITIES
Cash Dividend Paid $328.6M $883.7M
YoY Change -62.82% 78.04%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $642.3M -$902.9M
YoY Change -171.15% -22.35%
NET CHANGE
Cash From Operating Activities $349.0M $201.4M
Cash From Investing Activities -$109.4M $2.725M
Cash From Financing Activities $642.3M -$902.9M
Net Change In Cash $882.0M -$698.7M
YoY Change -226.23% -41.07%
FREE CASH FLOW
Cash From Operating Activities $349.0M $201.4M
Capital Expenditures -$204.0M -$106.4M
Free Cash Flow $553.0M $307.8M
YoY Change 79.63% 13.89%

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1.18
CY2015Q1 us-gaap Equity Method Investment Dividends Or Distributions
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1350000 USD
CY2016Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
10718000 USD
CY2015Q4 us-gaap Excess Stock Shares Authorized
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150000000 shares
CY2016Q1 us-gaap Excess Stock Shares Authorized
ExcessStockSharesAuthorized
150000000 shares
CY2015Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
0 shares
CY2016Q1 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
0 shares
CY2015Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Gain Loss On Investments
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393000 USD
CY2016Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
259000 USD
CY2015Q1 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
393000 USD
CY2016Q1 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
259000 USD
CY2015Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
95084000 USD
CY2016Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
67623000 USD
CY2015Q1 us-gaap Gain Loss On Sale Of Properties Before Applicable Income Taxes
GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes
95084000 USD
CY2016Q1 us-gaap Gain Loss On Sale Of Properties Before Applicable Income Taxes
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67623000 USD
CY2015Q1 us-gaap General And Administrative Expense
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28791000 USD
CY2016Q1 us-gaap General And Administrative Expense
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29353000 USD
CY2015Q1 us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
114086000 USD
CY2016Q1 us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
148599000 USD
CY2015Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
14834000 USD
CY2016Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1791000 USD
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-5535000 USD
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-5209000 USD
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
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1173000 USD
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
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-25018000 USD
CY2015Q1 us-gaap Increase Decrease In Interest Payable Net
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23098000 USD
CY2016Q1 us-gaap Increase Decrease In Interest Payable Net
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31192000 USD
CY2015Q1 us-gaap Increase Decrease In Other Operating Liabilities
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-23136000 USD
CY2016Q1 us-gaap Increase Decrease In Other Operating Liabilities
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-33319000 USD
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3447000 USD
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-45560000 USD
CY2015Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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-1044000 USD
CY2016Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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-1940000 USD
CY2015Q1 us-gaap Increase In Restricted Cash
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201857000 USD
CY2016Q1 us-gaap Increase In Restricted Cash
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104696000 USD
CY2015Q1 us-gaap Interest And Other Income
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1407000 USD
CY2016Q1 us-gaap Interest And Other Income
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1505000 USD
CY2015Q1 us-gaap Interest Costs Capitalized
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7965000 USD
CY2016Q1 us-gaap Interest Costs Capitalized
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9269000 USD
CY2015Q1 us-gaap Interest Expense
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108757000 USD
CY2016Q1 us-gaap Interest Expense
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105309000 USD
CY2015Q1 us-gaap Interest Paid
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104508000 USD
CY2016Q1 us-gaap Interest Paid
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93524000 USD
CY2015Q4 us-gaap Interest Payable Current And Noncurrent
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190386000 USD
CY2016Q1 us-gaap Interest Payable Current And Noncurrent
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221578000 USD
CY2015Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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235224000 USD
CY2016Q1 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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235904000 USD
CY2015Q4 us-gaap Land Available For Development
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252195000 USD
CY2016Q1 us-gaap Land Available For Development
LandAvailableForDevelopment
256952000 USD
CY2015Q4 us-gaap Liabilities
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10464559000 USD
CY2016Q1 us-gaap Liabilities
Liabilities
11246040000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
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18351486000 USD
CY2016Q1 us-gaap Liabilities And Stockholders Equity
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19175830000 USD
CY2015Q4 us-gaap Line Of Credit
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0 USD
CY2016Q1 us-gaap Line Of Credit
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0 USD
CY2015Q4 us-gaap Marketable Securities
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20380000 USD
CY2016Q1 us-gaap Marketable Securities
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21077000 USD
CY2015Q4 us-gaap Minority Interest In Limited Partnerships
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1574400000 USD
CY2016Q1 us-gaap Minority Interest In Limited Partnerships
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1563912000 USD
CY2015Q4 us-gaap Minority Interest In Operating Partnerships
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603092000 USD
CY2016Q1 us-gaap Minority Interest In Operating Partnerships
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616095000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
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642337000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
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2725000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-109357000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
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201446000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
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348980000 USD
CY2015Q1 us-gaap Net Income Loss
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173771000 USD
CY2016Q1 us-gaap Net Income Loss
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184365000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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171182000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
181747000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
170994000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
181500000 USD
CY2015Q1 us-gaap Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
15208000 USD
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
10464000 USD
CY2015Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
20188000 USD
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
21393000 USD
CY2015Q1 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
3000 USD
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
0 USD
CY2015Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
0 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
206209000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
250353000 USD
CY2015Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
490682000 USD
CY2016Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
536128000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-3533000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-58646000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2906000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-58019000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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-303000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-15427000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-627000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-627000 USD
CY2015Q1 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
627000 USD
CY2016Q1 us-gaap Other Comprehensive Income Other Net Of Tax
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627000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-3533000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-58646000 USD
CY2015Q4 us-gaap Other Liabilities
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483601000 USD
CY2016Q1 us-gaap Other Liabilities
OtherLiabilities
498290000 USD
CY2015Q1 us-gaap Other Preferred Stock Dividends And Adjustments
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188000 USD
CY2016Q1 us-gaap Other Preferred Stock Dividends And Adjustments
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247000 USD
CY2015Q1 us-gaap Paid In Kind Interest
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CY2016Q1 us-gaap Paid In Kind Interest
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CY2015Q1 us-gaap Parking Revenue
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24788000 USD
CY2016Q1 us-gaap Parking Revenue
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24825000 USD
CY2015Q1 us-gaap Payments For Capital Improvements
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19391000 USD
CY2016Q1 us-gaap Payments For Capital Improvements
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25329000 USD
CY2015Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
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5000000 USD
CY2016Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
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0 USD
CY2015Q1 us-gaap Payments For Tenant Improvements
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26950000 USD
CY2016Q1 us-gaap Payments For Tenant Improvements
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55739000 USD
CY2015Q1 us-gaap Payments Of Dividends
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883684000 USD
CY2016Q1 us-gaap Payments Of Dividends
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328567000 USD
CY2015Q1 us-gaap Payments Of Financing Costs
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20000 USD
CY2016Q1 us-gaap Payments Of Financing Costs
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8047000 USD
CY2015Q1 us-gaap Payments To Acquire And Develop Real Estate
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60013000 USD
CY2016Q1 us-gaap Payments To Acquire And Develop Real Estate
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122940000 USD
CY2015Q1 us-gaap Payments To Acquire Equity Method Investments
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2444000 USD
CY2016Q1 us-gaap Payments To Acquire Equity Method Investments
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10215000 USD
CY2015Q1 us-gaap Payments To Acquire Marketable Securities
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884000 USD
CY2016Q1 us-gaap Payments To Acquire Marketable Securities
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438000 USD
CY2015Q1 us-gaap Payments To Minority Shareholders
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17974000 USD
CY2016Q1 us-gaap Payments To Minority Shareholders
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12915000 USD
CY2015Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2589000 USD
CY2016Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2618000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
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CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2015Q4 us-gaap Preferred Stock Value
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200000000 USD
CY2016Q1 us-gaap Preferred Stock Value
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200000000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
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185118000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets
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136799000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
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0 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
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997080000 USD
CY2015Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
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-145000 USD
CY2016Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
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-657000 USD
CY2015Q1 us-gaap Proceeds From Minority Shareholders
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629000 USD
CY2016Q1 us-gaap Proceeds From Minority Shareholders
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2489000 USD
CY2015Q1 us-gaap Proceeds From Payments To Minority Shareholders
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629000 USD
CY2016Q1 us-gaap Proceeds From Payments To Minority Shareholders
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2489000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Equity Method Investments
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24527000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
0 USD
CY2015Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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194821000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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104816000 USD
CY2015Q1 us-gaap Profit Loss
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209170000 USD
CY2016Q1 us-gaap Profit Loss
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216222000 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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3925894000 USD
CY2016Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
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3969648000 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
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18465405000 USD
CY2016Q1 us-gaap Real Estate Investment Property At Cost
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18424542000 USD
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15555641000 USD
CY2016Q1 us-gaap Real Estate Investment Property Net
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15569424000 USD
CY2015Q1 us-gaap Real Estate Revenue Net
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604063000 USD
CY2016Q1 us-gaap Real Estate Revenue Net
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650539000 USD
CY2015Q1 us-gaap Repayments Of Secured Debt
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CY2016Q1 us-gaap Repayments Of Secured Debt
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CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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73790000 USD
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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71349000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q1 us-gaap Revenue From Leased And Owned Hotels
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CY2015Q1 us-gaap Revenues
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CY2016Q1 us-gaap Revenues
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CY2015Q4 us-gaap Secured Debt
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CY2016Q1 us-gaap Secured Debt
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CY2015Q4 us-gaap Senior Notes
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CY2016Q1 us-gaap Senior Notes
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6255602000 USD
CY2015Q1 us-gaap Share Based Compensation
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11011000 USD
CY2016Q1 us-gaap Share Based Compensation
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10069000 USD
CY2015Q1 us-gaap Stock Issued During Period Value Conversion Of Units
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CY2015Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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313000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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332000 USD
CY2015Q4 us-gaap Stockholders Equity
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CY2016Q1 us-gaap Stockholders Equity
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CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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7902936000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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7998948000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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7886927000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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7929790000 USD
CY2015Q1 us-gaap Straight Line Rent
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23250000 USD
CY2016Q1 us-gaap Straight Line Rent
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12981000 USD
CY2015Q4 us-gaap Subordinated Debt
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308482000 USD
CY2016Q1 us-gaap Subordinated Debt
SubordinatedDebt
308142000 USD
CY2015Q1 us-gaap Tenant Reimbursements
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88593000 USD
CY2016Q1 us-gaap Tenant Reimbursements
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89586000 USD
CY2015Q4 us-gaap Treasury Stock Shares
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78900 shares
CY2016Q1 us-gaap Treasury Stock Shares
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78900 shares
CY2015Q4 us-gaap Treasury Stock Value
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2722000 USD
CY2016Q1 us-gaap Treasury Stock Value
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2722000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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153873000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
153917000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
153230000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
153626000 shares
CY2016Q1 bxp Schedule Of Statements Of Operations Of Unconsolidated Joint Ventures Text Bock
ScheduleOfStatementsOfOperationsOfUnconsolidatedJointVenturesTextBock
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The combined summarized statements of operations of the Company&#8217;s unconsolidated joint ventures are as follows:</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:4%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the three months ended March 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total revenue (1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,669</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,532</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expenses</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,667</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,275</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,064</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,071</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total expenses</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,731</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,346</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating income</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,938</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,186</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other expense</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,389</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,980</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,549</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,206</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Company&#8217;s share of net income </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,599</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,642</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basis differential</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">192</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">192</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from unconsolidated joint ventures</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,791</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,834</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;_______________&#160;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Includes straight-line rent adjustments of approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$2.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the three months ended March 31, 2015, the Company received a distribution of approximately </font><font style="font-family:inherit;font-size:10pt;">$24.5 million</font><font style="font-family:inherit;font-size:10pt;">, which was generated from the excess loan proceeds from the refinancing of 901 New York Avenue&#8217;s mortgage loan to a new </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;">-year mortgage loan totaling </font><font style="font-family:inherit;font-size:10pt;">$225.0 million</font><font style="font-family:inherit;font-size:10pt;">. &#160;The Company&#8217;s allocation of income and distributions for the three months ended March 31, 2015 was not proportionate to its nominal ownership interest as a result of the achievement of specified investment return thresholds, as provided for in the joint venture agreement.</font></div></td></tr></table></div>

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