XML 26 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 216,312 $ 115,564
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 165,797 159,205
Non-cash compensation expense 14,772 10,802
Income from unconsolidated joint ventures (461) (3,084)
Distributions of net cash flow from operations of unconsolidated joint ventures 847 1,861
Losses (gains) from investments in securities 126 (1,042)
Non-cash portion of interest expense 5,299 (7,729)
Gains on sales of real estate (96,397) (133)
Change in assets and liabilities:    
Tenant and other receivables, net 22,790 19,023
Accrued rental income, net (26,319) (9,158)
Prepaid expenses and other assets (66,968) (21,197)
Accounts payable and accrued expenses (13,913) (16,306)
Accrued interest payable 12,399 22,781
Other liabilities 23,089 (7,104)
Tenant leasing costs (31,595) (23,631)
Total adjustments 9,466 124,288
Net cash provided by operating activities 225,778 239,852
Cash flows from investing activities:    
Construction in progress (150,060) (154,518)
Building and other capital improvements (53,550) (43,687)
Tenant improvements (47,157) (50,810)
Proceeds from sales of real estate 116,120 133
Capital contributions to unconsolidated joint ventures (48,823) (17,980)
Investments in securities, net (318) (961)
Net cash used in investing activities (183,788) (267,823)
Cash flows from financing activities:    
Repayments of mortgage notes payable (5,333) (5,038)
Borrowings on unsecured line of credit 260,000 175,000
Repayments of unsecured line of credit (190,000) (70,000)
Payments on capital lease obligations (3) (22)
Payments on real estate financing transactions (444) (480)
Deferred financing costs (16) 0
Net proceeds from equity transactions (723) (183)
Dividends and distributions (140,288) (131,555)
Contributions from noncontrolling interests in property partnerships 15,267 8,145
Distributions to noncontrolling interests in property partnerships (30,690) (13,801)
Net cash used in financing activities (92,230) (37,934)
Net decrease in cash and cash equivalents and cash held in escrows (50,240) (65,905)
Cash and cash equivalents and cash held in escrows, beginning of period 505,369 420,088
Cash and cash equivalents and cash held in escrows, end of period 455,129 354,183
Reconciliation of cash and cash equivalents and cash held in escrows:    
Cash and cash equivalents, beginning of period 434,767 356,914
Cash held in escrows, beginning of period 70,602 63,174
Cash and Cash Equivalents, end of period 294,571 302,939
Cash held in escrows, end of period 160,558 51,244
Supplemental disclosures:    
Cash paid for interest 89,412 92,774
Interest capitalized 17,378 12,345
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (29,609) (49,292)
Additions to real estate included in accounts payable and accrued expenses 35,245 44,708
Dividends and distributions declared but not paid 139,218 130,418
Conversions of noncontrolling interests to stockholders’ equity 832 793
Issuance of restricted securities to employees 36,433 34,592
Boston Properties Limited Partnership    
Cash flows from operating activities:    
Net income 220,766 117,711
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 163,853 157,058
Non-cash compensation expense 14,772 10,802
Income from unconsolidated joint ventures (461) (3,084)
Distributions of net cash flow from operations of unconsolidated joint ventures 847 1,861
Losses (gains) from investments in securities 126 (1,042)
Non-cash portion of interest expense 5,299 (7,729)
Gains on sales of real estate (98,907) (133)
Change in assets and liabilities:    
Tenant and other receivables, net 22,790 19,023
Accrued rental income, net (26,319) (9,158)
Prepaid expenses and other assets (66,968) (21,197)
Accounts payable and accrued expenses (13,913) (16,306)
Accrued interest payable 12,399 22,781
Other liabilities 23,089 (7,104)
Tenant leasing costs (31,595) (23,631)
Total adjustments 5,012 122,141
Net cash provided by operating activities 225,778 239,852
Cash flows from investing activities:    
Construction in progress (150,060) (154,518)
Building and other capital improvements (53,550) (43,687)
Tenant improvements (47,157) (50,810)
Proceeds from sales of real estate 116,120 133
Capital contributions to unconsolidated joint ventures (48,823) (17,980)
Investments in securities, net (318) (961)
Net cash used in investing activities (183,788) (267,823)
Cash flows from financing activities:    
Repayments of mortgage notes payable (5,333) (5,038)
Borrowings on unsecured line of credit 260,000 175,000
Repayments of unsecured line of credit (190,000) (70,000)
Payments on capital lease obligations (3) (22)
Payments on real estate financing transactions (444) (480)
Deferred financing costs (16) 0
Net proceeds from equity transactions (723) (183)
Dividends and distributions (140,288) (131,555)
Contributions from noncontrolling interests in property partnerships 15,267 8,145
Distributions to noncontrolling interests in property partnerships (30,690) (13,801)
Net cash used in financing activities (92,230) (37,934)
Net decrease in cash and cash equivalents and cash held in escrows (50,240) (65,905)
Cash and cash equivalents and cash held in escrows, beginning of period 505,369 420,088
Cash and cash equivalents and cash held in escrows, end of period 455,129 354,183
Reconciliation of cash and cash equivalents and cash held in escrows:    
Cash and cash equivalents, beginning of period 434,767 356,914
Cash held in escrows, beginning of period 70,602 63,174
Cash and Cash Equivalents, end of period 294,571 302,939
Cash held in escrows, end of period 160,558 51,244
Supplemental disclosures:    
Cash paid for interest 89,412 92,774
Interest capitalized 17,378 12,345
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (29,609) (49,292)
Additions to real estate included in accounts payable and accrued expenses 35,245 44,708
Dividends and distributions declared but not paid 139,218 130,418
Conversions of noncontrolling interests to stockholders’ equity 832 793
Issuance of restricted securities to employees $ 36,433 $ 34,592