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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net income $ 651,999 $ 712,563 $ 562,481
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 677,764 645,649 617,547
Amortization of right-of-use assets - operating leases 2,412    
Impairment losses 24,038 11,812 0
Non-cash compensation expense 40,958 40,117 35,361
Income from unconsolidated joint ventures (46,592) (2,222) (11,232)
Distributions of net cash flow from operations of unconsolidated joint ventures 17,155 6,703 26,858
(Gains) losses from investments in securities (6,417) 1,865 (3,678)
Non-cash portion of interest expense 22,254 21,303 (1,284)
Settlement of accreted debt discount on redemption of unsecured senior notes (763) (483) (1,980)
Losses (gains) from early extinguishments of debt 29,540 16,490 (496)
Gains on sales of real estate (709) (182,356) (7,663)
Change in assets and liabilities:      
Tenant and other receivables, net (24,876) 29,204 2,433
Note receivable 4 (13) 0
Accrued rental income, net (56,817) (43,662) (58,355)
Prepaid expenses and other assets 2,965 12,472 51,425
Lease liabilities - operating leases 1,616    
Accounts payable and accrued expenses 12,627 1,353 10,482
Accrued interest payable 858 5,237 (160,521)
Other liabilities (49,569) 4,955 (44,970)
Tenant leasing costs (117,282) (130,742) (104,429)
Total adjustments 529,166 437,682 349,498
Net cash provided by operating activities 1,181,165 1,150,245 911,979
Cash flows from investing activities:      
Acquisitions of real estate (149,031) 0 (15,953)
Construction in progress (546,060) (694,791) (608,404)
Building and other capital improvements (180,556) (189,771) (222,482)
Tenant improvements (251,831) (210,034) (205,331)
Right of use assets - finance leases (5,152) 0 0
Proceeds from sales of real estate 90,824 455,409 29,810
Capital contributions to unconsolidated joint ventures (87,392) (345,717) (109,015)
Capital distributions from unconsolidated joint ventures 136,807 0 251,000
Cash and cash equivalents deconsolidated (24,112) 0 0
Deposit on capital lease 0 (13,615) 0
Issuance of related party note receivable 0 (80,000) 0
Issuance of note receivable 0 (19,455) 0
Proceeds from note receivable 3,544 0 0
Investments in securities, net (2,132) (902) (1,669)
Net cash used in investing activities (1,015,091) (1,098,876) (882,044)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 0 0 2,300,000
Repayments of mortgage notes payable (46,173) (18,634) (1,317,653)
Proceeds from unsecured senior notes 1,548,106 996,410 847,935
Redemption of unsecured senior notes (699,237) (699,517) (848,020)
Borrowings on unsecured line of credit 380,000 745,000 580,000
Repayments of unsecured line of credit (380,000) (790,000) (535,000)
Proceeds from unsecured term loan 0 500,000 0
Repayments of mezzanine notes payable 0 0 (306,000)
Repayments of outside members’ notes payable 0 0 (70,424)
Payments on finance lease obligations (502) 0 0
Payments on capital lease obligations 0 (1,353) (493)
Payments on real estate financing transactions 0 (960) (2,840)
Deposit on mortgage note payable interest rate lock 0 0 (23,200)
Return of deposit on mortgage note payable interest rate lock 0 0 23,200
Deferred financing costs (13,213) (8,362) (50,705)
Debt prepayment and extinguishment costs (28,716) (15,973) (12,784)
Net proceeds from equity transactions 13,710 (730) 241
Dividends and distributions (666,294) (587,628) (526,578)
Contributions from noncontrolling interests in property partnerships 35,816 46,701 52,009
Distributions to noncontrolling interests in property partnerships (69,913) (82,501) (54,342)
Acquisition of noncontrolling interest in property partnership (186,963) 0 0
Net cash (used in) provided by financing activities (113,379) 82,453 55,346
Net increase (decrease) in cash and cash equivalents 52,695 133,822 85,281
Cash and cash equivalents and cash held in escrows, beginning of year 639,191 505,369 420,088
Cash and cash equivalents and cash held in escrows, end of year 691,886 639,191 505,369
Reconciliation of cash and cash equivalents and cash held in escrow      
Cash and cash equivalents, beginning of year 543,359 434,767 356,914
Cash held in escrows, beginning of period 95,832 70,602 63,174
Cash and cash equivalents, end of year 644,950 543,359 434,767
Cash held in escrows,end of period 46,936 95,832 70,602
Supplemental disclosures:      
Cash paid for interest 439,059 416,019 598,486
Interest capitalized 54,911 65,766 61,070
Non-cash investing and financing activities:      
Write-off of fully depreciated real estate (129,831) (135,431) (124,891)
Change in real estate included in accounts payable and accrued expenses 89,245 (44,866) 27,978
Real estate acquired through capital leases 0 12,397 28,962
Real estate acquired through capital lease 287,540 0 0
Prepaid rent reclassified to right of use asset 15,000 0 0
Building and other capital improvements deconsolidated (12,767) 0 0
Right of use asset - finance lease deconsolidated (135,004) 0 0
Investment in unconsolidated joint venture recorded on deconsolidation 29,246 0 0
Lease liability - finance lease deconsolidation 119,534 0 0
Outside members’ notes payable contributed to noncontrolling interests in property partnerships 0 0 109,576
Dividends and distributions declared but not paid 170,713 165,114 139,040
Conversions of noncontrolling interests to stockholders’ equity 4,885 2,880 16,916
Issuance of restricted securities to employees and directors 37,622 37,052 35,989
Boston Properties Limited Partnership      
Net income 661,722 730,312 571,198
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 669,956 637,891 609,407
Amortization of right-of-use assets - operating leases 2,412    
Impairment losses 22,272 10,181 0
Non-cash compensation expense 40,958 40,117 35,361
Income from unconsolidated joint ventures (46,592) (2,222) (11,232)
Distributions of net cash flow from operations of unconsolidated joint ventures 17,155 6,703 26,858
(Gains) losses from investments in securities (6,417) 1,865 (3,678)
Non-cash portion of interest expense 22,254 21,303 (1,284)
Settlement of accreted debt discount on redemption of unsecured senior notes (763) (483) (1,980)
Losses (gains) from early extinguishments of debt 29,540 16,490 (496)
Gains on sales of real estate (858) (190,716) (8,240)
Change in assets and liabilities:      
Tenant and other receivables, net (24,876) 29,204 2,433
Note receivable 4 (13) 0
Accrued rental income, net (56,817) (43,662) (58,355)
Prepaid expenses and other assets 2,965 12,472 51,425
Lease liabilities - operating leases 1,616    
Accounts payable and accrued expenses 12,627 1,353 10,482
Accrued interest payable 858 5,237 (160,521)
Other liabilities (49,569) 4,955 (44,970)
Tenant leasing costs (117,282) (130,742) (104,429)
Total adjustments 519,443 419,933 340,781
Net cash provided by operating activities 1,181,165 1,150,245 911,979
Cash flows from investing activities:      
Acquisitions of real estate (149,031) 0 (15,953)
Construction in progress (546,060) (694,791) (608,404)
Building and other capital improvements (180,556) (189,771) (222,482)
Tenant improvements (251,831) (210,034) (205,331)
Right of use assets - finance leases (5,152) 0 0
Proceeds from sales of real estate 90,824 455,409 29,810
Capital contributions to unconsolidated joint ventures (87,392) (345,717) (109,015)
Capital distributions from unconsolidated joint ventures 136,807 0 251,000
Cash and cash equivalents deconsolidated (24,112) 0 0
Deposit on capital lease 0 (13,615) 0
Issuance of related party note receivable 0 (80,000) 0
Issuance of note receivable 0 (19,455) 0
Proceeds from note receivable 3,544 0 0
Investments in securities, net (2,132) (902) (1,669)
Net cash used in investing activities (1,015,091) (1,098,876) (882,044)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 0 0 2,300,000
Repayments of mortgage notes payable (46,173) (18,634) (1,317,653)
Proceeds from unsecured senior notes 1,548,106 996,410 847,935
Redemption of unsecured senior notes (699,237) (699,517) (848,020)
Borrowings on unsecured line of credit 380,000 745,000 580,000
Repayments of unsecured line of credit (380,000) (790,000) (535,000)
Proceeds from unsecured term loan 0 500,000 0
Repayments of mezzanine notes payable 0 0 (306,000)
Repayments of outside members’ notes payable 0 0 (70,424)
Payments on finance lease obligations (502)    
Payments on capital lease obligations   (1,353) (493)
Payments on real estate financing transactions 0 (960) (2,840)
Deposit on mortgage note payable interest rate lock 0 0 (23,200)
Return of deposit on mortgage note payable interest rate lock 0 0 23,200
Deferred financing costs (13,213) (8,362) (50,705)
Debt prepayment and extinguishment costs (28,716) (15,973) (12,784)
Net proceeds from equity transactions 13,710 (730) 241
Dividends and distributions (666,294) (587,628) (526,578)
Contributions from noncontrolling interests in property partnerships 35,816 46,701 52,009
Distributions to noncontrolling interests in property partnerships (69,913) (82,501) (54,342)
Acquisition of noncontrolling interest in property partnership (186,963) 0  
Net cash (used in) provided by financing activities (113,379) 82,453 55,346
Net increase (decrease) in cash and cash equivalents 52,695 133,822 85,281
Cash and cash equivalents and cash held in escrows, beginning of year 639,191 505,369 420,088
Cash and cash equivalents and cash held in escrows, end of year 691,886 639,191 505,369
Reconciliation of cash and cash equivalents and cash held in escrow      
Cash and cash equivalents, beginning of year 543,359 434,767 356,914
Cash held in escrows, beginning of period 95,832 70,602 63,174
Cash and cash equivalents, end of year 644,950 543,359 434,767
Cash held in escrows,end of period 46,936 95,832 70,602
Supplemental disclosures:      
Cash paid for interest 439,059 416,019 598,486
Interest capitalized 54,911 65,766 61,070
Non-cash investing and financing activities:      
Write-off of fully depreciated real estate (129,253) (135,431) (123,714)
Change in real estate included in accounts payable and accrued expenses 89,245 44,866 27,978
Real estate acquired through capital leases 0 12,397 28,962
Real estate acquired through capital lease 287,540 0 0
Prepaid rent reclassified to right of use asset 15,000 0 0
Building and other capital improvements deconsolidated (12,767) 0 0
Right of use asset - finance lease deconsolidated (135,004) 0 0
Investment in unconsolidated joint venture recorded on deconsolidation 29,246 0 0
Lease liability - finance lease deconsolidation 119,534 0 0
Outside members’ notes payable contributed to noncontrolling interests in property partnerships 0 0 109,576
Dividends and distributions declared but not paid 170,713 165,114 139,040
Conversions of noncontrolling interests to stockholders’ equity 4,885 2,880 16,916
Issuance Of Restricted Units To Employees And Directors $ 37,622 $ 37,052 $ 35,989