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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Net income $ 577,146 $ 131,159
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 171,094 164,594
Amortization of right of use assets - operating leases 583 605
Impairment loss 0 24,038
Non-cash compensation expense 17,525 15,050
Loss (income) from unconsolidated joint ventures 369 (213)
Distributions of net cash flow from operations of unconsolidated joint ventures 5,917 2,650
Losses (gains) from investments in securities 5,445 (2,969)
Non-cash portion of interest expense 5,646 5,447
(Gains) losses on sales of real estate (410,165) 905
Change in assets and liabilities:    
Tenant and other receivables, net 17,784 (14,000)
Note receivable, net (128) (125)
Accrued rental income, net (27,285) (15,570)
Prepaid expenses and other assets (93,819) (68,554)
Lease liabilities - operating leases 393 370
Accounts payable and accrued expenses (48,591) 258
Accrued interest payable (7,644) (160)
Other liabilities (21,296) (17,831)
Tenant leasing costs (17,777) (18,420)
Total adjustments (401,949) 76,075
Net cash provided by operating activities 175,197 207,234
Cash flows from investing activities:    
Acquisition of real estate 0 (43,061)
Construction in progress (143,160) (85,632)
Building and other capital improvements (39,154) (32,719)
Tenant improvements (64,172) (54,242)
Proceeds from sales of real estate 259,489 20,019
Capital contributions to unconsolidated joint ventures (89,997) (26,995)
Investments in securities, net 3,201 (885)
Net cash used in investing activities (73,793) (223,515)
Cash flows from financing activities:    
Repayments of mortgage notes payable (4,212) (5,645)
Borrowings on unsecured line of credit 265,000 50,000
Repayments of unsecured line of credit (15,000) (50,000)
Payments on finance lease obligations 0 (470)
Deferred financing costs (11) (186)
Net proceeds from equity transactions 3,349 1,792
Dividends and distributions (171,964) (166,362)
Contributions from noncontrolling interests in property partnerships 3,876 4,387
Distributions to noncontrolling interests in property partnerships (15,750) (24,128)
Net cash provided by (used in) financing activities 65,288 (190,612)
Net increase (decrease) in cash and cash equivalents and cash held in escrows 166,692 (206,893)
Cash and cash equivalents and cash held in escrows, beginning of year 691,886 639,191
Cash and cash equivalents and cash held in escrows, end of year 858,578 432,298
Reconciliation of cash and cash equivalents and cash held in escrow    
Cash and cash equivalents, beginning of period 644,950 543,359
Cash held in escrows, beginning of period 46,936 95,832
Cash and cash equivalents, end of period 660,733 360,091
Cash held in escrows,end of period 197,845 72,207
Supplemental disclosures:    
Cash paid for interest 114,696 107,094
Interest capitalized 14,149 11,813
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (38,782) (31,640)
Change in real estate included in accounts payable and accrued expenses (27,415) 49,689
Real estate acquired through capital leases 0 122,563
Accrued rental income, net deconsolidated (4,558) 0
Tenant leasing costs, net deconsolidated (3,462) 0
Building and other capital improvements, net deconsolidated (111,889) 0
Tenant improvements, net deconsolidated (12,331) 0
Investment in unconsolidated joint venture recorded upon deconsolidation 347,898 0
Dividends and distributions declared but not paid 171,026 165,352
Conversions of noncontrolling interests to stockholders’ equity 15,495 492
Issuance of restricted securities to employees and directors 43,104 37,428
Boston Properties Limited Partnership    
Net income 588,444 134,837
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 169,285 162,682
Amortization of right of use assets - operating leases 583 605
Impairment loss 0 22,272
Non-cash compensation expense 17,525 15,050
Loss (income) from unconsolidated joint ventures 369 (213)
Distributions of net cash flow from operations of unconsolidated joint ventures 5,917 2,650
Losses (gains) from investments in securities 5,445 (2,969)
Non-cash portion of interest expense 5,646 5,447
(Gains) losses on sales of real estate (419,654) 905
Change in assets and liabilities:    
Tenant and other receivables, net 17,784 (14,000)
Note receivable, net (128) (125)
Accrued rental income, net (27,285) (15,570)
Prepaid expenses and other assets (93,819) (68,554)
Lease liabilities - operating leases 393 370
Accounts payable and accrued expenses (48,591) 258
Accrued interest payable (7,644) (160)
Other liabilities (21,296) (17,831)
Tenant leasing costs (17,777) (18,420)
Total adjustments (413,247) 72,397
Net cash provided by operating activities 175,197 207,234
Cash flows from investing activities:    
Acquisition of real estate 0 (43,061)
Construction in progress (143,160) (85,632)
Building and other capital improvements (39,154) (32,719)
Tenant improvements (64,172) (54,242)
Proceeds from sales of real estate 259,489 20,019
Capital contributions to unconsolidated joint ventures (89,997) (26,995)
Investments in securities, net 3,201 (885)
Net cash used in investing activities (73,793) (223,515)
Cash flows from financing activities:    
Repayments of mortgage notes payable (4,212) (5,645)
Borrowings on unsecured line of credit 265,000 50,000
Repayments of unsecured line of credit (15,000) (50,000)
Payments on finance lease obligations 0 (470)
Deferred financing costs (11) (186)
Net proceeds from equity transactions 3,349 1,792
Dividends and distributions (171,964) (166,362)
Contributions from noncontrolling interests in property partnerships 3,876 4,387
Distributions to noncontrolling interests in property partnerships (15,750) (24,128)
Net cash provided by (used in) financing activities 65,288 (190,612)
Net increase (decrease) in cash and cash equivalents and cash held in escrows 166,692 (206,893)
Cash and cash equivalents and cash held in escrows, beginning of year 691,886 639,191
Cash and cash equivalents and cash held in escrows, end of year 858,578 432,298
Reconciliation of cash and cash equivalents and cash held in escrow    
Cash and cash equivalents, beginning of period 644,950 543,359
Cash held in escrows, beginning of period 46,936 95,832
Cash and cash equivalents, end of period 660,733 360,091
Cash held in escrows,end of period 197,845 72,207
Supplemental disclosures:    
Cash paid for interest 114,696 107,094
Interest capitalized 14,149 11,813
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (38,782) (31,640)
Change in real estate included in accounts payable and accrued expenses (27,415) 49,689
Real estate acquired through capital leases 0 122,563
Accrued rental income, net deconsolidated (4,558) 0
Tenant leasing costs, net deconsolidated (3,462) 0
Building and other capital improvements, net deconsolidated (111,889) 0
Tenant improvements, net deconsolidated (12,331) 0
Investment in unconsolidated joint venture recorded upon deconsolidation 347,898 0
Dividends and distributions declared but not paid 171,026 165,352
Conversions of noncontrolling interests to stockholders’ equity 15,495 492
Issuance Of Restricted Units To Employees And Directors $ 43,104 $ 37,428