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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Net income $ 875,726 $ 334,620
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 349,282 342,005
Amortization of right of use assets - operating leases 1,128 1,213
Impairment loss 0 24,038
Non-cash compensation expense 27,899 25,444
Income from unconsolidated joint ventures (1,463) (48,177)
Distributions of net cash flow from operations of unconsolidated joint ventures 13,382 3,890
Losses (gains) from investments in securities 893 (4,134)
Allowance for current expected credit losses 484 0
Non-cash portion of interest expense 11,483 10,900
Gains on sales of real estate (613,932) (781)
Change in assets and liabilities:    
Tenant and other receivables, net 18,516 (11,514)
Notes receivable, net (258) (250)
Accrued rental income, net (43,399) (37,473)
Prepaid expenses and other assets (12,057) (9,319)
Lease liabilities - operating leases 799 780
Accounts payable and accrued expenses (20,493) 17,458
Accrued interest payable 5,262 (78)
Other liabilities (21,912) (30,503)
Tenant leasing costs (37,068) (52,515)
Total adjustments (321,454) 230,984
Net cash provided by operating activities 554,272 565,604
Cash flows from investing activities:    
Acquisitions of real estate (133,406) (43,061)
Construction in progress (247,615) (203,259)
Building and other capital improvements (68,386) (79,943)
Tenant improvements (118,903) (115,940)
Proceeds from sales of real estate 506,337 60,398
Capital contributions to unconsolidated joint ventures (106,168) (50,068)
Capital distributions from unconsolidated joint ventures 54,413 105,000
Issuance of notes receivable, net (9,800) 0
Investments in securities, net 3,006 (1,079)
Net cash used in investing activities (120,522) (327,952)
Cash flows from financing activities:    
Repayments of mortgage notes payable (8,477) (9,702)
Proceeds from unsecured senior notes 1,248,125 848,428
Borrowings on unsecured line of credit 265,000 380,000
Repayments of unsecured line of credit (265,000) (380,000)
Payments on finance lease obligations 0 (628)
Deferred financing costs (9,465) (7,112)
Net proceeds from equity transactions 3,183 2,261
Dividends and distributions (344,239) (332,961)
Contributions from noncontrolling interests in property partnerships 5,957 12,148
Distributions to noncontrolling interests in property partnerships (29,065) (39,401)
Acquisition of noncontrolling interest in property partnership 0 (186,952)
Net cash provided by financing activities 866,019 286,081
Net increase (decrease) in cash and cash equivalents and cash held in escrows 1,299,769 523,733
Cash and cash equivalents and cash held in escrows, beginning of period 691,886 639,191
Cash and cash equivalents and cash held in escrows, end of period 1,991,655 1,162,924
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 1,691,047 1,087,001
Cash held in escrows,end of period 300,608 75,923
Supplemental disclosures:    
Cash paid for interest 213,754 216,754
Interest capitalized 27,866 25,069
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (50,141) (61,283)
Change in real estate included in accounts payable and accrued expenses (25,461) 115,150
Real estate acquired through finance lease 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 171,077 165,419
Conversions of noncontrolling interests to stockholders’ equity 26,344 1,212
Issuance of restricted securities to employees and non-employee directors 43,462 38,923
Boston Properties Limited Partnership    
Net income 892,277 340,659
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 345,694 337,881
Amortization of right of use assets - operating leases 1,128 1,213
Impairment loss 0 22,272
Non-cash compensation expense 27,899 25,444
Income from unconsolidated joint ventures (1,463) (48,177)
Distributions of net cash flow from operations of unconsolidated joint ventures 13,382 3,890
Losses (gains) from investments in securities 893 (4,134)
Allowance for current expected credit losses 484 0
Non-cash portion of interest expense 11,483 10,900
Gains on sales of real estate (626,895) (930)
Change in assets and liabilities:    
Tenant and other receivables, net 18,516 (11,514)
Notes receivable, net (258) (250)
Accrued rental income, net (43,399) (37,473)
Prepaid expenses and other assets (12,057) (9,319)
Lease liabilities - operating leases 799 780
Accounts payable and accrued expenses (20,493) 17,458
Accrued interest payable 5,262 (78)
Other liabilities (21,912) (30,503)
Tenant leasing costs (37,068) (52,515)
Total adjustments (338,005) 224,945
Net cash provided by operating activities 554,272 565,604
Cash flows from investing activities:    
Acquisitions of real estate (133,406) (43,061)
Construction in progress (247,615) (203,259)
Building and other capital improvements (68,386) (79,943)
Tenant improvements (118,903) (115,940)
Proceeds from sales of real estate 506,337 60,398
Capital contributions to unconsolidated joint ventures (106,168) (50,068)
Capital distributions from unconsolidated joint ventures 54,413 105,000
Issuance of notes receivable, net (9,800) 0
Investments in securities, net 3,006 (1,079)
Net cash used in investing activities (120,522) (327,952)
Cash flows from financing activities:    
Repayments of mortgage notes payable (8,477) (9,702)
Proceeds from unsecured senior notes 1,248,125 848,428
Borrowings on unsecured line of credit 265,000 380,000
Repayments of unsecured line of credit (265,000) (380,000)
Payments on finance lease obligations 0 (628)
Deferred financing costs (9,465) (7,112)
Net proceeds from equity transactions 3,183 2,261
Dividends and distributions (344,239) (332,961)
Contributions from noncontrolling interests in property partnerships 5,957 12,148
Distributions to noncontrolling interests in property partnerships (29,065) (39,401)
Acquisition of noncontrolling interest in property partnership 0 (186,952)
Net cash provided by financing activities 866,019 286,081
Net increase (decrease) in cash and cash equivalents and cash held in escrows 1,299,769 523,733
Cash and cash equivalents and cash held in escrows, beginning of period 691,886 639,191
Cash and cash equivalents and cash held in escrows, end of period 1,991,655 1,162,924
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 1,691,047 1,087,001
Cash held in escrows,end of period 300,608 75,923
Supplemental disclosures:    
Cash paid for interest 213,754 216,754
Interest capitalized 27,866 25,069
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (50,141) (61,283)
Change in real estate included in accounts payable and accrued expenses (25,461) 115,150
Real estate acquired through finance lease 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 171,077 165,419
Conversions of noncontrolling interests to stockholders’ equity 26,344 1,212
Issuance Of Restricted Units To Employees And Directors $ 43,462 $ 38,923