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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net income $ 631,932 $ 1,018,691 $ 651,999
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 717,336 683,751 677,764
Amortization of right of use assets - operating leases 3,516 2,234 2,412
Impairment of Real Estate 0 0 24,038
Non-cash compensation expense 50,860 44,142 40,958
Loss (income) from unconsolidated joint ventures 2,570 85,110 (46,592)
Distributions of net cash flow from operations of unconsolidated joint ventures 21,542 31,892 17,155
Gains from investments in securities (5,626) (5,261) (6,417)
Allowance for current expected credit losses (1,207) 1,849 0
Non-cash portion of interest expense 23,368 23,384 22,254
Settlement of accreted debt discount on redemption of unsecured senior notes (8,500) 0 (763)
Loss from early extinguishment of debt 45,182 0 29,540
Gains on sales of real estate (123,660) (618,982) (709)
Change in assets and liabilities:      
Tenant and other receivables, net 4,820 22,550 (24,876)
Notes receivable, net (545) (19) 4
Accrued rental income, net (101,548) (97,099) (56,817)
Prepaid expenses and other assets (20,811) 12,488 2,965
Lease liabilities - finance leases 0 (568) 0
Lease liabilities - operating leases (23,599) 1,533 1,616
Accounts payable and accrued expenses 20,025 (4,059) 12,627
Accrued interest payable (10,839) 16,211 858
Other liabilities (28,739) 17,629 (49,569)
Tenant leasing costs (62,850) (79,772) (117,282)
Total adjustments 501,295 138,149 529,166
Net cash provided by operating activities 1,133,227 1,156,840 1,181,165
Cash flows from investing activities:      
Acquisitions of real estate (222,260) (137,976) (149,031)
Construction in progress (513,878) (482,507) (546,060)
Building and other capital improvements (150,998) (160,126) (180,556)
Tenant improvements (263,952) (234,423) (251,831)
Right of use assets - finance leases 0 0 (5,152)
Proceeds from sales of real estate 179,887 519,303 90,824
Capital contributions to unconsolidated joint ventures (98,152) (172,436) (87,392)
Capital distributions from unconsolidated joint ventures 122 55,298 136,807
Cash and cash equivalents deconsolidated 0 0 (24,112)
Issuance of notes receivable, net 0 (9,800) 0
Proceeds from note receivable 10,035 6,397 (3,544)
Proceeds from sale of investment in unconsolidated joint venture 17,789 0 0
Investments in securities, net 1,451 2,551 (2,132)
Net cash used in investing activities (1,039,956) (613,719) (1,015,091)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 1,201,388 0 0
Repayments of mortgage notes payable (832,296) (17,168) (46,173)
Proceeds from unsecured senior notes 1,695,996 1,248,125 1,548,106
Redemption of unsecured senior notes (1,841,500) 0 (699,237)
Borrowings on unsecured line of credit 770,000 265,000 380,000
Repayments of unsecured line of credit (625,000) (265,000) (380,000)
Repayment of unsecured term loan (500,000) 0 0
Redemption of preferred stock (200,000) 0 0
Payments on finance lease obligations 1,250 0 502
Deferred financing costs (20,757) (10,416) (13,213)
Debt issuance costs (16,186) 0 0
Debt prepayment and extinguishment costs (43,036) 0 (28,716)
Net proceeds from equity transactions 24,214 3,277 13,710
Dividends and distributions (683,753) (688,904) (666,294)
Contributions from noncontrolling interests in property partnerships 18,002 8,219 35,816
Distributions to noncontrolling interests in property partnerships (259,764) (58,811) (69,913)
Acquisition of noncontrolling interest in property partnership 0 0 (186,963)
Net cash provided by (used in) financing activities (1,311,442) 484,322 (113,379)
Net increase (decrease) in cash and cash equivalents and cash held in escrows (1,218,171) 1,027,443 52,695
Cash and cash equivalents and cash held in escrows, beginning of period 1,719,329 691,886 639,191
Cash and cash equivalents and cash held in escrows, end of period 501,158 1,719,329 691,886
Reconciliation of cash and cash equivalents and cash held in escrow      
Cash and cash equivalents, beginning of period 1,668,742 644,950 543,359
Cash held in escrows, beginning of period 50,587 46,936 95,832
Cash and cash equivalents, end of period 452,692 1,668,742 644,950
Cash held in escrows,end of period 48,466 50,587 46,936
Supplemental disclosures:      
Cash paid for interest 465,442 433,492 439,059
Interest capitalized 53,097 53,881 54,911
Non-cash investing and financing activities:      
Write-off of fully depreciated real estate (239,317) (99,494) (129,831)
Change in real estate included in accounts payable and accrued expenses (25,183) (19,848) 89,245
Right-of-use assets obtained in exchange for operating lease liabilities 26,887 0 287,540
Prepaid rent reclassified to right of use asset 0 0 15,000
Accrued rental income, net deconsolidated 0 (4,558) 0
Tenant leasing costs, net deconsolidated 0 (3,462) 0
Building and other capital improvements, net deconsolidated 0 (111,889) (12,767)
Tenant improvements, net deconsolidated 0 (12,331) 0
Construction in progress, net deconsolidated (299,947) 0 0
Prepaid expenses and other assets, net deconsolidated (5,011) 0 0
Right of use asset - finance lease deconsolidated 0 0 (135,004)
Lease liability - finance lease deconsolidated 0 0 119,534
Investment in unconsolidated joint venture recorded upon deconsolidation 107,132 347,898 29,246
Issuance of operating partnership units for 360 Park Avenue South 99,689 0 0
Assumption of mortgage notes payable 200,311 0 0
Mortgage notes payable - deconsolidated (198,381) 0 0
Dividends and distributions declared but not paid 169,859 171,082 170,713
Conversions of noncontrolling interests to stockholders’ equity 18,386 29,698 4,885
Issuance of restricted securities to employees and non-employee directors 44,405 42,607 37,622
Boston Properties Limited Partnership      
Net income 641,771 1,038,739 661,722
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 709,035 676,666 669,956
Amortization of right of use assets - operating leases 3,516 2,234 2,412
Impairment of Real Estate 0 0 22,272
Non-cash compensation expense 50,860 44,142 40,958
Loss (income) from unconsolidated joint ventures 2,570 85,110 (46,592)
Distributions of net cash flow from operations of unconsolidated joint ventures 21,542 31,892 17,155
Gains from investments in securities (5,626) (5,261) (6,417)
Allowance for current expected credit losses (1,207) 1,849 0
Non-cash portion of interest expense 23,368 23,384 22,254
Settlement of accreted debt discount on redemption of unsecured senior notes (8,500) 0 (763)
Loss from early extinguishment of debt 45,182 0 29,540
Gains on sales of real estate (125,198) (631,945) (858)
Change in assets and liabilities:      
Tenant and other receivables, net 4,820 22,550 (24,876)
Notes receivable, net (545) (19) 4
Accrued rental income, net (101,548) (97,099) (56,817)
Prepaid expenses and other assets (20,811) 12,488 2,965
Lease liabilities - finance leases 0 (568) 0
Lease liabilities - operating leases (23,599) 1,533 1,616
Accounts payable and accrued expenses 20,025 (4,059) 12,627
Accrued interest payable (10,839) 16,211 858
Other liabilities (28,739) 17,629 (49,569)
Tenant leasing costs (62,850) (79,772) (117,282)
Total adjustments 491,456 118,101 519,443
Net cash provided by operating activities 1,133,227 1,156,840 1,181,165
Cash flows from investing activities:      
Acquisitions of real estate (222,260) (137,976) (149,031)
Construction in progress (513,878) (482,507) (546,060)
Building and other capital improvements (150,998) (160,126) (180,556)
Tenant improvements (263,952) (234,423) (251,831)
Right of use assets - finance leases 0 0 (5,152)
Proceeds from sales of real estate 179,887 519,303 90,824
Capital contributions to unconsolidated joint ventures (98,152) (172,436) (87,392)
Capital distributions from unconsolidated joint ventures 122 55,298 136,807
Cash and cash equivalents deconsolidated 0 0 (24,112)
Issuance of notes receivable, net 0 (9,800) 0
Proceeds from note receivable 10,035 6,397 3,544
Proceeds from sale of investment in unconsolidated joint venture 17,789 0 0
Investments in securities, net 1,451 2,551 (2,132)
Net cash used in investing activities (1,039,956) (613,719) (1,015,091)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 1,201,388 0 0
Repayments of mortgage notes payable (832,296) (17,168) (46,173)
Proceeds from unsecured senior notes 1,695,996 1,248,125 1,548,106
Redemption of unsecured senior notes (1,841,500) 0 (699,237)
Borrowings on unsecured line of credit 770,000 265,000 380,000
Repayments of unsecured line of credit (625,000) (265,000) (380,000)
Repayment of unsecured term loan (500,000) 0 0
Redemption of preferred stock (200,000) 0 0
Payments on finance lease obligations 1,250 0 (502)
Deferred financing costs (20,757) (10,416) (13,213)
Debt issuance costs (16,186) 0 0
Debt prepayment and extinguishment costs (43,036) 0 (28,716)
Net proceeds from equity transactions 24,214 3,277 13,710
Dividends and distributions (683,753) (688,904) (666,294)
Contributions from noncontrolling interests in property partnerships 18,002 8,219 35,816
Distributions to noncontrolling interests in property partnerships (259,764) (58,811) (69,913)
Acquisition of noncontrolling interest in property partnership 0 0 (186,963)
Net cash provided by (used in) financing activities (1,311,442) 484,322 (113,379)
Net increase (decrease) in cash and cash equivalents and cash held in escrows (1,218,171) 1,027,443 52,695
Cash and cash equivalents and cash held in escrows, beginning of period 1,719,329 691,886 639,191
Cash and cash equivalents and cash held in escrows, end of period 501,158 1,719,329 691,886
Reconciliation of cash and cash equivalents and cash held in escrow      
Cash and cash equivalents, beginning of period 1,668,742 644,950 543,359
Cash held in escrows, beginning of period 50,587 46,936 95,832
Cash and cash equivalents, end of period 452,692 1,668,742 644,950
Cash held in escrows,end of period 48,466 50,587 46,936
Supplemental disclosures:      
Cash paid for interest 465,442 433,492 439,059
Interest capitalized 53,097 53,881 54,911
Non-cash investing and financing activities:      
Write-off of fully depreciated real estate (238,003) (99,494) (129,253)
Change in real estate included in accounts payable and accrued expenses (25,183) (19,848) 89,245
Right-of-use assets obtained in exchange for operating lease liabilities 26,887 0 287,540
Prepaid rent reclassified to right of use asset 0 0 15,000
Accrued rental income, net deconsolidated 0 (4,558) 0
Tenant leasing costs, net deconsolidated 0 (3,462) 0
Building and other capital improvements, net deconsolidated 0 (111,889) (12,767)
Tenant improvements, net deconsolidated 0 (12,331) 0
Construction in progress, net deconsolidated (299,947) 0 0
Prepaid expenses and other assets, net deconsolidated (5,011) 0 0
Right of use asset - finance lease deconsolidated 0 0 (135,004)
Lease liability - finance lease deconsolidated 0 0 119,534
Investment in unconsolidated joint venture recorded upon deconsolidation 107,132 347,898 29,246
Issuance of operating partnership units for 360 Park Avenue South 99,689 0 0
Assumption of mortgage notes payable 200,311 0 0
Mortgage notes payable - deconsolidated (198,381) 0 0
Dividends and distributions declared but not paid 169,859 171,082 170,713
Conversions of noncontrolling interests to stockholders’ equity 18,386 29,698 4,885
Issuance of restricted securities to employees and non-employee directors $ 44,405 $ 42,607 $ 37,622