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Consolidated Statements Of Cash Flows
$ in Thousands
3 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Net income $ 176,957 $ 128,147
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 177,624 176,565
Amortization of right of use assets - operating leases 529 2,263
Non-cash compensation expense 21,235 20,090
Loss (income) from unconsolidated joint ventures (2,189) (5,225)
Distributions of net cash flow from operations of unconsolidated joint ventures 6,385 3,972
Losses (gains) from investments in securities 2,262 (1,659)
Allowance for current expected credit losses (234) (128)
Non-cash portion of interest expense 5,960 5,984
Settlement of accreted debt discount on redemption of unsecured senior notes 0 (6,290)
Loss from early extinguishment of debt 0 898
Gains on sales of real estate (22,701) 0
Change in assets and liabilities:    
Tenant and other receivables, net 17,635 26,020
Notes receivable, net (8) (140)
Accrued rental income, net (29,567) (9,413)
Prepaid expenses and other assets (71,731) (96,351)
Lease liabilities - operating leases 116 (1,330)
Accounts payable and accrued expenses (31,800) (21,578)
Accrued interest payable (3,933) (28,970)
Other liabilities (12,146) (24,177)
Tenant leasing costs (14,904) (16,615)
Total adjustments 42,533 23,916
Net cash provided by operating activities 219,490 152,063
Cash flows from investing activities:    
Acquisitions of real estate (3,580) 0
Construction in progress (100,313) (119,496)
Building and other capital improvements (26,811) (32,717)
Tenant improvements (55,168) (93,201)
Proceeds from sales of real estate 35,397 0
Capital contributions to unconsolidated joint ventures (26,293) (16,684)
Capital distributions from unconsolidated joint ventures 20,095 122
Proceeds from sale of investment in unconsolidated joint venture 0 17,589
Investments in securities, net 5,338 2,114
Net cash used in investing activities (151,335) (242,273)
Cash flows from financing activities:    
Repayments of mortgage notes payable 0 (5,374)
Proceeds from unsecured senior notes 0 846,345
Redemption of unsecured senior notes 0 (843,710)
Borrowings on unsecured line of credit 190,000 0
Repayments of unsecured line of credit (80,000) 0
Repayment of unsecured term loan 0 500,000
Payments on finance lease obligations 0 0
Deferred financing costs (359) (7,145)
Debt prepayment and extinguishment costs 0 (185)
Net proceeds from equity transactions (332) 19,643
Dividends and distributions (170,488) (171,566)
Contributions from noncontrolling interests in property partnerships 849 281
Distributions to noncontrolling interests in property partnerships (26,640) (18,225)
Net cash used in financing activities (86,970) (679,936)
Net increase (decrease) in cash and cash equivalents and cash held in escrows (18,815) (770,146)
Cash and cash equivalents and cash held in escrows, beginning of period 501,158 1,719,329
Cash and cash equivalents and cash held in escrows, end of period 482,343 949,183
Reconciliation of cash and cash equivalents and cash held in escrow    
Cash and cash equivalents, beginning of period 452,692 1,668,742
Cash held in escrows, beginning of period 48,466 50,587
Cash and cash equivalents, end of period 436,271 697,369
Cash held in escrows,end of period 46,072 251,814
Supplemental disclosures:    
Cash paid for interest 111,904 146,781
Interest capitalized 13,740 12,032
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (34,946) (25,161)
Change in real estate included in accounts payable and accrued expenses 16,907 (42,778)
Preferred stock redemption liability 0 200,000
Deferred distributions from sale of investment in unconsolidated joint venture 0 5,808
Deferred proceeds from sale of investment in unconsolidated joint venture 0 200
Dividends and distributions declared but not paid 170,869 171,003
Conversions of noncontrolling interests to stockholders’ equity 5,028 4,198
Issuance of restricted securities to employees and non-employee directors 46,082 41,255
Boston Properties Limited Partnership    
Net income 179,378 131,212
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 175,886 173,500
Amortization of right of use assets - operating leases 529 2,263
Non-cash compensation expense 21,235 20,090
Loss (income) from unconsolidated joint ventures (2,189) (5,225)
Distributions of net cash flow from operations of unconsolidated joint ventures 6,385 3,972
Losses (gains) from investments in securities 2,262 (1,659)
Allowance for current expected credit losses (234) (128)
Non-cash portion of interest expense 5,960 5,984
Settlement of accreted debt discount on redemption of unsecured senior notes 0 (6,290)
Loss from early extinguishment of debt 0 898
Gains on sales of real estate (23,384) 0
Change in assets and liabilities:    
Tenant and other receivables, net 17,635 26,020
Notes receivable, net (8) (140)
Accrued rental income, net (29,567) (9,413)
Prepaid expenses and other assets (71,731) (96,351)
Lease liabilities - operating leases 116 (1,330)
Accounts payable and accrued expenses (31,800) (21,578)
Accrued interest payable (3,933) (28,970)
Other liabilities (12,146) (24,177)
Tenant leasing costs (14,904) (16,615)
Total adjustments 40,112 20,851
Net cash provided by operating activities 219,490 152,063
Cash flows from investing activities:    
Acquisitions of real estate (3,580) 0
Construction in progress (100,313) (119,496)
Building and other capital improvements (26,811) (32,717)
Tenant improvements (55,168) (93,201)
Proceeds from sales of real estate 35,397 0
Capital contributions to unconsolidated joint ventures (26,293) (16,684)
Capital distributions from unconsolidated joint ventures 20,095 122
Proceeds from sale of investment in unconsolidated joint venture 0 17,589
Investments in securities, net 5,338 2,114
Net cash used in investing activities (151,335) (242,273)
Cash flows from financing activities:    
Repayments of mortgage notes payable 0 (5,374)
Proceeds from unsecured senior notes 0 846,345
Redemption of unsecured senior notes 0 (843,710)
Borrowings on unsecured line of credit 190,000 0
Repayments of unsecured line of credit (80,000) 0
Repayment of unsecured term loan 0 (500,000)
Payments on finance lease obligations 0 0
Deferred financing costs (359) (7,145)
Debt prepayment and extinguishment costs 0 (185)
Net proceeds from equity transactions (332) 19,643
Dividends and distributions (170,488) (171,566)
Contributions from noncontrolling interests in property partnerships 849 281
Distributions to noncontrolling interests in property partnerships (26,640) (18,225)
Net cash used in financing activities (86,970) (679,936)
Net increase (decrease) in cash and cash equivalents and cash held in escrows (18,815) (770,146)
Cash and cash equivalents and cash held in escrows, beginning of period 501,158 1,719,329
Cash and cash equivalents and cash held in escrows, end of period 482,343 949,183
Reconciliation of cash and cash equivalents and cash held in escrow    
Cash and cash equivalents, beginning of period 452,692 1,668,742
Cash held in escrows, beginning of period 48,466 50,587
Cash and cash equivalents, end of period 436,271 697,369
Cash held in escrows,end of period 46,072 251,814
Supplemental disclosures:    
Cash paid for interest 111,904 146,781
Interest capitalized 13,740 12,032
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (34,946) (23,847)
Change in real estate included in accounts payable and accrued expenses 16,907 (42,778)
Preferred stock redemption liability 0 200,000
Deferred distributions from sale of investment in unconsolidated joint venture 0 5,808
Deferred proceeds from sale of investment in unconsolidated joint venture 0 200
Dividends and distributions declared but not paid 170,869 171,003
Conversions of noncontrolling interests to stockholders’ equity 5,028 4,198
Issuance of restricted securities to employees and non-employee directors $ 46,082 $ 41,255