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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Net income $ 444,200 $ 269,397
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 360,770 360,403
Amortization of right of use assets - operating leases 1,407 2,963
Non-cash compensation expense 36,195 34,370
Loss (income) from unconsolidated joint ventures (2,135) (3,852)
Distributions of net cash flow from operations of unconsolidated joint ventures 10,097 14,387
Losses (gains) from investments in securities 6,978 (3,934)
Allowance for current expected credit losses (458) (418)
Non-cash portion of interest expense 12,528 11,784
Settlement of accreted debt discount on redemption of unsecured senior notes 0 (6,290)
Loss from early extinguishment of debt 0 898
Other Income - assignment fee (6,624) 0
Gains on sales of real estate (118,948) (7,756)
Change in assets and liabilities:    
Tenant and other receivables, net 10,167 17,110
Notes receivable, net (152) (277)
Accrued rental income, net (48,901) (39,434)
Prepaid expenses and other assets 6,326 (14,122)
Operating Lease, Payments 82 (1,566)
Accounts payable and accrued expenses (18,636) 6,100
Accrued interest payable 2,036 1,741
Other liabilities (37,732) (53,919)
Tenant leasing costs (40,561) (27,109)
Total adjustments 172,439 291,079
Net cash provided by operating activities 616,639 560,476
Cash flows from investing activities:    
Acquisitions of real estate (727,835) (100,176)
Construction in progress (237,182) (235,577)
Building and other capital improvements (63,278) (66,033)
Tenant improvements (97,844) (161,619)
Proceeds from sales of real estate 157,345 0
Proceeds from assignment fee 6,624 0
Capital contributions to unconsolidated joint ventures (69,819) (20,032)
Capital distributions from unconsolidated joint ventures 36,622 122
Proceeds from note receivable 10,000 0
Proceeds from sale of investment in unconsolidated joint venture 0 17,789
Investments in securities, net 5,197 1,915
Net cash used in investing activities (980,170) (563,611)
Cash flows from financing activities:    
Repayments of mortgage notes payable 0 (9,294)
Proceeds from unsecured senior notes 0 846,345
Redemption of unsecured senior notes 0 (843,710)
Borrowings on unsecured line of credit 340,000 0
Repayments of unsecured line of credit (320,000) 0
Borrowings on unsecured term loan 730,000 0
Repayments of unsecured term loan 0 (500,000)
Redemption of preferred stock 0 (200,000)
Payments on finance lease obligations 0 618
Deferred financing costs (2,230) (13,642)
Debt prepayment and extinguishment costs 0 (185)
Net activity from equity transactions (366) 19,580
Dividends and distributions (341,951) (343,117)
Contributions from noncontrolling interests in property partnerships 849 2,420
Distributions to noncontrolling interests in property partnerships (41,079) (37,929)
Net cash provided by (used in) financing activities 365,223 (1,078,914)
Net increase (decrease) in cash and cash equivalents and cash held in escrows 1,692 (1,082,049)
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 502,850 637,280
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 456,491 557,307
Cash held in escrows,end of period 46,359 79,973
Supplemental disclosures:    
Cash paid for interest 216,409 226,367
Interest capitalized 27,819 25,046
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (65,435) (98,672)
Change in real estate included in accounts payable and accrued expenses 40,655 (22,822)
Right-of-use assets obtained in exchange for operating lease liabilities 0 26,887
Construction in progress, net deconsolidated (11,316) 0
Transfer to Investments 11,316 0
Dividends and distributions declared but not paid 170,937 169,718
Conversions of noncontrolling interests to stockholders’ equity 5,429 6,285
Issuance of restricted securities to employees and non-employee directors 47,198 42,515
Boston Properties Limited Partnership    
Net income 451,712 274,222
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 357,302 355,578
Amortization of right of use assets - operating leases 1,407 2,963
Non-cash compensation expense 36,195 34,370
Loss (income) from unconsolidated joint ventures (2,135) (3,852)
Distributions of net cash flow from operations of unconsolidated joint ventures 10,097 14,387
Losses (gains) from investments in securities 6,978 (3,934)
Allowance for current expected credit losses (458) (418)
Non-cash portion of interest expense 12,528 11,784
Settlement of accreted debt discount on redemption of unsecured senior notes 0 (6,290)
Loss from early extinguishment of debt 0 898
Other Income - assignment fee (6,624) 0
Gains on sales of real estate (122,992) (7,756)
Change in assets and liabilities:    
Tenant and other receivables, net 10,167 17,110
Notes receivable, net (152) (277)
Accrued rental income, net (48,901) (39,434)
Prepaid expenses and other assets 6,326 (14,122)
Operating Lease, Payments 82 (1,566)
Accounts payable and accrued expenses (18,636) 6,100
Accrued interest payable 2,036 1,741
Other liabilities (37,732) (53,919)
Tenant leasing costs (40,561) (27,109)
Total adjustments 164,927 286,254
Net cash provided by operating activities 616,639 560,476
Cash flows from investing activities:    
Acquisitions of real estate (727,835) (100,176)
Construction in progress (237,182) (235,577)
Building and other capital improvements (63,278) (66,033)
Tenant improvements (97,844) (161,619)
Proceeds from sales of real estate 157,345 0
Proceeds from assignment fee 6,624 0
Capital contributions to unconsolidated joint ventures (69,819) (20,032)
Capital distributions from unconsolidated joint ventures 36,622 122
Proceeds from note receivable 10,000 0
Proceeds from sale of investment in unconsolidated joint venture 0 17,789
Investments in securities, net 5,197 1,915
Net cash used in investing activities (980,170) (563,611)
Cash flows from financing activities:    
Repayments of mortgage notes payable 0 (9,294)
Proceeds from unsecured senior notes 0 846,345
Redemption of unsecured senior notes 0 (843,710)
Borrowings on unsecured line of credit 340,000 0
Repayments of unsecured line of credit (320,000) 0
Borrowings on unsecured term loan 730,000 0
Repayments of unsecured term loan 0 (500,000)
Redemption of preferred stock 0 (200,000)
Payments on finance lease obligations 0 618
Deferred financing costs (2,230) (13,642)
Debt prepayment and extinguishment costs 0 (185)
Net activity from equity transactions (366) 19,580
Dividends and distributions (341,951) (343,117)
Contributions from noncontrolling interests in property partnerships 849 2,420
Distributions to noncontrolling interests in property partnerships (41,079) (37,929)
Net cash provided by (used in) financing activities 365,223 (1,078,914)
Net increase (decrease) in cash and cash equivalents and cash held in escrows 1,692 (1,082,049)
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 502,850 637,280
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 456,491 557,307
Cash held in escrows,end of period 46,359 79,973
Supplemental disclosures:    
Cash paid for interest 216,409 226,367
Interest capitalized 27,819 25,046
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (65,435) (97,358)
Change in real estate included in accounts payable and accrued expenses 40,655 (22,822)
Lease Obligation Incurred 0 26,887
Construction in progress, net deconsolidated (11,316) 0
Transfer to Investments 11,316 0
Dividends and distributions declared but not paid 170,937 169,718
Conversions of noncontrolling interests to stockholders’ equity 5,429 6,285
Issuance of restricted securities to employees and non-employee directors $ 47,198 $ 42,515