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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Net income $ 864,861 $ 408,647
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 551,445 539,815
Amortization of right of use assets - operating leases 1,843 3,208
Non-cash compensation expense 44,208 43,098
Loss from unconsolidated joint ventures 1,389 1,745
Distributions of net cash flow from operations of unconsolidated joint ventures 20,511 18,462
Losses (gains) from investments in securities 8,549 (3,744)
Allowance for current expected credit losses (476) (758)
Non-cash portion of interest expense 19,704 17,584
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 (381,293) (8,104)
Change in assets and liabilities:    
Tenant and other receivables, net 4,133 13,738
Notes receivable, net (152) (419)
Accrued rental income, net (76,268) (74,283)
Prepaid expenses and other assets (46,104) (61,019)
Operating Lease, Payments 447 (24,023)
Accounts payable and accrued expenses 3,167 26,097
Accrued interest payable (2,900) (18,237)
Other liabilities (35,490) (51,938)
Tenant leasing costs (58,547) (37,618)
Total adjustments 47,542 378,212
Net cash provided by operating activities 912,403 786,859
Cash flows from investing activities:    
Acquisitions of real estate (1,320,273) (218,679)
Construction in progress (384,083) (381,104)
Building and other capital improvements (112,755) (103,840)
Tenant improvements (139,986) (218,878)
Proceeds from sales of real estate 695,231 0
Proceeds from assignment fee 6,624 0
Capital contributions to unconsolidated joint ventures (109,643) (95,462)
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 5,043 1,684
Net cash used in investing activities (1,313,220) (998,368)
Cash flows from financing activities:    
Repayments of mortgage notes payable 0 (13,261)
Proceeds from unsecured senior notes 0 1,695,996
Redemption of unsecured senior notes 0 (843,710)
Borrowings on unsecured line of credit 885,000 300,000
Repayments of unsecured line of credit (690,000) (300,000)
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 1,250
Deferred financing costs (2,230) (20,770)
Debt prepayment and extinguishment costs 0 (185)
Net activity from equity transactions (359) 20,028
Dividends and distributions (513,486) (513,381)
Contributions from noncontrolling interests in property partnerships 849 13,738
Distributions to noncontrolling interests in property partnerships (61,229) (65,604)
Net cash provided by (used in) financing activities 348,545 (425,899)
Net increase (decrease) in cash and cash equivalents and cash held in escrows (52,272) (637,408)
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 448,886 1,081,921
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 375,774 1,002,728
Cash held in escrows,end of period 73,112 79,193
Supplemental disclosures:    
Cash paid for interest 339,067 358,015
Interest capitalized 40,048 36,632
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (95,996) (159,108)
Change in real estate included in accounts payable and accrued expenses 29,290 (22,104)
Construction in progress, net deconsolidated (11,316) 0
Transfer to Investments 11,316 0
Right-of-use assets obtained in exchange for operating lease liabilities 0 26,887
Dividends and distributions declared but not paid 170,952 169,739
Conversions of noncontrolling interests to stockholders’ equity 6,388 8,033
Issuance of restricted securities to employees and non-employee directors 48,605 44,257
Boston Properties Limited Partnership    
Net income 874,091 415,207
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 546,271 533,255
Amortization of right of use assets - operating leases 1,843 3,208
Non-cash compensation expense 44,208 43,098
Loss from unconsolidated joint ventures 1,389 1,745
Distributions of net cash flow from operations of unconsolidated joint ventures 20,511 18,462
Losses (gains) from investments in securities 8,549 (3,744)
Allowance for current expected credit losses (476) (758)
Non-cash portion of interest expense 19,704 17,584
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 (385,349) (8,104)
Change in assets and liabilities:    
Tenant and other receivables, net 4,133 13,738
Notes receivable, net (152) (419)
Accrued rental income, net (76,268) (74,283)
Prepaid expenses and other assets (46,104) (61,019)
Operating Lease, Payments 447 (24,023)
Accounts payable and accrued expenses 3,167 26,097
Accrued interest payable (2,900) (18,237)
Other liabilities (35,490) (51,938)
Tenant leasing costs (58,547) (37,618)
Total adjustments 38,312 371,652
Net cash provided by operating activities 912,403 786,859
Cash flows from investing activities:    
Acquisitions of real estate (1,320,273) (218,679)
Construction in progress (384,083) (381,104)
Building and other capital improvements (112,755) (103,840)
Tenant improvements (139,986) (218,878)
Proceeds from sales of real estate 695,231 0
Proceeds from assignment fee 6,624 0
Capital contributions to unconsolidated joint ventures (109,643) (95,462)
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 5,043 1,684
Net cash used in investing activities (1,313,220) (998,368)
Cash flows from financing activities:    
Repayments of mortgage notes payable 0 (13,261)
Proceeds from unsecured senior notes 0 1,695,996
Redemption of unsecured senior notes 0 (843,710)
Borrowings on unsecured line of credit 885,000 300,000
Repayments of unsecured line of credit (690,000) (300,000)
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 1,250
Deferred financing costs (2,230) (20,770)
Debt prepayment and extinguishment costs 0 (185)
Net activity from equity transactions (359) 20,028
Dividends and distributions (513,486) (513,381)
Contributions from noncontrolling interests in property partnerships 849 13,738
Distributions to noncontrolling interests in property partnerships (61,229) (65,604)
Net cash provided by (used in) financing activities 348,545 (425,899)
Net increase (decrease) in cash and cash equivalents and cash held in escrows (52,272) (637,408)
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 448,886 1,081,921
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 375,774 1,002,728
Cash held in escrows,end of period 73,112 79,193
Supplemental disclosures:    
Cash paid for interest 339,067 358,015
Interest capitalized 40,048 36,632
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (95,996) (157,794)
Change in real estate included in accounts payable and accrued expenses 29,290 (22,104)
Construction in progress, net deconsolidated (11,316) 0
Transfer to Investments 11,316 0
Right-of-use assets obtained in exchange for operating lease liabilities 0 26,887
Dividends and distributions declared but not paid 170,952 169,739
Conversions of noncontrolling interests to stockholders’ equity 6,388 8,033
Issuance of restricted securities to employees and non-employee directors $ 48,605 $ 44,257