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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net income $ 105,628 $ 176,957
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 208,734 177,624
Amortization of right of use assets - operating leases 652 529
Non-cash compensation expense 26,262 21,235
Loss (income) from unconsolidated joint ventures 7,569 (2,189)
Distributions of net cash flow from operations of unconsolidated joint ventures 5,996 6,385
Losses (gains) from investments in securities (1,665) 2,262
Allowance for current expected credit losses 45 (234)
Non-cash portion of interest expense 7,387 5,960
Gains on sales of real estate 0 (22,701)
Unrealized gain on non-real estate investment (259) 0
Change in assets and liabilities:    
Tenant and other receivables, net 7,518 17,635
Notes receivable, net 0 (8)
Accrued rental income, net (18,619) (29,567)
Prepaid expenses and other assets (97,762) (71,731)
Lease liabilities - operating leases (251) 116
Accounts payable and accrued expenses (8,505) (31,800)
Accrued interest payable 10,626 (3,933)
Other liabilities 16,565 (12,146)
Tenant leasing costs (35,911) (14,904)
Total adjustments 128,382 42,533
Net cash provided by operating activities 234,010 219,490
Cash flows from investing activities:    
Acquisitions of real estate 0 (3,580)
Construction in progress (119,682) (100,313)
Building and other capital improvements (39,100) (26,811)
Tenant improvements (67,175) (55,168)
Proceeds from sales of real estate 0 35,397
Capital contributions to unconsolidated joint ventures (60,745) (26,293)
Capital distributions from unconsolidated joint ventures 0 20,095
Investment in non-real estate investments (733) 0
Investments in securities, net 1,843 5,338
Net cash used in investing activities (285,592) (151,335)
Cash flows from financing activities:    
Borrowings on unsecured line of credit 0 190,000
Repayments of unsecured line of credit 0 (80,000)
Borrowings on unsecured term loan 1,200,000 0
Repayment of unsecured term loan (730,000) 0
Deferred financing costs (6,213) (359)
Net activity from equity transactions 586 (332)
Dividends and distributions (171,270) (170,488)
Contributions from noncontrolling interests in property partnerships 7,555 849
Distributions to noncontrolling interests in property partnerships (21,606) (26,640)
Net cash provided by (used in) financing activities 279,052 (86,970)
Net increase (decrease) in cash and cash equivalents and cash held in escrows 227,470 (18,815)
Cash and cash equivalents and cash held in escrows, beginning of period 736,812 501,158
Cash and cash equivalents and cash held in escrows, end of period 964,282 482,343
Reconciliation of cash and cash equivalents and cash held in escrow    
Cash and cash equivalents, beginning of period 690,333 452,692
Cash held in escrows, beginning of period 46,479 48,466
Cash and cash equivalents, end of period 918,952 436,271
Cash held in escrows,end of period 45,330 46,072
Supplemental disclosures:    
Cash paid for interest 125,698 111,904
Interest capitalized 10,589 13,740
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (56,391) (34,946)
Change in real estate included in accounts payable and accrued expenses 11,692 16,907
Dividends and distributions declared but not paid 171,427 170,869
Conversions of noncontrolling interests to stockholders’ equity 195 5,028
Issuance of restricted securities to employees and non-employee directors 46,516 46,082
Boston Properties Limited Partnership    
Net income 107,490 179,378
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 206,872 175,886
Amortization of right of use assets - operating leases 652 529
Non-cash compensation expense 26,262 21,235
Loss (income) from unconsolidated joint ventures 7,569 (2,189)
Distributions of net cash flow from operations of unconsolidated joint ventures 5,996 6,385
Losses (gains) from investments in securities (1,665) 2,262
Allowance for current expected credit losses 45 (234)
Non-cash portion of interest expense 7,387 5,960
Gains on sales of real estate 0 (23,384)
Unrealized gain on non-real estate investment (259) 0
Change in assets and liabilities:    
Tenant and other receivables, net 7,518 17,635
Notes receivable, net 0 (8)
Accrued rental income, net (18,619) (29,567)
Prepaid expenses and other assets (97,762) (71,731)
Lease liabilities - operating leases (251) 116
Accounts payable and accrued expenses (8,505) (31,800)
Accrued interest payable 10,626 (3,933)
Other liabilities 16,565 (12,146)
Tenant leasing costs (35,911) (14,904)
Total adjustments 126,520 40,112
Net cash provided by operating activities 234,010 219,490
Cash flows from investing activities:    
Acquisitions of real estate 0 (3,580)
Construction in progress (119,682) (100,313)
Building and other capital improvements (39,100) (26,811)
Tenant improvements (67,175) (55,168)
Proceeds from sales of real estate 0 35,397
Capital contributions to unconsolidated joint ventures (60,745) (26,293)
Capital distributions from unconsolidated joint ventures 0 20,095
Investment in non-real estate investments (733) 0
Investments in securities, net 1,843 5,338
Net cash used in investing activities (285,592) (151,335)
Cash flows from financing activities:    
Borrowings on unsecured line of credit 0 190,000
Repayments of unsecured line of credit 0 (80,000)
Borrowings on unsecured term loan 1,200,000 0
Repayment of unsecured term loan (730,000) 0
Deferred financing costs (6,213) (359)
Net activity from equity transactions 586 (332)
Dividends and distributions (171,270) (170,488)
Contributions from noncontrolling interests in property partnerships 7,555 849
Distributions to noncontrolling interests in property partnerships (21,606) (26,640)
Net cash provided by (used in) financing activities 279,052 (86,970)
Net increase (decrease) in cash and cash equivalents and cash held in escrows 227,470 (18,815)
Cash and cash equivalents and cash held in escrows, beginning of period 736,812 501,158
Cash and cash equivalents and cash held in escrows, end of period 964,282 482,343
Reconciliation of cash and cash equivalents and cash held in escrow    
Cash and cash equivalents, beginning of period 690,333 452,692
Cash held in escrows, beginning of period 46,479 48,466
Cash and cash equivalents, end of period 918,952 436,271
Cash held in escrows,end of period 45,330 46,072
Supplemental disclosures:    
Cash paid for interest 125,698 111,904
Interest capitalized 10,589 13,740
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (55,142) (34,946)
Change in real estate included in accounts payable and accrued expenses 11,692 16,907
Dividends and distributions declared but not paid 171,427 170,869
Conversions of noncontrolling interests to stockholders’ equity 195 5,028
Issuance of restricted securities to employees and non-employee directors $ 46,516 $ 46,082