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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Net income $ 241,812 $ 444,200
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 411,311 360,770
Amortization of right of use assets - operating leases 929 1,407
Non-cash compensation expense 41,524 36,195
Loss (income) from unconsolidated joint ventures 14,237 (2,135)
Distributions of net cash flow from operations of unconsolidated joint ventures 11,437 10,097
Losses (gains) from investments in securities (3,236) 6,978
Allowance for current expected credit losses 264 (458)
Non-cash portion of interest expense 14,940 12,528
Other Income - assignment fee 0 (6,624)
Gains on sales of real estate 0 (118,948)
Unrealized gain on non-real estate investment (383) 0
Change in assets and liabilities:    
Tenant and other receivables, net 3,721 10,167
Notes receivable, net 0 (152)
Accrued rental income, net (42,965) (48,901)
Prepaid expenses and other assets (24,758) 6,326
Lease liabilities - operating leases 140 82
Accounts payable and accrued expenses 6,320 (18,636)
Accrued interest payable 7,314 2,036
Other liabilities (21,773) (37,732)
Tenant leasing costs (47,651) (40,561)
Total adjustments 371,371 172,439
Net cash provided by operating activities 613,183 616,639
Cash flows from investing activities:    
Acquisitions of real estate 0 (727,835)
Construction in progress (235,331) (237,182)
Building and other capital improvements (78,344) (63,278)
Tenant improvements (135,743) (97,844)
Proceeds from sales of real estate 0 157,345
Proceeds from assignment fee 0 6,624
Capital contributions to unconsolidated joint ventures (103,595) (69,819)
Capital distributions from unconsolidated joint ventures 7,350 36,622
Investment in non-real estate investments (733) 0
Issuance of related party note receivable (10,500) 0
Proceeds from note receivable 0 10,000
Investments in securities, net 2,032 5,197
Net cash used in investing activities (554,864) (980,170)
Cash flows from financing activities:    
Proceeds from unsecured senior notes 747,727 0
Borrowings on unsecured line of credit 0 340,000
Repayments of unsecured line of credit 0 (320,000)
Borrowings on unsecured term loan 1,200,000 730,000
Repayment of unsecured term loan (730,000) 0
Deferred financing costs (12,339) (2,230)
Net activity from equity transactions (39) (366)
Dividends and distributions (343,325) (341,951)
Contributions from noncontrolling interests in property partnerships 7,555 849
Distributions to noncontrolling interests in property partnerships (36,220) (41,079)
Net cash provided by financing activities 833,359 365,223
Net increase (decrease) in cash and cash equivalents and cash held in escrows 891,678 1,692
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 1,628,490 502,850
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 1,581,575 456,491
Cash held in escrows,end of period 46,915 46,359
Supplemental disclosures:    
Cash paid for interest 273,214 216,409
Interest capitalized 21,153 27,819
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (85,878) (65,435)
Change in real estate included in accounts payable and accrued expenses 25,562 40,655
Construction in progress, net deconsolidated 0 (11,316)
Investment in unconsolidated joint ventures recorded upon deconsolidation 0 11,316
Dividends and distributions declared but not paid 171,465 170,937
Conversions of noncontrolling interests to stockholders’ equity 794 5,429
Issuance of restricted securities to employees and non-employee directors 47,885 47,198
Boston Properties Limited Partnership    
Net income 245,356 451,712
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 407,767 357,302
Amortization of right of use assets - operating leases 929 1,407
Non-cash compensation expense 41,524 36,195
Loss (income) from unconsolidated joint ventures 14,237 (2,135)
Distributions of net cash flow from operations of unconsolidated joint ventures 11,437 10,097
Losses (gains) from investments in securities (3,236) 6,978
Allowance for current expected credit losses 264 (458)
Non-cash portion of interest expense 14,940 12,528
Other Income - assignment fee 0 (6,624)
Gains on sales of real estate 0 (122,992)
Unrealized gain on non-real estate investment (383) 0
Change in assets and liabilities:    
Tenant and other receivables, net 3,721 10,167
Notes receivable, net 0 (152)
Accrued rental income, net (42,965) (48,901)
Prepaid expenses and other assets (24,758) 6,326
Lease liabilities - operating leases 140 82
Accounts payable and accrued expenses 6,320 (18,636)
Accrued interest payable 7,314 2,036
Other liabilities (21,773) (37,732)
Tenant leasing costs (47,651) (40,561)
Total adjustments 367,827 164,927
Net cash provided by operating activities 613,183 616,639
Cash flows from investing activities:    
Acquisitions of real estate 0 (727,835)
Construction in progress (235,331) (237,182)
Building and other capital improvements (78,344) (63,278)
Tenant improvements (135,743) (97,844)
Proceeds from sales of real estate 0 157,345
Proceeds from assignment fee 0 6,624
Capital contributions to unconsolidated joint ventures (103,595) (69,819)
Capital distributions from unconsolidated joint ventures 7,350 36,622
Investment in non-real estate investments (733) 0
Issuance of related party note receivable (10,500) 0
Proceeds from note receivable 0 10,000
Investments in securities, net 2,032 5,197
Net cash used in investing activities (554,864) (980,170)
Cash flows from financing activities:    
Proceeds from unsecured senior notes 747,727 0
Borrowings on unsecured line of credit 0 340,000
Repayments of unsecured line of credit 0 (320,000)
Borrowings on unsecured term loan 1,200,000 730,000
Repayment of unsecured term loan (730,000) 0
Deferred financing costs (12,339) (2,230)
Net activity from equity transactions (39) (366)
Dividends and distributions (343,325) (341,951)
Contributions from noncontrolling interests in property partnerships 7,555 849
Distributions to noncontrolling interests in property partnerships (36,220) (41,079)
Net cash provided by financing activities 833,359 365,223
Net increase (decrease) in cash and cash equivalents and cash held in escrows 891,678 1,692
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 1,628,490 502,850
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 1,581,575 456,491
Cash held in escrows,end of period 46,915 46,359
Supplemental disclosures:    
Cash paid for interest 273,214 216,409
Interest capitalized 21,153 27,819
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (84,629) (65,435)
Change in real estate included in accounts payable and accrued expenses 25,562 40,655
Construction in progress, net deconsolidated 0 (11,316)
Investment in unconsolidated joint ventures recorded upon deconsolidation 0 11,316
Dividends and distributions declared but not paid 171,465 170,937
Conversions of noncontrolling interests to stockholders’ equity 794 5,429
Issuance of restricted securities to employees and non-employee directors $ 47,885 $ 47,198