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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended 21 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Sep. 30, 2023
Net income (loss) $ (103,543) $ 420,661 $ 138,269 $ 864,861    
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization     618,746 551,445    
Amortization of right of use assets - operating leases     1,502 1,843    
Non-cash compensation expense     46,699 44,208    
Loss (income) from unconsolidated joint ventures 247,556 3,524 261,793 1,389    
Distributions of net cash flow from operations of unconsolidated joint ventures     21,871 20,511    
Losses (gains) from investments in securities     (2,311) 8,549    
Allowance for current expected credit losses     302 (476)    
Non-cash portion of interest expense     22,541 19,704    
Other Income - assignment fee 0 0 0 (6,624)    
Gains on sales of real estate (517) (262,345) (517) (381,293)    
Unrealized gain (loss) on non-real estate investment 51 0 (332) 0    
Change in assets and liabilities:            
Tenant and other receivables, net     (13,467) 4,133    
Notes receivable, net     0 (152)    
Accrued rental income, net     (72,190) (76,268)    
Prepaid expenses and other assets     (76,621) (46,104)    
Right of use assets - operating lease     (25,640) 0    
Lease liabilities - operating leases     282 447    
Accounts payable and accrued expenses     40,914 3,167    
Accrued interest payable     24,648 (2,900)    
Other liabilities     (6,254) (35,490)    
Tenant leasing costs     (65,863) (58,547)    
Total adjustments     776,103 47,542    
Net cash provided by operating activities     914,372 912,403    
Cash flows from investing activities:            
Acquisitions of real estate     0 (1,320,273)    
Construction in progress     (361,625) (384,083)    
Building and other capital improvements     (117,393) (112,755)    
Tenant improvements     (244,841) (139,986)    
Proceeds from sales of real estate     517 695,231    
Proceeds from assignment fee     0 6,624    
Capital contributions to unconsolidated joint ventures     (148,875) (109,643)    
Capital distributions from unconsolidated joint ventures     7,350 36,622    
Investment in non-real estate investments     (1,990) 0    
Issuance of related party note receivable     (10,500) 0    
Proceeds from note receivable     0 10,000    
Investments in securities, net     1,779 5,043    
Net cash used in investing activities     (875,578) (1,313,220)    
Cash flows from financing activities:            
Proceeds from unsecured senior notes     747,727 0    
Redemption of unsecured senior notes     (500,000) 0    
Borrowings on unsecured line of credit     0 885,000    
Repayments of unsecured line of credit     0 (690,000)    
Borrowings on unsecured term loan     1,200,000 730,000    
Repayment of unsecured term loan     (730,000) 0    
Deferred financing costs     (12,639) (2,230)    
Net activity from equity transactions     367 (359)    
Dividends and distributions     (514,974) (513,486)    
Contributions from noncontrolling interests in property partnerships 5,116   12,671 849    
Distributions to noncontrolling interests in property partnerships (12,150) (20,150) (48,370) (61,229)    
Net cash provided by financing activities     154,782 348,545    
Net increase (decrease) in cash and cash equivalents and cash held in escrows     193,576 (52,272)    
Cash and cash equivalents and cash held in escrows, beginning of period     736,812 501,158 $ 501,158 $ 501,158
Cash and cash equivalents and cash held in escrows, end of period 930,388 448,886 930,388 448,886 736,812 930,388
Reconciliation of cash and cash equivalents and cash held in escrow            
Cash and cash equivalents, beginning of period     690,333 452,692 452,692 452,692
Cash held in escrows, beginning of period     46,479 48,466 48,466 48,466
Cash and cash equivalents, end of period 882,647 375,774 882,647 375,774 690,333 882,647
Cash held in escrows,end of period 47,741 73,112 47,741 73,112 46,479 47,741
Supplemental disclosures:            
Cash paid for interest     404,016 339,067    
Interest capitalized     33,426 40,048    
Non-cash investing and financing activities:            
Write-off of fully depreciated real estate     (111,154) (95,996)    
Change in real estate included in accounts payable and accrued expenses     29,435 29,290    
Construction in progress, net deconsolidated     0 (11,316)    
Investment in unconsolidated joint ventures recorded upon deconsolidation     0 11,316    
Right-of-use assets obtained in exchange for lease liabilities     134,509 0    
Other Significant Noncash Transaction, Value of Consideration Received     17,519 0    
Capitalized operating lease costs     5,031 0    
Construction in progress from prepaid expenses and other assets     25,577 0    
Dividends and distributions declared but not paid 171,916 170,952 171,916 170,952 170,643 171,916
Conversions of noncontrolling interests to stockholders’ equity     3,714 6,388    
Issuance of restricted securities to employees and non-employee directors     48,121 48,605    
Boston Properties Limited Partnership            
Net income (loss) (101,787) 422,379 143,569 874,091    
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization     613,446 546,271    
Amortization of right of use assets - operating leases     1,502 1,843    
Non-cash compensation expense     46,699 44,208    
Loss (income) from unconsolidated joint ventures 247,556 3,524 261,793 1,389    
Distributions of net cash flow from operations of unconsolidated joint ventures     21,871 20,511    
Losses (gains) from investments in securities     (2,311) 8,549    
Allowance for current expected credit losses     302 (476)    
Non-cash portion of interest expense     22,541 19,704    
Other Income - assignment fee 0 0 0 (6,624)    
Gains on sales of real estate (517) (262,357) (517) (385,349)    
Unrealized gain (loss) on non-real estate investment 51 0 (332) 0    
Change in assets and liabilities:            
Tenant and other receivables, net     (13,467) 4,133    
Notes receivable, net     0 (152)    
Accrued rental income, net     (72,190) (76,268)    
Prepaid expenses and other assets     (76,621) (46,104)    
Right of use assets - operating lease     (25,640) 0    
Lease liabilities - operating leases     282 447    
Accounts payable and accrued expenses     40,914 3,167    
Accrued interest payable     24,648 (2,900)    
Other liabilities     (6,254) (35,490)    
Tenant leasing costs     (65,863) (58,547)    
Total adjustments     770,803 38,312    
Net cash provided by operating activities     914,372 912,403    
Cash flows from investing activities:            
Acquisitions of real estate     0 (1,320,273)    
Construction in progress     (361,625) (384,083)    
Building and other capital improvements     (117,393) (112,755)    
Tenant improvements     (244,841) (139,986)    
Proceeds from sales of real estate     517 695,231    
Proceeds from assignment fee     0 6,624    
Capital contributions to unconsolidated joint ventures     (148,875) (109,643)    
Capital distributions from unconsolidated joint ventures     7,350 36,622    
Investment in non-real estate investments     (1,990) 0    
Issuance of related party note receivable     (10,500) 0    
Proceeds from note receivable     0 10,000    
Investments in securities, net     1,779 5,043    
Net cash used in investing activities     (875,578) (1,313,220)    
Cash flows from financing activities:            
Proceeds from unsecured senior notes     747,727 0    
Redemption of unsecured senior notes     (500,000) 0    
Borrowings on unsecured line of credit     0 885,000    
Repayments of unsecured line of credit     0 (690,000)    
Borrowings on unsecured term loan     1,200,000 730,000    
Repayment of unsecured term loan     (730,000) 0    
Deferred financing costs     (12,639) (2,230)    
Net activity from equity transactions     367 (359)    
Dividends and distributions     (514,974) (513,486)    
Contributions from noncontrolling interests in property partnerships     12,671 849    
Distributions to noncontrolling interests in property partnerships     (48,370) (61,229)    
Net cash provided by financing activities     154,782 348,545    
Net increase (decrease) in cash and cash equivalents and cash held in escrows     193,576 (52,272)    
Cash and cash equivalents and cash held in escrows, beginning of period     736,812 501,158 501,158 501,158
Cash and cash equivalents and cash held in escrows, end of period 930,388 448,886 930,388 448,886 736,812 930,388
Reconciliation of cash and cash equivalents and cash held in escrow            
Cash and cash equivalents, beginning of period     690,333 452,692 452,692 452,692
Cash held in escrows, beginning of period     46,479 48,466 48,466 48,466
Cash and cash equivalents, end of period 882,647 375,774 882,647 375,774 690,333 882,647
Cash held in escrows,end of period 47,741 73,112 47,741 73,112 46,479 47,741
Supplemental disclosures:            
Cash paid for interest     404,016 339,067    
Interest capitalized     33,426 40,048    
Non-cash investing and financing activities:            
Write-off of fully depreciated real estate     (109,905) (95,996)    
Change in real estate included in accounts payable and accrued expenses     29,435 29,290    
Construction in progress, net deconsolidated     0 (11,316)    
Investment in unconsolidated joint ventures recorded upon deconsolidation     0 11,316    
Right-of-use assets obtained in exchange for lease liabilities     134,509 0    
Other Significant Noncash Transaction, Value of Consideration Received     17,519 0    
Capitalized operating lease costs     5,031 0    
Construction in progress from prepaid expenses and other assets     25,577 0    
Dividends and distributions declared but not paid $ 171,916 $ 170,952 171,916 170,952 $ 170,643 $ 171,916
Conversions of noncontrolling interests to stockholders’ equity     3,714 6,388    
Issuance of restricted securities to employees and non-employee directors     $ 48,121 $ 48,605