Consolidated Statements Of Cash Flows - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Net income (loss) |
$ 291,424
|
$ 1,020,584
|
$ 631,932
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
830,813
|
749,775
|
717,336
|
Amortization of right of use assets - operating leases |
1,940
|
2,427
|
3,516
|
Non-cash compensation expense |
51,478
|
52,026
|
50,860
|
Loss (income) from unconsolidated joint ventures |
239,543
|
59,840
|
2,570
|
Distributions of net cash flow from operations of unconsolidated joint ventures |
24,637
|
26,827
|
21,542
|
Losses (gains) from investments in securities |
(5,556)
|
6,453
|
(5,626)
|
Allowance for current expected credit losses (gains) |
373
|
(224)
|
(1,207)
|
Non-cash portion of interest expense |
30,523
|
25,831
|
23,368
|
Settlement of accreted debt discount on redemption of unsecured senior notes |
0
|
0
|
(8,500)
|
Losses from early extinguishment of debt |
0
|
0
|
45,182
|
Other Income - assignment fee |
0
|
(6,624)
|
0
|
Gains on sales of real estate |
(517)
|
(437,019)
|
(123,660)
|
Gain on sales-type lease |
0
|
(10,058)
|
0
|
Unrealized Gain (Loss) on non-real estate Investments |
(239)
|
150
|
0
|
Change in assets and liabilities: |
|
|
|
Tenant and other receivables, net |
(31,470)
|
(7,621)
|
4,820
|
Notes receivable, net |
0
|
(152)
|
(545)
|
Accrued rental income, net |
(99,539)
|
(98,075)
|
(101,548)
|
Prepaid expenses and other assets |
(7,336)
|
20,099
|
(20,811)
|
Right of use assets - operating lease |
(25,640)
|
0
|
0
|
Lease liabilities - operating leases |
(121)
|
125
|
(23,599)
|
Accounts payable and accrued expenses |
41,696
|
(22,777)
|
20,025
|
Accrued interest payable |
29,910
|
8,989
|
(10,839)
|
Other liabilities |
7,267
|
(24,120)
|
(28,739)
|
Tenant leasing costs |
(77,666)
|
(84,057)
|
(62,850)
|
Total adjustments |
1,010,096
|
261,815
|
501,295
|
Net cash provided by operating activities |
1,301,520
|
1,282,399
|
1,133,227
|
Cash flows from investing activities: |
|
|
|
Acquisitions of real estate |
0
|
(1,320,273)
|
(222,260)
|
Construction in progress |
(525,963)
|
(500,273)
|
(513,878)
|
Building and other capital improvements |
(171,424)
|
(177,004)
|
(150,998)
|
Tenant improvements |
(310,925)
|
(218,685)
|
(263,952)
|
Proceeds from sales of real estate |
517
|
834,770
|
179,887
|
Acquisition of real estate (net of cash received upon consolidation) |
(13,155)
|
0
|
0
|
Proceeds from assignment fee |
0
|
6,624
|
0
|
Capital contributions to unconsolidated joint ventures |
(192,650)
|
(277,581)
|
(98,152)
|
Capital distributions from unconsolidated joint ventures |
32,787
|
37,122
|
122
|
Proceeds from Sale of Equity Method Investments |
0
|
0
|
17,789
|
Investment in non-real estate investments |
(2,187)
|
(2,404)
|
0
|
Issuance of note receivables (including related party) |
(12,177)
|
0
|
0
|
Proceeds from note receivable |
0
|
10,000
|
10,035
|
Investments in securities, net |
1,496
|
4,902
|
1,451
|
Net cash used in investing activities |
(1,193,681)
|
(1,602,802)
|
(1,039,956)
|
Cash flows from financing activities: |
|
|
|
Proceeds from Secured Notes Payable |
600,000
|
0
|
1,201,388
|
Repayments of mortgage notes payable |
0
|
0
|
(832,296)
|
Proceeds from unsecured senior notes |
747,727
|
749,557
|
1,695,996
|
Redemption of unsecured senior notes |
(500,000)
|
0
|
(1,841,500)
|
Borrowings on unsecured line of credit |
0
|
985,000
|
770,000
|
Repayments of unsecured line of credit |
0
|
(1,130,000)
|
(625,000)
|
Borrowings on unsecured term loan |
1,200,000
|
730,000
|
0
|
Redemption of preferred stock |
0
|
0
|
(200,000)
|
Payments on finance lease obligations |
0
|
0
|
1,250
|
Repayment of unsecured term loan |
(730,000)
|
0
|
(500,000)
|
Deferred financing costs |
(19,416)
|
(8,460)
|
(20,757)
|
Debt Issuance Costs |
0
|
0
|
(16,186)
|
Debt prepayment and extinguishment costs |
0
|
0
|
(43,036)
|
Net activity from equity transactions |
367
|
(352)
|
24,214
|
Dividends and distributions |
(687,809)
|
(685,019)
|
(683,753)
|
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships |
244,541
|
849
|
18,002
|
Distributions to noncontrolling interests in property partnerships |
(69,975)
|
(85,518)
|
(259,764)
|
Net cash provided by (used in) financing activities |
767,916
|
556,057
|
(1,311,442)
|
Net increase (decrease) in cash and cash equivalents and cash held in escrows |
875,755
|
235,654
|
(1,218,171)
|
Cash and cash equivalents and cash held in escrows, beginning of period |
736,812
|
501,158
|
1,719,329
|
Cash and cash equivalents and cash held in escrows, end of period |
1,612,567
|
736,812
|
501,158
|
Reconciliation of cash and cash equivalents and cash held in escrow |
|
|
|
Cash and cash equivalents, beginning of period |
690,333
|
452,692
|
1,668,742
|
Cash held in escrows, beginning of period |
46,479
|
48,466
|
50,587
|
Cash and cash equivalents, end of period |
1,531,477
|
690,333
|
452,692
|
Cash held in escrows,end of period |
81,090
|
46,479
|
48,466
|
Supplemental disclosures: |
|
|
|
Cash paid for interest |
553,989
|
449,903
|
465,442
|
Interest capitalized |
42,633
|
52,130
|
53,097
|
Non-cash investing and financing activities: |
|
|
|
Write-off of fully depreciated real estate |
(135,093)
|
(119,534)
|
(239,317)
|
Change in real estate included in accounts payable and accrued expenses |
3,668
|
97,586
|
(25,183)
|
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability |
141,179
|
0
|
26,887
|
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability |
163,056
|
0
|
0
|
Non-cash contributions from noncontrolling interest in property partnerhips |
17,519
|
0
|
0
|
Capitalized operating lease costs |
12,580
|
0
|
0
|
Construction in progress from prepaid expenses and other assets |
25,577
|
0
|
0
|
Investment in unconsolidated joint ventures eliminated upon consolidation |
183,817
|
0
|
0
|
Mortgage notes payable recorded upon consolidation |
300,000
|
0
|
0
|
Real estate and intangibles recorded upon consolidation |
(490,720)
|
0
|
0
|
Interest rate swaps recorded upon consolidation |
(7,337)
|
0
|
0
|
Construction in progress, net deconsolidated |
0
|
(11,316)
|
(299,947)
|
Investment in unconsolidated joint ventures recorded upon deconsolidation |
0
|
11,316
|
107,132
|
Sales-type lease origination |
0
|
13,045
|
0
|
Derecognition of assets in exchange for sales-type lease obligation |
0
|
(2,987)
|
0
|
Prepaid expenses and other assets, net deconsolidated |
0
|
0
|
(5,011)
|
Assumption of mortgage notes payable |
0
|
0
|
200,311
|
Mortgage notes payable, net deconsolidation |
0
|
0
|
(198,381)
|
Issuance of operating partnership units |
0
|
0
|
99,689
|
Dividends and distributions declared but not paid |
171,176
|
170,643
|
169,859
|
Conversions of noncontrolling interests to stockholders’ equity |
3,794
|
6,539
|
18,386
|
Issuance of restricted securities to employees and non-employee directors |
48,141
|
48,417
|
44,405
|
Cash |
|
|
|
Cash flows from financing activities: |
|
|
|
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships |
227,022
|
849
|
18,002
|
Boston Properties Limited Partnership |
|
|
|
Net income (loss) |
298,432
|
1,032,122
|
641,771
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
823,805
|
742,293
|
709,035
|
Amortization of right of use assets - operating leases |
1,940
|
2,427
|
3,516
|
Non-cash compensation expense |
51,478
|
52,026
|
50,860
|
Loss (income) from unconsolidated joint ventures |
239,543
|
59,840
|
2,570
|
Distributions of net cash flow from operations of unconsolidated joint ventures |
24,637
|
26,827
|
21,542
|
Losses (gains) from investments in securities |
(5,556)
|
6,453
|
(5,626)
|
Allowance for current expected credit losses (gains) |
373
|
(224)
|
(1,207)
|
Non-cash portion of interest expense |
30,523
|
25,831
|
23,368
|
Settlement of accreted debt discount on redemption of unsecured senior notes |
0
|
0
|
(8,500)
|
Losses from early extinguishment of debt |
0
|
0
|
45,182
|
Other Income - assignment fee |
0
|
(6,624)
|
0
|
Gains on sales of real estate |
(517)
|
(441,075)
|
(125,198)
|
Gain on sales-type lease |
0
|
(10,058)
|
0
|
Unrealized Gain (Loss) on non-real estate Investments |
(239)
|
150
|
0
|
Change in assets and liabilities: |
|
|
|
Tenant and other receivables, net |
(31,470)
|
(7,621)
|
4,820
|
Notes receivable, net |
0
|
(152)
|
(545)
|
Accrued rental income, net |
(99,539)
|
(98,075)
|
(101,548)
|
Prepaid expenses and other assets |
(7,336)
|
20,099
|
(20,811)
|
Right of use assets - operating lease |
(25,640)
|
0
|
0
|
Lease liabilities - operating leases |
(121)
|
125
|
(23,599)
|
Accounts payable and accrued expenses |
41,696
|
(22,777)
|
20,025
|
Accrued interest payable |
29,910
|
8,989
|
(10,839)
|
Other liabilities |
7,267
|
(24,120)
|
(28,739)
|
Tenant leasing costs |
(77,666)
|
(84,057)
|
(62,850)
|
Total adjustments |
1,003,088
|
250,277
|
491,456
|
Net cash provided by operating activities |
1,301,520
|
1,282,399
|
1,133,227
|
Cash flows from investing activities: |
|
|
|
Acquisitions of real estate |
0
|
(1,320,273)
|
(222,260)
|
Construction in progress |
(525,963)
|
(500,273)
|
(513,878)
|
Building and other capital improvements |
(171,424)
|
(177,004)
|
(150,998)
|
Tenant improvements |
(310,925)
|
(218,685)
|
(263,952)
|
Proceeds from sales of real estate |
517
|
834,770
|
179,887
|
Acquisition of real estate (net of cash received upon consolidation) |
(13,155)
|
0
|
0
|
Proceeds from assignment fee |
0
|
6,624
|
0
|
Capital contributions to unconsolidated joint ventures |
(192,650)
|
(277,581)
|
(98,152)
|
Capital distributions from unconsolidated joint ventures |
32,787
|
37,122
|
122
|
Proceeds from Sale of Equity Method Investments |
0
|
0
|
17,789
|
Investment in non-real estate investments |
(2,187)
|
(2,404)
|
0
|
Issuance of note receivables (including related party) |
(12,177)
|
0
|
0
|
Proceeds from note receivable |
0
|
10,000
|
10,035
|
Investments in securities, net |
1,496
|
4,902
|
1,451
|
Net cash used in investing activities |
(1,193,681)
|
(1,602,802)
|
(1,039,956)
|
Cash flows from financing activities: |
|
|
|
Proceeds from Secured Notes Payable |
600,000
|
0
|
1,201,388
|
Repayments of mortgage notes payable |
0
|
0
|
(832,296)
|
Proceeds from unsecured senior notes |
747,727
|
749,557
|
1,695,996
|
Redemption of unsecured senior notes |
(500,000)
|
0
|
(1,841,500)
|
Borrowings on unsecured line of credit |
0
|
985,000
|
770,000
|
Repayments of unsecured line of credit |
0
|
(1,130,000)
|
(625,000)
|
Borrowings on unsecured term loan |
1,200,000
|
730,000
|
0
|
Redemption of preferred stock |
0
|
0
|
(200,000)
|
Payments on finance lease obligations |
0
|
0
|
1,250
|
Repayment of unsecured term loan |
(730,000)
|
0
|
(500,000)
|
Deferred financing costs |
(19,416)
|
(8,460)
|
(20,757)
|
Debt Issuance Costs |
0
|
0
|
(16,186)
|
Debt prepayment and extinguishment costs |
0
|
0
|
(43,036)
|
Net activity from equity transactions |
367
|
(352)
|
24,214
|
Dividends and distributions |
(687,809)
|
(685,019)
|
(683,753)
|
Distributions to noncontrolling interests in property partnerships |
(69,975)
|
(85,518)
|
(259,764)
|
Net cash provided by (used in) financing activities |
767,916
|
556,057
|
(1,311,442)
|
Net increase (decrease) in cash and cash equivalents and cash held in escrows |
875,755
|
235,654
|
(1,218,171)
|
Cash and cash equivalents and cash held in escrows, beginning of period |
736,812
|
501,158
|
1,719,329
|
Cash and cash equivalents and cash held in escrows, end of period |
1,612,567
|
736,812
|
501,158
|
Reconciliation of cash and cash equivalents and cash held in escrow |
|
|
|
Cash and cash equivalents, beginning of period |
690,333
|
452,692
|
1,668,742
|
Cash held in escrows, beginning of period |
46,479
|
48,466
|
50,587
|
Cash and cash equivalents, end of period |
1,531,477
|
690,333
|
452,692
|
Cash held in escrows,end of period |
81,090
|
46,479
|
48,466
|
Supplemental disclosures: |
|
|
|
Cash paid for interest |
553,989
|
449,903
|
465,442
|
Interest capitalized |
42,633
|
52,130
|
53,097
|
Non-cash investing and financing activities: |
|
|
|
Write-off of fully depreciated real estate |
(133,844)
|
(119,534)
|
(238,003)
|
Change in real estate included in accounts payable and accrued expenses |
3,668
|
97,586
|
(25,183)
|
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability |
141,179
|
0
|
26,887
|
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability |
163,056
|
0
|
0
|
Non-cash contributions from noncontrolling interest in property partnerhips |
17,519
|
0
|
0
|
Capitalized operating lease costs |
12,580
|
0
|
0
|
Construction in progress from prepaid expenses and other assets |
25,577
|
0
|
0
|
Investment in unconsolidated joint ventures eliminated upon consolidation |
183,817
|
0
|
0
|
Mortgage notes payable recorded upon consolidation |
300,000
|
0
|
0
|
Real estate and intangibles recorded upon consolidation |
(490,720)
|
0
|
0
|
Interest rate swaps recorded upon consolidation |
(7,337)
|
0
|
0
|
Construction in progress, net deconsolidated |
0
|
(11,316)
|
(299,947)
|
Investment in unconsolidated joint ventures recorded upon deconsolidation |
0
|
11,316
|
107,132
|
Sales-type lease origination |
0
|
13,045
|
0
|
Derecognition of assets in exchange for sales-type lease obligation |
0
|
(2,987)
|
0
|
Prepaid expenses and other assets, net deconsolidated |
0
|
0
|
(5,011)
|
Assumption of mortgage notes payable |
0
|
0
|
200,311
|
Mortgage notes payable, net deconsolidation |
0
|
0
|
(198,381)
|
Issuance of operating partnership units |
0
|
0
|
99,689
|
Dividends and distributions declared but not paid |
171,176
|
170,643
|
169,859
|
Conversions of noncontrolling interests to stockholders’ equity |
3,794
|
6,539
|
18,386
|
Issuance of restricted securities to employees and non-employee directors |
48,141
|
48,417
|
44,405
|
Boston Properties Limited Partnership | Cash |
|
|
|
Cash flows from financing activities: |
|
|
|
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships |
$ 227,022
|
$ 849
|
$ 18,002
|