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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