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Consolidated Statements Of Cash Flows
$ in Thousands
3 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Net income (loss) $ 106,604 $ 105,628
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 218,716 208,734
Impairment of Real Estate 13,615 0
Amortization of right of use assets - operating leases 1,441 652
Non-cash compensation expense 18,873 26,262
Loss (income) from unconsolidated joint ventures (19,186) 7,569
Distributions of net cash flow from operations of unconsolidated joint ventures 8,643 5,996
Gains from investments in securities (2,272) (1,665)
Allowance for current expected credit losses (gains) 4 45
Non-cash portion of interest expense 12,109 7,387
Unrealized Gain (Loss) on non-real estate Investments (396) (259)
Change in assets and liabilities:    
Tenant and other receivables, net 29,454 7,518
Accrued rental income, net (35,945) (18,619)
Prepaid expenses and other assets (74,705) (97,762)
Right of use assets - operating lease (750) 0
Lease liabilities - operating leases (1,241) (251)
Accounts payable and accrued expenses (20,725) (8,505)
Accrued interest payable (14,171) 10,626
Other liabilities (12,846) 16,565
Tenant leasing costs (29,627) (35,911)
Total adjustments 90,991 128,382
Net cash provided by operating activities 197,595 234,010
Cash flows from investing activities:    
Construction in progress (181,636) (119,682)
Building and other capital improvements (32,087) (39,100)
Tenant improvements (53,377) (67,175)
Acquisition of real estate (net of cash received upon consolidation) 6,086 0
Capital contributions to unconsolidated joint ventures (26,457) (60,745)
Investment in non-real estate investments 0 (733)
Issuance of note receivables (including related party) (573) 0
Investments in securities, net 1,425 1,843
Net cash used in investing activities (286,619) (285,592)
Cash flows from financing activities:    
Repayments of mortgage notes payable (804) 0
Redemption of unsecured senior notes (700,000) 0
Borrowings on unsecured term loan 0 1,200,000
Payments on finance lease obligations (3,160) 0
Repayment of unsecured term loan 0 (730,000)
Deferred financing costs (108) (6,213)
Net activity from equity transactions (2,136) 586
Dividends and distributions (171,794) (171,270)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 142,942 7,555
Distributions to noncontrolling interests in property partnerships (20,025) (21,606)
Net cash provided by (used in) financing activities (756,909) 279,052
Net increase (decrease) in cash and cash equivalents and cash held in escrows (845,933) 227,470
Cash and cash equivalents and cash held in escrows, beginning of period 1,612,567 736,812
Cash and cash equivalents and cash held in escrows, end of period 766,634 964,282
Reconciliation of cash and cash equivalents and cash held in escrow    
Cash and cash equivalents, beginning of period 1,531,477 690,333
Cash held in escrows, beginning of period 81,090 46,479
Cash and cash equivalents, end of period 701,695 918,952
Cash held in escrows,end of period 64,939 45,330
Supplemental disclosures:    
Cash paid for interest 180,717 125,698
Interest capitalized 9,381 10,589
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (27,993) (56,391)
Change in real estate included in accounts payable and accrued expenses (48,518) 11,692
Right of use assets obtained in exchange for lease liabilities - operating lease 25,637 0
Non-cash contributions from noncontrolling interest in property partnerhips 52,786 0
Capitalized operating lease costs 7,548 0
Investment in unconsolidated joint ventures eliminated upon consolidation (11,834) 0
Mortgage notes payable recorded upon consolidation 207,093 0
Real estate and intangibles recorded upon consolidation (220,015) 0
Dividends and distributions declared but not paid 172,154 171,427
Conversions of noncontrolling interests to stockholders’ equity 1,303 195
Issuance of restricted securities to employees and non-employee directors 41,989 46,516
Cash    
Cash flows from financing activities:    
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 141,118 7,555
Boston Properties Limited Partnership    
Net income (loss) 108,301 107,490
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 217,019 206,872
Impairment of Real Estate 13,615 0
Amortization of right of use assets - operating leases 1,441 652
Non-cash compensation expense 18,873 26,262
Loss (income) from unconsolidated joint ventures (19,186) 7,569
Distributions of net cash flow from operations of unconsolidated joint ventures 8,643 5,996
Gains from investments in securities (2,272) (1,665)
Allowance for current expected credit losses (gains) 4 45
Non-cash portion of interest expense 12,109 7,387
Unrealized Gain (Loss) on non-real estate Investments (396) (259)
Change in assets and liabilities:    
Tenant and other receivables, net 29,454 7,518
Accrued rental income, net (35,945) (18,619)
Prepaid expenses and other assets (74,705) (97,762)
Right of use assets - operating lease (750) 0
Lease liabilities - operating leases (1,241) (251)
Accounts payable and accrued expenses (20,725) (8,505)
Accrued interest payable (14,171) 10,626
Other liabilities (12,846) 16,565
Tenant leasing costs (29,627) (35,911)
Total adjustments 89,294 126,520
Net cash provided by operating activities 197,595 234,010
Cash flows from investing activities:    
Construction in progress (181,636) (119,682)
Building and other capital improvements (32,087) (39,100)
Tenant improvements (53,377) (67,175)
Acquisition of real estate (net of cash received upon consolidation) 6,086 0
Capital contributions to unconsolidated joint ventures (26,457) (60,745)
Investment in non-real estate investments 0 (733)
Issuance of note receivables (including related party) (573) 0
Investments in securities, net 1,425 1,843
Net cash used in investing activities (286,619) (285,592)
Cash flows from financing activities:    
Repayments of mortgage notes payable (804) 0
Redemption of unsecured senior notes (700,000) 0
Borrowings on unsecured term loan 0 1,200,000
Payments on finance lease obligations (3,160) 0
Repayment of unsecured term loan 0 (730,000)
Deferred financing costs (108) (6,213)
Net activity from equity transactions (2,136) 586
Dividends and distributions (171,794) (171,270)
Distributions to noncontrolling interests in property partnerships (20,025) (21,606)
Net cash provided by (used in) financing activities (756,909) 279,052
Net increase (decrease) in cash and cash equivalents and cash held in escrows (845,933) 227,470
Cash and cash equivalents and cash held in escrows, beginning of period 1,612,567 736,812
Cash and cash equivalents and cash held in escrows, end of period 766,634 964,282
Reconciliation of cash and cash equivalents and cash held in escrow    
Cash and cash equivalents, beginning of period 1,531,477 690,333
Cash held in escrows, beginning of period 81,090 46,479
Cash and cash equivalents, end of period 701,695 918,952
Cash held in escrows,end of period 64,939 45,330
Supplemental disclosures:    
Cash paid for interest 180,717 125,698
Interest capitalized 9,381 10,589
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (27,993) (55,142)
Change in real estate included in accounts payable and accrued expenses (48,518) 11,692
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 25,637 0
Non-cash contributions from noncontrolling interest in property partnerhips 52,786 0
Capitalized operating lease costs 7,548 0
Investment in unconsolidated joint ventures eliminated upon consolidation (11,834) 0
Mortgage notes payable recorded upon consolidation 207,093 0
Real estate and intangibles recorded upon consolidation (220,015) 0
Dividends and distributions declared but not paid 172,154 171,427
Conversions of noncontrolling interests to stockholders’ equity 1,303 195
Issuance of restricted securities to employees and non-employee directors 41,989 46,516
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 $ 141,118 $ 7,555