XML 25 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 405,083 $ 633,180
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 516,371 475,082
Impairment loss 1,783 0
Non-cash compensation expense 25,290 22,825
Income from unconsolidated joint ventures (5,489) (20,559)
Distributions of net cash flow from operations of unconsolidated joint ventures 11,645 6,484
Losses (gains) from investments in securities (1,713) 1,146
Losses from early extinguishments of debt 371 0
Non-cash portion of interest expense (27,386) (32,818)
Gains on sales of real estate (80,606) (294,563)
Change in assets and liabilities:    
Cash held in escrows 1,675 (32,750)
Tenant and other receivables, net 22,135 (19,851)
Accrued rental income, net (14,618) (55,941)
Prepaid expenses and other assets 4,883 20,988
Accounts payable and accrued expenses 16,852 (2,937)
Accrued interest payable 44,242 37,384
Other liabilities (114,321) (73,370)
Tenant leasing costs (62,412) (55,422)
Total adjustments 338,702 (24,302)
Net cash provided by operating activities 743,785 608,878
Cash flows from investing activities:    
Acquisition of real estate (78,000) 0
Construction in progress (359,716) (251,984)
Building and other capital improvements (81,842) (84,644)
Tenant improvements (167,762) (86,052)
Proceeds from sales of real estate 122,750 389,457
Proceeds from sales of real estate placed in escrow (122,647) (200,612)
Proceeds from sales of real estate released from escrow 122,647 634,165
Cash placed in escrow for land sale contracts 0 (7,111)
Cash released from escrow for land sale contracts 1,403 3,250
Cash released from escrow for investing activities 6,694 0
Capital contributions to unconsolidated joint ventures (546,982) (20,863)
Capital distributions from unconsolidated joint ventures 0 24,527
Investments in securities, net (929) (1,332)
Net cash provided by (used in) investing activities (1,104,384) 398,801
Cash flows from financing activities:    
Repayments of mortgage notes payable (1,323,284) (20,137)
Proceeds from unsecured senior notes 1,989,790 0
Proceeds from real estate financing transaction 0 6,000
Payments on real estate financing transactions (4,712) (2,364)
Deferred financing costs (16,101) (1,288)
Net proceeds from equity transactions (270) 799
Redemption of preferred units 0 (633)
Dividends and distributions (557,262) (1,112,019)
Acquisition of noncontrolling interest 0 (108,499)
Contributions from noncontrolling interests in property partnerships 6,737 1,758
Distributions to noncontrolling interests in property partnerships (38,694) (147,368)
Net cash provided by (used in) financing activities 56,204 (1,383,751)
Net decrease in cash and cash equivalents (304,395) (376,072)
Cash and cash equivalents, beginning of period 723,718 1,763,079
Cash and cash equivalents, end of period 419,323 1,387,007
Supplemental disclosures:    
Cash paid for interest 327,053 347,367
Interest capitalized 28,956 25,915
Non-cash investing and financing activities:    
Write off of fully depreciated real estate (168,861) (33,532)
Additions to real estate included in accounts payable and accrued expenses 11,864 28,246
Dividends and distributions declared but not paid 113,038 112,912
Mortgage notes payable assigned in connection with the sale of real estate 0 116,993
Conversions of noncontrolling interests to stockholders’ equity 5,881 14,157
Issuance of restricted securities to employees 33,711 43,363
Boston Properties Limited Partnership    
Cash flows from operating activities:    
Net income 416,389 639,419
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 507,234 469,087
Impairment loss 1,783 0
Non-cash compensation expense 25,290 22,825
Income from unconsolidated joint ventures (5,489) (20,559)
Distributions of net cash flow from operations of unconsolidated joint ventures 11,645 6,484
Losses (gains) from investments in securities (1,713) 1,146
Losses from early extinguishments of debt 371 0
Non-cash portion of interest expense (27,386) (32,818)
Gains on sales of real estate (82,775) (294,807)
Change in assets and liabilities:    
Cash held in escrows 1,675 (32,750)
Tenant and other receivables, net 22,135 (19,851)
Accrued rental income, net (14,618) (55,941)
Prepaid expenses and other assets 4,883 20,988
Accounts payable and accrued expenses 16,852 (2,937)
Accrued interest payable 44,242 37,384
Other liabilities (114,321) (73,370)
Tenant leasing costs (62,412) (55,422)
Total adjustments 327,396 (30,541)
Net cash provided by operating activities 743,785 608,878
Cash flows from investing activities:    
Acquisition of real estate (78,000) 0
Construction in progress (359,716) (251,984)
Building and other capital improvements (81,842) (84,644)
Tenant improvements (167,762) (86,052)
Proceeds from sales of real estate 122,750 389,457
Proceeds from sales of real estate placed in escrow (122,647) (200,612)
Proceeds from sales of real estate released from escrow 122,647 634,165
Cash placed in escrow for land sale contracts 0 (7,111)
Cash released from escrow for land sale contracts 1,403 3,250
Cash released from escrow for investing activities 6,694 0
Capital contributions to unconsolidated joint ventures (546,982) (20,863)
Capital distributions from unconsolidated joint ventures 0 24,527
Investments in securities, net (929) (1,332)
Net cash provided by (used in) investing activities (1,104,384) 398,801
Cash flows from financing activities:    
Repayments of mortgage notes payable (1,323,284) (20,137)
Proceeds from unsecured senior notes 1,989,790 0
Proceeds from real estate financing transaction 0 6,000
Payments on real estate financing transactions (4,712) (2,364)
Deferred financing costs (16,101) (1,288)
Net proceeds from equity transactions (270) 799
Redemption of preferred units 0 (633)
Dividends and distributions (557,262) (1,112,019)
Acquisition of noncontrolling interest 0 (108,499)
Contributions from noncontrolling interests in property partnerships 6,737 1,758
Distributions to noncontrolling interests in property partnerships (38,694) (147,368)
Net cash provided by (used in) financing activities 56,204 (1,383,751)
Net decrease in cash and cash equivalents (304,395) (376,072)
Cash and cash equivalents, beginning of period 723,718 1,763,079
Cash and cash equivalents, end of period 419,323 1,387,007
Supplemental disclosures:    
Cash paid for interest 327,053 347,367
Interest capitalized 28,956 25,915
Non-cash investing and financing activities:    
Write off of fully depreciated real estate (168,861) (33,532)
Additions to real estate included in accounts payable and accrued expenses 11,864 28,246
Dividends and distributions declared but not paid 113,038 112,912
Mortgage notes payable assigned in connection with the sale of real estate 0 116,993
Conversions of noncontrolling interests to stockholders’ equity 5,881 14,157
Issuance of restricted securities to employees $ 33,711 $ 43,363