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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 334,620 $ 376,877
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 342,005 322,214
Amortization of right of use assets - operating leases 1,213 0
Impairment loss 24,038 0
Non-cash compensation expense 25,444 23,243
Income from unconsolidated joint ventures (48,177) (1,230)
Distributions of net cash flow from operations of unconsolidated joint ventures 3,890 1,663
Gains from investments in securities (4,134) (379)
Non-cash portion of interest expense 10,900 10,607
(Losses) gains on sales of real estate (781) (114,689)
Change in assets and liabilities:    
Tenant and other receivables, net (11,514) 33,012
Note receivable (250) 0
Accrued rental income, net (37,473) (45,759)
Prepaid expenses and other assets (9,319) (4,641)
Lease liabilities - operating leases 780 0
Accounts payable and accrued expenses 17,458 (9,899)
Accrued interest payable (78) 12,999
Other liabilities (30,503) 11,571
Tenant leasing costs (52,515) (54,743)
Total adjustments 230,984 183,969
Net cash provided by operating activities 565,604 560,846
Cash flows from investing activities:    
Acquisition of real estate (43,061) 0
Construction in progress (203,259) (380,565)
Building and other capital improvements (79,943) (96,730)
Tenant improvements (115,940) (83,982)
Proceeds from sales of real estate 60,398 141,249
Capital contributions to unconsolidated joint ventures (50,068) (65,250)
Capital distributions from unconsolidated joint ventures 105,000 0
Investments in securities, net (1,079) (523)
Net cash used in investing activities (327,952) (485,801)
Cash flows from financing activities:    
Repayments of mortgage notes payable (9,702) (9,192)
Proceeds from unsecured senior notes 848,428 0
Borrowings on unsecured line of credit 380,000 345,000
Repayments of unsecured line of credit (380,000) (390,000)
Proceeds from unsecured term loan 0 500,000
Payments on finance lease obligations (628) 0
Payments on real estate financing transaction 0 (960)
Deferred financing costs (7,112) (263)
Net proceeds from equity transactions 2,261 (684)
Distributions (332,961) (280,754)
Contributions from noncontrolling interests in property partnerships 12,148 27,532
Distributions to noncontrolling interests in property partnerships (39,401) (44,033)
Acquisition of noncontrolling interest in property partnership (186,952) 0
Net cash provided by financing activities 286,081 146,646
Net increase in cash and cash equivalents and cash held in escrows 523,733 221,691
Cash and cash equivalents and cash held in escrows, beginning of period 639,191 505,369
Cash and cash equivalents and cash held in escrows, end of period 1,162,924 727,060
Reconciliation of cash and cash equivalents and cash held in escrows:    
Cash and cash equivalents, beginning of period 543,359 434,767
Cash held in escrows, beginning of period 95,832 70,602
Cash and cash equivalents, end of period 1,087,001 472,555
Cash held in escrows, end of period 75,923 254,505
Supplemental disclosures:    
Cash paid for interest 216,754 192,898
Interest capitalized 25,069 34,999
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (61,283) (78,900)
Additions to real estate included in accounts payable and accrued expenses 115,150 326
Real estate acquired through finance lease 122,563 0
Dividends and distributions payable 165,419 139,263
Conversions of redeemable partnership units to partners’ capital 1,212 1,196
Issuance of restricted securities to employees and directors 38,923 37,342
Boston Properties Limited Partnership    
Cash flows from operating activities:    
Net income 340,659 383,752
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 337,881 318,327
Amortization of right of use assets - operating leases 1,213 0
Impairment loss 22,272 0
Non-cash compensation expense 25,444 23,243
Income from unconsolidated joint ventures (48,177) (1,230)
Distributions of net cash flow from operations of unconsolidated joint ventures 3,890 1,663
Gains from investments in securities (4,134) (379)
Non-cash portion of interest expense 10,900 10,607
(Losses) gains on sales of real estate (930) (117,677)
Change in assets and liabilities:    
Tenant and other receivables, net (11,514) 33,012
Note receivable (250) 0
Accrued rental income, net (37,473) (45,759)
Prepaid expenses and other assets (9,319) (4,641)
Lease liabilities - operating leases 780 0
Accounts payable and accrued expenses 17,458 (9,899)
Accrued interest payable (78) 12,999
Other liabilities (30,503) 11,571
Tenant leasing costs (52,515) (54,743)
Total adjustments 224,945 177,094
Net cash provided by operating activities 565,604 560,846
Cash flows from investing activities:    
Acquisition of real estate (43,061) 0
Construction in progress (203,259) (380,565)
Building and other capital improvements (79,943) (96,730)
Tenant improvements (115,940) (83,982)
Proceeds from sales of real estate 60,398 141,249
Capital contributions to unconsolidated joint ventures (50,068) (65,250)
Capital distributions from unconsolidated joint ventures 105,000 0
Investments in securities, net (1,079) (523)
Net cash used in investing activities (327,952) (485,801)
Cash flows from financing activities:    
Repayments of mortgage notes payable (9,702) (9,192)
Proceeds from unsecured senior notes 848,428 0
Borrowings on unsecured line of credit 380,000 345,000
Repayments of unsecured line of credit (380,000) (390,000)
Proceeds from unsecured term loan 0 500,000
Payments on finance lease obligations (628) 0
Payments on real estate financing transaction 0 (960)
Deferred financing costs (7,112) (263)
Net proceeds from equity transactions 2,261 (684)
Distributions (332,961) (280,754)
Contributions from noncontrolling interests in property partnerships 12,148 27,532
Distributions to noncontrolling interests in property partnerships (39,401) (44,033)
Acquisition of noncontrolling interest in property partnership (186,952) 0
Net cash provided by financing activities 286,081 146,646
Net increase in cash and cash equivalents and cash held in escrows 523,733 221,691
Cash and cash equivalents and cash held in escrows, beginning of period 639,191 505,369
Cash and cash equivalents and cash held in escrows, end of period 1,162,924 727,060
Reconciliation of cash and cash equivalents and cash held in escrows:    
Cash and cash equivalents, beginning of period 543,359 434,767
Cash held in escrows, beginning of period 95,832 70,602
Cash and cash equivalents, end of period 1,087,001 472,555
Cash held in escrows, end of period 75,923 254,505
Supplemental disclosures:    
Cash paid for interest 216,754 192,898
Interest capitalized 25,069 34,999
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (61,283) (78,900)
Additions to real estate included in accounts payable and accrued expenses 115,150 326
Real estate acquired through finance lease 122,563 0
Dividends and distributions payable 165,419 139,263
Conversions of redeemable partnership units to partners’ capital 1,212 1,196
Issuance of restricted securities to employees $ 38,923 $ 37,342