XML 25 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 475,990 $ 527,322
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 507,867 480,210
Amortization of right of use assets - operating leases 1,821 0
Impairment loss 24,038 0
Non-cash compensation expense 33,253 31,700
Loss (income) from unconsolidated joint ventures (47,528) 3,083
Distributions of net cash flow from operations of unconsolidated joint ventures 16,770 3,988
Gains from investments in securities (4,240) (1,454)
Non-cash portion of interest expense 16,594 15,922
Settlement of accreted debt discount on redemption of unsecured senior notes (763) 0
Loss from early extinguishment of debt 28,010 0
Gains on sales of real estate (766) (122,552)
Change in assets and liabilities:    
Tenant and other receivables, net (20,677) 1,578
Note receivable (376) 0
Accrued rental income, net (19,327) (41,519)
Prepaid expenses and other assets (63,857) (51,938)
Lease liabilities - operating leases 1,191 0
Accounts payable and accrued expenses 32,467 6,354
Accrued interest payable (6,104) 8,860
Other liabilities (78,449) (1,561)
Tenant leasing costs (76,122) (89,366)
Total adjustments 343,802 243,305
Net cash provided by operating activities 819,792 770,627
Cash flows from investing activities:    
Acquisitions of real estate (148,912) 0
Construction in progress (390,275) (530,389)
Building and other capital improvements (129,340) (140,969)
Tenant improvements (191,532) (129,450)
Right of use asset - finance leases (5,152) 0
Proceeds from sales of real estate 83,486 175,577
Capital contributions to unconsolidated joint ventures (65,499) (314,075)
Capital distributions from unconsolidated joint ventures 136,807 0
Cash and cash equivalents deconsolidated (24,112) 0
Issuance of related party note receivable 0 (80,000)
Investments in securities, net (1,937) (761)
Net cash used in investing activities (736,466) (1,020,067)
Cash flows from financing activities:    
Repayments of mortgage notes payable (15,510) (14,677)
Proceeds from unsecured senior notes 1,548,106 0
Redemption of unsecured senior notes (699,237) 0
Borrowings on unsecured line of credit 380,000 580,000
Repayments of unsecured line of credit (380,000) (455,000)
Proceeds from unsecured term loan 0 500,000
Payments on finance lease obligations (502) 0
Payments on real estate financing transaction 0 (960)
Deferred financing costs (13,130) (263)
Debt prepayment and extinguishment costs (27,270) 0
Net proceeds from equity transactions 2,562 (333)
Distributions (499,627) (421,264)
Contributions from noncontrolling interests in property partnerships 26,968 37,148
Distributions to noncontrolling interests in property partnerships (53,149) (56,796)
Acquisition of noncontrolling interest in property partnership (186,963) 0
Net cash provided by financing activities 82,248 167,855
Net increase (decrease) in cash and cash equivalents and cash held in escrows 165,574 (81,585)
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 804,765 423,784
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 751,210 322,502
Cash held in escrows, end of period 53,555 101,282
Supplemental disclosures:    
Cash paid for interest 338,033 303,203
Interest capitalized 41,253 51,594
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (86,496) (100,118)
Additions to real estate included in accounts payable and accrued expenses 95,857 (11,746)
Right of use assets obtained in exchange for lease liabilities 287,540 0
Prepaid rent reclassified to right of use asset 15,000 0
Building and other capital improvements deconsolidated (12,767) 0
Right of use asset - finance lease deconsolidated (135,004) 0
Investment in unconsolidated joint venture recorded on deconsolidation 29,246 0
Lease liability - finance lease deconsolidated 119,534 0
Dividends and distributions payable 165,421 165,118
Conversions of redeemable partnership units to partners’ capital 1,435 2,112
Issuance of restricted securities to employees and directors 38,923 37,342
Boston Properties Limited Partnership    
Cash flows from operating activities:    
Net income 483,871 537,428
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 501,901 474,383
Amortization of right of use assets - operating leases 1,821 0
Impairment loss 22,272 0
Non-cash compensation expense 33,253 31,700
Loss (income) from unconsolidated joint ventures (47,528) 3,083
Distributions of net cash flow from operations of unconsolidated joint ventures 16,770 3,988
Gains from investments in securities (4,240) (1,454)
Non-cash portion of interest expense 16,594 15,922
Settlement of accreted debt discount on redemption of unsecured senior notes (763) 0
Loss from early extinguishment of debt 28,010 0
Gains on sales of real estate (915) (126,831)
Change in assets and liabilities:    
Tenant and other receivables, net (20,677) 1,578
Note receivable (376) 0
Accrued rental income, net (19,327) (41,519)
Prepaid expenses and other assets (63,857) (51,938)
Lease liabilities - operating leases 1,191 0
Accounts payable and accrued expenses 32,467 6,354
Accrued interest payable (6,104) 8,860
Other liabilities (78,449) (1,561)
Tenant leasing costs (76,122) (89,366)
Total adjustments 335,921 233,199
Net cash provided by operating activities 819,792 770,627
Cash flows from investing activities:    
Acquisitions of real estate (148,912) 0
Construction in progress (390,275) (530,389)
Building and other capital improvements (129,340) (140,969)
Tenant improvements (191,532) (129,450)
Right of use asset - finance leases (5,152) 0
Proceeds from sales of real estate 83,486 175,577
Capital contributions to unconsolidated joint ventures (65,499) (314,075)
Capital distributions from unconsolidated joint ventures 136,807 0
Cash and cash equivalents deconsolidated (24,112) 0
Issuance of related party note receivable 0 (80,000)
Investments in securities, net (1,937) (761)
Net cash used in investing activities (736,466) (1,020,067)
Cash flows from financing activities:    
Repayments of mortgage notes payable (15,510) (14,677)
Proceeds from unsecured senior notes 1,548,106 0
Redemption of unsecured senior notes (699,237) 0
Borrowings on unsecured line of credit 380,000 580,000
Repayments of unsecured line of credit (380,000) (455,000)
Proceeds from unsecured term loan 0 500,000
Payments on finance lease obligations (502) 0
Payments on real estate financing transaction 0 (960)
Deferred financing costs (13,130) (263)
Debt prepayment and extinguishment costs (27,270) 0
Net proceeds from equity transactions 2,562 (333)
Distributions (499,627) (421,264)
Contributions from noncontrolling interests in property partnerships 26,968 37,148
Distributions to noncontrolling interests in property partnerships (53,149) (56,796)
Acquisition of noncontrolling interest in property partnership (186,963) 0
Net cash provided by financing activities 82,248 167,855
Net increase (decrease) in cash and cash equivalents and cash held in escrows 165,574 (81,585)
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 804,765 423,784
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 751,210 322,502
Cash held in escrows, end of period 53,555 101,282
Supplemental disclosures:    
Cash paid for interest 338,033 303,203
Interest capitalized 41,253 51,594
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (86,496) (100,118)
Additions to real estate included in accounts payable and accrued expenses 95,857 (11,746)
Right of use assets obtained in exchange for lease liabilities 287,540 0
Prepaid rent reclassified to right of use asset 15,000 0
Building and other capital improvements deconsolidated (12,767) 0
Right of use asset - finance lease deconsolidated (135,004) 0
Investment in unconsolidated joint venture recorded on deconsolidation 29,246 0
Lease liability - finance lease deconsolidated 119,534 0
Dividends and distributions payable 165,421 165,118
Conversions of redeemable partnership units to partners’ capital 1,435 2,112
Issuance of restricted securities to employees $ 38,923 $ 37,342