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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net income $ 1,018,691 $ 651,999 $ 712,563
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 683,751 677,764 645,649
Amortization of right of use assets - operating leases 2,234 2,412 0
Impairment losses 0 24,038 11,812
Non-cash compensation expense 44,142 40,958 40,117
(Income) Loss from unconsolidated joint ventures 85,110 (46,592) (2,222)
Distributions of net cash flow from operations of unconsolidated joint ventures 31,892 17,155 6,703
(Gains) losses from investments in securities (5,261) (6,417) 1,865
Allowance for current expected credit losses 1,849 0 0
Non-cash portion of interest expense 23,384 22,254 21,303
Settlement of accreted debt discount on redemption of unsecured senior notes 0 (763) (483)
Loss from early extinguishment of debt 0 29,540 16,490
Gains on sales of real estate (618,982) (709) (182,356)
Change in assets and liabilities:      
Tenant and other receivables, net 22,550 (24,876) 29,204
Notes receivable, net (19) 4 (13)
Accrued rental income, net (97,099) (56,817) (43,662)
Prepaid expenses and other assets 12,488 2,965 12,472
Lease liabilities - finance leases 568 0 0
Lease liabilities - operating leases 1,533 1,616 0
Accounts payable and accrued expenses (4,059) 12,627 1,353
Accrued interest payable 16,211 858 5,237
Other liabilities 17,629 (49,569) 4,955
Tenant leasing costs (79,772) (117,282) (130,742)
Total adjustments 138,149 529,166 437,682
Net cash provided by operating activities 1,156,840 1,181,165 1,150,245
Cash flows from investing activities:      
Acquisitions of real estate (137,976) (149,031) 0
Construction in progress (482,507) (546,060) (694,791)
Building and other capital improvements (160,126) (180,556) (189,771)
Tenant improvements (234,423) (251,831) (210,034)
Right of use assets - finance leases 0 (5,152) 0
Proceeds from sales of real estate 519,303 90,824 455,409
Capital contributions to unconsolidated joint ventures (172,436) (87,392) (345,717)
Capital distributions from unconsolidated joint ventures 55,298 136,807 0
Cash and cash equivalents deconsolidated 0 (24,112) 0
Deposit on capital lease 0 0 (13,615)
Issuance of related party note receivable 0 0 (80,000)
Issuance of notes receivable, net (9,800) 0 (19,455)
Proceeds from note receivable 6,397 3,544 0
Investments in securities, net 2,551 (2,132) (902)
Net cash used in investing activities (613,719) (1,015,091) (1,098,876)
Cash flows from financing activities:      
Repayments of mortgage notes payable (17,168) (46,173) (18,634)
Proceeds from unsecured senior notes 1,248,125 1,548,106 996,410
Redemption of unsecured senior notes 0 (699,237) (699,517)
Borrowings on unsecured line of credit 265,000 380,000 745,000
Repayments of unsecured line of credit (265,000) (380,000) (790,000)
Proceeds from unsecured term loan 0 0 500,000
Payments on finance lease obligations 0 (502) 0
Payments on capital lease obligations 0 0 (1,353)
Payments on real estate transaction 0 0 (960)
Deferred financing costs (10,416) (13,213) (8,362)
Debt prepayment and extinguishment costs 0 (28,716) (15,973)
Net proceeds from equity transactions 3,277 13,710 (730)
Dividends and distributions (688,904) (666,294) (587,628)
Contributions from noncontrolling interests in property partnerships 8,219 35,816 46,701
Distributions to noncontrolling interests in property partnerships (58,811) (69,913) (82,501)
Acquisition of noncontrolling interest in property partnership 0 (186,963) 0
Net cash provided by (used in) financing activities 484,322 (113,379) 82,453
Net increase (decrease) in cash and cash equivalents and cash held in escrows 1,027,443 52,695 133,822
Cash and cash equivalents and cash held in escrows, beginning of period 691,886 639,191 505,369
Cash and cash equivalents and cash held in escrows, end of period 1,719,329 691,886 639,191
Reconciliation of cash and cash equivalents and cash held in escrow      
Cash and cash equivalents, beginning of period 644,950 543,359 434,767
Cash held in escrows, beginning of period 46,936 95,832 70,602
Cash and cash equivalents, end of period 1,668,742 644,950 543,359
Cash held in escrows,end of period 50,587 46,936 95,832
Supplemental disclosures:      
Cash paid for interest 433,492 439,059 416,019
Interest capitalized 53,881 54,911 65,766
Non-cash investing and financing activities:      
Write-off of fully depreciated real estate (99,494) (129,831) (135,431)
Change in real estate included in accounts payable and accrued expenses (19,848) 89,245 (44,866)
Real estate acquired through capital lease 0 0 12,397
Right of use assets obtained in exchange for lease liabilities 0 287,540 0
Prepaid rent reclassified to right of use asset 0 15,000 0
Accrued rental income, net deconsolidated (4,558) 0 0
Tenant leasing costs, net deconsolidated (3,462) 0 0
Building and other capital improvements, net deconsolidated (111,889) (12,767) 0
Tenant improvements, net deconsolidated (12,331) 0 0
Right of use asset - finance lease deconsolidated 0 (135,004) 0
Lease liability - finance lease deconsolidated 0 119,534 0
Investment in unconsolidated joint venture recorded upon deconsolidation 347,898 29,246 0
Dividends and distributions declared but not paid 171,082 170,713 165,114
Conversions of noncontrolling interests to stockholders’ equity 29,698 4,885 2,880
Issuance of restricted securities to employees and non-employee directors 42,607 37,622 37,052
Boston Properties Limited Partnership      
Net income 1,038,739 661,722 730,312
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 676,666 669,956 637,891
Amortization of right of use assets - operating leases 2,234 2,412 0
Impairment losses 0 22,272 10,181
Non-cash compensation expense 44,142 40,958 40,117
(Income) Loss from unconsolidated joint ventures 85,110 (46,592) (2,222)
Distributions of net cash flow from operations of unconsolidated joint ventures 31,892 17,155 6,703
(Gains) losses from investments in securities (5,261) (6,417) 1,865
Allowance for current expected credit losses 1,849 0 0
Non-cash portion of interest expense 23,384 22,254 21,303
Settlement of accreted debt discount on redemption of unsecured senior notes 0 (763) (483)
Loss from early extinguishment of debt 0 29,540 16,490
Gains on sales of real estate (631,945) (858) (190,716)
Change in assets and liabilities:      
Tenant and other receivables, net 22,550 (24,876) 29,204
Notes receivable, net (19) 4 (13)
Accrued rental income, net (97,099) (56,817) (43,662)
Prepaid expenses and other assets 12,488 2,965 12,472
Lease liabilities - finance leases 568 0 0
Lease liabilities - operating leases 1,533 1,616 0
Accounts payable and accrued expenses (4,059) 12,627 1,353
Accrued interest payable 16,211 858 5,237
Other liabilities 17,629 (49,569) 4,955
Tenant leasing costs (79,772) (117,282) (130,742)
Total adjustments 118,101 519,443 419,933
Net cash provided by operating activities 1,156,840 1,181,165 1,150,245
Cash flows from investing activities:      
Acquisitions of real estate (137,976) (149,031) 0
Construction in progress (482,507) (546,060) (694,791)
Building and other capital improvements (160,126) (180,556) (189,771)
Tenant improvements (234,423) (251,831) (210,034)
Right of use assets - finance leases 0 (5,152) 0
Proceeds from sales of real estate 519,303 90,824 455,409
Capital contributions to unconsolidated joint ventures (172,436) (87,392) (345,717)
Capital distributions from unconsolidated joint ventures 55,298 136,807 0
Cash and cash equivalents deconsolidated 0 (24,112) 0
Deposit on capital lease 0 0 (13,615)
Issuance of related party note receivable 0 0 (80,000)
Issuance of notes receivable, net (9,800) 0 (19,455)
Proceeds from note receivable 6,397 3,544 0
Investments in securities, net 2,551 (2,132) (902)
Net cash used in investing activities (613,719) (1,015,091) (1,098,876)
Cash flows from financing activities:      
Repayments of mortgage notes payable (17,168) (46,173) (18,634)
Proceeds from unsecured senior notes 1,248,125 1,548,106 996,410
Redemption of unsecured senior notes 0 (699,237) (699,517)
Borrowings on unsecured line of credit 265,000 380,000 745,000
Repayments of unsecured line of credit (265,000) (380,000) (790,000)
Proceeds from unsecured term loan 0 0 500,000
Payments on finance lease obligations 0 (502)  
Payments on capital lease obligations     (1,353)
Payments on real estate transaction 0 0 (960)
Deferred financing costs (10,416) (13,213) (8,362)
Debt prepayment and extinguishment costs 0 (28,716) (15,973)
Net proceeds from equity transactions 3,277 13,710 (730)
Dividends and distributions (688,904) (666,294) (587,628)
Contributions from noncontrolling interests in property partnerships 8,219 35,816 46,701
Distributions to noncontrolling interests in property partnerships (58,811) (69,913) (82,501)
Acquisition of noncontrolling interest in property partnership 0 (186,963) 0
Net cash provided by (used in) financing activities 484,322 (113,379) 82,453
Net increase (decrease) in cash and cash equivalents and cash held in escrows 1,027,443 52,695 133,822
Cash and cash equivalents and cash held in escrows, beginning of period 691,886 639,191 505,369
Cash and cash equivalents and cash held in escrows, end of period 1,719,329 691,886 639,191
Reconciliation of cash and cash equivalents and cash held in escrow      
Cash and cash equivalents, beginning of period 644,950 543,359 434,767
Cash held in escrows, beginning of period 46,936 95,832 70,602
Cash and cash equivalents, end of period 1,668,742 644,950 543,359
Cash held in escrows,end of period 50,587 46,936 95,832
Supplemental disclosures:      
Cash paid for interest 433,492 439,059 416,019
Interest capitalized 53,881 54,911 65,766
Non-cash investing and financing activities:      
Write-off of fully depreciated real estate (99,494) (129,253) (135,431)
Change in real estate included in accounts payable and accrued expenses (19,848) 89,245 (44,866)
Real estate acquired through capital lease 0 0 12,397
Right of use assets obtained in exchange for lease liabilities 0 287,540 0
Prepaid rent reclassified to right of use asset 0 15,000 0
Accrued rental income, net deconsolidated (4,558) 0 0
Tenant leasing costs, net deconsolidated (3,462) 0 0
Building and other capital improvements, net deconsolidated (111,889) (12,767) 0
Tenant improvements, net deconsolidated (12,331) 0 0
Right of use asset - finance lease deconsolidated 0 (135,004) 0
Lease liability - finance lease deconsolidated 0 119,534 0
Investment in unconsolidated joint venture recorded upon deconsolidation 347,898 29,246 0
Dividends and distributions declared but not paid 171,082 170,713 165,114
Conversions of noncontrolling interests to stockholders’ equity 29,698 4,885 2,880
Issuance of restricted securities to employees and non-employee directors $ 42,607 $ 37,622 $ 37,052