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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Net income (loss) $ 213,553 $ 241,812
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 438,258 411,311
Impairment loss 13,615 0
Amortization of right of use assets - operating leases 1,785 929
Amortization of sales type lease (488) 0
Amortization of above and below Market Leases (2,947) 0
Non-cash compensation expense 35,187 41,524
Loss (income) from unconsolidated joint ventures (13,387) 14,237
Distributions of net cash flow from operations of unconsolidated joint ventures 21,153 11,437
Gains from investments in securities (2,587) (3,236)
Allowance for current expected credit losses (gains) 36 264
Non-cash portion of interest expense 14,172 14,940
Unrealized Gain (Loss) on non-real estate Investments (454) (383)
Change in assets and liabilities:    
Tenant and other receivables, net 39,743 3,721
Accrued rental income, net (52,590) (42,965)
Prepaid expenses and other assets (16,985) (24,758)
Right of use assets - operating lease (750) 0
Lease liabilities - operating leases (997) 140
Accounts payable and accrued expenses (24,650) 6,320
Accrued interest payable (21,637) 7,314
Other liabilities (32,922) (21,773)
Tenant leasing costs (42,449) (47,651)
Total adjustments 351,106 371,371
Net cash provided by operating activities 564,659 613,183
Cash flows from investing activities:    
Construction in progress (313,602) (235,331)
Building and other capital improvements (66,799) (78,344)
Tenant improvements (117,848) (135,743)
Acquisition of real estate (net of cash received upon consolidation) 6,086 0
Capital contributions to unconsolidated joint ventures (60,461) (103,595)
Capital distributions from unconsolidated joint ventures 0 7,350
Investment in non-real estate investments (625) (733)
Issuance of note receivables (including related party) (1,423) (10,500)
Investments in securities, net 1,168 2,032
Net cash used in investing activities (553,504) (554,864)
Cash flows from financing activities:    
Repayments of mortgage notes payable (2,019) 0
Proceeds from unsecured senior notes 0 747,727
Redemption of unsecured senior notes (700,000) 0
Borrowings on unsecured term loan 0 1,200,000
Payments on finance lease obligations (5,999) 0
Repayment of unsecured term loan (500,000) (730,000)
Proceeds from Issuance of Commercial Paper 1,859,075 0
Repayments of Commercial Paper (1,359,075) 0
Deferred financing costs (2,633) (12,339)
Net activity from equity transactions (2,136) (39)
Dividends and distributions (344,574) (343,325)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 210,423 7,555
Distributions to noncontrolling interests in property partnerships (37,459) (36,220)
Net cash provided by (used in) financing activities (886,221) 833,359
Net increase (decrease) in cash and cash equivalents and cash held in escrows (875,066) 891,678
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 737,501 1,628,490
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 685,376 1,581,575
Cash held in escrows,end of period 52,125 46,915
Supplemental disclosures:    
Cash paid for interest 342,409 273,214
Interest capitalized 19,717 21,153
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (57,999) (85,878)
Change in real estate included in accounts payable and accrued expenses (48,896) 25,562
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 30,631 0
Finance Lease, Liability, Reversal from Re-Assessment (38,491) 0
Finance Lease, Right-of-Use Asset, Reversal from Re-Assessment (28,962) 0
Non-cash contributions from noncontrolling interest in property partnerhips 60,410 0
Capitalized operating lease costs 15,098 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 172,172 171,465
Conversions of noncontrolling interests to stockholders’ equity 2,754 794
Issuance of restricted securities to employees and non-employee directors 43,366 47,885
Cash    
Cash flows from financing activities:    
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 208,599 7,555
Boston Properties Limited Partnership    
Net income (loss) 216,953 245,356
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 434,858 407,767
Impairment loss 13,615 0
Amortization of right of use assets - operating leases 1,785 929
Amortization of sales type lease (488) 0
Amortization of above and below Market Leases (2,947) 0
Non-cash compensation expense 35,187 41,524
Loss (income) from unconsolidated joint ventures (13,387) 14,237
Distributions of net cash flow from operations of unconsolidated joint ventures 21,153 11,437
Gains from investments in securities (2,587) (3,236)
Allowance for current expected credit losses (gains) 36 264
Non-cash portion of interest expense 14,172 14,940
Unrealized Gain (Loss) on non-real estate Investments (454) (383)
Change in assets and liabilities:    
Tenant and other receivables, net 39,743 3,721
Accrued rental income, net (52,590) (42,965)
Prepaid expenses and other assets (16,985) (24,758)
Right of use assets - operating lease (750) 0
Lease liabilities - operating leases (997) 140
Accounts payable and accrued expenses (24,650) 6,320
Accrued interest payable (21,637) 7,314
Other liabilities (32,922) (21,773)
Tenant leasing costs (42,449) (47,651)
Total adjustments 347,706 367,827
Net cash provided by operating activities 564,659 613,183
Cash flows from investing activities:    
Construction in progress (313,602) (235,331)
Building and other capital improvements (66,799) (78,344)
Tenant improvements (117,848) (135,743)
Acquisition of real estate (net of cash received upon consolidation) 6,086 0
Capital contributions to unconsolidated joint ventures (60,461) (103,595)
Capital distributions from unconsolidated joint ventures 0 7,350
Investment in non-real estate investments (625) (733)
Issuance of note receivables (including related party) (1,423) (10,500)
Investments in securities, net 1,168 2,032
Net cash used in investing activities (553,504) (554,864)
Cash flows from financing activities:    
Repayments of mortgage notes payable (2,019) 0
Proceeds from unsecured senior notes 0 747,727
Redemption of unsecured senior notes (700,000) 0
Borrowings on unsecured term loan 0 1,200,000
Payments on finance lease obligations (5,999) 0
Repayment of unsecured term loan (500,000) (730,000)
Proceeds from Issuance of Commercial Paper 1,859,075 0
Repayments of Commercial Paper (1,359,075) 0
Deferred financing costs (2,633) (12,339)
Net activity from equity transactions (2,136) (39)
Dividends and distributions (344,574) (343,325)
Distributions to noncontrolling interests in property partnerships (37,459) (36,220)
Net cash provided by (used in) financing activities (886,221) 833,359
Net increase (decrease) in cash and cash equivalents and cash held in escrows (875,066) 891,678
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 737,501 1,628,490
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 685,376 1,581,575
Cash held in escrows,end of period 52,125 46,915
Supplemental disclosures:    
Cash paid for interest 342,409 273,214
Interest capitalized 19,717 21,153
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (57,999) (84,629)
Change in real estate included in accounts payable and accrued expenses (48,896) 25,562
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 30,631 0
Finance Lease, Liability, Reversal from Re-Assessment (38,491) 0
Finance Lease, Right-of-Use Asset, Reversal from Re-Assessment (28,962) 0
Non-cash contributions from noncontrolling interest in property partnerhips 60,410 0
Capitalized operating lease costs 15,098 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 172,172 171,465
Conversions of noncontrolling interests to stockholders’ equity 2,754 794
Issuance of restricted securities to employees and non-employee directors 43,366 47,885
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 $ 208,599 $ 7,555