XML 32 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net Income $ 84,188 $ 291,424 $ 1,020,584
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 887,191 830,813 749,775
Impairment loss 13,615 0 0
Amortization of right of use assets - operating leases 2,262 1,940 2,427
Amortization of sales type lease (992) 0 0
Non-cash compensation expense 43,949 51,478 52,026
Loss from unconsolidated joint ventures 343,177 239,543 59,840
Distributions of net cash flow from operations of unconsolidated joint ventures 33,861 24,637 26,827
(Gains) losses from investments in securities (4,416) (5,556) 6,453
Allowance for current expected credit losses 78 373 (224)
Non-cash portion of interest expense 37,143 30,523 25,831
Other Income - assignment fee 0 0 (6,624)
Gains on sales of real estate (602) (517) (437,019)
Gain on sales-type lease 0 0 (10,058)
Unrealized (Gain) Loss on non-real estate Investments (546) (239) 150
Change in assets and liabilities:      
Tenant and other receivables, net 13,716 (31,470) (7,621)
Notes receivable, net 0 0 (152)
Accrued rental income, net (97,609) (99,539) (98,075)
Prepaid expenses and other assets (5,384) (7,336) 20,099
Right of use assets - operating lease (750) (25,640) 0
Lease liabilities - operating leases (202) (121) 125
Accounts payable and accrued expenses (2,395) 41,696 (22,777)
Accrued interest payable (5,647) 29,910 8,989
Other liabilities 12,826 7,267 (24,120)
Tenant leasing costs (118,962) (77,666) (84,057)
Total adjustments 1,150,313 1,010,096 261,815
Net cash provided by operating activities 1,234,501 1,301,520 1,282,399
Cash flows from investing activities:      
Acquisitions of real estate (35,366) 0 (1,320,273)
Construction in progress (651,346) (525,963) (500,273)
Building and other capital improvements (189,667) (171,424) (177,004)
Tenant improvements (258,312) (310,925) (218,685)
Proceeds from sales of real estate 602 517 834,770
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) 6,086 (13,155) 0
Proceeds from assignment fee 0 0 6,624
Capital contributions to unconsolidated joint ventures (132,096) (192,650) (277,581)
Capital distributions from unconsolidated joint ventures 28,325 32,787 37,122
Investment in non-real estate investments (2,500) (2,187) (2,404)
Issuance of note receivables (including related party) (3,258) (12,177) 0
Proceeds from note receivable 0 0 10,000
Investments in securities, net 136 1,496 4,902
Net cash used in investing activities (1,237,396) (1,193,681) (1,602,802)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 0 600,000 0
Repayments of mortgage notes payable (4,780) 0 0
Proceeds from unsecured senior notes 849,671 747,727 749,557
Redemption of unsecured senior notes (700,000) (500,000) 0
Borrowings on unsecured line of credit 0 0 985,000
Repayments of unsecured line of credit 0 0 (1,130,000)
Borrowings on unsecured term loans 0 1,200,000 730,000
Payments on finance lease obligations (12,547) 0 0
Repayment of unsecured term loan (500,000) (730,000) 0
Proceeds from Issuance of Commercial Paper 5,363,333 0 0
Repayments of Commercial Paper (4,863,333) 0 0
Deferred financing costs (12,235) (19,416) (8,460)
Net activity from equity transactions (1,731) 367 (352)
Dividends and distributions (689,870) (687,809) (685,019)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 376,544 244,541 849
Distributions to noncontrolling interests in property partnerships (77,704) (69,975) (85,518)
Net cash provided by (used in) financing activities (274,476) 767,916 556,057
Net increase (decrease) in cash and cash equivalents and cash held in escrows (277,371) 875,755 235,654
Cash and cash equivalents and cash held in escrows, beginning of period 1,612,567 736,812 501,158
Cash and cash equivalents and cash held in escrows, end of period 1,335,196 1,612,567 736,812
Reconciliation of cash and cash equivalents and cash held in escrow      
Cash and cash equivalents, beginning of period 1,531,477 690,333 452,692
Cash held in escrows, beginning of period 81,090 46,479 48,466
Cash and cash equivalents, end of period 1,254,882 1,531,477 690,333
Cash held in escrows,end of period 80,314 81,090 46,479
Supplemental disclosures:      
Cash paid for interest 676,067 553,989 449,903
Interest capitalized 41,976 42,633 52,130
Non-cash investing and financing activities:      
Write-off of fully depreciated real estate (112,074) (135,093) (119,534)
Change in real estate included in accounts payable and accrued expenses (50,891) 3,668 97,586
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 30,631 141,179 0
Finance Lease, Liability, Reversal from Re-Assessment (38,491) 0 0
Finance Lease, Right-of-Use Asset, Reversal from Re-Assessment (28,962) 0 0
Non-cash contributions from noncontrolling interest in property partnerhips 92,631 17,519 0
Capitalized operating lease costs 30,195 12,580 0
Construction in progress from prepaid expenses and other assets 0 25,577 0
Investment in unconsolidated joint ventures eliminated upon consolidation (11,834) 183,817 0
Mortgage notes payable recorded upon consolidation 207,093 300,000 0
Mortgage note payable converted to unsecured term loan 100,000 0 0
Real estate and intangibles recorded upon consolidation (220,015) (490,720) 0
Interest rate swaps recorded upon consolidation 0 (7,337) 0
Construction in progress, net deconsolidated 0 0 (11,316)
Investment in unconsolidated joint ventures recorded upon deconsolidation 0 0 11,316
Sales-type lease origination 0 0 13,045
Derecognition of assets in exchange for sales-type lease obligation 0 0 (2,987)
Dividends and distributions declared but not paid 172,486 171,176 170,643
Conversions of noncontrolling interests to stockholders’ equity 40,564 3,794 6,539
Issuance of restricted securities to employees and non-employee directors 43,360 48,141 48,417
Cash      
Cash flows from financing activities:      
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 374,720 227,022 849
Boston Properties Limited Partnership      
Net Income 90,996 298,432 1,032,122
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 880,383 823,805  
Impairment loss 13,615 0 0
Amortization of right of use assets - operating leases 2,262 1,940 2,427
Amortization of sales type lease (992) 0 0
Non-cash compensation expense 43,949 51,478 52,026
Loss from unconsolidated joint ventures 343,177 239,543 59,840
Distributions of net cash flow from operations of unconsolidated joint ventures 33,861 24,637 26,827
(Gains) losses from investments in securities (4,416) (5,556) 6,453
Allowance for current expected credit losses 78 373 (224)
Non-cash portion of interest expense 37,143 30,523 25,831
Other Income - assignment fee 0 0 (6,624)
Gains on sales of real estate (602) (517) (441,075)
Gain on sales-type lease 0 0 (10,058)
Unrealized (Gain) Loss on non-real estate Investments (546) (239) 150
Change in assets and liabilities:      
Tenant and other receivables, net 13,716 (31,470) (7,621)
Notes receivable, net 0 0 (152)
Accrued rental income, net (97,609) (99,539) (98,075)
Prepaid expenses and other assets (5,384) (7,336) 20,099
Right of use assets - operating lease (750) (25,640) 0
Lease liabilities - operating leases (202) (121) 125
Accounts payable and accrued expenses (2,395) 41,696 (22,777)
Accrued interest payable (5,647) 29,910 8,989
Other liabilities 12,826 7,267 (24,120)
Tenant leasing costs (118,962) (77,666) (84,057)
Total adjustments 1,143,505 1,003,088 250,277
Net cash provided by operating activities 1,234,501 1,301,520 1,282,399
Cash flows from investing activities:      
Acquisitions of real estate 35,366 0 (1,320,273)
Construction in progress (651,346) (525,963) (500,273)
Building and other capital improvements (189,667) (171,424) (177,004)
Tenant improvements (258,312) (310,925) (218,685)
Proceeds from sales of real estate 602 517 834,770
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) 6,086 (13,155) 0
Proceeds from assignment fee 0 0 6,624
Capital contributions to unconsolidated joint ventures (132,096) (192,650) (277,581)
Capital distributions from unconsolidated joint ventures 28,325 32,787 37,122
Investment in non-real estate investments (2,500) (2,187) (2,404)
Issuance of note receivables (including related party) (3,258) (12,177) 0
Proceeds from note receivable 0 0 10,000
Investments in securities, net 136 1,496 4,902
Net cash used in investing activities (1,237,396) (1,193,681) (1,602,802)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 0 600,000 0
Repayments of mortgage notes payable (4,780) 0 0
Proceeds from unsecured senior notes 849,671 747,727 749,557
Redemption of unsecured senior notes (700,000) (500,000) 0
Borrowings on unsecured line of credit 0 0 985,000
Repayments of unsecured line of credit 0 0 (1,130,000)
Borrowings on unsecured term loans 0 1,200,000 730,000
Payments on finance lease obligations (12,547) 0 0
Repayment of unsecured term loan (500,000) (730,000) 0
Proceeds from Issuance of Commercial Paper 5,363,333 0 0
Repayments of Commercial Paper (4,863,333) 0 0
Deferred financing costs (12,235) (19,416) (8,460)
Net activity from equity transactions (1,731) 367 (352)
Dividends and distributions (689,870) (687,809) (685,019)
Distributions to noncontrolling interests in property partnerships (77,704) (69,975) (85,518)
Net cash provided by (used in) financing activities (274,476) 767,916 556,057
Net increase (decrease) in cash and cash equivalents and cash held in escrows (277,371) 875,755 235,654
Cash and cash equivalents and cash held in escrows, beginning of period 1,612,567 736,812 501,158
Cash and cash equivalents and cash held in escrows, end of period 1,335,196 1,612,567 736,812
Reconciliation of cash and cash equivalents and cash held in escrow      
Cash and cash equivalents, beginning of period 1,531,477 690,333 452,692
Cash held in escrows, beginning of period 81,090 46,479 48,466
Cash and cash equivalents, end of period 1,254,882 1,531,477 690,333
Cash held in escrows,end of period 80,314 81,090 46,479
Supplemental disclosures:      
Cash paid for interest 676,067 553,989 449,903
Interest capitalized 41,976 42,633 52,130
Non-cash investing and financing activities:      
Write-off of fully depreciated real estate (112,074) (133,844) (119,534)
Change in real estate included in accounts payable and accrued expenses (50,891) 3,668 97,586
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 30,631 141,179 0
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability 0 163,056 0
Finance Lease, Liability, Reversal from Re-Assessment (38,491) 0 0
Finance Lease, Right-of-Use Asset, Reversal from Re-Assessment (28,962) 0 0
Non-cash contributions from noncontrolling interest in property partnerhips 92,631 17,519 0
Capitalized operating lease costs 30,195 12,580 0
Construction in progress from prepaid expenses and other assets 0 25,577 0
Investment in unconsolidated joint ventures eliminated upon consolidation (11,834) 183,817 0
Mortgage notes payable recorded upon consolidation 207,093 300,000 0
Mortgage note payable converted to unsecured term loan 100,000 0 0
Real estate and intangibles recorded upon consolidation (220,015) (490,720) 0
Interest rate swaps recorded upon consolidation 0 (7,337) 0
Construction in progress, net deconsolidated 0 0 (11,316)
Investment in unconsolidated joint ventures recorded upon deconsolidation 0 0 11,316
Sales-type lease origination 0 0 13,045
Derecognition of assets in exchange for sales-type lease obligation 0 0 (2,987)
Dividends and distributions declared but not paid 172,486 171,176 170,643
Conversions of noncontrolling interests to stockholders’ equity 40,564 3,794 6,539
Issuance of restricted securities to employees and non-employee directors 43,360 48,141 48,417
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 $ 374,720 $ 227,022 $ 849