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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net Income $ 86,905 $ 106,604
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 220,107 218,716
Impairment loss 0 13,615
Amortization of right of use assets - operating leases 203 1,441
Amortization of sales type lease (281) 0
Non-cash compensation expense 22,917 18,873
Loss (income) from unconsolidated joint ventures 2,139 (19,186)
Distributions of net cash flow from operations of unconsolidated joint ventures 17,053 8,643
(Gains) losses from investments in securities 365 (2,272)
Allowance for current expected credit losses (23) 4
Non-cash portion of interest expense 9,257 12,109
Loss from early extinguishment of debt 338 0
Loss on sales-type lease 2,490 0
Unrealized (Gain) Loss on non-real estate Investments 483 (396)
Change in assets and liabilities:    
Tenant and other receivables, net 1,903 29,454
Accrued rental income, net (28,178) (35,945)
Prepaid expenses and other assets (73,910) (74,705)
Right of use assets - operating lease 0 (750)
Lease liabilities - operating leases (162) (1,241)
Accounts payable and accrued expenses (14,664) (20,725)
Accrued interest payable (7,660) (14,171)
Other liabilities (11,862) (12,846)
Tenant leasing costs (17,384) (29,627)
Total adjustments 123,131 90,991
Net cash provided by operating activities 210,036 197,595
Cash flows from investing activities:    
Construction in progress (138,796) (181,636)
Building and other capital improvements (57,395) (32,087)
Tenant improvements (60,338) (53,377)
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) 0 6,086
Capital contributions to unconsolidated joint ventures (52,611) (26,457)
Investment in non-real estate investments (434) 0
Issuance of note receivables (including related party) (600) (573)
Investments in securities, net 1,031 1,425
Net cash used in investing activities (309,143) (286,619)
Cash flows from financing activities:    
Repayments of mortgage notes payable (1,122) (804)
Redemption of unsecured senior notes (850,000) (700,000)
Borrowings on unsecured line of credit 360,000 0
Repayments of unsecured line of credit (60,000) 0
Borrowings on unsecured term loans 700,000 0
Finance Lease, Principal Payments (3,344) (3,160)
Repayment of unsecured term loan (700,000) 0
Proceeds from Issuance of Commercial Paper 1,287,523 0
Repayments of Commercial Paper (1,287,523) 0
Deferred financing costs (14,102) (108)
Net activity from equity transactions (821) (2,136)
Dividends and distributions (173,118) (171,794)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 5,150 142,942
Distributions to noncontrolling interests in property partnerships (19,525) (20,025)
Net cash used in financing activities (756,882) (756,909)
Net increase (decrease) in cash and cash equivalents and cash held in escrows (855,989) (845,933)
Cash and cash equivalents and cash held in escrows, beginning of period 1,335,196 1,612,567
Cash and cash equivalents and cash held in escrows, end of period 479,207 766,634
Reconciliation of cash and cash equivalents and cash held in escrow    
Cash and cash equivalents, beginning of period 1,254,882 1,531,477
Cash held in escrows, beginning of period 80,314 81,090
Cash and cash equivalents, end of period 398,126 701,695
Cash held in escrows,end of period 81,081 64,939
Supplemental disclosures:    
Cash paid for interest 175,700 180,717
Interest capitalized 10,317 9,381
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (20,549) (27,993)
Change in real estate included in accounts payable and accrued expenses 15,198 (48,518)
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 0 25,637
Non-cash contributions from noncontrolling interest in property partnerhips 281 52,786
Capitalized operating lease costs 7,548 7,548
Investment in unconsolidated joint ventures eliminated upon consolidation 0 (11,834)
Mortgage notes payable recorded upon consolidation 0 207,093
Real estate and intangibles recorded upon consolidation 0 (220,015)
Dividends and distributions declared but not paid 172,674 172,154
Conversions of noncontrolling interests to stockholders’ equity 3,676 1,303
Issuance of restricted securities to employees and non-employee directors 42,281 41,989
Cash    
Cash flows from financing activities:    
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 5,150 141,118
Boston Properties Limited Partnership    
Net Income 88,608 108,301
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 218,404 217,019
Impairment loss 0 13,615
Amortization of right of use assets - operating leases 203 1,441
Amortization of sales type lease (281) 0
Non-cash compensation expense 22,917 18,873
Loss (income) from unconsolidated joint ventures 2,139 (19,186)
Distributions of net cash flow from operations of unconsolidated joint ventures 17,053 8,643
(Gains) losses from investments in securities 365 (2,272)
Allowance for current expected credit losses (23) 4
Non-cash portion of interest expense 9,257 12,109
Loss from early extinguishment of debt 338 0
Loss on sales-type lease 2,490 0
Unrealized (Gain) Loss on non-real estate Investments 483 (396)
Change in assets and liabilities:    
Tenant and other receivables, net 1,903 29,454
Accrued rental income, net (28,178) (35,945)
Prepaid expenses and other assets (73,910) (74,705)
Right of use assets - operating lease 0 (750)
Lease liabilities - operating leases (162) (1,241)
Accounts payable and accrued expenses (14,664) (20,725)
Accrued interest payable (7,660) (14,171)
Other liabilities (11,862) (12,846)
Tenant leasing costs (17,384) (29,627)
Total adjustments 121,428 89,294
Net cash provided by operating activities 210,036 197,595
Cash flows from investing activities:    
Construction in progress (138,796) (181,636)
Building and other capital improvements (57,395) (32,087)
Tenant improvements (60,338) (53,377)
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) 0 6,086
Capital contributions to unconsolidated joint ventures (52,611) (26,457)
Investment in non-real estate investments (434) 0
Issuance of note receivables (including related party) (600) (573)
Investments in securities, net 1,031 1,425
Net cash used in investing activities (309,143) (286,619)
Cash flows from financing activities:    
Repayments of mortgage notes payable (1,122) (804)
Redemption of unsecured senior notes (850,000) (700,000)
Borrowings on unsecured line of credit 360,000 0
Repayments of unsecured line of credit (60,000) 0
Borrowings on unsecured term loans 700,000 0
Finance Lease, Principal Payments (3,344) (3,160)
Repayment of unsecured term loan (700,000) 0
Proceeds from Issuance of Commercial Paper 1,287,523 0
Repayments of Commercial Paper (1,287,523) 0
Deferred financing costs (14,102) (108)
Net activity from equity transactions (821) (2,136)
Dividends and distributions (173,118) (171,794)
Distributions to noncontrolling interests in property partnerships (19,525) (20,025)
Net cash used in financing activities (756,882) (756,909)
Net increase (decrease) in cash and cash equivalents and cash held in escrows (855,989) (845,933)
Cash and cash equivalents and cash held in escrows, beginning of period 1,335,196 1,612,567
Cash and cash equivalents and cash held in escrows, end of period 479,207 766,634
Reconciliation of cash and cash equivalents and cash held in escrow    
Cash and cash equivalents, beginning of period 1,254,882 1,531,477
Cash held in escrows, beginning of period 80,314 81,090
Cash and cash equivalents, end of period 398,126 701,695
Cash held in escrows,end of period 81,081 64,939
Supplemental disclosures:    
Cash paid for interest 175,700 180,717
Interest capitalized 10,317 9,381
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (20,549) (27,993)
Change in real estate included in accounts payable and accrued expenses 15,198 (48,518)
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 0 25,637
Non-cash contributions from noncontrolling interest in property partnerhips 281 52,786
Capitalized operating lease costs 7,548 7,548
Investment in unconsolidated joint ventures eliminated upon consolidation 0 (11,834)
Mortgage notes payable recorded upon consolidation 0 207,093
Real estate and intangibles recorded upon consolidation 0 (220,015)
Dividends and distributions declared but not paid 172,674 172,154
Conversions of noncontrolling interests to stockholders’ equity 3,676 1,303
Issuance of restricted securities to employees and non-employee directors 42,281 41,989
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 $ 5,150 $ 141,118