v3.25.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Net Income $ 206,046 $ 213,553
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 443,926 438,258
Impairment loss 0 13,615
Amortization of right of use assets - operating leases 289 1,785
Amortization of sales type lease (513) (488)
Non-cash compensation expense 34,860 35,187
Loss (income) from unconsolidated joint ventures 5,463 (13,387)
Distributions of net cash flow from operations of unconsolidated joint ventures 25,857 21,153
Gains from investments in securities (2,235) (2,587)
Allowance for current expected credit losses (6) 36
Non-cash portion of interest expense 16,926 14,172
Loss from early extinguishment of debt 338 0
Gain on sale of real estate (18,390) 0
Loss on sales-type lease 2,490 0
Unrealized (Gain) Loss on non-real estate Investments 522 (454)
Change in assets and liabilities:    
Tenant and other receivables, net 4,336 39,743
Accrued rental income, net (51,222) (52,590)
Prepaid expenses and other assets (22,275) (14,685)
Right of use assets - operating lease 0 (750)
Lease liabilities - operating leases 199 (997)
Accounts payable and accrued expenses 12,133 (24,650)
Accrued interest payable (7,116) (21,637)
Other liabilities (41,586) (38,169)
Tenant leasing costs (46,861) (42,449)
Total adjustments 357,135 351,106
Net cash provided by operating activities 563,181 564,659
Cash flows from investing activities:    
Construction in progress (278,667) (313,602)
Building, pre-development and other capital improvements (129,031) (66,799)
Tenant improvements (139,748) (117,848)
Proceeds from sale of real estate 21,840 0
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) 0 6,086
Capital contributions to unconsolidated joint ventures (84,432) (60,461)
Investment in non-real estate investments (1,430) (625)
Issuance of note receivables (including related party) (1,800) (1,423)
Investments in securities, net 864 1,168
Net cash used in investing activities (612,404) (553,504)
Cash flows from financing activities:    
Repayments of mortgage notes payable (2,152) (2,019)
Redemption of unsecured senior notes (850,000) (700,000)
Borrowings on unsecured line of credit 520,000 0
Repayments of unsecured line of credit (335,000) 0
Borrowings on unsecured term loans 700,000 0
Finance Lease, Principal Payments (6,735) (5,999)
Repayment of unsecured term loan (700,000) (500,000)
Proceeds from Issuance of Commercial Paper 3,997,365 1,859,075
Repayments of Commercial Paper (3,747,365) (1,359,075)
Deferred financing costs (14,478) (2,633)
Net activity from equity transactions (938) (2,136)
Dividends and distributions (346,418) (344,574)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 65,591 210,423
Distributions to noncontrolling interests in property partnerships (38,002) (37,459)
Net cash used in financing activities (758,132) (886,221)
Net increase (decrease) in cash and cash equivalents and cash held in escrows (807,355) (875,066)
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 527,841 737,501
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 446,953 685,376
Cash held in escrows,end of period 80,888 52,125
Cash paid for interest (net of amounts capitalized) 342,936 342,409
Supplemental disclosures:    
Interest capitalized 22,465 19,717
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (48,037) (57,999)
Change in real estate included in accounts payable and accrued expenses 64,135 (48,896)
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 0 30,631
Finance Lease, Liability, Reversal from Re-Assessment 0 (38,491)
Finance Lease, Right-of-Use Asset, Reversal from Re-Assessment 0 (28,962)
Non-cash contributions from noncontrolling interests in property partnerships, net (2,393) 60,410
Capitalized operating lease costs 15,096 15,098
Investment in unconsolidated joint ventures eliminated upon consolidation 0 (11,834)
Mortgage notes payable recorded upon consolidation 0 207,093
Construction in progress, net deconsolidated (5,595) 0
Investment in unconsolidated joint ventures funded by real estate contributed 5,595 0
Investment in unconsolidated joint ventures funded by real estate contributed 0 (220,015)
Dividends and distributions declared but not paid 172,732 172,172
Conversions of noncontrolling interests to stockholders’ equity 3,801 2,754
Issuance of restricted securities to employees and non-employee directors 43,658 43,366
Cash    
Cash flows from financing activities:    
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 65,591 208,599
Boston Properties Limited Partnership    
Net Income 209,551 216,953
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 440,520 434,858
Impairment loss 0 13,615
Amortization of right of use assets - operating leases 289 1,785
Amortization of sales type lease (513) (488)
Non-cash compensation expense 34,860 35,187
Loss (income) from unconsolidated joint ventures 5,463 (13,387)
Distributions of net cash flow from operations of unconsolidated joint ventures 25,857 21,153
Gains from investments in securities (2,235) (2,587)
Allowance for current expected credit losses (6) 36
Non-cash portion of interest expense 16,926 14,172
Loss from early extinguishment of debt 338 0
Gain on sale of real estate (18,489) 0
Loss on sales-type lease 2,490 0
Unrealized (Gain) Loss on non-real estate Investments 522 (454)
Change in assets and liabilities:    
Tenant and other receivables, net 4,336 39,743
Accrued rental income, net (51,222) (52,590)
Prepaid expenses and other assets (22,275) (14,685)
Right of use assets - operating lease 0 (750)
Lease liabilities - operating leases 199 (997)
Accounts payable and accrued expenses 12,133 (24,650)
Accrued interest payable (7,116) (21,637)
Other liabilities (41,586) (38,169)
Tenant leasing costs (46,861) (42,449)
Total adjustments 353,630 347,706
Net cash provided by operating activities 563,181 564,659
Cash flows from investing activities:    
Construction in progress (278,667) (313,602)
Building, pre-development and other capital improvements (129,031) (66,799)
Tenant improvements (139,748) (117,848)
Proceeds from sale of real estate 21,840 0
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) 0 6,086
Capital contributions to unconsolidated joint ventures (84,432) (60,461)
Investment in non-real estate investments (1,430) (625)
Issuance of note receivables (including related party) (1,800) (1,423)
Investments in securities, net 864 1,168
Net cash used in investing activities (612,404) (553,504)
Cash flows from financing activities:    
Repayments of mortgage notes payable (2,152) (2,019)
Redemption of unsecured senior notes (850,000) (700,000)
Borrowings on unsecured line of credit 520,000 0
Repayments of unsecured line of credit (335,000) 0
Borrowings on unsecured term loans 700,000 0
Finance Lease, Principal Payments (6,735) (5,999)
Repayment of unsecured term loan (700,000) (500,000)
Proceeds from Issuance of Commercial Paper 3,997,365 1,859,075
Repayments of Commercial Paper (3,747,365) (1,359,075)
Deferred financing costs (14,478) (2,633)
Net activity from equity transactions (938) (2,136)
Dividends and distributions (346,418) (344,574)
Distributions to noncontrolling interests in property partnerships (38,002) (37,459)
Net cash used in financing activities (758,132) (886,221)
Net increase (decrease) in cash and cash equivalents and cash held in escrows (807,355) (875,066)
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 527,841 737,501
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 446,953 685,376
Cash held in escrows,end of period 80,888 52,125
Cash paid for interest (net of amounts capitalized) 342,936 342,409
Supplemental disclosures:    
Interest capitalized 22,465 19,717
Non-cash investing and financing activities:    
Write-off of fully depreciated real estate (48,037) (57,999)
Change in real estate included in accounts payable and accrued expenses 64,135 (48,896)
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 0 30,631
Finance Lease, Liability, Reversal from Re-Assessment 0 (38,491)
Finance Lease, Right-of-Use Asset, Reversal from Re-Assessment 0 (28,962)
Non-cash contributions from noncontrolling interests in property partnerships, net (2,393) 60,410
Capitalized operating lease costs 15,096 15,098
Investment in unconsolidated joint ventures eliminated upon consolidation 0 (11,834)
Mortgage notes payable recorded upon consolidation 0 207,093
Construction in progress, net deconsolidated (5,595) 0
Investment in unconsolidated joint ventures funded by real estate contributed 5,595 0
Investment in unconsolidated joint ventures funded by real estate contributed 0 (220,015)
Dividends and distributions declared but not paid 172,732 172,172
Conversions of noncontrolling interests to stockholders’ equity 3,801 2,754
Issuance of restricted securities to employees and non-employee directors 43,658 43,366
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 $ 65,591 $ 208,599