BOSTON PROPERTIES INC [BXP] Filings

10-Q 1 bxp-20220331.htm 10-Q bxp-20220331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13087 (Boston Properties, Inc.)

Commission File Number: 0-50209 (Boston Properties Limited Partnership)

BOSTON PROPERTIES, INC.

BOSTON PROPERTIES LIMITED PARTNERSHIP

(Exact name of Registrants as specified in its charter)


Boston Properties, Inc.	Delaware	04-2473675
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

Boston Properties Limited Partnership	Delaware	04-3372948
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

Prudential Center, 800 Boylston Street, Suite 1900, Boston, Massachusetts 02199-8103

(Address of principal executive offices) (Zip Code)

(617) 236-3300

(Registrants’ telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Boston Properties, Inc.

Common Stock, par value $0.01 per share

BXP

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Boston Properties, Inc.: Yes x No ☐ Boston Properties Limited Partnership: Yes x No ☐

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Boston Properties, Inc.: Yes x No ☐ Boston Properties Limited Partnership: Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Boston Properties, Inc.:

Large accelerated filer x Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

Boston Properties Limited Partnership:

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer x Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Boston Properties, Inc. ☐ Boston Properties Limited Partnership ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Boston Properties, Inc.: Yes ☐ No x Boston Properties Limited Partnership: Yes ☐ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Boston Properties, Inc.	Common Stock, par value $0.01 per share	156,712,188
(Registrant)	(Class)	(Outstanding on April 25, 2022)

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EXPLANATORY NOTE

This report combines the Quarterly Reports on Form 10-Q for the period ended March 31, 2022 of Boston Properties, Inc. and Boston Properties Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “BXP” mean Boston Properties, Inc., a Delaware corporation and real estate investment trust (“REIT”), and references to “BPLP” and the “Operating Partnership” mean Boston Properties Limited Partnership, a Delaware limited partnership. BPLP is the entity through which BXP conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets. BXP is the sole general partner and also a limited partner of BPLP. As the sole general partner of BPLP, BXP has exclusive control of BPLP’s day-to-day management. Therefore, unless stated otherwise or the context requires, references to the “Company,” “we,” “us” and “our” mean collectively BXP, BPLP and those entities/subsidiaries consolidated by BXP.

As of March 31, 2022, BXP owned an approximate 89.6% ownership interest in BPLP. The remaining approximate 10.4% interest was owned by limited partners. The other limited partners of BPLP either (1) contributed their direct or indirect interests in properties to BPLP in exchange for common units or preferred units of limited partnership interest in BPLP or (2) received long-term incentive plan units of BPLP pursuant to BXP’s Stock Option and Incentive Plans, or both. Under the limited partnership agreement of BPLP, unitholders may present their common units of BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time, generally one year from issuance). Upon presentation of a common unit for redemption, BPLP must redeem the unit for cash equal to the then value of a share of BXP’s common stock. In lieu of a cash redemption by BPLP, however, BXP may elect to acquire any common units so tendered by issuing shares of BXP common stock in exchange for the common units. If BXP so elects, its common stock will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. BXP generally expects that it will elect to issue its common stock in connection with each such presentation for redemption rather than having BPLP pay cash. With each such exchange or redemption, BXP’s percentage ownership in BPLP will increase. In addition, whenever BXP issues shares of its common stock other than to acquire common units of BPLP, BXP must contribute any net proceeds it receives to BPLP and BPLP must issue to BXP an equivalent number of common units of BPLP. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.

The Company believes that combining the Quarterly Reports on Form 10-Q of BXP and BPLP into this single report:

•enhances investors’ understanding of BXP and BPLP by enabling them to view the business as a whole in the same manner as management views and operates the business;

•eliminates duplicative disclosure and provides a more concise and readable presentation because a substantial portion of the disclosure applies to both BXP and BPLP; and

•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

The Company believes it is important to understand the few differences between BXP and BPLP in the context of how BXP and BPLP operate as a consolidated company. The financial results of BPLP are consolidated into the financial statements of BXP. BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving the securities of BXP. BPLP holds substantially all of the assets of BXP, including ownership interests in joint ventures. BPLP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by BXP, which are contributed to the capital of BPLP in exchange for common or preferred units of partnership in BPLP, as applicable, BPLP generates all remaining capital required by the Company’s business. These sources include working capital, net cash provided by operating activities, borrowings under its credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties and interests in joint ventures.

Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of BXP and BPLP. The limited partners of BPLP are accounted for as partners’ capital in BPLP’s financial statements and as noncontrolling interests in BXP’s financial statements. The noncontrolling interests in BPLP’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in BXP’s financial statements include the same

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noncontrolling interests in BPLP and limited partners of BPLP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at BXP and BPLP levels.

In addition, the consolidated financial statements of BXP and BPLP differ in total real estate assets resulting from previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of BPLP. This accounting resulted in a step-up of the real estate assets of BXP at the time of such redemptions, resulting in a difference between the net real estate of BXP as compared to BPLP of approximately $259.0 million, or 1.4% at March 31, 2022, and a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of these properties having an allocation of the real estate step-up. The acquisition accounting was nullified on a prospective basis beginning in 2009 as a result of the Company’s adoption of a new accounting standard requiring any subsequent redemptions to be accounted for solely as an equity transaction.

To help investors better understand the key differences between BXP and BPLP, the following items in this report present information separately for BXP and BPLP:

• Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP:

• Note 3. Real Estate;

• Note 8. Stockholders’ Equity / Partners’ Capital;

• Note 9. Segment Information; and

• Note 10. Earnings Per Share / Common Unit

• Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable; and

• Item 2. Liquidity and Capital Resources includes separate reconciliations of amounts to each entity’s financial statements, where applicable.

This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP.

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BOSTON PROPERTIES, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP

FORM 10-Q

for the quarter ended March 31, 2022

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		Page
PART I. FINANCIAL INFORMATION
ITEM 1.	Financial Statements (unaudited)	1

Boston Properties, Inc.


	a) Consolidated Balance Sheets as of March 3 1 , 202 2 and December 31, 202 1	1
	b) Consolidated Statements of Operations for the three months ended March 3 1 , 202 2 and 202 1	3
	c) Consolidated Statements of Comprehensive Income for the three months ended March 3 1 , 202 2 and 202 1	4
	d) Consolidated Statements of Equity for the three months ended March 3 1 , 202 2 and 202 1	5
	e) Consolidated Statements of Cash Flows for the three months ended M arch 3 1 , 202 2 and 202 1	6

Boston Properties Limited Partnership


	a) Consolidated Balance Sheets as of March 31 , 202 2 and December 31, 202 1	8
	b) Consolidated Statements of Operations for the three months ended M arch 3 1 , 202 2 and 202 1	10
	c) Consolidated Statements of Comprehensive Income for the three months ended March 31, 202 2 and 202 1	11
	d) Consolidated Statements of Capital and Noncontrolling Interests for the three months ended March 31 , 202 2 and 202 1	12
	e) Consolidated Statements of Cash Flows for the three months ended March 31 , 202 2 and 202 1	13

Boston Properties, Inc. and Boston Properties Limited Partnership
	Notes to the Consolidated Financial Statements	15

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	70
ITEM 4.	Controls and Procedures	71

PART II. OTHER INFORMATION
ITEM 1.	Legal Proceedings	72
ITEM 1A.	Risk Factors	72
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	72
ITEM 3.	Defaults Upon Senior Securities	74
ITEM 4.	Mine Safety Disclosures	74
ITEM 5.	Other Information	74
ITEM 6.	Exhibits	75

SIGNATURES		76

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PART I. FINANCIAL INFORMATION

ITEM 1—Financial Statements.


BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts)
	March 31, 2022		December 31, 2021
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,717,227 and $6,702,830 at March 31, 2022 and December 31, 2021, respectively)	$	23,902,226	$	23,752,630
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2022 and December 31, 2021, respectively)	237,501		237,507
Right of use assets - operating leases	169,248		169,778
Less: accumulated depreciation (amounts related to VIEs of $(1,306,601) and $(1,283,060) at March 31, 2022 and December 31, 2021, respectively)	(5,995,760)		(5,883,961)
Total real estate	18,313,215		18,275,954
Cash and cash equivalents (amounts related to VIEs of $266,593 and $300,937 at March 31, 2022 and December 31, 2021, respectively)	436,271		452,692
Cash held in escrows	46,072		48,466
Investments in securities	36,032		43,632
Tenant and other receivables, net (amounts related to VIEs of $8,414 and $6,824 at March 31, 2022 and December 31, 2021, respectively)	56,132		70,186
Related party note receivable, net	78,544		78,336
Notes receivable, net	9,674		9,641
Accrued rental income, net (amounts related to VIEs of $356,640 and $357,395 at March 31, 2022 and December 31, 2021, respectively)	1,243,395		1,226,745
Deferred charges, net (amounts related to VIEs of $174,063 and $174,637 at March 31, 2022 and December 31, 2021, respectively)	609,205		618,798
Prepaid expenses and other assets (amounts related to VIEs of $39,362 and $29,668 at March 31, 2022 and December 31, 2021, respectively)	128,472		57,811
Investments in unconsolidated joint ventures	1,518,622		1,482,997
Total assets	$	22,475,634	$	22,365,258
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,268,745 and $3,267,914 at March 31, 2022 and December 31, 2021, respectively)	$	3,268,745	$	3,267,914
Unsecured senior notes, net	9,486,379		9,483,695
Unsecured line of credit	255,000		145,000
Lease liabilities - finance leases (amounts related to VIEs of $20,420 and $20,458 at March 31, 2022 and December 31, 2021, respectively)	245,554		244,421
Lease liabilities - operating leases	204,677		204,561
Accounts payable and accrued expenses (amounts related to VIEs of $30,804 and $29,464 at March 31, 2022 and December 31, 2021, respectively)	304,576		320,775
Dividends and distributions payable	170,869		169,859
Accrued interest payable	90,861		94,796

Other liabilities (amounts related to VIEs of $128,581 and $150,131 at March 31, 2022 and December 31, 2021, respectively)	396,283		391,441
Total liabilities	14,422,944		14,322,462
Commitments and contingencies (See Note 6)
Redeemable deferred stock units— 85,645 and 83,073 units outstanding at redemption value at March 31, 2022 and December 31, 2021, respectively	11,031		9,568

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BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts)
	March 31, 2022		December 31, 2021
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	—		—
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding	—		—
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,790,614 and 156,623,749 issued and 156,711,714 and 156,544,849 outstanding at March 31, 2022 and December 31, 2021, respectively	1,567		1,565
Additional paid-in capital	6,509,663		6,497,730
Dividends in excess of earnings	(636,421)		(625,891)
Treasury common stock at cost, 78,900 shares at March 31, 2022 and December 31, 2021	(2,722)		(2,722)
Accumulated other comprehensive loss	(28,485)		(36,662)
Total stockholders’ equity attributable to Boston Properties, Inc.	5,843,602		5,834,020
Noncontrolling interests:
Common units of Boston Properties Limited Partnership	649,602		642,655
Property partnerships	1,548,455		1,556,553
Total equity	8,041,659		8,033,228
Total liabilities and equity	$	22,475,634	$	22,365,258

The accompanying notes are an integral part of these consolidated financial statements.

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BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except for per share amounts)


	Three months ended March 31,
	2022		2021
Revenue
Lease	$	718,120	$	685,817
Parking and other	21,734		16,938
Hotel	4,557		632
Development and management services	5,831		6,803
Direct reimbursements of payroll and related costs from management services contracts	4,065		3,505
Total revenue	754,307		713,695
Expenses
Operating
Rental	270,255		257,389
Hotel	4,840		2,051
General and administrative	43,194		44,959
Payroll and related costs from management services contracts	4,065		3,505
Transaction costs	—		331
Depreciation and amortization	177,624		176,565
Total expenses	499,978		484,800
Other income (expense)
Income from unconsolidated joint ventures	2,189		5,225
Gains on sales of real estate	22,701		—
Interest and other income (loss)	1,228		1,168
Gains (losses) from investments in securities	(2,262)		1,659
Losses from early extinguishment of debt	—		(898)
Interest expense	(101,228)		(107,902)
Net income	176,957		128,147
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(17,549)		(16,467)
Noncontrolling interest—common units of the Operating Partnership	(16,361)		(11,084)
Net income attributable to Boston Properties, Inc.	143,047		100,596
Preferred dividends	—		(2,560)
Preferred stock redemption charge	—		(6,412)
Net income attributable to Boston Properties, Inc. common shareholders	$	143,047	$	91,624
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income	$	0.91	$	0.59
Weighted average number of common shares outstanding	156,650		155,928
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income	$	0.91	$	0.59
Weighted average number of common and common equivalent shares outstanding	157,004		156,099

The accompanying notes are an integral part of these consolidated financial statements.

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BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited and in thousands)


	Three months ended March 31,
	2022		2021
Net income	$	176,957	$	128,147
Other comprehensive income:
Effective portion of interest rate contracts	7,565		3,740
Amortization of interest rate contracts (1)	1,676		1,676
Other comprehensive income	9,241		5,416
Comprehensive income	186,198		133,563
Net income attributable to noncontrolling interests	(33,910)		(27,551)
Other comprehensive income attributable to noncontrolling interests	(1,064)		(665)
Comprehensive income attributable to Boston Properties, Inc.	$	151,224	$	105,347

_______________

(1)Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties, Inc.’s Consolidated Statements of Operations.

The accompanying notes are an integral part of these consolidated financial statements.

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BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF EQUITY (unaudited and in thousands)
	Common Stock			Preferred Stock		Additional Paid-in Capital		Dividends in Excess of Earnings		Treasury Stock, at cost		Accumulated Other Comprehensive Loss		Noncontrolling Interests - Common Units		Noncontrolling Interests - Property Partnerships		Total
	Shares	Amount
Equity, December 31, 2021	156,545	$	1,565	$	—	$	6,497,730	$	(625,891)	$	(2,722)	$	(36,662)	$	642,655	$	1,556,553	$	8,033,228
Redemption of operating partnership units to common stock	141	2		—		5,026		—		—		—		(5,028)		—		—
Allocated net income for the period	—	—		—		—		143,047		—		—		16,361		17,549		176,957
Dividends/distributions declared	—	—		—		—		(153,577)		—		—		(17,920)		—		(171,497)
Shares issued pursuant to stock purchase plan	5	—		—		600		—		—		—		—		—		600
Net activity from stock option and incentive plan	21	—		—		(133)		—		—		—		19,054		—		18,921
Contributions from noncontrolling interests in property partnerships	—	—		—		—		—		—		—		—		849		849
Distributions to noncontrolling interests in property partnerships	—	—		—		—		—		—		—		—		(26,640)		(26,640)
Effective portion of interest rate contracts	—	—		—		—		—		—		6,800		765		—		7,565
Amortization of interest rate contracts	—	—		—		—		—		—		1,377		155		144		1,676
Reallocation of noncontrolling interest	—	—		—		6,440		—		—		—		(6,440)		—		—
Equity, March 31, 2022	156,712	$	1,567	$	—	$	6,509,663	$	(636,421)	$	(2,722)	$	(28,485)	$	649,602	$	1,548,455	$	8,041,659

Equity, December 31, 2020	155,719	$	1,557	$	200,000	$	6,356,791	$	(509,653)	$	(2,722)	$	(49,890)	$	616,596	$	1,726,933	8,339,612
Redemption of operating partnership units to common stock	118	1		—		4,197		—		—		—		(4,198)		—		—
Allocated net income for the period	—	—		—		—		100,596		—		—		11,084		16,467		128,147
Dividends/distributions declared	—	—		—		—		(155,513)		—		—		(17,287)		—		(172,800)
Shares issued pursuant to stock purchase plan	5	—		—		484		—		—		—		—		—		484
Net activity from stock option and incentive plan	232	3		—		20,002		—		—		—		18,462		—		38,467
Preferred stock redemption	—	—		(200,000)		6,377		—		—		—		—		—		(193,623)
Preferred stock redemption charge	—	—		—		—		(6,412)		—		—		—		—		(6,412)
Contributions from noncontrolling interests in property partnerships	—	—		—		—		—		—		—		—		281		281
Distributions to noncontrolling interests in property partnerships	—	—		—		—		—		—		—		—		(18,225)		(18,225)
Effective portion of interest rate contracts	—	—		—		—		—		—		3,370		370		—		3,740
Amortization of interest rate contracts	—	—		—		—		—		—		1,381		151		144		1,676
Reallocation of noncontrolling interest	—	—		—		5,072		—		—		—		(5,072)		—		—
Equity, March 31, 2021	156,074	$	1,561	$	—	$	6,392,923	$	(570,982)	$	(2,722)	$	(45,139)	$	620,106	$	1,725,600	$	8,121,347

The accompanying notes are an integral part of these consolidated financial statements.

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BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands)
	Three months ended March 31,
	2022		2021
Cash flows from operating activities:
Net income	$	176,957	$	128,147
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	177,624		176,565
Amortization of right of use assets - operating leases	529		2,263
Non-cash compensation expense	21,235		20,090
Income from unconsolidated joint ventures	(2,189)		(5,225)
Distributions of net cash flow from operations of unconsolidated joint ventures	6,385		3,972
Losses (gains) from investments in securities	2,262		(1,659)
Allowance for current expected credit losses	(234)		(128)
Non-cash portion of interest expense	5,960		5,984
Settlement of accreted debt discount on redemption of unsecured senior notes	—		(6,290)
Losses from early extinguishments of debt	—		898
Gains on sales of real estate	(22,701)		—
Change in assets and liabilities:
Tenant and other receivables, net	17,635		26,020
Notes receivable, net	(8)		(140)
Accrued rental income, net	(29,567)		(9,413)
Prepaid expenses and other assets	(71,731)		(96,351)

Lease liabilities - operating leases	116		(1,330)
Accounts payable and accrued expenses	(31,800)		(21,578)
Accrued interest payable	(3,933)		(28,970)
Other liabilities	(12,146)		(24,177)
Tenant leasing costs	(14,904)		(16,615)
Total adjustments	42,533		23,916
Net cash provided by operating activities	219,490		152,063
Cash flows from investing activities:
Acquisitions of real estate	(3,580)		—
Construction in progress	(100,313)		(119,496)
Building and other capital improvements	(26,811)		(32,717)
Tenant improvements	(55,168)		(93,201)
Proceeds from sales of real estate	35,397		—
Capital contributions to unconsolidated joint ventures	(26,293)		(16,684)
Capital distributions from unconsolidated joint ventures	20,095		122

Proceeds from sale of investment in unconsolidated joint venture	—		17,589
Investments in securities, net	5,338		2,114
Net cash used in investing activities	(151,335)		(242,273)
Cash flows from financing activities:

Repayments of mortgage notes payable	—		(5,374)
Proceeds from unsecured senior notes	—		846,345

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BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands)
	Three months ended March 31,
	2022		2021
Redemption of unsecured senior notes	—		(843,710)
Borrowings on unsecured line of credit	190,000		—
Repayments of unsecured line of credit	(80,000)		—
Repayment of unsecured term loan	—		(500,000)

Payments on finance lease obligations	—		—
Deferred financing costs	(359)		(7,145)

Debt prepayment and extinguishment costs	—		(185)
Net proceeds from equity transactions	(332)		19,643
Dividends and distributions	(170,488)		(171,566)
Contributions from noncontrolling interests in property partnerships	849		281
Distributions to noncontrolling interests in property partnerships	(26,640)		(18,225)
Net cash used in financing activities	(86,970)		(679,936)
Net decrease in cash and cash equivalents and cash held in escrows	(18,815)		(770,146)
Cash and cash equivalents and cash held in escrows, beginning of period	501,158		1,719,329
Cash and cash equivalents and cash held in escrows, end of period	$	482,343	$	949,183

Reconciliation of cash and cash equivalents and cash held in escrows:
Cash and cash equivalents, beginning of period	$	452,692	$	1,668,742
Cash held in escrows, beginning of period	48,466		50,587
Cash and cash equivalents and cash held in escrows, beginning of period	$	501,158	$	1,719,329

Cash and cash equivalents, end of period	$	436,271	$	697,369
Cash held in escrows, end of period	46,072		251,814
Cash and cash equivalents and cash held in escrows, end of period	$	482,343	$	949,183

Supplemental disclosures:
Cash paid for interest	$	111,904	$	146,781
Interest capitalized	$	13,740	$	12,032

Non-cash investing and financing activities:
Write-off of fully depreciated real estate	$	(34,946)	$	(25,161)
Change in real estate included in accounts payable and accrued expenses	$	16,907	$	(42,778)




Preferred stock redemption liability	$	—	$	200,000
Deferred distributions from sale of investment in unconsolidated joint ventures	$	—	$	5,808
Deferred proceeds from sale of investment in unconsolidated joint ventures	$	—	$	200
Dividends and distributions declared but not paid	$	170,869	$	171,003
Conversions of noncontrolling interests to stockholders’ equity	$	5,028	$	4,198
Issuance of restricted securities to employees and non-employee directors	$	46,082	$	41,255

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents


BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts)
	March 31, 2022		December 31, 2021
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,717,227 and $6,702,830 at March 31, 2022 and December 31, 2021, respectively)	$	23,529,828	$	23,379,243
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2022 and December 31, 2021, respectively)	237,501		237,507
Right of use assets - operating leases	169,248		169,778
Less: accumulated depreciation (amounts related to VIEs of $(1,306,601) and $(1,283,060) at March 31, 2022 and December 31, 2021, respectively)	(5,882,385)		(5,772,018)
Total real estate	18,054,192		18,014,510
Cash and cash equivalents (amounts related to VIEs of $266,593 and $300,937 at March 31, 2022 and December 31, 2021, respectively)	436,271		452,692
Cash held in escrows	46,072		48,466
Investments in securities	36,032		43,632
Tenant and other receivables, net (amounts related to VIEs of $8,414 and $6,824 at March 31, 2022 and December 31, 2021, respectively)	56,132		70,186
Related party note receivable, net	78,544		78,336
Notes receivable, net	9,674		9,641
Accrued rental income, net (amounts related to VIEs of $356,640 and $357,395 at March 31, 2022 and December 31, 2021, respectively)	1,243,395		1,226,745
Deferred charges, net (amounts related to VIEs of $

BOSTON PROPERTIES INC [BXP] Filings
10-Q	[2022-05-02]
10-K	[2022-02-25]
10-Q	[2021-11-05]
10-Q	[2021-08-06]
10-Q	[2021-05-07]
10-K	[2021-02-26]
10-Q	[2020-11-06]
10-Q	[2020-08-07]
10-Q	[2020-05-11]
10-K	[2020-03-02]
10-Q	[2019-11-08]
10-Q	[2019-08-07]
10-Q	[2019-05-08]
10-K	[2019-02-28]
10-Q	[2018-11-07]
10-Q	[2018-08-07]
10-Q	[2018-05-08]
10-K	[2018-02-28]
10-Q	[2017-11-07]
10-Q	[2017-08-08]
10-Q	[2017-05-08]
10-K	[2017-02-28]
10-Q	[2016-11-07]
10-Q	[2016-08-04]
10-Q	[2016-05-06]
10-K	[2016-02-29]
10-Q	[2015-11-06]
10-Q	[2015-08-07]
10-Q	[2015-05-11]
10-K	[2015-03-02]
10-Q	[2014-11-07]
10-Q	[2014-08-08]
10-Q	[2014-05-09]
10-K	[2014-02-28]
10-Q	[2013-11-08]
10-Q	[2013-08-09]
10-Q	[2013-05-10]
10-K	[2013-02-28]
10-Q	[2012-11-08]
10-Q	[2012-08-08]
10-Q	[2012-05-08]
10-K	[2012-02-28]