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Table of Contents                
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 September 30, 2023
or
☐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.Delaware04-2473675
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Boston Properties Limited PartnershipDelaware04-3372948
(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:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Boston Properties, Inc.Common Stock, par value $0.01 per shareBXPNew 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 share156,940,180
(Registrant)(Class)
(Outstanding on October 30, 2023)

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EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the period ended September 30, 2023 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 September 30, 2023, BXP owned an approximate 89.4% ownership interest in BPLP. The remaining approximate 10.6% interest was owned by limited partners. The other limited partners of BPLP (1) contributed their direct or indirect interests in properties to BPLP in exchange for common 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 subsidiaries and 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 by each of BXP and BPLP.
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 $244.6 million, or 1.2% at September 30, 2023, 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 10. Stockholders’ Equity / Partners’ Capital;
• Note 11. Segment Information; and
• Note 12. Earnings Per Share / Common Unit
• Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Liquidity and Capital Resources, includes information specific to each entity, where applicable.
This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 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 September 30, 2023
TABLE OF CONTENTS
 Page
ITEM 1.
Boston Properties, Inc.
Boston Properties Limited Partnership
Boston Properties, Inc. and Boston Properties Limited Partnership
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
 


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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)
September 30, 2023December 31, 2022
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,902,389 and $6,789,029 at September 30, 2023 and December 31, 2022, respectively)
$26,031,390 $25,389,663 
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2023 and December 31, 2022, respectively)
237,532 237,510 
Right of use assets - operating leases (amounts related to VIEs of $156,940 and $0 at September 30, 2023 and December 31, 2022, respectively)
322,790 167,351 
Less: accumulated depreciation (amounts related to VIEs of $(1,463,949) and $(1,381,401) at September 30, 2023 and December 31, 2022, respectively)
(6,723,616)(6,298,082)
Total real estate19,868,096 19,496,442 
Cash and cash equivalents (amounts related to VIEs of $240,039 and $259,658 at September 30, 2023 and December 31, 2022, respectively)
882,647 690,333 
Cash held in escrows
47,741 46,479 
Investments in securities32,809 32,277 
Tenant and other receivables, net (amounts related to VIEs of $36,758 and $16,521 at September 30, 2023 and December 31, 2022, respectively)
123,138 81,389 
Related party note receivable, net88,807 78,576 
Sales-type lease receivable, net13,475 12,811 
Accrued rental income, net (amounts related to VIEs of $393,227 and $367,138 at September 30, 2023 and December 31, 2022, respectively)
1,331,796 1,276,580 
Deferred charges, net (amounts related to VIEs of $171,998 and $176,597 at September 30, 2023 and December 31, 2022, respectively)
692,386 733,282 
Prepaid expenses and other assets (amounts related to VIEs of $46,473 and $11,647 at September 30, 2023 and December 31, 2022, respectively)
121,431 43,589 
Investments in unconsolidated joint ventures1,536,822 1,715,911 
Total assets$24,739,148 $24,207,669 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,275,974 and $3,272,368 at September 30, 2023 and December 31, 2022, respectively)
$3,275,974 $3,272,368 
Unsecured senior notes, net10,488,568 10,237,968 
Unsecured line of credit— — 
Unsecured term loan, net1,197,173 730,000 
Lease liabilities - finance leases (amounts related to VIEs of $20,710 and $20,604 at September 30, 2023 and December 31, 2022, respectively)
253,178 249,335 
Lease liabilities - operating leases (amounts related to VIEs of $136,332 and $0 at September 30, 2023 and December 31, 2022, respectively)
341,299 204,686 
Accounts payable and accrued expenses (amounts related to VIEs of $43,696 and $29,466 at September 30, 2023 and December 31, 2022, respectively)
462,240 417,545 
Dividends and distributions payable171,916 170,643 
Accrued interest payable
128,422 103,774 
Other liabilities (amounts related to VIEs of $106,566 and $114,232 at September 30, 2023 and December 31, 2022, respectively)
380,014 450,918 
Total liabilities16,698,784 15,837,237 
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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
September 30, 2023December 31, 2022
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 114,124 and 97,853 units outstanding at redemption value at September 30, 2023 and December 31, 2022, respectively
6,788 6,613 
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, 157,018,080 and 156,836,767 issued and 156,939,180 and 156,757,867 outstanding at September 30, 2023 and December 31, 2022, respectively
1,569 1,568 
Additional paid-in capital
6,568,645 6,539,147 
Dividends in excess of earnings(782,275)(391,356)
Treasury common stock at cost, 78,900 shares at September 30, 2023 and December 31, 2022
(2,722)(2,722)
Accumulated other comprehensive income (loss)2,866 (13,718)
Total stockholders’ equity attributable to Boston Properties, Inc.5,788,083 6,132,919 
Noncontrolling interests:
Common units of Boston Properties Limited Partnership656,587 683,583 
Property partnerships1,588,906 1,547,317 
Total equity8,033,576 8,363,819 
Total liabilities and equity$24,739,148 $24,207,669 
















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 September 30,Nine months ended September 30,
 2023202220232022
Revenue
Lease$767,181 $739,255 $2,285,789 $2,179,274 
Parking and other30,428 28,154 81,421 80,234 
Hotel13,484 11,749 35,554 28,395 
Development and management services9,284 7,465 28,122 19,650 
Direct reimbursements of payroll and related costs from management services contracts
3,906 3,900 13,750 11,204 
Total revenue824,283 790,523 2,444,636 2,318,757 
Expenses
Operating
Rental300,192 281,702 882,536 825,805 
Hotel9,020 8,548 23,852 19,832 
General and administrative31,410 32,519 131,387 110,378 
Payroll and related costs from management services contracts3,906 3,900 13,750 11,204 
Transaction costs751 1,650 1,970 2,146 
Depreciation and amortization207,435 190,675 618,746 551,445 
Total expenses552,714 518,994 1,672,241 1,520,810 
Other income (expense)
Loss from unconsolidated joint ventures(247,556)(3,524)(261,793)(1,389)
Gains on sales of real estate517 262,345 517 381,293 
Interest and other income (loss)20,715 3,728 48,999 6,151 
Other income - assignment fee— — — 6,624 
Gains (losses) from investments in securities(925)(1,571)2,311 (8,549)
Unrealized gain (loss) on non-real estate investment(51)— 332 — 
Interest expense(147,812)(111,846)(424,492)(317,216)
Net income (loss)(103,543)420,661 138,269 864,861 
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships(20,909)(18,801)(59,337)(54,896)
Noncontrolling interest—common units of the Operating Partnership12,626 (40,883)(8,642)(82,821)
Net income (loss) attributable to Boston Properties, Inc.$(111,826)$360,977 $70,290 $727,144 
Basic earnings per common share attributable to Boston Properties, Inc.
Net income (loss)$(0.71)$2.30 $0.45 $4.63 
Weighted average number of common shares outstanding156,880 156,754 156,837 156,708 
Diluted earnings per common share attributable to Boston Properties, Inc.
Net income (loss)$(0.71)$2.29 $0.45 $4.62 
Weighted average number of common and common equivalent shares outstanding
156,880 157,133 157,177 157,144 



The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited and in thousands)
 
Three months ended September 30,Nine months ended September 30,
 2023202220232022
Net income (loss)$(103,543)$420,661 $138,269 $864,861 
Other comprehensive income:
Effective portion of interest rate contracts5,459 10,800 13,886 18,400 
Amortization of interest rate contracts (1)1,677 1,677 5,026 5,030 
Other comprehensive income7,136 12,477 18,912 23,430 
Comprehensive income (loss)(96,407)433,138 157,181 888,291 
Net income attributable to noncontrolling interests(8,283)(59,684)(67,979)(137,717)
Other comprehensive income attributable to noncontrolling interests(864)(1,390)(2,327)(2,757)
Comprehensive income (loss) attributable to Boston Properties, Inc.$(105,554)$372,064 $86,875 $747,817 
_______________
(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 StockAdditional Paid-in CapitalDividends in Excess of EarningsTreasury Stock,
at cost		Accumulated Other Comprehensive LossNoncontrolling Interests - Common UnitsNoncontrolling Interests - Property PartnershipsTotal
 SharesAmount
Equity, June 30, 2023
156,854 $1,569 $6,561,161 $(516,550)$(2,722)$(3,406)$689,123 $1,557,368 $8,286,543 
Redemption of operating partnership units to common stock79 — 2,920 — — — (2,920)— — 
Allocated net income (loss) for the period— — — (111,925)— — (12,527)20,909 (103,543)
Dividends/distributions declared— — — (153,800)— — (18,301)— (172,101)
Shares issued pursuant to stock purchase plan10 — 570 — — — — — 570 
Net activity from stock option and incentive plan(4)— 421 — — — 4,065 — 4,486 
Contributions from noncontrolling interests in property partnerships— — — — — — — 5,116 5,116 
Non-cash contributions from noncontrolling interests in property partnerships— — — — — — — 17,519 17,519 
Distributions to noncontrolling interests in property partnerships— — — — — — — (12,150)(12,150)
Effective portion of interest rate contracts— — — — — 4,896 563 — 5,459 
Amortization of interest rate contracts— — — — — 1,376 157 144 1,677 
Reallocation of noncontrolling interest— — 3,573 — — — (3,573)— — 
Equity, September 30, 2023
156,939 $1,569 $6,568,645 $(782,275)$(2,722)$2,866 $656,587 $1,588,906 $8,033,576 
Equity, June 30, 2022
156,726 $1,567 $6,524,997 $(567,016)$(2,722)$(27,077)$660,214 $1,552,706 $8,142,669 
Redemption of operating partnership units to common stock26 1 958 — — — (959)— — 
Allocated net income for the period— — — 361,100 — — 40,760 18,801 420,661 
Dividends/distributions declared— — — (153,620)— — (17,930)— (171,550)
Shares issued pursuant to stock purchase plan5 — 436 — — — — — 436 
Net activity from stock option and incentive plan(2)— 1,648 — — — 6,880 — 8,528 
Distributions to noncontrolling interests in property partnerships— — — — — — — (20,150)(20,150)
Effective portion of interest rate contracts— — — — — 9,709 1,091 — 10,800 
Amortization of interest rate contracts— — — — — 1,377 156 144 1,677 
Reallocation of noncontrolling interest— — 4,260 — — — (4,260)— — 
Equity, September 30, 2022
156,755 $1,568 $6,532,299 $(359,536)$(2,722)$(15,991)$685,952 $1,551,501 $8,393,071 





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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
 (unaudited and in thousands)
Common StockAdditional Paid-in CapitalDividends in Excess of EarningsTreasury Stock,
at cost		Accumulated Other Comprehensive LossNoncontrolling Interests - Common UnitsNoncontrolling Interests - Property PartnershipsTotal
SharesAmount
Equity, December 31, 2022156,758 $1,568 $6,539,147 $(391,356)$(2,722)$(13,718)$683,583 $1,547,317 $8,363,819 
Redemption of operating partnership units to common stock100 1 3,713 — — — (3,714)— — 
Allocated net income for the period— — — 70,290 — — 8,642 59,337 138,269 
Dividends/distributions declared— — — (461,209)— — (55,038)— (516,247)
Shares issued pursuant to stock purchase plan19 — 1,156 — — — — — 1,156 
Net activity from stock option and incentive plan62 — 3,759 — — — 42,088 — 45,847 
Contributions from noncontrolling interests in property partnerships— — — — — — — 12,671 12,671 
Non-cash contributions from noncontrolling interests in property partnerships— — — — — — — 17,519 17,519 
Distributions to noncontrolling interests in property partnerships— — — — — — — (48,370)(48,370)
Effective portion of interest rate contracts— — — — — 12,461 1,425 — 13,886 
Amortization of interest rate contracts— — — — — 4,123 471 432 5,026 
Reallocation of noncontrolling interest— — 20,870 — — — (20,870)— — 
Equity, September 30, 2023
156,939 $1,569 $6,568,645 $(782,275)$(2,722)$2,866 $656,587 $1,588,906 $8,033,576 
Equity, December 31, 2021156,545 $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 stock178 3 6,385 — — — (6,388)— — 
Allocated net income for the period— — — 727,144 — — 82,821 54,896 864,861 
Dividends/distributions declared— — — (460,789)— — (53,789)— (514,578)
Shares issued pursuant to stock purchase plan10 — 1,036 — — — — — 1,036 
Net activity from stock option and incentive plan22 — 5,935 — — — 39,539 — 45,474 
Contributions from noncontrolling interests in property partnerships— — — — — — — 849 849 
Distributions to noncontrolling interests in property partnerships— — — — — — — (61,229)(61,229)
Effective portion of interest rate contracts— — — — — 16,540 1,860 — 18,400 
Amortization of interest rate contracts— — — — — 4,131 467 432 5,030 
Reallocation of noncontrolling interest— — 21,213 — — — (21,213)— — 
Equity, September 30, 2022
156,755 $1,568 $6,532,299 $(359,536)$(2,722)$(15,991)$685,952 $1,551,501 $8,393,071 


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)
 Nine months ended September 30,
 20232022
Cash flows from operating activities:
Net income (loss)$138,269 $864,861 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization618,746 551,445 
Amortization of right of use assets - operating leases1,502 1,843 
Non-cash compensation expense46,699 44,208 
Loss from unconsolidated joint ventures261,793 1,389 
Distributions of net cash flow from operations of unconsolidated joint ventures21,871 20,511 
Losses (gains) from investments in securities(2,311)8,549 
Allowance for current expected credit losses302 (476)
Non-cash portion of interest expense22,541 19,704 
Other income - assignment fee— (6,624)
Gains on sales of real estate(517)(381,293)
Unrealized gain on non-real estate investment(332)— 
Change in assets and liabilities:
Tenant and other receivables, net(13,467)4,133 
Notes receivable, net— (152)
Accrued rental income, net(72,190)(76,268)
Prepaid expenses and other assets(76,621)(46,104)
Right of use assets - operating lease(25,640)— 
Lease liabilities - operating leases282 447 
Accounts payable and accrued expenses40,914 3,167 
Accrued interest payable24,648 (2,900)
Other liabilities(6,254)(35,490)
Tenant leasing costs(65,863)(58,547)
Total adjustments776,103 47,542 
Net cash provided by operating activities914,372 912,403 
Cash flows from investing activities:
Acquisitions of real estate— (1,320,273)
Construction in progress(361,625)(384,083)
Building and other capital improvements(117,393)(112,755)
Tenant improvements(244,841)(139,986)
Proceeds from sales of real estate517 695,231 
Proceeds from assignment fee— 6,624 
Capital contributions to unconsolidated joint ventures(148,875)(109,643)
Capital distributions from unconsolidated joint ventures7,350 36,622 
Investment in non-real estate investments(1,990)— 
Issuance of related party note receivable(10,500)— 
Proceeds from notes receivable— 10,000 
Investments in securities, net1,779 5,043 
Net cash used in investing activities(875,578)(1,313,220)
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Nine months ended September 30,
 20232022
Cash flows from financing activities:
Proceeds from unsecured senior notes747,727 — 
Repayment / redemption of unsecured senior notes(500,000)— 
Borrowings on unsecured line of credit— 885,000 
Repayments of unsecured line of credit— (690,000)
Borrowings on unsecured term loan1,200,000 730,000 
Repayment of unsecured term loan(730,000)— 
Deferred financing costs(12,639)(2,230)
Net activity from equity transactions367 (359)
Dividends and distributions(514,974)(513,486)
Contributions from noncontrolling interests in property partnerships12,671 849 
Distributions to noncontrolling interests in property partnerships(48,370)(61,229)
Net cash provided by financing activities154,782 348,545 
Net increase (decrease) in cash and cash equivalents and cash held in escrows193,576 (52,272)
Cash and cash equivalents and cash held in escrows, beginning of period736,812 501,158 
Cash and cash equivalents and cash held in escrows, end of period$930,388 $448,886 
Reconciliation of cash and cash equivalents and cash held in escrows:
Cash and cash equivalents, beginning of period$690,333 $452,692 
Cash held in escrows, beginning of period46,479 48,466 
Cash and cash equivalents and cash held in escrows, beginning of period$736,812 $501,158 
Cash and cash equivalents, end of period$882,647 $375,774 
Cash held in escrows, end of period47,741 73,112 
Cash and cash equivalents and cash held in escrows, end of period$930,388 $448,886 
Supplemental disclosures:
Cash paid for interest$404,016 $339,067 
Interest capitalized$33,426 $40,048 
Non-cash investing and financing activities:
Write-off of fully depreciated real estate$(111,154)$(95,996)
Change in real estate included in accounts payable and accrued expenses$29,435 $29,290 
Right of use assets obtained in exchange for lease liabilities$134,509 $— 
Non-cash contributions from noncontrolling interests in property partnerships$17,519 $— 
Capitalized operating lease costs$5,031 $— 
Construction in progress from prepaid expenses and other assets$25,577 $— 
Construction in progress, net deconsolidated$— $(11,316)
Investment in unconsolidated joint ventures recorded upon deconsolidation$— $11,316 
Dividends and distributions declared but not paid$171,916 $170,952 
Conversions of noncontrolling interests to stockholders’ equity$3,714 $6,388 
Issuance of restricted securities to employees and non-employee directors$48,121 $48,605 

The accompanying notes are an integral part of these consolidated financial statements.
8