10-Q 1 bxp-20240930.htm 10-Q bxp-20240930
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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, 2024
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 (BXP, Inc.)
Commission File Number: 0-50209 (Boston Properties Limited Partnership)

BXP, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact name of Registrants as specified in its charter)
BXP, 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
BXP, 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.  
BXP, Inc.:    Yes  x   No           Boston Properties Limited Partnership:    Yes  x    No      


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).    
BXP, 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.
BXP, 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.
BXP, 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).    
BXP, 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.
BXP, Inc.Common Stock, par value $0.01 per share158,110,697
(Registrant)(Class)
(Outstanding on October 31, 2024)


EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the period ended September 30, 2024 of BXP, Inc. and Boston Properties Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “BXP” mean BXP, Inc. (formerly known as 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” refer collectively to BXP, BPLP and those subsidiaries consolidated by BXP.
As of September 30, 2024, 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 (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 a number of common units of BPLP that equals the number of shares of BXP common stock so issued. 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


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 $237.8 million, or 1.2% at September 30, 2024, 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;
Note 12. Earnings Per Share / Common Unit; and
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 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.




BXP, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP
FORM 10-Q
for the quarter ended September 30, 2024
TABLE OF CONTENTS
 Page
ITEM 1.
BXP, Inc.
Boston Properties Limited Partnership
BXP, 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.
 



PART I. FINANCIAL INFORMATION
ITEM 1—Financial Statements.



BXP, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
September 30, 2024December 31, 2023
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,646,435 and $7,054,075 at September 30, 2024 and December 31, 2023, respectively)
$27,557,824 $26,749,209 
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2024 and December 31, 2023, respectively)
372,896 401,680 
Right of use assets - operating leases (amounts related to VIEs of $145,052 and $158,885 at September 30, 2024 and December 31, 2023, respectively)
339,804 324,298 
Less: accumulated depreciation (amounts related to VIEs of $(1,601,919) and $(1,501,483) at September 30, 2024 and December 31, 2023, respectively)
(7,369,545)(6,881,728)
Total real estate20,900,979 20,593,459 
Cash and cash equivalents (amounts related to VIEs of $322,604 and $245,317 at September 30, 2024 and December 31, 2023, respectively)
1,420,475 1,531,477 
Cash held in escrows (amounts related to VIEs of $5,032 and $22,160 at September 30, 2024 and December 31, 2023, respectively)
51,009 81,090 
Investments in securities39,186 36,337 
Tenant and other receivables, net (amounts related to VIEs of $19,216 and $27,987 at September 30, 2024 and December 31, 2023, respectively)
99,706 122,407 
Note receivable, net3,937 1,714 
Related party notes receivable, net88,788 88,779 
Sales-type lease receivable, net14,429 13,704 
Accrued rental income, net (amounts related to VIEs of $425,867 and $401,159 at September 30, 2024 and December 31, 2023, respectively)
1,438,492 1,355,212 
Deferred charges, net (amounts related to VIEs of $201,947 and $175,383 at September 30, 2024 and December 31, 2023, respectively)
794,571 760,421 
Prepaid expenses and other assets (amounts related to VIEs of $50,275 and $11,824 at September 30, 2024 and December 31, 2023, respectively)
132,078 64,230 
Investments in unconsolidated joint ventures1,421,886 1,377,319 
Total assets$26,405,536 $26,026,149 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,280,817 and $3,277,185 at September 30, 2024 and December 31, 2023, respectively)
$4,275,155 $4,166,379 
Unsecured senior notes, net10,642,033 10,491,617 
Unsecured line of credit  
Unsecured term loans, net798,058 1,198,301 
Unsecured commercial paper500,000  
Lease liabilities - finance leases (amounts related to VIEs of $20,897 and $20,794 at September 30, 2024 and December 31, 2023, respectively)
373,260 417,961 
Lease liabilities - operating leases (amounts related to VIEs of $154,637 and $145,826 at September 30, 2024 and December 31, 2023, respectively)
389,444 350,391 
Accounts payable and accrued expenses (amounts related to VIEs of $120,092 and $59,667 at September 30, 2024 and December 31, 2023, respectively)
444,288 458,329 
Dividends and distributions payable172,191 171,176 
Accrued interest payable
121,360 133,684 
Other liabilities (amounts related to VIEs of $89,876 and $115,275 at September 30, 2024 and December 31, 2023, respectively)
407,441 445,947 
Total liabilities18,123,230 17,833,785 
1

BXP, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
September 30, 2024December 31, 2023
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 132,930 and 119,471 units outstanding at redemption value at September 30, 2024 and December 31, 2023, respectively
10,696 8,383 
Equity:
Stockholders’ equity attributable to BXP, 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, 158,058,798 and 157,019,766 issued and 157,979,898 and 156,940,866 outstanding at September 30, 2024 and December 31, 2023, respectively
1,580 1,569 
Additional paid-in capital
6,822,489 6,715,149 
Dividends in excess of earnings(1,035,710)(816,152)
Treasury common stock at cost, 78,900 shares at September 30, 2024 and December 31, 2023
(2,722)(2,722)
Accumulated other comprehensive loss(26,428)(21,147)
Total stockholders’ equity attributable to BXP, Inc.5,759,209 5,876,697 
Noncontrolling interests:
Common units of Boston Properties Limited Partnership638,129 666,580 
Property partnerships1,874,272 1,640,704 
Total equity8,271,610 8,183,981 
Total liabilities and equity$26,405,536 $26,026,149 















The accompanying notes are an integral part of these consolidated financial statements.
2

BXP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per share amounts)
Three months ended September 30,Nine months ended September 30,
 2024202320242023
Revenue
Lease$799,471 $767,181 $2,378,616 $2,285,789 
Parking and other34,255 30,428 101,086 81,421 
Hotel15,082 13,484 38,080 35,554 
Development and management services6,770 9,284 19,276 28,122 
Direct reimbursements of payroll and related costs from management services contracts
3,649 3,906 12,090 13,750 
Total revenue859,227 824,283 2,549,148 2,444,636 
Expenses
Operating
Rental327,897 300,192 963,480 882,536 
Hotel9,833 9,020 25,687 23,852 
General and administrative33,352 31,410 127,479 131,387 
Payroll and related costs from management services contracts3,649 3,906 12,090 13,750 
Transaction costs188 751 890 1,970 
Depreciation and amortization222,890 207,435 661,148 618,746 
Total expenses597,809 552,714 1,790,774 1,672,241 
Other income (expense)
Income (loss) from unconsolidated joint ventures(7,011)(247,556)6,376 (261,793)
Gains on sales of real estate517 517 517 517 
Interest and other income (loss)14,430 20,715 39,747 48,999 
Gains (losses) from investments in securities2,198 (925)4,785 2,311 
Unrealized gain (loss) on non-real estate investment94 (51)548 332 
Impairment loss  (13,615) 
Interest expense(163,194)(147,812)(474,727)(424,492)
Net income (loss)108,452 (103,543)322,005 138,269 
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships(15,237)(20,909)(50,283)(59,337)
Noncontrolling interest—common units of the Operating Partnership(9,587)12,626 (28,596)(8,642)
Net income (loss) attributable to BXP, Inc.$83,628 $(111,826)243,126 70,290 
Basic earnings per common share attributable to BXP, Inc.
Net income (loss)$0.53 $(0.71)$1.55 $0.45 
Weighted average number of common shares outstanding157,725 156,880 157,250 156,837 
Diluted earnings per common share attributable to BXP, Inc.
Net income (loss)$0.53 $(0.71)$1.54 $0.45 
Weighted average number of common and common equivalent shares outstanding
158,213 156,880 157,547 157,177 


The accompanying notes are an integral part of these consolidated financial statements.
3

BXP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)
 
Three months ended September 30,Nine months ended September 30,
 2024202320242023
Net income (loss)$108,452 $(103,543)$322,005 $138,269 
Other comprehensive income (loss):
Effective portion of interest rate contracts(32,263)5,459 (14,976)13,886 
Amortization of interest rate contracts (1)3,077 1,677 9,518 5,026 
Other comprehensive income (loss)(29,186)7,136 (5,458)18,912 
Comprehensive income (loss)79,266 (96,407)316,547 157,181 
Net income attributable to noncontrolling interests(24,824)(8,283)(78,879)(67,979)
Other comprehensive (income) loss attributable to noncontrolling interests2,913 (864)177 (2,327)
Comprehensive income (loss) attributable to BXP, Inc.$57,355 $(105,554)$237,845 $86,875 
_______________
(1)Amounts reclassified from comprehensive income primarily to interest expense within BXP, Inc.’s Consolidated Statements of Operations.





























The accompanying notes are an integral part of these consolidated financial statements.
4

BXP, 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, 2024
157,098 $1,571 $6,768,686 $(964,518)$(2,722)$(155)$677,789 $1,801,676 $8,282,327 
Redemption of operating partnership units to common stock875 9 30,983 — — — (30,992)—  
Allocated net income for the period— — — 83,628 — — 9,587 15,237 108,452 
Dividends/distributions declared— — — (154,820)— — (17,986)— (172,806)
Shares issued pursuant to stock purchase plan9 — 541 — — — — — 541 
Net activity from stock option and incentive plan(2)— (1,773)— — — 3,225 — 1,452 
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships— — 23,615 — — — — 72,109 95,724 
Distributions to noncontrolling interests in property partnerships— — — — — — — (14,894)(14,894)
Effective portion of interest rate contracts— — — — — (28,910)(3,353)— (32,263)
Amortization of interest rate contracts— — — — — 2,637 296 144 3,077 
Reallocation of noncontrolling interest— — 437 — — — (437)—  
Equity, September 30, 2024
157,980 $1,580 $6,822,489 $(1,035,710)$(2,722)$(26,428)$638,129 $1,874,272 $8,271,610 
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 
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships— — — — — — — 22,635 22,635 
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 


5

BXP, 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, 2023156,941 $1,569 $6,715,149 $(816,152)$(2,722)$(21,147)$666,580 $1,640,704 $8,183,981 
Redemption of operating partnership units to common stock952 11 33,735 — — — (33,746)—  
Allocated net income for the period— — — 243,126 — — 28,596 50,283 322,005 
Dividends/distributions declared— — — (462,684)— — (55,692)— (518,376)
Shares issued pursuant to stock purchase plan17 — 1,141 — — — — — 1,141 
Net activity from stock option and incentive plan70 — 2,988 — — — 31,535 — 34,523 
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships— — 70,941 — — — — 235,206 306,147 
Distributions to noncontrolling interests in property partnerships— — — — — — — (52,353)(52,353)
Effective portion of interest rate contracts— — — — — (13,429)(1,547)— (14,976)
Amortization of interest rate contracts— — — — — 8,148 938 432 9,518 
Reallocation of noncontrolling interest— — (1,465)— — — 1,465 —  
Equity, September 30, 2024
157,980 $1,580 $6,822,489 $(1,035,710)$(2,722)$(26,428)$638,129 $1,874,272 $8,271,610 
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 
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships— — — — — — — 30,190 30,190 
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 



The accompanying notes are an integral part of these consolidated financial statements.
6

BXP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Nine months ended September 30,
 20242023
Cash flows from operating activities:
Net income$322,005 $138,269 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization661,148 618,746 
Impairment loss13,615  
Amortization of right of use assets - operating leases1,719 1,502 
Amortization of sales type lease(738) 
Amortization of above and below market leases(4,245) 
Non-cash compensation expense39,552 46,699 
(Income) loss from unconsolidated joint ventures(6,376)261,793 
Distributions of net cash flow from operations of unconsolidated joint ventures27,332 21,871 
Gains from investments in securities(4,785)(2,311)
Allowance for current expected credit losses44 302 
Non-cash portion of interest expense25,575 22,541 
Gains on sales of real estate(517)(517)
Unrealized gain on non-real estate investment(548)(332)
Change in assets and liabilities:
Tenant and other receivables, net23,932 (13,467)
Accrued rental income, net(78,576)(72,190)
Prepaid expenses and other assets(73,215)(76,621)
Right of use assets - operating lease(750)(25,640)
Lease liabilities - operating leases(390)282 
Accounts payable and accrued expenses7,596 40,914 
Accrued interest payable(12,383)24,648 
Other liabilities(27,579)(6,254)
Tenant leasing costs(61,661)(65,863)
Total adjustments528,750 776,103 
Net cash provided by operating activities850,755 914,372 
Cash flows from investing activities:
Construction in progress(469,948)(361,625)
Building and other capital improvements(118,411)(117,393)
Tenant improvements(178,835)(244,841)
Proceeds from sales of real estate517 517 
Acquisition of real estate (net of cash received upon consolidation)6,086  
Capital contributions to unconsolidated joint ventures(87,498)(148,875)
Capital distributions from unconsolidated joint ventures 7,350 
Investment in non-real estate investments(1,500)(1,990)
Issuance of note receivables (including related party)(2,223)(10,500)
Investments in securities, net1,025 1,779 
Net cash used in investing activities(850,787)(875,578)
7

BXP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Nine months ended September 30,
 20242023
Cash flows from financing activities:
Repayments of mortgage notes payable(3,461) 
Proceeds from unsecured senior notes849,671 747,727 
Repayment / redemption of unsecured senior notes(700,000)(500,000)
Borrowings on unsecured term loans 1,200,000 
Payments on finance lease obligations(9,250) 
Repayment of unsecured term loans(500,000)(730,000)
Borrowings on commercial paper program3,554,932  
Repayments on commercial paper program(3,054,932) 
Deferred financing costs(10,892)(12,639)
Net activity from equity transactions(1,728)367 
Dividends and distributions(517,361)(514,974)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships304,323 12,671 
Distributions to noncontrolling interests in property partnerships(52,353)(48,370)
Net cash provided by (used in) financing activities(141,051)154,782 
Net increase (decrease) in cash and cash equivalents and cash held in escrows(141,083)193,576 
Cash and cash equivalents and cash held in escrows, beginning of period1,612,567 736,812 
Cash and cash equivalents and cash held in escrows, end of period$1,471,484 $930,388 
Reconciliation of cash and cash equivalents and cash held in escrows:
Cash and cash equivalents, beginning of period$1,531,477 $690,333 
Cash held in escrows, beginning of period81,090 46,479 
Cash and cash equivalents and cash held in escrows, beginning of period$1,612,567 $736,812 
Cash and cash equivalents, end of period$1,420,475 $882,647 
Cash held in escrows, end of period51,009 47,741 
Cash and cash equivalents and cash held in escrows, end of period$1,471,484 $930,388 
Supplemental disclosures:
Cash paid for interest (net of amounts capitalized)$505,746 $404,016 
Interest capitalized$31,342 $33,426 
Non-cash investing and financing activities:
Write-off of fully depreciated real estate$(76,653)$(111,154)
Change in real estate included in accounts payable and accrued expenses$(21,035)$29,435 
Right of use assets obtained in exchange for lease liabilities - operating lease$30,631 $134,509 
Lease liability - finance lease reversal for re-assessment event$(38,491)$ 
Right of use asset - finance lease reversal for re-assessment event$(28,962)$ 
Non-cash contributions from noncontrolling interests in property partnerships, net$86,860 $17,519 
Capitalized operating lease costs$22,647 $5,031 
Construction in progress from prepaid expenses and other assets$ $25,577 
Investment in unconsolidated joint ventures eliminated upon consolidation$(11,834)$ 
Mortgage note payable recorded upon consolidation$207,093 $ 
8

BXP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Nine months ended September 30,
 20242023
Mortgage note payable converted to unsecured term loan$100,000 $ 
Real estate and intangibles recorded upon consolidation$(220,015)$ 
Dividends and distributions declared but not paid$172,191 $171,916 
Conversions of noncontrolling interests to stockholders’ equity$33,746 $3,714 
Issuance of restricted securities to employees and non-employee directors$43,360 $48,121