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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 March 31, 2022
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      


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 share156,712,188
(Registrant)(Class)
(Outstanding on April 25, 2022)


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


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.




BOSTON PROPERTIES, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP
FORM 10-Q
for the quarter ended March 31, 2022
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.
 



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, 2022December 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 estate18,313,215 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 securities36,032 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, net78,544 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 ventures1,518,622 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, net9,486,379 9,483,695 
Unsecured line of credit255,000 145,000 
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 payable170,869 169,859 
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 liabilities14,422,944 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 
1

BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
March 31, 2022December 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 Partnership649,602 642,655 
Property partnerships1,548,455 1,556,553 
Total equity8,041,659 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.
2

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per share amounts)
Three months ended March 31,
 20222021
Revenue
Lease$718,120 $685,817 
Parking and other21,734 16,938 
Hotel4,557 632 
Development and management services5,831 6,803 
Direct reimbursements of payroll and related costs from management services contracts
4,065 3,505 
Total revenue754,307 713,695 
Expenses
Operating
Rental270,255 257,389 
Hotel4,840 2,051 
General and administrative43,194 44,959 
Payroll and related costs from management services contracts4,065 3,505 
Transaction costs 331 
Depreciation and amortization177,624 176,565 
Total expenses499,978 484,800 
Other income (expense)
Income from unconsolidated joint ventures2,189 5,225 
Gains on sales of real estate22,701  
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 income176,957 128,147 
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 outstanding156,650 155,928 
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.
3

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)
 
Three months ended March 31,
 20222021
Net income$176,957 $128,147 
Other comprehensive income:
Effective portion of interest rate contracts7,565 3,740 
Amortization of interest rate contracts (1)1,676 1,676 
Other comprehensive income9,241 5,416 
Comprehensive income186,198 133,563 
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.
4

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
 (unaudited and in thousands)
 Common StockPreferred 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, 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 stock141 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 plan5 — — 600 — — — — — 600 
Net activity from stock option and incentive plan21 — — (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, 2020155,719 $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 stock118 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 plan5 — — 484 — — — — — 484 
Net activity from stock option and incentive plan232 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.
5

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Three months ended March 31,
 20222021
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 amortization177,624 176,565 
Amortization of right of use assets - operating leases529 2,263 
Non-cash compensation expense21,235 20,090 
Income from unconsolidated joint ventures(2,189)(5,225)
Distributions of net cash flow from operations of unconsolidated joint ventures6,385 3,972 
Losses (gains) from investments in securities2,262 (1,659)
Allowance for current expected credit losses(234)(128)
Non-cash portion of interest expense5,960 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, net17,635 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 leases116 (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 adjustments42,533 23,916 
Net cash provided by operating activities219,490 152,063 
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 estate35,397  
Capital contributions to unconsolidated joint ventures(26,293)(16,684)
Capital distributions from unconsolidated joint ventures20,095 122 
Proceeds from sale of investment in unconsolidated joint venture 17,589 
Investments in securities, net5,338 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 
6

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Three months ended March 31,
 20222021
Redemption of unsecured senior notes (843,710)
Borrowings on unsecured line of credit190,000  
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 partnerships849 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 period501,158 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 period48,466 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 period46,072 251,814 
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.
7


BOSTON PROPERTIES LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for unit amounts)
March 31, 2022December 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 leases169,248 169,778 
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 estate18,054,192 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 securities36,032 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, net78,544 78,336 
Notes receivable, net9,674 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 $