☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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) |
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 | |||||||||||||||||
Boston Properties, Inc. | Common Stock, par value $0.01 per share | |||||||
(Registrant) | (Class) | (Outstanding on May |
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. | ||||||||
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,615,237 and $6,592,019 at March 31, 2021 and December 31, 2020, respectively) | $ | 23,156,924 | $ | 22,969,110 | ||||||||||
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2021 and December 31, 2020, respectively) | 237,017 | 237,393 | ||||||||||||
Right of use assets - operating leases | 144,143 | 146,406 | ||||||||||||
Less: accumulated depreciation (amounts related to VIEs of $(1,188,554) and $(1,158,548) at March 31, 2021 and December 31, 2020, respectively) | (5,665,061) | (5,534,102) | ||||||||||||
Total real estate | 17,873,023 | 17,818,807 | ||||||||||||
Cash and cash equivalents (amounts related to VIEs of $289,737 and $340,642 at March 31, 2021 and December 31, 2020, respectively) | 697,369 | 1,668,742 | ||||||||||||
Cash held in escrows | 251,814 | 50,587 | ||||||||||||
Investments in securities | 39,002 | 39,457 | ||||||||||||
Tenant and other receivables, net (amounts related to VIEs of $5,846 and $10,911 at March 31, 2021 and December 31, 2020, respectively) | 51,271 | 77,411 | ||||||||||||
Related party note receivable, net | 77,640 | 77,552 | ||||||||||||
Notes receivable, net | 18,891 | 18,729 | ||||||||||||
Accrued rental income, net (amounts related to VIEs of $341,772 and $336,594 at March 31, 2021 and December 31, 2020, respectively) | 1,145,066 | 1,122,502 | ||||||||||||
Deferred charges, net (amounts related to VIEs of $177,647 and $183,306 at March 31, 2021 and December 31, 2020, respectively) | 622,649 | 640,085 | ||||||||||||
Prepaid expenses and other assets (amounts related to VIEs of $45,075 and $13,137 at March 31, 2021 and December 31, 2020, respectively) | 129,102 | 33,840 | ||||||||||||
Investments in unconsolidated joint ventures | 1,307,725 | 1,310,478 | ||||||||||||
Total assets | $ | 22,213,552 | $ | 22,858,190 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $2,904,672 and $2,907,590 at March 31, 2021 and December 31, 2020, respectively) | $ | 2,904,672 | $ | 2,909,081 | ||||||||||
Unsecured senior notes, net | 9,631,592 | 9,639,287 | ||||||||||||
Unsecured line of credit | 0 | 0 | ||||||||||||
Unsecured term loan, net | 0 | 499,390 | ||||||||||||
Lease liabilities - finance leases (amounts related to VIEs of $20,345 and $20,306 at March 31, 2021 and December 31, 2020, respectively) | 239,361 | 236,492 | ||||||||||||
Lease liabilities - operating leases | 200,383 | 201,713 | ||||||||||||
Accounts payable and accrued expenses (amounts related to VIEs of $15,957 and $23,128 at March 31, 2021 and December 31, 2020, respectively) | 260,875 | 336,264 | ||||||||||||
Dividends and distributions payable | 171,003 | 171,082 | ||||||||||||
Accrued interest payable | 76,675 | 106,288 | ||||||||||||
Preferred stock redemption liability | 200,000 | 0 | ||||||||||||
Other liabilities (amounts related to VIEs of $141,547 and $158,805 at March 31, 2021 and December 31, 2020, respectively) | 399,965 | 412,084 | ||||||||||||
Total liabilities | 14,084,526 | 14,511,681 | ||||||||||||
Commitments and contingencies (See Note 9) |
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except for share and par value amounts) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
ASSETS | ||||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,564,762 and $6,497,031 at March 31, 2020 and December 31, 2019, respectively) | $ | 22,342,209 | $ | 22,502,976 | ||||
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2020 and December 31, 2019, respectively) | 237,394 | 237,394 | ||||||
Right of use assets - operating leases | 148,057 | 148,640 | ||||||
Less: accumulated depreciation (amounts related to VIEs of $(1,082,486) and$(1,058,495) at March 31, 2020 and December 31, 2019, respectively) | (5,209,487 | ) | (5,266,798 | ) | ||||
Total real estate | 17,518,173 | 17,622,212 | ||||||
Cash and cash equivalents (amounts related to VIEs of $268,415 and $280,033 at March 31, 2020 and December 31, 2019, respectively) | 660,733 | 644,950 | ||||||
Cash held in escrows | 197,845 | 46,936 | ||||||
Investments in securities | 28,101 | 36,747 | ||||||
Tenant and other receivables, net (amounts related to VIEs of $19,954 and $28,918 at March 31, 2020 and December 31, 2019, respectively) | 89,431 | 112,807 | ||||||
Related party note receivable, net | 78,800 | 80,000 | ||||||
Note receivable, net | 15,794 | 15,920 | ||||||
Accrued rental income, net (amounts related to VIEs of $308,482 and $298,318 at March 31, 2020 and December 31, 2019, respectively) | 1,059,677 | 1,038,788 | ||||||
Deferred charges, net (amounts related to VIEs of $205,688 and $214,769 at March 31, 2020 and December 31, 2019, respectively) | 667,076 | 689,213 | ||||||
Prepaid expenses and other assets (amounts related to VIEs of $52,641 and $20,931 at March 31, 2020 and December 31, 2019, respectively) | 136,730 | 41,685 | ||||||
Investments in unconsolidated joint ventures | 1,377,338 | 955,647 | ||||||
Total assets | $ | 21,829,698 | $ | 21,284,905 | ||||
LIABILITIES AND EQUITY | ||||||||
Liabilities: | ||||||||
Mortgage notes payable, net (amounts related to VIEs of $2,916,068 and $2,918,806 at March 31, 2020 and December 31, 2019, respectively) | $ | 2,919,157 | $ | 2,922,408 | ||||
Unsecured senior notes, net | 8,393,009 | 8,390,459 | ||||||
Unsecured line of credit | 250,000 | — | ||||||
Unsecured term loan, net | 499,058 | 498,939 | ||||||
Lease liabilities - finance leases (amounts related to VIEs of $20,198 and $20,189 at March 31, 2020 and December 31, 2019, respectively) | 227,067 | 224,042 | ||||||
Lease liabilities - operating leases | 200,573 | 200,180 | ||||||
Accounts payable and accrued expenses (amounts related to VIEs of $28,437 and $45,777 at March 31, 2020 and December 31, 2019, respectively) | 293,831 | 377,553 | ||||||
Dividends and distributions payable | 171,026 | 170,713 | ||||||
Accrued interest payable | 82,388 | 90,016 | ||||||
Other liabilities (amounts related to VIEs of $142,381 and $140,110 at March 31, 2020 and December 31, 2019, respectively) | 366,852 | 387,994 | ||||||
Total liabilities | 13,402,961 | 13,262,304 | ||||||
Commitments and contingencies | — | — | ||||||
Redeemable deferred stock units— 63,475 and 60,676 units outstanding at redemption value at March 31, 2020 and December 31, 2019, respectively | 5,854 | 8,365 |
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Redeemable deferred stock units— 75,834 and 72,966 units outstanding at redemption value at March 31, 2021 and December 31, 2020, respectively | 7,679 | 6,897 | ||||||||||||
Equity: | ||||||||||||||
Stockholders’ equity attributable to Boston Properties, Inc.: | ||||||||||||||
Excess stock, $0.01 par value, 150,000,000 shares authorized, NaN issued or outstanding | 0 | 0 | ||||||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized; | ||||||||||||||
5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at December 31, 2020 | 0 | 200,000 | ||||||||||||
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,153,100 and 155,797,725 issued and 156,074,200 and 155,718,825 outstanding at March 31, 2021 and December 31, 2020, respectively | 1,561 | 1,557 | ||||||||||||
Additional paid-in capital | 6,392,923 | 6,356,791 | ||||||||||||
Dividends in excess of earnings | (570,982) | (509,653) | ||||||||||||
Treasury common stock at cost, 78,900 shares at March 31, 2021 and December 31, 2020 | (2,722) | (2,722) | ||||||||||||
Accumulated other comprehensive loss | (45,139) | (49,890) | ||||||||||||
Total stockholders’ equity attributable to Boston Properties, Inc. | 5,775,641 | 5,996,083 | ||||||||||||
Noncontrolling interests: | ||||||||||||||
Common units of Boston Properties Limited Partnership | 620,106 | 616,596 | ||||||||||||
Property partnerships | 1,725,600 | 1,726,933 | ||||||||||||
Total equity | 8,121,347 | 8,339,612 | ||||||||||||
Total liabilities and equity | $ | 22,213,552 | $ | 22,858,190 |
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except for share and par value amounts) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
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; | ||||||||
5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at March 31, 2020 and December 31, 2019 | 200,000 | 200,000 | ||||||
Common stock, $0.01 par value, 250,000,000 shares authorized, 155,393,455 and 154,869,198 issued and 155,314,555 and 154,790,298 outstanding at March 31, 2020 and December 31, 2019, respectively | 1,553 | 1,548 | ||||||
Additional paid-in capital | 6,321,475 | 6,294,719 | ||||||
Dividends in excess of earnings | (416,740 | ) | (760,523 | ) | ||||
Treasury common stock at cost, 78,900 shares at March 31, 2020 and December 31, 2019 | (2,722 | ) | (2,722 | ) | ||||
Accumulated other comprehensive loss | (55,700 | ) | (48,335 | ) | ||||
Total stockholders’ equity attributable to Boston Properties, Inc. | 6,047,866 | 5,684,687 | ||||||
Noncontrolling interests: | ||||||||
Common units of Boston Properties Limited Partnership | 636,572 | 600,860 | ||||||
Property partnerships | 1,736,445 | 1,728,689 | ||||||
Total equity | 8,420,883 | 8,014,236 | ||||||
Total liabilities and equity | $ | 21,829,698 | $ | 21,284,905 |
Three months ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Lease | $ | 685,817 | $ | 710,111 | |||||||||||||||||||||||||
Parking and other | 16,938 | 24,504 | |||||||||||||||||||||||||||
Hotel | 632 | 6,825 | |||||||||||||||||||||||||||
Development and management services | 6,803 | 7,879 | |||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 3,505 | 3,237 | |||||||||||||||||||||||||||
Total revenue | 713,695 | 752,556 | |||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating | |||||||||||||||||||||||||||||
Rental | 257,389 | 262,966 | |||||||||||||||||||||||||||
Hotel | 2,051 | 6,821 | |||||||||||||||||||||||||||
General and administrative | 44,959 | 36,454 | |||||||||||||||||||||||||||
Payroll and related costs from management services contracts | 3,505 | 3,237 | |||||||||||||||||||||||||||
Transaction costs | 331 | 615 | |||||||||||||||||||||||||||
Depreciation and amortization | 176,565 | 171,094 | |||||||||||||||||||||||||||
Total expenses | 484,800 | 481,187 | |||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | 5,225 | (369) | |||||||||||||||||||||||||||
Gains on sales of real estate | 0 | 410,165 | |||||||||||||||||||||||||||
Interest and other income (loss) | 1,168 | 3,017 | |||||||||||||||||||||||||||
Gains (losses) from investments in securities | 1,659 | (5,445) | |||||||||||||||||||||||||||
Losses from early extinguishment of debt | (898) | 0 | |||||||||||||||||||||||||||
Interest expense | (107,902) | (101,591) | |||||||||||||||||||||||||||
Net income | 128,147 | 577,146 | |||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | (16,467) | (19,486) | |||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | (11,084) | (57,539) | |||||||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. | 100,596 | 500,121 | |||||||||||||||||||||||||||
Preferred dividends | (2,560) | (2,625) | |||||||||||||||||||||||||||
Preferred stock redemption charge | (6,412) | 0 | |||||||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 91,624 | $ | 497,496 | |||||||||||||||||||||||||
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||||||||||||||||||||||||
Net income | $ | 0.59 | $ | 3.20 | |||||||||||||||||||||||||
Weighted average number of common shares outstanding | 155,928 | 155,011 | |||||||||||||||||||||||||||
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||||||||||||||||||||||||
Net income | $ | 0.59 | $ | 3.20 | |||||||||||||||||||||||||
Weighted average number of common and common equivalent shares outstanding | 156,099 | 155,258 |
Three months ended March 31, | |||||||
2020 | 2019 | ||||||
Revenue | |||||||
Lease | $ | 710,111 | $ | 679,251 | |||
Parking and other | 24,504 | 24,906 | |||||
Hotel | 6,825 | 8,938 | |||||
Development and management services | 7,879 | 9,277 | |||||
Direct reimbursements of payroll and related costs from management services contracts | 3,237 | 3,395 | |||||
Total revenue | 752,556 | 725,767 | |||||
Expenses | |||||||
Operating | |||||||
Rental | 262,966 | 257,517 | |||||
Hotel | 6,821 | 7,863 | |||||
General and administrative | 36,454 | 41,762 | |||||
Payroll and related costs from management services contracts | 3,237 | 3,395 | |||||
Transaction costs | 615 | 460 | |||||
Depreciation and amortization | 171,094 | 164,594 | |||||
Total expenses | 481,187 | 475,591 | |||||
Other income (expense) | |||||||
Income (loss) from unconsolidated joint ventures | (369 | ) | 213 | ||||
Gains (losses) on sales of real estate | 410,165 | (905 | ) | ||||
Interest and other income | 3,017 | 3,753 | |||||
Gains (losses) from investments in securities | (5,445 | ) | 2,969 | ||||
Impairment loss | — | (24,038 | ) | ||||
Interest expense | (101,591 | ) | (101,009 | ) | |||
Net income | 577,146 | 131,159 | |||||
Net income attributable to noncontrolling interests | |||||||
Noncontrolling interests in property partnerships | (19,486 | ) | (18,830 | ) | |||
Noncontrolling interest—common units of the Operating Partnership | (57,539 | ) | (11,599 | ) | |||
Net income attributable to Boston Properties, Inc. | 500,121 | 100,730 | |||||
Preferred dividends | (2,625 | ) | (2,625 | ) | |||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 497,496 | $ | 98,105 | |||
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||
Net income | $ | 3.20 | $ | 0.63 | |||
Weighted average number of common shares outstanding | 155,011 | 154,525 | |||||
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||
Net income | $ | 3.20 | $ | 0.63 | |||
Weighted average number of common and common equivalent shares outstanding | 155,258 | 154,844 |
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 577,146 | $ | 131,159 | Net income | $ | 128,147 | $ | 577,146 | |||||||||||||||||||||||||||||||
Other comprehensive (loss): | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | (9,720 | ) | (2,628 | ) | Effective portion of interest rate contracts | 3,740 | (9,720) | |||||||||||||||||||||||||||||||||
Amortization of interest rate contracts (1) | 1,666 | 1,666 | Amortization of interest rate contracts (1) | 1,676 | 1,666 | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | (8,054 | ) | (962 | ) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 5,416 | (8,054) | |||||||||||||||||||||||||||||||||||||
Comprehensive income | 569,092 | 130,197 | Comprehensive income | 133,563 | 569,092 | |||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (77,025 | ) | (30,429 | ) | Net income attributable to noncontrolling interests | (27,551) | (77,025) | |||||||||||||||||||||||||||||||||
Other comprehensive (income) loss attributable to noncontrolling interests | 689 | (31 | ) | Other comprehensive (income) loss attributable to noncontrolling interests | (665) | 689 | ||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Boston Properties, Inc. | $ | 492,756 | $ | 99,737 | Comprehensive income attributable to Boston Properties, Inc. | $ | 105,347 | $ | 492,756 |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ 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, 2019 | 154,790 | $ | 1,548 | $ | 200,000 | $ | 6,294,719 | $ | (760,523 | ) | $ | (2,722 | ) | $ | (48,335 | ) | $ | 600,860 | $ | 1,728,689 | $ | 8,014,236 | ||||||||||||||||
Cumulative effect of a change in accounting principle | — | — | — | — | (1,505 | ) | — | — | (174 | ) | — | (1,679 | ) | |||||||||||||||||||||||||
Redemption of operating partnership units to common stock | 462 | 5 | — | 15,490 | — | — | — | (15,495 | ) | — | — | |||||||||||||||||||||||||||
Allocated net income for the year | — | — | — | — | 500,121 | — | — | 57,539 | 19,486 | 577,146 | ||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | (154,833 | ) | — | — | (17,444 | ) | — | (172,277 | ) | |||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | 2 | — | — | 325 | — | — | — | — | — | 325 | ||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | 61 | — | — | 7,383 | — | — | — | 15,677 | — | 23,060 | ||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | 3,876 | 3,876 | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | (15,750 | ) | (15,750 | ) | ||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | (8,732 | ) | (988 | ) | — | (9,720 | ) | |||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | 1,367 | 155 | 144 | 1,666 | ||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | 3,558 | — | — | — | (3,558 | ) | — | — | |||||||||||||||||||||||||||
Equity, March 31, 2020 | 155,315 | $ | 1,553 | $ | 200,000 | $ | 6,321,475 | $ | (416,740 | ) | $ | (2,722 | ) | $ | (55,700 | ) | $ | 636,572 | $ | 1,736,445 | $ | 8,420,883 | ||||||||||||||||
Equity, December 31, 2018 | 154,458 | $ | 1,545 | $ | 200,000 | $ | 6,407,623 | $ | (675,534 | ) | $ | (2,722 | ) | $ | (47,741 | ) | $ | 619,352 | $ | 1,711,445 | $ | 8,213,968 | ||||||||||||||||
Cumulative effect of a change in accounting principle | — | — | — | — | (3,864 | ) | — | — | (445 | ) | (70 | ) | (4,379 | ) | ||||||||||||||||||||||||
Redemption of operating partnership units to common stock | 14 | — | — | 492 | — | — | — | (492 | ) | — | — | |||||||||||||||||||||||||||
Allocated net income for the year | — | — | — | — | 100,730 | — | — | 11,599 | 18,830 | 131,159 | ||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | (149,415 | ) | — | — | (17,185 | ) | — | (166,600 | ) | |||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | 4 | — | — | 373 | — | — | — | — | — | 373 | ||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | 39 | — | — | 3,059 | — | — | — | 13,410 | — | 16,469 | ||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | 4,387 | 4,387 | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | (24,128 | ) | (24,128 | ) | ||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | (2,359 | ) | (269 | ) | — | (2,628 | ) | |||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | 1,366 | 156 | 144 | 1,666 | ||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | 3,065 | — | — | — | (3,065 | ) | — | — | |||||||||||||||||||||||||||
Equity, March 31, 2019 | 154,515 | $ | 1,545 | $ | 200,000 | $ | 6,414,612 | $ | (728,083 | ) | $ | (2,722 | ) | $ | (48,734 | ) | $ | 623,061 | $ | 1,710,608 | $ | 8,170,287 |
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, 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) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the year | — | — | — | — | 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 | 0 | 3,740 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | 1,381 | 151 | 144 | 1,676 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | 5,072 | — | — | — | (5,072) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity, March 31, 2021 | 156,074 | $ | 1,561 | $ | 0 | $ | 6,392,923 | $ | (570,982) | $ | (2,722) | $ | (45,139) | $ | 620,106 | $ | 1,725,600 | $ | 8,121,347 | ||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2019 | 154,790 | $ | 1,548 | $ | 200,000 | $ | 6,294,719 | $ | (760,523) | $ | (2,722) | $ | (48,335) | $ | 600,860 | $ | 1,728,689 | $ | 8,014,236 | ||||||||||||||||||||||||||||||||||||||||
Cumulative effect of a change in accounting principle | — | — | — | — | (1,505) | — | — | (174) | (1,679) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | 462 | 5 | — | 15,490 | — | — | — | (15,495) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | 500,121 | — | — | 57,539 | 19,486 | 577,146 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | (154,833) | — | — | (17,444) | — | (172,277) | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | 2 | — | — | 325 | — | — | — | — | — | 325 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | 61 | — | — | 7,383 | — | — | — | 15,677 | — | 23,060 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | 3,876 | 3,876 | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | (15,750) | (15,750) | |||||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | (8,732) | (988) | — | (9,720) | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | 1,367 | 155 | 144 | 1,666 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | 3,558 | — | — | — | (3,558) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity, March 31, 2020 | 155,315 | $ | 1,553 | $ | 200,000 | $ | 6,321,475 | $ | (416,740) | $ | (2,722) | $ | (55,700) | $ | 636,572 | $ | 1,736,445 | $ | 8,420,883 |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 128,147 | $ | 577,146 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 176,565 | 171,094 | |||||||||||||||
Amortization of right of use assets - operating leases | 2,263 | 583 | |||||||||||||||
Non-cash compensation expense | 20,090 | 17,525 | |||||||||||||||
Loss (income) from unconsolidated joint ventures | (5,225) | 369 | |||||||||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | 3,972 | 5,917 | |||||||||||||||
(Gains) losses from investments in securities | (1,659) | 5,445 | |||||||||||||||
Allowance for current expected credit losses | (128) | 0 | |||||||||||||||
Non-cash portion of interest expense | 5,984 | 5,646 | |||||||||||||||
Settlement of accreted debt discount on redemption of unsecured senior notes | (6,290) | 0 | |||||||||||||||
Losses from early extinguishments of debt | 898 | 0 | |||||||||||||||
Gains on sales of real estate | 0 | (410,165) | |||||||||||||||
Change in assets and liabilities: | |||||||||||||||||
Tenant and other receivables, net | 26,020 | 17,784 | |||||||||||||||
Notes receivable, net | (140) | (128) | |||||||||||||||
Accrued rental income, net | (9,413) | (27,285) | |||||||||||||||
Prepaid expenses and other assets | (96,351) | (93,819) | |||||||||||||||
Lease liabilities - operating leases | (1,330) | 393 | |||||||||||||||
Accounts payable and accrued expenses | (21,578) | (48,591) | |||||||||||||||
Accrued interest payable | (28,970) | (7,644) | |||||||||||||||
Other liabilities | (24,177) | (21,296) | |||||||||||||||
Tenant leasing costs | (16,615) | (17,777) | |||||||||||||||
Total adjustments | 23,916 | (401,949) | |||||||||||||||
Net cash provided by operating activities | 152,063 | 175,197 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Construction in progress | (119,496) | (143,160) | |||||||||||||||
Building and other capital improvements | (32,717) | (39,154) | |||||||||||||||
Tenant improvements | (93,201) | (64,172) | |||||||||||||||
Proceeds from sales of real estate | 0 | 259,489 | |||||||||||||||
Capital contributions to unconsolidated joint ventures | (16,684) | (89,997) | |||||||||||||||
Capital distributions from unconsolidated joint ventures | 122 | 0 | |||||||||||||||
Proceeds from sale of investment in unconsolidated joint venture | 17,589 | 0 | |||||||||||||||
Investments in securities, net | 2,114 | 3,201 | |||||||||||||||
Net cash used in investing activities | (242,273) | (73,793) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Repayments of mortgage notes payable | (5,374) | (4,212) | |||||||||||||||
Proceeds from unsecured senior notes | 846,345 | 0 | |||||||||||||||
Redemption of unsecured senior notes | (843,710) | 0 | |||||||||||||||
Borrowings on unsecured line of credit | 0 | 265,000 | |||||||||||||||
Repayments of unsecured line of credit | 0 | (15,000) | |||||||||||||||
Repayment of unsecured term loan | (500,000) | 0 | |||||||||||||||
Deferred financing costs | (7,145) | (11) |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited and in thousands) | |||||||
For the three months ended March 31, | |||||||
2020 | 2019 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 577,146 | $ | 131,159 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 171,094 | 164,594 | |||||
Amortization of right of use assets - operating leases | 583 | 605 | |||||
Impairment loss | — | 24,038 | |||||
Non-cash compensation expense | 17,525 | 15,050 | |||||
Loss (income) from unconsolidated joint ventures | 369 | (213 | ) | ||||
Distributions of net cash flow from operations of unconsolidated joint ventures | 5,917 | 2,650 | |||||
Losses (gains) from investments in securities | 5,445 | (2,969 | ) | ||||
Non-cash portion of interest expense | 5,646 | 5,447 | |||||
(Gains) losses on sales of real estate | (410,165 | ) | 905 | ||||
Change in assets and liabilities: | |||||||
Tenant and other receivables, net | 17,784 | (14,000 | ) | ||||
Note receivable, net | (128 | ) | (125 | ) | |||
Accrued rental income, net | (27,285 | ) | (15,570 | ) | |||
Prepaid expenses and other assets | (93,819 | ) | (68,554 | ) | |||
Lease liabilities - operating leases | 393 | 370 | |||||
Accounts payable and accrued expenses | (48,591 | ) | 258 | ||||
Accrued interest payable | (7,644 | ) | (160 | ) | |||
Other liabilities | (21,296 | ) | (17,831 | ) | |||
Tenant leasing costs | (17,777 | ) | (18,420 | ) | |||
Total adjustments | (401,949 | ) | 76,075 | ||||
Net cash provided by operating activities | 175,197 | 207,234 | |||||
Cash flows from investing activities: | |||||||
Acquisition of real estate | — | (43,061 | ) | ||||
Construction in progress | (143,160 | ) | (85,632 | ) | |||
Building and other capital improvements | (39,154 | ) | (32,719 | ) | |||
Tenant improvements | (64,172 | ) | (54,242 | ) | |||
Proceeds from sales of real estate | 259,489 | 20,019 | |||||
Capital contributions to unconsolidated joint ventures | (89,997 | ) | (26,995 | ) | |||
Investments in securities, net | 3,201 | (885 | ) | ||||
Net cash used in investing activities | (73,793 | ) | (223,515 | ) | |||
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Debt prepayment and extinguishment costs | (185) | 0 | |||||||||||||||
Net proceeds from equity transactions | 19,643 | 3,349 | |||||||||||||||
Dividends and distributions | (171,566) | (171,964) | |||||||||||||||
Contributions from noncontrolling interests in property partnerships | 281 | 3,876 | |||||||||||||||
Distributions to noncontrolling interests in property partnerships | (18,225) | (15,750) | |||||||||||||||
Net cash provided by (used in) financing activities | (679,936) | 65,288 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents and cash held in escrows | (770,146) | 166,692 | |||||||||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | 1,719,329 | 691,886 | |||||||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 949,183 | $ | 858,578 | |||||||||||||
Reconciliation of cash and cash equivalents and cash held in escrows: | |||||||||||||||||
Cash and cash equivalents, beginning of period | $ | 1,668,742 | $ | 644,950 | |||||||||||||
Cash held in escrows, beginning of period | 50,587 | 46,936 | |||||||||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | $ | 1,719,329 | $ | 691,886 | |||||||||||||
Cash and cash equivalents, end of period | $ | 697,369 | $ | 660,733 | |||||||||||||
Cash held in escrows, end of period | 251,814 | 197,845 | |||||||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 949,183 | $ | 858,578 | |||||||||||||
Supplemental disclosures: | |||||||||||||||||
Cash paid for interest | $ | 146,781 | $ | 114,696 | |||||||||||||
Interest capitalized | $ | 12,032 | $ | 14,149 | |||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Write-off of fully depreciated real estate | $ | (25,161) | $ | (38,782) | |||||||||||||
Change in real estate included in accounts payable and accrued expenses | $ | (42,778) | $ | (27,415) | |||||||||||||
Preferred stock redemption liability | $ | 200,000 | $ | 0 | |||||||||||||
Accrued rental income, net deconsolidated | $ | 0 | $ | (4,558) | |||||||||||||
Tenant leasing costs, net deconsolidated | $ | 0 | $ | (3,462) | |||||||||||||
Building and other capital improvements, net deconsolidated | $ | 0 | $ | (111,889) | |||||||||||||
Tenant improvements, net deconsolidated | $ | 0 | $ | (12,331) | |||||||||||||
Investment in unconsolidated joint venture recorded upon deconsolidation | $ | 0 | $ | 347,898 | |||||||||||||
Deferred distributions from sale of investment in unconsolidated joint venture | $ | 5,808 | $ | 0 | |||||||||||||
Deferred proceeds from sale of investment in unconsolidated joint venture | $ | 200 | $ | 0 | |||||||||||||
Dividends and distributions declared but not paid | $ | 171,003 | $ | 171,026 | |||||||||||||
Conversions of noncontrolling interests to stockholders’ equity | $ | 4,198 | $ | 15,495 | |||||||||||||
Issuance of restricted securities to employees and non-employee directors | $ | 41,255 | $ | 43,104 |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited and in thousands) | |||||||
For the three months ended March 31, | |||||||
2020 | 2019 | ||||||
Cash flows from financing activities: | |||||||
Repayments of mortgage notes payable | (4,212 | ) | (5,645 | ) | |||
Borrowings on unsecured line of credit | 265,000 | 50,000 | |||||
Repayments of unsecured line of credit | (15,000 | ) | (50,000 | ) | |||
Payments on finance lease obligations | — | (470 | ) | ||||
Deferred financing costs | (11 | ) | (186 | ) | |||
Net proceeds from equity transactions | 3,349 | 1,792 | |||||
Dividends and distributions | (171,964 | ) | (166,362 | ) | |||
Contributions from noncontrolling interests in property partnerships | 3,876 | 4,387 | |||||
Distributions to noncontrolling interests in property partnerships | (15,750 | ) | (24,128 | ) | |||
Net cash provided by (used in) financing activities | 65,288 | (190,612 | ) | ||||
Net increase (decrease) in cash and cash equivalents and cash held in escrows | 166,692 | (206,893 | ) | ||||
Cash and cash equivalents and cash held in escrows, beginning of year | 691,886 | 639,191 | |||||
Cash and cash equivalents and cash held in escrows, end of year | $ | 858,578 | $ | 432,298 | |||
Reconciliation of cash and cash equivalents and cash held in escrows: | |||||||
Cash and cash equivalents, beginning of period | $ | 644,950 | $ | 543,359 | |||
Cash held in escrows, beginning of period | 46,936 | 95,832 | |||||
Cash and cash equivalents and cash held in escrows, beginning of period | $ | 691,886 | $ | 639,191 | |||
Cash and cash equivalents, end of period | $ | 660,733 | $ | 360,091 | |||
Cash held in escrows, end of period | 197,845 | 72,207 | |||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 858,578 | $ | 432,298 | |||
Supplemental disclosures: | |||||||
Cash paid for interest | $ | 114,696 | $ | 107,094 | |||
Interest capitalized | $ | 14,149 | $ | 11,813 | |||
Non-cash investing and financing activities: | |||||||
Write-off of fully depreciated real estate | $ | (38,782 | ) | $ | (31,640 | ) | |
Change in real estate included in accounts payable and accrued expenses | $ | (27,415 | ) | $ | 49,689 | ||
Real estate acquired through finance lease | $ | — | $ | 122,563 | |||
Accrued rental income, net deconsolidated | $ | (4,558 | ) | $ | — | ||
Tenant leasing costs, net deconsolidated | $ | (3,462 | ) | $ | — | ||
Building and other capital improvements, net deconsolidated | $ | (111,889 | ) | $ | — | ||
Tenant improvements, net deconsolidated | $ | (12,331 | ) | $ | — | ||
Investment in unconsolidated joint venture recorded upon deconsolidation | $ | 347,898 | $ | — | |||
Dividends and distributions declared but not paid | $ | 171,026 | $ | 165,352 | |||
Conversions of noncontrolling interests to stockholders’ equity | $ | 15,495 | $ | 492 | |||
Issuance of restricted securities to employees | $ | 43,104 | $ | 37,428 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts) | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,615,237 and $6,592,019 at March 31, 2021 and December 31, 2020, respectively) | $ | 22,781,429 | $ | 22,592,301 | ||||||||||
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2021 and December 31, 2020, respectively) | 237,017 | 237,393 | ||||||||||||
Right of use assets - operating leases | 144,143 | 146,406 | ||||||||||||
Less: accumulated depreciation (amounts related to VIEs of $(1,188,554) and $(1,158,548) at March 31, 2021 and December 31, 2020, respectively) | (5,557,784) | (5,428,576) | ||||||||||||
Total real estate | 17,604,805 | 17,547,524 | ||||||||||||
Cash and cash equivalents (amounts related to VIEs of $289,737 and $340,642 at March 31, 2021 and December 31, 2020, respectively) | 697,369 | 1,668,742 | ||||||||||||
Cash held in escrows | 251,814 | 50,587 | ||||||||||||
Investments in securities | 39,002 | 39,457 | ||||||||||||
Tenant and other receivables, net (amounts related to VIEs of $5,846 and $10,911 at March 31, 2021 and December 31, 2020, respectively) | 51,271 | 77,411 | ||||||||||||
Related party note receivable, net | 77,640 | 77,552 | ||||||||||||
Notes receivable, net | 18,891 | 18,729 | ||||||||||||
Accrued rental income, net (amounts related to VIEs of $341,772 and $336,594 at March 31, 2021 and December 31, 2020, respectively) | 1,145,066 | 1,122,502 | ||||||||||||
Deferred charges, net (amounts related to VIEs of $177,647 and $183,306 at March 31, 2021 and December 31, 2020, respectively) | 622,649 | 640,085 | ||||||||||||
Prepaid expenses and other assets (amounts related to VIEs of $45,075 and $13,137 at March 31, 2021 and December 31, 2020, respectively) | 129,102 | 33,840 | ||||||||||||
Investments in unconsolidated joint ventures | 1,307,725 | 1,310,478 | ||||||||||||
Total assets | $ | 21,945,334 | $ | 22,586,907 | ||||||||||
LIABILITIES AND CAPITAL | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $2,904,672 and $2,907,590 at March 31, 2021 and December 31, 2020, respectively) | $ | 2,904,672 | $ | 2,909,081 | ||||||||||
Unsecured senior notes, net | 9,631,592 | 9,639,287 | ||||||||||||
Unsecured line of credit | 0 | 0 | ||||||||||||
Unsecured term loan, net | 0 | 499,390 | ||||||||||||
Lease liabilities - finance leases (amounts related to VIEs of $20,345 and $20,306 at March 31, 2021 and December 31, 2020, respectively) | 239,361 | 236,492 | ||||||||||||
Lease liabilities - operating leases | 200,383 | 201,713 | ||||||||||||
Accounts payable and accrued expenses (amounts related to VIEs of $15,957 and $23,128 at March 31, 2021 and December 31, 2020, respectively) | 260,875 | 336,264 | ||||||||||||
Dividends and distributions payable | 171,003 | 171,082 | ||||||||||||
Accrued interest payable | 76,675 | 106,288 | ||||||||||||
Preferred unit redemption liability | 200,000 | 0 | ||||||||||||
Other liabilities (amounts related to VIEs of $141,547 and $158,805 at March 31, 2021 and December 31, 2020, respectively) | 399,965 | 412,084 | ||||||||||||
Total liabilities | 14,084,526 | 14,511,681 | ||||||||||||
Commitments and contingencies (See Note 9) |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except for unit amounts) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
ASSETS | ||||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,564,762 and $6,497,031 at March 31, 2020 and December 31, 2019, respectively) | $ | 21,959,932 | $ | 22,107,755 | ||||
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2020 and December 31, 2019, respectively) | 237,394 | 237,394 | ||||||
Right of use assets - operating leases | 148,057 | 148,640 | ||||||
Less: accumulated depreciation (amounts related to VIEs of $(1,082,486) and$(1,058,495) at March 31, 2020 and December 31, 2019, respectively) | (5,107,243 | ) | (5,162,908 | ) | ||||
Total real estate | 17,238,140 | 17,330,881 | ||||||
Cash and cash equivalents (amounts related to VIEs of $268,415 and $280,033 at March 31, 2020 and December 31, 2019, respectively) | 660,733 | 644,950 | ||||||
Cash held in escrows | 197,845 | 46,936 | ||||||
Investments in securities | 28,101 | 36,747 | ||||||
Tenant and other receivables, net (amounts related to VIEs of $19,954 and $28,918 at March 31, 2020 and December 31, 2019, respectively) | 89,431 | 112,807 | ||||||
Related party note receivable, net | 78,800 | 80,000 | ||||||
Note receivable, net | 15,794 | 15,920 | ||||||
Accrued rental income, net (amounts related to VIEs of $308,482 and $298,318 at March 31, 2020 and December 31, 2019, respectively) | 1,059,677 | 1,038,788 | ||||||
Deferred charges, net (amounts related to VIEs of $205,688 and $214,769 at March 31, 2020 and December 31, 2019, respectively) | 667,076 | 689,213 | ||||||
Prepaid expenses and other assets (amounts related to VIEs of $52,641 and $20,931 at March 31, 2020 and December 31, 2019, respectively) | 136,730 | 41,685 | ||||||
Investments in unconsolidated joint ventures | 1,377,338 | 955,647 | ||||||
Total assets | $ | 21,549,665 | $ | 20,993,574 | ||||
LIABILITIES AND CAPITAL | ||||||||
Liabilities: | ||||||||
Mortgage notes payable, net (amounts related to VIEs of $2,916,068 and $2,918,806 at March 31, 2020 and December 31, 2019, respectively) | $ | 2,919,157 | $ | 2,922,408 | ||||
Unsecured senior notes, net | 8,393,009 | 8,390,459 | ||||||
Unsecured line of credit | 250,000 | — | ||||||
Unsecured term loan, net | 499,058 | 498,939 | ||||||
Lease liabilities - finance leases (amounts related to VIEs of $20,198 and $20,189 at March 31, 2020 and December 31, 2019, respectively) | 227,067 | 224,042 | ||||||
Lease liabilities - operating leases | 200,573 | 200,180 | ||||||
Accounts payable and accrued expenses (amounts related to VIEs of $28,437 and $45,777 at March 31, 2020 and December 31, 2019, respectively) | 293,831 | 377,553 | ||||||
Dividends and distributions payable | 171,026 | 170,713 | ||||||
Accrued interest payable | 82,388 | 90,016 | ||||||
Other liabilities (amounts related to VIEs of $142,381 and $140,110 at March 31, 2020 and December 31, 2019, respectively) | 366,852 | 387,994 | ||||||
Total liabilities | 13,402,961 | 13,262,304 | ||||||
Commitments and contingencies | — | — | ||||||
Redeemable deferred stock units— 63,475 and 60,676 units outstanding at redemption value at March 31, 2020 and December 31, 2019, respectively | 5,854 | 8,365 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts) | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Redeemable deferred stock units— 75,834 and 72,966 units outstanding at redemption value at March 31, 2021 and December 31, 2020, respectively | 7,679 | 6,897 | ||||||||||||
Noncontrolling interests: | ||||||||||||||
Redeemable partnership units— 16,053,640 and 16,037,121 common units and 1,525,306 and 1,336,115 long term incentive units outstanding at redemption value at March 31, 2021 and December 31, 2020, respectively | 1,780,044 | 1,643,024 | ||||||||||||
Capital: | ||||||||||||||
5.25% Series B cumulative redeemable preferred units, liquidation preference $2,500 per unit, 80,000 units issued and outstanding at March 31, 2021 and December 31, 2020 | 0 | 193,623 | ||||||||||||
Boston Properties Limited Partnership partners’ capital— 1,736,531 and 1,730,921 general partner units and 154,337,669 and 153,987,904 limited partner units outstanding at March 31, 2021 and December 31, 2020, respectively | 4,392,624 | 4,554,639 | ||||||||||||
Accumulated other comprehensive loss | (45,139) | (49,890) | ||||||||||||
Total partners’ capital | 4,347,485 | 4,698,372 | ||||||||||||
Noncontrolling interests in property partnerships | 1,725,600 | 1,726,933 | ||||||||||||
Total capital | 6,073,085 | 6,425,305 | ||||||||||||
Total liabilities and capital | $ | 21,945,334 | $ | 22,586,907 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except for unit amounts) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
Noncontrolling interests: | ||||||||
Redeemable partnership units— 16,421,888 and 16,764,466 common units and 1,343,299 and 1,143,215 long term incentive units outstanding at redemption value at March 31, 2020 and December 31, 2019, respectively | 1,639,855 | 2,468,753 | ||||||
Capital: | ||||||||
5.25% Series B cumulative redeemable preferred units, liquidation preference $2,500 per unit, 80,000 units issued and outstanding at March 31, 2020 and December 31, 2019 | 193,623 | 193,623 | ||||||
Boston Properties Limited Partnership partners’ capital— 1,730,797 and 1,726,980 general partner units and 153,583,758 and 153,063,318 limited partner units outstanding at March 31, 2020 and December 31, 2019, respectively | 4,626,627 | 3,380,175 | ||||||
Accumulated other comprehensive loss | (55,700 | ) | (48,335 | ) | ||||
Total partners’ capital | 4,764,550 | 3,525,463 | ||||||
Noncontrolling interests in property partnerships | 1,736,445 | 1,728,689 | ||||||
Total capital | 6,500,995 | 5,254,152 | ||||||
Total liabilities and capital | $ | 21,549,665 | $ | 20,993,574 |
Three months ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Lease | $ | 685,817 | $ | 710,111 | |||||||||||||||||||||||||
Parking and other | 16,938 | 24,504 | |||||||||||||||||||||||||||
Hotel | 632 | 6,825 | |||||||||||||||||||||||||||
Development and management services | 6,803 | 7,879 | |||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 3,505 | 3,237 | |||||||||||||||||||||||||||
Total revenue | 713,695 | 752,556 | |||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating | |||||||||||||||||||||||||||||
Rental | 257,389 | 262,966 | |||||||||||||||||||||||||||
Hotel | 2,051 | 6,821 | |||||||||||||||||||||||||||
General and administrative | 44,959 | 36,454 | |||||||||||||||||||||||||||
Payroll and related costs from management services contracts | 3,505 | 3,237 | |||||||||||||||||||||||||||
Transaction costs | 331 | 615 | |||||||||||||||||||||||||||
Depreciation and amortization | 173,500 | 169,285 | |||||||||||||||||||||||||||
Total expenses | 481,735 | 479,378 | |||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | 5,225 | (369) | |||||||||||||||||||||||||||
Gains on sales of real estate | 0 | 419,654 | |||||||||||||||||||||||||||
Interest and other income (loss) | 1,168 | 3,017 | |||||||||||||||||||||||||||
Gains (losses) from investments in securities | 1,659 | (5,445) | |||||||||||||||||||||||||||
Losses from early extinguishment of debt | (898) | 0 | |||||||||||||||||||||||||||
Interest expense | (107,902) | (101,591) | |||||||||||||||||||||||||||
Net income | 131,212 | 588,444 | |||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | (16,467) | (19,486) | |||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | 114,745 | 568,958 | |||||||||||||||||||||||||||
Preferred distributions | (2,560) | (2,625) | |||||||||||||||||||||||||||
Preferred unit redemption charge | (6,412) | 0 | |||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 105,773 | $ | 566,333 | |||||||||||||||||||||||||
Basic earnings per common unit attributable to Boston Properties Limited Partnership | |||||||||||||||||||||||||||||
Net income | $ | 0.61 | $ | 3.28 | |||||||||||||||||||||||||
Weighted average number of common units outstanding | 173,018 | 172,549 | |||||||||||||||||||||||||||
Diluted earnings per common unit attributable to Boston Properties Limited Partnership | |||||||||||||||||||||||||||||
Net income | $ | 0.61 | $ | 3.27 | |||||||||||||||||||||||||
Weighted average number of common and common equivalent units outstanding | 173,189 | 172,796 |
Three months ended March 31, | |||||||
2020 | 2019 | ||||||
Revenue | |||||||
Lease | $ | 710,111 | $ | 679,251 | |||
Parking and other | 24,504 | 24,906 | |||||
Hotel | 6,825 | 8,938 | |||||
Development and management services | 7,879 | 9,277 | |||||
Direct reimbursements of payroll and related costs from management services contracts | 3,237 | 3,395 | |||||
Total revenue | 752,556 | 725,767 | |||||
Expenses | |||||||
Operating | |||||||
Rental | 262,966 | 257,517 | |||||
Hotel | 6,821 | 7,863 | |||||
General and administrative | 36,454 | 41,762 | |||||
Payroll and related costs from management services contracts | 3,237 | 3,395 | |||||
Transaction costs | 615 | 460 | |||||
Depreciation and amortization | 169,285 | 162,682 | |||||
Total expenses | 479,378 | 473,679 | |||||
Other income (expense) | |||||||
Income (loss) from unconsolidated joint ventures | (369 | ) | 213 | ||||
Gains (losses) on sales of real estate | 419,654 | (905 | ) | ||||
Interest and other income | 3,017 | 3,753 | |||||
Gains (losses) from investments in securities | (5,445 | ) | 2,969 | ||||
Impairment loss | — | (22,272 | ) | ||||
Interest expense | (101,591 | ) | (101,009 | ) | |||
Net income | 588,444 | 134,837 | |||||
Net income attributable to noncontrolling interests | |||||||
Noncontrolling interests in property partnerships | (19,486 | ) | (18,830 | ) | |||
Net income attributable to Boston Properties Limited Partnership | 568,958 | 116,007 | |||||
Preferred distributions | (2,625 | ) | (2,625 | ) | |||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 566,333 | $ | 113,382 | |||
Basic earnings per common unit attributable to Boston Properties Limited Partnership | |||||||
Net income | $ | 3.28 | $ | 0.66 | |||
Weighted average number of common units outstanding | 172,549 | 172,131 | |||||
Diluted earnings per common unit attributable to Boston Properties Limited Partnership | |||||||
Net income | $ | 3.27 | $ | 0.66 | |||
Weighted average number of common and common equivalent units outstanding | 172,796 | 172,450 |
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 588,444 | $ | 134,837 | Net income | $ | 131,212 | $ | 588,444 | |||||||||||||||||||||||||||||||
Other comprehensive (loss): | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | (9,720 | ) | (2,628 | ) | Effective portion of interest rate contracts | 3,740 | (9,720) | |||||||||||||||||||||||||||||||||
Amortization of interest rate contracts (1) | 1,666 | 1,666 | Amortization of interest rate contracts (1) | 1,676 | 1,666 | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | (8,054 | ) | (962 | ) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 5,416 | (8,054) | |||||||||||||||||||||||||||||||||||||
Comprehensive income | 580,390 | 133,875 | Comprehensive income | 136,628 | 580,390 | |||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (19,630 | ) | (18,974 | ) | Comprehensive income attributable to noncontrolling interests | (16,611) | (19,630) | |||||||||||||||||||||||||||||||||
Comprehensive income attributable to Boston Properties Limited Partnership | $ | 560,760 | $ | 114,901 | Comprehensive income attributable to Boston Properties Limited Partnership | $ | 120,017 | $ | 560,760 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS (Unaudited and in thousands) | |||||||||||||||||||||||||||||
Units | Capital | ||||||||||||||||||||||||||||
General Partner | Limited Partner | Partners’ Capital (General and Limited Partners) | Preferred Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Property Partnerships | Total Capital | Noncontrolling Interests - Redeemable Partnership Units | ||||||||||||||||||||||
Equity, December 31, 2019 | 1,727 | 153,063 | $ | 3,380,175 | $ | 193,623 | $ | (48,335 | ) | $ | 1,728,689 | $ | 5,254,152 | $ | 2,468,753 | ||||||||||||||
Cumulative effect of a change in accounting principle | — | — | (1,505 | ) | — | — | — | (1,505 | ) | (174 | ) | ||||||||||||||||||
Contributions | 1 | 63 | 6,712 | — | — | — | 6,712 | 39,741 | |||||||||||||||||||||
Allocated net income for the period | — | — | 508,794 | 2,625 | — | 19,486 | 530,905 | 57,539 | |||||||||||||||||||||
Distributions | — | — | (152,208 | ) | (2,625 | ) | — | — | (154,833 | ) | (17,444 | ) | |||||||||||||||||
Unearned compensation | — | — | 996 | — | — | — | 996 | (24,064 | ) | ||||||||||||||||||||
Conversion of redeemable partnership units | 3 | 458 | 15,495 | — | — | — | 15,495 | (15,495 | ) | ||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | 868,168 | — | — | — | 868,168 | (868,168 | ) | ||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | (8,732 | ) | — | (8,732 | ) | (988 | ) | ||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | 1,367 | 144 | 1,511 | 155 | |||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | 3,876 | 3,876 | — | |||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | (15,750 | ) | (15,750 | ) | — | |||||||||||||||||||
Equity, March 31, 2020 | 1,731 | 153,584 | $ | 4,626,627 | $ | 193,623 | $ | (55,700 | ) | $ | 1,736,445 | $ | 6,500,995 | $ | 1,639,855 | ||||||||||||||
Equity, December 31, 2018 | 1,722 | 152,736 | $ | 4,054,996 | $ | 193,623 | $ | (47,741 | ) | $ | 1,711,445 | $ | 5,912,323 | $ | 2,000,591 | ||||||||||||||
Cumulative effect of a change in accounting principle | — | — | (3,864 | ) | — | — | (70 | ) | (3,934 | ) | (445 | ) | |||||||||||||||||
Contributions | 2 | 41 | 4,820 | — | — | — | 4,820 | 34,400 | |||||||||||||||||||||
Allocated net income for the year | — | — | 101,783 | 2,625 | — | 18,830 | 123,238 | 11,599 | |||||||||||||||||||||
Distributions | — | — | (146,790 | ) | (2,625 | ) | — | — | (149,415 | ) | (17,185 | ) | |||||||||||||||||
Unearned compensation | — | — | (1,388 | ) | — | — | — | (1,388 | ) | (20,990 | ) | ||||||||||||||||||
Conversion of redeemable partnership units | 1 | 13 | 492 | — | — | — | 492 | (492 | ) | ||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | (406,875 | ) | — | — | — | (406,875 | ) | 406,875 | |||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | (2,359 | ) | — | (2,359 | ) | (269 | ) | ||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | 1,366 | 144 | 1,510 | 156 | |||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | 4,387 | 4,387 | — | |||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | (24,128 | ) | (24,128 | ) | — | |||||||||||||||||||
Equity, March 31, 2019 | 1,725 | 152,790 | $ | 3,603,174 | $ | 193,623 | $ | (48,734 | ) | $ | 1,710,608 | $ | 5,458,671 | $ | 2,414,240 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS (unaudited and in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Capital | ||||||||||||||||||||||||||||||||||||||||||||||
General Partner | Limited Partner | Partners’ Capital (General and Limited Partners) | Preferred Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Property Partnerships | Total Capital | Noncontrolling Interests - Redeemable Partnership Units | ||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2020 | 1,731 | 153,988 | $ | 4,554,639 | $ | 193,623 | $ | (49,890) | $ | 1,726,933 | $ | 6,425,305 | $ | 1,643,024 | |||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | 4 | 233 | 20,489 | — | — | — | 20,489 | 18,462 | |||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | 101,101 | 2,560 | — | 16,467 | 120,128 | 11,084 | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | (152,953) | (2,560) | — | — | (155,513) | (17,287) | |||||||||||||||||||||||||||||||||||||||
Preferred unit redemption | — | — | — | (193,623) | — | — | (193,623) | — | |||||||||||||||||||||||||||||||||||||||
Preferred unit redemption charge | — | — | (6,412) | — | — | — | (6,412) | — | |||||||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | 2 | 117 | 4,198 | — | — | — | 4,198 | (4,198) | |||||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | (128,438) | — | — | — | (128,438) | 128,438 | |||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | 3,370 | — | 3,370 | 370 | |||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | 1,381 | 144 | 1,525 | 151 | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | 281 | 281 | — | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | (18,225) | (18,225) | — | |||||||||||||||||||||||||||||||||||||||
Equity, March 31, 2021 | 1,737 | 154,338 | $ | 4,392,624 | $ | 0 | $ | (45,139) | $ | 1,725,600 | $ | 6,073,085 | $ | 1,780,044 | |||||||||||||||||||||||||||||||||
Equity, December 31, 2019 | 1,727 | 153,063 | $ | 3,380,175 | $ | 193,623 | $ | (48,335) | $ | 1,728,689 | $ | 5,254,152 | $ | 2,468,753 | |||||||||||||||||||||||||||||||||
Cumulative effect of a change in accounting principle | — | — | (1,505) | — | — | — | (1,505) | (174) | |||||||||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | 1 | 63 | 7,708 | — | — | — | 7,708 | 15,677 | |||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | 508,794 | 2,625 | — | 19,486 | 530,905 | 57,539 | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | (152,208) | (2,625) | — | — | (154,833) | (17,444) | |||||||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | 3 | 458 | 15,495 | — | — | — | 15,495 | (15,495) | |||||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | 868,168 | — | — | — | 868,168 | (868,168) | |||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | (8,732) | — | (8,732) | (988) | |||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | 1,367 | 144 | 1,511 | 155 | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | 3,876 | 3,876 | — | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | (15,750) | (15,750) | — | |||||||||||||||||||||||||||||||||||||||
Equity, March 31, 2020 | 1,731 | 153,584 | $ | 4,626,627 | $ | 193,623 | $ | (55,700) | $ | 1,736,445 | $ | 6,500,995 | $ | 1,639,855 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 131,212 | $ | 588,444 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 173,500 | 169,285 | |||||||||||||||
Amortization of right of use assets - operating leases | 2,263 | 583 | |||||||||||||||
Non-cash compensation expense | 20,090 | 17,525 | |||||||||||||||
Loss (income) from unconsolidated joint ventures | (5,225) | 369 | |||||||||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | 3,972 | 5,917 | |||||||||||||||
(Gains) losses from investments in securities | (1,659) | 5,445 | |||||||||||||||
Allowance for current expected credit losses | (128) | 0 | |||||||||||||||
Non-cash portion of interest expense | 5,984 | 5,646 | |||||||||||||||
Settlement of accreted debt discount on redemption of unsecured senior notes | (6,290) | 0 | |||||||||||||||
Losses from early extinguishments of debt | 898 | 0 | |||||||||||||||
Gains on sales of real estate | 0 | (419,654) | |||||||||||||||
Change in assets and liabilities: | |||||||||||||||||
Tenant and other receivables, net | 26,020 | 17,784 | |||||||||||||||
Notes receivable, net | (140) | (128) | |||||||||||||||
Accrued rental income, net | (9,413) | (27,285) | |||||||||||||||
Prepaid expenses and other assets | (96,351) | (93,819) | |||||||||||||||
Lease liabilities - operating leases | (1,330) | 393 | |||||||||||||||
Accounts payable and accrued expenses | (21,578) | (48,591) | |||||||||||||||
Accrued interest payable | (28,970) | (7,644) | |||||||||||||||
Other liabilities | (24,177) | (21,296) | |||||||||||||||
Tenant leasing costs | (16,615) | (17,777) | |||||||||||||||
Total adjustments | 20,851 | (413,247) | |||||||||||||||
Net cash provided by operating activities | 152,063 | 175,197 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Construction in progress | (119,496) | (143,160) | |||||||||||||||
Building and other capital improvements | (32,717) | (39,154) | |||||||||||||||
Tenant improvements | (93,201) | (64,172) | |||||||||||||||
Proceeds from sales of real estate | 0 | 259,489 | |||||||||||||||
Capital contributions to unconsolidated joint ventures | (16,684) | (89,997) | |||||||||||||||
Capital distributions from unconsolidated joint ventures | 122 | 0 | |||||||||||||||
Proceeds from sale of investment in unconsolidated joint venture | 17,589 | 0 | |||||||||||||||
Investments in securities, net | 2,114 | 3,201 | |||||||||||||||
Net cash used in investing activities | (242,273) | (73,793) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Repayments of mortgage notes payable | (5,374) | (4,212) | |||||||||||||||
Proceeds from unsecured senior notes | 846,345 | 0 | |||||||||||||||
Redemption of unsecured senior notes | (843,710) | 0 | |||||||||||||||
Borrowings on unsecured line of credit | 0 | 265,000 | |||||||||||||||
Repayments of unsecured line of credit | 0 | (15,000) | |||||||||||||||
Repayment of unsecured term loan | (500,000) | 0 | |||||||||||||||
Deferred financing costs | (7,145) | (11) |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited and in thousands) | |||||||
For the three months ended March 31, | |||||||
2020 | 2019 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 588,444 | $ | 134,837 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 169,285 | 162,682 | |||||
Amortization of right of use assets - operating leases | 583 | 605 | |||||
Impairment loss | — | 22,272 | |||||
Non-cash compensation expense | 17,525 | 15,050 | |||||
Loss (income) from unconsolidated joint ventures | 369 | (213 | ) | ||||
Distributions of net cash flow from operations of unconsolidated joint ventures | 5,917 | 2,650 | |||||
Losses (gains) from investments in securities | 5,445 | (2,969 | ) | ||||
Non-cash portion of interest expense | 5,646 | 5,447 | |||||
(Gains) losses on sales of real estate | (419,654 | ) | 905 | ||||
Change in assets and liabilities: | |||||||
Tenant and other receivables, net | 17,784 | (14,000 | ) | ||||
Note receivable, net | (128 | ) | (125 | ) | |||
Accrued rental income, net | (27,285 | ) | (15,570 | ) | |||
Prepaid expenses and other assets | (93,819 | ) | (68,554 | ) | |||
Lease liabilities - operating leases | 393 | 370 | |||||
Accounts payable and accrued expenses | (48,591 | ) | 258 | ||||
Accrued interest payable | (7,644 | ) | (160 | ) | |||
Other liabilities | (21,296 | ) | (17,831 | ) | |||
Tenant leasing costs | (17,777 | ) | (18,420 | ) | |||
Total adjustments | (413,247 | ) | 72,397 | ||||
Net cash provided by operating activities | 175,197 | 207,234 | |||||
Cash flows from investing activities: | |||||||
Acquisition of real estate | — | (43,061 | ) | ||||
Construction in progress | (143,160 | ) | (85,632 | ) | |||
Building and other capital improvements | (39,154 | ) | (32,719 | ) | |||
Tenant improvements | (64,172 | ) | (54,242 | ) | |||
Proceeds from sales of real estate | 259,489 | 20,019 | |||||
Capital contributions to unconsolidated joint ventures | (89,997 | ) | (26,995 | ) | |||
Investments in securities, net | 3,201 | (885 | ) | ||||
Net cash used in investing activities | (73,793 | ) | (223,515 | ) | |||
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Debt prepayment and extinguishment costs | (185) | 0 | |||||||||||||||
Net proceeds from equity transactions | 19,643 | 3,349 | |||||||||||||||
Distributions | (171,566) | (171,964) | |||||||||||||||
Contributions from noncontrolling interests in property partnerships | 281 | 3,876 | |||||||||||||||
Distributions to noncontrolling interests in property partnerships | (18,225) | (15,750) | |||||||||||||||
Net cash provided by (used in) financing activities | (679,936) | 65,288 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents and cash held in escrows | (770,146) | 166,692 | |||||||||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | 1,719,329 | 691,886 | |||||||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 949,183 | $ | 858,578 | |||||||||||||
Reconciliation of cash and cash equivalents and cash held in escrows: | |||||||||||||||||
Cash and cash equivalents, beginning of period | $ | 1,668,742 | $ | 644,950 | |||||||||||||
Cash held in escrows, beginning of period | 50,587 | 46,936 | |||||||||||||||
Cash and cash equivalents and cash held in escrows, beginning of period | $ | 1,719,329 | $ | 691,886 | |||||||||||||
Cash and cash equivalents, end of period | $ | 697,369 | $ | 660,733 | |||||||||||||
Cash held in escrows, end of period | 251,814 | 197,845 | |||||||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 949,183 | $ | 858,578 | |||||||||||||
Supplemental disclosures: | |||||||||||||||||
Cash paid for interest | $ | 146,781 | $ | 114,696 | |||||||||||||
Interest capitalized | $ | 12,032 | $ | 14,149 | |||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Write-off of fully depreciated real estate | $ | (23,847) | $ | (38,782) | |||||||||||||
Change in real estate included in accounts payable and accrued expenses | $ | (42,778) | $ | (27,415) | |||||||||||||
Preferred stock redemption liability | $ | 200,000 | $ | 0 | |||||||||||||
Accrued rental income, net deconsolidated | $ | 0 | $ | (4,558) | |||||||||||||
Tenant leasing costs, net deconsolidated | $ | 0 | $ | (3,462) | |||||||||||||
Building and other capital improvements, net deconsolidated | $ | 0 | $ | (111,889) | |||||||||||||
Tenant improvements, net deconsolidated | $ | 0 | $ | (12,331) | |||||||||||||
Investment in unconsolidated joint venture recorded upon deconsolidation | $ | 0 | $ | 347,898 | |||||||||||||
Deferred distributions from sale of investment in unconsolidated joint venture | $ | 5,808 | $ | 0 | |||||||||||||
Deferred proceeds from sale of investment in unconsolidated joint venture | $ | 200 | $ | 0 | |||||||||||||
Distributions declared but not paid | $ | 171,003 | $ | 171,026 | |||||||||||||
Conversions of redeemable partnership units to partners’ capital | $ | 4,198 | $ | 15,495 | |||||||||||||
Issuance of restricted securities to employees and non-employee directors | $ | 41,255 | $ | 43,104 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited and in thousands) | |||||||
For the three months ended March 31, | |||||||
2020 | 2019 | ||||||
Cash flows from financing activities: | |||||||
Repayments of mortgage notes payable | (4,212 | ) | (5,645 | ) | |||
Borrowings on unsecured line of credit | 265,000 | 50,000 | |||||
Repayments of unsecured line of credit | (15,000 | ) | (50,000 | ) | |||
Payments on finance lease obligations | — | (470 | ) | ||||
Deferred financing costs | (11 | ) | (186 | ) | |||
Net proceeds from equity transactions | 3,349 | 1,792 | |||||
Distributions | (171,964 | ) | (166,362 | ) | |||
Contributions from noncontrolling interests in property partnerships | 3,876 | 4,387 | |||||
Distributions to noncontrolling interests in property partnerships | (15,750 | ) | (24,128 | ) | |||
Net cash provided by (used in) financing activities | 65,288 | (190,612 | ) | ||||
Net increase (decrease) in cash and cash equivalents and cash held in escrows | 166,692 | (206,893 | ) | ||||
Cash and cash equivalents and cash held in escrows, beginning of year | 691,886 | 639,191 | |||||
Cash and cash equivalents and cash held in escrows, end of year | $ | 858,578 | $ | 432,298 | |||
Reconciliation of cash and cash equivalents and cash held in escrows: | |||||||
Cash and cash equivalents, beginning of period | $ | 644,950 | $ | 543,359 | |||
Cash held in escrows, beginning of period | 46,936 | 95,832 | |||||
Cash and cash equivalents and cash held in escrows, beginning of period | $ | 691,886 | $ | 639,191 | |||
Cash and cash equivalents, end of period | $ | 660,733 | $ | 360,091 | |||
Cash held in escrows, end of period | 197,845 | 72,207 | |||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 858,578 | $ | 432,298 | |||
Supplemental disclosures: | |||||||
Cash paid for interest | $ | 114,696 | $ | 107,094 | |||
Interest capitalized | $ | 14,149 | $ | 11,813 | |||
Non-cash investing and financing activities: | |||||||
Write-off of fully depreciated real estate | $ | (38,782 | ) | $ | (31,640 | ) | |
Change in real estate included in accounts payable and accrued expenses | $ | (27,415 | ) | $ | 49,689 | ||
Real estate acquired through finance lease | $ | — | $ | 122,563 | |||
Accrued rental income, net deconsolidated | $ | (4,558 | ) | $ | — | ||
Tenant leasing costs, net deconsolidated | $ | (3,462 | ) | $ | — | ||
Building and other capital improvements, net deconsolidated | $ | (111,889 | ) | $ | — | ||
Tenant improvements, net deconsolidated | $ | (12,331 | ) | $ | — | ||
Investment in unconsolidated joint venture recorded upon deconsolidation | $ | 347,898 | $ | — | |||
Distributions declared but not paid | $ | 171,026 | $ | 165,352 | |||
Conversions of redeemable partnership units to partners’ capital | $ | 15,495 | $ | 492 | |||
Issuance of restricted securities to employees | $ | 43,104 | $ | 37,428 |
Financial Instrument | Level | ||||
Unsecured senior notes (1) | Level 1 | ||||
Related party note receivable | Level 3 | ||||
Level 3 | |||||
Mortgage notes payable | Level 3 | ||||
Unsecured | Level 3 |
Financial Instrument | Level | Range | Weighted Average |
Related party note receivable | Level 3 | 4.49% | 4.49% |
Note receivable | Level 3 | 3.62% | 3.62% |
Mortgage notes payable | Level 3 | 2.82% - 3.25% | 2.91% |
Unsecured term loan / line of credit | Level 3 | 1.84% | 1.84% |
Financial Instrument | Level | Range | Weighted Average | ||||||||
Related party note receivable | Level 3 | 3.61% | 3.61% | ||||||||
Notes receivable | Level 3 | 3.60% - 8.00% | 5.85% | ||||||||
Mortgage notes payable | Level 3 | 2.75% - 3.07% | 2.82% |
March 31, 2020 | December 31, 2019 | ||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||
Related party note receivable, net | $ | 78,800 | $ | 83,707 | $ | 80,000 | $ | 81,931 | |||||||
Note receivable, net | 15,794 | 15,593 | 15,920 | 14,978 | |||||||||||
Total | $ | 94,594 | $ | 99,300 | $ | 95,920 | $ | 96,909 | |||||||
Mortgage notes payable, net | $ | 2,919,157 | $ | 3,054,533 | $ | 2,922,408 | $ | 2,984,956 | |||||||
Unsecured senior notes, net | 8,393,009 | 8,449,511 | 8,390,459 | 8,826,375 | |||||||||||
Unsecured line of credit | 250,000 | 249,873 | — | — | |||||||||||
Unsecured term loan, net | 499,058 | 500,506 | 498,939 | 500,561 | |||||||||||
Total | $ | 12,061,224 | $ | 12,254,423 | $ | 11,811,806 | $ | 12,311,892 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
Related party note receivable, net | $ | 77,640 | $ | 84,205 | $ | 77,552 | $ | 84,579 | |||||||||||||||
Notes receivable, net | 18,891 | 19,541 | 18,729 | 19,372 | |||||||||||||||||||
Total | $ | 96,531 | $ | 103,746 | $ | 96,281 | $ | 103,951 | |||||||||||||||
Mortgage notes payable, net | $ | 2,904,672 | $ | 3,025,986 | $ | 2,909,081 | $ | 3,144,150 | |||||||||||||||
Unsecured senior notes, net | 9,631,592 | 10,216,659 | 9,639,287 | 10,620,527 | |||||||||||||||||||
Unsecured line of credit | 0 | 0 | 0 | 0 | |||||||||||||||||||
Unsecured term loan, net | 0 | 0 | 499,390 | 500,326 | |||||||||||||||||||
Total | $ | 12,536,264 | $ | 13,242,645 | $ | 13,047,758 | $ | 14,265,003 |
March 31, 2020 | December 31, 2019 | |||||||
Land | $ | 5,070,208 | $ | 5,111,606 | ||||
Right of use assets - finance leases | 237,394 | 237,394 | ||||||
Right of use assets - operating leases | 148,057 | 148,640 | ||||||
Land held for future development (1) | 264,893 | 254,828 | ||||||
Buildings and improvements | 13,517,218 | 13,646,054 | ||||||
Tenant improvements | 2,641,448 | 2,656,439 | ||||||
Furniture, fixtures and equipment | 44,263 | 44,313 | ||||||
Construction in progress | 804,179 | 789,736 | ||||||
Total | 22,727,660 | 22,889,010 | ||||||
Less: Accumulated depreciation | (5,209,487 | ) | (5,266,798 | ) | ||||
$ | 17,518,173 | $ | 17,622,212 |
March 31, 2021 | December 31, 2020 | |||||||||||||
Land | $ | 5,068,843 | $ | 5,069,206 | ||||||||||
Right of use assets - finance leases | 237,017 | 237,393 | ||||||||||||
Right of use assets - operating leases | 144,143 | 146,406 | ||||||||||||
Land held for future development (1) | 421,349 | 450,954 | ||||||||||||
Buildings and improvements | 14,004,418 | 13,777,691 | ||||||||||||
Tenant improvements | 2,816,726 | 2,752,880 | ||||||||||||
Furniture, fixtures and equipment | 51,549 | 49,606 | ||||||||||||
Construction in progress | 794,039 | 868,773 | ||||||||||||
Total | 23,538,084 | 23,352,909 | ||||||||||||
Less: Accumulated depreciation | (5,665,061) | (5,534,102) | ||||||||||||
$ | 17,873,023 | $ | 17,818,807 |
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||
Land | $ | 4,972,992 | $ | 5,011,153 | Land | $ | 4,971,990 | $ | 4,971,990 | |||||||||||||
Right of use assets - finance leases | 237,394 | 237,394 | Right of use assets - finance leases | 237,017 | 237,393 | |||||||||||||||||
Right of use assets - operating leases | 148,057 | 148,640 | Right of use assets - operating leases | 144,143 | 146,406 | |||||||||||||||||
Land held for future development (1) | 264,893 | 254,828 | Land held for future development (1) | 421,349 | 450,954 | |||||||||||||||||
Buildings and improvements | 13,232,157 | 13,351,286 | Buildings and improvements | 13,725,776 | 13,498,098 | |||||||||||||||||
Tenant improvements | 2,641,448 | 2,656,439 | Tenant improvements | 2,816,726 | 2,752,880 | |||||||||||||||||
Furniture, fixtures and equipment | 44,263 | 44,313 | Furniture, fixtures and equipment | 51,549 | 49,606 | |||||||||||||||||
Construction in progress | 804,179 | 789,736 | Construction in progress | 794,039 | 868,773 | |||||||||||||||||
Total | 22,345,383 | 22,493,789 | Total | 23,162,589 | 22,976,100 | |||||||||||||||||
Less: Accumulated depreciation | (5,107,243 | ) | (5,162,908 | ) | Less: Accumulated depreciation | (5,557,784) | (5,428,576) | |||||||||||||||
$ | 17,238,140 | $ | 17,330,881 | $ | 17,604,805 | $ | 17,547,524 |
Three months ended March 31, | ||||||||||||||||||||||||||
Lease Revenue | 2021 | 2020 | ||||||||||||||||||||||||
Fixed contractual payments | $ | 575,353 | $ | 586,957 | ||||||||||||||||||||||
Variable lease payments | 110,464 | 123,154 | ||||||||||||||||||||||||
$ | 685,817 | $ | 710,111 |
Three months ended March 31, | ||||||||
Lease Revenue | 2020 | 2019 | ||||||
Fixed contractual payments | $ | 586,957 | $ | 553,986 | ||||
Variable lease payments | 123,154 | 125,265 | ||||||
$ | 710,111 | $ | 679,251 |
Carrying Value of Investment (1) | Carrying Value of Investment (1) | ||||||||||||||||||||||||||||||||||||||
Entity | Properties | Nominal % Ownership | March 31, 2020 | December 31, 2019 | Entity | Properties | Nominal % Ownership | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||
Square 407 Limited Partnership | Market Square North | 50.0 | % | $ | (4,469 | ) | $ | (4,872 | ) | Square 407 Limited Partnership | Market Square North | 50.0 | % | $ | (3,293) | $ | (3,766) | ||||||||||||||||||||||
BP/CRF Metropolitan Square, LLC | Metropolitan Square | 20.0 | % | 13,130 | 9,134 | ||||||||||||||||||||||||||||||||||
BP/CRF Metropolitan Square LLC | BP/CRF Metropolitan Square LLC | Metropolitan Square | 20.0 | % | (12,971) | (13,584) | |||||||||||||||||||||||||||||||||
901 New York, LLC | 901 New York Avenue | 25.0 | % | (2) | (12,069 | ) | (12,113 | ) | 901 New York, LLC | 901 New York Avenue | 25.0 | % | (2) | (12,198) | (12,264) | ||||||||||||||||||||||||
WP Project Developer LLC | Wisconsin Place Land and Infrastructure | 33.3 | % | (3) | 36,446 | 36,789 | WP Project Developer LLC | Wisconsin Place Land and Infrastructure | 33.3 | % | (3) | 34,887 | 35,297 | ||||||||||||||||||||||||||
Annapolis Junction NFM LLC | Annapolis Junction | 50.0 | % | (4) | 25,461 | 25,391 | Annapolis Junction NFM LLC | Annapolis Junction | 50.0 | % | (4) | — | 13,463 | ||||||||||||||||||||||||||
540 Madison Venture LLC | 540 Madison Avenue | 60.0 | % | (5) | 2,961 | 2,953 | 540 Madison Venture LLC | 540 Madison Avenue | 60.0 | % | (5) | — | 122 | ||||||||||||||||||||||||||
500 North Capitol Venture LLC | 500 North Capitol Street, NW | 30.0 | % | (5,688 | ) | (5,439 | ) | 500 North Capitol Venture LLC | 500 North Capitol Street, NW | 30.0 | % | (7,187) | (6,945) | ||||||||||||||||||||||||||
501 K Street LLC | 1001 6th Street | 50.0 | % | (6) | 42,774 | 42,496 | 501 K Street LLC | 1001 6th Street | 50.0 | % | (6) | 42,607 | 42,499 | ||||||||||||||||||||||||||
Podium Developer LLC | The Hub on Causeway - Podium | 50.0 | % | 49,605 | 49,466 | Podium Developer LLC | The Hub on Causeway - Podium | 50.0 | % | 48,398 | 48,818 | ||||||||||||||||||||||||||||
Residential Tower Developer LLC | Hub50House | 50.0 | % | 54,414 | 55,092 | Residential Tower Developer LLC | Hub50House | 50.0 | % | 49,520 | 50,943 | ||||||||||||||||||||||||||||
Hotel Tower Developer LLC | The Hub on Causeway - Hotel Air Rights | 50.0 | % | 9,889 | 9,883 | Hotel Tower Developer LLC | The Hub on Causeway - Hotel Air Rights | 50.0 | % | 11,032 | 10,754 | ||||||||||||||||||||||||||||
Office Tower Developer LLC | 100 Causeway Street | 50.0 | % | 57,079 | 56,606 | Office Tower Developer LLC | 100 Causeway Street | 50.0 | % | 56,458 | 56,312 | ||||||||||||||||||||||||||||
1265 Main Office JV LLC | 1265 Main Street | 50.0 | % | 3,636 | 3,780 | 1265 Main Office JV LLC | 1265 Main Street | 50.0 | % | 3,899 | 3,787 | ||||||||||||||||||||||||||||
BNY Tower Holdings LLC | Dock 72 | 50.0 | % | 95,362 | 94,804 | BNY Tower Holdings LLC | Dock 72 | 50.0 | % | 27,936 | 29,536 | ||||||||||||||||||||||||||||
BNYTA Amenity Operator LLC | Dock 72 | 50.0 | % | — | — | BNYTA Amenity Operator LLC | Dock 72 | 50.0 | % | 1,672 | 1,846 | ||||||||||||||||||||||||||||
CA-Colorado Center Limited Partnership | Colorado Center | 50.0 | % | 251,146 | 252,069 | CA-Colorado Center Limited Partnership | Colorado Center | 50.0 | % | 229,094 | 227,671 | ||||||||||||||||||||||||||||
7750 Wisconsin Avenue LLC | 7750 Wisconsin Avenue | 50.0 | % | 57,003 | 56,247 | 7750 Wisconsin Avenue LLC | 7750 Wisconsin Avenue | 50.0 | % | 58,697 | 58,112 | ||||||||||||||||||||||||||||
BP-M 3HB Venture LLC | 3 Hudson Boulevard | 25.0 | % | 84,301 | 67,499 | BP-M 3HB Venture LLC | 3 Hudson Boulevard | 25.0 | % | 115,869 | 113,774 | ||||||||||||||||||||||||||||
SMBP Venture LP | Santa Monica Business Park | 55.0 | % | 151,997 | 163,937 | SMBP Venture LP | Santa Monica Business Park | 55.0 | % | 159,545 | 145,761 | ||||||||||||||||||||||||||||
Platform 16 Holdings LP | Platform 16 | 55.0 | % | (7) | 93,991 | 29,501 | Platform 16 Holdings LP | Platform 16 | 55.0 | % | (7) | 108,358 | 108,393 | ||||||||||||||||||||||||||
Gateway Portfolio Holdings LLC | Gateway Commons | 50.0 | % | (8) | 348,143 | N/A | Gateway Portfolio Holdings LLC | Gateway Commons | 50.0 | % | (8) | 332,591 | 336,206 | ||||||||||||||||||||||||||
Rosecrans-Sepulveda Partners 4, LLC | Rosecrans-Sepulveda Partners 4, LLC | Beach Cities Media Campus | 50.0 | % | 27,162 | 27,184 | |||||||||||||||||||||||||||||||||
$ | 1,355,112 | $ | 933,223 | $ | 1,272,076 | $ | 1,273,919 |
(1) |
(2)The Company’s economic ownership has increased based on the achievement of certain return thresholds. At March 31, 2021 and December 31, 2020, the Company’s economic ownership was approximately 50%. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)On March 30, 2021, the Company sold its interest in the joint venture to the partner. See below for additional details. (5)The property was sold on June 27, 2019. As of December 31, 2020, the investment consisted of undistributed cash. All remaining cash has been distributed as of March 31, 2021. (6)Under the joint venture agreement for this land parcel, the partner will be entitled to up to 2 additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization. (7)This entity is a VIE (See Note 2). (8)As a result of the partner’s deferred contribution, the Company owned an approximately 54% and 55% interest in the joint venture at March 31, 2021 and December 31, 2020, respectively. Future development projects will be owned 49% by the Company and 51% by its partner. 20 |
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Real estate and development in process, net (1) | $ | 4,711,593 | $ | 4,708,571 | |||||||
Other assets | 505,554 | 531,071 | |||||||||
Total assets | $ | 5,217,147 | $ | 5,239,642 | |||||||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | |||||||||||
Mortgage and notes payable, net | $ | 2,662,616 | $ | 2,637,911 | |||||||
Other liabilities (2) | 599,354 | 650,433 | |||||||||
Members’/Partners’ equity | 1,955,177 | 1,951,298 | |||||||||
Total liabilities and members’/partners’ equity | $ | 5,217,147 | $ | 5,239,642 | |||||||
Company’s share of equity | $ | 933,739 | $ | 936,087 | |||||||
Basis differentials (3) | 338,337 | 337,832 | |||||||||
Carrying value of the Company’s investments in unconsolidated joint ventures (4) | $ | 1,272,076 | $ | 1,273,919 |
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Property | |||||||||||
Colorado Center | $ | 306,903 | $ | 307,328 | |||||||
Gateway Commons | 50,682 | 51,875 | |||||||||
Dock 72 | (51,708) | (52,243) |
March 31, 2020 | December 31, 2019 | ||||||
(in thousands) | |||||||
ASSETS | |||||||
Real estate and development in process, net (1) | $ | 4,469,460 | $ | 3,904,400 | |||
Other assets | 578,468 | 502,706 | |||||
Total assets | $ | 5,047,928 | $ | 4,407,106 | |||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | |||||||
Mortgage and notes payable, net | $ | 2,312,938 | $ | 2,218,853 | |||
Other liabilities (2) | 638,892 | 749,675 | |||||
Members’/Partners’ equity | 2,096,098 | 1,438,578 | |||||
Total liabilities and members’/partners’ equity | $ | 5,047,928 | $ | 4,407,106 | |||
Company’s share of equity | $ | 956,136 | $ | 591,905 | |||
Basis differentials (3) | 398,976 | 341,318 | |||||
Carrying value of the Company’s investments in unconsolidated joint ventures (4) | $ | 1,355,112 | $ | 933,223 |
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||
Total revenue (1) | $ | 93,203 | $ | 82,955 | Total revenue (1) | $ | 87,266 | $ | 93,203 | |||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||
Operating | 35,401 | 30,499 | Operating | 37,134 | 35,401 | |||||||||||||||||||||||||||||||
Transaction costs | Transaction costs | 7 | 0 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 32,035 | 28,646 | Depreciation and amortization | 34,103 | 32,035 | |||||||||||||||||||||||||||||||
Total expenses | 67,436 | 59,145 | Total expenses | 71,244 | 67,436 | |||||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | |||||||||||||||||||||||||||||||||||
Interest expense | (22,583 | ) | (20,757 | ) | Interest expense | (25,556) | (22,583) | |||||||||||||||||||||||||||||
Net income | $ | 3,184 | $ | 3,053 | ||||||||||||||||||||||||||||||||
Company’s share of net income | $ | 1,252 | $ | 1,584 | ||||||||||||||||||||||||||||||||
Basis differential (2) | (1,621 | ) | (1,371 | ) | ||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (9,534) | $ | 3,184 | |||||||||||||||||||||||||||||||
Company’s share of net income (loss) | Company’s share of net income (loss) | $ | (3,640) | $ | 1,252 | |||||||||||||||||||||||||||||||
Gain on sale of investment (2) | Gain on sale of investment (2) | 10,257 | 0 | |||||||||||||||||||||||||||||||||
Basis differential (3) | Basis differential (3) | (1,392) | (1,621) | |||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | $ | (369 | ) | $ | 213 | Income (loss) from unconsolidated joint ventures | $ | 5,225 | $ | (369) |
Coupon/ Stated Rate | Effective Rate(1) | Principal Amount | Maturity Date(2) | ||||||||||||||||||||
11 Year Unsecured Senior Notes | 3.850 | % | 3.954 | % | $ | 1,000,000 | February 1, 2023 | ||||||||||||||||
10.5 Year Unsecured Senior Notes | 3.125 | % | 3.279 | % | 500,000 | September 1, 2023 | |||||||||||||||||
10.5 Year Unsecured Senior Notes | 3.800 | % | 3.916 | % | 700,000 | February 1, 2024 | |||||||||||||||||
7 Year Unsecured Senior Notes | 3.200 | % | 3.350 | % | 850,000 | January 15, 2025 | |||||||||||||||||
10 Year Unsecured Senior Notes | 3.650 | % | 3.766 | % | 1,000,000 | February 1, 2026 | |||||||||||||||||
10 Year Unsecured Senior Notes | 2.750 | % | 3.495 | % | 1,000,000 | October 1, 2026 | |||||||||||||||||
10 Year Unsecured Senior Notes | 4.500 | % | 4.628 | % | 1,000,000 | December 1, 2028 | |||||||||||||||||
10 Year Unsecured Senior Notes | 3.400 | % | 3.505 | % | 850,000 | June 21, 2029 | |||||||||||||||||
10.5 Year Unsecured Senior Notes | 2.900 | % | 2.984 | % | 700,000 | March 15, 2030 | |||||||||||||||||
10.75 Year Unsecured Senior Notes | 3.250 | % | 3.343 | % | 1,250,000 | January 30, 2031 | |||||||||||||||||
11 Year Unsecured Senior Notes | 2.550 | % | 2.671 | % | 850,000 | April 1, 2032 | |||||||||||||||||
Total principal | 9,700,000 | ||||||||||||||||||||||
Less: | |||||||||||||||||||||||
Net unamortized discount | 18,736 | ||||||||||||||||||||||
Deferred financing costs, net | 49,672 | ||||||||||||||||||||||
Total | $ | 9,631,592 |
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||||||||||||
March 31, 2021 | April 30, 2021 | $0.98 | $0.098 | |||||||||||||||||
December 31, 2020 | January 28, 2021 | $0.98 | $0.098 |
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||||||||||||
March 31, 2020 | April 30, 2020 | $0.98 | $0.098 | |||||||||||||||||
December 31, 2019 | January 30, 2020 | $0.98 | $0.098 |
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||
March 29, 2019 | April 30, 2019 | $0.95 | $0.095 | |||||||
December 31, 2018 | January 30, 2019 | $0.95 | $0.095 |
Record Date | Payment Date | Dividend (Per Share) | Distribution (Per Unit) | |||||||
March 31, 2020 | April 30, 2020 | $0.98 | $0.98 | |||||||
December 31, 2019 | January 30, 2020 | $0.98 | $0.98 | |||||||
March 29, 2019 | April 30, 2019 | $0.95 | $0.95 | |||||||
December 31, 2018 | January 30, 2019 | $0.95 | $0.95 |
Record Date | Payment Date | Dividend (Per Share) | Distribution (Per Unit) | |||||||||||||||||
March 31, 2021 | April 30, 2021 | $0.98 | $0.98 | |||||||||||||||||
December 31, 2020 | January 28, 2021 | $0.98 | $0.98 | |||||||||||||||||
March 31, 2020 | April 30, 2020 | $0.98 | $0.98 | |||||||||||||||||
December 31, 2019 | January 30, 2020 | $0.98 | $0.98 |
Record Date | Payment Date | Dividend (Per Share) | |||||||||||||
February 5, 2021 | February 16, 2021 | $32.8125 | |||||||||||||
May 1, 2020 | May 15, 2020 | ||||||||||||||
February 4, 2020 | February 18, 2020 | ||||||||||||||
Three months ended March 31, 2020 | ||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | ||||||||
(in thousands, except for per share amounts) | ||||||||||
Basic Earnings: | ||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 497,496 | 155,011 | $ | 3.21 | |||||
Allocation of undistributed earnings to participating securities | (1,011 | ) | — | (0.01 | ) | |||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 496,485 | 155,011 | $ | 3.20 | |||||
Effect of Dilutive Securities: | ||||||||||
Stock Based Compensation | — | 247 | — | |||||||
Diluted Earnings: | ||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 496,485 | 155,258 | $ | 3.20 | |||||
Three months ended March 31, 2019 | ||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | ||||||||
(in thousands, except for per share amounts) | ||||||||||
Basic Earnings: | ||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 98,105 | 154,525 | $ | 0.63 | |||||
Effect of Dilutive Securities: | ||||||||||
Stock Based Compensation | — | 319 | — | |||||||
Diluted Earnings: | ||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 98,105 | 154,844 | $ | 0.63 |
Three months ended March 31, 2020 | ||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | ||||||||
(in thousands, except for per unit amounts) | ||||||||||
Basic Earnings: | ||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 566,333 | 172,549 | $ | 3.28 | |||||
Allocation of undistributed earnings to participating securities | (1,126 | ) | — | — | ||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 565,207 | 172,549 | $ | 3.28 | |||||
Effect of Dilutive Securities: | ||||||||||
Stock Based Compensation | — | 247 | (0.01 | ) | ||||||
Diluted Earnings: | ||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 565,207 | 172,796 | $ | 3.27 |
Three months ended March 31, 2019 | ||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | ||||||||
(in thousands, except for per unit amounts) | ||||||||||
Basic Earnings: | ||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 113,382 | 172,131 | $ | 0.66 | |||||
Effect of Dilutive Securities: | ||||||||||
Stock Based Compensation | — | 319 | — | |||||||
Diluted Earnings: | ||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 113,382 | 172,450 | $ | 0.66 |
Three months ended March 31, | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 91,624 | $ | 497,496 | ||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Preferred stock redemption charge | 6,412 | 0 | ||||||||||||||||||||||||||||||
Preferred dividends | 2,560 | 2,625 | ||||||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 11,084 | 57,539 | ||||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 16,467 | 19,486 | ||||||||||||||||||||||||||||||
Interest expense | 107,902 | 101,591 | ||||||||||||||||||||||||||||||
Losses from early extinguishment of debt | 898 | 0 | ||||||||||||||||||||||||||||||
Net operating income from unconsolidated joint ventures | 24,795 | 28,758 | ||||||||||||||||||||||||||||||
Depreciation and amortization expense | 176,565 | 171,094 | ||||||||||||||||||||||||||||||
Transaction costs | 331 | 615 | ||||||||||||||||||||||||||||||
Payroll and related costs from management services contracts | 3,505 | 3,237 | ||||||||||||||||||||||||||||||
General and administrative expense | 44,959 | 36,454 | ||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | 44,376 | 47,661 | ||||||||||||||||||||||||||||||
Gains (losses) from investments in securities | 1,659 | (5,445) | ||||||||||||||||||||||||||||||
Interest and other income (loss) | 1,168 | 3,017 | ||||||||||||||||||||||||||||||
Gains on sales of real estate | 0 | 410,165 | ||||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | 5,225 | (369) | ||||||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 3,505 | 3,237 | ||||||||||||||||||||||||||||||
Development and management services revenue | 6,803 | 7,879 | ||||||||||||||||||||||||||||||
Company’s share of Net Operating Income | $ | 424,366 | $ | 452,750 |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 497,496 | $ | 98,105 | ||||
Add: | ||||||||
Preferred dividends | 2,625 | 2,625 | ||||||
Noncontrolling interest—common units of the Operating Partnership | 57,539 | 11,599 | ||||||
Noncontrolling interests in property partnerships | 19,486 | 18,830 | ||||||
Interest expense | 101,591 | 101,009 | ||||||
Impairment loss | — | 24,038 | ||||||
Net operating income from unconsolidated joint ventures | 28,758 | 25,349 | ||||||
Depreciation and amortization expense | 171,094 | 164,594 | ||||||
Transaction costs | 615 | 460 | ||||||
Payroll and related costs from management services contracts | 3,237 | 3,395 | ||||||
General and administrative expense | 36,454 | 41,762 | ||||||
Less: | ||||||||
Net operating income attributable to noncontrolling interests in property partnerships | 47,661 | 47,085 | ||||||
Gains (losses) from investments in securities | (5,445 | ) | 2,969 | |||||
Interest and other income | 3,017 | 3,753 | ||||||
Gains (losses) on sales of real estate | 410,165 | (905 | ) | |||||
Income (loss) from unconsolidated joint ventures | (369 | ) | 213 | |||||
Direct reimbursements of payroll and related costs from management services contracts | 3,237 | 3,395 | ||||||
Development and management services revenue | 7,879 | 9,277 | ||||||
Company’s share of Net Operating Income | $ | 452,750 | $ | 425,979 |
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 566,333 | $ | 113,382 | Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 105,773 | $ | 566,333 | |||||||||||||||||||||||||||||||
Add: | Add: | |||||||||||||||||||||||||||||||||||||||
Preferred unit redemption charge | Preferred unit redemption charge | 6,412 | 0 | |||||||||||||||||||||||||||||||||||||
Preferred distributions | 2,625 | 2,625 | Preferred distributions | 2,560 | 2,625 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 19,486 | 18,830 | Noncontrolling interests in property partnerships | 16,467 | 19,486 | |||||||||||||||||||||||||||||||||||
Interest expense | 101,591 | 101,009 | Interest expense | 107,902 | 101,591 | |||||||||||||||||||||||||||||||||||
Impairment loss | — | 22,272 | ||||||||||||||||||||||||||||||||||||||
Losses from early extinguishment of debt | Losses from early extinguishment of debt | 898 | 0 | |||||||||||||||||||||||||||||||||||||
Net operating income from unconsolidated joint ventures | 28,758 | 25,349 | Net operating income from unconsolidated joint ventures | 24,795 | 28,758 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 169,285 | 162,682 | Depreciation and amortization expense | 173,500 | 169,285 | |||||||||||||||||||||||||||||||||||
Transaction costs | 615 | 460 | Transaction costs | 331 | 615 | |||||||||||||||||||||||||||||||||||
Payroll and related costs from management services contracts | 3,237 | 3,395 | Payroll and related costs from management services contracts | 3,505 | 3,237 | |||||||||||||||||||||||||||||||||||
General and administrative expense | 36,454 | 41,762 | General and administrative expense | 44,959 | 36,454 | |||||||||||||||||||||||||||||||||||
Less: | Less: | |||||||||||||||||||||||||||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | 47,661 | 47,085 | Net operating income attributable to noncontrolling interests in property partnerships | 44,376 | 47,661 | |||||||||||||||||||||||||||||||||||
Gains (losses) from investments in securities | (5,445 | ) | 2,969 | Gains (losses) from investments in securities | 1,659 | (5,445) | ||||||||||||||||||||||||||||||||||
Interest and other income | 3,017 | 3,753 | ||||||||||||||||||||||||||||||||||||||
Gains (losses) on sales of real estate | 419,654 | (905 | ) | |||||||||||||||||||||||||||||||||||||
Interest and other income (loss) | Interest and other income (loss) | 1,168 | 3,017 | |||||||||||||||||||||||||||||||||||||
Gains on sales of real estate | Gains on sales of real estate | 0 | 419,654 | |||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (369 | ) | 213 | Income (loss) from unconsolidated joint ventures | 5,225 | (369) | ||||||||||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 3,237 | 3,395 | Direct reimbursements of payroll and related costs from management services contracts | 3,505 | 3,237 | |||||||||||||||||||||||||||||||||||
Development and management services revenue | 7,879 | 9,277 | Development and management services revenue | 6,803 | 7,879 | |||||||||||||||||||||||||||||||||||
Company’s share of Net Operating Income | $ | 452,750 | $ | 425,979 | Company’s share of Net Operating Income | $ | 424,366 | $ | 452,750 |
Boston | Los Angeles | New York | San Francisco | Washington, DC | Total | Boston | Los Angeles | New York | San Francisco | Washington, DC | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | $ | 239,498 | $ | — | $ | 255,286 | $ | 136,739 | $ | 93,136 | $ | 724,659 | Office | $ | 230,403 | $ | 0 | $ | 250,164 | $ | 130,598 | $ | 82,415 | $ | 693,580 | |||||||||||||||||||||||||||||||||
Residential | 4,068 | — | — | — | 5,888 | 9,956 | Residential | 3,045 | 0 | 0 | 321 | 5,809 | 9,175 | |||||||||||||||||||||||||||||||||||||||||||||
Hotel | 6,825 | — | — | — | — | 6,825 | Hotel | 632 | 0 | 0 | 0 | 0 | 632 | |||||||||||||||||||||||||||||||||||||||||||||
Total | 250,391 | — | 255,286 | 136,739 | 99,024 | 741,440 | Total | 234,080 | 0 | 250,164 | 130,919 | 88,224 | 703,387 | |||||||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | 33.77 | % | — | % | 34.43 | % | 18.44 | % | 13.36 | % | 100.00 | % | % of Grand Totals | 33.28 | % | 0 | % | 35.57 | % | 18.61 | % | 12.54 | % | 100.00 | % | |||||||||||||||||||||||||||||||||
Rental Expenses: | Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | 82,545 | — | 99,140 | 42,569 | 34,648 | 258,902 | Office | 79,881 | 0 | 99,385 | 40,249 | 31,747 | 251,262 | |||||||||||||||||||||||||||||||||||||||||||||
Residential | 1,340 | — | — | — | 2,724 | 4,064 | Residential | 1,455 | 0 | 0 | 1,686 | 2,986 | 6,127 | |||||||||||||||||||||||||||||||||||||||||||||
Hotel | 6,821 | — | — | — | — | 6,821 | Hotel | 2,051 | 0 | 0 | 0 | 0 | 2,051 | |||||||||||||||||||||||||||||||||||||||||||||
Total | 90,706 | — | 99,140 | 42,569 | 37,372 | 269,787 | Total | 83,387 | 0 | 99,385 | 41,935 | 34,733 | 259,440 | |||||||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | 33.62 | % | — | % | 36.75 | % | 15.78 | % | 13.85 | % | 100.00 | % | % of Grand Totals | 32.14 | % | 0 | % | 38.31 | % | 16.16 | % | 13.39 | % | 100.00 | % | |||||||||||||||||||||||||||||||||
Net operating income | $ | 159,685 | $ | — | $ | 156,146 | $ | 94,170 | $ | 61,652 | $ | 471,653 | Net operating income | $ | 150,693 | $ | 0 | $ | 150,779 | $ | 88,984 | $ | 53,491 | $ | 443,947 | |||||||||||||||||||||||||||||||||
% of Grand Totals | 33.85 | % | — | % | 33.11 | % | 19.97 | % | 13.07 | % | 100.00 | % | % of Grand Totals | 33.94 | % | 0 | % | 33.97 | % | 20.04 | % | 12.05 | % | 100.00 | % | |||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | (10,663 | ) | — | (36,998 | ) | — | — | (47,661 | ) | Less: Net operating income attributable to noncontrolling interests in property partnerships | (10,224) | 0 | (34,152) | 0 | 0 | (44,376) | ||||||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | 3,099 | 15,930 | 756 | 3,159 | 5,814 | 28,758 | Add: Company’s share of net operating income from unconsolidated joint ventures | 2,281 | 14,192 | (793) | 3,480 | 5,635 | 24,795 | |||||||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | 152,121 | $ | 15,930 | $ | 119,904 | $ | 97,329 | $ | 67,466 | $ | 452,750 | Company’s share of net operating income | $ | 142,750 | $ | 14,192 | $ | 115,834 | $ | 92,464 | $ | 59,126 | $ | 424,366 | |||||||||||||||||||||||||||||||||
% of Grand Totals | 33.60 | % | 3.52 | % | 26.48 | % | 21.50 | % | 14.90 | % | 100.00 | % | % of Grand Totals | 33.64 | % | 3.34 | % | 27.30 | % | 21.79 | % | 13.93 | % | 100.00 | % |
Boston | Los Angeles | New York | San Francisco | Washington, DC | Total | Boston | Los Angeles | New York | San Francisco | Washington, DC | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | $ | 217,411 | $ | — | $ | 258,631 | $ | 124,055 | $ | 96,345 | $ | 696,442 | Office | $ | 239,498 | $ | 0 | $ | 255,286 | $ | 136,739 | $ | 93,136 | $ | 724,659 | |||||||||||||||||||||||||||||||||
Residential | 2,701 | — | — | — | 5,014 | 7,715 | Residential | 4,068 | 0 | 0 | 0 | 5,888 | 9,956 | |||||||||||||||||||||||||||||||||||||||||||||
Hotel | 8,938 | — | — | — | — | 8,938 | Hotel | 6,825 | 0 | 0 | 0 | 0 | 6,825 | |||||||||||||||||||||||||||||||||||||||||||||
Total | 229,050 | — | 258,631 | 124,055 | 101,359 | 713,095 | Total | 250,391 | 0 | 255,286 | 136,739 | 99,024 | 741,440 | |||||||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | 32.12 | % | — | % | 36.27 | % | 17.40 | % | 14.21 | % | 100.00 | % | % of Grand Totals | 33.77 | % | 0 | % | 34.43 | % | 18.44 | % | 13.36 | % | 100.00 | % | |||||||||||||||||||||||||||||||||
Rental Expenses: | Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | 79,500 | — | 96,971 | 41,125 | 36,147 | 253,743 | Office | 82,545 | 0 | 99,140 | 42,569 | 34,648 | 258,902 | |||||||||||||||||||||||||||||||||||||||||||||
Residential | 1,206 | — | — | — | 2,568 | 3,774 | Residential | 1,340 | 0 | 0 | 0 | 2,724 | 4,064 | |||||||||||||||||||||||||||||||||||||||||||||
Hotel | 7,863 | — | — | — | — | 7,863 | Hotel | 6,821 | 0 | 0 | 0 | 0 | 6,821 | |||||||||||||||||||||||||||||||||||||||||||||
Total | 88,569 | — | 96,971 | 41,125 | 38,715 | 265,380 | Total | 90,706 | 0 | 99,140 | 42,569 | 37,372 | 269,787 | |||||||||||||||||||||||||||||||||||||||||||||
% of Grand Totals | 33.37 | % | — | % | 36.54 | % | 15.50 | % | 14.59 | % | 100.00 | % | % of Grand Totals | 33.62 | % | 0 | % | 36.75 | % | 15.78 | % | 13.85 | % | 100.00 | % | |||||||||||||||||||||||||||||||||
Net operating income | $ | 140,481 | $ | — | $ | 161,660 | $ | 82,930 | $ | 62,644 | $ | 447,715 | Net operating income | $ | 159,685 | $ | 0 | $ | 156,146 | $ | 94,170 | $ | 61,652 | $ | 471,653 | |||||||||||||||||||||||||||||||||
% of Grand Totals | 31.38 | % | — | % | 36.11 | % | 18.52 | % | 13.99 | % | 100.00 | % | % of Grand Totals | 33.85 | % | 0 | % | 33.11 | % | 19.97 | % | 13.07 | % | 100.00 | % | |||||||||||||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | (9,373 | ) | — | (37,264 | ) | (448 | ) | — | (47,085 | ) | Less: Net operating income attributable to noncontrolling interests in property partnerships | (10,663) | 0 | (36,998) | 0 | 0 | (47,661) | |||||||||||||||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | 772 | 15,708 | 1,786 | — | 7,083 | 25,349 | Add: Company’s share of net operating income from unconsolidated joint ventures | 3,099 | 15,930 | 756 | 3,159 | 5,814 | 28,758 | |||||||||||||||||||||||||||||||||||||||||||||
Company’s share of net operating income | $ | 131,880 | $ | 15,708 | $ | 126,182 | $ | 82,482 | $ | 69,727 | $ | 425,979 | Company’s share of net operating income | $ | 152,121 | $ | 15,930 | $ | 119,904 | $ | 97,329 | $ | 67,466 | $ | 452,750 | |||||||||||||||||||||||||||||||||
% of Grand Totals | 30.96 | % | 3.69 | % | 29.62 | % | 19.36 | % | 16.37 | % | 100.00 | % | % of Grand Totals | 33.60 | % | 3.52 | % | 26.48 | % | 21.50 | % | 14.90 | % | 100.00 | % |
Three months ended March 31, 2021 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 91,624 | 155,928 | $ | 0.59 | ||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | 0 | 171 | 0 | ||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 91,624 | 156,099 | $ | 0.59 | ||||||||||||
Three months ended March 31, 2020 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 497,496 | 155,011 | $ | 3.21 | ||||||||||||
Allocation of undistributed earnings to participating securities | (1,011) | 0 | (0.01) | ||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 496,485 | 155,011 | $ | 3.20 | ||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | 0 | 247 | 0 | ||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 496,485 | 155,258 | $ | 3.20 |
Three months ended March 31, 2021 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 105,773 | 173,018 | $ | 0.61 | ||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | 0 | 171 | 0 | ||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 105,773 | 173,189 | $ | 0.61 | ||||||||||||
Three months ended March 31, 2020 | |||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | |||||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||||
Basic Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 566,333 | 172,549 | $ | 3.28 | ||||||||||||
Allocation of undistributed earnings to participating securities | (1,126) | 0 | 0 | ||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 565,207 | 172,549 | $ | 3.28 | ||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | 0 | 247 | (0.01) | ||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 565,207 | 172,796 | $ | 3.27 |
•general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, tenant space utilization, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); • |
• |
Three months ended March 31, 2021 | ||||||||||||||
Total Square Feet | ||||||||||||||
Vacant space available at the beginning of the period | 4,517,385 | |||||||||||||
Property dispositions/properties taken out of service (1) | (104,613) | |||||||||||||
Properties placed (and partially placed) in-service | ||||||||||||||
Leases expiring or terminated during the period | ||||||||||||||
Total space available for lease | ||||||||||||||
1st generation leases | ||||||||||||||
2nd generation leases with new tenants | ||||||||||||||
2nd generation lease renewals | ||||||||||||||
Total space leased | ||||||||||||||
Vacant space available for lease at the end of the period | ||||||||||||||
Leases executed during the period, in square feet | ||||||||||||||
Second generation leasing information: | ||||||||||||||
Leases commencing during the period, in square feet | ||||||||||||||
Weighted Average Lease Term | ||||||||||||||
Weighted Average Free Rent Period | ||||||||||||||
Total Transaction Costs Per Square Foot | ||||||||||||||
Increase in Gross Rents | % | |||||||||||||
Increase in Net Rents | % |
Three months ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. Common Shareholders | $ | 91,624 | $ | 497,496 | $ | (405,872) | (81.58) | % | ||||||||||||||||||
Preferred stock redemption charge | 6,412 | — | 6,412 | 100.00 | % | |||||||||||||||||||||
Preferred dividends | 2,560 | 2,625 | (65) | (2.48) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. | 100,596 | 500,121 | (399,525) | (79.89) | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 11,084 | 57,539 | (46,455) | (80.74) | % | |||||||||||||||||||||
Noncontrolling interests in property partnerships | 16,467 | 19,486 | (3,019) | (15.49) | % | |||||||||||||||||||||
Net Income | 128,147 | 577,146 | (448,999) | (77.80) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 107,902 | 101,591 | 6,311 | 6.21 | % | |||||||||||||||||||||
Losses from early extinguishment of debt | 898 | — | 898 | 100.00 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | 1,659 | (5,445) | 7,104 | 130.47 | % | |||||||||||||||||||||
Interest and other income (loss) | 1,168 | 3,017 | (1,849) | (61.29) | % | |||||||||||||||||||||
Gains on sales of real estate | — | 410,165 | (410,165) | (100.00) | % | |||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | 5,225 | (369) | 5,594 | 1,515.99 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 176,565 | 171,094 | 5,471 | 3.20 | % | |||||||||||||||||||||
Transaction costs | 331 | 615 | (284) | (46.18) | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 3,505 | 3,237 | 268 | 8.28 | % | |||||||||||||||||||||
General and administrative expense | 44,959 | 36,454 | 8,505 | 23.33 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 3,505 | 3,237 | 268 | 8.28 | % | |||||||||||||||||||||
Development and management services revenue | 6,803 | 7,879 | (1,076) | (13.66) | % | |||||||||||||||||||||
Net Operating Income | $ | 443,947 | $ | 471,653 | $ | (27,706) | (5.87) | % |
Three months ended March 31, | |||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | ||||||||||||
Net Income Attributable to Boston Properties, Inc. Common Shareholders | $ | 497,496 | $ | 98,105 | $ | 399,391 | 407.11 | % | |||||||
Preferred dividends | 2,625 | 2,625 | — | — | % | ||||||||||
Net Income Attributable to Boston Properties, Inc. | 500,121 | 100,730 | 399,391 | 396.50 | % | ||||||||||
Net Income Attributable to Noncontrolling Interests: | |||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 57,539 | 11,599 | 45,940 | 396.07 | % | ||||||||||
Noncontrolling interests in property partnerships | 19,486 | 18,830 | 656 | 3.48 | % | ||||||||||
Net Income | 577,146 | 131,159 | 445,987 | 340.04 | % | ||||||||||
Other Expenses: | |||||||||||||||
Add: | |||||||||||||||
Interest expense | 101,591 | 101,009 | 582 | 0.58 | % | ||||||||||
Impairment loss | — | 24,038 | (24,038 | ) | (100.00 | )% | |||||||||
Other Income: | |||||||||||||||
Less: | |||||||||||||||
Gains (losses) from investments in securities | (5,445 | ) | 2,969 | (8,414 | ) | (283.40 | )% | ||||||||
Interest and other income | 3,017 | 3,753 | (736 | ) | (19.61 | )% | |||||||||
Gains (losses) on sales of real estate | 410,165 | (905 | ) | 411,070 | 45,422.10 | % | |||||||||
Income (loss) from unconsolidated joint ventures | (369 | ) | 213 | (582 | ) | (273.24 | )% | ||||||||
Other Expenses: | |||||||||||||||
Add: | |||||||||||||||
Depreciation and amortization expense | 171,094 | 164,594 | 6,500 | 3.95 | % | ||||||||||
Transaction costs | 615 | 460 | 155 | 33.70 | % | ||||||||||
Payroll and related costs from management services contracts | 3,237 | 3,395 | (158 | ) | (4.65 | )% | |||||||||
General and administrative expense | 36,454 | 41,762 | (5,308 | ) | (12.71 | )% | |||||||||
Other Revenue: | |||||||||||||||
Less: | |||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 3,237 | 3,395 | (158 | ) | (4.65 | )% | |||||||||
Development and management services revenue | 7,879 | 9,277 | (1,398 | ) | (15.07 | )% | |||||||||
Net Operating Income | $ | 471,653 | $ | 447,715 | $ | 23,938 | 5.35 | % |
Three months ended March 31, | |||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | ||||||||||||
Net Income Attributable to Boston Properties Limited Partnership Common Unitholders | $ | 566,333 | $ | 113,382 | $ | 452,951 | 399.49 | % | |||||||
Preferred distributions | 2,625 | 2,625 | — | — | % | ||||||||||
Net Income Attributable to Boston Properties Limited Partnership | 568,958 | 116,007 | 452,951 | 390.45 | % | ||||||||||
Net Income Attributable to Noncontrolling Interests: | |||||||||||||||
Noncontrolling interests in property partnerships | 19,486 | 18,830 | 656 | 3.48 | % | ||||||||||
Net Income | 588,444 | 134,837 | 453,607 | 336.41 | % | ||||||||||
Other Expenses: | |||||||||||||||
Add: | |||||||||||||||
Interest expense | 101,591 | 101,009 | 582 | 0.58 | % | ||||||||||
Impairment loss | — | 22,272 | (22,272 | ) | (100.00 | )% | |||||||||
Other Income: | |||||||||||||||
Less: | |||||||||||||||
Gains (losses) from investments in securities | (5,445 | ) | 2,969 | (8,414 | ) | (283.40 | )% | ||||||||
Interest and other income | 3,017 | 3,753 | (736 | ) | (19.61 | )% | |||||||||
Gains (losses) on sales of real estate | 419,654 | (905 | ) | 420,559 | 46,470.61 | % | |||||||||
Income (loss) from unconsolidated joint ventures | (369 | ) | 213 | (582 | ) | (273.24 | )% | ||||||||
Other Expenses: | |||||||||||||||
Add: | |||||||||||||||
Depreciation and amortization expense | 169,285 | 162,682 | 6,603 | 4.06 | % | ||||||||||
Transaction costs | 615 | 460 | 155 | 33.70 | % | ||||||||||
Payroll and related costs from management services contracts | 3,237 | 3,395 | (158 | ) | (4.65 | )% | |||||||||
General and administrative expense | 36,454 | 41,762 | (5,308 | ) | (12.71 | )% | |||||||||
Other Revenue: | |||||||||||||||
Less: | |||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 3,237 | 3,395 | (158 | ) | (4.65 | )% | |||||||||
Development and management services revenue | 7,879 | 9,277 | (1,398 | ) | (15.07 | )% | |||||||||
Net Operating Income | $ | 471,653 | $ | 447,715 | $ | 23,938 | 5.35 | % |
Three months ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership Common Unitholders | $ | 105,773 | $ | 566,333 | $ | (460,560) | (81.32) | % | ||||||||||||||||||
Preferred unit redemption charge | 6,412 | — | 6,412 | 100.00 | % | |||||||||||||||||||||
Preferred distributions | 2,560 | 2,625 | (65) | (2.48) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership | 114,745 | 568,958 | (454,213) | (79.83) | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 16,467 | 19,486 | (3,019) | (15.49) | % | |||||||||||||||||||||
Net Income | 131,212 | 588,444 | (457,232) | (77.70) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 107,902 | 101,591 | 6,311 | 6.21 | % | |||||||||||||||||||||
Losses from early extinguishment of debt | 898 | — | 898 | 100.00 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | 1,659 | (5,445) | 7,104 | 130.47 | % | |||||||||||||||||||||
Interest and other income (loss) | 1,168 | 3,017 | (1,849) | (61.29) | % | |||||||||||||||||||||
Gains on sales of real estate | — | 419,654 | (419,654) | (100.00) | % | |||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | 5,225 | (369) | 5,594 | 1,515.99 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 173,500 | 169,285 | 4,215 | 2.49 | % | |||||||||||||||||||||
Transaction costs | 331 | 615 | (284) | (46.18) | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 3,505 | 3,237 | 268 | 8.28 | % | |||||||||||||||||||||
General and administrative expense | 44,959 | 36,454 | 8,505 | 23.33 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 3,505 | 3,237 | 268 | 8.28 | % | |||||||||||||||||||||
Development and management services revenue | 6,803 | 7,879 | (1,076) | (13.66) | % | |||||||||||||||||||||
Net Operating Income | $ | 443,947 | $ | 471,653 | $ | (27,706) | (5.87) | % |
Same Property Portfolio | Properties Acquired Portfolio | Properties Placed In-Service Portfolio | Properties in Development or Redevelopment Portfolio | Properties Sold Portfolio | Total Property Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue (Excluding Termination Income) | $ | 674,879 | $ | 647,031 | $ | 27,848 | 4.30 | % | $ | 3,553 | $ | — | $ | 12,843 | $ | — | $ | 2,148 | $ | 4,331 | $ | 4,496 | $ | 13,371 | $ | 697,919 | $ | 664,733 | $ | 33,186 | 4.99 | % | |||||||||||||||||||||||||||||
Termination Income | 2,399 | 6,956 | (4,557 | ) | (65.51 | )% | — | — | — | — | — | — | — | (20 | ) | 2,399 | 6,936 | (4,537 | ) | (65.41 | )% | ||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 677,278 | 653,987 | 23,291 | 3.56 | % | 3,553 | — | 12,843 | — | 2,148 | 4,331 | 4,496 | 13,351 | 700,318 | 671,669 | 28,649 | 4.27 | % | |||||||||||||||||||||||||||||||||||||||||||
Parking and Other | 23,820 | 24,757 | (937 | ) | (3.78 | )% | — | — | 514 | — | 6 | 6 | 1 | 10 | 24,341 | 24,773 | (432 | ) | (1.74 | )% | |||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 701,098 | 678,744 | 22,354 | 3.29 | % | 3,553 | — | 13,357 | — | 2,154 | 4,337 | 4,497 | 13,361 | 724,659 | 696,442 | 28,217 | 4.05 | % | |||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 252,219 | 246,071 | 6,148 | 2.50 | % | 1,466 | — | 2,009 | — | 1,555 | 2,360 | 1,653 | 5,312 | 258,902 | 253,743 | 5,159 | 2.03 | % | |||||||||||||||||||||||||||||||||||||||||||
Net Operating Income, Excluding Residential and Hotel | 448,879 | 432,673 | 16,206 | 3.75 | % | 2,087 | — | 11,348 | — | 599 | 1,977 | 2,844 | 8,049 | 465,757 | 442,699 | 23,058 | 5.21 | % | |||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (2) | 5,892 | 3,941 | 1,951 | 49.51 | % | — | — | — | — | — | — | — | — | 5,892 | 3,941 | 1,951 | 49.51 | % | |||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Income (2) | 4 | 1,075 | (1,071 | ) | (99.63 | )% | — | — | — | — | — | — | — | — | 4 | 1,075 | (1,071 | ) | (99.63 | )% | |||||||||||||||||||||||||||||||||||||||||
Net Operating Income | $ | 454,775 | $ | 437,689 | $ | 17,086 | 3.90 | % | $ | 2,087 | $ | — | $ | 11,348 | $ | — | $ | 599 | $ | 1,977 | $ | 2,844 | $ | 8,049 | $ | 471,653 | $ | 447,715 | $ | 23,938 | 5.35 | % |
Same Property Portfolio | Properties Acquired Portfolio | Properties Placed In-Service Portfolio | Properties in Development or Redevelopment Portfolio | Properties Sold Portfolio | Total Property Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue (Excluding Termination Income) | $ | 657,779 | $ | 677,430 | $ | (19,651) | (2.90) | % | $ | 310 | $ | — | $ | 9,415 | $ | 3,327 | $ | 2,836 | $ | 3,548 | $ | 2,203 | $ | 13,614 | $ | 672,543 | $ | 697,919 | $ | (25,376) | (3.64) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination Income | 4,269 | 2,385 | 1,884 | 78.99 | % | — | — | — | — | — | — | — | 14 | 4,269 | 2,399 | 1,870 | 77.95 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 662,048 | 679,815 | (17,767) | (2.61) | % | 310 | — | 9,415 | 3,327 | 2,836 | 3,548 | 2,203 | 13,628 | 676,812 | 700,318 | (23,506) | (3.36) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking and Other | 16,478 | 23,636 | (7,158) | (30.28) | % | 37 | — | 6 | 6 | — | — | 247 | 699 | 16,768 | 24,341 | (7,573) | (31.11) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 678,526 | 703,451 | (24,925) | (3.54) | % | 347 | — | 9,421 | 3,333 | 2,836 | 3,548 | 2,450 | 14,327 | 693,580 | 724,659 | (31,079) | (4.29) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 245,880 | 250,663 | (4,783) | (1.91) | % | 451 | — | 2,948 | 1,384 | 1,145 | 1,797 | 838 | 5,058 | 251,262 | 258,902 | (7,640) | (2.95) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss), Excluding Residential and Hotel | 432,646 | 452,788 | (20,142) | (4.45) | % | (104) | — | 6,473 | 1,949 | 1,691 | 1,751 | 1,612 | 9,269 | 442,318 | 465,757 | (23,439) | (5.03) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (Loss) (2) | 4,413 | 5,892 | (1,479) | (25.10) | % | — | — | (1,365) | — | — | — | — | — | 3,048 | 5,892 | (2,844) | (48.27) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Income (Loss) (2) | (1,419) | 4 | (1,423) | (35,575.00) | % | — | — | — | — | — | — | — | — | (1,419) | 4 | (1,423) | (35,575.00) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss) | $ | 435,640 | $ | 458,684 | $ | (23,044) | (5.02) | % | $ | (104) | $ | — | $ | 5,108 | $ | 1,949 | $ | 1,691 | $ | 1,751 | $ | 1,612 | $ | 9,269 | $ | 443,947 | $ | 471,653 | $ | (27,706) | (5.87) | % |
Square Feet | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date acquired | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
777 Harrison Street (1) | June 26, 2020 | N/A | $ | 347 | $ | — | $ | 347 | $ | 451 | $ | — | $ | 451 | ||||||||||||||||||||||||||||||||||||
$ | 347 | $ | — | $ | 347 | $ | 451 | $ | — | $ | 451 |
Square Feet | Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||
Name | Date acquired | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
880 and 890 Winter Street | August 27, 2019 | 392,568 | $ | 3,553 | $ | — | $ | 3,553 | $ | 1,466 | $ | — | $ | 1,466 | |||||||||||||||
392,568 | $ | 3,553 | $ | — | $ | 3,553 | $ | 1,466 | $ | — | $ | 1,466 |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 CityPoint | Second Quarter, 2019 | Second Quarter, 2020 | 211,476 | $ | 1,694 | $ | 1,849 | $ | (155) | $ | 727 | $ | 588 | $ | 139 | |||||||||||||||||||||||||||||||||||||||||
17Fifty Presidents Street | First Quarter, 2020 | First Quarter, 2020 | 275,809 | 5,051 | 598 | 4,453 | 1,502 | 233 | 1,269 | |||||||||||||||||||||||||||||||||||||||||||||||
One Five Nine East 53rd Street (1) | First Quarter, 2021 | First Quarter, 2021 | 220,000 | 2,676 | 886 | 1,790 | 719 | 563 | 156 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Office | 707,285 | 9,421 | 3,333 | 6,088 | 2,948 | 1,384 | 1,564 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Skylyne | Third Quarter, 2020 | Third Quarter, 2020 | 330,996 | 321 | — | 321 | 1,686 | — | 1,686 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Residential | 330,996 | 321 | — | 321 | 1,686 | — | 1,686 | |||||||||||||||||||||||||||||||||||||||||||||||||
1,038,281 | $ | 9,742 | $ | 3,333 | $ | 6,409 | $ | 4,634 | $ | 1,384 | $ | 3,250 |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||
Name | Square Feet | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
20 CityPoint | Second Quarter, 2019 | N/A | 211,000 | $ | 1,849 | $ | — | $ | 1,849 | $ | 588 | $ | — | $ | 588 | ||||||||||||||||
145 Broadway | Fourth Quarter, 2019 | Fourth Quarter, 2019 | 488,862 | 10,910 | — | 10,910 | 1,188 | — | 1,188 | ||||||||||||||||||||||
17Fifty Presidents Street | First Quarter, 2020 | First Quarter, 2020 | 275,809 | 598 | — | 598 | 233 | — | 233 | ||||||||||||||||||||||
975,671 | $ | 13,357 | $ | — | $ | 13,357 | $ | 2,009 | $ | — | $ | 2,009 |
Rental Revenue | Real Estate Operating Expenses | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Commenced Development / Redevelopment | Square Feet | 2020 | 2019 | Change | 2020 | 2019 | Change | Name | Date Commenced Development / Redevelopment | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Five Nine East 53rd Street | August 19, 2016 | 220,000 | $ | 886 | $ | 873 | $ | 13 | $ | 563 | $ | 559 | $ | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street (1) | May 9, 2019 | 115,000 | — | 1,200 | (1,200 | ) | 149 | 493 | (344 | ) | 325 Main Street (1) | May 9, 2019 | 115,000 | $ | — | $ | — | $ | — | $ | 17 | $ | 149 | $ | (132) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 West Street (2) | September 30, 2019 | 261,000 | 1,268 | 2,264 | (996 | ) | 843 | 1,308 | (465 | ) | 200 West Street (2) | September 30, 2019 | 261,000 | 1,501 | 1,268 | 233 | 370 | 843 | (473) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (3) | 880 Winter Street (3) | February 25, 2021 | 224,000 | 1,335 | 2,280 | (945) | 758 | 805 | (47) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
596,000 | $ | 2,154 | $ | 4,337 | $ | (2,183 | ) | $ | 1,555 | $ | 2,360 | $ | (805 | ) | 600,000 | $ | 2,836 | $ | 3,548 | $ | (712) | $ | 1,145 | $ | 1,797 | $ | (652) |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Sold | Property Type | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
601, 611 and 651 Gateway | January 28, 2020 | Office | 768,000 | $ | — | $ | 1,946 | $ | (1,946) | $ | — | $ | 881 | $ | (881) | |||||||||||||||||||||||||||||||||||||||||
New Dominion Technology Park | February 20, 2020 | Office | 493,000 | — | 2,551 | (2,551) | — | 772 | (772) | |||||||||||||||||||||||||||||||||||||||||||||||
Capital Gallery (1) | June 25, 2020 | Office | 631,000 | 2,450 | 9,830 | (7,380) | 838 | 3,405 | (2,567) | |||||||||||||||||||||||||||||||||||||||||||||||
1,892,000 | $ | 2,450 | $ | 14,327 | $ | (11,877) | $ | 838 | $ | 5,058 | $ | (4,220) |
Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||
Name | Date Sold | Property Type | Square Feet | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
2600 Tower Oaks Boulevard | January 24, 2019 | Office | 179,000 | $ | — | $ | 159 | $ | (159 | ) | $ | — | $ | 189 | $ | (189 | ) | ||||||||||||||
One Tower Center | June 3, 2019 | Office | 410,000 | — | 1,205 | (1,205 | ) | — | 1,176 | (1,176 | ) | ||||||||||||||||||||
164 Lexington Road | June 28, 2019 | Office | 64,000 | — | — | — | — | 43 | (43 | ) | |||||||||||||||||||||
Washingtonian North | December 20, 2019 | Land | N/A | — | — | — | — | 36 | (36 | ) | |||||||||||||||||||||
601, 611 and 651 Gateway | January 28, 2020 | Office | 768,000 | 1,946 | 7,135 | (5,189 | ) | 881 | 2,464 | (1,583 | ) | ||||||||||||||||||||
New Dominion Technology Park | February 20, 2020 | Office | 493,000 | 2,551 | 4,862 | (2,311 | ) | 772 | 1,404 | (632 | ) | ||||||||||||||||||||
1,914,000 | $ | 4,497 | $ | 13,361 | $ | (8,864 | ) | $ | 1,653 | $ | 5,312 | $ | (3,659 | ) |
The Lofts at Atlantic Wharf | The Avant at Reston Town Center | Signature at Reston | Proto Kendall Square | The Lofts at Atlantic Wharf | The Avant at Reston Town Center | Signature at Reston | Proto Kendall Square | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change (%) | 2020 | 2019 | Change (%) | 2020 | 2019 | Change (%) | 2020 | 2019 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Monthly Rental Rate (1) | $ | 4,510 | $ | 4,433 | 1.7 | % | $ | 2,419 | $ | 2,352 | 2.8 | % | $ | 2,342 | $ | 2,260 | 3.6 | % | $ | 3,027 | $ | 2,705 | 11.9 | % | Average Monthly Rental Rate (1) | $ | 3,474 | $ | 4,510 | (23.0) | % | $ | 2,287 | $ | 2,419 | (5.5) | % | $ | 2,265 | $ | 2,342 | (3.3) | % | $ | 2,585 | $ | 3,027 | (14.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Rental Rate Per Occupied Square Foot | $ | 5.04 | $ | 4.86 | 3.7 | % | $ | 2.67 | $ | 2.57 | 3.9 | % | $ | 2.51 | $ | 2.47 | 1.6 | % | $ | 5.56 | $ | 5.07 | 9.7 | % | Average Rental Rate Per Occupied Square Foot | $ | 3.99 | $ | 5.04 | (20.8) | % | $ | 2.51 | $ | 2.67 | (6.0) | % | $ | 2.36 | $ | 2.51 | (6.0) | % | $ | 4.78 | $ | 5.56 | (14.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Physical Occupancy (2) | 95.0 | % | 94.6 | % | 0.4 | % | 91.5 | % | 90.3 | % | 1.3 | % | 82.2 | % | 53.3 | % | 54.2 | % | 95.5 | % | 63.5 | % | 50.4 | % | Average Physical Occupancy (2) | 87.6 | % | 95.0 | % | (7.8) | % | 91.4 | % | 91.5 | % | (0.1) | % | 80.1 | % | 82.2 | % | (2.6) | % | 90.4 | % | 95.5 | % | (5.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Economic Occupancy (3) | 94.3 | % | 95.0 | % | (0.7 | )% | 90.3 | % | 89.3 | % | 1.1 | % | 76.9 | % | 46.4 | % | 65.7 | % | 95.2 | % | 58.2 | % | 63.6 | % | Average Economic Occupancy (3) | 84.0 | % | 94.3 | % | (10.9) | % | 90.2 | % | 90.3 | % | (0.1) | % | 75.6 | % | 76.9 | % | (1.7) | % | 88.8 | % | 95.2 | % | (6.7) | % |
2020 | 2019 | Change (%) | |||||||||
Occupancy | 59.6 | % | 80.2 | % | (25.7 | )% | |||||
Average daily rate | $ | 211.35 | $ | 221.39 | (4.5 | )% | |||||
REVPAR | $ | 126.00 | $ | 177.63 | (29.1 | )% |
2021 | 2020 | Change (%) | ||||||||||||||||||
Occupancy | 10.9 | % | 59.6 | % | (81.7) | % | ||||||||||||||
Average daily rate | $ | 123.11 | $ | 211.35 | (41.8) | % | ||||||||||||||
REVPAR | $ | 13.43 | $ | 126.00 | (89.3) | % |
Portfolio | Depreciation and Amortization for the three months ended March 31, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio (1) | $ | 166,372 | $ | 166,248 | $ | 124 | ||||||||||||||
Properties Acquired Portfolio | 2 | — | 2 | |||||||||||||||||
Properties Placed In-Service Portfolio | 4,601 | 730 | 3,871 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (2) | 5,256 | 2,017 | 3,239 | |||||||||||||||||
Properties Sold Portfolio | 334 | 2,099 | (1,765) | |||||||||||||||||
$ | 176,565 | $ | 171,094 | $ | 5,471 |
Portfolio | Depreciation and Amortization for the three months ended March 31, | |||||||||||
2020 | 2019 | Change | ||||||||||
(in thousands) | ||||||||||||
Same Property Portfolio | $ | 164,216 | $ | 160,407 | $ | 3,809 | ||||||
Properties Acquired Portfolio | 2,564 | — | 2,564 | |||||||||
Properties Placed in-Service Portfolio | 2,959 | — | 2,959 | |||||||||
Properties in Development or Redevelopment Portfolio | 468 | 673 | (205 | ) | ||||||||
Properties Sold Portfolio | 887 | 3,514 | (2,627 | ) | ||||||||
$ | 171,094 | $ | 164,594 | $ | 6,500 |
Portfolio | Depreciation and Amortization for the three months ended March 31, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio (1) | $ | 163,307 | $ | 164,439 | $ | (1,132) | ||||||||||||||
Properties Acquired Portfolio | 2 | — | 2 | |||||||||||||||||
Properties Placed In-Service Portfolio | 4,601 | 730 | 3,871 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (2) | 5,256 | 2,017 | 3,239 | |||||||||||||||||
Properties Sold Portfolio | 334 | 2,099 | (1,765) | |||||||||||||||||
$ | 173,500 | $ | 169,285 | $ | 4,215 |
Portfolio | Depreciation and Amortization for the three months ended March 31, | |||||||||||
2020 | 2019 | Change | ||||||||||
(in thousands) | ||||||||||||
Same Property Portfolio | $ | 162,407 | $ | 158,495 | $ | 3,912 | ||||||
Properties Acquired Portfolio | 2,564 | — | 2,564 | |||||||||
Properties Placed in-Service Portfolio | 2,959 | — | 2,959 | |||||||||
Properties in Development or Redevelopment Portfolio | 468 | 673 | (205 | ) | ||||||||
Properties Sold Portfolio | 887 | 3,514 | (2,627 | ) | ||||||||
$ | 169,285 | $ | 162,682 | $ | 6,603 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | ||||||||||||||
(dollars in millions) | ||||||||||||||||||||
2020 | ||||||||||||||||||||
601, 611 and 651 Gateway | January 28, 2020 | Office | 768,000 | $ | 350.0 | $ | — | $ | 217.7 | (1) | ||||||||||
New Dominion Technology Park | February 20, 2020 | Office | 493,000 | 256.0 | 254.0 | 192.3 | ||||||||||||||
$ | 606.0 | $ | 254.0 | $ | 410.0 | (2) | ||||||||||||||
2019 | ||||||||||||||||||||
2600 Tower Oaks Boulevard | January 24, 2019 | Office | 179,000 | $ | 22.7 | $ | 21.4 | $ | (0.6 | ) | (3) |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
N/A | |||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
601, 611 and 651 Gateway | January 28, 2020 | Office | 768,000 | $ | 350.0 | $ | — | $ | 217.7 | ||||||||||||||||||||||||||||||||
New Dominion Technology Park | February 20, 2020 | Office | 493,000 | 256.0 | 254.0 | 192.3 | |||||||||||||||||||||||||||||||||||
$ | 606.0 | $ | 254.0 | $ | 410.0 | (1) |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
601, 611 and 651 Gateway | January 28, 2020 | Office | 768,000 | $ | 350.0 | $ | — | $ | 222.4 | (1) | 601, 611 and 651 Gateway | January 28, 2020 | Office | 768,000 | $ | 350.0 | $ | — | $ | 222.4 | |||||||||||||||||||||||||||||||||||||||||
New Dominion Technology Park | February 20, 2020 | Office | 493,000 | 256.0 | 254.0 | 197.1 | New Dominion Technology Park | February 20, 2020 | Office | 493,000 | 256.0 | 254.0 | 197.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 606.0 | $ | 254.0 | $ | 419.5 | (2) | $ | 606.0 | $ | 254.0 | $ | 419.5 | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2600 Tower Oaks Boulevard | January 24, 2019 | Office | 179,000 | $ | 22.7 | $ | 21.4 | $ | (0.6 | ) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) |
Component | Change in interest expense for the three months ended March 31, 2021 compared to March 31, 2020 | |||||||
(in thousands) | ||||||||
Increases to interest expense due to: | ||||||||
Issuance of $1.25 billion in aggregate principal of 3.250% senior notes due 2031 on May 5, 2020 | $ | 10,193 | ||||||
Increase in interest due to finance leases that are related to development properties | 1,772 | |||||||
Issuance of $850 million in aggregate principal of 2.550% senior notes due 2032 on March 16, 2021 | 915 | |||||||
Increase in interest due to finance leases for two in-service properties | 533 | |||||||
Decrease in capitalized interest related to development projects | 345 | |||||||
Total increases to interest expense | 13,758 | |||||||
Decreases to interest expense due to: | ||||||||
Redemption of $850 million in aggregate principal of 4.125% senior notes due 2021 on February 14, 2021 | (4,662) | |||||||
Decrease in interest rates for the 2017 Credit Facility | (2,199) | |||||||
Increase in capitalized interest related to development projects that had finance leases | (345) | |||||||
Other interest expense (excluding senior notes) | (203) | |||||||
Decrease in interest related to the repayment of the University Place mortgage loan | (38) | |||||||
Total decreases to interest expense | (7,447) | |||||||
Total change in interest expense | $ | 6,311 |
Component | Change in interest expense for the three months ended March 31, 2020 compared to March 31, 2019 | |||
(in thousands) | ||||
Increases to interest expense due to: | ||||
Issuance of $850 million in aggregate principal of 3.400% senior notes due 2029 on June 21, 2019 | $ | 7,259 | ||
Issuance of $700 million in aggregate principal of 2.900% senior notes due 2030 on September 3, 2019 | 5,082 | |||
Increase in interest due to finance leases | 1,781 | |||
Other interest expense (excluding senior notes) | 198 | |||
Total increases to interest expense | 14,320 | |||
Decreases to interest expense due to: | ||||
Redemption of $700 million in aggregate principal of 5.625% senior notes due 2020 on September 18, 2019 | (9,865 | ) | ||
Increase in capitalized interest related to development projects that had finance leases | (1,781 | ) | ||
Decrease in interest rates for the 2017 Credit Facility | (972 | ) | ||
Repayment of a bond financing collateralized by New Dominion Technology Building One | (565 | ) | ||
Increase in capitalized interest related to development projects | (555 | ) | ||
Total decreases to interest expense | (13,738 | ) | ||
Total change in interest expense | $ | 582 |
Property | Noncontrolling Interests in Property Partnerships for the three months ended March 31, | |||||||||||
2020 | 2019 | Change | ||||||||||
(in thousands) | ||||||||||||
Salesforce Tower (1) | $ | — | $ | 116 | $ | (116 | ) | |||||
767 Fifth Avenue (the General Motors Building) (2) | 1,660 | 2,298 | (638 | ) | ||||||||
Times Square Tower | 6,869 | 6,892 | (23 | ) | ||||||||
601 Lexington Avenue | 4,850 | 4,664 | 186 | |||||||||
100 Federal Street (3) | 3,661 | 2,555 | 1,106 | |||||||||
Atlantic Wharf Office Building | 2,446 | 2,305 | 141 | |||||||||
$ | 19,486 | $ | 18,830 | $ | 656 |
Property | Noncontrolling Interests in Property Partnerships for the three months ended March 31, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | $ | 2,295 | $ | 1,660 | $ | 635 | ||||||||||||||
Times Square Tower (1) | 4,901 | 6,869 | (1,968) | |||||||||||||||||
601 Lexington Avenue (2) | 3,752 | 4,850 | (1,098) | |||||||||||||||||
100 Federal Street | 3,349 | 3,661 | (312) | |||||||||||||||||
Atlantic Wharf Office Building | 2,170 | 2,446 | (276) | |||||||||||||||||
$ | 16,467 | $ | 19,486 | $ | (3,019) |
Financings | ||||||||||||||||||||||||||||||||||
Construction Properties | Estimated Stabilization Date | Location | # of Buildings | Estimated Square Feet | Investment to Date (1)(2)(3) | Estimated Total Investment (1)(2) | Total Available (1) | Outstanding at 3/31/2020 (1) | Estimated Future Equity Requirement (1)(2)(4) | Percentage Leased (5) | ||||||||||||||||||||||||
Office | ||||||||||||||||||||||||||||||||||
20 CityPoint | First Quarter, 2021 | Waltham, MA | 1 | 211,000 | $ | 77,622 | $ | 97,000 | $ | — | $ | — | $ | 19,378 | 63 | % | (6) | |||||||||||||||||
Dock 72 (50% ownership) | Third Quarter, 2021 | Brooklyn, NY | 1 | 670,000 | 201,569 | 243,150 | 125,000 | 90,578 | 7,159 | 33 | % | (7) | ||||||||||||||||||||||
325 Main Street | Third Quarter, 2022 | Cambridge, MA | 1 | 420,000 | 110,493 | 418,400 | — | — | 307,907 | 90 | % | |||||||||||||||||||||||
100 Causeway Street (50% ownership) | Third Quarter, 2022 | Boston, MA | 1 | 632,000 | 136,514 | 267,300 | 200,000 | 61,218 | — | 95 | % | |||||||||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership) | Third Quarter, 2022 | Bethesda, MD | 1 | 734,000 | 103,848 | 198,900 | 127,500 | 40,768 | 8,320 | 100 | % | |||||||||||||||||||||||
Reston Gateway | Fourth Quarter, 2023 | Reston, VA | 2 | 1,062,000 | 207,516 | 715,300 | — | — | 507,784 | 72 | % | |||||||||||||||||||||||
2100 Pennsylvania Avenue | Third Quarter, 2024 | Washington, DC | 1 | 469,000 | 76,983 | 356,100 | — | — | 279,117 | 61 | % | |||||||||||||||||||||||
Total Office Properties under Construction | 8 | 4,198,000 | 914,545 | 2,296,150 | 452,500 | 192,564 | 1,129,665 | 74 | % | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||
Hub50House (440 units) (50% ownership) | First Quarter, 2022 | Boston, MA | 1 | 320,000 | 139,938 | 153,500 | 90,000 | 77,685 | 1,247 | 41 | % | (8) | ||||||||||||||||||||||
The Skylyne (402 units) | First Quarter, 2022 | Oakland, CA | 1 | 324,000 | 221,806 | 263,600 | — | — | 41,794 | — | (9) | |||||||||||||||||||||||
Total Residential Properties under Construction | 2 | 644,000 | 361,744 | 417,100 | 90,000 | 77,685 | 43,041 | 41 | % | |||||||||||||||||||||||||
Redevelopment Properties | ||||||||||||||||||||||||||||||||||
One Five Nine East 53rd Street (55% ownership) | Fourth Quarter, 2020 | New York, NY | — | 220,000 | 131,712 | 150,000 | — | — | 18,288 | 96 | % | (10) | ||||||||||||||||||||||
200 West Street | Fourth Quarter, 2021 | Waltham, MA | — | 126,000 | 5,120 | 47,800 | — | — | 42,680 | — | % | (11) | ||||||||||||||||||||||
Total Redevelopment Properties under Construction | — | 346,000 | 136,832 | 197,800 | — | — | 60,968 | 61 | % | |||||||||||||||||||||||||
Total Properties under Construction and Redevelopment | 10 | 5,188,000 | $ | 1,413,121 | $ | 2,911,050 | $ | 542,500 | $ | 270,249 | $ | 1,233,674 | 73 | % | (12) |
Financings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Properties | Estimated Stabilization Date | Location | # of Buildings | Estimated Square Feet | Investment to Date (1)(2)(3) | Estimated Total Investment (1)(2) | Total Available (1) | Outstanding at 3/31/2021 (1) | Estimated Future Equity Requirement (1)(2)(4) | Percentage Leased (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street | Third Quarter, 2022 | Cambridge, MA | 1 | 420,000 | $ | 217,456 | $ | 418,400 | $ | — | $ | — | $ | 200,944 | 90 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
100 Causeway Street (50% ownership) | Third Quarter, 2022 | Boston, MA | 1 | 632,000 | 202,068 | 267,300 | 200,000 | 125,306 | — | 94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership) | Second Quarter, 2022 | Bethesda, MD | 1 | 734,000 | 159,250 | 198,900 | 127,500 | 90,229 | 2,379 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next | Fourth Quarter, 2023 | Reston, VA | 2 | 1,062,000 | 422,881 | 715,300 | — | — | 292,419 | 85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | Third Quarter, 2024 | Washington, DC | 1 | 480,000 | 157,235 | 356,100 | — | — | 198,865 | 56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Office Properties under Construction | 6 | 3,328,000 | 1,158,890 | 1,956,000 | 327,500 | 215,535 | 694,607 | 86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lab/Life Sciences | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 West Street (Redevelopment) | Fourth Quarter, 2021 | Waltham, MA | — | 138,000 | 18,116 | 47,800 | — | — | 29,684 | 100 | % | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (Redevelopment) | Second Quarter, 2024 | Waltham, MA | 1 | 224,000 | 1,634 | 108,000 | — | — | 106,366 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
751 Gateway (49% ownership) | Third Quarter, 2024 | South San Francisco, CA | 1 | 229,000 | 15,420 | 127,600 | — | — | 112,180 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
180 CityPoint | Fourth Quarter, 2024 | Waltham, MA | 1 | 329,000 | 20,382 | 274,700 | — | — | 254,318 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Lab/Life Sciences Properties under Construction | 3 | 920,000 | 55,552 | 558,100 | — | — | 502,548 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Prudential Center Observatory (Redevelopment) | N/A | Boston, MA | — | 59,000 | 25,018 | 182,300 | — | — | 157,282 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Properties under Construction | 9 | 4,307,000 | $ | 1,239,460 | $ | 2,696,400 | $ | 327,500 | $ | 215,535 | $ | 1,354,437 | 71 | % | (7) |
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||
2020 | 2019 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | |||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 175,197 | $ | 207,234 | $ | (32,037 | ) | Net cash provided by operating activities | $ | 152,063 | $ | 175,197 | $ | (23,134) | ||||||||||||||
Net cash used in investing activities | (73,793 | ) | (223,515 | ) | 149,722 | Net cash used in investing activities | (242,273) | (73,793) | (168,480) | |||||||||||||||||||
Net cash provided by (used in) financing activities | 65,288 | (190,612 | ) | 255,900 | Net cash provided by (used in) financing activities | (679,936) | 65,288 | (745,224) |
Three months ended March 31, | ||||||||||||||||||
Three months ended March 31, | 2021 | 2020 | ||||||||||||||||
2020 | 2019 | (in thousands) | ||||||||||||||||
(in thousands) | ||||||||||||||||||
Acquisition of real estate (1) | $ | — | $ | (43,061 | ) | |||||||||||||
Construction in progress (2) | (143,160 | ) | (85,632 | ) | ||||||||||||||
Construction in progress (1) | Construction in progress (1) | $ | (119,496) | $ | (143,160) | |||||||||||||
Building and other capital improvements | (39,154 | ) | (32,719 | ) | Building and other capital improvements | (32,717) | (39,154) | |||||||||||
Tenant improvements | (64,172 | ) | (54,242 | ) | Tenant improvements | (93,201) | (64,172) | |||||||||||
Proceeds from sales of real estate (3) | 259,489 | 20,019 | ||||||||||||||||
Capital contributions to unconsolidated joint ventures (4) | (89,997 | ) | (26,995 | ) | ||||||||||||||
Proceeds from sales of real estate (2) | Proceeds from sales of real estate (2) | — | 259,489 | |||||||||||||||
Capital contributions to unconsolidated joint ventures (3) | Capital contributions to unconsolidated joint ventures (3) | (16,684) | (89,997) | |||||||||||||||
Capital distributions from unconsolidated joint ventures | Capital distributions from unconsolidated joint ventures | 122 | — | |||||||||||||||
Proceeds from sale of investment in unconsolidated joint venture (4) | Proceeds from sale of investment in unconsolidated joint venture (4) | 17,589 | — | |||||||||||||||
Investments in securities, net | 3,201 | (885 | ) | Investments in securities, net | 2,114 | 3,201 | ||||||||||||
Net cash used in investing activities | $ | (73,793 | ) | $ | (223,515 | ) | Net cash used in investing activities | $ | (242,273) | $ | (73,793) |
(1)Construction in progress for the three months ended March 31, 2021 includes ongoing expenditures associated with One Five Nine East 53rd Street, which was completed and fully placed in-service during the three months ended March 31, 2021. In addition, we incurred costs associated with our continued development/redevelopment of 200 West Street, 325 Main Street, 2100 Pennsylvania Avenue, Reston Next, 180 CityPoint, The Prudential Center Observatory and 880 Winter Street. 65 Construction in progress for the three months ended March 31, 2020 includes ongoing expenditures associated with 17Fifty Presidents Street, which was completed and placed in-service during the three months ended March 31, 2020 and 20 CityPoint, which was partially placed in-service during the year ended December 31, 2019. |
(2)On February 20, 2020, we completed the sale of New Dominion Technology Park located in Herndon, Virginia for a gross sale price of $256.0 million. Net cash proceeds totaled approximately $254.0 million, resulting in a gain |
March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||||||
Shares / Units Outstanding | Common Stock Equivalent | Equivalent Value (1) | Shares / Units Outstanding | Common Stock Equivalent | Equivalent Value (1) | |||||||||||||||||||||||||||||
Common Stock | 155,315 | 155,315 | $ | 14,324,702 | Common Stock | 156,074 | 156,074 | $ | 15,804,053 | |||||||||||||||||||||||||
Common Operating Partnership Units | 17,765 | 17,765 | 1,638,466 | (2) | Common Operating Partnership Units | 17,579 | 17,579 | 1,780,050 | (2) | |||||||||||||||||||||||||
5.25% Series B Cumulative Redeemable Preferred Stock | 80 | — | 200,000 | |||||||||||||||||||||||||||||||
Total Equity | 173,080 | $ | 16,163,168 | Total Equity | 173,653 | $ | 17,584,103 | |||||||||||||||||||||||||||
Consolidated Debt | $ | 12,061,224 | Consolidated Debt | $ | 12,536,264 | |||||||||||||||||||||||||||||
Add: | Add: | |||||||||||||||||||||||||||||||||
BXP’s share of unconsolidated joint venture debt (3) | 1,027,547 | BXP’s share of unconsolidated joint venture debt (3) | 1,165,872 | |||||||||||||||||||||||||||||||
Subtract: | Subtract: | |||||||||||||||||||||||||||||||||
Partners’ share of Consolidated Debt (4) | (1,198,575 | ) | Partners’ share of Consolidated Debt (4) | (1,193,260) | ||||||||||||||||||||||||||||||
BXP’s Share of Debt | $ | 11,890,196 | BXP’s Share of Debt | $ | 12,508,876 | |||||||||||||||||||||||||||||
Consolidated Market Capitalization | $ | 28,224,392 | Consolidated Market Capitalization | $ | 30,120,367 | |||||||||||||||||||||||||||||
BXP’s Share of Market Capitalization | $ | 28,053,364 | BXP’s Share of Market Capitalization | $ | 30,092,979 | |||||||||||||||||||||||||||||
Consolidated Debt/Consolidated Market Capitalization | 42.73 | % | Consolidated Debt/Consolidated Market Capitalization | 41.62 | % | |||||||||||||||||||||||||||||
BXP’s Share of Debt/BXP’s Share of Market Capitalization | BXP’s Share of Debt/BXP’s Share of Market Capitalization | 42.38 | % | BXP’s Share of Debt/BXP’s Share of Market Capitalization | 41.57 | % |
(i) the number of |
March 31, | March 31, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||
Debt Summary: | Debt Summary: | |||||||||||||||||
Balance | Balance | |||||||||||||||||
Fixed rate mortgage notes payable, net | $ | 2,919,157 | $ | 2,959,908 | Fixed rate mortgage notes payable, net | $ | 2,904,672 | $ | 2,919,157 | |||||||||
Unsecured senior notes, net | 8,393,009 | 7,547,043 | Unsecured senior notes, net | 9,631,592 | 8,393,009 | |||||||||||||
Unsecured line of credit | 250,000 | — | Unsecured line of credit | — | 250,000 | |||||||||||||
Unsecured term loan, net | 499,058 | 498,607 | Unsecured term loan, net | — | 499,058 | |||||||||||||
Consolidated Debt | 12,061,224 | 11,005,558 | Consolidated Debt | 12,536,264 | 12,061,224 | |||||||||||||
Add: | Add: | |||||||||||||||||
BXP’s share of unconsolidated joint venture debt, net (1) | 1,027,547 | 919,217 | BXP’s share of unconsolidated joint venture debt, net (1) | 1,165,872 | 1,027,547 | |||||||||||||
Subtract: | Subtract: | |||||||||||||||||
Partners’ share of consolidated mortgage notes payable, net (2) | (1,198,575 | ) | (1,203,572 | ) | Partners’ share of consolidated mortgage notes payable, net (2) | (1,193,260) | (1,198,575) | |||||||||||
BXP’s Share of Debt | $ | 11,890,196 | $ | 10,721,203 | BXP’s Share of Debt | $ | 12,508,876 | $ | 11,890,196 | |||||||||
March 31, | March 31, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
Consolidated Debt Financing Statistics: | Consolidated Debt Financing Statistics: | |||||||||||||||||
Percent of total debt: | Percent of total debt: | |||||||||||||||||
Fixed rate | 93.79 | % | 95.47 | % | Fixed rate | 100.00 | % | 93.79 | % | |||||||||
Variable rate | 6.21 | % | 4.53 | % | Variable rate | — | % | 6.21 | % | |||||||||
Total | 100.00 | % | 100.00 | % | Total | 100.00 | % | 100.00 | % | |||||||||
GAAP Weighted-average interest rate at end of period: | GAAP Weighted-average interest rate at end of period: | |||||||||||||||||
Fixed rate | 3.80 | % | 4.01 | % | Fixed rate | 3.64 | % | 3.80 | % | |||||||||
Variable rate | 2.16 | % | 3.49 | % | Variable rate | — | % | 2.16 | % | |||||||||
Total | 3.70 | % | 3.99 | % | Total | 3.64 | % | 3.70 | % | |||||||||
Coupon/Stated Weighted-average interest rate at end of period: | Coupon/Stated Weighted-average interest rate at end of period: | |||||||||||||||||
Fixed rate | 3.69 | % | 3.91 | % | Fixed rate | 3.54 | % | 3.69 | % | |||||||||
Variable rate | 2.07 | % | 3.40 | % | Variable rate | — | % | 2.07 | % | |||||||||
Total | 3.59 | % | 3.88 | % | Total | 3.54 | % | 3.59 | % | |||||||||
Weighted-average maturity at end of period (in years): | Weighted-average maturity at end of period (in years): | |||||||||||||||||
Fixed rate | 5.8 | 5.9 | Fixed rate | 6.0 | 5.8 | |||||||||||||
Variable rate | 2.1 | 3.1 | Variable rate | — | 2.1 | |||||||||||||
Total | 5.6 | 5.7 | Total | 6.0 | 5.6 |
Coupon/ Stated Rate | Effective Rate(1) | Principal Amount | Maturity Date(2) | ||||||||
10 Year Unsecured Senior Notes | 4.125 | % | 4.289 | % | $ | 850,000 | May 15, 2021 | ||||
11 Year Unsecured Senior Notes | 3.850 | % | 3.954 | % | 1,000,000 | February 1, 2023 | |||||
10.5 Year Unsecured Senior Notes | 3.125 | % | 3.279 | % | 500,000 | September 1, 2023 | |||||
10.5 Year Unsecured Senior Notes | 3.800 | % | 3.916 | % | 700,000 | February 1, 2024 | |||||
7 Year Unsecured Senior Notes | 3.200 | % | 3.350 | % | 850,000 | January 15, 2025 | |||||
10 Year Unsecured Senior Notes | 3.650 | % | 3.766 | % | 1,000,000 | February 1, 2026 | |||||
10 Year Unsecured Senior Notes | 2.750 | % | 3.495 | % | 1,000,000 | October 1, 2026 | |||||
10 Year Unsecured Senior Notes | 4.500 | % | 4.628 | % | 1,000,000 | December 1, 2028 | |||||
10 Year Unsecured Senior Notes | 3.400 | % | 3.505 | % | 850,000 | June 21, 2029 | |||||
10.5 Year Unsecured Senior Notes | 2.900 | % | 2.984 | % | 700,000 | March 15, 2030 | |||||
Total principal | 8,450,000 | ||||||||||
Net unamortized discount | (16,663 | ) | |||||||||
Deferred financing costs, net | (40,328 | ) | |||||||||
Total | $ | 8,393,009 |
Properties | Stated Interest Rate | GAAP Interest Rate (1) | Stated Principal Amount | Deferred Financing Costs, Net | Carrying Amount | Carrying Amount (Partners’ Share) | Maturity Date | Properties | Stated Interest Rate | GAAP Interest Rate (1) | Stated Principal Amount | Deferred Financing Costs, Net | Carrying Amount | Carrying Amount (Partners’ Share) | Maturity Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholly-owned | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
University Place | 6.94 | % | 6.99 | % | $ | 3,106 | $ | (17 | ) | $ | 3,089 | N/A | August 1, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Joint Ventures | Consolidated Joint Ventures | Consolidated Joint Ventures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | 3.43 | % | 3.64 | % | 2,300,000 | (25,099 | ) | 2,274,901 | $ | 910,050 | (2)(3)(4) | June 9, 2027 | 767 Fifth Avenue (the General Motors Building) | 3.43 | % | 3.64 | % | $ | 2,300,000 | $ | (21,605) | $ | 2,278,395 | $ | 911,435 | (2)(3)(4) | June 9, 2027 | |||||||||||||||||||||||||||||||||||||||||||||||||
601 Lexington Avenue | 4.75 | % | 4.79 | % | 641,836 | (669 | ) | 641,167 | 288,525 | (5) | April 10, 2022 | 601 Lexington Avenue | 4.75 | % | 4.79 | % | 626,612 | (335) | 626,277 | 281,825 | (5) | April 10, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,941,836 | (25,768 | ) | 2,916,068 | 1,198,575 | 2,926,612 | (21,940) | 2,904,672 | 1,193,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,944,942 | $ | (25,785 | ) | $ | 2,919,157 | $ | 1,198,575 | Total | $ | 2,926,612 | $ | (21,940) | $ | 2,904,672 | $ | 1,193,260 |
Properties | Nominal % Ownership | Stated Interest Rate | GAAP Interest Rate (1) | Stated Principal Amount | Deferred Financing Costs, Net | Carrying Amount | Carrying Amount (Our share) | Maturity Date | Properties | Nominal % Ownership | Stated Interest Rate | GAAP Interest Rate (1) | Stated Principal Amount | Deferred Financing Costs, Net | Carrying Amount | Carrying Amount (Our share) | Maturity Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Monica Business Park | 55 | % | 4.06 | % | 4.24 | % | $ | 300,000 | $ | (2,786 | ) | $ | 297,214 | $ | 163,468 | (2)(3) | July 19, 2025 | Santa Monica Business Park | 55 | % | 4.06 | % | 4.24 | % | $ | 300,000 | $ | (2,264) | $ | 297,736 | $ | 163,755 | (2)(3) | July 19, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Square North | 50 | % | 4.85 | % | 4.91 | % | 115,529 | (42 | ) | 115,487 | 57,743 | October 1, 2020 | Market Square North | 50 | % | 2.80 | % | 2.96 | % | 125,000 | (951) | 124,049 | 62,025 | (2)(4) | November 10, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annapolis Junction Building Six | 50 | % | 3.41 | % | 3.56 | % | 12,401 | (14 | ) | 12,387 | 6,193 | (4) | November 17, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annapolis Junction Building Seven and Eight | 50 | % | 4.02 | % | 4.17 | % | 34,630 | (26 | ) | 34,604 | 17,302 | (5) | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1265 Main Street | 50 | % | 3.77 | % | 3.84 | % | 37,957 | (327 | ) | 37,630 | 18,815 | January 1, 2032 | 1265 Main Street | 50 | % | 3.77 | % | 3.84 | % | 37,123 | (299) | 36,824 | 18,412 | January 1, 2032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | 50 | % | 3.56 | % | 3.58 | % | 550,000 | (757 | ) | 549,243 | 274,622 | (2) | August 9, 2027 | Colorado Center | 50 | % | 3.56 | % | 3.58 | % | 550,000 | (653) | 549,347 | 274,673 | (2) | August 9, 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dock 72 | 50 | % | 3.65 | % | 4.79 | % | 181,156 | (2,576 | ) | 178,580 | 89,290 | (2)(6) | December 18, 2020 | Dock 72 | 50 | % | 3.10 | % | 3.32 | % | 196,412 | (1,478) | 194,934 | 97,467 | (2)(5) | December 18, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Hub on Causeway - Podium | 50 | % | 3.59 | % | 4.08 | % | 173,408 | (1,460 | ) | 171,948 | 85,974 | (2)(7) | September 6, 2021 | The Hub on Causeway - Podium | 50 | % | 2.36 | % | 2.86 | % | 174,329 | (433) | 173,896 | 86,948 | (2)(6) | September 6, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hub50House | 50 | % | 3.35 | % | 3.63 | % | 155,370 | (1,062 | ) | 154,308 | 77,154 | (2)(8) | April 19, 2022 | Hub50House | 50 | % | 2.12 | % | 2.40 | % | 174,352 | (552) | 173,800 | 86,900 | (2)(7) | April 19, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 Causeway Street | 50 | % | 3.15 | % | 3.36 | % | 122,435 | (2,894 | ) | 119,541 | 59,770 | (2)(9) | September 5, 2023 | 100 Causeway Street | 50 | % | 1.63 | % | 1.84 | % | 250,612 | (2,048) | 248,564 | 124,282 | (2)(8) | September 5, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) | 50 | % | 2.69 | % | 3.24 | % | 81,535 | (4,293 | ) | 77,242 | 38,621 | (2)(10) | April 26, 2023 | 7750 Wisconsin Avenue (Marriott International Headquarters) | 50 | % | 1.37 | % | 1.91 | % | 180,459 | (2,901) | 177,558 | 88,779 | (2)(9) | April 26, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
500 North Capitol Street, NW | 30 | % | 4.15 | % | 4.20 | % | 105,000 | (187 | ) | 104,813 | 31,444 | (2) | June 6, 2023 | 500 North Capitol Street, NW | 30 | % | 4.15 | % | 4.20 | % | 105,000 | (128) | 104,872 | 31,462 | (2) | June 6, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
901 New York Avenue | 25 | % | 3.61 | % | 3.69 | % | 224,304 | (849 | ) | 223,455 | 55,864 | January 5, 2025 | 901 New York Avenue | 25 | % | 3.61 | % | 3.69 | % | 220,041 | (670) | 219,371 | 54,843 | January 5, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 Hudson Boulevard | 25 | % | 4.97 | % | 5.05 | % | 80,000 | (209 | ) | 79,791 | 19,948 | (2)(11) | July 13, 2023 | 3 Hudson Boulevard | 25 | % | 3.62 | % | 3.70 | % | 80,000 | (144) | 79,856 | 19,964 | (2)(10) | July 13, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metropolitan Square | 20 | % | 5.75 | % | 5.81 | % | 156,701 | (6 | ) | 156,695 | 31,339 | (12) | May 5, 2020 | Metropolitan Square | 20 | % | 5.40 | % | 6.90 | % | 288,000 | (6,191) | 281,809 | 56,362 | (2)(11) | July 7, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,330,426 | $ | (17,488 | ) | $ | 2,312,938 | $ | 1,027,547 | Total | $ | 2,681,328 | $ | (18,712) | $ | 2,662,616 | $ | 1,165,872 |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 91,624 | $ | 497,496 | ||||||||||
Add: | ||||||||||||||
Preferred stock redemption charge | 6,412 | — | ||||||||||||
Preferred dividends | 2,560 | 2,625 | ||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 11,084 | 57,539 | ||||||||||||
Noncontrolling interests in property partnerships | 16,467 | 19,486 | ||||||||||||
Net income | 128,147 | 577,146 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 176,565 | 171,094 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (16,457) | (17,627) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 18,412 | 18,332 | ||||||||||||
Corporate-related depreciation and amortization | (440) | (469) | ||||||||||||
Less: | ||||||||||||||
Gain on sale of investment included within income (loss) from unconsolidated joint ventures | 10,257 | — | ||||||||||||
Gains on sales of real estate | — | 410,165 | ||||||||||||
Noncontrolling interests in property partnerships | 16,467 | 19,486 | ||||||||||||
Preferred dividends | 2,560 | 2,625 | ||||||||||||
Preferred stock redemption charge | 6,412 | — | ||||||||||||
Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) | 270,531 | 316,200 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations | 26,728 | 32,138 | ||||||||||||
Funds from Operations attributable to Boston Properties, Inc. common shareholders | $ | 243,803 | $ | 284,062 | ||||||||||
Our percentage share of Funds from Operations—basic | 90.12 | % | 89.84 | % | ||||||||||
Weighted average shares outstanding—basic | 155,928 | 155,011 |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 497,496 | $ | 98,105 | ||||
Add: | ||||||||
Preferred dividends | 2,625 | 2,625 | ||||||
Noncontrolling interest—common units of the Operating Partnership | 57,539 | 11,599 | ||||||
Noncontrolling interests in property partnerships | 19,486 | 18,830 | ||||||
Net income | 577,146 | 131,159 | ||||||
Add: | ||||||||
Depreciation and amortization | 171,094 | 164,594 | ||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,627 | ) | (18,002 | ) | ||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 18,332 | 15,470 | ||||||
Corporate-related depreciation and amortization | (469 | ) | (395 | ) | ||||
Impairment loss | — | 24,038 | ||||||
Less: | ||||||||
Gains (losses) on sales of real estate | 410,165 | (905 | ) | |||||
Noncontrolling interests in property partnerships | 19,486 | 18,830 | ||||||
Preferred dividends | 2,625 | 2,625 | ||||||
Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) | 316,200 | 296,314 | ||||||
Less: | ||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations | 32,138 | 30,307 | ||||||
Funds from Operations attributable to Boston Properties, Inc. common shareholders | $ | 284,062 | $ | 266,007 | ||||
Our percentage share of Funds from Operations—basic | 89.84 | % | 89.77 | % | ||||
Weighted average shares outstanding—basic | 155,011 | 154,525 |
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Basic Funds from Operations | $ | 316,200 | 172,549 | $ | 296,314 | 172,131 | Basic Funds from Operations | $ | 270,531 | 173,018 | $ | 316,200 | 172,549 | |||||||||||||||||||||||||||
Effect of Dilutive Securities: | Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | 247 | — | 319 | Stock based compensation | — | 171 | — | 247 | |||||||||||||||||||||||||||||||
Diluted Funds from Operations | $ | 316,200 | 172,796 | $ | 296,314 | 172,450 | Diluted Funds from Operations | $ | 270,531 | 173,189 | $ | 316,200 | 172,796 | |||||||||||||||||||||||||||
Less: Noncontrolling interest—common units of the Operating Partnership’s share of diluted Funds from Operations | 32,092 | 17,538 | 30,251 | 17,606 | ||||||||||||||||||||||||||||||||||||
Less: | Less: | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of diluted Funds from Operations | Noncontrolling interest—common units of the Operating Partnership’s share of diluted Funds from Operations | 26,693 | 17,090 | 32,092 | 17,538 | |||||||||||||||||||||||||||||||||||
Diluted Funds from Operations attributable to Boston Properties, Inc. (1) | $ | 284,108 | 155,258 | $ | 266,063 | 154,844 | Diluted Funds from Operations attributable to Boston Properties, Inc. (1) | $ | 243,838 | 156,099 | $ | 284,108 | 155,258 |
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 566,333 | $ | 113,382 | Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 105,773 | $ | 566,333 | |||||||||||||||||||||||||||||||||||||||||||
Add: | Add: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred unit redemption charge | Preferred unit redemption charge | 6,412 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred distributions | 2,625 | 2,625 | Preferred distributions | 2,560 | 2,625 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 19,486 | 18,830 | Noncontrolling interests in property partnerships | 16,467 | 19,486 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 588,444 | 134,837 | Net income | 131,212 | 588,444 | |||||||||||||||||||||||||||||||||||||||||||||||
Add: | Add: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 169,285 | 162,682 | Depreciation and amortization | 173,500 | 169,285 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,627 | ) | (18,002 | ) | Noncontrolling interests in property partnerships’ share of depreciation and amortization | (16,457) | (17,627) | |||||||||||||||||||||||||||||||||||||||||||||
BPLP’s share of depreciation and amortization from unconsolidated joint ventures | 18,332 | 15,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | BXP’s share of depreciation and amortization from unconsolidated joint ventures | 18,412 | 18,332 | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate-related depreciation and amortization | (469 | ) | (395 | ) | Corporate-related depreciation and amortization | (440) | (469) | |||||||||||||||||||||||||||||||||||||||||||||
Impairment loss | — | 22,272 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: | Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on sales of real estate | 419,654 | (905 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of investment included within (loss) income from unconsolidated joint ventures | Gain on sale of investment included within (loss) income from unconsolidated joint ventures | 10,257 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Gains on sales of real estate | Gains on sales of real estate | — | 419,654 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 19,486 | 18,830 | Noncontrolling interests in property partnerships | 16,467 | 19,486 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred distributions | 2,625 | 2,625 | Preferred distributions | 2,560 | 2,625 | |||||||||||||||||||||||||||||||||||||||||||||||
Funds from operations attributable to Boston Properties Limited Partnership common unitholders (1) | $ | 316,200 | $ | 296,314 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average units outstanding—basic | 172,549 | 172,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred unit redemption charge | Preferred unit redemption charge | 6,412 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Funds from Operations attributable to Boston Properties Limited Partnership common unitholders (1) | Funds from Operations attributable to Boston Properties Limited Partnership common unitholders (1) | $ | 270,531 | $ | 316,200 | |||||||||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding—basic | Weighted average shares outstanding—basic | 173,018 | 172,549 |
Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic Funds from Operations | $ | 270,531 | 173,018 | $ | 316,200 | 172,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | 171 | — | 247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Funds from Operations | $ | 270,531 | 173,189 | $ | 316,200 | 172,796 |
Three months ended March 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | |||||||||||
(in thousands) | ||||||||||||||
Basic Funds from Operations | $ | 316,200 | 172,549 | $ | 296,314 | 172,131 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||
Stock based compensation | — | 247 | — | 319 | ||||||||||
Diluted Funds from Operations | $ | 316,200 | 172,796 | $ | 296,314 | 172,450 |
2021 | 2022 | 2023 | 2024 | 2025 | 2026+ | Total | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Mortgage debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | 9,031 | $ | 611,132 | $ | (3,494) | $ | (3,494) | $ | (3,494) | $ | 2,294,991 | $ | 2,904,672 | $ | 3,025,986 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | 4.79 | % | 4.79 | % | — | % | — | % | — | % | 3.64 | % | 3.89 | % | |||||||||||||||||||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Unsecured debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | (8,282) | $ | (11,132) | $ | 1,489,937 | $ | 691,202 | $ | 842,472 | $ | 6,627,395 | $ | 9,631,592 | $ | 10,216,659 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | — | % | — | % | 3.73 | % | 3.92 | % | 3.35 | % | 3.52 | % | 3.57 | % | |||||||||||||||||||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Debt | $ | 749 | $ | 600,000 | $ | 1,486,443 | $ | 687,708 | $ | 838,978 | $ | 8,922,386 | $ | 12,536,264 | $ | 13,242,645 |
2020 | 2021 | 2022 | 2023 | 2024 | 2025+ | Total | Estimated Fair Value | |||||||||||||||||||||||||
(dollars in thousands) Mortgage debt, net | ||||||||||||||||||||||||||||||||
Fixed Rate | $ | 10,076 | $ | 13,440 | $ | 611,132 | $ | (3,494 | ) | $ | (3,494 | ) | $ | 2,291,497 | $ | 2,919,157 | $ | 3,054,533 | ||||||||||||||
GAAP Average Interest Rate | 5.07 | % | 4.98 | % | 4.79 | % | — | % | — | % | 3.64 | % | 3.90 | % | ||||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Unsecured debt, net | ||||||||||||||||||||||||||||||||
Fixed Rate | $ | (7,720 | ) | $ | 840,465 | $ | (9,074 | ) | $ | 1,492,008 | $ | 693,286 | $ | 5,384,044 | $ | 8,393,009 | $ | 8,449,511 | ||||||||||||||
GAAP Average Interest Rate | — | % | 4.29 | % | — | % | 3.73 | % | 3.92 | % | 3.67 | % | 3.76 | % | ||||||||||||||||||
Variable Rate | (341 | ) | (451 | ) | 749,850 | — | — | — | 749,058 | 750,379 | ||||||||||||||||||||||
Total Debt | $ | 2,015 | $ | 853,454 | — | $ | 1,351,908 | $ | 1,488,514 | $ | 689,792 | $ | 7,675,541 | $ | 12,061,224 | $ | 12,254,423 |
Period | (a) Total Number of Shares of Common Stock Purchased | (b) Average Price Paid per Common Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased | ||||
January 1, 2020 - January 31, 2020 | 7,149 | (1) | $ | 138.12 | N/A | N/A | ||
February 1, 2020 - February 29, 2020 | 228 | (1) | $ | 144.56 | N/A | N/A | ||
March 1, 2020 - March 31, 2020 | 915 | (2) | $ | 0.01 | N/A | N/A | ||
Total | 8,292 | $ | 123.06 | N/A | N/A |
Period | (a) Total Number of Shares of Common Stock Purchased | (b) Average Price Paid per Common Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased | |||||||||||||||||||||||||
January 1, 2021 – January 31, 2021 | 7,785 | (1) | $ | 94.79 | N/A | N/A | |||||||||||||||||||||||
February 1, 2021 – February 28, 2021 | 387 | (1) | $ | 90.61 | N/A | N/A | |||||||||||||||||||||||
March 1, 2021 – March 31, 2021 | 1,092 | (2) | $ | 0.01 | N/A | N/A | |||||||||||||||||||||||
Total | 9,264 | $ | 83.44 | N/A | N/A |
Period | (a) Total Number of Units Purchased | (b) Average Price Paid per Unit | (c) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Units that May Yet be Purchased | ||||
January 1, 2020 - January 31, 2020 | 8,693 | (1) | $ | 113.63 | N/A | N/A | ||
February 1, 2020 - February 29, 2020 | 271,170 | (2) | $ | 0.37 | N/A | N/A | ||
March 1, 2020 - March 31, 2020 | 915 | (3) | $ | 0.01 | N/A | N/A | ||
Total | 280,778 | $ | 3.88 | N/A | N/A |
Period | (a) Total Number of Units Purchased | (b) Average Price Paid per Unit | (c) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Units that May Yet be Purchased | |||||||||||||
January 1, 2021 – January 31, 2021 | 7,785 | (1) | $ | 94.79 | N/A | N/A | |||||||||||
February 1, 2021 – February 28, 2021 | 286,312 | (2) | $ | 0.37 | N/A | N/A | |||||||||||
March 1, 2021 – March 31, 2021 | 1,291 | (3) | $ | 0.05 | N/A | N/A | |||||||||||
Total | 295,388 | $ | 2.86 | N/A | N/A |
— | |||||||||
31.1 | — | ||||||||
31.2 | — | ||||||||
31.3 | — | ||||||||
31.4 | — | ||||||||
32.1 | — | ||||||||
32.2 | — | ||||||||
32.3 | — | ||||||||
32.4 | — | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. (Filed herewith.) | ||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.) | ||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.) | ||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.) | ||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.) | ||||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*). (Filed herewith.) |
BOSTON PROPERTIES, INC. | ||||||||
May 7, 2021 | ||||||||
/s/ MICHAEL R. WALSH | ||||||||
Michael R. Walsh | ||||||||
Chief Accounting Officer (duly authorized officer and principal accounting officer) |
BOSTON PROPERTIES LIMITED PARTNERSHIP | ||||||||
By: Boston Properties, Inc., its General Partner | ||||||||
May | /s/ MICHAEL R. WALSH | |||||||
Michael R. Walsh | ||||||||
Chief Accounting Officer (duly authorized officer and principal accounting officer) |