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 |
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) | ||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,664,480 and $6,592,019 at June 30, 2021 and December 31, 2020, respectively) | $ | 23,417,175 | $ | 22,969,110 | ||||||||||
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2021 and December 31, 2020, respectively) | 237,765 | 237,393 | ||||||||||||
Right of use assets - operating leases | 170,331 | 146,406 | ||||||||||||
Less: accumulated depreciation (amounts related to VIEs of $(1,235,346) and $(1,158,548) at June 30, 2021 and December 31, 2020, respectively) | (5,752,818) | (5,534,102) | ||||||||||||
Total real estate | 18,072,453 | 17,818,807 | ||||||||||||
Cash and cash equivalents (amounts related to VIEs of $335,837 and $340,642 at June 30, 2021 and December 31, 2020, respectively) | 557,307 | 1,668,742 | ||||||||||||
Cash held in escrows | 79,973 | 50,587 | ||||||||||||
Investments in securities | 41,476 | 39,457 | ||||||||||||
Tenant and other receivables, net (amounts related to VIEs of $5,298 and $10,911 at June 30, 2021 and December 31, 2020, respectively) | 58,624 | 77,411 | ||||||||||||
Related party note receivable, net | 77,872 | 77,552 | ||||||||||||
Notes receivable, net | 19,087 | 18,729 | ||||||||||||
Accrued rental income, net (amounts related to VIEs of $346,443 and $336,594 at June 30, 2021 and December 31, 2020, respectively) | 1,172,411 | 1,122,502 | ||||||||||||
Deferred charges, net (amounts related to VIEs of $173,578 and $183,306 at June 30, 2021 and December 31, 2020, respectively) | 627,338 | 640,085 | ||||||||||||
Prepaid expenses and other assets (amounts related to VIEs of $12,441 and $13,137 at June 30, 2021 and December 31, 2020, respectively) | 46,946 | 33,840 | ||||||||||||
Investments in unconsolidated joint ventures | 1,305,589 | 1,310,478 | ||||||||||||
Total assets | $ | 22,059,076 | $ | 22,858,190 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $2,901,709 and $2,907,590 at June 30, 2021 and December 31, 2020, respectively) | $ | 2,901,709 | $ | 2,909,081 | ||||||||||
Unsecured senior notes, net | 9,634,356 | 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 $20,382 and $20,306 at June 30, 2021 and December 31, 2020, respectively) | 243,381 | 236,492 | ||||||||||||
Lease liabilities - operating leases | 226,594 | 201,713 | ||||||||||||
Accounts payable and accrued expenses (amounts related to VIEs of $40,100 and $23,128 at June 30, 2021 and December 31, 2020, respectively) | 305,969 | 336,264 | ||||||||||||
Dividends and distributions payable | 169,718 | 171,082 | ||||||||||||
Accrued interest payable | 107,386 | 106,288 | ||||||||||||
Other liabilities (amounts related to VIEs of $129,477 and $158,805 at June 30, 2021 and December 31, 2020, respectively) | 370,990 | 412,084 | ||||||||||||
Total liabilities | 13,960,103 | 14,511,681 | ||||||||||||
Commitments and contingencies (See Note 9) | ||||||||||||||
Redeemable deferred stock units— 78,362 and 72,966 units outstanding at redemption value at June 30, 2021 and December 31, 2020, respectively | 8,980 | 6,897 |
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) | ||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
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, 156,214,859 and 155,797,725 issued and 156,135,959 and 155,718,825 outstanding at June 30, 2021 and December 31, 2020, respectively | 1,561 | 1,557 | ||||||||||||
Additional paid-in capital | 6,405,916 | 6,356,791 | ||||||||||||
Dividends in excess of earnings | (612,247) | (509,653) | ||||||||||||
Treasury common stock at cost, 78,900 shares at June 30, 2021 and December 31, 2020 | (2,722) | (2,722) | ||||||||||||
Accumulated other comprehensive loss | (43,166) | (49,890) | ||||||||||||
Total stockholders’ equity attributable to Boston Properties, Inc. | 5,749,342 | 5,996,083 | ||||||||||||
Noncontrolling interests: | ||||||||||||||
Common units of Boston Properties Limited Partnership | 615,308 | 616,596 | ||||||||||||
Property partnerships | 1,725,343 | 1,726,933 | ||||||||||||
Total equity | 8,089,993 | 8,339,612 | ||||||||||||
Total liabilities and equity | $ | 22,059,076 | $ | 22,858,190 |
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
September 30, 2017 | December 31, 2016 | ||||||
(in thousands, except for share and par value amounts) | |||||||
ASSETS | |||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,084,588 and $6,760,078 at September 30, 2017 and December 31, 2016, respectively) | $ | 20,859,245 | $ | 20,147,263 | |||
Less: accumulated depreciation (amounts related to VIEs of $(825,390) and $(758,640) at September 30, 2017 and December 31, 2016, respectively) | (4,484,798 | ) | (4,222,235 | ) | |||
Total real estate | 16,374,447 | 15,925,028 | |||||
Cash and cash equivalents (amounts related to VIEs of $285,089 and $253,999 at September 30, 2017 and December 31, 2016, respectively) | 493,055 | 356,914 | |||||
Cash held in escrows (amounts related to VIEs of $6,179 and $4,955 at September 30, 2017 and December 31, 2016, respectively) | 83,779 | 63,174 | |||||
Investments in securities | 27,981 | 23,814 | |||||
Tenant and other receivables (amounts related to VIEs of $19,891 and $23,525 at September 30, 2017 and December 31, 2016, respectively) | 79,750 | 92,548 | |||||
Accrued rental income (amounts related to VIEs of $232,336 and $224,185 at September 30, 2017 and December 31, 2016, respectively) | 835,415 | 799,138 | |||||
Deferred charges, net (amounts related to VIEs of $268,727 and $290,436 at September 30, 2017 and December 31, 2016, respectively) | 657,474 | 686,163 | |||||
Prepaid expenses and other assets (amounts related to VIEs of $68,330 and $42,718 at September 30, 2017 and December 31, 2016, respectively) | 144,817 | 129,666 | |||||
Investments in unconsolidated joint ventures | 611,800 | 775,198 | |||||
Total assets | $ | 19,308,518 | $ | 18,851,643 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Mortgage notes payable, net (amounts related to VIEs of $2,941,550 and $2,018,483 at September 30, 2017 and December 31, 2016, respectively) | $ | 2,982,067 | $ | 2,063,087 | |||
Unsecured senior notes, net | 7,252,567 | 7,245,953 | |||||
Unsecured line of credit | — | — | |||||
Unsecured term loan | — | — | |||||
Mezzanine notes payable (amounts related to VIEs of $0 and $307,093 at September 30, 2017 and December 31, 2016, respectively) | — | 307,093 | |||||
Outside members’ notes payable (amounts related to VIEs of $0 and $180,000 at September 30, 2017 and December 31, 2016, respectively) | — | 180,000 | |||||
Accounts payable and accrued expenses (amounts related to VIEs of $106,772 and $110,457 at September 30, 2017 and December 31, 2016, respectively) | 325,440 | 298,524 | |||||
Dividends and distributions payable | 130,434 | 130,308 | |||||
Accrued interest payable (amounts related to VIEs of $6,800 and $162,226 at September 30, 2017 and December 31, 2016, respectively) | 99,100 | 243,933 | |||||
Other liabilities (amounts related to VIEs of $146,517 and $175,146 at September 30, 2017 and December 31, 2016, respectively) | 419,215 | 450,821 | |||||
Total liabilities | 11,208,823 | 10,919,719 | |||||
Commitments and contingencies | — | — | |||||
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 September 30, 2017 and December 31, 2016 | 200,000 | 200,000 | |||||
Common stock, $0.01 par value, 250,000,000 shares authorized, 154,401,166 and 153,869,075 issued and 154,322,266 and 153,790,175 outstanding at September 30, 2017 and December 31, 2016, respectively | 1,543 | 1,538 | |||||
Additional paid-in capital | 6,370,932 | 6,333,424 | |||||
Dividends in excess of earnings | (692,739 | ) | (693,694 | ) | |||
Treasury common stock at cost, 78,900 shares at September 30, 2017 and December 31, 2016 | (2,722 | ) | (2,722 | ) | |||
Accumulated other comprehensive loss | (51,796 | ) | (52,251 | ) | |||
Total stockholders’ equity attributable to Boston Properties, Inc. | 5,825,218 | 5,786,295 | |||||
Noncontrolling interests: | |||||||
Common units of Boston Properties Limited Partnership | 605,802 | 614,982 | |||||
Property partnerships | 1,668,675 | 1,530,647 | |||||
Total equity | 8,099,695 | 7,931,924 | |||||
Total liabilities and equity | $ | 19,308,518 | $ | 18,851,643 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Lease | $ | 684,025 | $ | 630,119 | $ | 1,369,842 | $ | 1,340,230 | |||||||||||||||||||||
Parking and other | 18,282 | 13,946 | 35,220 | 38,450 | |||||||||||||||||||||||||
Hotel | 1,561 | 99 | 2,193 | 6,924 | |||||||||||||||||||||||||
Development and management services | 7,284 | 8,125 | 14,087 | 16,004 | |||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 2,655 | 2,484 | 6,160 | 5,721 | |||||||||||||||||||||||||
Total revenue | 713,807 | 654,773 | 1,427,502 | 1,407,329 | |||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating | |||||||||||||||||||||||||||||
Rental | 248,703 | 239,787 | 506,092 | 502,753 | |||||||||||||||||||||||||
Hotel | 1,996 | 1,973 | 4,047 | 8,794 | |||||||||||||||||||||||||
General and administrative | 38,405 | 37,743 | 83,364 | 74,197 | |||||||||||||||||||||||||
Payroll and related costs from management services contracts | 2,655 | 2,484 | 6,160 | 5,721 | |||||||||||||||||||||||||
Transaction costs | 751 | 332 | 1,082 | 947 | |||||||||||||||||||||||||
Depreciation and amortization | 183,838 | 178,188 | 360,403 | 349,282 | |||||||||||||||||||||||||
Total expenses | 476,348 | 460,507 | 961,148 | 941,694 | |||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (1,373) | 1,832 | 3,852 | 1,463 | |||||||||||||||||||||||||
Gains on sales of real estate | 7,756 | 203,767 | 7,756 | 613,932 | |||||||||||||||||||||||||
Interest and other income (loss) | 1,452 | 1,305 | 2,620 | 4,322 | |||||||||||||||||||||||||
Gains (losses) from investments in securities | 2,275 | 4,552 | 3,934 | (893) | |||||||||||||||||||||||||
Losses from early extinguishment of debt | 0 | 0 | (898) | 0 | |||||||||||||||||||||||||
Interest expense | (106,319) | (107,142) | (214,221) | (208,733) | |||||||||||||||||||||||||
Net income | 141,250 | 298,580 | 269,397 | 875,726 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | (17,164) | 767 | (33,631) | (18,719) | |||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | (12,383) | (30,197) | (23,422) | (87,525) | |||||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. | 111,703 | 269,150 | 212,344 | 769,482 | |||||||||||||||||||||||||
Preferred dividends | 0 | (2,625) | (2,560) | (5,250) | |||||||||||||||||||||||||
Preferred stock redemption charge | 0 | 0 | (6,412) | 0 | |||||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 111,703 | $ | 266,525 | $ | 203,372 | $ | 764,232 | |||||||||||||||||||||
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||||||||||||||||||||||||
Net income | $ | 0.72 | $ | 1.71 | $ | 1.30 | $ | 4.92 | |||||||||||||||||||||
Weighted average number of common shares outstanding | 156,107 | 155,386 | 156,016 | 155,199 | |||||||||||||||||||||||||
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||||||||||||||||||||||||
Net income | $ | 0.71 | $ | 1.71 | $ | 1.30 | $ | 4.91 | |||||||||||||||||||||
Weighted average number of common and common equivalent shares outstanding | 156,519 | 155,407 | 156,307 | 155,333 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands, except for per share amounts) | |||||||||||||||
Revenue | |||||||||||||||
Rental | |||||||||||||||
Base rent | $ | 513,269 | $ | 489,312 | $ | 1,537,373 | $ | 1,518,826 | |||||||
Recoveries from tenants | 94,476 | 92,560 | 272,803 | 267,852 | |||||||||||
Parking and other | 26,092 | 24,638 | 78,164 | 75,576 | |||||||||||
Total rental revenue | 633,837 | 606,510 | 1,888,340 | 1,862,254 | |||||||||||
Hotel revenue | 13,064 | 12,354 | 33,859 | 33,919 | |||||||||||
Development and management services | 10,811 | 6,364 | 24,648 | 18,586 | |||||||||||
Total revenue | 657,712 | 625,228 | 1,946,847 | 1,914,759 | |||||||||||
Expenses | |||||||||||||||
Operating | |||||||||||||||
Rental | 237,341 | 228,560 | 696,082 | 665,670 | |||||||||||
Hotel | 8,447 | 8,118 | 23,942 | 23,730 | |||||||||||
General and administrative | 25,792 | 25,165 | 84,319 | 79,936 | |||||||||||
Transaction costs | 239 | 249 | 572 | 1,187 | |||||||||||
Impairment loss | — | 1,783 | — | 1,783 | |||||||||||
Depreciation and amortization | 152,164 | 203,748 | 463,288 | 516,371 | |||||||||||
Total expenses | 423,983 | 467,623 | 1,268,203 | 1,288,677 | |||||||||||
Operating income | 233,729 | 157,605 | 678,644 | 626,082 | |||||||||||
Other income (expense) | |||||||||||||||
Income from unconsolidated joint ventures | 843 | 1,464 | 7,035 | 5,489 | |||||||||||
Interest and other income | 1,329 | 3,628 | 3,447 | 6,657 | |||||||||||
Gains from investments in securities | 944 | 976 | 2,716 | 1,713 | |||||||||||
Gains (losses) from early extinguishments of debt | — | (371 | ) | 14,354 | (371 | ) | |||||||||
Losses from interest rate contracts | — | (140 | ) | — | (140 | ) | |||||||||
Interest expense | (92,032 | ) | (104,641 | ) | (282,709 | ) | (314,953 | ) | |||||||
Income before gains on sales of real estate | 144,813 | 58,521 | 423,487 | 324,477 | |||||||||||
Gains on sales of real estate | 2,891 | 12,983 | 6,791 | 80,606 | |||||||||||
Net income | 147,704 | 71,504 | 430,278 | 405,083 | |||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||
Noncontrolling interests in property partnerships | (14,340 | ) | 17,225 | (33,967 | ) | (53 | ) | ||||||||
Noncontrolling interest—common units of Boston Properties Limited Partnership | (13,402 | ) | (9,387 | ) | (40,350 | ) | (42,120 | ) | |||||||
Net income attributable to Boston Properties, Inc. | 119,962 | 79,342 | 355,961 | 362,910 | |||||||||||
Preferred dividends | (2,625 | ) | (2,589 | ) | (7,875 | ) | (7,796 | ) | |||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 117,337 | $ | 76,753 | $ | 348,086 | $ | 355,114 | |||||||
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||||||||||
Net income | $ | 0.76 | $ | 0.50 | $ | 2.26 | $ | 2.31 | |||||||
Weighted average number of common shares outstanding | 154,355 | 153,754 | 154,132 | 153,681 | |||||||||||
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders: | |||||||||||||||
Net income | $ | 0.76 | $ | 0.50 | $ | 2.26 | $ | 2.31 | |||||||
Weighted average number of common and common equivalent shares outstanding | 154,483 | 154,136 | 154,344 | 153,971 | |||||||||||
Dividends per common share | $ | 0.75 | $ | 0.65 | $ | 2.25 | $ | 1.95 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 147,704 | $ | 71,504 | $ | 430,278 | $ | 405,083 | Net income | $ | 141,250 | $ | 298,580 | $ | 269,397 | $ | 875,726 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | 5,712 | (6,133 | ) | (85,285 | ) | Effective portion of interest rate contracts | 654 | (659) | 4,394 | (10,379) | ||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts (1) | 1,665 | 1,190 | 4,368 | 2,445 | Amortization of interest rate contracts (1) | 1,676 | 1,677 | 3,352 | 3,343 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 1,665 | 6,902 | (1,765 | ) | (82,840 | ) | Other comprehensive income (loss) | 2,330 | 1,018 | 7,746 | (7,036) | ||||||||||||||||||||||||||||||||||||
Comprehensive income | 149,369 | 78,406 | 428,513 | 322,243 | Comprehensive income | 143,580 | 299,598 | 277,143 | 868,690 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (27,742 | ) | 7,838 | (74,317 | ) | (42,173 | ) | Net income attributable to noncontrolling interests | (29,547) | (29,430) | (57,053) | (106,244) | |||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | (300 | ) | (1,097 | ) | 2,220 | 23,011 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive (income) loss attributable to noncontrolling interests | Other comprehensive (income) loss attributable to noncontrolling interests | (357) | (239) | (1,022) | 450 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Boston Properties, Inc. | $ | 121,327 | $ | 85,147 | $ | 356,416 | $ | 303,081 | Comprehensive income attributable to Boston Properties, Inc. | $ | 113,676 | $ | 269,929 | $ | 219,068 | $ | 762,896 |
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, 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 | ||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | 59 | 0 | — | 2,087 | — | — | — | (2,087) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the year | — | — | — | — | 111,748 | — | — | 12,338 | 17,164 | 141,250 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | (153,013) | — | — | (17,253) | — | (170,266) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | 3 | 0 | — | (294) | — | — | — | 13,191 | — | 12,897 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | 2,139 | 2,139 | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | (19,704) | (19,704) | |||||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | 593 | 61 | 0 | 654 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | 1,380 | 152 | 144 | 1,676 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | 11,200 | — | — | — | (11,200) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2021 | 156,136 | $ | 1,561 | $ | 0 | $ | 6,405,916 | $ | (612,247) | $ | (2,722) | $ | (43,166) | $ | 615,308 | $ | 1,725,343 | $ | 8,089,993 | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units to common stock | 303 | 3 | — | 10,846 | — | — | — | (10,849) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income (loss) for the period | — | — | — | — | 269,361 | — | — | 29,986 | (767) | 298,580 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | (155,132) | — | — | (17,194) | — | (172,326) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | 4 | — | — | 873 | — | — | — | 9,352 | — | 10,225 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | 2,081 | 2,081 | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | (13,315) | (13,315) | |||||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | (601) | (58) | — | (659) | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | 1,380 | 153 | 144 | 1,677 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | 7,471 | — | — | — | (7,471) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2020 | 155,622 | $ | 1,556 | $ | 200,000 | $ | 6,340,665 | $ | (302,511) | $ | (2,722) | $ | (54,921) | $ | 640,491 | $ | 1,724,588 | $ | 8,547,146 |
Common Stock | Preferred Stock | Additional Paid-in Capital | Dividends in Excess of Earnings | Treasury Stock, at cost | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||
Equity, December 31, 2016 | 153,790 | $ | 1,538 | $ | 200,000 | $ | 6,333,424 | $ | (693,694 | ) | $ | (2,722 | ) | $ | (52,251 | ) | $ | 2,145,629 | $ | 7,931,924 | ||||||||||||||
Redemption of operating partnership units to common stock | 492 | 5 | — | 16,807 | — | — | — | (16,812 | ) | — | ||||||||||||||||||||||||
Allocated net income for the year | — | — | — | — | 355,961 | — | — | 74,317 | 430,278 | |||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | (354,734 | ) | — | — | (40,292 | ) | (395,026 | ) | ||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | 6 | — | — | 795 | — | — | — | — | 795 | |||||||||||||||||||||||||
Net activity from stock option and incentive plan | 34 | — | — | 2,920 | — | — | — | 26,271 | 29,191 | |||||||||||||||||||||||||
Cumulative effect of a change in accounting principle | — | — | — | — | (272 | ) | — | — | (1,763 | ) | (2,035 | ) | ||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | 147,772 | 147,772 | |||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | (41,439 | ) | (41,439 | ) | |||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | (3,304 | ) | (2,829 | ) | (6,133 | ) | ||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | 3,759 | 609 | 4,368 | |||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | 16,986 | — | — | — | (16,986 | ) | — | ||||||||||||||||||||||||
Equity, September 30, 2017 | 154,322 | $ | 1,543 | $ | 200,000 | $ | 6,370,932 | $ | (692,739 | ) | $ | (2,722 | ) | $ | (51,796 | ) | $ | 2,274,477 | $ | 8,099,695 | ||||||||||||||
Equity, December 31, 2015 | 153,580 | $ | 1,536 | $ | 200,000 | $ | 6,305,687 | $ | (780,952 | ) | $ | (2,722 | ) | $ | (14,114 | ) | $ | 2,177,492 | $ | 7,886,927 | ||||||||||||||
Redemption of operating partnership units to common stock | 173 | 2 | — | 5,879 | — | — | — | (5,881 | ) | — | ||||||||||||||||||||||||
Allocated net income for the year | — | — | — | — | 362,910 | — | — | 42,173 | 405,083 | |||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | (307,480 | ) | — | — | (35,500 | ) | (342,980 | ) | ||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | 6 | — | — | 730 | — | — | — | — | 730 | |||||||||||||||||||||||||
Net activity from stock option and incentive plan | 14 | — | — | 2,870 | — | — | — | 21,420 | 24,290 | |||||||||||||||||||||||||
Sale of interests in property partnerships | — | — | — | 1,320 | — | — | — | (1,320 | ) | — | ||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | 6,737 | 6,737 | |||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | (38,694 | ) | (38,694 | ) | |||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | (62,022 | ) | (23,263 | ) | (85,285 | ) | ||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | 2,193 | 252 | 2,445 | |||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | 10,094 | — | — | — | (10,094 | ) | — | ||||||||||||||||||||||||
Equity, September 30, 2016 | 153,773 | $ | 1,538 | $ | 200,000 | $ | 6,326,580 | $ | (725,522 | ) | $ | (2,722 | ) | $ | (73,943 | ) | $ | 2,133,322 | $ | 7,859,253 |
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 | 177 | 1 | — | 6,284 | — | — | — | (6,285) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | 212,344 | — | — | 23,422 | 33,631 | 269,397 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | (308,526) | — | — | (34,540) | — | (343,066) | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | 5 | — | — | 484 | — | — | — | — | — | 484 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | 235 | 3 | — | 19,708 | — | — | — | 31,653 | — | 51,364 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock redemption | — | — | (200,000) | 6,377 | — | — | — | — | — | (193,623) | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock redemption charge | — | — | — | — | (6,412) | — | — | — | — | (6,412) | |||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | 2,420 | 2,420 | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | (37,929) | (37,929) | |||||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | 3,962 | 432 | — | 4,394 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | 2,762 | 302 | 288 | 3,352 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | 16,272 | — | — | — | (16,272) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2021 | 156,136 | $ | 1,561 | $ | 0 | $ | 6,405,916 | $ | (612,247) | $ | (2,722) | $ | (43,166) | $ | 615,308 | $ | 1,725,343 | $ | 8,089,993 | ||||||||||||||||||||||||||||||||||||||||
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 | 765 | 8 | — | 26,336 | — | — | — | (26,344) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | — | — | 769,482 | — | — | 87,525 | 18,719 | 875,726 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions declared | — | — | — | — | (309,965) | — | — | (34,638) | — | (344,603) | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to stock purchase plan | 2 | — | — | 325 | — | — | — | — | — | 325 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net activity from stock option and incentive plan | 65 | 0 | — | 8,256 | — | — | — | 25,029 | — | 33,285 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | 5,957 | 5,957 | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | — | (29,065) | (29,065) | |||||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | — | — | (9,333) | (1,046) | 0 | (10,379) | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | — | — | 2,747 | 308 | 288 | 3,343 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | 11,029 | — | — | — | (11,029) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2020 | 155,622 | $ | 1,556 | $ | 200,000 | $ | 6,340,665 | $ | (302,511) | $ | (2,722) | $ | (54,921) | $ | 640,491 | $ | 1,724,588 | $ | 8,547,146 |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||||||||
Six months ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 269,397 | $ | 875,726 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 360,403 | 349,282 | |||||||||||||||
Amortization of right of use assets - operating leases | 2,963 | 1,128 | |||||||||||||||
Non-cash compensation expense | 34,370 | 27,899 | |||||||||||||||
Income from unconsolidated joint ventures | (3,852) | (1,463) | |||||||||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | 14,387 | 13,382 | |||||||||||||||
(Gains) losses from investments in securities | (3,934) | 893 | |||||||||||||||
Allowance for current expected credit losses | (418) | 484 | |||||||||||||||
Non-cash portion of interest expense | 11,784 | 11,483 | |||||||||||||||
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 | (7,756) | (613,932) | |||||||||||||||
Change in assets and liabilities: | |||||||||||||||||
Tenant and other receivables, net | 17,110 | 18,516 | |||||||||||||||
Notes receivable, net | (277) | (258) | |||||||||||||||
Accrued rental income, net | (39,434) | (43,399) | |||||||||||||||
Prepaid expenses and other assets | (14,122) | (12,057) | |||||||||||||||
Lease liabilities - operating leases | (1,566) | 799 | |||||||||||||||
Accounts payable and accrued expenses | 6,100 | (20,493) | |||||||||||||||
Accrued interest payable | 1,741 | 5,262 | |||||||||||||||
Other liabilities | (53,919) | (21,912) | |||||||||||||||
Tenant leasing costs | (27,109) | (37,068) | |||||||||||||||
Total adjustments | 291,079 | (321,454) | |||||||||||||||
Net cash provided by operating activities | 560,476 | 554,272 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Acquisitions of real estate | (100,176) | (133,406) | |||||||||||||||
Construction in progress | (235,577) | (247,615) | |||||||||||||||
Building and other capital improvements | (66,033) | (68,386) | |||||||||||||||
Tenant improvements | (161,619) | (118,903) | |||||||||||||||
Proceeds from sales of real estate | 0 | 506,337 | |||||||||||||||
Capital contributions to unconsolidated joint ventures | (20,032) | (106,168) | |||||||||||||||
Capital distributions from unconsolidated joint ventures | 122 | 54,413 | |||||||||||||||
Issuance of notes receivable, net | 0 | (9,800) | |||||||||||||||
Proceeds from sale of investment in unconsolidated joint venture | 17,789 | 0 | |||||||||||||||
Investments in securities, net | 1,915 | 3,006 | |||||||||||||||
Net cash used in investing activities | (563,611) | (120,522) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Repayments of mortgage notes payable | (9,294) | (8,477) | |||||||||||||||
Proceeds from unsecured senior notes | 846,345 | 1,248,125 | |||||||||||||||
Redemption of unsecured senior notes | (843,710) | 0 | |||||||||||||||
Borrowings on unsecured line of credit | 0 | 265,000 | |||||||||||||||
Repayments of unsecured line of credit | 0 | (265,000) |
For the nine months ended September 30, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 430,278 | $ | 405,083 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 463,288 | 516,371 | |||||
Impairment loss | — | 1,783 | |||||
Non-cash compensation expense | 27,260 | 25,290 | |||||
Income from unconsolidated joint ventures | (7,035 | ) | (5,489 | ) | |||
Distributions of net cash flow from operations of unconsolidated joint ventures | 8,563 | 11,645 | |||||
Gains from investments in securities | (2,716 | ) | (1,713 | ) | |||
(Gains) losses from early extinguishments of debt | (14,444 | ) | 371 | ||||
Non-cash portion of interest expense | (6,667 | ) | (27,386 | ) | |||
Gains on sales of real estate | (6,791 | ) | (80,606 | ) | |||
Change in assets and liabilities: | |||||||
Cash held in escrows | 7,795 | 1,675 | |||||
Tenant and other receivables, net | 12,528 | 22,135 | |||||
Accrued rental income, net | (36,012 | ) | (14,618 | ) | |||
Prepaid expenses and other assets | (13,633 | ) | 4,883 | ||||
Accounts payable and accrued expenses | 7,861 | 16,852 | |||||
Accrued interest payable | (144,833 | ) | 44,242 | ||||
Other liabilities | (65,031 | ) | (114,321 | ) | |||
Tenant leasing costs | (67,699 | ) | (62,412 | ) | |||
Total adjustments | 162,434 | 338,702 | |||||
Net cash provided by operating activities | 592,712 | 743,785 | |||||
Cash flows from investing activities: | |||||||
Acquisitions of real estate | (15,953 | ) | (78,000 | ) | |||
Construction in progress | (452,283 | ) | (359,716 | ) | |||
Building and other capital improvements | (162,395 | ) | (81,842 | ) | |||
Tenant improvements | (152,749 | ) | (167,762 | ) | |||
Proceeds from sales of real estate | 29,810 | 122,750 | |||||
Proceeds from sales of real estate placed in escrow | (29,810 | ) | (122,647 | ) | |||
Proceeds from sales of real estate released from escrow | 16,640 | 122,647 | |||||
Cash released from escrow for investing activities | 9,638 | 6,694 | |||||
Cash released from escrow for land sale contracts | — | 1,403 | |||||
Cash placed in escrow for investment in unconsolidated joint venture | (25,000 | ) | — | ||||
Capital contributions to unconsolidated joint ventures | (89,874 | ) | (546,982 | ) | |||
Capital distributions from unconsolidated joint ventures | 251,000 | — | |||||
Investments in securities, net | (1,451 | ) | (929 | ) | |||
Net cash used in investing activities | (622,427 | ) | (1,104,384 | ) | |||
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||||||||
Six months ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Repayment of unsecured term loan | (500,000) | 0 | |||||||||||||||
Redemption of preferred stock | (200,000) | 0 | |||||||||||||||
Payments on finance lease obligations | 618 | 0 | |||||||||||||||
Deferred financing costs | (13,642) | (9,465) | |||||||||||||||
Debt prepayment and extinguishment costs | (185) | 0 | |||||||||||||||
Net proceeds from equity transactions | 19,580 | 3,183 | |||||||||||||||
Dividends and distributions | (343,117) | (344,239) | |||||||||||||||
Contributions from noncontrolling interests in property partnerships | 2,420 | 5,957 | |||||||||||||||
Distributions to noncontrolling interests in property partnerships | (37,929) | (29,065) | |||||||||||||||
Net cash provided by (used in) financing activities | (1,078,914) | 866,019 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents and cash held in escrows | (1,082,049) | 1,299,769 | |||||||||||||||
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 | $ | 637,280 | $ | 1,991,655 | |||||||||||||
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 | $ | 557,307 | $ | 1,691,047 | |||||||||||||
Cash held in escrows, end of period | 79,973 | 300,608 | |||||||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 637,280 | $ | 1,991,655 | |||||||||||||
Supplemental disclosures: | |||||||||||||||||
Cash paid for interest | $ | 226,367 | $ | 213,754 | |||||||||||||
Interest capitalized | $ | 25,046 | $ | 27,866 | |||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Write-off of fully depreciated real estate | $ | (98,672) | $ | (50,141) | |||||||||||||
Change in real estate included in accounts payable and accrued expenses | $ | (22,822) | $ | (25,461) | |||||||||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | 26,887 | $ | 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 | |||||||||||||
Dividends and distributions declared but not paid | $ | 169,718 | $ | 171,077 | |||||||||||||
Conversions of noncontrolling interests to stockholders’ equity | $ | 6,285 | $ | 26,344 | |||||||||||||
Issuance of restricted securities to employees and non-employee directors | $ | 42,515 | $ | 43,462 |
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
For the nine months ended September 30, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Cash flows from financing activities: | |||||||
Proceeds from mortgage notes payable | 2,300,000 | — | |||||
Repayments of mortgage notes payable | (1,313,890 | ) | (1,323,284 | ) | |||
Proceeds from unsecured senior notes | — | 1,989,790 | |||||
Borrowings on unsecured line of credit | 470,000 | — | |||||
Repayments of unsecured line of credit | (470,000 | ) | — | ||||
Repayments of mezzanine notes payable | (306,000 | ) | — | ||||
Repayments of outside members’ notes payable | (70,424 | ) | — | ||||
Payments on capital lease obligations | (373 | ) | — | ||||
Payments on real estate financing transactions | (1,306 | ) | (4,712 | ) | |||
Deposit on mortgage note payable interest rate lock | (23,200 | ) | — | ||||
Return of deposit on mortgage note payable interest rate lock | 23,200 | — | |||||
Deferred financing costs | (44,083 | ) | (16,101 | ) | |||
Net proceeds from equity transactions | 241 | (270 | ) | ||||
Dividends and distributions | (394,900 | ) | (557,262 | ) | |||
Contributions from noncontrolling interests in property partnerships | 38,196 | 6,737 | |||||
Distributions to noncontrolling interests in property partnerships | (41,605 | ) | (38,694 | ) | |||
Net cash provided by financing activities | 165,856 | 56,204 | |||||
Net increase (decrease) in cash and cash equivalents | 136,141 | (304,395 | ) | ||||
Cash and cash equivalents, beginning of period | 356,914 | 723,718 | |||||
Cash and cash equivalents, end of period | $ | 493,055 | $ | 419,323 | |||
Supplemental disclosures: | |||||||
Cash paid for interest | $ | 477,189 | $ | 327,053 | |||
Interest capitalized | $ | 43,286 | $ | 28,956 | |||
Non-cash investing and financing activities: | |||||||
Write-off of fully depreciated real estate | $ | (103,972 | ) | $ | (168,861 | ) | |
Additions to real estate included in accounts payable and accrued expenses | $ | 36,609 | $ | 11,864 | |||
Real estate acquired through capital lease | $ | 28,962 | $ | — | |||
Outside members’ notes payable contributed to noncontrolling interests in property partnerships | $ | 109,576 | $ | — | |||
Dividends and distributions declared but not paid | $ | 130,434 | $ | 113,038 | |||
Conversions of noncontrolling interests to stockholders’ equity | $ | 16,812 | $ | 5,881 | |||
Issuance of restricted securities to employees | $ | 35,711 | $ | 33,711 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts) | ||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,664,480 and $6,592,019 at June 30, 2021 and December 31, 2020, respectively) | $ | 23,041,680 | $ | 22,592,301 | ||||||||||
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2021 and December 31, 2020, respectively) | 237,765 | 237,393 | ||||||||||||
Right of use assets - operating leases | 170,331 | 146,406 | ||||||||||||
Less: accumulated depreciation (amounts related to VIEs of $(1,235,346) and $(1,158,548) at June 30, 2021 and December 31, 2020, respectively) | (5,643,781) | (5,428,576) | ||||||||||||
Total real estate | 17,805,995 | 17,547,524 | ||||||||||||
Cash and cash equivalents (amounts related to VIEs of $335,837 and $340,642 at June 30, 2021 and December 31, 2020, respectively) | 557,307 | 1,668,742 | ||||||||||||
Cash held in escrows | 79,973 | 50,587 | ||||||||||||
Investments in securities | 41,476 | 39,457 | ||||||||||||
Tenant and other receivables, net (amounts related to VIEs of $5,298 and $10,911 at June 30, 2021 and December 31, 2020, respectively) | 58,624 | 77,411 | ||||||||||||
Related party note receivable, net | 77,872 | 77,552 | ||||||||||||
Notes receivable, net | 19,087 | 18,729 | ||||||||||||
Accrued rental income, net (amounts related to VIEs of $346,443 and $336,594 at June 30, 2021 and December 31, 2020, respectively) | 1,172,411 | 1,122,502 | ||||||||||||
Deferred charges, net (amounts related to VIEs of $173,578 and $183,306 at June 30, 2021 and December 31, 2020, respectively) | 627,338 | 640,085 | ||||||||||||
Prepaid expenses and other assets (amounts related to VIEs of $12,441 and $13,137 at June 30, 2021 and December 31, 2020, respectively) | 46,946 | 33,840 | ||||||||||||
Investments in unconsolidated joint ventures | 1,305,589 | 1,310,478 | ||||||||||||
Total assets | $ | 21,792,618 | $ | 22,586,907 | ||||||||||
LIABILITIES AND CAPITAL | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgage notes payable, net (amounts related to VIEs of $2,901,709 and $2,907,590 at June 30, 2021 and December 31, 2020, respectively) | $ | 2,901,709 | $ | 2,909,081 | ||||||||||
Unsecured senior notes, net | 9,634,356 | 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 $20,382 and $20,306 at June 30, 2021 and December 31, 2020, respectively) | 243,381 | 236,492 | ||||||||||||
Lease liabilities - operating leases | 226,594 | 201,713 | ||||||||||||
Accounts payable and accrued expenses (amounts related to VIEs of $40,100 and $23,128 at June 30, 2021 and December 31, 2020, respectively) | 305,969 | 336,264 | ||||||||||||
Dividends and distributions payable | 169,718 | 171,082 | ||||||||||||
Accrued interest payable | 107,386 | 106,288 | ||||||||||||
Other liabilities (amounts related to VIEs of $129,477 and $158,805 at June 30, 2021 and December 31, 2020, respectively) | 370,990 | 412,084 | ||||||||||||
Total liabilities | 13,960,103 | 14,511,681 | ||||||||||||
Commitments and contingencies (See Note 9) | ||||||||||||||
Redeemable deferred stock units— 78,362 and 72,966 units outstanding at redemption value at June 30, 2021 and December 31, 2020, respectively | 8,980 | 6,897 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts) | ||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
Noncontrolling interests: | ||||||||||||||
Redeemable partnership units— 16,038,056 and 16,037,121 common units and 1,489,456 and 1,336,115 long term incentive units outstanding at redemption value at June 30, 2021 and December 31, 2020, respectively | 2,008,478 | 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 December 31, 2020 | 0 | 193,623 | ||||||||||||
Boston Properties Limited Partnership partners’ capital— 1,736,635 and 1,730,921 general partner units and 154,399,324 and 153,987,904 limited partner units outstanding at June 30, 2021 and December 31, 2020, respectively | 4,132,880 | 4,554,639 | ||||||||||||
Accumulated other comprehensive loss | (43,166) | (49,890) | ||||||||||||
Total partners’ capital | 4,089,714 | 4,698,372 | ||||||||||||
Noncontrolling interests in property partnerships | 1,725,343 | 1,726,933 | ||||||||||||
Total capital | 5,815,057 | 6,425,305 | ||||||||||||
Total liabilities and capital | $ | 21,792,618 | $ | 22,586,907 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
September 30, 2017 | December 31, 2016 | ||||||
(in thousands, except for unit amounts) | |||||||
ASSETS | |||||||
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,084,588 and $6,760,078 at September 30, 2017 and December 31, 2016, respectively) | $ | 20,447,767 | $ | 19,733,872 | |||
Less: accumulated depreciation (amounts related to VIEs of $(825,390) and $(758,640) at September 30, 2017 and December 31, 2016, respectively) | (4,394,077 | ) | (4,136,364 | ) | |||
Total real estate | 16,053,690 | 15,597,508 | |||||
Cash and cash equivalents (amounts related to VIEs of $285,089 and $253,999 at September 30, 2017 and December 31, 2016, respectively) | 493,055 | 356,914 | |||||
Cash held in escrows (amounts related to VIEs of $6,179 and $4,955 at September 30, 2017 and December 31, 2016, respectively) | 83,779 | 63,174 | |||||
Investments in securities | 27,981 | 23,814 | |||||
Tenant and other receivables (amounts related to VIEs of $19,891 and $23,525 at September 30, 2017 and December 31, 2016, respectively) | 79,750 | 92,548 | |||||
Accrued rental income (amounts related to VIEs of $232,336 and $224,185 at September 30, 2017 and December 31, 2016, respectively) | 835,415 | 799,138 | |||||
Deferred charges, net (amounts related to VIEs of $268,727 and $290,436 at September 30, 2017 and December 31, 2016, respectively) | 657,474 | 686,163 | |||||
Prepaid expenses and other assets (amounts related to VIEs of $68,330 and $42,718 at September 30, 2017 and December 31, 2016, respectively) | 144,817 | 129,666 | |||||
Investments in unconsolidated joint ventures | 611,800 | 775,198 | |||||
Total assets | $ | 18,987,761 | $ | 18,524,123 | |||
LIABILITIES AND CAPITAL | |||||||
Liabilities: | |||||||
Mortgage notes payable, net (amounts related to VIEs of $2,941,550 and $2,018,483 at September 30, 2017 and December 31, 2016, respectively) | $ | 2,982,067 | $ | 2,063,087 | |||
Unsecured senior notes, net | 7,252,567 | 7,245,953 | |||||
Unsecured line of credit | — | — | |||||
Unsecured term loan | — | — | |||||
Mezzanine notes payable (amounts related to VIEs of $0 and $307,093 at September 30, 2017 and December 31, 2016, respectively) | — | 307,093 | |||||
Outside members’ notes payable (amounts related to VIEs of $0 and $180,000 at September 30, 2017 and December 31, 2016, respectively) | — | 180,000 | |||||
Accounts payable and accrued expenses (amounts related to VIEs of $106,772 and $110,457 at September 30, 2017 and December 31, 2016, respectively) | 325,440 | 298,524 | |||||
Distributions payable | 130,434 | 130,308 | |||||
Accrued interest payable (amounts related to VIEs of $6,800 and $162,226 at September 30, 2017 and December 31, 2016, respectively) | 99,100 | 243,933 | |||||
Other liabilities (amounts related to VIEs of $146,517 and $175,146 at September 30, 2017 and December 31, 2016, respectively) | 419,215 | 450,821 | |||||
Total liabilities | 11,208,823 | 10,919,719 | |||||
Commitments and contingencies | — | — | |||||
Noncontrolling interests: | |||||||
Redeemable partnership units—16,812,329 and 17,079,511 common units and 816,982 and 904,588 long term incentive units outstanding at redemption value at September 30, 2017 and December 31, 2016, respectively | 2,166,290 | 2,262,040 | |||||
Capital: | |||||||
5.25% Series B cumulative redeemable preferred units, liquidation preference $2,500 per unit, 80,000 units issued and outstanding at September 30, 2017 and December 31, 2016 | 193,623 | 193,623 | |||||
Boston Properties Limited Partnership partners’ capital—1,719,516 and 1,717,743 general partner units and 152,602,750 and 152,072,432 limited partner units outstanding at September 30, 2017 and December 31, 2016, respectively | 3,750,350 | 3,618,094 | |||||
Noncontrolling interests in property partnerships | 1,668,675 | 1,530,647 | |||||
Total capital | 5,612,648 | 5,342,364 | |||||
Total liabilities and capital | $ | 18,987,761 | $ | 18,524,123 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Lease | $ | 684,025 | $ | 630,119 | $ | 1,369,842 | $ | 1,340,230 | |||||||||||||||||||||
Parking and other | 18,282 | 13,946 | 35,220 | 38,450 | |||||||||||||||||||||||||
Hotel | 1,561 | 99 | 2,193 | 6,924 | |||||||||||||||||||||||||
Development and management services | 7,284 | 8,125 | 14,087 | 16,004 | |||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 2,655 | 2,484 | 6,160 | 5,721 | |||||||||||||||||||||||||
Total revenue | 713,807 | 654,773 | 1,427,502 | 1,407,329 | |||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating | |||||||||||||||||||||||||||||
Rental | 248,703 | 239,787 | 506,092 | 502,753 | |||||||||||||||||||||||||
Hotel | 1,996 | 1,973 | 4,047 | 8,794 | |||||||||||||||||||||||||
General and administrative | 38,405 | 37,743 | 83,364 | 74,197 | |||||||||||||||||||||||||
Payroll and related costs from management services contracts | 2,655 | 2,484 | 6,160 | 5,721 | |||||||||||||||||||||||||
Transaction costs | 751 | 332 | 1,082 | 947 | |||||||||||||||||||||||||
Depreciation and amortization | 182,078 | 176,409 | 355,578 | 345,694 | |||||||||||||||||||||||||
Total expenses | 474,588 | 458,728 | 956,323 | 938,106 | |||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (1,373) | 1,832 | 3,852 | 1,463 | |||||||||||||||||||||||||
Gains on sales of real estate | 7,756 | 207,241 | 7,756 | 626,895 | |||||||||||||||||||||||||
Interest and other income (loss) | 1,452 | 1,305 | 2,620 | 4,322 | |||||||||||||||||||||||||
Gains (losses) from investments in securities | 2,275 | 4,552 | 3,934 | (893) | |||||||||||||||||||||||||
Losses from early extinguishment of debt | 0 | 0 | (898) | 0 | |||||||||||||||||||||||||
Interest expense | (106,319) | (107,142) | (214,221) | (208,733) | |||||||||||||||||||||||||
Net income | 143,010 | 303,833 | 274,222 | 892,277 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | (17,164) | 767 | (33,631) | (18,719) | |||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership | 125,846 | 304,600 | 240,591 | 873,558 | |||||||||||||||||||||||||
Preferred distributions | 0 | (2,625) | (2,560) | (5,250) | |||||||||||||||||||||||||
Preferred unit redemption charge | 0 | 0 | (6,412) | 0 | |||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 125,846 | $ | 301,975 | $ | 231,619 | $ | 868,308 | |||||||||||||||||||||
Basic earnings per common unit attributable to Boston Properties Limited Partnership | |||||||||||||||||||||||||||||
Net income | $ | 0.73 | $ | 1.75 | $ | 1.34 | $ | 5.02 | |||||||||||||||||||||
Weighted average number of common units outstanding | 173,150 | 172,659 | 173,034 | 172,604 | |||||||||||||||||||||||||
Diluted earnings per common unit attributable to Boston Properties Limited Partnership | |||||||||||||||||||||||||||||
Net income | $ | 0.73 | $ | 1.75 | $ | 1.34 | $ | 5.02 | |||||||||||||||||||||
Weighted average number of common and common equivalent units outstanding | 173,562 | 172,680 | 173,325 | 172,738 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands, except for per unit amounts) | |||||||||||||||
Revenue | |||||||||||||||
Rental | |||||||||||||||
Base rent | $ | 513,269 | $ | 489,312 | $ | 1,537,373 | $ | 1,518,826 | |||||||
Recoveries from tenants | 94,476 | 92,560 | 272,803 | 267,852 | |||||||||||
Parking and other | 26,092 | 24,638 | 78,164 | 75,576 | |||||||||||
Total rental revenue | 633,837 | 606,510 | 1,888,340 | 1,862,254 | |||||||||||
Hotel revenue | 13,064 | 12,354 | 33,859 | 33,919 | |||||||||||
Development and management services | 10,811 | 6,364 | 24,648 | 18,586 | |||||||||||
Total revenue | 657,712 | 625,228 | 1,946,847 | 1,914,759 | |||||||||||
Expenses | |||||||||||||||
Operating | |||||||||||||||
Rental | 237,341 | 228,560 | 696,082 | 665,670 | |||||||||||
Hotel | 8,447 | 8,118 | 23,942 | 23,730 | |||||||||||
General and administrative | 25,792 | 25,165 | 84,319 | 79,936 | |||||||||||
Transaction costs | 239 | 249 | 572 | 1,187 | |||||||||||
Impairment loss | — | 1,783 | — | 1,783 | |||||||||||
Depreciation and amortization | 150,210 | 198,582 | 457,102 | 507,234 | |||||||||||
Total expenses | 422,029 | 462,457 | 1,262,017 | 1,279,540 | |||||||||||
Operating income | 235,683 | 162,771 | 684,830 | 635,219 | |||||||||||
Other income (expense) | |||||||||||||||
Income from unconsolidated joint ventures | 843 | 1,464 | 7,035 | 5,489 | |||||||||||
Interest and other income | 1,329 | 3,628 | 3,447 | 6,657 | |||||||||||
Gains from investments in securities | 944 | 976 | 2,716 | 1,713 | |||||||||||
Gains (losses) from early extinguishments of debt | — | (371 | ) | 14,354 | (371 | ) | |||||||||
Losses from interest rate contracts | — | (140 | ) | — | (140 | ) | |||||||||
Interest expense | (92,032 | ) | (104,641 | ) | (282,709 | ) | (314,953 | ) | |||||||
Income before gains on sales of real estate | 146,767 | 63,687 | 429,673 | 333,614 | |||||||||||
Gains on sales of real estate | 2,891 | 12,983 | 7,368 | 82,775 | |||||||||||
Net income | 149,658 | 76,670 | 437,041 | 416,389 | |||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||
Noncontrolling interests in property partnerships | (14,340 | ) | 17,225 | (33,967 | ) | (53 | ) | ||||||||
Net income attributable to Boston Properties Limited Partnership | 135,318 | 93,895 | 403,074 | 416,336 | |||||||||||
Preferred distributions | (2,625 | ) | (2,589 | ) | (7,875 | ) | (7,796 | ) | |||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 132,693 | $ | 91,306 | $ | 395,199 | $ | 408,540 | |||||||
Basic earnings per common unit attributable to Boston Properties Limited Partnership common unitholders: | |||||||||||||||
Net income | $ | 0.77 | $ | 0.53 | $ | 2.30 | $ | 2.38 | |||||||
Weighted average number of common units outstanding | 171,691 | 171,379 | 171,649 | 171,353 | |||||||||||
Diluted earnings per common unit attributable to Boston Properties Limited Partnership common unitholders: | |||||||||||||||
Net income | $ | 0.77 | $ | 0.53 | $ | 2.30 | $ | 2.38 | |||||||
Weighted average number of common and common equivalent units outstanding | 171,819 | 171,761 | 171,861 | 171,643 | |||||||||||
Distributions per common unit | $ | 0.75 | $ | 0.65 | $ | 2.25 | $ | 1.95 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 149,658 | $ | 76,670 | $ | 437,041 | $ | 416,389 | Net income | $ | 143,010 | $ | 303,833 | $ | 274,222 | $ | 892,277 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | 5,712 | (6,133 | ) | (85,285 | ) | Effective portion of interest rate contracts | 654 | (659) | 4,394 | (10,379) | ||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts (1) | 1,665 | 1,190 | 4,368 | 2,445 | Amortization of interest rate contracts (1) | 1,676 | 1,677 | 3,352 | 3,343 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 1,665 | 6,902 | (1,765 | ) | (82,840 | ) | Other comprehensive income (loss) | 2,330 | 1,018 | 7,746 | (7,036) | ||||||||||||||||||||||||||||||||||||
Comprehensive income | 151,323 | 83,572 | 435,276 | 333,549 | Comprehensive income | 145,340 | 304,851 | 281,968 | 885,241 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (14,484 | ) | 16,812 | (31,695 | ) | 16,081 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | Comprehensive (income) loss attributable to noncontrolling interests | (17,308) | 623 | (33,919) | (19,007) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Boston Properties Limited Partnership | $ | 136,839 | $ | 100,384 | $ | 403,581 | $ | 349,630 | Comprehensive income attributable to Boston Properties Limited Partnership | $ | 128,032 | $ | 305,474 | $ | 248,049 | $ | 866,234 |
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, March 31, 2021 | 1,737 | 154,338 | $ | 4,392,624 | $ | 0 | $ | (45,139) | $ | 1,725,600 | $ | 6,073,085 | $ | 1,780,044 | |||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | 2 | (294) | — | — | — | (294) | 13,191 | |||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | 113,508 | — | — | 17,164 | 130,672 | 12,338 | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | (153,013) | — | — | — | (153,013) | (17,253) | |||||||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | 59 | 2,087 | — | — | — | 2,087 | (2,087) | |||||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | (222,032) | — | — | — | (222,032) | 222,032 | |||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | 593 | — | 593 | 61 | |||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | 1,380 | 144 | 1,524 | 152 | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | 2,139 | 2,139 | 0 | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | (19,704) | (19,704) | 0 | |||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2021 | 1,737 | 154,399 | $ | 4,132,880 | $ | 0 | $ | (43,166) | $ | 1,725,343 | $ | 5,815,057 | $ | 2,008,478 | |||||||||||||||||||||||||||||||||
Equity, March 31, 2020 | 1,731 | 153,584 | $ | 4,626,627 | $ | 193,623 | $ | (55,700) | $ | 1,736,445 | $ | 6,500,995 | $ | 1,639,855 | |||||||||||||||||||||||||||||||||
Net activity from contributions and unearned compensation | — | 5 | 873 | — | — | — | 873 | 9,352 | |||||||||||||||||||||||||||||||||||||||
Allocated net income (loss) for the period | — | — | 271,989 | 2,625 | — | (767) | 273,847 | 29,986 | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | (152,507) | (2,625) | — | — | (155,132) | (17,194) | |||||||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | — | 302 | 10,849 | — | — | — | 10,849 | (10,849) | |||||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | 70,235 | — | — | — | 70,235 | (70,235) | |||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | (601) | — | (601) | (58) | |||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | 1,380 | 144 | 1,524 | 153 | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | 2,081 | 2,081 | 0 | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | (13,315) | (13,315) | 0 | |||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2020 | 1,731 | 153,891 | $ | 4,828,066 | $ | 193,623 | $ | (54,921) | $ | 1,724,588 | $ | 6,691,356 | $ | 1,581,010 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS (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 | 235 | 20,195 | — | — | — | 20,195 | 31,653 | |||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | 214,609 | 2,560 | — | 33,631 | 250,800 | 23,422 | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | (305,966) | (2,560) | — | — | (308,526) | (34,540) | |||||||||||||||||||||||||||||||||||||||
Preferred unit redemption | — | — | — | (193,623) | — | — | (193,623) | 0 | |||||||||||||||||||||||||||||||||||||||
Preferred unit redemption charge | — | — | (6,412) | — | — | — | (6,412) | 0 | |||||||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | 2 | 176 | 6,285 | — | — | — | 6,285 | (6,285) | |||||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | (350,470) | — | — | — | (350,470) | 350,470 | |||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | 3,962 | — | 3,962 | 432 | |||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | 2,762 | 288 | 3,050 | 302 | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | 2,420 | 2,420 | 0 | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | (37,929) | (37,929) | 0 | |||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2021 | 1,737 | 154,399 | $ | 4,132,880 | $ | 0 | $ | (43,166) | $ | 1,725,343 | $ | 5,815,057 | $ | 2,008,478 | |||||||||||||||||||||||||||||||||
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 | 68 | 8,581 | — | — | — | 8,581 | 25,029 | |||||||||||||||||||||||||||||||||||||||
Allocated net income for the period | — | — | 780,783 | 5,250 | — | 18,719 | 804,752 | 87,525 | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | (304,715) | (5,250) | — | — | (309,965) | (34,638) | |||||||||||||||||||||||||||||||||||||||
Conversion of redeemable partnership units | 3 | 760 | 26,344 | — | — | — | 26,344 | (26,344) | |||||||||||||||||||||||||||||||||||||||
Adjustment to reflect redeemable partnership units at redemption value | — | — | 938,403 | — | — | — | 938,403 | (938,403) | |||||||||||||||||||||||||||||||||||||||
Effective portion of interest rate contracts | — | — | — | — | (9,333) | — | (9,333) | (1,046) | |||||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts | — | — | — | — | 2,747 | 288 | 3,035 | 308 | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in property partnerships | — | — | — | — | — | 5,957 | 5,957 | 0 | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | (29,065) | (29,065) | 0 | |||||||||||||||||||||||||||||||||||||||
Equity, June 30, 2020 | 1,731 | 153,891 | $ | 4,828,066 | $ | 193,623 | $ | (54,921) | $ | 1,724,588 | $ | 6,691,356 | $ | 1,581,010 | |||||||||||||||||||||||||||||||||
Total Partners’ Capital | |||
Balance at December 31, 2016 | $ | 3,811,717 | |
Contributions | 4,937 | ||
Net income allocable to general and limited partner units | 362,724 | ||
Distributions | (354,734 | ) | |
Accumulated other comprehensive income | 455 | ||
Cumulative effect of a change in accounting principle | (272 | ) | |
Unearned compensation | (1,222 | ) | |
Conversion of redeemable partnership units | 16,812 | ||
Adjustment to reflect redeemable partnership units at redemption value | 103,556 | ||
Balance at September 30, 2017 | $ | 3,943,973 | |
Balance at December 31, 2015 | $ | 3,684,522 | |
Contributions | 3,269 | ||
Net income allocable to general and limited partner units | 374,216 | ||
Distributions | (307,480 | ) | |
Accumulated other comprehensive loss | (59,829 | ) | |
Unearned compensation | 1,651 | ||
Conversion of redeemable partnership units | 5,881 | ||
Adjustment to reflect redeemable partnership units at redemption value | (151,545 | ) | |
Balance at September 30, 2016 | $ | 3,550,685 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||||||||
Six months ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 274,222 | $ | 892,277 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 355,578 | 345,694 | |||||||||||||||
Amortization of right of use assets - operating leases | 2,963 | 1,128 | |||||||||||||||
Non-cash compensation expense | 34,370 | 27,899 | |||||||||||||||
Income from unconsolidated joint ventures | (3,852) | (1,463) | |||||||||||||||
Distributions of net cash flow from operations of unconsolidated joint ventures | 14,387 | 13,382 | |||||||||||||||
(Gains) losses from investments in securities | (3,934) | 893 | |||||||||||||||
Allowance for current expected credit losses | (418) | 484 | |||||||||||||||
Non-cash portion of interest expense | 11,784 | 11,483 | |||||||||||||||
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 | (7,756) | (626,895) | |||||||||||||||
Change in assets and liabilities: | |||||||||||||||||
Tenant and other receivables, net | 17,110 | 18,516 | |||||||||||||||
Notes receivable, net | (277) | (258) | |||||||||||||||
Accrued rental income, net | (39,434) | (43,399) | |||||||||||||||
Prepaid expenses and other assets | (14,122) | (12,057) | |||||||||||||||
Lease liabilities - operating leases | (1,566) | 799 | |||||||||||||||
Accounts payable and accrued expenses | 6,100 | (20,493) | |||||||||||||||
Accrued interest payable | 1,741 | 5,262 | |||||||||||||||
Other liabilities | (53,919) | (21,912) | |||||||||||||||
Tenant leasing costs | (27,109) | (37,068) | |||||||||||||||
Total adjustments | 286,254 | (338,005) | |||||||||||||||
Net cash provided by operating activities | 560,476 | 554,272 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Acquisitions of real estate | (100,176) | (133,406) | |||||||||||||||
Construction in progress | (235,577) | (247,615) | |||||||||||||||
Building and other capital improvements | (66,033) | (68,386) | |||||||||||||||
Tenant improvements | (161,619) | (118,903) | |||||||||||||||
Proceeds from sales of real estate | 0 | 506,337 | |||||||||||||||
Capital contributions to unconsolidated joint ventures | (20,032) | (106,168) | |||||||||||||||
Capital distributions from unconsolidated joint ventures | 122 | 54,413 | |||||||||||||||
Proceeds from sale of investment in unconsolidated joint venture | 17,789 | 0 | |||||||||||||||
Issuance of notes receivable, net | 0 | (9,800) | |||||||||||||||
Investments in securities, net | 1,915 | 3,006 | |||||||||||||||
Net cash used in investing activities | (563,611) | (120,522) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Repayments of mortgage notes payable | (9,294) | (8,477) | |||||||||||||||
Proceeds from unsecured senior notes | 846,345 | 1,248,125 | |||||||||||||||
Redemption of unsecured senior notes | (843,710) | 0 | |||||||||||||||
Borrowings on unsecured line of credit | 0 | 265,000 | |||||||||||||||
Repayments of unsecured line of credit | 0 | (265,000) |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
For the nine months ended September 30, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 437,041 | $ | 416,389 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 457,102 | 507,234 | |||||
Impairment loss | — | 1,783 | |||||
Non-cash compensation expense | 27,260 | 25,290 | |||||
Income from unconsolidated joint ventures | (7,035 | ) | (5,489 | ) | |||
Distributions of net cash flow from operations of unconsolidated joint ventures | 8,563 | 11,645 | |||||
Gains from investments in securities | (2,716 | ) | (1,713 | ) | |||
(Gains) losses from early extinguishments of debt | (14,444 | ) | 371 | ||||
Non-cash portion of interest expense | (6,667 | ) | (27,386 | ) | |||
Gains on sales of real estate | (7,368 | ) | (82,775 | ) | |||
Change in assets and liabilities: | |||||||
Cash held in escrows | 7,795 | 1,675 | |||||
Tenant and other receivables, net | 12,528 | 22,135 | |||||
Accrued rental income, net | (36,012 | ) | (14,618 | ) | |||
Prepaid expenses and other assets | (13,633 | ) | 4,883 | ||||
Accounts payable and accrued expenses | 7,861 | 16,852 | |||||
Accrued interest payable | (144,833 | ) | 44,242 | ||||
Other liabilities | (65,031 | ) | (114,321 | ) | |||
Tenant leasing costs | (67,699 | ) | (62,412 | ) | |||
Total adjustments | 155,671 | 327,396 | |||||
Net cash provided by operating activities | 592,712 | 743,785 | |||||
Cash flows from investing activities: | |||||||
Acquisitions of real estate | (15,953 | ) | (78,000 | ) | |||
Construction in progress | (452,283 | ) | (359,716 | ) | |||
Building and other capital improvements | (162,395 | ) | (81,842 | ) | |||
Tenant improvements | (152,749 | ) | (167,762 | ) | |||
Proceeds from sales of real estate | 29,810 | 122,750 | |||||
Proceeds from sales of real estate placed in escrow | (29,810 | ) | (122,647 | ) | |||
Proceeds from sales of real estate released from escrow | 16,640 | 122,647 | |||||
Cash released from escrow for investing activities | 9,638 | 6,694 | |||||
Cash released from escrow for land sale contracts | — | 1,403 | |||||
Cash placed in escrow for investment in unconsolidated joint venture | (25,000 | ) | — | ||||
Capital contributions to unconsolidated joint ventures | (89,874 | ) | (546,982 | ) | |||
Capital distributions from unconsolidated joint ventures | 251,000 | — | |||||
Investments in securities, net | (1,451 | ) | (929 | ) | |||
Net cash used in investing activities | (622,427 | ) | (1,104,384 | ) | |||
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) | |||||||||||||||||
Six months ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Repayment of unsecured term loan | (500,000) | 0 | |||||||||||||||
Redemption of preferred units | (200,000) | 0 | |||||||||||||||
Payments on finance lease obligations | 618 | 0 | |||||||||||||||
Deferred financing costs | (13,642) | (9,465) | |||||||||||||||
Debt prepayment and extinguishment costs | (185) | 0 | |||||||||||||||
Net proceeds from equity transactions | 19,580 | 3,183 | |||||||||||||||
Distributions | (343,117) | (344,239) | |||||||||||||||
Contributions from noncontrolling interests in property partnerships | 2,420 | 5,957 | |||||||||||||||
Distributions to noncontrolling interests in property partnerships | (37,929) | (29,065) | |||||||||||||||
Net cash provided by (used in) financing activities | (1,078,914) | 866,019 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents and cash held in escrows | (1,082,049) | 1,299,769 | |||||||||||||||
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 | $ | 637,280 | $ | 1,991,655 | |||||||||||||
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 | $ | 557,307 | $ | 1,691,047 | |||||||||||||
Cash held in escrows, end of period | 79,973 | 300,608 | |||||||||||||||
Cash and cash equivalents and cash held in escrows, end of period | $ | 637,280 | $ | 1,991,655 | |||||||||||||
Supplemental disclosures: | |||||||||||||||||
Cash paid for interest | $ | 226,367 | $ | 213,754 | |||||||||||||
Interest capitalized | $ | 25,046 | $ | 27,866 | |||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Write-off of fully depreciated real estate | $ | (97,358) | $ | (50,141) | |||||||||||||
Change in real estate included in accounts payable and accrued expenses | $ | (22,822) | $ | (25,461) | |||||||||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | 26,887 | $ | 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 | |||||||||||||
Distributions declared but not paid | $ | 169,718 | $ | 171,077 | |||||||||||||
Conversions of redeemable partnership units to partners’ capital | $ | 6,285 | $ | 26,344 | |||||||||||||
Issuance of restricted securities to employees and non-employee directors | $ | 42,515 | $ | 43,462 |
BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
For the nine months ended September 30, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Cash flows from financing activities: | |||||||
Proceeds from mortgage notes payable | 2,300,000 | — | |||||
Repayments of mortgage notes payable | (1,313,890 | ) | (1,323,284 | ) | |||
Proceeds from unsecured senior notes | — | 1,989,790 | |||||
Borrowings on unsecured line of credit | 470,000 | — | |||||
Repayments of unsecured line of credit | (470,000 | ) | — | ||||
Repayments of mezzanine notes payable | (306,000 | ) | — | ||||
Repayments of outside members’ notes payable | (70,424 | ) | — | ||||
Payments on capital lease obligations | (373 | ) | — | ||||
Payments on real estate financing transaction | (1,306 | ) | (4,712 | ) | |||
Deposit on mortgage note payable interest rate lock | (23,200 | ) | — | ||||
Return of deposit on mortgage note payable interest rate lock | 23,200 | — | |||||
Deferred financing costs | (44,083 | ) | (16,101 | ) | |||
Net proceeds from equity transactions | 241 | (270 | ) | ||||
Distributions | (394,900 | ) | (557,262 | ) | |||
Contributions from noncontrolling interests in property partnerships | 38,196 | 6,737 | |||||
Distributions to noncontrolling interests in property partnerships | (41,605 | ) | (38,694 | ) | |||
Net cash provided by financing activities | 165,856 | 56,204 | |||||
Net increase (decrease) in cash and cash equivalents | 136,141 | (304,395 | ) | ||||
Cash and cash equivalents, beginning of period | 356,914 | 723,718 | |||||
Cash and cash equivalents, end of period | $ | 493,055 | $ | 419,323 | |||
Supplemental disclosures: | |||||||
Cash paid for interest | $ | 477,189 | $ | 327,053 | |||
Interest capitalized | $ | 43,286 | $ | 28,956 | |||
Non-cash investing and financing activities: | |||||||
Write-off of fully depreciated real estate | $ | (102,795 | ) | $ | (164,528 | ) | |
Additions to real estate included in accounts payable and accrued expenses | $ | 36,609 | $ | 11,864 | |||
Real estate acquired through capital lease | $ | 28,962 | $ | — | |||
Outside members’ notes payable contributed to noncontrolling interests in property partnerships | $ | 109,576 | $ | — | |||
Distributions declared but not paid | $ | 130,434 | $ | 113,038 | |||
Conversions of redeemable partnership units to partners’ capital | $ | 16,812 | $ | 5,881 | |||
Issuance of restricted securities to employees | $ | 35,711 | $ | 33,711 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||
Mortgage notes payable, net | $ | 2,982,067 | $ | 3,049,617 | $ | 2,063,087 | $ | 2,092,237 | |||||||||||
Mezzanine notes payable | — | — | 307,093 | 308,344 | |||||||||||||||
Unsecured senior notes, net | 7,252,567 | 7,533,164 | 7,245,953 | 7,428,077 | |||||||||||||||
Total | $ | 10,234,634 | $ | 10,582,781 | $ | 9,616,133 | $ | 9,828,658 |
Financial Instrument | Level | ||||
Unsecured senior notes (1) | Level 1 | ||||
Related party note receivable | Level 3 | ||||
Notes receivable | Level 3 | ||||
Mortgage notes payable | Level 3 | ||||
Unsecured line of credit (2) | Level 3 |
Financial Instrument | Level | Range | Weighted Average | ||||||||
Related party note receivable | Level 3 | 3.60% | 3.60% | ||||||||
Notes receivable | Level 3 | 3.60% - 8.00% | 5.83% | ||||||||
Mortgage notes payable | Level 3 | 2.40% - 4.75% | 2.88% |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
Related party note receivable, net | $ | 77,872 | $ | 83,779 | $ | 77,552 | $ | 84,579 | |||||||||||||||
Notes receivable, net | 19,087 | 19,709 | 18,729 | 19,372 | |||||||||||||||||||
Total | $ | 96,959 | $ | 103,488 | $ | 96,281 | $ | 103,951 | |||||||||||||||
Mortgage notes payable, net | $ | 2,901,709 | $ | 3,053,824 | $ | 2,909,081 | $ | 3,144,150 | |||||||||||||||
Unsecured senior notes, net | 9,634,356 | 10,385,016 | 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 | $ | 12,536,065 | $ | 13,438,840 | $ | 13,047,758 | $ | 14,265,003 |
September 30, 2017 | December 31, 2016 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||
Land | $ | 4,880,331 | $ | 4,879,020 | Land | $ | 5,038,870 | $ | 5,069,206 | ||||||||||||
Land held for future development (1) | 212,585 | 246,656 | |||||||||||||||||||
Right of use assets - finance leases | Right of use assets - finance leases | 237,765 | 237,393 | ||||||||||||||||||
Right of use assets - operating leases (1) | Right of use assets - operating leases (1) | 170,331 | 146,406 | ||||||||||||||||||
Land held for future development (2) | Land held for future development (2) | 497,019 | 450,954 | ||||||||||||||||||
Buildings and improvements | 12,155,126 | 11,890,626 | Buildings and improvements | 14,082,350 | 13,777,691 | ||||||||||||||||
Tenant improvements | 2,186,953 | 2,060,315 | Tenant improvements | 2,839,358 | 2,752,880 | ||||||||||||||||
Furniture, fixtures and equipment | 37,612 | 32,687 | Furniture, fixtures and equipment | 51,517 | 49,606 | ||||||||||||||||
Construction in progress | 1,386,638 | 1,037,959 | Construction in progress | 908,061 | 868,773 | ||||||||||||||||
Total | 20,859,245 | 20,147,263 | Total | 23,825,271 | 23,352,909 | ||||||||||||||||
Less: Accumulated depreciation | (4,484,798 | ) | (4,222,235 | ) | Less: Accumulated depreciation | (5,752,818) | (5,534,102) | ||||||||||||||
$ | 16,374,447 | $ | 15,925,028 | $ | 18,072,453 | $ | 17,818,807 |
September 30, 2017 | December 31, 2016 | ||||||
Land | $ | 4,775,955 | $ | 4,774,460 | |||
Land held for future development (1) | 212,585 | 246,656 | |||||
Buildings and improvements | 11,848,024 | 11,581,795 | |||||
Tenant improvements | 2,186,953 | 2,060,315 | |||||
Furniture, fixtures and equipment | 37,612 | 32,687 | |||||
Construction in progress | 1,386,638 | 1,037,959 | |||||
Total | 20,447,767 | 19,733,872 | |||||
Less: Accumulated depreciation | (4,394,077 | ) | (4,136,364 | ) | |||
$ | 16,053,690 | $ | 15,597,508 |
June 30, 2021 | December 31, 2020 | |||||||||||||
Land | $ | 4,942,017 | $ | 4,971,990 | ||||||||||
Right of use assets - finance leases | 237,765 | 237,393 | ||||||||||||
Right of use assets - operating leases (1) | 170,331 | 146,406 | ||||||||||||
Land held for future development (2) | 497,019 | 450,954 | ||||||||||||
Buildings and improvements | 13,803,708 | 13,498,098 | ||||||||||||
Tenant improvements | 2,839,358 | 2,752,880 | ||||||||||||
Furniture, fixtures and equipment | 51,517 | 49,606 | ||||||||||||
Construction in progress | 908,061 | 868,773 | ||||||||||||
Total | 23,449,776 | 22,976,100 | ||||||||||||
Less: Accumulated depreciation | (5,643,781) | (5,428,576) | ||||||||||||
$ | 17,805,995 | $ | 17,547,524 |
Period from June 29, 2017 through December 31, 2017 | $ | 5 | |
2018 | 10 | ||
2019 | 10 | ||
2020 | 10 | ||
2021 | 13 | ||
Thereafter | 38,778 | ||
Total expected minimum obligations | 38,826 | ||
Interest portion | (9,864 | ) | |
Present value of net expected minimum payments | $ | 28,962 |
Land | $ | 2,890 | |
Building and improvements | 11,229 | ||
Tenant improvements | 871 | ||
In-place lease intangibles | 2,389 | ||
Below-market lease intangible | (1,426 | ) | |
Net assets acquired | $ | 15,953 |
Land | $ | 33,233 | ||||||
Building and improvements | 53,309 | |||||||
Tenant improvements | 2,631 | |||||||
In-place lease intangibles | 13,415 | |||||||
Below-market lease intangibles | (2,412) | |||||||
Net assets acquired | $ | 100,176 |
Acquired In-Place Lease Intangibles | Acquired Below- Market Lease Intangibles | ||||||
Period from May 15, 2017 through December 31, 2017 | $ | 660 | $ | (248 | ) | ||
2018 | 590 | (363 | ) | ||||
2019 | 367 | (337 | ) | ||||
2020 | 243 | (308 | ) | ||||
2021 | 96 | (105 | ) |
Acquired In-Place Lease Intangibles | Acquired Below-Market Lease Intangibles | |||||||||||||
Period from June 2, 2021 through December 31, 2021 | $ | 5,202 | $ | 935 | ||||||||||
2022 | 8,213 | 1,477 |
Operating | |||||
Period from May 19, 2021 through December 31, 2021 | $ | 23,599 | |||
2022 | 761 | ||||
2023 | 784 | ||||
2024 | 808 | ||||
2025 | 832 | ||||
2026 | 422 | ||||
Thereafter | 0 | ||||
Total lease payments | 27,206 | ||||
Less: Interest portion | (536) | ||||
Present value of lease payments | $ | 26,670 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Lease Revenue | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Fixed contractual payments | $ | 576,184 | $ | 529,514 | $ | 1,151,537 | $ | 1,116,471 | ||||||||||||||||||
Variable lease payments | 107,841 | 100,605 | 218,305 | 223,759 | ||||||||||||||||||||||
$ | 684,025 | $ | 630,119 | $ | 1,369,842 | $ | 1,340,230 |
Nominal % Ownership | Carrying Value of Investment (1) | Carrying Value of Investment (1) | |||||||||||||||||||||||||||||||||||||
Entity | Properties | September 30, 2017 | December 31, 2016 | Entity | Properties | Nominal % Ownership | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||
Square 407 Limited Partnership | Market Square North | 50.0 | % | $ | (8,474 | ) | $ | (8,134 | ) | Square 407 Limited Partnership | Market Square North | 50.0 | % | $ | (2,606) | $ | (3,766) | ||||||||||||||||||||||
The Metropolitan Square Associates LLC | Metropolitan Square | 20.0 | % | 2,537 | 2,004 | ||||||||||||||||||||||||||||||||||
BP/CRF 901 New York Avenue LLC | 901 New York Avenue | 25.0 | % | (2) | (10,747 | ) | (10,564 | ) | |||||||||||||||||||||||||||||||
BP/CRF Metropolitan Square LLC | BP/CRF Metropolitan Square LLC | Metropolitan Square | 20.0 | % | (13,223) | (13,584) | |||||||||||||||||||||||||||||||||
901 New York, LLC | 901 New York, LLC | 901 New York Avenue | 25.0 | % | (2) | (12,191) | (12,264) | ||||||||||||||||||||||||||||||||
WP Project Developer LLC | Wisconsin Place Land and Infrastructure | 33.3 | % | (3) | 40,158 | 41,605 | WP Project Developer LLC | Wisconsin Place Land and Infrastructure | 33.3 | % | (3) | 34,505 | 35,297 | ||||||||||||||||||||||||||
Annapolis Junction NFM, LLC | Annapolis Junction | 50.0 | % | (4) | 18,771 | 20,539 | |||||||||||||||||||||||||||||||||
Annapolis Junction NFM LLC | Annapolis Junction NFM LLC | Annapolis Junction | 50.0 | % | (4) | N/A | 13,463 | ||||||||||||||||||||||||||||||||
540 Madison Venture LLC | 540 Madison Avenue | 60.0 | % | 67,046 | 67,816 | 540 Madison Venture LLC | 540 Madison Avenue | 60.0 | % | (5) | — | 122 | |||||||||||||||||||||||||||
500 North Capitol Venture LLC | 500 North Capitol Street, NW | 30.0 | % | (3,642 | ) | (3,389 | ) | 500 North Capitol Venture LLC | 500 North Capitol Street, NW | 30.0 | % | (7,467) | (6,945) | ||||||||||||||||||||||||||
501 K Street LLC | 1001 6th Street | 50.0 | % | (5) | 42,442 | 42,528 | 501 K Street LLC | 1001 6th Street | 50.0 | % | (6) | 42,495 | 42,499 | ||||||||||||||||||||||||||
Podium Developer LLC | The Hub on Causeway | 50.0 | % | 55,917 | 29,869 | Podium Developer LLC | The Hub on Causeway - Podium | 50.0 | % | 49,006 | 48,818 | ||||||||||||||||||||||||||||
Residential Tower Developer LLC | The Hub on Causeway - Residential | 50.0 | % | 25,811 | 20,803 | Residential Tower Developer LLC | Hub50House | 50.0 | % | 48,520 | 50,943 | ||||||||||||||||||||||||||||
Hotel Tower Developer LLC | The Hub on Causeway - Hotel | 50.0 | % | 1,596 | 933 | Hotel Tower Developer LLC | The Hub on Causeway - Hotel Air Rights | 50.0 | % | 11,316 | 10,754 | ||||||||||||||||||||||||||||
Office Tower Developer LLC | Office Tower Developer LLC | 100 Causeway Street | 50.0 | % | 56,589 | 56,312 | |||||||||||||||||||||||||||||||||
1265 Main Office JV LLC | 1265 Main Street | 50.0 | % | 4,686 | 4,779 | 1265 Main Office JV LLC | 1265 Main Street | 50.0 | % | 3,757 | 3,787 | ||||||||||||||||||||||||||||
BNY Tower Holdings LLC | Dock 72 at the Brooklyn Navy Yard | 50.0 | % | (6) | 67,901 | 33,699 | BNY Tower Holdings LLC | Dock 72 | 50.0 | % | 28,116 | 29,536 | |||||||||||||||||||||||||||
BNYTA Amenity Operator LLC | BNYTA Amenity Operator LLC | Dock 72 | 50.0 | % | 1,297 | 1,846 | |||||||||||||||||||||||||||||||||
CA-Colorado Center Limited Partnership | Colorado Center | 50.0 | % | 263,834 | 510,623 | CA-Colorado Center Limited Partnership | Colorado Center | 50.0 | % | 229,564 | 227,671 | ||||||||||||||||||||||||||||
7750 Wisconsin Avenue LLC | 7750 Wisconsin Avenue | 50.0 | % | (6) | 21,101 | N/A | 7750 Wisconsin Avenue LLC | 7750 Wisconsin Avenue | 50.0 | % | 59,208 | 58,112 | |||||||||||||||||||||||||||
BP-M 3HB Venture LLC | BP-M 3HB Venture LLC | 3 Hudson Boulevard | 25.0 | % | 116,848 | 113,774 | |||||||||||||||||||||||||||||||||
SMBP Venture LP | SMBP Venture LP | Santa Monica Business Park | 55.0 | % | 157,593 | 145,761 | |||||||||||||||||||||||||||||||||
Platform 16 Holdings LP | Platform 16 Holdings LP | Platform 16 | 55.0 | % | (7) | 108,241 | 108,393 | ||||||||||||||||||||||||||||||||
Gateway Portfolio Holdings LLC | Gateway Portfolio Holdings LLC | Gateway Commons | 50.0 | % | (8) | 331,389 | 336,206 | ||||||||||||||||||||||||||||||||
Rosecrans-Sepulveda Partners 4, LLC | Rosecrans-Sepulveda Partners 4, LLC | Beach Cities Media Campus | 50.0 | % | 27,145 | 27,184 | |||||||||||||||||||||||||||||||||
$ | 588,937 | $ | 753,111 | $ | 1,270,102 | $ | 1,273,919 |
(1)Investments with deficit balances aggregating approximately $35.5 million and $36.6 million at June 30, 2021 and December 31, 2020, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)The Company’s economic ownership has increased based on the achievement of certain return thresholds. At June 30, 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 June 30, 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 53% and 55% interest in the joint venture at June 30, 2021 and December 31, 2020, respectively. Future development projects will be owned 49% by the Company and 51% by its partner. 24 |
June 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Real estate and development in process, net (1) | $ | 4,751,881 | $ | 4,708,571 | |||||||
Other assets | 521,766 | 531,071 | |||||||||
Total assets | $ | 5,273,647 | $ | 5,239,642 | |||||||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | |||||||||||
Mortgage and notes payable, net | $ | 2,715,677 | $ | 2,637,911 | |||||||
Other liabilities (2) | 600,402 | 650,433 | |||||||||
Members’/Partners’ equity | 1,957,568 | 1,951,298 | |||||||||
Total liabilities and members’/partners’ equity | $ | 5,273,647 | $ | 5,239,642 | |||||||
Company’s share of equity | $ | 929,421 | $ | 936,087 | |||||||
Basis differentials (3) | 340,681 | 337,832 | |||||||||
Carrying value of the Company’s investments in unconsolidated joint ventures (4) | $ | 1,270,102 | $ | 1,273,919 |
June 30, 2021 | December 31, 2020 | ||||||||||
Property | (in thousands) | ||||||||||
Colorado Center | $ | 305,902 | $ | 307,328 | |||||||
Gateway Commons | 52,104 | 51,875 | |||||||||
Dock 72 | (51,137) | (52,243) |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
ASSETS | |||||||
Real estate and development in process, net | $ | 1,716,447 | $ | 1,519,217 | |||
Other assets | 374,484 | 297,263 | |||||
Total assets | $ | 2,090,931 | $ | 1,816,480 | |||
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY | |||||||
Mortgage and notes payable, net | $ | 1,411,401 | $ | 865,665 | |||
Other liabilities | 86,971 | 67,167 | |||||
Members’/Partners’ equity | 592,559 | 883,648 | |||||
Total liabilities and members’/partners’ equity | $ | 2,090,931 | $ | 1,816,480 | |||
Company’s share of equity | $ | 291,029 | $ | 450,662 | |||
Basis differentials (1) | 297,908 | 302,449 | |||||
Carrying value of the Company’s investments in unconsolidated joint ventures (2) | $ | 588,937 | $ | 753,111 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Total revenue (1) | $ | 91,226 | $ | 89,563 | $ | 178,492 | $ | 182,766 | |||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating | 36,787 | 33,704 | 73,921 | 69,105 | |||||||||||||||||||||||||
Transaction costs | 0 | 0 | 7 | 0 | |||||||||||||||||||||||||
Depreciation and amortization | 33,627 | 37,390 | 67,730 | 69,425 | |||||||||||||||||||||||||
Total expenses | 70,414 | 71,094 | 141,658 | 138,530 | |||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||
Interest expense | (25,636) | (23,306) | (51,192) | (45,889) | |||||||||||||||||||||||||
Gains on sales of real estate | — | 11,720 | 0 | 11,720 | |||||||||||||||||||||||||
Net income (loss) | $ | (4,824) | $ | 6,883 | $ | (14,358) | $ | 10,067 | |||||||||||||||||||||
Company’s share of net income (loss) | $ | (2,137) | $ | 4,024 | $ | (5,777) | $ | 5,276 | |||||||||||||||||||||
Gain on sale of investment (2) | 0 | 0 | 10,257 | 0 | |||||||||||||||||||||||||
Basis differential (3) | 764 | (2,192) | (628) | (3,813) | |||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | $ | (1,373) | $ | 1,832 | $ | 3,852 | $ | 1,463 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Total revenue (1) | $ | 55,516 | $ | 49,002 | $ | 166,139 | $ | 125,039 | |||||||
Expenses | |||||||||||||||
Operating | 23,128 | 21,753 | 67,310 | 54,779 | |||||||||||
Depreciation and amortization | 16,440 | 12,038 | 44,973 | 30,306 | |||||||||||
Total expenses | 39,568 | 33,791 | 112,283 | 85,085 | |||||||||||
Operating income | 15,948 | 15,211 | 53,856 | 39,954 | |||||||||||
Other expense | |||||||||||||||
Interest expense | 13,088 | 8,400 | 31,815 | 25,172 | |||||||||||
Net income | $ | 2,860 | $ | 6,811 | $ | 22,041 | $ | 14,782 | |||||||
Company’s share of net income | $ | 2,909 | $ | 3,179 | $ | 11,576 | $ | 6,830 | |||||||
Basis differential (2) | (2,066 | ) | (1,715 | ) | (4,541 | ) | (1,341 | ) | |||||||
Income from unconsolidated joint ventures | $ | 843 | $ | 1,464 | $ | 7,035 | $ | 5,489 |
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 | 17,988 | ||||||||||||||||||||||
Deferred financing costs, net | 47,656 | ||||||||||||||||||||||
Total | $ | 9,634,356 |
Derivative Instrument | Aggregate Notional Amount | Effective Date | Maturity Date | Strike Rate Range | Balance Sheet Location | Fair Value | ||||||||||||||
Low | High | |||||||||||||||||||
Interest Rate Swaps | $ | 350,000 | June 7, 2017 | June 7, 2027 | 2.418 | % | - | 2.950 | % | Other Liabilities | $ | (8,773 | ) | |||||||
Interest Rate Swaps | 100,000 | June 7, 2017 | June 7, 2027 | 2.336 | % | - | 2.388 | % | Prepaid Expenses and Other Assets | 509 | ||||||||||
$ | 450,000 | $ | (8,264 | ) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in thousands) | ||||||||||||||||
Amount of gain (loss) related to the effective portion recognized in other comprehensive loss | $ | — | $ | 5,712 | $ | (6,133 | ) | $ | (85,285 | ) | ||||||
Amount of loss related to the effective portion subsequently reclassified to earnings | $ | (1,665 | ) | $ | (1,190 | ) | $ | (4,368 | ) | $ | (2,445 | ) | ||||
Amount of loss related to the ineffective portion and amount excluded from effectiveness testing | $ | — | $ | (140 | ) | $ | — | $ | (140 | ) |
Balance at December 31, 2016 | $ | (52,251 | ) | |
Effective portion of interest rate contracts | (6,133 | ) | ||
Amortization of interest rate contracts | 4,368 | |||
Other comprehensive loss attributable to noncontrolling interests | 2,220 | |||
Balance at September 30, 2017 | $ | (51,796 | ) | |
Balance at December 31, 2015 | $ | (14,114 | ) | |
Effective portion of interest rate contracts | (85,285 | ) | ||
Amortization of interest rate contracts | 2,445 | |||
Other comprehensive loss attributable to noncontrolling interests | 23,011 | |||
Balance at September 30, 2016 | $ | (73,943 | ) |
Balance at December 31, 2016 | $ | (60,853 | ) | |
Effective portion of interest rate contracts | (6,133 | ) | ||
Amortization of interest rate contracts | 4,368 | |||
Other comprehensive loss attributable to noncontrolling interests | 2,272 | |||
Balance at September 30, 2017 | $ | (60,346 | ) | |
Balance at December 31, 2015 | $ | (18,337 | ) | |
Effective portion of interest rate contracts | (85,285 | ) | ||
Amortization of interest rate contracts | 2,445 | |||
Other comprehensive loss attributable to noncontrolling interests | 16,134 | |||
Balance at September 30, 2016 | $ | (85,043 | ) |
Record Date | Payment Date | Distributions per OP Unit and LTIP Unit | Distributions per MYLTIP Unit | |||||||||||||||||
June 30, 2021 | July 30, 2021 | $0.98 | $0.098 | |||||||||||||||||
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 | |||||||||||||||||
June 30, 2020 | July 31, 2020 | $0.98 | $0.098 | |||||||||||||||||
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 | |||||||
September 29, 2017 | October 31, 2017 | $0.75 | $0.075 | |||||||
June 30, 2017 | July 31, 2017 | $0.75 | $0.075 | |||||||
March 31, 2017 | April 28, 2017 | $0.75 | $0.075 | |||||||
December 31, 2016 | January 30, 2017 | $0.75 | $0.075 |
Balance at December 31, 2016 | $ | 2,262,040 | |
Contributions | 31,465 | ||
Net income | 40,350 | ||
Distributions | (40,292 | ) | |
Conversion of redeemable partnership units | (16,812 | ) | |
Unearned compensation | (5,194 | ) | |
Cumulative effect of a change in accounting principle | (1,763 | ) | |
Accumulated other comprehensive income | 52 | ||
Adjustment to reflect redeemable partnership units at redemption value | (103,556 | ) | |
Balance at September 30, 2017 | $ | 2,166,290 | |
Balance at December 31, 2015 | $ | 2,286,689 | |
Contributions | 31,492 | ||
Net income | 42,120 | ||
Distributions | (35,500 | ) | |
Conversion of redeemable partnership units | (5,881 | ) | |
Unearned compensation | (10,072 | ) | |
Accumulated other comprehensive loss | (6,877 | ) | |
Adjustment to reflect redeemable partnership units at redemption value | 151,545 | ||
Balance at September 30, 2016 | $ | 2,453,516 |
Balance at December 31, 2016 | $ | 1,530,647 | |
Capital contributions (1) | 147,772 | ||
Net income | 33,967 | ||
Accumulated other comprehensive loss | (2,272 | ) | |
Distributions | (41,439 | ) | |
Balance at September 30, 2017 | $ | 1,668,675 | |
Balance at December 31, 2015 | $ | 1,574,400 | |
Capital contributions | 5,417 | ||
Net income | 53 | ||
Accumulated other comprehensive loss | (16,134 | ) | |
Distributions | (38,694 | ) | |
Balance at September 30, 2016 | $ | 1,525,042 |
Record Date | Payment Date | Dividend (Per Share) | Distribution (Per Unit) | |||||||
September 29, 2017 | October 31, 2017 | $0.75 | $0.75 | |||||||
June 30, 2017 | July 31, 2017 | $0.75 | $0.75 | |||||||
March 31, 2017 | April 28, 2017 | $0.75 | $0.75 | |||||||
December 31, 2016 | January 30, 2017 | $0.75 | $0.75 |
Record Date | Payment Date | Dividend (Per Share) | Distribution (Per Unit) | |||||||||||||||||
June 30, 2021 | July 30, 2021 | $0.98 | $0.98 | |||||||||||||||||
March 31, 2021 | April 30, 2021 | $0.98 | $0.98 | |||||||||||||||||
December 31, 2020 | January 28, 2021 | $0.98 | $0.98 | |||||||||||||||||
June 30, 2020 | July 31, 2020 | $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) | ||||||||||||||
$32.8125 | ||||||||||||||||
August 3, 2020 | August 17, 2020 | $32.8125 | ||||||||||||||
May | May 15, | $32.8125 | ||||||||||||||
February | February | $32.8125 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 111,703 | $ | 266,525 | $ | 203,372 | $ | 764,232 | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Preferred stock redemption charge | 0 | 0 | 6,412 | 0 | ||||||||||||||||||||||||||||
Preferred dividends | 0 | 2,625 | 2,560 | 5,250 | ||||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 12,383 | 30,197 | 23,422 | 87,525 | ||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | 33,631 | 18,719 | ||||||||||||||||||||||||||||
Interest expense | 106,319 | 107,142 | 214,221 | 208,733 | ||||||||||||||||||||||||||||
Losses from early extinguishment of debt | 0 | 0 | 898 | 0 | ||||||||||||||||||||||||||||
Net operating income from unconsolidated joint ventures | 25,417 | 27,911 | 50,212 | 56,669 | ||||||||||||||||||||||||||||
Depreciation and amortization expense | 183,838 | 178,188 | 360,403 | 349,282 | ||||||||||||||||||||||||||||
Transaction costs | 751 | 332 | 1,082 | 947 | ||||||||||||||||||||||||||||
Payroll and related costs from management services contracts | 2,655 | 2,484 | 6,160 | 5,721 | ||||||||||||||||||||||||||||
General and administrative expense | 38,405 | 37,743 | 83,364 | 74,197 | ||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | 46,287 | 32,427 | 90,663 | 80,088 | ||||||||||||||||||||||||||||
Gains (losses) from investments in securities | 2,275 | 4,552 | 3,934 | (893) | ||||||||||||||||||||||||||||
Interest and other income (loss) | 1,452 | 1,305 | 2,620 | 4,322 | ||||||||||||||||||||||||||||
Gains on sales of real estate | 7,756 | 203,767 | 7,756 | 613,932 | ||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (1,373) | 1,832 | 3,852 | 1,463 | ||||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 2,655 | 2,484 | 6,160 | 5,721 | ||||||||||||||||||||||||||||
Development and management services revenue | 7,284 | 8,125 | 14,087 | 16,004 | ||||||||||||||||||||||||||||
Company’s share of Net Operating Income | $ | 432,299 | $ | 397,888 | $ | 856,665 | $ | 850,638 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 125,846 | $ | 301,975 | $ | 231,619 | $ | 868,308 | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Preferred unit redemption charge | 0 | 0 | 6,412 | 0 | ||||||||||||||||||||||||||||
Preferred distributions | 0 | 2,625 | 2,560 | 5,250 | ||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | 33,631 | 18,719 | ||||||||||||||||||||||||||||
Interest expense | 106,319 | 107,142 | 214,221 | 208,733 | ||||||||||||||||||||||||||||
Losses from early extinguishment of debt | 0 | 0 | 898 | 0 | ||||||||||||||||||||||||||||
Net operating income from unconsolidated joint ventures | 25,417 | 27,911 | 50,212 | 56,669 | ||||||||||||||||||||||||||||
Depreciation and amortization expense | 182,078 | 176,409 | 355,578 | 345,694 | ||||||||||||||||||||||||||||
Transaction costs | 751 | 332 | 1,082 | 947 | ||||||||||||||||||||||||||||
Payroll and related costs from management services contracts | 2,655 | 2,484 | 6,160 | 5,721 | ||||||||||||||||||||||||||||
General and administrative expense | 38,405 | 37,743 | 83,364 | 74,197 | ||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | 46,287 | 32,427 | 90,663 | 80,088 | ||||||||||||||||||||||||||||
Gains (losses) from investments in securities | 2,275 | 4,552 | 3,934 | (893) | ||||||||||||||||||||||||||||
Interest and other income (loss) | 1,452 | 1,305 | 2,620 | 4,322 | ||||||||||||||||||||||||||||
Gains on sales of real estate | 7,756 | 207,241 | 7,756 | 626,895 | ||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (1,373) | 1,832 | 3,852 | 1,463 | ||||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 2,655 | 2,484 | 6,160 | 5,721 | ||||||||||||||||||||||||||||
Development and management services revenue | 7,284 | 8,125 | 14,087 | 16,004 | ||||||||||||||||||||||||||||
Company’s share of Net Operating Income | $ | 432,299 | $ | 397,888 | $ | 856,665 | $ | 850,638 |
Boston | Los Angeles | New York | San Francisco | Washington, DC | Total | ||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||
Office | $ | 229,571 | $ | 0 | $ | 252,182 | $ | 126,181 | $ | 84,610 | $ | 692,544 | |||||||||||||||||||||||
Residential | 3,131 | 0 | 0 | 690 | 5,942 | 9,763 | |||||||||||||||||||||||||||||
Hotel | 1,561 | 0 | 0 | 0 | 0 | 1,561 | |||||||||||||||||||||||||||||
Total | 234,263 | 0 | 252,182 | 126,871 | 90,552 | 703,868 | |||||||||||||||||||||||||||||
% of Grand Totals | 33.28 | % | 0 | % | 35.84 | % | 18.02 | % | 12.86 | % | 100.00 | % | |||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||
Office | 78,165 | 0 | 92,662 | 40,954 | 30,994 | 242,775 | |||||||||||||||||||||||||||||
Residential | 1,435 | 0 | 0 | 1,544 | 2,949 | 5,928 | |||||||||||||||||||||||||||||
Hotel | 1,996 | 0 | 0 | 0 | 0 | 1,996 | |||||||||||||||||||||||||||||
Total | 81,596 | 0 | 92,662 | 42,498 | 33,943 | 250,699 | |||||||||||||||||||||||||||||
% of Grand Totals | 32.55 | % | 0 | % | 36.96 | % | 16.95 | % | 13.54 | % | 100.00 | % | |||||||||||||||||||||||
Net operating income | $ | 152,667 | $ | 0 | $ | 159,520 | $ | 84,373 | $ | 56,609 | $ | 453,169 | |||||||||||||||||||||||
% of Grand Totals | 33.69 | % | 0 | % | 35.20 | % | 18.62 | % | 12.49 | % | 100.00 | % | |||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | (10,576) | 0 | (35,711) | 0 | 0 | (46,287) | |||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | 3,624 | 12,265 | 172 | 3,580 | 5,776 | 25,417 | |||||||||||||||||||||||||||||
Company’s share of net operating income | $ | 145,715 | $ | 12,265 | $ | 123,981 | $ | 87,953 | $ | 62,385 | $ | 432,299 | |||||||||||||||||||||||
% of Grand Totals | 33.70 | % | 2.84 | % | 28.68 | % | 20.35 | % | 14.43 | % | 100.00 | % |
Boston | Los Angeles | New York | San Francisco | Washington, DC | Total | ||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||
Office | $ | 218,351 | $ | 0 | $ | 204,242 | $ | 128,233 | $ | 83,837 | $ | 634,663 | |||||||||||||||||||||||
Residential | 3,401 | 0 | 0 | 0 | 6,001 | 9,402 | |||||||||||||||||||||||||||||
Hotel | 99 | 0 | 0 | 0 | 0 | 99 | |||||||||||||||||||||||||||||
Total | 221,851 | 0 | 204,242 | 128,233 | 89,838 | 644,164 | |||||||||||||||||||||||||||||
% of Grand Totals | 34.43 | % | 0 | % | 31.71 | % | 19.91 | % | 13.95 | % | 100.00 | % | |||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||
Office | 75,694 | 0 | 88,367 | 39,081 | 32,680 | 235,822 | |||||||||||||||||||||||||||||
Residential | 1,235 | 0 | 0 | 0 | 2,730 | 3,965 | |||||||||||||||||||||||||||||
Hotel | 1,973 | 0 | 0 | 0 | 0 | 1,973 | |||||||||||||||||||||||||||||
Total | 78,902 | 0 | 88,367 | 39,081 | 35,410 | 241,760 | |||||||||||||||||||||||||||||
% of Grand Totals | 32.64 | % | 0 | % | 36.54 | % | 16.17 | % | 14.65 | % | 100.00 | % | |||||||||||||||||||||||
Net operating income | $ | 142,949 | $ | 0 | $ | 115,875 | $ | 89,152 | $ | 54,428 | $ | 402,404 | |||||||||||||||||||||||
% of Grand Totals | 35.52 | % | 0 | % | 28.80 | % | 22.15 | % | 13.53 | % | 100.00 | % | |||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | (10,576) | 0 | (21,851) | 0 | 0 | (32,427) | |||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | 2,627 | 15,026 | 815 | 4,127 | 5,316 | 27,911 | |||||||||||||||||||||||||||||
Company’s share of net operating income | $ | 135,000 | $ | 15,026 | $ | 94,839 | $ | 93,279 | $ | 59,744 | $ | 397,888 | |||||||||||||||||||||||
% of Grand Totals | 33.92 | % | 3.78 | % | 23.84 | % | 23.44 | % | 15.02 | % | 100.00 | % |
Boston | Los Angeles | New York | San Francisco | Washington, DC | Total | ||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||
Office | $ | 459,974 | $ | 0 | $ | 502,346 | $ | 256,779 | $ | 167,025 | $ | 1,386,124 | |||||||||||||||||||||||
Residential | 6,176 | 0 | 0 | 1,011 | 11,751 | 18,938 | |||||||||||||||||||||||||||||
Hotel | 2,193 | 0 | 0 | 0 | 0 | 2,193 | |||||||||||||||||||||||||||||
Total | 468,343 | 0 | 502,346 | 257,790 | 178,776 | 1,407,255 | |||||||||||||||||||||||||||||
% of Grand Totals | 33.28 | % | 0 | % | 35.70 | % | 18.32 | % | 12.70 | % | 100.00 | % | |||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||
Office | 158,046 | 0 | 192,047 | 81,203 | 62,741 | 494,037 | |||||||||||||||||||||||||||||
Residential | 2,890 | 0 | 0 | 3,230 | 5,935 | 12,055 | |||||||||||||||||||||||||||||
Hotel | 4,047 | 0 | 0 | 0 | 0 | 4,047 | |||||||||||||||||||||||||||||
Total | 164,983 | 0 | 192,047 | 84,433 | 68,676 | 510,139 | |||||||||||||||||||||||||||||
% of Grand Totals | 32.34 | % | 0 | % | 37.65 | % | 16.55 | % | 13.46 | % | 100.00 | % | |||||||||||||||||||||||
Net operating income | $ | 303,360 | $ | 0 | $ | 310,299 | $ | 173,357 | $ | 110,100 | $ | 897,116 | |||||||||||||||||||||||
% of Grand Totals | 33.82 | % | 0 | % | 34.59 | % | 19.32 | % | 12.27 | % | 100.00 | % | |||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | (20,800) | 0 | (69,863) | 0 | 0 | (90,663) | |||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | 5,905 | 26,457 | (621) | 7,060 | 11,411 | 50,212 | |||||||||||||||||||||||||||||
Company’s share of net operating income | $ | 288,465 | $ | 26,457 | $ | 239,815 | $ | 180,417 | $ | 121,511 | $ | 856,665 | |||||||||||||||||||||||
% of Grand Totals | 33.68 | % | 3.09 | % | 27.99 | % | 21.06 | % | 14.18 | % | 100.00 | % |
Boston | Los Angeles | New York | San Francisco | Washington, DC | Total | ||||||||||||||||||||||||||||||
Rental Revenue: (1) | |||||||||||||||||||||||||||||||||||
Office | $ | 457,849 | $ | 0 | $ | 459,528 | $ | 264,972 | $ | 176,973 | $ | 1,359,322 | |||||||||||||||||||||||
Residential | 7,469 | 0 | 0 | 0 | 11,889 | 19,358 | |||||||||||||||||||||||||||||
Hotel | 6,924 | 0 | 0 | 0 | 0 | 6,924 | |||||||||||||||||||||||||||||
Total | 472,242 | 0 | 459,528 | 264,972 | 188,862 | 1,385,604 | |||||||||||||||||||||||||||||
% of Grand Totals | 34.09 | % | 0 | % | 33.16 | % | 19.12 | % | 13.63 | % | 100.00 | % | |||||||||||||||||||||||
Rental Expenses: | |||||||||||||||||||||||||||||||||||
Office | 158,239 | 0 | 187,507 | 81,650 | 67,328 | 494,724 | |||||||||||||||||||||||||||||
Residential | 2,575 | 0 | 0 | 0 | 5,454 | 8,029 | |||||||||||||||||||||||||||||
Hotel | 8,794 | 0 | 0 | 0 | 0 | 8,794 | |||||||||||||||||||||||||||||
Total | 169,608 | 0 | 187,507 | 81,650 | 72,782 | 511,547 | |||||||||||||||||||||||||||||
% of Grand Totals | 33.16 | % | 0 | % | 36.65 | % | 15.96 | % | 14.23 | % | 100.00 | % | |||||||||||||||||||||||
Net operating income | $ | 302,634 | $ | 0 | $ | 272,021 | $ | 183,322 | $ | 116,080 | $ | 874,057 | |||||||||||||||||||||||
% of Grand Totals | 34.63 | % | 0 | % | 31.12 | % | 20.97 | % | 13.28 | % | 100.00 | % | |||||||||||||||||||||||
Less: Net operating income attributable to noncontrolling interests in property partnerships | (21,239) | 0 | (58,849) | 0 | 0 | (80,088) | |||||||||||||||||||||||||||||
Add: Company’s share of net operating income from unconsolidated joint ventures | 5,726 | 30,956 | 1,571 | 7,286 | 11,130 | 56,669 | |||||||||||||||||||||||||||||
Company’s share of net operating income | $ | 287,121 | $ | 30,956 | $ | 214,743 | $ | 190,608 | $ | 127,210 | $ | 850,638 | |||||||||||||||||||||||
% of Grand Totals | 33.76 | % | 3.64 | % | 25.24 | % | 22.41 | % | 14.95 | % | 100.00 | % |
Three months ended June 30, 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 | $ | 111,703 | 156,107 | $ | 0.72 | ||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | 0 | 412 | (0.01) | ||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 111,703 | 156,519 | $ | 0.71 | ||||||||||||
Three months ended June 30, 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 | $ | 266,525 | 155,386 | $ | 1.72 | ||||||||||||
Allocation of undistributed earnings to participating securities | (336) | 0 | (0.01) | ||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 266,189 | 155,386 | $ | 1.71 | ||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | 0 | 21 | 0 | ||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 266,189 | 155,407 | $ | 1.71 |
Six months ended June 30, 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 | $ | 203,372 | 156,016 | $ | 1.30 | ||||||||||||
Allocation of undistributed earnings to participating securities | 0 | 0 | 0 | ||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 203,372 | 156,016 | $ | 1.30 | ||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | 0 | 291 | 0 | ||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 203,372 | 156,307 | $ | 1.30 | ||||||||||||
Three months ended September 30, 2017 | ||||||||||
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 | $ | 117,337 | 154,355 | $ | 0.76 | |||||
Allocation of undistributed earnings to participating securities | (7 | ) | — | — | ||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 117,330 | 154,355 | $ | 0.76 | |||||
Effect of Dilutive Securities: | ||||||||||
Stock Based Compensation | — | 128 | — | |||||||
Diluted Earnings: | ||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 117,330 | 154,483 | $ | 0.76 | |||||
Three months ended September 30, 2016 | ||||||||||
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 | $ | 76,753 | 153,754 | $ | 0.50 | |||||
Effect of Dilutive Securities: | ||||||||||
Stock Based Compensation | — | 382 | — | |||||||
Diluted Earnings: | ||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 76,753 | 154,136 | $ | 0.50 | |||||
Nine months ended September 30, 2017 | ||||||||||
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 | $ | 348,086 | 154,132 | $ | 2.26 | |||||
Allocation of undistributed earnings to participating securities | (15 | ) | — | — | ||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 348,071 | 154,132 | $ | 2.26 | |||||
Effect of Dilutive Securities: | ||||||||||
Stock Based Compensation | — | 212 | — | |||||||
Diluted Earnings: | ||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 348,071 | 154,344 | $ | 2.26 | |||||
Nine months ended September 30, 2016 | Six months ended June 30, 2020 | ||||||||||||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | Income (Numerator) | Shares (Denominator) | Per Share Amount | ||||||||||||||||||||||
(in thousands, except for per share amounts) | (in thousands, except for per share amounts) | ||||||||||||||||||||||||||
Basic Earnings: | Basic Earnings: | ||||||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 355,114 | 153,681 | $ | 2.31 | Net income attributable to Boston Properties, Inc. common shareholders | $ | 764,232 | 155,199 | $ | 4.92 | ||||||||||||||||
Allocation of undistributed earnings to participating securities | (189 | ) | — | — | Allocation of undistributed earnings to participating securities | (1,344) | 0 | 0 | |||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 354,925 | 153,681 | $ | 2.31 | Net income attributable to Boston Properties, Inc. common shareholders | $ | 762,888 | 155,199 | $ | 4.92 | ||||||||||||||||
Effect of Dilutive Securities: | Effect of Dilutive Securities: | ||||||||||||||||||||||||||
Stock Based Compensation | — | 290 | — | Stock Based Compensation | 0 | 134 | (0.01) | ||||||||||||||||||||
Diluted Earnings: | Diluted Earnings: | ||||||||||||||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 354,925 | 153,971 | $ | 2.31 | Net income attributable to Boston Properties, Inc. common shareholders | $ | 762,888 | 155,333 | $ | 4.91 |
Three months ended September 30, 2017 | Three months ended June 30, 2021 | ||||||||||||||||||||||||||
Income (Numerator) | Units (Denominator) | Per Unit Amount | Income (Numerator) | Units (Denominator) | Per Unit Amount | ||||||||||||||||||||||
(in thousands, except for per unit amounts) | (in thousands, except for per unit amounts) | ||||||||||||||||||||||||||
Basic Earnings: | Basic Earnings: | ||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 132,693 | 171,691 | $ | 0.77 | Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 125,846 | 173,150 | $ | 0.73 | ||||||||||||||||
Allocation of undistributed earnings to participating securities | (8 | ) | — | — | |||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 132,685 | 171,691 | $ | 0.77 | ||||||||||||||||||||||
Effect of Dilutive Securities: | Effect of Dilutive Securities: | ||||||||||||||||||||||||||
Stock Based Compensation | — | 128 | — | Stock Based Compensation | 0 | 412 | 0 | ||||||||||||||||||||
Diluted Earnings: | Diluted Earnings: | ||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 132,685 | 171,819 | $ | 0.77 | Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 125,846 | 173,562 | $ | 0.73 |
Three months ended June 30, 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 | $ | 301,975 | 172,659 | $ | 1.75 | ||||||||||||
Allocation of undistributed earnings to participating securities | (374) | 0 | 0 | ||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 301,601 | 172,659 | $ | 1.75 | ||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | 0 | 21 | 0 | ||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 301,601 | 172,680 | $ | 1.75 |
Six months ended June 30, 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 | $ | 231,619 | 173,034 | $ | 1.34 | ||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | 0 | 291 | 0 | ||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 231,619 | 173,325 | $ | 1.34 | ||||||||||||
Six months ended June 30, 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 | $ | 868,308 | 172,604 | $ | 5.03 | ||||||||||||
Allocation of undistributed earnings to participating securities | (1,495) | 0 | (0.01) | ||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 866,813 | 172,604 | $ | 5.02 | ||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | 0 | 134 | 0 | ||||||||||||||
Diluted Earnings: | |||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 866,813 | 172,738 | $ | 5.02 | ||||||||||||
Three months ended September 30, 2016 | ||||||||||
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 | $ | 91,306 | 171,379 | $ | 0.53 | |||||
Effect of Dilutive Securities: | ||||||||||
Stock Based Compensation | — | 382 | — | |||||||
Diluted Earnings: | ||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 91,306 | 171,761 | $ | 0.53 | |||||
Nine months ended September 30, 2017 | ||||||||||
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 | $ | 395,199 | 171,649 | $ | 2.30 | |||||
Allocation of undistributed earnings to participating securities | (17 | ) | — | — | ||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 395,182 | 171,649 | $ | 2.30 | |||||
Effect of Dilutive Securities: | ||||||||||
Stock Based Compensation | — | 212 | — | |||||||
Diluted Earnings: | ||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 395,182 | 171,861 | $ | 2.30 | |||||
Nine months ended September 30, 2016 | ||||||||||
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 | $ | 408,540 | 171,353 | $ | 2.38 | |||||
Allocation of undistributed earnings to participating securities | (210 | ) | — | — | ||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 408,330 | 171,353 | $ | 2.38 | |||||
Effect of Dilutive Securities: | ||||||||||
Stock Based Compensation | — | 290 | — | |||||||
Diluted Earnings: | ||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 408,330 | 171,643 | $ | 2.38 | |||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 117,337 | $ | 76,753 | $ | 348,086 | $ | 355,114 | |||||||
Add: | |||||||||||||||
Preferred dividends | 2,625 | 2,589 | 7,875 | 7,796 | |||||||||||
Noncontrolling interest—common units of Boston Properties Limited Partnership | 13,402 | 9,387 | 40,350 | 42,120 | |||||||||||
Noncontrolling interests in property partnerships | 14,340 | (17,225 | ) | 33,967 | 53 | ||||||||||
Interest expense | 92,032 | 104,641 | 282,709 | 314,953 | |||||||||||
Losses from interest rate contracts | — | 140 | — | 140 | |||||||||||
Depreciation and amortization expense | 152,164 | 203,748 | 463,288 | 516,371 | |||||||||||
Impairment loss | — | 1,783 | — | 1,783 | |||||||||||
Transaction costs | 239 | 249 | 572 | 1,187 | |||||||||||
General and administrative expense | 25,792 | 25,165 | 84,319 | 79,936 | |||||||||||
Less: | |||||||||||||||
Gains on sales of real estate | 2,891 | 12,983 | 6,791 | 80,606 | |||||||||||
Gains (losses) from early extinguishments of debt | — | (371 | ) | 14,354 | (371 | ) | |||||||||
Gains from investments in securities | 944 | 976 | 2,716 | 1,713 | |||||||||||
Interest and other income | 1,329 | 3,628 | 3,447 | 6,657 | |||||||||||
Income from unconsolidated joint ventures | 843 | 1,464 | 7,035 | 5,489 | |||||||||||
Development and management services revenue | 10,811 | 6,364 | 24,648 | 18,586 | |||||||||||
Net Operating Income | $ | 401,113 | $ | 382,186 | $ | 1,202,175 | $ | 1,206,773 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 132,693 | $ | 91,306 | $ | 395,199 | $ | 408,540 | |||||||
Add: | |||||||||||||||
Preferred distributions | 2,625 | 2,589 | 7,875 | 7,796 | |||||||||||
Noncontrolling interests in property partnerships | 14,340 | (17,225 | ) | 33,967 | 53 | ||||||||||
Interest expense | 92,032 | 104,641 | 282,709 | 314,953 | |||||||||||
Losses from interest rate contracts | — | 140 | — | 140 | |||||||||||
Depreciation and amortization expense | 150,210 | 198,582 | 457,102 | 507,234 | |||||||||||
Impairment loss | — | 1,783 | — | 1,783 | |||||||||||
Transaction costs | 239 | 249 | 572 | 1,187 | |||||||||||
General and administrative expense | 25,792 | 25,165 | 84,319 | 79,936 | |||||||||||
Less: | |||||||||||||||
Gains on sales of real estate | 2,891 | 12,983 | 7,368 | 82,775 | |||||||||||
Gains (losses) from early extinguishments of debt | — | (371 | ) | 14,354 | (371 | ) | |||||||||
Gains from investments in securities | 944 | 976 | 2,716 | 1,713 | |||||||||||
Interest and other income | 1,329 | 3,628 | 3,447 | 6,657 | |||||||||||
Income from unconsolidated joint ventures | 843 | 1,464 | 7,035 | 5,489 | |||||||||||
Development and management services revenue | 10,811 | 6,364 | 24,648 | 18,586 | |||||||||||
Net Operating Income | $ | 401,113 | $ | 382,186 | $ | 1,202,175 | $ | 1,206,773 |
Boston | New York | San Francisco | Washington, DC | Total | |||||||||||||||
Rental Revenue: | |||||||||||||||||||
Office | $ | 196,687 | $ | 242,071 | $ | 87,162 | $ | 103,622 | $ | 629,542 | |||||||||
Residential | 1,228 | — | — | 3,067 | 4,295 | ||||||||||||||
Hotel | 13,064 | — | — | — | 13,064 | ||||||||||||||
Total | 210,979 | 242,071 | 87,162 | 106,689 | 646,901 | ||||||||||||||
% of Grand Totals | 32.61 | % | 37.43 | % | 13.47 | % | 16.49 | % | 100.00 | % | |||||||||
Rental Expenses: | |||||||||||||||||||
Office | 76,086 | 95,775 | 26,792 | 37,111 | 235,764 | ||||||||||||||
Residential | 512 | — | — | 1,065 | 1,577 | ||||||||||||||
Hotel | 8,447 | — | — | — | 8,447 | ||||||||||||||
Total | 85,045 | 95,775 | 26,792 | 38,176 | 245,788 | ||||||||||||||
% of Grand Totals | 34.60 | % | 38.97 | % | 10.90 | % | 15.53 | % | 100.00 | % | |||||||||
Net operating income | $ | 125,934 | $ | 146,296 | $ | 60,370 | $ | 68,513 | $ | 401,113 | |||||||||
% of Grand Totals | 31.40 | % | 36.47 | % | 15.05 | % | 17.08 | % | 100.00 | % |
Boston | New York | San Francisco | Washington, DC | Total | |||||||||||||||
Rental Revenue: | |||||||||||||||||||
Office | $ | 183,975 | $ | 237,262 | $ | 80,235 | $ | 100,666 | $ | 602,138 | |||||||||
Residential | 1,227 | — | — | 3,145 | 4,372 | ||||||||||||||
Hotel | 12,354 | — | — | — | 12,354 | ||||||||||||||
Total | 197,556 | 237,262 | 80,235 | 103,811 | 618,864 | ||||||||||||||
% of Grand Totals | 31.92 | % | 38.34 | % | 12.96 | % | 16.78 | % | 100.00 | % | |||||||||
Rental Expenses: | |||||||||||||||||||
Office | 71,254 | 95,073 | 26,037 | 33,973 | 226,337 | ||||||||||||||
Residential | 1,141 | — | — | 1,082 | 2,223 | ||||||||||||||
Hotel | 8,118 | — | — | — | 8,118 | ||||||||||||||
Total | 80,513 | 95,073 | 26,037 | 35,055 | 236,678 | ||||||||||||||
% of Grand Totals | 34.02 | % | 40.17 | % | 11.00 | % | 14.81 | % | 100.00 | % | |||||||||
Net operating income | $ | 117,043 | $ | 142,189 | $ | 54,198 | $ | 68,756 | $ | 382,186 | |||||||||
% of Grand Totals | 30.62 | % | 37.21 | % | 14.18 | % | 17.99 | % | 100.00 | % |
Boston | New York | San Francisco | Washington, DC | Total | |||||||||||||||
Rental Revenue: | |||||||||||||||||||
Office | $ | 573,883 | $ | 735,485 | $ | 257,286 | $ | 309,225 | $ | 1,875,879 | |||||||||
Residential | 3,520 | — | — | 8,941 | 12,461 | ||||||||||||||
Hotel | 33,859 | — | — | — | 33,859 | ||||||||||||||
Total | 611,262 | 735,485 | 257,286 | 318,166 | 1,922,199 | ||||||||||||||
% of Grand Totals | 31.80 | % | 38.27 | % | 13.38 | % | 16.55 | % | 100.00 | % | |||||||||
Rental Expenses: | |||||||||||||||||||
Office | 225,502 | 280,569 | 77,204 | 108,044 | 691,319 | ||||||||||||||
Residential | 1,552 | — | — | 3,211 | 4,763 | ||||||||||||||
Hotel | 23,942 | — | — | — | 23,942 | ||||||||||||||
Total | 250,996 | 280,569 | 77,204 | 111,255 | 720,024 | ||||||||||||||
% of Grand Totals | 34.86 | % | 38.97 | % | 10.72 | % | 15.45 | % | 100.00 | % | |||||||||
Net operating income | $ | 360,266 | $ | 454,916 | $ | 180,082 | $ | 206,911 | $ | 1,202,175 | |||||||||
% of Grand Totals | 29.97 | % | 37.84 | % | 14.98 | % | 17.21 | % | 100.00 | % |
Boston | New York | San Francisco | Washington, DC | Total | |||||||||||||||
Rental Revenue: | |||||||||||||||||||
Office | $ | 540,850 | $ | 773,077 | $ | 235,076 | $ | 300,742 | $ | 1,849,745 | |||||||||
Residential | 3,578 | — | — | 8,931 | 12,509 | ||||||||||||||
Hotel | 33,919 | — | — | — | 33,919 | ||||||||||||||
Total | 578,347 | 773,077 | 235,076 | 309,673 | 1,896,173 | ||||||||||||||
% of Grand Totals | 30.50 | % | 40.77 | % | 12.40 | % | 16.33 | % | 100.00 | % | |||||||||
Rental Expenses: | |||||||||||||||||||
Office | 210,695 | 272,620 | 75,412 | 101,514 | 660,241 | ||||||||||||||
Residential | 2,174 | — | — | 3,255 | 5,429 | ||||||||||||||
Hotel | 23,730 | — | — | — | 23,730 | ||||||||||||||
Total | 236,599 | 272,620 | 75,412 | 104,769 | 689,400 | ||||||||||||||
% of Grand Totals | 34.32 | % | 39.54 | % | 10.94 | % | 15.20 | % | 100.00 | % | |||||||||
Net operating income | $ | 341,748 | $ | 500,457 | $ | 159,664 | $ | 204,904 | $ | 1,206,773 | |||||||||
% of Grand Totals | 28.32 | % | 41.47 | % | 13.23 | % | 16.98 | % | 100.00 | % |
Three months ended June 30, 2021 | Six months ended June 30, 2021 | |||||||||||||
Total Square Feet | Total Square Feet | |||||||||||||
Vacant space available at the beginning of the period | 5,131,799 | 4,517,385 | ||||||||||||
Property dispositions/properties taken out of service (1) | — | (104,613) | ||||||||||||
Properties placed (and partially placed) in-service (2) | 2,154 | 229,430 | ||||||||||||
Leases expiring or terminated during the period | 1,410,005 | 3,198,671 | ||||||||||||
Total space available for lease | 6,543,958 | 7,840,873 | ||||||||||||
1st generation leases | 2,154 | 203,556 | ||||||||||||
2nd generation leases with new tenants | 814,522 | 1,417,019 | ||||||||||||
2nd generation lease renewals | 540,464 | 1,033,480 | ||||||||||||
Total space leased (3) | 1,357,140 | 2,654,055 | ||||||||||||
Vacant space available for lease at the end of the period | 5,186,818 | 5,186,818 | ||||||||||||
Leases executed during the period, in square feet (4) | 1,239,218 | 1,831,033 | ||||||||||||
Second generation leasing information: (5) | ||||||||||||||
Leases commencing during the period, in square feet | 1,354,986 | 2,450,499 | ||||||||||||
Weighted Average Lease Term | 90 Months | 87 Months | ||||||||||||
Weighted Average Free Rent Period | 194 Days | 168 Days | ||||||||||||
Total Transaction Costs Per Square Foot (6) | $74.26 | $77.92 | ||||||||||||
Increase (Decrease) in Gross Rents (7) | (0.13) | % | 3.42 | % | ||||||||||
Increase (Decrease) in Net Rents (8) | (0.28) | % | 4.89 | % |
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | |||||||
(Square Feet) | ||||||||
Vacant space available at the beginning of the period | 3,952,331 | 4,196,275 | ||||||
Property dispositions/properties taken out of service | — | (115,289 | ) | |||||
Properties acquired vacant space | — | 15,944 | ||||||
Properties placed in-service | 303,861 | 386,599 | ||||||
Leases expiring or terminated during the period | 1,523,017 | 3,628,613 | ||||||
Total space available for lease | 5,779,209 | 8,112,142 | ||||||
1st generation leases | 225,125 | 302,578 | ||||||
2nd generation leases with new tenants | 624,427 | 2,064,896 | ||||||
2nd generation lease renewals | 671,715 | 1,486,726 | ||||||
Total space leased (1) | 1,521,267 | 3,854,200 | ||||||
Vacant space available for lease at the end of the period | 4,257,942 | 4,257,942 | ||||||
Leases executed during the period, in square feet (2) | 2,565,971 | 4,058,416 | ||||||
Second generation leasing information: (3) | ||||||||
Leases commencing during the period, in square feet | 1,296,142 | 3,551,622 | ||||||
Weighted Average Lease Term | 93 Months | 95 Months | ||||||
Weighted Average Free Rent Period | 102 Days | 111 Days | ||||||
Total Transaction Costs Per Square Foot (4) | $43.66 | $54.48 | ||||||
Increase in Gross Rents (5) | 1.34 | % | 10.44 | % | ||||
Increase in Net Rents (6) | 1.54 | % | 15.97 | % |
53 square feet of second generation leases that had been occupied within the prior 12 months for |
Total Property Portfolio | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Increase/ (Decrease) | % Change | 2021 | 2020 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. Common Shareholders | $ | 348,086 | $ | 355,114 | $ | (7,028 | ) | (1.98 | )% | Net Income Attributable to Boston Properties, Inc. Common Shareholders | $ | 203,372 | $ | 764,232 | $ | (560,860) | (73.39) | % | |||||||||||||||||||||||
Preferred stock redemption charge | Preferred stock redemption charge | 6,412 | — | 6,412 | 100.00 | % | |||||||||||||||||||||||||||||||||||
Preferred dividends | 7,875 | 7,796 | 79 | 1.01 | % | Preferred dividends | 2,560 | 5,250 | (2,690) | (51.24) | % | ||||||||||||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. | 355,961 | 362,910 | (6,949 | ) | (1.91 | )% | Net Income Attributable to Boston Properties, Inc. | 212,344 | 769,482 | (557,138) | (72.40) | % | |||||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 40,350 | 42,120 | (1,770 | ) | (4.20 | )% | Noncontrolling interest—common units of the Operating Partnership | 23,422 | 87,525 | (64,103) | (73.24) | % | |||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 33,967 | 53 | 33,914 | 63,988.68 | % | Noncontrolling interests in property partnerships | 33,631 | 18,719 | 14,912 | 79.66 | % | ||||||||||||||||||||||||||||||
Net Income | 430,278 | 405,083 | 25,195 | 6.22 | % | Net Income | 269,397 | 875,726 | (606,329) | (69.24) | % | ||||||||||||||||||||||||||||||
Gains on sales of real estate | 6,791 | 80,606 | (73,815 | ) | (91.58 | )% | |||||||||||||||||||||||||||||||||||
Income Before Gains on Sales of Real Estate | 423,487 | 324,477 | 99,010 | 30.51 | % | ||||||||||||||||||||||||||||||||||||
Other Expenses: | Other Expenses: | ||||||||||||||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Losses from interest rate contracts | — | 140 | (140 | ) | (100.00 | )% | |||||||||||||||||||||||||||||||||||
Interest expense | 282,709 | 314,953 | (32,244 | ) | (10.24 | )% | Interest expense | 214,221 | 208,733 | 5,488 | 2.63 | % | |||||||||||||||||||||||||||||
Losses from early extinguishment of debt | Losses from early extinguishment of debt | 898 | — | 898 | 100.00 | % | |||||||||||||||||||||||||||||||||||
Other Income: | Other Income: | ||||||||||||||||||||||||||||||||||||||||
Less: | Less: | ||||||||||||||||||||||||||||||||||||||||
Gains (losses) from early extinguishments of debt | 14,354 | (371 | ) | 14,725 | 3,969.00 | % | |||||||||||||||||||||||||||||||||||
Gains from investments in securities | 2,716 | 1,713 | 1,003 | 58.55 | % | ||||||||||||||||||||||||||||||||||||
Interest and other income | 3,447 | 6,657 | (3,210 | ) | (48.22 | )% | |||||||||||||||||||||||||||||||||||
Gains (losses) from investments in securities | Gains (losses) from investments in securities | 3,934 | (893) | 4,827 | 540.54 | % | |||||||||||||||||||||||||||||||||||
Interest and other income (loss) | Interest and other income (loss) | 2,620 | 4,322 | (1,702) | (39.38) | % | |||||||||||||||||||||||||||||||||||
Gains on sales of real estate | Gains on sales of real estate | 7,756 | 613,932 | (606,176) | (98.74) | % | |||||||||||||||||||||||||||||||||||
Income from unconsolidated joint ventures | 7,035 | 5,489 | 1,546 | 28.17 | % | Income from unconsolidated joint ventures | 3,852 | 1,463 | 2,389 | 163.29 | % | ||||||||||||||||||||||||||||||
Operating Income | 678,644 | 626,082 | 52,562 | 8.40 | % | ||||||||||||||||||||||||||||||||||||
Other Expenses: | Other Expenses: | ||||||||||||||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 463,288 | 516,371 | (53,083 | ) | (10.28 | )% | Depreciation and amortization expense | 360,403 | 349,282 | 11,121 | 3.18 | % | |||||||||||||||||||||||||||||
Impairment loss | — | 1,783 | (1,783 | ) | (100.00 | )% | |||||||||||||||||||||||||||||||||||
Transaction costs | 572 | 1,187 | (615 | ) | (51.81 | )% | Transaction costs | 1,082 | 947 | 135 | 14.26 | % | |||||||||||||||||||||||||||||
Payroll and related costs from management services contracts | Payroll and related costs from management services contracts | 6,160 | 5,721 | 439 | 7.67 | % | |||||||||||||||||||||||||||||||||||
General and administrative expense | 84,319 | 79,936 | 4,383 | 5.48 | % | General and administrative expense | 83,364 | 74,197 | 9,167 | 12.35 | % | ||||||||||||||||||||||||||||||
Other Revenue: | Other Revenue: | ||||||||||||||||||||||||||||||||||||||||
Less: | Less: | ||||||||||||||||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | Direct reimbursements of payroll and related costs from management services contracts | 6,160 | 5,721 | 439 | 7.67 | % | |||||||||||||||||||||||||||||||||||
Development and management services revenue | 24,648 | 18,586 | 6,062 | 32.62 | % | Development and management services revenue | 14,087 | 16,004 | (1,917) | (11.98) | % | ||||||||||||||||||||||||||||||
Net Operating Income | $ | 1,202,175 | $ | 1,206,773 | $ | (4,598 | ) | (0.38 | )% | Net Operating Income | $ | 897,116 | $ | 874,057 | $ | 23,059 | 2.64 | % |
Total Property Portfolio | |||||||||||||||
2017 | 2016 | Increase/ (Decrease) | % Change | ||||||||||||
Net Income Attributable to Boston Properties Limited Partnership Common Unitholders | $ | 395,199 | $ | 408,540 | $ | (13,341 | ) | (3.27 | )% | ||||||
Preferred distributions | 7,875 | 7,796 | 79 | 1.01 | % | ||||||||||
Net Income Attributable to Boston Properties Limited Partnership | 403,074 | 416,336 | (13,262 | ) | (3.19 | )% | |||||||||
Net Income Attributable to Noncontrolling Interests: | |||||||||||||||
Noncontrolling interests in property partnerships | 33,967 | 53 | 33,914 | 63,988.68 | % | ||||||||||
Net Income | 437,041 | 416,389 | 20,652 | 4.96 | % | ||||||||||
Gains on sales of real estate | 7,368 | 82,775 | (75,407 | ) | (91.10 | )% | |||||||||
Income Before Gains on Sales of Real Estate | 429,673 | 333,614 | 96,059 | 28.79 | % | ||||||||||
Other Expenses: | |||||||||||||||
Add: | |||||||||||||||
Losses from interest rate contracts | — | 140 | (140 | ) | (100.00 | )% | |||||||||
Interest expense | 282,709 | 314,953 | (32,244 | ) | (10.24 | )% | |||||||||
Other Income: | |||||||||||||||
Less: | |||||||||||||||
Gains (losses) from early extinguishments of debt | 14,354 | (371 | ) | 14,725 | 3,969.00 | % | |||||||||
Gains from investments in securities | 2,716 | 1,713 | 1,003 | 58.55 | % | ||||||||||
Interest and other income | 3,447 | 6,657 | (3,210 | ) | (48.22 | )% | |||||||||
Income from unconsolidated joint ventures | 7,035 | 5,489 | 1,546 | 28.17 | % | ||||||||||
Operating Income | 684,830 | 635,219 | 49,611 | 7.81 | % | ||||||||||
Other Expenses: | |||||||||||||||
Add: | |||||||||||||||
Depreciation and amortization expense | 457,102 | 507,234 | (50,132 | ) | (9.88 | )% | |||||||||
Impairment loss | — | 1,783 | (1,783 | ) | (100.00 | )% | |||||||||
Transaction costs | 572 | 1,187 | (615 | ) | (51.81 | )% | |||||||||
General and administrative expense | 84,319 | 79,936 | 4,383 | 5.48 | % | ||||||||||
Other Revenue: | |||||||||||||||
Less: | |||||||||||||||
Development and management services revenue | 24,648 | 18,586 | 6,062 | 32.62 | % | ||||||||||
Net Operating Income | $ | 1,202,175 | $ | 1,206,773 | $ | (4,598 | ) | (0.38 | )% |
Six months ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership Common Unitholders | $ | 231,619 | $ | 868,308 | $ | (636,689) | (73.33) | % | ||||||||||||||||||
Preferred unit redemption charge | 6,412 | — | 6,412 | 100.00 | % | |||||||||||||||||||||
Preferred distributions | 2,560 | 5,250 | (2,690) | (51.24) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership | 240,591 | 873,558 | (632,967) | (72.46) | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 33,631 | 18,719 | 14,912 | 79.66 | % | |||||||||||||||||||||
Net Income | 274,222 | 892,277 | (618,055) | (69.27) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 214,221 | 208,733 | 5,488 | 2.63 | % | |||||||||||||||||||||
Losses from early extinguishment of debt | 898 | — | 898 | 100.00 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains (losses) from investments in securities | 3,934 | (893) | 4,827 | 540.54 | % | |||||||||||||||||||||
Interest and other income (loss) | 2,620 | 4,322 | (1,702) | (39.38) | % | |||||||||||||||||||||
Gains on sales of real estate | 7,756 | 626,895 | (619,139) | (98.76) | % | |||||||||||||||||||||
Income from unconsolidated joint ventures | 3,852 | 1,463 | 2,389 | 163.29 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 355,578 | 345,694 | 9,884 | 2.86 | % | |||||||||||||||||||||
Transaction costs | 1,082 | 947 | 135 | 14.26 | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 6,160 | 5,721 | 439 | 7.67 | % | |||||||||||||||||||||
General and administrative expense | 83,364 | 74,197 | 9,167 | 12.35 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 6,160 | 5,721 | 439 | 7.67 | % | |||||||||||||||||||||
Development and management services revenue | 14,087 | 16,004 | (1,917) | (11.98) | % | |||||||||||||||||||||
Net Operating Income | $ | 897,116 | $ | 874,057 | $ | 23,059 | 2.64 | % |
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) | $ | 1,308,237 | $ | 1,277,590 | $ | 30,647 | 2.40 | % | $ | 1,351 | $ | 16 | $ | 20,189 | $ | 6,162 | $ | 7,176 | $ | 10,018 | $ | 4,696 | $ | 21,698 | $ | 1,341,649 | $ | 1,315,484 | $ | 26,165 | 1.99 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination Income | 9,625 | 5,648 | 3,977 | 70.41 | % | — | — | — | — | — | — | — | 59 | 9,625 | 5,707 | 3,918 | 68.65 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 1,317,862 | 1,283,238 | 34,624 | 2.70 | % | 1,351 | 16 | 20,189 | 6,162 | 7,176 | 10,018 | 4,696 | 21,757 | 1,351,274 | 1,321,191 | 30,083 | 2.28 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking and Other | 33,873 | 37,187 | (3,314) | (8.91) | % | 213 | — | 9 | 12 | 201 | — | 554 | 932 | 34,850 | 38,131 | (3,281) | (8.60) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 1,351,735 | 1,320,425 | 31,310 | 2.37 | % | 1,564 | 16 | 20,198 | 6,174 | 7,377 | 10,018 | 5,250 | 22,689 | 1,386,124 | 1,359,322 | 26,802 | 1.97 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 482,026 | 478,972 | 3,054 | 0.64 | % | 1,130 | 1 | 5,814 | 3,440 | 3,252 | 4,176 | 1,815 | 8,135 | 494,037 | 494,724 | (687) | (0.14) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income, Excluding Residential and Hotel | 869,709 | 841,453 | 28,256 | 3.36 | % | 434 | 15 | 14,384 | 2,734 | 4,125 | 5,842 | 3,435 | 14,554 | 892,087 | 864,598 | 27,489 | 3.18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (Loss) (2) | 9,102 | 11,329 | (2,227) | (19.66) | % | — | — | (2,219) | — | — | — | — | — | 6,883 | 11,329 | (4,446) | (39.24) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Loss (2) | (1,854) | (1,870) | 16 | 0.86 | % | — | — | — | — | — | — | — | — | (1,854) | (1,870) | 16 | 0.86 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income | $ | 876,957 | $ | 850,912 | $ | 26,045 | 3.06 | % | $ | 434 | $ | 15 | $ | 12,165 | $ | 2,734 | $ | 4,125 | $ | 5,842 | $ | 3,435 | $ | 14,554 | $ | 897,116 | $ | 874,057 | $ | 23,059 | 2.64 | % |
Same Property Portfolio | Properties Placed In-Service Portfolio | Properties Acquired Portfolio | Properties in Development or Redevelopment Portfolio | Properties Sold Portfolio | Total Property Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | Increase/ (Decrease) | % Change | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | Increase/ (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue | $ | 1,793,037 | $ | 1,737,375 | $ | 55,662 | 3.20 | % | $ | 50,727 | $ | 30,682 | $ | 5,447 | $ | 2,447 | $ | 3,520 | $ | 17,220 | $ | 846 | $ | 3,231 | $ | 1,853,577 | $ | 1,790,955 | $ | 62,622 | 3.50 | % | ||||||||||||||||||||||||||||||
Termination Income | 23,730 | 59,681 | (35,951 | ) | (60.24 | )% | — | — | — | — | (1,428 | ) | (892 | ) | — | — | 22,302 | 58,789 | (36,487 | ) | (62.06 | )% | ||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue | 1,816,767 | 1,797,056 | 19,711 | 1.10 | % | 50,727 | 30,682 | 5,447 | 2,447 | 2,092 | 16,328 | 846 | 3,231 | 1,875,879 | 1,849,744 | 26,135 | 1.41 | % | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 664,110 | 641,839 | 22,271 | 3.47 | % | 14,640 | 7,476 | 1,320 | 565 | 10,560 | 8,834 | 689 | 1,526 | 691,319 | 660,240 | 31,079 | 4.71 | % | ||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss), excluding residential and hotel | 1,152,657 | 1,155,217 | (2,560 | ) | (0.22 | )% | 36,087 | 23,206 | 4,127 | 1,882 | (8,468 | ) | — | 7,494 | 157 | 1,705 | 1,184,560 | 1,189,504 | (4,944 | ) | (0.42 | )% | ||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (1) | 7,691 | 7,703 | (12 | ) | (0.16 | )% | — | — | — | — | 7 | (623 | ) | — | — | 7,698 | 7,080 | 618 | 8.73 | % | ||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Income (1) | 9,917 | 10,189 | (272 | ) | (2.67 | )% | — | — | — | — | — | — | — | — | 9,917 | 10,189 | (272 | ) | (2.67 | )% | ||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss) (1) | $ | 1,170,265 | $ | 1,173,109 | $ | (2,844 | ) | (0.24 | )% | $ | 36,087 | $ | 23,206 | $ | 4,127 | $ | 1,882 | $ | (8,461 | ) | $ | 6,871 | $ | 157 | $ | 1,705 | $ | 1,202,175 | $ | 1,206,773 | $ | (4,598 | ) | (0.38 | )% |
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 | $ | 808 | $ | 16 | $ | 792 | $ | 1,059 | $ | 1 | $ | 1,058 | ||||||||||||||||||||||||||||||||||||
153 & 211 Second Avenue | June 4, 2021 | 136,882 | 756 | — | 756 | 71 | — | 71 | ||||||||||||||||||||||||||||||||||||||||||
136,882 | $ | 1,564 | $ | 16 | $ | 1,548 | $ | 1,130 | $ | 1 | $ | 1,129 |
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 | $ | 3,531 | $ | 3,624 | $ | (93) | $ | 1,489 | $ | 1,322 | $ | 167 | |||||||||||||||||||||||||||||||||||||||||
17Fifty Presidents Street | First Quarter, 2020 | First Quarter, 2020 | 275,809 | 9,976 | 3,943 | 6,033 | 2,927 | 1,276 | 1,651 | |||||||||||||||||||||||||||||||||||||||||||||||
One Five Nine East 53rd Street (1) | First Quarter, 2021 | First Quarter, 2021 | 220,000 | 6,691 | (1,393) | 8,084 | 1,398 | 842 | 556 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Office | 707,285 | 20,198 | 6,174 | 14,024 | 5,814 | 3,440 | 2,374 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Skylyne | Third Quarter, 2020 | Third Quarter, 2020 | 330,996 | 1,011 | — | 1,011 | 3,230 | — | 3,230 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Residential | 330,996 | 1,011 | — | 1,011 | 3,230 | — | 3,230 | |||||||||||||||||||||||||||||||||||||||||||||||||
1,038,281 | $ | 21,209 | $ | 6,174 | $ | 15,035 | $ | 9,044 | $ | 3,440 | $ | 5,604 |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||
Name | Square Feet | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
601 Massachusetts Avenue | Third Quarter, 2015 | Second Quarter, 2016 | 478,818 | $ | 27,716 | $ | 24,938 | $ | 2,778 | $ | 6,871 | $ | 5,568 | $ | 1,303 | ||||||||||||||||
804 Carnegie Center | Second Quarter, 2016 | Second Quarter, 2016 | 130,000 | 4,195 | 2,576 | 1,619 | 1,024 | 1,066 | (42 | ) | |||||||||||||||||||||
10 CityPoint | Second Quarter, 2016 | Second Quarter, 2016 | 241,460 | 8,661 | 3,002 | 5,659 | 2,563 | 789 | 1,774 | ||||||||||||||||||||||
Reservoir Place North | Second Quarter, 2016 | Second Quarter, 2017 | 73,258 | — | (8 | ) | 8 | 225 | 34 | 191 | |||||||||||||||||||||
888 Boylston Street | Third Quarter, 2016 | Third Quarter, 2017 | 417,000 | 10,155 | 174 | 9,981 | 3,957 | 19 | 3,938 | ||||||||||||||||||||||
1,340,536 | $ | 50,727 | $ | 30,682 | $ | 20,045 | $ | 14,640 | $ | 7,476 | $ | 7,164 |
Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||
Name | Date acquired | Square Feet | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
3625-3635 Peterson Way | April 22, 2016 | 218,366 | $ | 4,395 | $ | 2,447 | $ | 1,948 | $ | 876 | $ | 565 | $ | 311 | |||||||||||||||
103 Carnegie Center | May 15, 2017 | 96,332 | 1,052 | — | 1,052 | 444 | — | 444 | |||||||||||||||||||||
314,698 | $ | 5,447 | $ | 2,447 | $ | 3,000 | $ | 1,320 | $ | 565 | $ | 755 |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Commenced Development / Redevelopment | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street (1) | May 9, 2019 | 115,000 | $ | — | $ | 36 | $ | (36) | $ | 109 | $ | 74 | $ | 35 | ||||||||||||||||||||||||||||||||||||
200 West Street (2) | September 30, 2019 | 261,000 | 3,148 | 2,593 | 555 | 1,236 | 1,781 | (545) | ||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (3) | February 25, 2021 | 224,000 | 2,476 | 4,313 | (1,837) | 1,448 | 1,632 | (184) | ||||||||||||||||||||||||||||||||||||||||||
3625-3635 Peterson Way (4) | April 16, 2021 | 218,000 | 1,753 | 3,076 | (1,323) | 459 | 689 | (230) | ||||||||||||||||||||||||||||||||||||||||||
818,000 | $ | 7,377 | $ | 10,018 | $ | (2,641) | $ | 3,252 | $ | 4,176 | $ | (924) |
Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||
Name | Date commenced development / redevelopment | Square Feet | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
One Five Nine East 53rd Street (1) | August 19, 2016 | 220,000 | $ | 1,350 | $ | 10,707 | $ | (9,357 | ) | $ | 6,562 | $ | 6,100 | $ | 462 | ||||||||||||||
191 Spring Street (2) | December 29, 2016 | 160,000 | — | 2,652 | (2,652 | ) | 2,821 | 1,511 | 1,310 | ||||||||||||||||||||
145 Broadway (3) | April 6, 2017 | 79,616 | 742 | 2,969 | (2,227 | ) | 1,177 | 1,223 | (46 | ) | |||||||||||||||||||
459,616 | $ | 2,092 | $ | 16,328 | $ | (14,236 | ) | $ | 10,560 | $ | 8,834 | $ | 1,726 |
(1)Real estate operating expenses for |
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 | 5,250 | 18,192 | (12,942) | 1,815 | 6,482 | (4,667) | |||||||||||||||||||||||||||||||||||||||||||||||
1,892,000 | $ | 5,250 | $ | 22,689 | $ | (17,439) | $ | 1,815 | $ | 8,135 | $ | (6,320) |
Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||||
Name | Date Sold | Property Type | Square Feet | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
415 Main Street | February 1, 2016 | Office | 231,000 | $ | — | $ | 1,675 | $ | (1,675 | ) | $ | — | $ | 412 | $ | (412 | ) | ||||||||||||||||
30 Shattuck Road | April 19, 2017 | Land | N/A | — | — | — | 14 | 35 | (21 | ) | |||||||||||||||||||||||
40 Shattuck Road | June 13, 2017 | Office | 122,000 | 846 | 1,556 | (710 | ) | 599 | 981 | (382 | ) | ||||||||||||||||||||||
Reston Eastgate | August 30, 2017 | Land | N/A | — | — | — | 76 | 98 | (22 | ) | |||||||||||||||||||||||
353,000 | $ | 846 | — | $ | 3,231 | — | $ | (2,385 | ) | $ | 689 | $ | 1,526 | $ | (837 | ) |
The Lofts at Atlantic Wharf | The Avant at Reston Town Center | The Lofts at Atlantic Wharf | The Avant at Reston Town Center | Signature at Reston | Proto Kendall Square | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Percentage Change | 2017 | 2016 | Percentage Change | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Monthly Rental Rate (1) | $ | 4,248 | $ | 4,150 | 2.4 | % | $ | 2,391 | $ | 2,375 | 0.7 | % | Average Monthly Rental Rate (1) | $ | 3,315 | $ | 4,520 | (26.7) | % | $ | 2,233 | $ | 2,395 | (6.8) | % | $ | 2,204 | $ | 2,331 | (5.4) | % | $ | 2,544 | $ | 2,959 | (14.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Rental Rate Per Occupied Square Foot | $ | 4.71 | $ | 4.59 | 2.6 | % | $ | 2.63 | $ | 2.61 | 0.8 | % | Average Rental Rate Per Occupied Square Foot | $ | 3.75 | $ | 5.02 | (25.3) | % | $ | 2.45 | $ | 2.63 | (6.8) | % | $ | 2.29 | $ | 2.48 | (7.7) | % | $ | 4.69 | $ | 5.44 | (13.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Physical Occupancy (2) | 94.4 | % | 96.3 | % | (2.0 | )% | 93.8 | % | 94.2 | % | (0.4 | )% | Average Physical Occupancy (2) | 91.9 | % | 93.4 | % | (1.6) | % | 93.2 | % | 90.5 | % | 3.0 | % | 83.6 | % | 81.9 | % | 2.1 | % | 91.0 | % | 94.0 | % | (3.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Economic Occupancy (3) | 95.3 | % | 97.3 | % | (2.1 | )% | 92.9 | % | 94.1 | % | (1.3 | )% | Average Economic Occupancy (3) | 88.8 | % | 93.0 | % | (4.5) | % | 92.2 | % | 89.3 | % | 3.2 | % | 79.4 | % | 76.8 | % | 3.4 | % | 89.5 | % | 93.5 | % | (4.3) | % |
2017 | 2016 | Percentage Change | 2021 | 2020 | Change (%) | ||||||||||||||||||||||||||
Occupancy | 81.0 | % | 82.2 | % | (1.5 | )% | Occupancy | 16.5 | % | 29.8 | % | (44.6) | % | ||||||||||||||||||
Average daily rate | $ | 273.96 | $ | 269.10 | 1.8 | % | Average daily rate | $ | 147.66 | $ | 211.29 | (30.1) | % | ||||||||||||||||||
Revenue per available room, REVPAR | $ | 221.98 | $ | 221.28 | 0.3 | % | |||||||||||||||||||||||||
REVPAR | REVPAR | $ | 24.36 | $ | 62.98 | (61.3) | % |
Portfolio | Depreciation and Amortization for the six months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio (1) | $ | 328,597 | $ | 337,703 | $ | (9,106) | ||||||||||||||
Properties Acquired Portfolio | 979 | — | 979 | |||||||||||||||||
Properties Placed In-Service Portfolio | 9,641 | 2,544 | 7,097 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (2) | 20,522 | 5,750 | 14,772 | |||||||||||||||||
Properties Sold Portfolio | 664 | 3,285 | (2,621) | |||||||||||||||||
$ | 360,403 | $ | 349,282 | $ | 11,121 |
Depreciation and Amortization Expense for the nine months ended September 30, | ||||||||||||
2017 | 2016 | Change | ||||||||||
(in thousands) | ||||||||||||
Same Property Portfolio | $ | 445,553 | $ | 454,110 | $ | (8,557 | ) | |||||
Properties Placed in-Service Portfolio | 10,881 | 5,741 | 5,140 | |||||||||
Properties Acquired Portfolio | 3,658 | 1,719 | 1,939 | |||||||||
Properties in Development or Redevelopment Portfolio (1) | 2,924 | 54,093 | (51,169 | ) | ||||||||
Properties Sold Portfolio | 272 | 708 | (436 | ) | ||||||||
$ | 463,288 | $ | 516,371 | $ | (53,083 | ) |
Portfolio | Depreciation and Amortization for the six months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio (1) | $ | 323,772 | $ | 334,115 | $ | (10,343) | ||||||||||||||
Properties Acquired Portfolio | 979 | — | 979 | |||||||||||||||||
Properties Placed In-Service Portfolio | 9,641 | 2,544 | 7,097 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (2) | 20,522 | 5,750 | 14,772 | |||||||||||||||||
Properties Sold Portfolio | 664 | 3,285 | (2,621) | |||||||||||||||||
$ | 355,578 | $ | 345,694 | $ | 9,884 |
Depreciation and Amortization Expense for the nine months ended September 30, | ||||||||||||
2017 | 2016 | Change | ||||||||||
(in thousands) | ||||||||||||
Same Property Portfolio | $ | 439,367 | $ | 448,155 | $ | (8,788 | ) | |||||
Properties Placed in-Service Portfolio | 10,881 | 5,741 | 5,140 | |||||||||
Properties Acquired Portfolio | 3,658 | 1,719 | 1,939 | |||||||||
Properties in Development or Redevelopment Portfolio (1) | 2,924 | 50,911 | (47,987 | ) | ||||||||
Properties Sold Portfolio | 272 | 708 | (436 | ) | ||||||||
$ | 457,102 | $ | 507,234 | $ | (50,132 | ) |
Component | Change in interest expense for the nine months ended September 30, 2017 compared to September 30, 2016 | |||
(in thousands) | ||||
Increases to interest expense due to: | ||||
Issuance of $1.0 billion in aggregate principal of 2.750% senior notes due 2026 on August 17, 2016 | $ | 20,797 | ||
Refinancing of the debt collateralized by 767 Fifth Avenue (the General Motors Building) (1) | 10,251 | |||
Issuance of $1.0 billion in aggregate principal of 3.650% senior notes due 2026 on January 20, 2016 | 1,953 | |||
Utilization of the Unsecured Line of Credit as well as an increase in capacity due to the execution of the 2017 Credit Facility (1) | 1,879 | |||
Amortization of deferred financing fees for BPLP’s unsecured debt and credit facility | 1,036 | |||
Other interest expense (excluding senior notes) | 203 | |||
Total increases to interest expense | 36,119 | |||
Decreases to interest expense due to: | ||||
Repayment of mortgage financings (2) | (44,900 | ) | ||
Increase in capitalized interest (3) | (14,330 | ) | ||
Decrease in the interest for the Outside Members’ Notes Payable for the 767 Fifth Avenue (the General Motors Building) (4) | (9,133 | ) | ||
Total decreases to interest expense | (68,363 | ) | ||
Total change in interest expense | $ | (32,244 | ) |
Name | Date Sold | Property Type | Square Feet | Sale Price | Cash Proceeds | Gain on Sale of Real Estate | |||||||||||||
(dollars in millions) | |||||||||||||||||||
2017 | |||||||||||||||||||
30 Shattuck Road | April 19, 2017 | Land | N/A | $ | 5.0 | $ | 5.0 | $ | 3.7 | ||||||||||
40 Shattuck Road | June 13, 2017 | Office | 122,000 | 12.0 | 11.9 | — | (1) | ||||||||||||
Reston Eastgate | August 30, 2017 | Land | N/A | 14.0 | 13.2 | 2.8 | |||||||||||||
$ | 31.0 | $ | 30.1 | $ | 6.5 | (2) | |||||||||||||
2016 | |||||||||||||||||||
415 Main Street | February 1, 2016 | Office | 231,000 | $ | 105.4 | $ | 104.9 | $ | 60.8 | ||||||||||
Broad Run Business Park | August 16, 2016 | Land | N/A | 18.0 | 17.9 | 13.0 | |||||||||||||
$ | 123.4 | $ | 122.8 | $ | 73.8 | (3) |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 7.8 | (1) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 7.8 | ||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Capital Gallery | June 25, 2020 | Office | 455,000 | 253.7 | 246.9 | 203.8 | |||||||||||||||||||||||||||||||||||
$ | 859.7 | $ | 500.9 | $ | 613.8 | (2) |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 7.8 | (1) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 7.8 | ||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Capital Gallery | June 25, 2020 | Office | 455,000 | 253.7 | 246.9 | 207.2 | |||||||||||||||||||||||||||||||||||
$ | 859.7 | $ | 500.9 | $ | 626.7 | (2) |
Name | Date Sold | Property Type | Square Feet | Sale Price | Cash Proceeds | Gain on Sale of Real Estate | |||||||||||||
(dollars in millions) | |||||||||||||||||||
2017 | |||||||||||||||||||
30 Shattuck Road | April 19, 2017 | Land | N/A | $ | 5.0 | $ | 5.0 | $ | 3.7 | ||||||||||
40 Shattuck Road | June 13, 2017 | Office | 122,000 | 12.0 | 11.9 | 0.6 | |||||||||||||
Reston Eastgate | August 30, 2017 | Land | N/A | 14.0 | 13.2 | 2.8 | |||||||||||||
$ | 31.0 | $ | 30.1 | $ | 7.1 | (1) | |||||||||||||
2016 | |||||||||||||||||||
415 Main Street | February 1, 2016 | Office | 231,000 | $ | 105.4 | $ | 104.9 | $ | 63.0 | ||||||||||
Broad Run Business Park | August 16, 2016 | Land | N/A | 18.0 | 17.9 | 13.0 | |||||||||||||
$ | 123.4 | $ | 122.8 | $ | 76.0 | (2) |
Change in interest expense for the |
(in thousands) | ||||||||
Increases to interest expense due to: | ||||||||
$ | 14,155 | |||||||
Issuance of $850 million in aggregate principal of | 6,406 | |||||||
Increase in interest due to finance leases that are related to | 2,051 | |||||||
Increase in interest due to finance leases for two in-service properties | 1,157 | |||||||
Decrease in capitalized interest related to development projects | 769 | |||||||
Total increases to interest expense | 24,538 | |||||||
Decreases to interest expense due to: | ||||||||
Redemption of $850 million in aggregate principal of 4.125% senior notes due 2021 on February 14, 2021 | (13,605) | |||||||
Decrease in interest rates for the | (4,215) | |||||||
Increase in | (769) | |||||||
Other interest expense (excluding senior notes) | (372) | |||||||
Decrease in interest related to the repayment of the University Place mortgage loan | (89) | |||||||
Total decreases to interest expense | (19,050) | |||||||
Total change in interest expense | $ | 5,488 |
Property | Noncontrolling Interests in Property Partnerships for the nine months ended September 30, | |||||||||||
2017 | 2016 | Change | ||||||||||
(in thousands) | ||||||||||||
Salesforce Tower | $ | (355 | ) | $ | (3 | ) | $ | (352 | ) | |||
767 Fifth Avenue (the General Motors Building) (1) | (1,779 | ) | (15,477 | ) | 13,698 | |||||||
Times Square Tower | 20,002 | 20,110 | (108 | ) | ||||||||
601 Lexington Avenue (2) | 6,597 | (14,221 | ) | 20,818 | ||||||||
100 Federal Street | 2,483 | 2,683 | (200 | ) | ||||||||
Atlantic Wharf Office | 7,019 | 6,961 | 58 | |||||||||
$ | 33,967 | $ | 53 | $ | 33,914 |
Property | Noncontrolling Interests in Property Partnerships for the six months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) (1) | $ | 5,467 | $ | 2,101 | $ | 3,366 | ||||||||||||||
Times Square Tower (2) | 9,920 | (3,347) | 13,267 | |||||||||||||||||
601 Lexington Avenue (3) | 6,809 | 7,965 | (1,156) | |||||||||||||||||
100 Federal Street | 6,790 | 7,309 | (519) | |||||||||||||||||
Atlantic Wharf Office Building | 4,645 | 4,691 | (46) | |||||||||||||||||
$ | 33,631 | $ | 18,719 | $ | 14,912 |
(1)The increase was primarily attributable to an increase in lease revenue from our tenants. In addition, during the six months ended June 30, 2020, we accelerated amortization expense related to a below-market lease that terminated early. (2)During the six months ended June 30, 2020, we wrote off approximately $26.8 million of accrued rent and accounts receivable balances for tenants that either terminated their leases or for which we determined their accrued rent and/or accounts receivable balances, primarily retail tenants, were no longer probable of collection. Approximately $12.0 million represents our partners’ share of the write-offs. (3)The decrease was primarily due to a decrease in lease revenue from our retail tenants and a tenant that terminated its space during the six months ended June 30, 2020, partially offset by the increase in revenue related to placing in-service One Five Nine East 53rd Street. During the six months ended June 30, 2020, we wrote off approximately $2.9 million of accrued rent and accounts receivable balances for tenants that either terminated their leases or for which we determined their accrued rent and/or accounts receivable balances, primarily retail tenants, were no longer probable of collection. Approximately $1.3 million represents our partners’ share of the write-offs. |
Total Property Portfolio | |||||||||||||||
2017 | 2016 | Increase/ (Decrease) | % Change | ||||||||||||
(in thousands) | |||||||||||||||
Net Income Attributable to Boston Properties, Inc. Common Shareholders | $ | 117,337 | $ | 76,753 | $ | 40,584 | 52.88 | % | |||||||
Preferred dividends | 2,625 | 2,589 | 36 | 1.39 | % | ||||||||||
Net Income Attributable to Boston Properties, Inc. | 119,962 | 79,342 | 40,620 | 51.20 | % | ||||||||||
Net Income Attributable to Noncontrolling Interests: | |||||||||||||||
Noncontrolling interest—common units of Boston Properties Limited Partnership | 13,402 | 9,387 | 4,015 | 42.77 | % | ||||||||||
Noncontrolling interests in property partnerships | 14,340 | (17,225 | ) | 31,565 | 183.25 | % | |||||||||
Net Income | 147,704 | 71,504 | 76,200 | 106.57 | % | ||||||||||
Gains on sales of real estate | 2,891 | 12,983 | (10,092 | ) | (77.73 | )% | |||||||||
Income Before Gains on Sales of Real Estate | 144,813 | 58,521 | 86,292 | 147.45 | % | ||||||||||
Other Expenses: | |||||||||||||||
Add: | |||||||||||||||
Losses from interest rate contracts | — | 140 | (140 | ) | (100.00 | )% | |||||||||
Losses from early extinguishments of debt | — | 371 | (371 | ) | (100.00 | )% | |||||||||
Interest expense | 92,032 | 104,641 | (12,609 | ) | (12.05 | )% | |||||||||
Other Income: | |||||||||||||||
Less: | |||||||||||||||
Gains from investments in securities | 944 | 976 | (32 | ) | (3.28 | )% | |||||||||
Interest and other income | 1,329 | 3,628 | (2,299 | ) | (63.37 | )% | |||||||||
Income from unconsolidated joint ventures | 843 | 1,464 | (621 | ) | (42.42 | )% | |||||||||
Operating Income | 233,729 | 157,605 | 76,124 | 48.30 | % | ||||||||||
Other Expenses: | |||||||||||||||
Add: | |||||||||||||||
Depreciation and amortization expense | 152,164 | 203,748 | (51,584 | ) | (25.32 | )% | |||||||||
Impairment loss | — | 1,783 | (1,783 | ) | (100.00 | )% | |||||||||
Transaction costs | 239 | 249 | (10 | ) | (4.02 | )% | |||||||||
General and administrative expense | 25,792 | 25,165 | 627 | 2.49 | % | ||||||||||
Other Revenue: | |||||||||||||||
Less: | |||||||||||||||
Development and management services revenue | 10,811 | 6,364 | 4,447 | 69.88 | % | ||||||||||
Net Operating Income | $ | 401,113 | $ | 382,186 | $ | 18,927 | 4.95 | % |
Three months ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. Common Shareholders | $ | 111,703 | $ | 266,525 | $ | (154,822) | (58.09) | % | ||||||||||||||||||
Preferred dividends | — | 2,625 | (2,625) | (100.00) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties, Inc. | 111,703 | 269,150 | (157,447) | (58.50) | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 12,383 | 30,197 | (17,814) | (58.99) | % | |||||||||||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | 17,931 | 2,337.81 | % | |||||||||||||||||||||
Net Income | 141,250 | 298,580 | (157,330) | (52.69) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 106,319 | 107,142 | (823) | (0.77) | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains from investments in securities | 2,275 | 4,552 | (2,277) | (50.02) | % | |||||||||||||||||||||
Interest and other income (loss) | 1,452 | 1,305 | 147 | 11.26 | % | |||||||||||||||||||||
Gains on sales of real estate | 7,756 | 203,767 | (196,011) | (96.19) | % | |||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (1,373) | 1,832 | (3,205) | (174.95) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 183,838 | 178,188 | 5,650 | 3.17 | % | |||||||||||||||||||||
Transaction costs | 751 | 332 | 419 | 126.20 | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 2,655 | 2,484 | 171 | 6.88 | % | |||||||||||||||||||||
General and administrative expense | 38,405 | 37,743 | 662 | 1.75 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 2,655 | 2,484 | 171 | 6.88 | % | |||||||||||||||||||||
Development and management services revenue | 7,284 | 8,125 | (841) | (10.35) | % | |||||||||||||||||||||
Net Operating Income | $ | 453,169 | $ | 402,404 | $ | 50,765 | 12.62 | % |
Three months ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership Common Unitholders | $ | 125,846 | $ | 301,975 | $ | (176,129) | (58.33) | % | ||||||||||||||||||
Preferred distributions | — | 2,625 | (2,625) | (100.00) | % | |||||||||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership | 125,846 | 304,600 | (178,754) | (58.68) | % | |||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | 17,931 | 2,337.81 | % | |||||||||||||||||||||
Net Income | 143,010 | 303,833 | (160,823) | (52.93) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 106,319 | 107,142 | (823) | (0.77) | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gains from investments in securities | 2,275 | 4,552 | (2,277) | (50.02) | % | |||||||||||||||||||||
Interest and other income (loss) | 1,452 | 1,305 | 147 | 11.26 | % | |||||||||||||||||||||
Gains on sales of real estate | 7,756 | 207,241 | (199,485) | (96.26) | % | |||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (1,373) | 1,832 | (3,205) | (174.95) | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 182,078 | 176,409 | 5,669 | 3.21 | % | |||||||||||||||||||||
Transaction costs | 751 | 332 | 419 | 126.20 | % | |||||||||||||||||||||
Payroll and related costs from management services contracts | 2,655 | 2,484 | 171 | 6.88 | % | |||||||||||||||||||||
General and administrative expense | 38,405 | 37,743 | 662 | 1.75 | % | |||||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 2,655 | 2,484 | 171 | 6.88 | % | |||||||||||||||||||||
Development and management services revenue | 7,284 | 8,125 | (841) | (10.35) | % | |||||||||||||||||||||
Net Operating Income | $ | 453,169 | $ | 402,404 | $ | 50,765 | 12.62 | % |
Total Property Portfolio | |||||||||||||||
2017 | 2016 | Increase/ (Decrease) | % Change | ||||||||||||
(in thousands) | |||||||||||||||
Net Income Attributable to Boston Properties Limited Partnership Common Unitholders | $ | 132,693 | $ | 91,306 | $ | 41,387 | 45.33 | % | |||||||
Preferred distributions | 2,625 | 2,589 | 36 | 1.39 | % | ||||||||||
Net Income Attributable to Boston Properties Limited Partnership | 135,318 | 93,895 | 41,423 | 44.12 | % | ||||||||||
Net Income Attributable to Noncontrolling Interests: | |||||||||||||||
Noncontrolling interests in property partnerships | 14,340 | (17,225 | ) | 31,565 | 183.25 | % | |||||||||
Net Income | 149,658 | 76,670 | 72,988 | 95.20 | % | ||||||||||
Gains on sales of real estate | 2,891 | 12,983 | (10,092 | ) | (77.73 | )% | |||||||||
Income Before Gains on Sales of Real Estate | 146,767 | 63,687 | 83,080 | 130.45 | % | ||||||||||
Other Expenses: | |||||||||||||||
Add: | |||||||||||||||
Losses from interest rate contracts | — | 140 | (140 | ) | (100.00 | )% | |||||||||
Losses from early extinguishments of debt | — | 371 | (371 | ) | (100.00 | )% | |||||||||
Interest expense | 92,032 | 104,641 | (12,609 | ) | (12.05 | )% | |||||||||
Other Income: | |||||||||||||||
Less: | |||||||||||||||
Gains from investments in securities | 944 | 976 | (32 | ) | (3.28 | )% | |||||||||
Interest and other income | 1,329 | 3,628 | (2,299 | ) | (63.37 | )% | |||||||||
Income from unconsolidated joint ventures | 843 | 1,464 | (621 | ) | (42.42 | )% | |||||||||
Operating Income | 235,683 | 162,771 | 72,912 | 44.79 | % | ||||||||||
Other Expenses: | |||||||||||||||
Add: | |||||||||||||||
Depreciation and amortization expense | 150,210 | 198,582 | (48,372 | ) | (24.36 | )% | |||||||||
Impairment loss | — | 1,783 | (1,783 | ) | (100.00 | )% | |||||||||
Transaction costs | 239 | 249 | (10 | ) | (4.02 | )% | |||||||||
General and administrative expense | 25,792 | 25,165 | 627 | 2.49 | % | ||||||||||
Other Revenue: | |||||||||||||||
Less: | |||||||||||||||
Development and management services revenue | 10,811 | 6,364 | 4,447 | 69.88 | % | ||||||||||
Net Operating Income | $ | 401,113 | $ | 382,186 | $ | 18,927 | 4.95 | % |
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) | $ | 656,819 | $ | 605,044 | $ | 51,775 | 8.56 | % | $ | 1,041 | $ | 16 | $ | 5,849 | $ | (510) | $ | 2,904 | $ | 4,932 | $ | 2,493 | $ | 8,084 | $ | 669,106 | $ | 617,566 | $ | 51,540 | 8.35 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination Income | 5,355 | 3,264 | 2,091 | 64.06 | % | — | — | — | — | — | — | — | 45 | 5,355 | 3,309 | 2,046 | 61.83 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | 662,174 | 608,308 | 53,866 | 8.86 | % | 1,041 | 16 | 5,849 | (510) | 2,904 | 4,932 | 2,493 | 8,129 | 674,461 | 620,875 | 53,586 | 8.63 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking and Other | 17,396 | 13,549 | 3,847 | 28.39 | % | 176 | — | 3 | 6 | 201 | — | 307 | 233 | 18,083 | 13,788 | 4,295 | 31.15 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue (1) | 679,570 | 621,857 | 57,713 | 9.28 | % | 1,217 | 16 | 5,852 | (504) | 3,105 | 4,932 | 2,800 | 8,362 | 692,544 | 634,663 | 57,881 | 9.12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 237,923 | 229,685 | 8,238 | 3.59 | % | 679 | 1 | 1,441 | 1,013 | 1,755 | 2,046 | 977 | 3,077 | 242,775 | 235,822 | 6,953 | 2.95 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss), Excluding Residential and Hotel | 441,647 | 392,172 | 49,475 | 12.62 | % | 538 | 15 | 4,411 | (1,517) | 1,350 | 2,886 | 1,823 | 5,285 | 449,769 | 398,841 | 50,928 | 12.77 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (Loss) (2) | 4,689 | 5,437 | (748) | (13.76) | % | — | — | (854) | — | — | — | — | — | 3,835 | 5,437 | (1,602) | (29.46) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Loss (2) | (435) | (1,874) | 1,439 | 76.79 | % | — | — | — | — | — | — | — | — | (435) | (1,874) | 1,439 | 76.79 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss) | $ | 445,901 | $ | 395,735 | $ | 50,166 | 12.68 | % | $ | 538 | $ | 15 | $ | 3,557 | $ | (1,517) | $ | 1,350 | $ | 2,886 | $ | 1,823 | $ | 5,285 | $ | 453,169 | $ | 402,404 | $ | 50,765 | 12.62 | % |
Same Property Portfolio | Properties Placed In-Service Portfolio | Properties Acquired Portfolio | Properties in Development or Redevelopment Portfolio | Properties Sold Portfolio | Total Property Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | Increase/ (Decrease) | % Change | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | Increase/ (Decrease) | % Change | |||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Revenue | $ | 618,930 | $ | 599,451 | $ | 19,479 | 3.25 | % | $ | 4,267 | $ | 174 | $ | 689 | $ | — | $ | 873 | $ | 2,233 | $ | — | $ | 450 | $ | 624,759 | $ | 602,308 | $ | 22,451 | 3.73 | % | |||||||||||||||||||||||||||||
Termination Income | 4,740 | 836 | 3,904 | 466.99 | % | — | — | — | — | 43 | (1,006 | ) | — | — | 4,783 | (170 | ) | 4,953 | 2,913.53 | % | |||||||||||||||||||||||||||||||||||||||||
Total Rental Revenue | 623,670 | 600,287 | 23,383 | 3.90 | % | 4,267 | 174 | 689 | — | 916 | 1,227 | — | 450 | 629,542 | 602,138 | 27,404 | 4.55 | % | |||||||||||||||||||||||||||||||||||||||||||
Real Estate Operating Expenses | 231,351 | 223,024 | 8,327 | 3.73 | % | 1,674 | 53 | 269 | — | 2,452 | 2,920 | 18 | 340 | 235,764 | 226,337 | 9,427 | 4.17 | % | |||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss), excluding residential and hotel | 392,319 | 377,263 | 15,056 | 3.99 | % | 2,593 | 121 | 420 | — | (1,536 | ) | (1,693 | ) | (18 | ) | 110 | 393,778 | 375,801 | 17,977 | 4.78 | % | ||||||||||||||||||||||||||||||||||||||||
Residential Net Operating Income (1) | 2,711 | 2,772 | (61 | ) | (2.20 | )% | — | — | — | — | 7 | (623 | ) | — | — | 2,718 | 2,149 | 569 | 26.48 | % | |||||||||||||||||||||||||||||||||||||||||
Hotel Net Operating Income (1) | 4,617 | 4,236 | 381 | 8.99 | % | — | — | — | — | — | — | — | — | 4,617 | 4,236 | 381 | 8.99 | % | |||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (Loss) (1) | $ | 399,647 | $ | 384,271 | $ | 15,376 | 4.00 | % | $ | 2,593 | $ | 121 | $ | 420 | $ | — | $ | (1,529 | ) | $ | (2,316 | ) | $ | (18 | ) | $ | 110 | $ | 401,113 | $ | 382,186 | $ | 18,927 | 4.95 | % |
Quarter Initially Placed In-Service | Quarter Fully Placed In-Service | Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||
Name | Square Feet | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Reservoir Place North | Second Quarter, 2016 | Second Quarter, 2017 | 73,258 | $ | — | $ | — | $ | — | $ | 103 | $ | 34 | $ | 69 | ||||||||||||||||
888 Boylston Street | Third Quarter, 2016 | Third Quarter, 2017 | 417,000 | 4,267 | 174 | 4,093 | 1,571 | 19 | 1,552 | ||||||||||||||||||||||
490,258 | $ | 4,267 | $ | 174 | $ | 4,093 | $ | 1,674 | $ | 53 | $ | 1,621 |
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 | $ | 461 | $ | 16 | $ | 445 | $ | 608 | $ | 1 | $ | 607 | ||||||||||||||||||||||||||||||||||||
153 & 211 Second Avenue | June 4, 2021 | 136,882 | 756 | — | 756 | 71 | — | 71 | ||||||||||||||||||||||||||||||||||||||||||
136,882 | $ | 1,217 | $ | 16 | $ | 1,201 | $ | 679 | $ | 1 | $ | 678 |
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 | $ | 1,837 | $ | 1,775 | $ | 62 | $ | 762 | $ | 734 | $ | 28 | |||||||||||||||||||||||||||||||||||||||||
One Five Nine East 53rd Street (1) | First Quarter, 2021 | First Quarter, 2021 | 220,000 | 4,015 | (2,279) | 6,294 | 679 | 279 | 400 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Office | 431,476 | 5,852 | (504) | 6,356 | 1,441 | 1,013 | 428 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Skylyne | Third Quarter, 2020 | Third Quarter, 2020 | 330,996 | 690 | — | 690 | 1,544 | — | 1,544 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Residential | 330,996 | 690 | — | 690 | 1,544 | — | 1,544 | |||||||||||||||||||||||||||||||||||||||||||||||||
762,472 | $ | 6,542 | $ | (504) | $ | 7,046 | $ | 2,985 | $ | 1,013 | $ | 1,972 |
Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||
Name | Date acquired | Square Feet | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
103 Carnegie Center | May 25, 2017 | 96,332 | $ | 689 | $ | — | $ | 689 | $ | 269 | $ | — | $ | 269 |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Commenced Development / Redevelopment | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street (1) | May 9, 2019 | 115,000 | $ | — | $ | 36 | $ | (36) | $ | 92 | $ | (75) | $ | 167 | ||||||||||||||||||||||||||||||||||||
200 West Street (2) | September 30, 2019 | 261,000 | 1,647 | 1,325 | 322 | 866 | 938 | (72) | ||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (3) | February 25, 2021 | 224,000 | 1,141 | 2,033 | (892) | 690 | 827 | (137) | ||||||||||||||||||||||||||||||||||||||||||
3625-3635 Peterson Way (4) | April 16, 2021 | 218,000 | 317 | 1,538 | (1,221) | 107 | 356 | (249) | ||||||||||||||||||||||||||||||||||||||||||
818,000 | $ | 3,105 | $ | 4,932 | $ | (1,827) | $ | 1,755 | $ | 2,046 | $ | (291) |
Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||
Name | Date commenced development / redevelopment | Square Feet | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
One Five Nine East 53rd Street (1) | August 19, 2016 | 220,000 | $ | 916 | $ | 106 | $ | 810 | $ | 2,204 | $ | 2,133 | $ | 71 | |||||||||||||||
191 Spring Street (2) | December 29, 2016 | 160,000 | — | 197 | (197 | ) | 233 | 482 | (249 | ) | |||||||||||||||||||
145 Broadway (3) | April 6, 2017 | 79,616 | — | 924 | (924 | ) | 15 | 305 | (290 | ) | |||||||||||||||||||
459,616 | $ | 916 | $ | 1,227 | $ | (311 | ) | $ | 2,452 | $ | 2,920 | $ | (468 | ) |
Rental Revenue | Real Estate Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Date Sold | Property Type | Square Feet | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Gallery (1) | June 25, 2020 | Office | 631,000 | $ | 2,800 | $ | 8,362 | $ | (5,562) | $ | 977 | $ | 3,077 | $ | (2,100) | |||||||||||||||||||||||||||||||||||||||||
631,000 | $ | 2,800 | $ | 8,362 | $ | (5,562) | $ | 977 | $ | 3,077 | $ | (2,100) |
Rental Revenue | Real Estate Operating Expenses | ||||||||||||||||||||||||||||||
Name | Date Sold | Property Type | Square Feet | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
30 Shattuck Road | April 19, 2017 | Land | N/A | $ | — | $ | — | $ | — | $ | — | $ | 11 | $ | (11 | ) | |||||||||||||||
40 Shattuck Road | June 13, 2017 | Office | 122,000 | — | 450 | (450 | ) | — | 297 | (297 | ) | ||||||||||||||||||||
Reston Eastgate | August 30, 2017 | Land | N/A | — | — | — | 18 | 32 | (14 | ) | |||||||||||||||||||||
122,000 | $ | — | $ | 450 | $ | (450 | ) | $ | 18 | $ | 340 | $ | (322 | ) |
The Lofts at Atlantic Wharf | The Avant at Reston Town Center | Signature at Reston | Proto Kendall Square | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | 2021 | 2020 | Change (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Monthly Rental Rate (1) | $ | 3,156 | $ | 4,530 | (30.3) | % | $ | 2,180 | $ | 2,371 | (8.1) | % | $ | 2,143 | $ | 2,320 | (7.6) | % | $ | 2,504 | $ | 2,891 | (13.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Rental Rate Per Occupied Square Foot | $ | 3.51 | $ | 5.01 | (29.9) | % | $ | 2.38 | $ | 2.60 | (8.5) | % | $ | 2.22 | $ | 2.45 | (9.4) | % | $ | 4.60 | $ | 5.31 | (13.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Physical Occupancy (2) | 96.1 | % | 91.9 | % | 4.6 | % | 95.0 | % | 89.5 | % | 6.1 | % | 87.2 | % | 81.5 | % | 7.0 | % | 91.7 | % | 92.5 | % | (0.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Economic Occupancy (3) | 93.7 | % | 91.7 | % | 2.2 | % | 94.3 | % | 88.4 | % | 6.7 | % | 83.1 | % | 76.7 | % | 8.3 | % | 90.2 | % | 91.9 | % | (1.8) | % |
The Lofts at Atlantic Wharf | The Avant at Reston Town Center | |||||||||||||||||||||
2017 | 2016 | Percentage Change | 2017 | 2016 | Percentage Change | |||||||||||||||||
Average Monthly Rental Rate (1) | $ | 4,295 | $ | 4,146 | 3.6 | % | $ | 2,418 | $ | 2,429 | (0.5 | )% | ||||||||||
Average Rental Rate Per Occupied Square Foot | $ | 4.74 | $ | 4.63 | 2.4 | % | $ | 2.68 | $ | 2.68 | — | % | ||||||||||
Average Physical Occupancy (2) | 94.2 | % | 97.3 | % | (3.2 | )% | 95.7 | % | 95.6 | % | 0.1 | % | ||||||||||
Average Economic Occupancy (3) | 95.5 | % | 97.7 | % | (2.3 | )% | 94.4 | % | 95.6 | % | (1.3 | )% |
2021 | 2020 | Change (%) | ||||||||||||||||||
Occupancy | 21.7 | % | — | % | 100.0 | % | ||||||||||||||
Average daily rate | $ | 160.96 | $ | — | 100.0 | % | ||||||||||||||
REVPAR | $ | 34.86 | $ | — | 100.0 | % |
2017 | 2016 | Percentage Change | |||||||||
Occupancy | 90.3 | % | 87.2 | % | 3.6 | % | |||||
Average daily rate | $ | 283.76 | $ | 279.03 | 1.7 | % | |||||
Revenue per available room, REVPAR | $ | 256.32 | $ | 243.19 | 5.4 | % |
Portfolio | Depreciation and Amortization for the three months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 164,320 | $ | 173,666 | $ | (9,346) | ||||||||||||||
Properties Acquired Portfolio | 977 | — | 977 | |||||||||||||||||
Properties Placed In-Service Portfolio | 3,821 | 577 | 3,244 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (1) | 14,390 | 2,759 | 11,631 | |||||||||||||||||
Properties Sold Portfolio | 330 | 1,186 | (856) | |||||||||||||||||
$ | 183,838 | $ | 178,188 | $ | 5,650 |
Depreciation and Amortization Expense for the three months ended September 30, | ||||||||||||
2017 | 2016 | Change | ||||||||||
(in thousands) | ||||||||||||
Same Property Portfolio | $ | 150,367 | $ | 151,733 | $ | (1,366 | ) | |||||
Properties Placed in-Service Portfolio | 1,059 | 8 | 1,051 | |||||||||
Properties Acquired Portfolio | 738 | — | 738 | |||||||||
Properties in Development or Redevelopment Portfolio (1) | — | 51,817 | (51,817 | ) | ||||||||
Properties Sold Portfolio | — | 190 | (190 | ) | ||||||||
$ | 152,164 | $ | 203,748 | $ | (51,584 | ) |
Portfolio | Depreciation and Amortization for the three months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Same Property Portfolio | $ | 162,560 | $ | 171,887 | $ | (9,327) | ||||||||||||||
Properties Acquired Portfolio | 977 | — | 977 | |||||||||||||||||
Properties Placed In-Service Portfolio | 3,821 | 577 | 3,244 | |||||||||||||||||
Properties in Development or Redevelopment Portfolio (1) | 14,390 | 2,759 | 11,631 | |||||||||||||||||
Properties Sold Portfolio | 330 | 1,186 | (856) | |||||||||||||||||
$ | 182,078 | $ | 176,409 | $ | 5,669 |
Depreciation and Amortization Expense for the three months ended September 30, | ||||||||||||
2017 | 2016 | Change | ||||||||||
(in thousands) | ||||||||||||
Same Property Portfolio | $ | 148,413 | $ | 149,749 | $ | (1,336 | ) | |||||
Properties Placed in-Service Portfolio | 1,059 | 8 | 1,051 | |||||||||
Properties Acquired Portfolio | 738 | — | 738 | |||||||||
Properties in Development or Redevelopment Portfolio (1) | — | 48,635 | (48,635 | ) | ||||||||
Properties Sold Portfolio | — | 190 | (190 | ) | ||||||||
$ | 150,210 | $ | 198,582 | $ | (48,372 | ) |
Component | Change in interest expense for the three months ended September 30, 2017 compared to September 30, 2016 | |||
(in thousands) | ||||
Increases to interest expense due to: | ||||
Refinancing of the debt collateralized by 767 Fifth Avenue (the General Motors Building) (1) | $ | 8,657 | ||
Issuance of $1.0 billion in aggregate principal of 2.750% senior notes due 2026 on August 17, 2016 | 4,269 | |||
Utilization of the Unsecured Line of Credit as well as an increase in capacity due to the execution of the 2017 Credit Facility (1) | 417 | |||
Amortization of deferred financing fees for BPLP’s unsecured debt and credit facility | 373 | |||
Other interest expense (excluding senior notes) | 271 | |||
Total increases to interest expense | 13,987 | |||
Decreases to interest expense due to: | ||||
Repayment of mortgage financings (2) | (11,032 | ) | ||
Decrease in the interest for the Outside Members’ Notes Payable for the 767 Fifth Avenue (the General Motors Building) (3) | (8,694 | ) | ||
Increase in capitalized interest (4) | (6,870 | ) | ||
Total decreases to interest expense | (26,596 | ) | ||
Total change in interest expense | $ | (12,609 | ) |
Name | Date Sold | Property Type | Square Feet | Sale Price | Cash Proceeds | Gain on Sale of Real Estate | ||||||||||||||
2017 | ||||||||||||||||||||
Reston Eastgate | August 30, 2017 | Land | N/A | $ | 14.0 | $ | 13.2 | $ | 2.8 | (1 | ) | |||||||||
2016 | ||||||||||||||||||||
Broad Run Business Park | August 16, 2016 | Land | N/A | $ | 18.0 | $ | 17.9 | $ | 13.0 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 7.8 | (1) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 7.8 | ||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
Capital Gallery | June 25, 2020 | Office | 455,000 | $ | 253.7 | $ | 246.9 | $ | 203.8 | ||||||||||||||||||||||||||||||||
$ | 253.7 | $ | 246.9 | $ | 203.8 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Net Cash Proceeds | Gain (Loss) on Sale of Real Estate | |||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
6595 Springfield Center Drive | December 13, 2018 | Office | 634,000 | N/A | N/A | $ | 7.8 | (1) | |||||||||||||||||||||||||||||||||
N/A | N/A | $ | 7.8 | ||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
Capital Gallery | June 25, 2020 | Office | 455,000 | $ | 253.7 | $ | 246.9 | $ | 207.2 | ||||||||||||||||||||||||||||||||
$ | 253.7 | $ | 246.9 | $ | 207.2 |
Name | Date Sold | Property Type | Square Feet | Sale Price | Cash Proceeds | Gain on Sale of Real Estate | |||||||||||||
2017 | |||||||||||||||||||
Reston Eastgate | August 30, 2017 | Land | N/A | $ | 14.0 | $ | 13.2 | $ | 2.8 | (1) | |||||||||
2016 | |||||||||||||||||||
Broad Run Business Park | August 16, 2016 | Land | N/A | $ | 18.0 | $ | 17.9 | $ | 13.0 |
Change in interest expense for the three months ended | ||||||||
(in thousands) | ||||||||
Increases to interest expense due to: | ||||||||
Issuance of $850 million in aggregate principal of 2.550% senior notes due 2032 on March 16, 2021 | $ | 5,491 | ||||||
Issuance of $1.25 billion in aggregate principal of 3.250% senior notes due 2031 on May 5, 2020 | 3,962 | |||||||
Increase in interest due to finance leases for two in-service properties | 624 | |||||||
Decrease in capitalized interest related to | 424 | |||||||
Increase in interest due to finance leases that are related to development properties | 279 | |||||||
Total increases to interest expense | 10,780 | |||||||
Decreases to interest expense due to: | ||||||||
Redemption of $850 million in aggregate principal of 4.125% senior notes due 2021 on February 14, 2021 | (8,943) | |||||||
Decrease in interest rates for the 2017 and 2021 Credit Facilities and the repayment of the unsecured term loan on March 16, 2021 (1) | (2,016) | |||||||
Increase in capitalized interest related to development projects that had finance leases | (424) | |||||||
Other interest expense (excluding senior notes) | (169) | |||||||
Decrease in interest related to the repayment of University Place mortgage loan | (51) | |||||||
Total decreases to interest expense | (11,603) | |||||||
Total change in interest expense | $ | (823) |
Property | Noncontrolling Interests in Property Partnerships for the three months ended June 30, | |||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) (1) | $ | 3,171 | $ | 441 | $ | 2,730 | ||||||||||||||
Times Square Tower (2) | 5,020 | (10,216) | 15,236 | |||||||||||||||||
601 Lexington Avenue | 3,057 | 3,115 | (58) | |||||||||||||||||
100 Federal Street | 3,441 | 3,648 | (207) | |||||||||||||||||
Atlantic Wharf Office Building | 2,475 | 2,245 | 230 | |||||||||||||||||
$ | 17,164 | $ | (767) | $ | 17,931 |
Property | Noncontrolling Interests in Property Partnerships for the three months ended September 30, | |||||||||||
2017 | 2016 | Change | ||||||||||
(in thousands) | ||||||||||||
Salesforce Tower | $ | (160 | ) | $ | (3 | ) | $ | (157 | ) | |||
767 Fifth Avenue (the General Motors Building) (1) | 1,179 | (5,938 | ) | 7,117 | ||||||||
Times Square Tower | 6,741 | 6,636 | 105 | |||||||||
601 Lexington Avenue (2) | 3,066 | (21,141 | ) | 24,207 | ||||||||
100 Federal Street | 1,174 | 887 | 287 | |||||||||
Atlantic Wharf Office | 2,340 | 2,334 | 6 | |||||||||
$ | 14,340 | $ | (17,225 | ) | $ | 31,565 |
Construction Properties | Estimated Stabilization Date | Location | # of Buildings | Estimated Square Feet | Investment to Date (1) | Estimated Total Investment (1) | Estimated Future Equity Requirement (1) | Percentage Leased (2) | ||||||||||||||||||
Office and Retail | ||||||||||||||||||||||||||
Salesforce Tower (95% ownership) | Third Quarter, 2019 | San Francisco, CA | 1 | 1,400,000 | 913,515 | 1,073,500 | 170,160 | 87 | % | (3) | ||||||||||||||||
The Hub on Causeway (50% ownership) | Fourth Quarter, 2019 | Boston, MA | 1 | 385,000 | 46,272 | 141,870 | — | 42 | % | (4) | ||||||||||||||||
145 Broadway | Fourth Quarter, 2019 | Cambridge, MA | 1 | 485,000 | 70,097 | 375,000 | 304,903 | 98 | % | |||||||||||||||||
Dock 72 (50% ownership) | First Quarter, 2020 | Brooklyn, NY | 1 | 670,000 | 70,335 | 204,900 | 9,565 | 33 | % | (5) | ||||||||||||||||
6595 Springfield Center Drive (TSA Headquarters) | Fourth Quarter, 2020 | Springfield, VA | 1 | 634,000 | 34,401 | 313,700 | 279,299 | 98 | % | |||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership) | Third Quarter, 2022 | Bethesda, MD | 1 | 740,000 | 11,206 | 211,100 | 199,894 | 100 | % | (6) | ||||||||||||||||
Total Office and Retail Properties under Construction | 6 | 4,314,000 | 1,145,826 | 2,320,070 | 963,821 | 80 | % | |||||||||||||||||||
Residential | ||||||||||||||||||||||||||
Proto Kendall Square (280 units) | Second Quarter, 2019 | Cambridge, MA | 1 | 149,600 | 59,422 | 140,170 | 80,748 | N/A | ||||||||||||||||||
Proto Kendall Square - Retail | — | 14,400 | — | — | — | 15 | % | |||||||||||||||||||
Signature at Reston (508 units) | Second Quarter, 2020 | Reston, VA | 1 | 490,000 | 171,649 | 234,854 | 63,205 | N/A | ||||||||||||||||||
Signature at Reston - Retail | — | 24,600 | — | — | — | 81 | % | |||||||||||||||||||
MacArthur Station Residences (402 units) | Fourth Quarter, 2021 | Oakland, CA | 1 | 324,000 | 3,133 | 263,600 | 260,467 | N/A | (7) | |||||||||||||||||
Total Residential Properties under Construction | 3 | 1,002,600 | 234,204 | 638,624 | 404,420 | 57 | % | |||||||||||||||||||
Redevelopment Properties | ||||||||||||||||||||||||||
191 Spring Street | Fourth Quarter, 2018 | Lexington, MA | 1 | 160,000 | 30,221 | 53,920 | 23,699 | 49 | % | |||||||||||||||||
One Five Nine East 53rd Street (55% ownership) | Fourth Quarter, 2019 | New York, NY | — | 220,000 | 52,171 | 106,000 | 53,829 | — | % | (8) | ||||||||||||||||
Total Redevelopment Properties under Construction | 1 | 380,000 | 82,392 | 159,920 | 77,528 | 21 | % | |||||||||||||||||||
Total Properties under Construction and Redevelopment | 10 | 5,696,600 | $ | 1,462,422 | $ | 3,118,614 | $ | 1,445,769 | 75 | % |
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 6/30/2021 (1) | Estimated Future Equity Requirement (1)(2)(4) | Percentage Leased (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street | Third Quarter, 2022 | Cambridge, MA | 1 | 420,000 | $ | 251,146 | $ | 418,400 | $ | — | $ | — | $ | 167,254 | 90 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
100 Causeway Street (50% ownership) | Third Quarter, 2022 | Boston, MA | 1 | 632,000 | 217,179 | 267,300 | 200,000 | 137,894 | — | 95 | % | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership) | Second Quarter, 2022 | Bethesda, MD | 1 | 734,000 | 165,438 | 198,900 | 127,500 | 99,426 | 5,388 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next | Fourth Quarter, 2023 | Reston, VA | 2 | 1,062,000 | 461,282 | 715,300 | — | — | 254,018 | 85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | Third Quarter, 2024 | Washington, DC | 1 | 480,000 | 184,957 | 356,100 | — | — | 171,143 | 56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Office Properties under Construction | 6 | 3,328,000 | 1,280,002 | 1,956,000 | 327,500 | 237,320 | 597,803 | 87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lab/Life Sciences | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 West Street (Redevelopment) | Fourth Quarter, 2021 | Waltham, MA | — | 138,000 | 19,300 | 47,800 | — | — | 28,500 | 100 | % | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (Redevelopment) | Second Quarter, 2024 | Waltham, MA | 1 | 224,000 | 2,079 | 108,000 | — | — | 105,921 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
751 Gateway (49% ownership) | Third Quarter, 2024 | South San Francisco, CA | 1 | 229,000 | 22,852 | 127,600 | — | — | 104,748 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
180 CityPoint | Fourth Quarter, 2024 | Waltham, MA | 1 | 329,000 | 27,291 | 274,700 | — | — | 247,409 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Lab/Life Sciences Properties under Construction | 3 | 920,000 | 71,522 | 558,100 | — | — | 486,578 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Prudential Center Observatory (Redevelopment) | N/A | Boston, MA | — | 59,000 | 31,409 | 182,300 | — | — | 150,891 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Properties under Construction | 9 | 4,307,000 | $ | 1,382,933 | $ | 2,696,400 | $ | 327,500 | $ | 237,320 | $ | 1,235,272 | 71 | % | (8) |
Nine months ended September 30, | Six months ended June 30, | |||||||||||||||||||||||||||
2017 | 2016 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | |||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 592,712 | $ | 743,785 | $ | (151,073 | ) | Net cash provided by operating activities | $ | 560,476 | $ | 554,272 | $ | 6,204 | ||||||||||||||
Net cash used in investing activities | (622,427 | ) | (1,104,384 | ) | 481,957 | Net cash used in investing activities | (563,611) | (120,522) | (443,089) | |||||||||||||||||||
Net cash provided by financing activities | 165,856 | 56,204 | 109,652 | |||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (1,078,914) | 866,019 | (1,944,933) |
Six months ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Acquisitions of real estate (1) | $ | (100,176) | $ | (133,406) | |||||||
Construction in progress (2) | (235,577) | (247,615) | |||||||||
Building and other capital improvements | (66,033) | (68,386) | |||||||||
Tenant improvements | (161,619) | (118,903) | |||||||||
Proceeds from sales of real estate (3) | — | 506,337 | |||||||||
Capital contributions to unconsolidated joint ventures (4) | (20,032) | (106,168) | |||||||||
Capital distributions from unconsolidated joint ventures | 122 | 54,413 | |||||||||
Proceeds from sale of investment in unconsolidated joint venture (5) | 17,789 | — | |||||||||
Issuance of note receivable, net (6) | — | (9,800) | |||||||||
Investments in securities, net | 1,915 | 3,006 | |||||||||
Net cash used in investing activities | $ | (563,611) | $ | (120,522) |
Nine months ended September 30, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Acquisitions of real estate (1) | $ | (15,953 | ) | $ | (78,000 | ) | |
Construction in progress (2) | (452,283 | ) | (359,716 | ) | |||
Building and other capital improvements | (162,395 | ) | (81,842 | ) | |||
Tenant improvements | (152,749 | ) | (167,762 | ) | |||
Proceeds from sales of real estate (3) | 29,810 | 122,750 | |||||
Proceeds from sales of real estate placed in escrow (3) | (29,810 | ) | (122,647 | ) | |||
Proceeds from sales of real estate released from escrow (3) | 16,640 | 122,647 | |||||
Cash released from escrow for investing activities | 9,638 | 6,694 | |||||
Cash released from escrow for land sale contracts | — | 1,403 | |||||
Cash placed in escrow for investment in unconsolidated joint venture (4) | (25,000 | ) | — | ||||
Capital contributions to unconsolidated joint ventures (5) | (89,874 | ) | (546,982 | ) | |||
Capital distributions from unconsolidated joint ventures (6) | 251,000 | — | |||||
Investments in securities, net | (1,451 | ) | (929 | ) | |||
Net cash used in investing activities | $ | (622,427 | ) | $ | (1,104,384 | ) |
September 30, 2017 | June 30, 2021 | |||||||||||||||||||||||||||||||||
Shares / Units Outstanding | Common Stock Equivalent | Equivalent Value (1) | Shares / Units Outstanding | Common Stock Equivalent | Equivalent Value (1) | |||||||||||||||||||||||||||||
Common Stock | 154,322,266 | 154,322,266 | $ | 18,963,120 | Common Stock | 156,136 | 156,136 | $ | 17,891,624 | |||||||||||||||||||||||||
Common Operating Partnership Units | 17,629,311 | 17,629,311 | 2,166,290 | (2) | Common Operating Partnership Units | 17,528 | 17,528 | 2,008,534 | (2) | |||||||||||||||||||||||||
5.25% Series B Cumulative Redeemable Preferred Stock (non-callable until March 27, 2018) | 80,000 | — | 200,000 | |||||||||||||||||||||||||||||||
Total Equity | 171,951,577 | $ | 21,329,410 | Total Equity | 173,664 | $ | 19,900,158 | |||||||||||||||||||||||||||
Consolidated Debt | $ | 10,234,634 | Consolidated Debt | $ | 12,536,065 | |||||||||||||||||||||||||||||
Add: | Add: | |||||||||||||||||||||||||||||||||
BXP’s share of unconsolidated joint venture debt (3) | 591,622 | BXP’s share of unconsolidated joint venture debt (3) | 1,190,473 | |||||||||||||||||||||||||||||||
Subtract: | Subtract: | |||||||||||||||||||||||||||||||||
Partners’ share of Consolidated Debt (4) | (1,210,389 | ) | Partners’ share of Consolidated Debt (4) | (1,191,879) | ||||||||||||||||||||||||||||||
BXP’s Share of Debt | $ | 9,615,867 | BXP’s Share of Debt | $ | 12,534,659 | |||||||||||||||||||||||||||||
Consolidated Market Capitalization | $ | 31,564,044 | Consolidated Market Capitalization | $ | 32,436,223 | |||||||||||||||||||||||||||||
BXP’s Share of Market Capitalization | $ | 30,945,277 | BXP’s Share of Market Capitalization | $ | 32,434,817 | |||||||||||||||||||||||||||||
Consolidated Debt/Consolidated Market Capitalization | 32.42 | % | Consolidated Debt/Consolidated Market Capitalization | 38.65 | % | |||||||||||||||||||||||||||||
BXP’s Share of Debt/BXP’s Share of Market Capitalization | 31.07 | % | BXP’s Share of Debt/BXP’s Share of Market Capitalization | 38.65 | % |
(i) the number of |
September 30, | |||||||
2017 | 2016 | ||||||
(dollars in thousands) | |||||||
Debt Summary: | |||||||
Balance | |||||||
Fixed rate mortgage notes payable, net | $ | 2,982,067 | $ | 2,077,707 | |||
Unsecured senior notes, net | 7,252,567 | 7,243,767 | |||||
Unsecured line of credit | — | — | |||||
Unsecured term loan | — | — | |||||
Mezzanine notes payable | — | 307,448 | |||||
Outside members’ notes payable | — | 180,000 | |||||
Consolidated Debt | 10,234,634 | 9,808,922 | |||||
Add: | |||||||
BXP’s share of unconsolidated joint venture debt (1) | 591,622 | 350,225 | |||||
Subtract: | |||||||
Partners’ share of consolidated mortgage notes payable, net (2) | (1,210,389 | ) | (847,483 | ) | |||
Partners’ share of consolidated mezzanine notes payable | — | (122,979 | ) | ||||
Outside members’ notes payable | — | (180,000 | ) | ||||
BXP’s Share of Debt | $ | 9,615,867 | $ | 9,008,685 | |||
September 30, | |||||||
2017 | 2016 | ||||||
Consolidated Debt Financing Statistics: | |||||||
Percent of total debt: | |||||||
Fixed rate | 100.00 | % | 100.00 | % | |||
Variable rate | — | % | — | % | |||
Total | 100.00 | % | 100.00 | % | |||
GAAP Weighted-average interest rate at end of period: | |||||||
Fixed rate | 4.13 | % | 4.06 | % | |||
Variable rate | — | % | — | % | |||
Total | 4.13 | % | 4.06 | % | |||
Coupon/Stated Weighted-average interest rate at end of period: | |||||||
Fixed rate | 4.02 | % | 4.50 | % | |||
Variable rate | — | % | — | % | |||
Total | 4.02 | % | 4.50 | % | |||
Weighted-average maturity at end of period (in years): | |||||||
Fixed rate | 6.1 | 5.2 | |||||
Variable rate | — | — | |||||
Total | 6.1 | 5.2 |
June 30, | |||||||||||
2021 | 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Debt Summary: | |||||||||||
Balance | |||||||||||
Fixed rate mortgage notes payable, net | $ | 2,901,709 | $ | 2,915,852 | |||||||
Unsecured senior notes, net | 9,634,356 | 9,633,577 | |||||||||
Unsecured line of credit | — | — | |||||||||
Unsecured term loan, net | — | 499,150 | |||||||||
Consolidated Debt | 12,536,065 | 13,048,579 | |||||||||
Add: | |||||||||||
BXP’s share of unconsolidated joint venture debt, net (1) | 1,190,473 | 1,067,400 | |||||||||
Subtract: | |||||||||||
Partners’ share of consolidated mortgage notes payable, net (2) | (1,191,879) | (1,197,276) | |||||||||
BXP’s Share of Debt | $ | 12,534,659 | $ | 12,918,703 | |||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Consolidated Debt Financing Statistics: | |||||||||||
Percent of total debt: | |||||||||||
Fixed rate | 100.00 | % | 96.17 | % | |||||||
Variable rate | — | % | 3.83 | % | |||||||
Total | 100.00 | % | 100.00 | % | |||||||
GAAP Weighted-average interest rate at end of period: | |||||||||||
Fixed rate | 3.64 | % | 3.75 | % | |||||||
Variable rate | — | % | 1.24 | % | |||||||
Total | 3.64 | % | 3.66 | % | |||||||
Coupon/Stated Weighted-average interest rate at end of period: | |||||||||||
Fixed rate | 3.54 | % | 3.65 | % | |||||||
Variable rate | — | % | 1.15 | % | |||||||
Total | 3.54 | % | 3.55 | % | |||||||
Weighted-average maturity at end of period (in years): | |||||||||||
Fixed rate | 5.8 | 6.0 | |||||||||
Variable rate | — | 1.8 | |||||||||
Total | 5.8 | 5.9 |
Coupon/ Stated Rate | Effective Rate(1) | Principal Amount | Maturity Date(2) | ||||||||
7 Year Unsecured Senior Notes | 3.700 | % | 3.853 | % | $ | 850,000 | November 15, 2018 | ||||
10 Year Unsecured Senior Notes | 5.875 | % | 5.967 | % | 700,000 | October 15, 2019 | |||||
10 Year Unsecured Senior Notes | 5.625 | % | 5.708 | % | 700,000 | November 15, 2020 | |||||
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 | |||||
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 | |||||
Total principal | 7,300,000 | ||||||||||
Net unamortized discount | (16,810 | ) | |||||||||
Deferred financing costs, net | (30,623 | ) | |||||||||
Total | $ | 7,252,567 |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Dominion Tech Park, Bldg. One | 7.69 | % | 7.84 | % | $ | 32,944 | $ | (274 | ) | $ | 32,670 | N/A | January 15, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
University Place | 6.94 | % | 6.99 | % | 7,896 | (49 | ) | 7,847 | N/A | August 1, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
40,840 | (323 | ) | 40,517 | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Joint Ventures | Consolidated Joint Ventures | Consolidated Joint Ventures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
767 Fifth Avenue (the General Motors Building) | 3.43 | % | 3.64 | % | 2,300,000 | (33,829 | ) | 2,266,171 | 906,468 | (2)(3)(4) | June 9, 2027 | 767 Fifth Avenue (the General Motors Building) | 3.43 | % | 3.64 | % | $ | 2,300,000 | $ | (20,731) | $ | 2,279,269 | $ | 911,781 | (2)(3)(4) | June 9, 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||
601 Lexington Avenue | 4.75 | % | 4.79 | % | 676,885 | (1,506 | ) | 675,379 | 303,921 | (5) | April 10, 2022 | 601 Lexington Avenue | 4.75 | % | 4.79 | % | 622,691 | (251) | 622,440 | 280,098 | (5) | April 10, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,976,885 | (35,335 | ) | 2,941,550 | 1,210,389 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,017,725 | $ | (35,658 | ) | $ | 2,982,067 | $ | 1,210,389 | Total | $ | 2,922,691 | $ | (20,982) | $ | 2,901,709 | $ | 1,191,879 |
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) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Monica Business Park | 55 | % | 4.06 | % | 4.24 | % | $ | 300,000 | $ | (2,133) | $ | 297,867 | $ | 163,827 | (2)(3) | July 19, 2025 | |||||||||||||||||||||||||||||||||||||||||||
Market Square North | 50 | % | 2.80 | % | 2.96 | % | 125,000 | (899) | 124,101 | 62,050 | (2)(4) | November 10, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
1265 Main Street | 50 | % | 3.77 | % | 3.84 | % | 36,909 | (292) | 36,617 | 18,309 | January 1, 2032 | ||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | 50 | % | 3.56 | % | 3.58 | % | 550,000 | (628) | 549,372 | 274,686 | (2) | August 9, 2027 | |||||||||||||||||||||||||||||||||||||||||||||||
Dock 72 | 50 | % | 3.10 | % | 3.32 | % | 196,412 | (1,328) | 195,084 | 97,542 | (2)(5) | December 18, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
The Hub on Causeway - Podium | 50 | % | 2.35 | % | 2.84 | % | 174,329 | (175) | 174,154 | 87,077 | (2)(6) | September 6, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Hub50House | 50 | % | 2.10 | % | 2.39 | % | 176,468 | (425) | 176,043 | 88,021 | (2)(7) | April 19, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
100 Causeway Street | 50 | % | 1.61 | % | 1.82 | % | 275,788 | (1,836) | 273,952 | 136,976 | (2)(8) | September 5, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) | 50 | % | 1.35 | % | 1.89 | % | 198,853 | (2,553) | 196,300 | 98,150 | (2)(9) | April 26, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
500 North Capitol Street, NW | 30 | % | 4.15 | % | 4.20 | % | 105,000 | (113) | 104,887 | 31,466 | (2) | June 6, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
901 New York Avenue | 25 | % | 3.61 | % | 3.69 | % | 218,951 | (625) | 218,326 | 54,581 | January 5, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||
3 Hudson Boulevard | 25 | % | 3.60 | % | 3.68 | % | 80,000 | (128) | 79,872 | 19,968 | (2)(10) | July 13, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Metropolitan Square | 20 | % | 5.40 | % | 6.90 | % | 294,073 | (4,971) | 289,102 | 57,820 | (2)(11) | July 7, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,731,783 | $ | (16,106) | $ | 2,715,677 | $ | 1,190,473 |
Properties | Venture 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) | |||||||||||||||||||||||||||||
540 Madison Avenue | 60 | % | 2.73 | % | 2.90 | % | $ | 120,000 | $ | (187 | ) | $ | 119,813 | $ | 71,888 | (2)(3) | June 5, 2018 | ||||||||||||
Market Square North | 50 | % | 5.75 | % | 5.81 | % | 121,707 | (252 | ) | 121,455 | 60,727 | October 1, 2020 | |||||||||||||||||
Annapolis Junction Building One | 50 | % | 6.99 | % | 7.16 | % | 39,549 | (41 | ) | 39,508 | 19,751 | (4) | March 31, 2018 | ||||||||||||||||
Annapolis Junction Building Six | 50 | % | 3.49 | % | 3.66 | % | 13,751 | (39 | ) | 13,712 | 6,856 | (5) | November 17, 2018 | ||||||||||||||||
Annapolis Junction Building Seven and Eight | 50 | % | 3.58 | % | 3.86 | % | 36,260 | (223 | ) | 36,037 | 18,019 | (6) | December 7, 2019 | ||||||||||||||||
1265 Main Street | 50 | % | 3.77 | % | 3.84 | % | 39,910 | (396 | ) | 39,514 | 19,757 | January 1, 2032 | |||||||||||||||||
Colorado Center | 50 | % | 3.56 | % | 3.58 | % | 550,000 | (992 | ) | 549,008 | 274,504 | (2) | August 9, 2027 | ||||||||||||||||
Dock 72 | 50 | % | N/A | N/A | — | — | — | — | (2)(7) | December 18, 2020 | |||||||||||||||||||
The Hub on Causeway - Podium | 50 | % | N/A | N/A | — | — | — | — | (2)(8) | September 6, 2021 | |||||||||||||||||||
500 North Capitol Street | 30 | % | 4.15 | % | 4.20 | % | 105,000 | (335 | ) | 104,665 | 31,399 | (2) | June 6, 2023 | ||||||||||||||||
901 New York Avenue | 25 | % | 3.61 | % | 3.69 | % | 225,000 | (1,295 | ) | 223,705 | 55,926 | January 5, 2025 | |||||||||||||||||
Metropolitan Square | 20 | % | 5.75 | % | 5.81 | % | 164,240 | (256 | ) | 163,984 | 32,795 | May 5, 2020 | |||||||||||||||||
Total | $ | 1,415,417 | $ | (4,016 | ) | $ | 1,411,401 | $ | 591,622 |
Three months ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 111,703 | $ | 266,525 | ||||||||||
Add: | ||||||||||||||
Preferred dividends | — | 2,625 | ||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 12,383 | 30,197 | ||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | ||||||||||||
Net income | 141,250 | 298,580 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization | 183,838 | 178,188 | ||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,113) | (22,480) | ||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 15,350 | 21,012 | ||||||||||||
Corporate-related depreciation and amortization | (444) | (486) | ||||||||||||
Less: | ||||||||||||||
Gain on sale of investment included within income (loss) from unconsolidated joint ventures | — | 5,946 | ||||||||||||
Gains on sales of real estate | 7,756 | 203,767 | ||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | ||||||||||||
Preferred dividends | — | 2,625 | ||||||||||||
Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) | 297,961 | 263,243 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations | 29,319 | 26,335 | ||||||||||||
Funds from Operations attributable to Boston Properties, Inc. common shareholders | $ | 268,642 | $ | 236,908 | ||||||||||
Our percentage share of Funds from Operations—basic | 90.16 | % | 90.00 | % | ||||||||||
Weighted average shares outstanding—basic | 156,107 | 155,386 |
Three months ended September 30, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Net income attributable to Boston Properties, Inc. common shareholders | $ | 117,337 | $ | 76,753 | |||
Add: | |||||||
Preferred dividends | 2,625 | 2,589 | |||||
Noncontrolling interest—common units of Boston Properties Limited Partnership | 13,402 | 9,387 | |||||
Noncontrolling interests in property partnerships | 14,340 | (17,225 | ) | ||||
Less: | |||||||
Gains on sales of real estate | 2,891 | 12,983 | |||||
Income before gains on sales of real estate | 144,813 | 58,521 | |||||
Add: | |||||||
Depreciation and amortization | 152,164 | 203,748 | |||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (18,552 | ) | (40,907 | ) | |||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 9,282 | 9,128 | |||||
Corporate-related depreciation and amortization | (434 | ) | (393 | ) | |||
Less: | |||||||
Noncontrolling interests in property partnerships | 14,340 | (17,225 | ) | ||||
Preferred dividends | 2,625 | 2,589 | |||||
Funds from Operations (FFO) attributable to Boston Properties Limited Partnership common unitholders (including Boston Properties, Inc.) (“Basic FFO”) | 270,308 | 244,733 | |||||
Less: | |||||||
Noncontrolling interest—common units of Boston Properties Limited Partnership’s share of funds from operations | 27,293 | 25,169 | |||||
FFO attributable to Boston Properties, Inc. common shareholders | $ | 243,015 | $ | 219,564 | |||
Boston Properties, Inc.’s percentage share of Funds from Operations—basic | 89.90 | % | 89.72 | % | |||
Weighted-average shares outstanding—basic | 154,355 | 153,754 |
Three months ended September 30, 2017 | Three months ended September 30, 2016 | ||||||||||||
Income (Numerator) | Shares (Denominator) | Income (Numerator) | Shares (Denominator) | ||||||||||
(in thousands) | |||||||||||||
Basic FFO | $ | 270,308 | 171,691 | $ | 244,733 | 171,379 | |||||||
Effect of Dilutive Securities | |||||||||||||
Stock Based Compensation | — | 128 | — | 382 | |||||||||
Diluted FFO | 270,308 | 171,819 | 244,733 | 171,761 | |||||||||
Less: | |||||||||||||
Noncontrolling interest—common units of Boston Properties Limited Partnership’s share of diluted FFO | 27,272 | 17,336 | 25,113 | 17,625 | |||||||||
Boston Properties, Inc.’s share of Diluted FFO (1) | $ | 243,036 | 154,483 | $ | 219,620 | 154,136 |
Three months ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Basic Funds from Operations | $ | 297,961 | 173,150 | $ | 263,243 | 172,659 | ||||||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||||||
Stock based compensation | — | 412 | — | 21 | ||||||||||||||||||||||
Diluted Funds from Operations | $ | 297,961 | 173,562 | $ | 263,243 | 172,680 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership’s share of diluted Funds from Operations | 29,259 | 17,043 | 26,331 | 17,273 | ||||||||||||||||||||||
Diluted Funds from Operations attributable to Boston Properties, Inc. (1) | $ | 268,702 | 156,519 | $ | 236,912 | 155,407 |
Three months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 125,846 | $ | 301,975 | ||||||||||||||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||||||||
Preferred distributions | — | 2,625 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | ||||||||||||||||||||||||||||||||||||||||||
Net income | 143,010 | 303,833 | ||||||||||||||||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 182,078 | 176,409 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (17,113) | (22,480) | ||||||||||||||||||||||||||||||||||||||||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures | 15,350 | 21,012 | ||||||||||||||||||||||||||||||||||||||||||
Corporate-related depreciation and amortization | (444) | (486) | ||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of investment included within (loss) income from unconsolidated joint ventures | — | 5,946 | ||||||||||||||||||||||||||||||||||||||||||
Gains on sales of real estate | 7,756 | 207,241 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in property partnerships | 17,164 | (767) | ||||||||||||||||||||||||||||||||||||||||||
Preferred distributions | — | 2,625 | ||||||||||||||||||||||||||||||||||||||||||
Funds from Operations attributable to Boston Properties Limited Partnership common unitholders (1) | $ | 297,961 | $ | 263,243 | ||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding—basic | 173,150 | 172,659 |
Three months ended September 30, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Net income attributable to Boston Properties Limited Partnership common unitholders | $ | 132,693 | $ | 91,306 | |||
Add: | |||||||
Preferred distributions | 2,625 | 2,589 | |||||
Noncontrolling interests in property partnerships | 14,340 | (17,225 | ) | ||||
Less: | |||||||
Gains on sales of real estate | 2,891 | 12,983 | |||||
Income before gains on sales of real estate | 146,767 | 63,687 | |||||
Add: | |||||||
Depreciation and amortization | 150,210 | 198,582 | |||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization | (18,552 | ) | (40,907 | ) | |||
BPLP’s share of depreciation and amortization from unconsolidated joint ventures | 9,282 | 9,128 | |||||
Corporate-related depreciation and amortization | (434 | ) | (393 | ) | |||
Less: | |||||||
Noncontrolling interests in property partnerships | 14,340 | (17,225 | ) | ||||
Preferred distributions | 2,625 | 2,589 | |||||
Funds from Operations (FFO) attributable to Boston Properties Limited Partnership common unitholders (“Basic FFO”) (1) | $ | 270,308 | $ | 244,733 | |||
Weighted-average units outstanding—basic | 171,691 | 171,379 |
Three months ended September 30, 2017 | Three months ended September 30, 2016 | ||||||||||||
Income (Numerator) | Units (Denominator) | Income (Numerator) | Units (Denominator) | ||||||||||
(in thousands) | |||||||||||||
Basic FFO | $ | 270,308 | 171,691 | $ | 244,733 | 171,379 | |||||||
Effect of Dilutive Securities | |||||||||||||
Stock Based Compensation | — | 128 | — | 382 | |||||||||
Diluted FFO | $ | 270,308 | 171,819 | $ | 244,733 | 171,761 |
Three months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Numerator) | Shares/Units (Denominator) | Income (Numerator) | Shares/Units (Denominator) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic Funds from Operations | $ | 297,961 | 173,150 | $ | 263,243 | 172,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | 412 | — | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Funds from Operations | $ | 297,961 | 173,562 | $ | 263,243 | 172,680 |
2021 | 2022 | 2023 | 2024 | 2025 | 2026+ | Total | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Mortgage debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | 6,068 | $ | 611,132 | $ | (3,494) | $ | (3,494) | $ | (3,494) | $ | 2,294,991 | $ | 2,901,709 | $ | 3,053,824 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | 4.79 | % | 4.79 | % | — | % | — | % | — | % | 3.64 | % | 3.89 | % | |||||||||||||||||||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Unsecured debt, net | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | (5,528) | $ | (11,131) | $ | 1,489,938 | $ | 691,203 | $ | 842,473 | $ | 6,627,401 | $ | 9,634,356 | $ | 10,385,016 | |||||||||||||||||||||||||||||||
GAAP Average Interest Rate | — | % | — | % | 3.73 | % | 3.92 | % | 3.35 | % | 3.52 | % | 3.57 | % | |||||||||||||||||||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Debt | $ | 540 | $ | 600,001 | $ | 1,486,444 | $ | 687,709 | $ | 838,979 | $ | 8,922,392 | $ | 12,536,065 | $ | 13,438,840 |
2017 | 2018 | 2019 | 2020 | 2021 | 2022+ | Total | Estimated Fair Value | ||||||||||||||||||||||||
(dollars in thousands) Mortgage debt, net | |||||||||||||||||||||||||||||||
Fixed Rate | $ | 2,782 | $ | 14,708 | $ | 15,745 | $ | 16,841 | $ | 36,346 | $ | 2,895,645 | $ | 2,982,067 | $ | 3,049,617 | |||||||||||||||
Average Interest Rate | 5.04 | % | 5.52 | % | 5.53 | % | 5.55 | % | 6.61 | % | 3.89 | % | 3.96 | % | |||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Unsecured debt, net | |||||||||||||||||||||||||||||||
Fixed Rate | $ | (2,216 | ) | $ | 841,285 | $ | 692,461 | $ | 692,962 | $ | 844,289 | $ | 4,183,786 | $ | 7,252,567 | $ | 7,533,164 | ||||||||||||||
Average Interest Rate | — | 3.85 | % | 5.97 | % | 5.71 | % | 4.29 | % | 3.71 | % | 4.21 | % | ||||||||||||||||||
Variable Rate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | 566 | $ | 855,993 | $ | 708,206 | $ | 709,803 | $ | 880,635 | $ | 7,079,431 | $ | 10,234,634 | $ | 10,582,781 |
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 | |||||||||||||||||||||||||
April 1, 2021 – April 30, 2021 | — | $ | — | N/A | N/A | ||||||||||||||||||||||||
May 1, 2021 – May 31, 2021 | 554 | (1) | $ | 111.67 | N/A | N/A | |||||||||||||||||||||||
June 1, 2021 – June 30, 2021 | 686 | (2) | $ | 104.77 | N/A | N/A | |||||||||||||||||||||||
Total | 1,240 | $ | 107.85 | 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 | |||||||||||||
April 1, 2021 – April 30, 2021 | — | $ | — | N/A | N/A | ||||||||||||
May 1, 2021 – May 31, 2021 | 554 | (1) | $ | 111.67 | N/A | N/A | |||||||||||
June 1, 2021 – June 30, 2021 | 686 | (2) | $ | 104.77 | N/A | N/A | |||||||||||
Total | 1,240 | $ | 107.85 | N/A | N/A |
31.1 | |||||||||
— | |||||||||
31.2 | — | ||||||||
31.3 | — | ||||||||
31.4 | — | ||||||||
32.1 | — | ||||||||
32.2 | — | ||||||||
32.3 | — | ||||||||
32.4 | — | ||||||||
— | |||||||||
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 |
BOSTON PROPERTIES, INC. | ||||||||
August 6, 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 | ||||||||
/s/ MICHAEL R. WALSH | ||||||||
Michael R. Walsh | ||||||||
Chief Accounting Officer (duly authorized officer and principal accounting officer) |