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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File Number: 1-13087 (Boston Properties, Inc.)
Commission File Number: 0-50209 (Boston Properties Limited Partnership)

BOSTON PROPERTIES, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact name of Registrants as specified in its charter)
Boston Properties, Inc.Delaware04-2473675
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Boston Properties Limited PartnershipDelaware04-3372948
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Prudential Center, 800 Boylston Street, Suite 1900, Boston, Massachusetts 02199-8103
(Address of principal executive offices) (Zip Code)
(617) 236-3300
(Registrants’ telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Boston Properties, Inc.Common Stock, par value $0.01 per shareBXPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
Boston Properties, Inc.:    Yes  x   No           Boston Properties Limited Partnership:    Yes  x    No      


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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Boston Properties, Inc.:    Yes  x    No           Boston Properties Limited Partnership:    Yes  x    No      
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Boston Properties, Inc.:    
Large accelerated filer  x         Accelerated filer           Non-accelerated filer           Smaller reporting company           Emerging growth company  

Boston Properties Limited Partnership:
Large accelerated filer           Accelerated filer           Non-accelerated filer  x           Smaller reporting company             Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Boston Properties, Inc.                  Boston Properties Limited Partnership 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Boston Properties, Inc.:    Yes      No  x        Boston Properties Limited Partnership:    Yes      No  x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Boston Properties, Inc.Common Stock, par value $0.01 per share156,864,549
(Registrant)(Class)
(Outstanding on July 28, 2023)


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EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the period ended June 30, 2023 of Boston Properties, Inc. and Boston Properties Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “BXP” mean Boston Properties, Inc., a Delaware corporation and real estate investment trust (“REIT”), and references to “BPLP” and the “Operating Partnership” mean Boston Properties Limited Partnership, a Delaware limited partnership. BPLP is the entity through which BXP conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets. BXP is the sole general partner and also a limited partner of BPLP. As the sole general partner of BPLP, BXP has exclusive control of BPLP’s day-to-day management. Therefore, unless stated otherwise or the context requires, references to the “Company,” “we,” “us” and “our” mean collectively BXP, BPLP and those entities/subsidiaries consolidated by BXP.
As of June 30, 2023, BXP owned an approximate 89.4% ownership interest in BPLP. The remaining approximate 10.6% interest was owned by limited partners. The other limited partners of BPLP (1) contributed their direct or indirect interests in properties to BPLP in exchange for common units or preferred units of limited partnership interest in BPLP or (2) received long-term incentive plan units of BPLP pursuant to BXP’s Stock Option and Incentive Plans, or both. Under the limited partnership agreement of BPLP, unitholders may present their common units of BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time, generally one year from issuance). Upon presentation of a common unit for redemption, BPLP must redeem the unit for cash equal to the then value of a share of BXP’s common stock. In lieu of a cash redemption by BPLP, however, BXP may elect to acquire any common units so tendered by issuing shares of BXP common stock in exchange for the common units. If BXP so elects, its common stock will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. BXP generally expects that it will elect to issue its common stock in connection with each such presentation for redemption rather than having BPLP pay cash. With each such exchange or redemption, BXP’s percentage ownership in BPLP will increase. In addition, whenever BXP issues shares of its common stock other than to acquire common units of BPLP, BXP must contribute any net proceeds it receives to BPLP and BPLP must issue to BXP an equivalent number of common units of BPLP. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the Quarterly Reports on Form 10-Q of BXP and BPLP into this single report:
enhances investors’ understanding of BXP and BPLP by enabling them to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more concise and readable presentation because a substantial portion of the disclosure applies to both BXP and BPLP; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between BXP and BPLP in the context of how BXP and BPLP operate as a consolidated company. The financial results of BPLP are consolidated into the financial statements of BXP. BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving the securities of BXP. BPLP holds substantially all of the assets of BXP, including ownership interests in subsidiaries and joint ventures. BPLP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by BXP, which are contributed to the capital of BPLP in exchange for common or preferred units of partnership in BPLP, as applicable, BPLP generates all remaining capital required by the Company’s business. These sources include working capital, net cash provided by operating activities, borrowings under its credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties and interests in joint ventures.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of BXP and BPLP. The limited partners of BPLP are accounted for as partners’ capital in BPLP’s financial statements and as noncontrolling interests in BXP’s financial statements. The noncontrolling interests in BPLP’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in BXP’s financial statements include the same


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noncontrolling interests in BPLP and limited partners of BPLP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued by each of BXP and BPLP.
In addition, the consolidated financial statements of BXP and BPLP differ in total real estate assets resulting from previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of BPLP. This accounting resulted in a step-up of the real estate assets of BXP at the time of such redemptions, resulting in a difference between the net real estate of BXP as compared to BPLP of approximately $246.4 million, or 1.3% at June 30, 2023, and a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of these properties having an allocation of the real estate step-up. The acquisition accounting was nullified on a prospective basis beginning in 2009 as a result of the Company’s adoption of a new accounting standard requiring any subsequent redemptions to be accounted for solely as an equity transaction.
To help investors better understand the key differences between BXP and BPLP, the following items in this report present information separately for BXP and BPLP:
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP:
Note 3. Real Estate;
Note 10. Stockholders’ Equity / Partners’ Capital;
Note 11. Segment Information; and
Note 12. Earnings Per Share / Common Unit
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Liquidity and Capital Resources, includes information specific to each entity, where applicable.
This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP.




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BOSTON PROPERTIES, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP
FORM 10-Q
for the quarter ended June 30, 2023
TABLE OF CONTENTS
 Page
ITEM 1.
Boston Properties, Inc.
Boston Properties Limited Partnership
Boston Properties, Inc. and Boston Properties Limited Partnership
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
 



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PART I. FINANCIAL INFORMATION
ITEM 1—Financial Statements.



BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
June 30, 2023December 31, 2022
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively)
$25,762,722 $25,389,663 
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively)
237,526 237,510 
Right of use assets - operating leases
166,421 167,351 
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively)
(6,568,568)(6,298,082)
Total real estate19,598,101 19,496,442 
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively)
1,581,575 690,333 
Cash held in escrows
46,915 46,479 
Investments in securities33,481 32,277 
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively)
91,968 81,389 
Related party note receivable, net88,834 78,576 
Sales-type lease receivable, net13,250 12,811 
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively)
1,318,320 1,276,580 
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively)
710,820 733,282 
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively)
77,457 43,589 
Investments in unconsolidated joint ventures1,780,959 1,715,911 
Total assets$25,341,680 $24,207,669 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively)
$3,274,764 $3,272,368 
Unsecured senior notes, net10,985,395 10,237,968 
Unsecured line of credit  
Unsecured term loan, net1,196,046 730,000 
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively)
251,874 249,335 
Lease liabilities - operating leases 204,826 204,686 
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively)
434,574 417,545 
Dividends and distributions payable171,465 170,643 
Accrued interest payable
111,088 103,774 
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively)
418,813 450,918 
Total liabilities17,048,845 15,837,237 
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 108,642 and 97,853 units outstanding at redemption value at June 30, 2023 and December 31, 2022, respectively
6,292 6,613 
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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
June 30, 2023December 31, 2022
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding
  
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding
  
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,932,300 and 156,836,767 issued and 156,853,400 and 156,757,867 outstanding at June 30, 2023 and December 31, 2022, respectively
1,569 1,568 
Additional paid-in capital
6,561,161 6,539,147 
Dividends in excess of earnings(516,550)(391,356)
Treasury common stock at cost, 78,900 shares at June 30, 2023 and December 31, 2022
(2,722)(2,722)
Accumulated other comprehensive loss(3,406)(13,718)
Total stockholders’ equity attributable to Boston Properties, Inc.6,040,052 6,132,919 
Noncontrolling interests:
Common units of Boston Properties Limited Partnership689,123 683,583 
Property partnerships1,557,368 1,547,317 
Total equity8,286,543 8,363,819 
Total liabilities and equity$25,341,680 $24,207,669 

















The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per share amounts)
Three months ended June 30,Six months ended June 30,
 2023202220232022
Revenue
Lease$761,733 $721,899 $1,518,608 $1,440,019 
Parking and other26,984 30,346 50,993 52,080 
Hotel13,969 12,089 22,070 16,646 
Development and management services9,858 6,354 18,838 12,185 
Direct reimbursements of payroll and related costs from management services contracts
4,609 3,239 9,844 7,304 
Total revenue817,153 773,927 1,620,353 1,528,234 
Expenses
Operating
Rental291,036 273,848 582,344 544,103 
Hotel8,161 6,444 14,832 11,284 
General and administrative44,175 34,665 99,977 77,859 
Payroll and related costs from management services contracts4,609 3,239 9,844 7,304 
Transaction costs308 496 1,219 496 
Depreciation and amortization202,577 183,146 411,311 360,770 
Total expenses550,866 501,838 1,119,527 1,001,816 
Other income (expense)
Income (loss) from unconsolidated joint ventures(6,668)(54)(14,237)2,135 
Gains on sales of real estate 96,247  118,948 
Interest and other income (loss)17,343 1,195 28,284 2,423 
Other income - assignment fee 6,624  6,624 
Gains (losses) from investments in securities1,571 (4,716)3,236 (6,978)
Unrealized gain on non-real estate investment124  383  
Interest expense(142,473)(104,142)(276,680)(205,370)
Net income136,184 267,243 241,812 444,200 
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships(19,768)(18,546)(38,428)(36,095)
Noncontrolling interest—common units of the Operating Partnership(12,117)(25,708)(21,169)(42,061)
Net income attributable to Boston Properties, Inc.$104,299 $222,989 $182,215 $366,044 
Basic earnings per common share attributable to Boston Properties, Inc.
Net income$0.67 $1.42 $1.16 $2.33 
Weighted average number of common shares outstanding156,826 156,720 156,815 156,685 
Diluted earnings per common share attributable to Boston Properties, Inc.
Net income$0.66 $1.42 $1.16 $2.33 
Weighted average number of common and common equivalent shares outstanding
157,218 157,192 157,131 157,098 



The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)
 
Three months ended June 30,Six months ended June 30,
 2023202220232022
Net income$136,184 $267,243 $241,812 $444,200 
Other comprehensive income:
Effective portion of interest rate contracts14,965 35 8,427 7,600 
Amortization of interest rate contracts (1)1,674 1,677 3,349 3,353 
Other comprehensive income16,639 1,712 11,776 10,953 
Comprehensive income152,823 268,955 253,588 455,153 
Net income attributable to noncontrolling interests(31,885)(44,254)(59,597)(78,156)
Other comprehensive income attributable to noncontrolling interests(1,831)(304)(1,463)(1,368)
Comprehensive income attributable to Boston Properties, Inc.$119,107 $224,397 $192,528 $375,629 
_______________
(1)Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties, Inc.’s Consolidated Statements of Operations.





























The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
 (unaudited and in thousands)
 Common StockAdditional Paid-in CapitalDividends in Excess of EarningsTreasury Stock,
at cost
Accumulated Other Comprehensive LossNoncontrolling Interests - Common UnitsNoncontrolling Interests - Property PartnershipsTotal
 SharesAmount
Equity, March 31, 2023
156,830 $1,568 $6,549,314 $(467,159)$(2,722)$(18,214)$691,627 $1,552,070 $8,306,484 
Redemption of operating partnership units to common stock16 1 598 — — — (599)—  
Allocated net income for the period— — — 104,325 — — 12,091 19,768 136,184 
Dividends/distributions declared— — — (153,716)— — (18,376)— (172,092)
Net activity from stock option and incentive plan8 — (110)— — — 14,052 — 13,942 
Distributions to noncontrolling interests in property partnerships— — — — — — — (14,614)(14,614)
Effective portion of interest rate contracts— — — — — 13,435 1,530 — 14,965 
Amortization of interest rate contracts— — — — — 1,373 157 144 1,674 
Reallocation of noncontrolling interest— — 11,359 — — — (11,359)—  
Equity, June 30, 2023
156,854 $1,569 $6,561,161 $(516,550)$(2,722)$(3,406)$689,123 $1,557,368 $8,286,543 
Equity, March 31, 2022
156,712 $1,567 $6,509,663 $(636,421)$(2,722)$(28,485)$649,602 $1,548,455 $8,041,659 
Redemption of operating partnership units to common stock11  401 — — — (401)—  
Allocated net income for the period— — — 222,997 — — 25,700 18,546 267,243 
Dividends/distributions declared— — — (153,592)— — (17,939)— (171,531)
Net activity from stock option and incentive plan3 — 4,420 — — — 13,605 — 18,025 
Distributions to noncontrolling interests in property partnerships— — — — — — — (14,439)(14,439)
Effective portion of interest rate contracts— — — — — 31 4 — 35 
Amortization of interest rate contracts— — — — — 1,377 156 144 1,677 
Reallocation of noncontrolling interest— — 10,513 — — — (10,513)—  
Equity, June 30, 2022
156,726 $1,567 $6,524,997 $(567,016)$(2,722)$(27,077)$660,214 $1,552,706 $8,142,669 





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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
 (unaudited and in thousands)
Common StockAdditional Paid-in CapitalDividends in Excess of EarningsTreasury Stock,
at cost
Accumulated Other Comprehensive LossNoncontrolling Interests - Common UnitsNoncontrolling Interests - Property PartnershipsTotal
SharesAmount
Equity, December 31, 2022156,758 $1,568 $6,539,147 $(391,356)$(2,722)$(13,718)$683,583 $1,547,317 $8,363,819 
Redemption of operating partnership units to common stock21 1 793 — — — (794)—  
Allocated net income for the period— — — 182,215 — — 21,169 38,428 241,812 
Dividends/distributions declared— — — (307,409)— — (36,737)— (344,146)
Shares issued pursuant to stock purchase plan9 — 586 — — — — — 586 
Net activity from stock option and incentive plan66 — 3,338 — — — 38,023 — 41,361 
Contributions from noncontrolling interests in property partnerships— — — — — — — 7,555 7,555 
Distributions to noncontrolling interests in property partnerships— — — — — — — (36,220)(36,220)
Effective portion of interest rate contracts— — — — — 7,565 862 — 8,427 
Amortization of interest rate contracts— — — — — 2,747 314 288 3,349 
Reallocation of noncontrolling interest— — 17,297 — — — (17,297)—  
Equity, June 30, 2023
156,854 $1,569 $6,561,161 $(516,550)$(2,722)$(3,406)$689,123 $1,557,368 $8,286,543 
Equity, December 31, 2021156,545 $1,565 $6,497,730 $(625,891)$(2,722)$(36,662)$642,655 $1,556,553 $8,033,228 
Redemption of operating partnership units to common stock152 2 5,427 — — — (5,429)—  
Allocated net income for the period— — — 366,044 — — 42,061 36,095 444,200 
Dividends/distributions declared— — — (307,169)— — (35,859)— (343,028)
Shares issued pursuant to stock purchase plan5 — 600 — — — — — 600 
Net activity from stock option and incentive plan24 — 4,287 — — — 32,659 — 36,946 
Contributions from noncontrolling interests in property partnerships— — — — — — — 849 849 
Distributions to noncontrolling interests in property partnerships— — — — — — — (41,079)(41,079)
Effective portion of interest rate contracts— — — — — 6,831 769 — 7,600 
Amortization of interest rate contracts— — — — — 2,754 311 288 3,353 
Reallocation of noncontrolling interest— — 16,953 — — — (16,953)—  
Equity, June 30, 2022156,726 $1,567 $6,524,997 $(567,016)$(2,722)$(27,077)$660,214 $1,552,706 $8,142,669 



The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents            
BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Six months ended June 30,
 20232022
Cash flows from operating activities:
Net income$241,812 $444,200 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization411,311 360,770 
Amortization of right of use assets - operating leases929 1,407 
Non-cash compensation expense41,524 36,195 
Loss (income) from unconsolidated joint ventures14,237 (2,135)
Distributions of net cash flow from operations of unconsolidated joint ventures11,437 10,097 
Losses (gains) from investments in securities(3,236)6,978 
Allowance for current expected credit losses264 (458)
Non-cash portion of interest expense14,940 12,528 
Other income - assignment fee (6,624)
Gains on sales of real estate (118,948)
Unrealized gain on non-real estate investment(383) 
Change in assets and liabilities:
Tenant and other receivables, net3,721 10,167 
Notes receivable, net (152)
Accrued rental income, net(42,965)(48,901)
Prepaid expenses and other assets(24,758)6,326 
Lease liabilities - operating leases140 82 
Accounts payable and accrued expenses6,320 (18,636)
Accrued interest payable7,314 2,036 
Other liabilities(21,773)(37,732)
Tenant leasing costs(47,651)(40,561)
Total adjustments371,371 172,439 
Net cash provided by operating activities613,183 616,639 
Cash flows from investing activities:
Acquisitions of real estate (727,835)
Construction in progress(235,331)(237,182)
Building and other capital improvements(78,344)(63,278)
Tenant improvements(135,743)(97,844)
Proceeds from sales of real estate 157,345 
Proceeds from assignment fee 6,624 
Capital contributions to unconsolidated joint ventures(103,595)(69,819)
Capital distributions from unconsolidated joint ventures7,350 36,622 
Investment in non-real estate investments(733) 
Issuance of related party note receivable(10,500) 
Proceeds from notes receivable 10,000 
Investments in securities, net2,032 5,197 
Net cash used in investing activities(554,864)(980,170)
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Table of Contents            
BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Six months ended June 30,
 20232022
Cash flows from financing activities:
Proceeds from unsecured senior notes747,727  
Borrowings on unsecured line of credit 340,000 
Repayments of unsecured line of credit (320,000)
Borrowings on unsecured term loan1,200,000 730,000 
Repayment of unsecured term loan(730,000) 
Deferred financing costs(12,339)(2,230)
Net activity from equity transactions(39)(366)
Dividends and distributions(343,325)(341,951)
Contributions from noncontrolling interests in property partnerships7,555 849 
Distributions to noncontrolling interests in property partnerships(36,220)(41,079)
Net cash provided by financing activities833,359 365,223 
Net increase in cash and cash equivalents and cash held in escrows891,678 1,692 
Cash and cash equivalents and cash held in escrows, beginning of period736,812 501,158 
Cash and cash equivalents and cash held in escrows, end of period$1,628,490 $502,850 
Reconciliation of cash and cash equivalents and cash held in escrows:
Cash and cash equivalents, beginning of period$690,333 $452,692 
Cash held in escrows, beginning of period46,479 48,466 
Cash and cash equivalents and cash held in escrows, beginning of period$736,812 $501,158 
Cash and cash equivalents, end of period$1,581,575 $456,491 
Cash held in escrows, end of period46,915 46,359 
Cash and cash equivalents and cash held in escrows, end of period$1,628,490 $502,850 
Supplemental disclosures:
Cash paid for interest$273,214 $216,409 
Interest capitalized$21,153 $27,819 
Non-cash investing and financing activities:
Write-off of fully depreciated real estate$(85,878)$(65,435)
Change in real estate included in accounts payable and accrued expenses$25,562 $40,655 
Construction in progress, net deconsolidated$ $(11,316)
Investment in unconsolidated joint ventures recorded upon deconsolidation$ $11,316 
Dividends and distributions declared but not paid$171,465 $170,937 
Conversions of noncontrolling interests to stockholders’ equity$794 $5,429 
Issuance of restricted securities to employees and non-employee directors$47,885 $47,198 





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

Table of Contents            

BOSTON PROPERTIES LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for unit amounts)
June 30, 2023December 31, 2022
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,870,107 and $6,789,029 at June 30, 2023 and December 31, 2022, respectively)
$25,396,457 $25,022,149 
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2023 and December 31, 2022, respectively)
237,526 237,510 
Right of use assets - operating leases166,421 167,351 
Less: accumulated depreciation (amounts related to VIEs of $(1,434,592) and $(1,381,401) at June 30, 2023 and December 31, 2022, respectively)
(6,448,665)(6,180,474)
Total real estate19,351,739 19,246,536 
Cash and cash equivalents (amounts related to VIEs of $256,201 and $259,658 at June 30, 2023 and December 31, 2022, respectively)
1,581,575 690,333 
Cash held in escrows
46,915 46,479 
Investments in securities33,481 32,277 
Tenant and other receivables, net (amounts related to VIEs of $13,921 and $16,521 at June 30, 2023 and December 31, 2022, respectively)
91,968 81,389 
Related party note receivable, net88,834 78,576 
Sales-type lease receivable, net13,250 12,811 
Accrued rental income, net (amounts related to VIEs of $382,622 and $367,138 at June 30, 2023 and December 31, 2022, respectively)
1,318,320 1,276,580 
Deferred charges, net (amounts related to VIEs of $172,655 and $176,597 at June 30, 2023 and December 31, 2022, respectively)
710,820 733,282 
Prepaid expenses and other assets (amounts related to VIEs of $13,534 and $11,647 at June 30, 2023 and December 31, 2022, respectively)
77,457 43,589 
Investments in unconsolidated joint ventures1,780,959 1,715,911 
Total assets$25,095,318 $23,957,763 
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,274,764 and $3,272,368 at June 30, 2023 and December 31, 2022, respectively)
$3,274,764 $3,272,368 
Unsecured senior notes, net10,985,395 10,237,968 
Unsecured line of credit  
Unsecured term loan, net1,196,046 730,000 
Lease liabilities - finance leases (amounts related to VIEs of $20,675 and $20,604 at June 30, 2023 and December 31, 2022, respectively)
251,874 249,335 
Lease liabilities - operating leases
204,826 204,686 
Accounts payable and accrued expenses (amounts related to VIEs of $57,852 and $29,466 at June 30, 2023 and December 31, 2022, respectively)
434,574 417,545 
Dividends and distributions payable171,465 170,643 
Accrued interest payable
111,088 103,774 
Other liabilities (amounts related to VIEs of $101,301 and $114,232 at June 30, 2023 and December 31, 2022, respectively)
418,813 450,918 
Total liabilities17,048,845 15,837,237 
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 108,642 and 97,853 units outstanding at redemption value at June 30, 2023 and December 31, 2022, respectively
6,292 6,613