Document
0.010.01991577118911716783558168282300.010.05250.05250.05250.0525three year15-yearfalsefalse--12-31--12-31Q2Q2201920192019-06-3010-Q000103754000010431210DE0.010.0175786000757860004591700045917000155190001551900010309000103090002968060002968060002454440002454440000.010.012500000002500000001545373781546420301544584780700004000003900000The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50 and (4) an unencumbered asset value of not less than 150% of unsecured debt.263402000263402000226426000226426000272466000272466000283891000283891000150000000150000000000020107000201070002100000021000000172233617258051527361421528373252003440002003440001285040001285040002500250025000.010.010.010.015000000092000500000009200080000800008000080000800008000080000265130002651300025635000256350009655000009655000001011743000101174300074810150007481015000642642700064264270002929326000292932600029241510002924151000P4Y0M0D Earned awards (if any) will vest 50% on February 4, 2022 and 50% on February 4, 2023, based on continued employment. Vesting will be accelerated in the event of a change in control, termination of employment by Boston Properties, Inc. without cause, or termination of employment by the award recipient for good reason, death, disability or retirement. If there is a change of control prior to February 4, 2022, earned awards will be calculated based on TSR performance up to the date of the change of control. 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bxp:payments
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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, 2019
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.
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)
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:
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.
Depository Shares Each Representing 1/100th of a share
BXP PRB
New York Stock Exchange
of 5.25% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share



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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
Boston Properties, Inc.:    Yes  x   No           Boston Properties Limited Partnership:    Yes  x    No      
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Boston Properties, Inc.:    Yes  x    No           Boston Properties Limited Partnership:    Yes  x    No      
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 share
154,567,750
(Registrant)
(Class)
(Outstanding on August 2, 2019)
 


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EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2019 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, 2019, BXP owned an approximate 89.6% ownership interest in BPLP. The remaining approximate 10.4% interest was owned by limited partners. The other limited partners of BPLP are (1) persons who contributed their direct or indirect interests in properties to BPLP in exchange for common units or preferred units of limited partnership interest in BPLP and/or (2) recipients of long term incentive plan units of BPLP pursuant to BXP’s Stock Option and Incentive Plans. 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 provides the following benefits:
enhances investors’ understanding of BXP and BPLP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more concise and readable presentation because a substantial portion of the disclosure applies to both BXP and BPLP; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between BXP and BPLP in the context of how BXP and BPLP operate as a consolidated company. The financial results of BPLP are consolidated into the financial statements of BXP. BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving the securities of BXP. BPLP holds substantially all of the assets of BXP, including ownership interests in joint ventures. BPLP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings 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 at BPLP’s level and limited partners of BPLP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at BXP and BPLP levels.
In addition, the consolidated financial statements of BXP and BPLP differ in total real estate assets resulting from previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of BPLP. This accounting resulted in a step-up of the real estate assets at BXP. This resulted in a difference between the net real estate of BXP as compared to BPLP of approximately $295.0 million, or 1.7% at June 30, 2019 and a corresponding difference in depreciation expense, impairments losses and gains on sales of real estate upon the sale of certain 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 future redemptions to be accounted for solely as an equity transaction.
To help investors better understand the key differences between BXP and BPLP, certain information for BXP and BPLP in this report has been separated, as set forth below:
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP:
Note 3. Real Estate;
Note 9. Stockholders’ Equity / Partners’ Capital;
Note 10. Earnings Per Share / Common Unit; and
Note 12. Segment Information
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable; and
Item 2. Liquidity and Capital Resources includes separate reconciliations of amounts to each entity’s financial statements, where applicable.
This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP.



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BOSTON PROPERTIES, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP
FORM 10-Q
for the quarter ended June 30, 2019
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)
 
 
June 30, 2019
 
December 31, 2018
 
 
(in thousands, except for share and par value amounts)
ASSETS
 
 
 
 
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,426,427 and $7,481,015 at June 30, 2019 and December 31, 2018, respectively)
 
$
21,943,208

 
$
21,649,896

Right of use assets - finance leases (amount related to VIEs of $21,000 at June 30, 2019)
 
187,269

 

Right of use assets - operating leases
 
149,839

 

Less: accumulated depreciation (amounts related to VIEs of $(1,011,743) and $(965,500) at June 30, 2019 and December 31, 2018, respectively)
 
(5,050,606
)
 
(4,897,777
)
Total real estate
 
17,229,710

 
16,752,119

Cash and cash equivalents (amounts related to VIEs of $245,444 and $296,806 at June 30, 2019 and December 31, 2018, respectively)
 
1,087,001

 
543,359

Cash held in escrows
 
75,923

 
95,832

Investments in securities
 
33,411

 
28,198

Tenant and other receivables (amounts related to VIEs of $10,309 and $15,519 at June 30, 2019 and December 31, 2018, respectively)
 
87,727

 
86,629

Note receivable
 
19,718

 
19,468

Related party note receivable
 
80,000

 
80,000

Accrued rental income (amounts related to VIEs of $283,891 and $272,466 at June 30, 2019 and December 31, 2018, respectively)
 
973,167

 
934,896

Deferred charges, net (amounts related to VIEs of $226,426 and $263,402 at June 30, 2019 and December 31, 2018, respectively)
 
676,082

 
678,724

Prepaid expenses and other assets (amounts related to VIEs of $25,635 and $26,513 at June 30, 2019 and December 31, 2018, respectively)
 
68,701

 
80,943

Investments in unconsolidated joint ventures
 
936,835

 
956,309

Total assets
 
$
21,268,275

 
$
20,256,477

LIABILITIES AND EQUITY
 
 
 
 
Liabilities:
 
 
 
 
Mortgage notes payable, net (amounts related to VIEs of $2,924,151 and $2,929,326 at June 30, 2019 and December 31, 2018, respectively)
 
$
2,956,833

 
$
2,964,572

Unsecured senior notes, net
 
8,390,708

 
7,544,697

Unsecured line of credit
 

 

Unsecured term loan, net
 
498,700

 
498,488

Lease liabilities - finance leases (amount related to VIEs of $20,107 at June 30, 2019)
 
172,902

 

Lease liabilities - operating leases
 
199,344

 

Accounts payable and accrued expenses (amounts related to VIEs of $45,917 and $75,786 at June 30, 2019 and December 31, 2018, respectively)
 
418,429

 
276,645

Dividends and distributions payable
 
165,419

 
165,114

Accrued interest payable
 
89,289

 
89,267

Other liabilities (amounts related to VIEs of $128,504 and $200,344 at June 30, 2019 and December 31, 2018, respectively)
 
355,984

 
503,726

Total liabilities
 
13,247,608

 
12,042,509

Commitments and contingencies
 

 

Equity:
 
 
 
 
Stockholders’ equity attributable to Boston Properties, Inc.:
 
 
 
 

1

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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
June 30, 2019
 
December 31, 2018
 
 
(in thousands, except for share and par value amounts)
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 June 30, 2019 and December 31, 2018
 
200,000

 
200,000

Common stock, $0.01 par value, 250,000,000 shares authorized, 154,642,030 and 154,537,378 issued and 154,563,130 and 154,458,478 outstanding at June 30, 2019 and December 31, 2018, respectively
 
1,546

 
1,545

Additional paid-in capital
 
6,278,961

 
6,407,623

Dividends in excess of earnings
 
(710,592
)
 
(675,534
)
Treasury common stock at cost, 78,900 shares at June 30, 2019 and December 31, 2018
 
(2,722
)
 
(2,722
)
Accumulated other comprehensive loss
 
(51,340
)
 
(47,741
)
Total stockholders’ equity attributable to Boston Properties, Inc.
 
5,715,853

 
5,883,171

Noncontrolling interests:
 
 
 
 
Common units of Boston Properties Limited Partnership
 
608,593

 
619,352

Property partnerships
 
1,696,221

 
1,711,445

Total equity
 
8,020,667

 
8,213,968

Total liabilities and equity
 
$
21,268,275

 
$
20,256,477

























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

2

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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands, except for per share amounts)
Revenue
 
 
 
 
 
 
 
Lease
$
680,189

 
$

 
$
1,359,440

 
$

Base rent

 
516,439

 

 
1,035,946

Recoveries from tenants

 
95,259

 

 
190,377

Parking and other
26,319

 
26,904

 
51,225

 
53,038

Hotel revenue
14,844

 
14,607

 
23,782

 
23,709

Development and management services
9,986

 
9,305

 
19,263

 
17,710

Direct reimbursements of payroll and related costs from management services contracts
2,403

 
1,970

 
5,798

 
4,855

Total revenue
733,741

 
664,484

 
1,459,508

 
1,325,635

Expenses
 
 
 
 
 
 
 
Operating
 
 
 
 
 
 
 
Rental
257,971

 
237,790

 
515,488

 
478,119

Hotel
9,080

 
8,741

 
16,943

 
16,814

General and administrative
35,071

 
28,468

 
76,833

 
64,362

Payroll and related costs from management services contracts
2,403

 
1,970

 
5,798

 
4,855

Transaction costs
417

 
474

 
877

 
495

Depreciation and amortization
177,411

 
156,417

 
342,005

 
322,214

Total expenses
482,353

 
433,860

 
957,944

 
886,859

Other income (expense)
 
 
 
 
 
 
 
Income from unconsolidated joint ventures
47,964

 
769

 
48,177

 
1,230

Gains on sales of real estate
1,686

 
18,292

 
781

 
114,689

Interest and other income
3,615

 
2,579

 
7,368

 
4,227

Gains from investments in securities
1,165

 
505

 
4,134

 
379

Impairment loss

 

 
(24,038
)
 

Interest expense
(102,357
)
 
(92,204
)
 
(203,366
)
 
(182,424
)
Net income
203,461

 
160,565

 
334,620

 
376,877

Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
Noncontrolling interests in property partnerships
(17,482
)
 
(14,400
)
 
(36,312
)
 
(31,634
)
Noncontrolling interest—common units of Boston Properties Limited Partnership
(19,036
)
 
(14,859
)
 
(30,627
)
 
(35,311
)
Net income attributable to Boston Properties, Inc.
166,943

 
131,306

 
267,681

 
309,932

Preferred dividends
(2,625
)
 
(2,625
)
 
(5,250
)
 
(5,250
)
Net income attributable to Boston Properties, Inc. common shareholders
$
164,318

 
$
128,681

 
$
262,431

 
$
304,682

Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
 
 
 
 
 
 
 
Net income
$
1.06

 
$
0.83

 
$
1.70

 
$
1.97

Weighted average number of common shares outstanding
154,555

 
154,415

 
154,540

 
154,400

Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
 
 
 
 
 
 
 
Net income
$
1.06

 
$
0.83

 
$
1.69

 
$
1.97

Weighted average number of common and common equivalent shares outstanding
154,874

 
154,571

 
154,859

 
154,638

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

3

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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Net income
$
203,461

 
$
160,565

 
$
334,620

 
$
376,877

Other comprehensive income (loss):
 
 
 
 
 
 
 
Effective portion of interest rate contracts
(4,426
)
 

 
(7,054
)
 

Amortization of interest rate contracts (1)
1,666

 
1,666

 
3,332

 
3,332

Other comprehensive income (loss)
(2,760
)
 
1,666

 
(3,722
)
 
3,332

Comprehensive income
200,701

 
162,231

 
330,898

 
380,209

Net income attributable to noncontrolling interests
(36,518
)
 
(29,259
)
 
(66,939
)
 
(66,945
)
Other comprehensive loss (income) attributable to noncontrolling interests
154

 
(299
)
 
123

 
(598
)
Comprehensive income attributable to Boston Properties, Inc.
$
164,337

 
$
132,673

 
$
264,082

 
$
312,666

_______________
(1) Amounts reclassified from comprehensive income primarily to interest expense within the Boston Properties, Inc.’s Consolidated Statements of Operations.
































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

4

Table of Content

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited and in thousands)

 
Common Stock
 
Preferred Stock
 
Additional Paid-in Capital
 
Dividends in Excess of Earnings
 
Treasury Stock, at cost
 
Accumulated Other Comprehensive Loss
 
Noncontrolling Interests - Common Units
 
Noncontrolling Interests - Property Partnerships
 
Total
 
Shares
 
Amount
 
 
Equity, March 31, 2019
154,515

 
$
1,545

 
$
200,000

 
$
6,414,612

 
$
(728,083
)
 
$
(2,722
)
 
$
(48,734
)
 
$
623,061

 
$
1,710,608

 
$
8,170,287

Redemption of operating partnership units to common stock
21

 
1

 

 
719

 

 

 

 
(720
)
 

 

Allocated net income for the year

 

 

 

 
166,951

 

 

 
19,028

 
17,482

 
203,461

Dividends/distributions declared

 

 

 

 
(149,460
)
 

 

 
(17,206
)
 

 
(166,666
)
Shares issued pursuant to stock purchase plan

 

 

 

 

 

 

 

 

 

Net activity from stock option and incentive plan
27

 

 

 
1,495

 

 

 

 
9,368

 

 
10,863

Acquisition of noncontrolling interest in property partnership

 

 

 
(162,505
)
 

 

 

 

 
(24,501
)
 
(187,006
)
Contributions from noncontrolling interests in property partnerships

 

 

 

 

 

 

 

 
7,761

 
7,761

Distributions to noncontrolling interests in property partnerships

 

 

 

 

 

 

 

 
(15,273
)
 
(15,273
)
Effective portion of interest rate contracts

 

 

 

 

 

 
(3,973
)
 
(453
)
 

 
(4,426
)
Amortization of interest rate contracts

 

 

 

 

 

 
1,367

 
155

 
144

 
1,666

Reallocation of noncontrolling interest

 

 

 
24,640

 

 

 

 
(24,640
)
 

 

Equity, June 30, 2019
154,563

 
$
1,546

 
$
200,000

 
$
6,278,961

 
$
(710,592
)
 
$
(2,722
)
 
$
(51,340
)
 
$
608,593

 
$
1,696,221

 
$
8,020,667

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity, March 31, 2018
154,362

 
$
1,544

 
$
200,000

 
$
6,384,147

 
$
(654,879
)
 
$
(2,722
)
 
$
(49,062
)
 
$
619,347

 
$
1,685,715

 
$
8,184,090

Redemption of operating partnership units to common stock
11

 

 

 
364

 

 

 

 
(364
)
 

 

Allocated net income for the year

 

 

 

 
131,286

 

 

 
14,879

 
14,400

 
160,565

Dividends/distributions declared

 

 

 

 
(126,154
)
 

 

 
(14,357
)
 

 
(140,511
)
Shares issued pursuant to stock purchase plan

 

 

 

 

 

 

 

 

 

Net activity from stock option and incentive plan
39

 

 

 
785

 

 

 

 
7,725

 

 
8,510

Contributions from noncontrolling interests in property partnerships

 

 

 

 

 

 

 

 
12,265

 
12,265

Distributions to noncontrolling interests in property partnerships

 

 

 

 

 

 

 

 
(13,343
)
 
(13,343
)
Amortization of interest rate contracts