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79000000.010.01991577118911716783558168216200.010.05250.05250.05250.0525falsefalse--12-31--12-31Q3Q3201920192019-09-3010-Q000103754000010431210DE0.010.0175786000757860006000004401300044013000155190001551900025259000252590002968060002968060002802530002802530000.010.012500000002500000001545373781546509731544584780700004000003900000263402000263402000218634000218634000272466000272466000292668000292668000150000000150000000000020148000201480002100000021000000172233617258281527361421528462452003440002003440001291850001291850002500250025000.010.010.010.0150000000920005000000092000800008000080000800008000080000800002651300026513000580570005805700096550000096550000010275830001027583000748101500074810150006462315000646231500073000002929326000292932600029214990002921499000P4Y0M0D 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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iso4217:USD xbrli:pure iso4217:USD xbrli:shares utreg:sqft utreg:Y bxp:Real_Estate_Properties bxp:series bxp:Buildings utreg:acre bxp:Land_Parcels bxp:payments bxp:apartments
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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 September 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, 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 share
154,621,676
(Registrant)
(Class)
(Outstanding on November 1, 2019)
 


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EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 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 September 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 $293.2 million, or 1.7%, at September 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 September 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)
 
 
September 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 $6,462,315 and $7,481,015 at September 30, 2019 and December 31, 2018, respectively)
 
$
22,288,800

 
$
21,649,896

Right of use assets - finance leases (amount related to VIEs of $21,000 at September 30, 2019)
 
237,394

 

Right of use assets - operating leases
 
149,231

 

Less: accumulated depreciation (amounts related to VIEs of $(1,027,583) and $(965,500) at September 30, 2019 and December 31, 2018, respectively)
 
(5,164,353
)
 
(4,897,777
)
Total real estate
 
17,511,072

 
16,752,119

Cash and cash equivalents (amounts related to VIEs of $280,253 and $296,806 at September 30, 2019 and December 31, 2018, respectively)
 
751,210

 
543,359

Cash held in escrows
 
53,555

 
95,832

Investments in securities
 
34,375

 
28,198

Tenant and other receivables (amounts related to VIEs of $25,259 and $15,519 at September 30, 2019 and December 31, 2018, respectively)
 
102,155

 
86,629

Note receivable
 
19,844

 
19,468

Related party note receivable
 
80,000

 
80,000

Accrued rental income (amounts related to VIEs of $292,668 and $272,466 at September 30, 2019 and December 31, 2018, respectively)
 
1,003,033

 
934,896

Deferred charges, net (amounts related to VIEs of $218,634 and $263,402 at September 30, 2019 and December 31, 2018, respectively)
 
689,768

 
678,724

Prepaid expenses and other assets (amounts related to VIEs of $58,057 and $26,513 at September 30, 2019 and December 31, 2018, respectively)
 
110,308

 
80,943

Investments in unconsolidated joint ventures
 
933,255

 
956,309

Total assets
 
$
21,288,575

 
$
20,256,477

LIABILITIES AND EQUITY
 
 
 
 
Liabilities:
 
 
 
 
Mortgage notes payable, net (amounts related to VIEs of $2,921,499 and $2,929,326 at September 30, 2019 and December 31, 2018, respectively)
 
$
2,952,006

 
$
2,964,572

Unsecured senior notes, net
 
8,387,913

 
7,544,697

Unsecured line of credit
 

 

Unsecured term loan, net
 
498,819

 
498,488

Lease liabilities - finance leases (amount related to VIEs of $20,148 at September 30, 2019)
 
221,029

 

Lease liabilities - operating leases
 
199,755

 

Accounts payable and accrued expenses (amounts related to VIEs of $44,013 and $75,786 at September 30, 2019 and December 31, 2018, respectively)
 
421,269

 
276,645

Dividends and distributions payable
 
165,421

 
165,114

Accrued interest payable
 
83,177

 
89,267

Other liabilities (amounts related to VIEs of $129,185 and $200,344 at September 30, 2019 and December 31, 2018, respectively)
 
356,338

 
503,726

Total liabilities
 
13,285,727

 
12,042,509

 
 
 
 
 

1

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

 

 
 
 
 
 
Redeemable deferred stock units—54,610 units outstanding at redemption value at September 30, 2019
 
7,081

 

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, 2019 and December 31, 2018
 
200,000

 
200,000

Common stock, $0.01 par value, 250,000,000 shares authorized, 154,650,973 and 154,537,378 issued and 154,572,073 and 154,458,478 outstanding at September 30, 2019 and December 31, 2018, respectively
 
1,546

 
1,545

Additional paid-in capital
 
6,274,792

 
6,407,623

Dividends in excess of earnings
 
(749,666
)
 
(675,534
)
Treasury common stock at cost, 78,900 shares at September 30, 2019 and December 31, 2018
 
(2,722
)
 
(2,722
)
Accumulated other comprehensive loss
 
(51,996
)
 
(47,741
)
Total stockholders’ equity attributable to Boston Properties, Inc.
 
5,671,954

 
5,883,171

Noncontrolling interests:
 
 
 
 
Common units of Boston Properties Limited Partnership
 
603,690

 
619,352

Property partnerships
 
1,720,123

 
1,711,445

Total equity
 
7,995,767

 
8,213,968

Total liabilities and equity
 
$
21,288,575

 
$
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 September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands, except for per share amounts)
Revenue
 
 
 
 
 
 
 
Lease
$
692,225

 
$

 
$
2,051,665

 
$

Base rent

 
525,875

 

 
1,561,821

Recoveries from tenants

 
102,424

 

 
292,801

Parking and other
25,582

 
26,552

 
76,807

 
79,590

Hotel revenue
13,014

 
13,664

 
36,796

 
37,373

Development and management services
10,303

 
15,253

 
29,566

 
32,963

Direct reimbursements of payroll and related costs from management services contracts
2,429

 
2,516

 
8,227

 
7,371

Total revenue
743,553

 
686,284

 
2,203,061

 
2,011,919

Expenses
 
 
 
 
 
 
 
Operating
 
 
 
 
 
 
 
Rental
265,603

 
247,989

 
781,091

 
726,108

Hotel
8,743

 
8,828

 
25,686

 
25,642

General and administrative
31,147

 
29,677

 
107,980

 
94,039

Payroll and related costs from management services contracts
2,429

 
2,516

 
8,227

 
7,371

Transaction costs
538

 
914

 
1,415

 
1,409

Depreciation and amortization
165,862

 
157,996

 
507,867

 
480,210

Total expenses
474,322

 
447,920

 
1,432,266

 
1,334,779

Other income (expense)
 
 
 
 
 
 
 
Income (loss) from unconsolidated joint ventures
(649
)
 
(4,313
)
 
47,528

 
(3,083
)
Gains (losses) on sales of real estate
(15
)
 
7,863

 
766

 
122,552

Interest and other income
7,178

 
2,822

 
14,546

 
7,049

Gains from investments in securities
106

 
1,075

 
4,240

 
1,454

Impairment loss

 

 
(24,038
)
 

Loss from early extinguishment of debt
(28,010
)
 

 
(28,010
)
 

Interest expense
(106,471
)
 
(95,366
)
 
(309,837
)
 
(277,790
)
Net income
141,370

 
150,445

 
475,990

 
527,322

Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
Noncontrolling interests in property partnerships
(18,470
)
 
(14,850
)
 
(54,782
)
 
(46,484
)
Noncontrolling interest—common units of Boston Properties Limited Partnership
(12,504
)
 
(13,852
)
 
(43,133
)
 
(49,128
)
Net income attributable to Boston Properties, Inc.
110,396

 
121,743

 
378,075

 
431,710

Preferred dividends
(2,625
)
 
(2,625
)
 
(7,875
)
 
(7,875
)
Net income attributable to Boston Properties, Inc. common shareholders
$
107,771

 
$
119,118

 
$
370,200

 
$
423,835

Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
 
 
 
 
 
 
 
Net income
$
0.70

 
$
0.77

 
$
2.40

 
$
2.74

Weighted average number of common shares outstanding
154,577

 
154,440

 
154,553

 
154,414

Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
 
 
 
 
 
 
 
Net income
$
0.70

 
$
0.77

 
$
2.39

 
$
2.74

Weighted average number of common and common equivalent shares outstanding
154,820

 
154,678

 
154,847

 
154,652

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

3

Table of Content

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Net income
$
141,370

 
$
150,445

 
$
475,990

 
$
527,322

Other comprehensive income (loss):
 
 
 
 
 
 
 
Effective portion of interest rate contracts
(2,253
)
 
1,325

 
(9,307
)
 
1,325

Amortization of interest rate contracts (1)
1,666

 
1,666

 
4,998

 
4,998

Other comprehensive income (loss)
(587
)
 
2,991

 
(4,309
)
 
6,323

Comprehensive income
140,783

 
153,436

 
471,681

 
533,645

Net income attributable to noncontrolling interests
(30,974
)
 
(28,702
)
 
(97,915
)
 
(95,612
)
Other comprehensive loss (income) attributable to noncontrolling interests
(69
)
 
(433
)
 
54

 
(1,031
)
Comprehensive income attributable to Boston Properties, Inc.
$
109,740

 
$
124,301

 
$
373,820

 
$
437,002

_______________
(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, 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

Redemption of operating partnership units to common stock
7

 

 

 
223

 

 

 

 
(223
)
 

 

Allocated net income for the period

 

 

 

 
110,394

 

 

 
12,506

 
18,470

 
141,370

Dividends/distributions declared

 

 

 

 
(149,468
)
 

 

 
(17,200
)
 

 
(166,668
)
Shares issued pursuant to stock purchase plan
2

 

 

 
315

 

 

 

 

 

 
315

Net activity from stock option and incentive plan

 

 

 
(7,219
)
 

 

 

 
6,774

 

 
(445
)
Sale of an interest in property partnerships

 

 

 
(4,216
)
 

 

 

 

 
4,216

 

Acquisition of noncontrolling interest in property partnership

 

 

 
43

 

 

 

 

 

 
43

Contributions from noncontrolling interests in property partnerships

 

 

 

 

 

 

 

 
14,820

 
14,820

Distributions to noncontrolling interests in property partnerships

 

 

 

 

 

 

 

 
(13,748
)
 
(13,748
)
Effective portion of interest rate contracts

 

 

 

 

 

 
(2,022
)
 
(231
)
 

 
(2,253
)
Amortization of interest rate contracts

 

 

 

 

 

 
1,366

 
156

 
144

 
1,666

Reallocation of noncontrolling interest

 

 

 
6,685

 

 

 

 
(6,685
)
 

 

Equity, September 30, 2019
154,572

 
$
1,546

 
$
200,000

 
$
6,274,792

 
$
(749,666
)
 
$
(2,722
)
 
$
(51,996
)
 
$
603,690

 
$
1,720,123

 
$
7,995,767

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity, June 30, 2018
154,412

 
$
1,544

 
$
200,000

 
$
6,391,460

 
$
(649,747
)
 
$
(2,722
)
 
$
(47,695
)
 
$
621,221

 
$
1,699,181

 
$
8,213,242

Redemption of operating partnership units to common stock
25

 

 

 
916

 

 

 

 
(916
)
 

 

Allocated net income for the period

 

 

 

 
121,778

 

 

 
13,817

 
14,850

 
150,445

Dividends/distributions declared

 

 

 

 
(149,343
)
 

 

 
(17,022
)
 

 
(166,365
)
Shares issued pursuant to stock purchase plan
3

 

 

 
368