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Boston Properties Ltd Partnership cash flow, quarter by quarter

Latest: Q3 2015 · from the cash-flow statements filed with the SEC

Free cash flow$129M in Q3 2015

Operating cash flow$166M
Capital spending−$36.5M
Free cash flow+$129M

Analysis

In Q3 2015, Boston Properties Ltd Partnership generated $166M of operating cash flow and spent $36.5M on capital projects, leaving free cash flow of $129M. That is $11.3M less than in Q3 2014 ($141M).

Operating cash flow was $166M against net income of $326M — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$151M, prepaid and other assets −$42.6M, other liabilities −$16.8M.

Free cash flow

Boston Properties Ltd Partnership: free cash flow by quarterBoston Properties Ltd Partnership: free cash flow by quarter$165MQ2 2014$141MQ3 2014$201MQ4 2014$182MQ1 2015$213MQ2 2015$129MQ3 2015
Operating cash flow less capital spending.
Boston Properties Ltd Partnership: operating cash flow against capital spendingBoston Properties Ltd Partnership: operating cash flow against capital spendingOperating cash flowCapital spending$185M$19.8MQ2 2014$161M$20.0MQ3 2014$226M$25.1MQ4 2014$201M$19.4MQ1 2015$242M$28.7MQ2 2015$166M$36.5MQ3 2015
Latest (Q3 2015): Operating cash flow $166M, Capital spending $36.5M.

Capital allocation, year by year

Boston Properties Ltd Partnership: where the cash came from (up) and went (down), by fiscal yearBoston Properties Ltd Partnership: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2010: Operating cash flow $376MFY2010: Net borrowing $843MFY2010: Shares issued $22.6MFY2010: Capital spending −$20.7MFY2010: Dividends −$325M$1.2BFY2010FY2011: Operating cash flow $606MFY2011: Net borrowing $1.3BFY2011: Shares issued $9.7MFY2011: Capital spending −$62.0MFY2011: Dividends −$333M$1.9BFY2011FY2012: Operating cash flow $643MFY2012: Net borrowing $774MFY2012: Shares issued $226KFY2012: Asset sales $62.0MFY2012: Capital spending −$49.9MFY2012: Dividends −$373M$1.5BFY2012FY2013: Operating cash flow $778MFY2013: Net borrowing $1.2BFY2013: Shares issued −$334KFY2013: Asset sales $250MFY2013: Capital spending −$73.8MFY2013: Dividends −$451M$2.2BFY2013FY2014: Operating cash flow $696MFY2014: Net borrowing −$548MFY2014: Shares issued $1.9MFY2014: Asset sales $420MFY2014: Capital spending −$82.5MFY2014: Dividends −$840M$1.1BFY2014
Over these 5 years operating cash flow totalled $3.1B; the largest uses were dividends ($2.3B) and net borrowing ($548M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.8B
Debt$4.2B
Net debt$2.4B
Due within a year$26.2M

Boston Properties Ltd Partnership funds itself: free cash flow was — over the last twelve months, and $1.8B of cash and investments stands against $4.2B of debt ($26.2M due within a year, 67.3× covered by cash).

Boston Properties Ltd Partnership: debt maturities by year (FY2014)Boston Properties Ltd Partnership: debt maturities by year (FY2014)$26.2MYear 1$609MYear 2$2.8BYear 3$18.6MYear 4$19.7MYear 5$676MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.8B of cash and investments now.

Where the cash came from and went

Boston Properties Ltd Partnership: sources (+) and uses (−) of cash, Q3 2015Boston Properties Ltd Partnership: sources (+) and uses (−) of cash, Q3 2015Asset & business sales$195MOperating cash flow$166MDividends−$114MOther financing−$110MPartners−$110MOther investing$61.5MCash drawn (+) / kept (−)−$44.3MCapital spending−$36.5MNet borrowing (+) / repaid (−)−$7.2MShares issued$467K

From profit to cash

Boston Properties Ltd Partnership: net income to operating cash flow, Q3 2015Boston Properties Ltd Partnership: net income to operating cash flow, Q3 2015Net income$326MDepreciation & amortization$151MStock-based pay$6.3MGains on investments$1.5MReceivables−$11.3MPayables$3.0MPrepaid and other assets−$42.6MOther liabilities−$16.8MOperating cash flow$166M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2015$166M−$36.5M−$114M−$7.2M$467K−$44.3M$129M
Q2 2015$242M−$28.7M−$114M−$5.9M$477K−$278M$213M
Q1 2015$201M−$19.4M−$884M—−$145K$699M$182M
Q4 2014$226M−$25.1M−$114M−$5.7M$393K−$916M$201M
Q3 2014$161M−$20.0M−$114M−$69.8M$368K$190M$141M
Q2 2014$185M−$19.8M−$116M−$5.6M$1.7M$143M$165M

Boston Properties Ltd Partnership: income statement and cash flow

Boston Properties Ltd Partnership, Q3 2026: revenue $911M (+5% year over year), operating margin 32.5%. The chart follows the revenue to costs, profit and cash.

Boston Properties Ltd Partnership: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.