BOSTON--(BUSINESS WIRE)--Dec. 17, 2015--
Boston Properties, Inc. (NYSE: BXP), a real estate investment trust,
announced today that it completed the sale of its Innovation Place
property for a gross sale price of $207.0 million. Innovation Place,
located in San Jose, California, is a 26-acre site with one occupied and
three vacant existing office buildings and a total of approximately
574,000 square feet (approximately 463,000 square feet of which are
vacant) located at 3100-3130 Zanker Road. Currently, the remainder of
the site is used for 1,699 surface parking spaces but the land supports
an additional 537,000 square feet of office/R&D development and two
parking structures with a total of approximately 3,000 parking spaces.
In addition, the Company announced that its Board of Directors declared
(1) a regular quarterly cash dividend of $0.65 per share of common stock
for the period October 1, 2015 to December 31, 2015 and (2) a special
cash dividend of $1.25 per common share, in both cases payable on
January 28, 2016 to shareholders of record as of the close of business
on December 31, 2015. The decision to declare a special dividend was
primarily a result of the sale of approximately $584 million of assets
in 2015. After payment of this special dividend, the Company expects
that it will have retained approximately $287 million of cash from such
assets sales for general business purposes, including investments in the
Company’s existing development pipeline and other potential investment
opportunities. The Board of Directors did not make any change to the
Company’s policy with respect to regular quarterly dividends. The
payment of the regular quarterly dividend of $0.65 per share and the
special dividend of $1.25 per share will result in a total payment of
$1.90 per share payable on January 28, 2016.
Holders of common units of limited partnership interest in Boston
Properties Limited Partnership, our Operating Partnership, as of the
close of business on December 31, 2015 will receive the same total
distribution, payable on January 28, 2016.
The Board of Directors also declared a regular quarterly cash dividend
for the Company’s 5.25% Series B Cumulative Redeemable Preferred Stock
(the “Series B Preferred Stock”). The cash dividend of $0.328125 per
depositary share is payable on February 16, 2016 to shareholders of
record as of the close of business on February 5, 2016 and covers the
period from November 16, 2015 to February 15, 2016. Each depositary
share represents 1/100th of a share of Series B Preferred
Boston Properties is a fully integrated, self-administered and
self-managed real estate investment trust that develops, redevelops,
acquires, manages, operates and owns a diverse portfolio of Class A
office space, one hotel, four residential properties and five retail
properties. The Company is one of the largest owners and developers of
Class A office properties in the United States, concentrated in four
markets – Boston, New York, San Francisco and Washington, DC.
For more information about Boston Properties, please visit the Company’s
web site at www.bostonproperties.com.
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Source: Boston Properties, Inc.
Boston Properties, Inc.
Arista Joyner, 617-236-3343