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Boston Properties Declares Regular Quarterly Dividend of $0.68 Per Share and Special Cash Dividend of $5.98 Per Share
BOSTON, Dec. 18 /PRNewswire-FirstCall/ -- Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, announced today that its Board of Directors declared a regular quarterly dividend of $0.68 per share of common stock for the period October 1, 2007 to December 31, 2007, payable on January 30, 2008 to shareholders of record as of the close of business on December 31, 2007.
In addition, the Company announced that its Board of Directors declared a special cash dividend of $5.98 per common share payable on January 30, 2008 to shareholders of record as of the close of business on December 31, 2007. The decision to declare a special dividend was the result of the sales of assets in 2007, including 5 Times Square, Orbital Sciences Campus, Broad Run Business Park - Building E, Worldgate Plaza and Newport Office Park. The Board of Directors did not make any change in the Company's policy with respect to regular quarterly dividends. The payment of the regular quarterly dividend of $0.68 per share and the special dividend of $5.98 per share will result in a total payment of $6.66 per share payable on January 30, 2008.
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, 2007 will receive the same total distribution, payable on January 30, 2008. Holders of Series Two Preferred Units of limited partnership interest will participate in the special cash dividend (separately from their regular February 2008 distribution) on an as-converted basis in connection with their regular May 2008 distribution payment as provided in the Operating Partnership's partnership agreement.
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 properties and one hotel. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in five markets - Boston, Midtown Manhattan, Washington, D.C., San Francisco and Princeton, N.J.
Michael R. Walsh
Senior Vice President, Finance
Vice President, Controller
Both of Boston Properties, Inc.
Financial Relations Board