* Sale expected to net $841.9 mln for co
* Company to sell 17.25 mln shares
* Stock down 37 cents at $49.95
By Ilaina Jonas
NEW YORK, June 8 Boston Properties Inc
(BXP.N), which owns and develops office properties in key U.S.
cities, on Monday said it expects to net $841.9 million from
its sale of 17.25 million shares.
The real estate investment trust (REIT), whose chairman is
publisher Mortimer Zuckerman, said the sale would consist of 15
million shares at $50.00 per share plus 2.25 million shares to
cover an optional overallotment underwriters have chosen to
Since March, REITs have raised more than $11.5 billion in
equity offerings as companies seek to use cash to pare down
their debt, strengthen their balance sheets and prepare for
Morgan Stanley and JPMorgan are serving as joint
book-running managers for the Boston Properties sale, which is
expected to close on June 10, 2009.
Shares of Boston Property were off 0.74 percent, or 37
cents, at $49.95 in afternoon trade Monday, while the benchmark
MSCI U.S. REIT Index .RMZ was down 1.33 percent.
(Reporting by Ilaina Jonas, editing by Dave Zimmerman)