Key Developments: Boston Properties Inc (BXP)
107.51USD
19 Jun 2013
$-3.69 (-3.32%)
$111.20
$111.23
$111.68
$107.24
924,235
1,192,467
$117.00
$99.23
Latest Key Developments (Source: Significant Developments)
Boston Properties Inc Prices $700 Million Offering of Senior Unsecured Notes
Boston Properties Inc announced that its operating partnership, Boston Properties Limited Partnership ("BPLP"), has agreed to sell $700 million of 3.800% senior unsecured notes due 2024 in an underwritten public offering through Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, as joint book-running managers. The notes were priced at 99.694% of the principal amount to yield 3.835% to maturity. The notes will mature on February 1, 2024 unless earlier redeemed. The offering is expected to close on June 27, 2013. The estimated net proceeds from this offering are expected to be approximately $691.9 million after deducting underwriting discounts and estimated transaction expenses of approximately $8.1 million. BPLP intends to use the net proceeds from the sale of the notes for general business purposes, which may include investment opportunities and debt reduction. Pending such uses, BPLP may invest the net proceeds in short-term, interest-bearing securities. Full Article
Boston Properties Inc Declares Quarterly Dividends
Boston Properties Inc announced that Board of Directors declared a regular quarterly cash dividend of $0.65 per share of common stock for the period April 1, 2013 to June 30, 2013 payable on July 31, 2013 to shareholders of record as of the close of business on June 28, 2013. Full Article
Boston Properties Inc Issues Q2 2013 FFO Guidance Below Analysts' Estimates; Lowers FY 2013 FFO Guidance
Boston Properties Inc announced that for second quarter of 2013, it expects diluted earning per share (EPS) to be in the range of $0.85 to $0.87 and diluted fund from operation (FFO) of $1.25 to $1.27. For fiscal 2013, it expects diluted EPS to be in the range of $2.27 to $2.37 and diluted FFO of $4.97 to $5.07. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $1.29 for second quarter of 2013; FFO of $5.17 for fiscal 2013. Full Article
Boston Properties Inc Prices $500 Million Offering Of Senior Unsecured Notes
Boston Properties Inc announced that its operating partnership, Boston Properties Limited Partnership (BPLP), has agreed to sell $500 million of 3.125% senior unsecured notes due 2023 in an underwritten public offering through Citigroup, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, as joint book-running managers. The notes were priced at 99.379% of the principal amount to yield 3.196% to maturity. The notes will mature on September 1, 2023 unless earlier redeemed. The offering is expected to close on April 11, 2013. The estimated net proceeds from this offering are expected to be approximately $492.5 million after deducting underwriting discounts and estimated transaction expenses of approximately $7.5 million. BPLP intends to use the net proceeds from the sale of the notes for general business purposes, which may include investment opportunities and debt reduction. Pending such uses, BPLP may invest the net proceeds in short-term, interest-bearing securities. Full Article
Boston Properties Inc Announces Pricing of 5.25% Series B Cumulative Redeemable Preferred Stock
Boston Properties Inc announced that it has priced an underwritten public offering of 8,000,000 depositary shares, each representing a 1/100th of a share of its newly designated 5.25% Series B Cumulative Redeemable Preferred Stock, at a price of $25.00 per depositary share. The Company has granted the underwriters an option to purchase up to an additional 1,200,000 depositary shares within 30 days solely to cover over-allotments, if any. The offering is expected to close on or about March 27, 2013. The estimated net proceeds from this offering are expected to be approximately $193.7 million (or approximately $222.8 million if the underwriters exercise their over-allotment option in full) after deducting the underwriting discount and estimated transaction expenses of approximately $6.3 million. The Company intends to use the net proceeds for general business purposes, which may include investment opportunities and debt reduction. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC acted as joint book-running managers of the offering. BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC served as co-managers for the offering. Full Article
Boston Properties Inc Announces CEO Succession Plan
Boston Properties Inc announced that Owen D. Thomas will succeed Mortimer B. Zuckerman as Chief Executive Officer and join the Board of Directors, effective April 2, 2013. Mr. Zuckerman will remain as Executive Chairman and return to his original role in company activities. Full Article
Boston Properties Inc Declares Quarterly Dividend
Boston Properties Inc announced that Board of Directors declared a regular quarterly cash dividend of $0.65 per share of common stock for the period January 1, 2013 to March 31, 2013 payable on April 30, 2013 to shareholders of record as of the close of business on March 29, 2013. Full Article
Boston Properties Inc Announces Completion Of Acquisition Of 535 Mission Street in San Francisco And Agreement To Acquire Last Remaining Development Site In Reston Town Center
Boston Properties Inc announced it has completed the acquisition of 535 Mission Street, a development site, in San Francisco, CA for an aggregate purchase price of approximately $71.0 million cash, including work completed and materials purchased to date. The Company expects to commence construction of the project in mid-February 2013 and expects to complete the project by the fall of 2014 at a total budgeted cost of approximately $215 million. 535 Mission Street will be a 27-story, 378 foot tall Class A office tower with approximately 307,000 rentable square feet of office and retail space and is expected to achieve a LEED Gold designation. The site is located in the South Financial submarket of San Francisco, one of the most attractive submarkets for both traditional office and technology tenants. In addition, the Company has entered into an agreement to purchase the last remaining parcel of land in the urban core of Reston Town Center for approximately $27 million. The closing is expected to occur in the first quarter of 2013. The land parcel is commercially zoned for 250,000 square feet of office space. The Company is evaluating a potential mixed-use development plan, which could include residential uses as well as commercial uses. Full Article
Boston Properties Inc Issues Q1 2013 FFO Guidance Below Analysts' Estimates; FY 2013 FFO Guidance In Line With Analysts' Estimates
Boston Properties Inc announced that for first quarter of 2013, it expects diluted earning per share (EPS) to be in the range of $0.38 to $0.40 and diluted fund from operation (FFO) of $1.19 to $1.21. For fiscal 2013, it expects diluted EPS to be in the range of $1.90 to $2.20 and diluted FFO of $5.06 to $5.18. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $1.22 for first quarter of 2013; FFO of $5.17 for fiscal 2013. Full Article
Boston Properties Inc Increases Quarterly Dividend
Boston Properties Inc announced that its Board of Directors declared a regular quarterly cash dividend of $0.65 per share of common stock for the period October 1, 2012 to December 31, 2012 payable on January 29, 2013 to shareholders of record as of the close of business on December 31, 2012. This represents an increase of approximately 18% over the prior quarterly cash dividend of $0.55 per share. Full Article
Fitch Rates Boston Properties, L.P.'s $500MM Sr. Unsecured Notes Due 2023 'BBB'; Outlook Stable
(The following statement was released by the rating agency) NEW YORK, April 03 (Fitch) Fitch Ratings has assigned a credit rating of 'BBB' to the $500 million 3.125% senior unsecured notes due Sept. 1, 2023 issued by Boston Properties, L.P., the operating partnership of Boston Properties, Inc. (NYSE: BXP). The notes were issued at 99.379% of par to yield 3.196%. Net proceeds from the offering of $492.5 million will be used for general corporate purposes including investment opportunities an
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