By Tess Stynes
Boston Properties Inc.'s (BXP) board declared a special dividend
of $2.25 a share, mostly owing to the office landlord's sale of a
45% interest in its Time Square Tower property in New York in
October.
The special dividend will cost the real-estate investment trust
an estimated $344 million. The REIT's board also declared the
regular quarterly dividend of 65 cents a share.
The real-estate investment trust earlier this year reached a
deal to sell the stake in the 47-store office building to Norway's
sovereign wealth fund for $684 million via a joint venture.
The real-estate investment trust, which also manages and
develops hotels and industrial properties, has recorded a steady
string of sales gains, though earnings at times have been pressured
by expenses and charges. Its properties are concentrated in the
Boston, Midtown Manhattan and Washington markets.
The REIT in October reported that its third-quarter profit more
than doubled on a jump in base-rent revenue, while a key industry
metric known as funds from operations climbed.
Shares closed Friday at $99.49 and were inactive premarket. The
stock is down roughly 6% this year, trailing the broader
market.
Write to Tess Stynes at tess.stynes@wsj.com
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