Boston Properties Increases Quarterly Dividend by 18.75%
September 18 2018 - 9:00AM
Business Wire
Boston Properties, Inc. (NYSE: BXP), one of the
largest developers, owners and managers of Class A office
properties in the United States, announced today that its Board of
Directors declared a regular quarterly cash dividend
of $0.95 per share of common stock. This represents an
increase of 18.75%, or $0.15 per share, over the most
recent quarterly cash dividend of $0.80 per share, and an
increase of more than 46% over the past three years. The dividend
is payable on October 31, 2018 to shareholders of
record as of the close of business on September 28, 2018.
"This dividend increase is the largest quarterly increase in our
history. In 2018 our taxable income is expected to include gains
from both completed and planned asset sales, as we’ve discussed
during our prior earnings calls. Looking ahead to 2019 and beyond,
we anticipate continuing growth in taxable income from the
operating portfolio as we deliver on major developments and
continue to increase occupancy in our existing portfolio over the
next few years," said Owen Thomas, CEO of Boston Properties. “This
significant quarterly dividend increase extends our recent track
record of dividend growth, and reflects our confidence in our
operating performance, the financial strength of the Company and
our commitment to enhancing shareholder value.”
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 $32.8125 per depositary share is payable
on November 15, 2018 to shareholders of record as of the
close of business on November 2, 2018 and covers the
period from August 15, 2018 to November 15, 2018.
Each depositary share represents 1/100th of a share of Series B
Preferred Stock.
Boston Properties is one of the largest developers and
owners of Class A office properties in the United States,
concentrated in five markets - Boston, Los
Angeles, New York, San
Francisco and Washington, DC. The Company is a fully
integrated real estate company, organized as a real estate
investment trust, that develops, redevelops, acquires, manages,
operates and owns a diverse portfolio of primarily Class A office
space totaling 50.2 million square feet and consisting of 166
office properties (including nine properties under construction),
six residential properties (including three properties under
construction), five retail properties and one hotel. For more
information, please visit bostonproperties.com.
This press release contains forward-looking statements within
the meaning of the Federal securities laws. You can identify
these statements by our use of the words “assumes,” “believes,”
“budgeted,” “estimates,” “expects,” “guidance,” “intends,” “plans,”
“projects” and similar expressions that do not relate to historical
matters. You should exercise caution in interpreting and
relying on forward-looking statements because they involve known
and unknown risks, uncertainties and other factors which are, in
some cases, beyond Boston Properties’ control and could materially
affect actual results, performance or achievements. These
factors include, without limitation, the Company’s ability to
satisfy the closing conditions to the pending transactions
described above, the Company’s ability to enter into new leases or
renew leases on favorable terms, dependence on tenants’ financial
condition, the uncertainties of real estate development,
acquisition and disposition activity, the ability to effectively
integrate acquisitions, the uncertainties of investing in new
markets, the costs and availability of financing, the effectiveness
of our interest rate hedging contracts, the ability of our joint
venture partners to satisfy their obligations, the effects of
local, national and international economic and market conditions,
the effects of acquisitions, dispositions and possible impairment
charges on our operating results, the impact of newly adopted
accounting principles on the Company’s accounting policies and on
period-to-period comparisons of financial results, regulatory
changes and other risks and uncertainties detailed from time to
time in the Company’s filings with the Securities and Exchange
Commission. Boston Properties does not undertake a duty
to update or revise any forward-looking statement, including its
guidance for the third quarter and full fiscal year 2018, whether
as a result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180918005561/en/
Boston Properties, Inc.Sara BudaVice President, Investor
Relationssbuda@bostonproperties.com
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