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Boston Properties Inc | 5.25% Series B Cumulative Redeemable Preferred Stock (BXP.PRB)

Prospectus excerpt:  We are selling 8,000,000 depositary shares, or Depositary Shares, each of which represents 1/100th of a share of our 5.25% Series B Cumulative Redeemable Preferred Stock, par value $.01 per share, which we refer to in this prospectus supplement as our Series B Preferred Stock. The Series B Preferred Stock represented by the Depositary Shares will be deposited with Computershare Trust Company, N.A., as Depositary. As a holder of a Depositary Share, you will be entitled to proportional rights and preferences as if you held 1/100th of a share of our Series B Preferred Stock. The following is a summary of the Series B Preferred Stock:

We will pay cumulative cash dividends on the Series B Preferred Stock from, and including, the date of original issuance, at a rate of 5.25% per annum of the $2,500 liquidation preference per share of the Series B Preferred Stock (equivalent to a fixed annual amount of $131.25 per share of the Series B Preferred Stock or $1.3125 per Depositary Share).

We will pay cash dividends on the Series B Preferred Stock quarterly, commencing on May 15, 2013, with the payment on that date being based pro rata on the number of days from and including the original issuance date through and including May 15, 2013, computed on the basis of a 360-day year consisting of twelve 30-day months.

Except in certain circumstances relating to the preservation of our status as a real estate investment trust, or REIT, for United States federal income tax purposes we may not redeem the Series B Preferred Stock prior to March 27, 2018.

On and after March 27, 2018, we, at our option, may redeem the Series B Preferred Stock (and cause the redemption of the Depositary Shares) for a cash redemption price of $2,500 per share of Series B Preferred Stock (equivalent to $25.00 per Depositary Share), plus all accrued and unpaid dividends.

The Series B Preferred Stock has no maturity date and no sinking fund has been established for the retirement or redemption thereof and is not convertible into or exchangeable for any other property or securities.

Full Prospectus PDF », BXP Page »

Series:B
Alternate symbology:BXP-B, BXP-PB, BXPprB
Redeemable?:Yes
Call Date:3/27/2018 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:8,000,000
Overallotment:1,200,000
Liquidation Preference:$25
Original Coupon:5.25%
Pay Period:Quarterly
Pay Dates:15-Feb, 15-May, 15-Aug, 15-Nov
CDx3 Compliance Rating: Learn BXP.PRB's Rating
Boston Properties is a real estate investment trust that develops, owns and manages primarily office properties. Co.'s properties are concentrated in Boston, Los Angeles, New York, San Francisco and Washington, DC markets. Co. is a real estate company, with in-house knowledge and resources in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, risk management, tax and legal services. Co. manages Boston Properties Limited Partnership, which is the entity through which Co. conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets.

Preferred: BXP.PRB


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Name: 
Boston Properties Inc
Website: 
www.bostonproperties.com
Sector: 
REITs
Number of ETFs Holding BXP: 
96 (see which ones)
Total Market Value Held by ETFs: 
$3,629,858,628.64
Total Market Capitalization: 
$19,538,000,000
% of Market Cap. Held by ETFs: 
18.58%

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