Stockholders' Equity / Partners'' Capital

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity / Partners' Capital

9. Stockholders’ Equity / Partners’ Capital

As of March 31, 2016, Boston Properties, Inc. had 153,604,966 shares of Common Stock outstanding.

As of March 31, 2016, Boston Properties, Inc. owned 1,717,626 general partnership units and 151,887,340 limited partnership units of Boston Properties Limited Partnership.

On June 3, 2014, Boston Properties, Inc. established an “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its common stock through sales agents over a three-year period. The Company intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction. No shares of common stock have been issued under this ATM stock offering program since its inception.

During the three months ended March 31, 2016, Boston Properties, Inc. issued 13,259 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from third parties.

The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per unit for the periods presented:

Record Date	Payment Date	Dividend (Per Share)			Distribution (Per Unit)
March 31, 2016	April 29, 2016		$0.65			$0.65
December 31, 2015	January 28, 2016		$1.90	(1)		$1.90	(1)

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(1) Includes a special dividend/distribution of $1.25 per share/common unit.

Preferred Stock

As of March 31, 2016, Boston Properties, Inc. had 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) outstanding of its 5.25% Series B Cumulative Redeemable Preferred Stock with a liquidation preference of $2,500.00 per share ($25.00 per depositary share). Boston Properties, Inc. pays cumulative cash dividends on the Series B Preferred Stock at a rate of 5.25% per annum of the $2,500.00 liquidation preference per share. Boston Properties, Inc. may not redeem the Series B Preferred Stock prior to March 27, 2018, except in certain circumstances relating to the preservation of Boston Properties, Inc.’s REIT status. On or after March 27, 2018, Boston Properties, Inc., at its option, may redeem the Series B Preferred Stock for a cash redemption price of $2,500.00 per share ($25.00 per depositary share), plus all accrued and unpaid dividends. The Series B Preferred Stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of Boston Properties, Inc. or its affiliates.

The following table presents Boston Properties Inc.’s dividends per share on its outstanding Series B Preferred Stock:

Record Date	Payment Date	Dividend (Per Share)
May 5, 2016	May 16, 2016		$32.8125
February 5, 2016	February 16, 2016		$32.8125