Partners' Capital

9 Months Ended

Sep. 30, 2013

Partners' Capital [Abstract]

Partners' Capital

Partners’ Capital

As of September 30, 2013, Boston Properties, Inc. owned 1,695,893 general partnership units and 150,694,702 limited partnership units.

As of September 30, 2013, approximately $305.3 million remained available for issuance under Boston Properties, Inc.'s $600 million “at the market” stock offering program.

During the nine months ended September 30, 2013, Boston Properties, Inc. acquired 336,935 OP Units in connection with the redemption of an equal number of redeemable OP Units from third parties.

On January 29, 2013, the Company paid a distribution in the amount of $0.65 per OP Unit to unitholders of record as of the close of business on December 31, 2012. On April 30, 2013, the Company paid a distribution in the amount of $0.65 per OP Unit to unitholders of record as of the close of business on March 29, 2013. On July 31, 2013, the Company paid a distribution in the amount of $0.65 per OP Unit to unitholders of record as of the close of business on June 28, 2013. On September 18, 2013, Boston Properties, Inc.'s Board of Directors declared a distribution of $0.65 per OP Unit payable on October 31, 2013 to unitholders of record as of the close of business on September 30, 2013.

On March 27, 2013, Boston Properties, Inc. completed an underwritten public offering of 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) of its newly designated 5.25% Series B Cumulative Redeemable Preferred Stock, at a price of $2,500.00 per share ($25.00 per depositary share). The net proceeds from this offering were approximately $193.6 million, after deducting the underwriting discount and transaction expenses. Boston Properties, Inc. contributed the net proceeds to the Company in exchange for 80,000 Series B Preferred Units having terms and preferences generally mirroring those of the Series B Preferred Stock. Boston Properties, Inc. will pay 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., the Company or its affiliates.

On May 15, 2013, the Company paid a distribution on its outstanding Series B Preferred Units of $32.8125 per unit. On August 15, 2013, the Company paid a distribution on its outstanding Series B Preferred Units of $32.8125 per unit. On September 18, 2013, Boston Properties, Inc.'s Board of Directors declared a distribution of $32.8125 per unit of Series B Preferred Units payable on November 15, 2013 to shareholders of record as of the close of business on November 5, 2013.

During the nine months ended September 30, 2013, Boston Properties, Inc. issued 419,116 shares of Common Stock in connection with the exchange by holders of the Company's 3.75% Exchangeable Senior Notes due 2036 (See Note 7). The Company issued 419,116 OP Units to Boston Properties, Inc.