Stockholders' Equity / Partners' Capital

6 Months Ended

Jun. 30, 2019

Stockholders' Equity / Partners' Capital

9. Stockholders’ Equity / Partners’ Capital

As of June 30, 2019, Boston Properties, Inc. had 154,563,130 shares of Common Stock outstanding.

As of June 30, 2019, Boston Properties, Inc. owned 1,725,805 general partnership units and 152,837,325 limited partnership units of Boston Properties Limited Partnership.

On June 2, 2017, Boston Properties, Inc. renewed its “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. This program replaced the Company’s prior $600.0 million ATM stock offering program that was scheduled to expire on June 3, 2017. 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.

During the six months ended June 30, 2019, Boston Properties, Inc. issued 29,704 shares of Common Stock upon the exercise of options to purchase Common Stock.

During the six months ended June 30, 2019, Boston Properties, Inc. issued 34,967 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.

The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per OP Unit and LTIP Unit paid or declared in 2019 and during the first and second quarters of 2018:



Record Date	Payment Date	Dividend (Per Share)		Distribution (Per Unit)
June 28, 2019	July 31, 2019		$0.95		$0.95
March 29, 2019	April 30, 2019		$0.95		$0.95
December 31, 2018	January 30, 2019		$0.95		$0.95

June 29, 2018	July 31, 2018		$0.80		$0.80
March 29, 2018	April 30, 2018		$0.80		$0.80
December 31, 2017	January 30, 2018		$0.80		$0.80

Preferred Stock

As of June 30, 2019, 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., 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 paid or declared during 2019 and the first and second quarters of 2018:



Record Date	Payment Date	Dividend (Per Share)
August 2, 2019	August 15, 2019		$32.8125
May 3, 2019	May 15, 2019		$32.8125
February 4, 2019	February 15, 2019		$32.8125

August 3, 2018	August 15, 2018		$32.8125
May 4, 2018	May 15, 2018		$32.8125
February 2, 2018	February 15, 2018		$32.8125