DOW JONES NEWSWIRES
Boston Properties Inc. (BXP) plans to sell up to $600 million in common stock through an at-the-market offering over three years as the real estate investment trust looks to raise cash for a host of purposes.
The REIT said it will contribute proceeds from the offering to its limited partnership, which will use the funds for general business purposes, including investment opportunities and debt reduction.
The company's assets--located in places like midtown Manhattan, Boston and Washington D.C.--didn't suffer as much during the housing downturn as those in other areas, and have been among the quickest to recover. In its latest first quarter, results beat views as funds from operations rose on higher rent, although leasing occupancy deteriorated.
Shares were off 1.1% at $103.36 in after-hours trading Thursday. The stock is up 37% over the past 12 months.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com