Real Estate Investment Trusts (REITs)
Company Overview of Boston Properties Limited Partnership
Boston Properties Limited Partnership owns and develops real estate properties in the United States. As of March 31, 2010, the company owned or had interests in a portfolio of 143 commercial real estate properties aggregating approximately 37.6 million net rentable square feet comprising 137 office properties, including 118 Class A office properties and 19 office/technical properties; 1 hotel; 3 retail properties; and 2 residential properties. It also owned or controlled undeveloped land parcels totaling approximately 510.1 acres. The company’s properties are located primarily in Boston, Massachusetts; Washington, DC; midtown Manhattan, New York; San Francisco, California; and Princeton, New...
The Prudential Center
800 Boylston Street
Boston, MA 02199-8103
Key Executives for Boston Properties Limited Partnership
Chairman of Boston Properties Inc and Chief Executive Officer of Boston Properties Inc
Principal Accounting Officer of Boston Properties Inc
Senior Vice President of Boston Properties Inc and Regional Manager of Princeton New Jersey Region of Boston Properties Inc
Compensation as of Fiscal Year 2014.
Boston Properties Limited Partnership Key Developments
Boston Properties Limited Partnership and Boston Properties, Inc. Announce Amended and Restated Revolving Credit Agreement Governing Existing Unsecured Line of Credit
Jul 29 13
On July 26, 2013, Boston Properties Limited Partnership and the entity through which Boston Properties Inc. conducts substantially all of its business, amended and restated the revolving credit agreement governing its existing unsecured line of credit. This amendment and restatement, among other things, (1) increased the total commitment under the Company's unsecured line of credit from $750.0 million to $1.0 billion, (2) extended the maturity date of the Company's unsecured line of credit from June 24, 2014 to July 26, 2018 and (3) reduced the per annum variable interest rates and other fees. The Company may increase the total commitment to $1.5 billion, subject to syndication of the increase and other conditions. At the Company's option, loans outstanding under the 2013 Unsecured Line of Credit will bear interest at a rate per annum equal to (1), in the case of loans denominated in Dollars, Euro or Sterling, LIBOR or, in the case of loans denominated in Canadian Dollars, CDOR, in each case, plus a margin ranging from 0.925% to 1.70% based on the Company's credit rating or (2) an alternate base rate equal to the greater of (a) the Administrative Agent's prime rate, (b) the Federal Funds rate plus 0.5% or (c) LIBOR for a one month period plus 1.00%, in each case, plus a margin ranging from 0.0% to 0.70% based on the Company's credit rating. The 2013 Unsecured Line of Credit also contains a competitive bid option that allows banks that are part of the lender consortium to bid to make loan advances to the Company at a reduced interest rate. In addition, the Company is also obligated to pay (1) in quarterly installments a facility fee on the total commitment at a rate per annum ranging from 0.125% to 0.35% based on the Company's credit rating and (2) an annual fee on the undrawn amount of each letter of credit equal to the LIBOR margin. Based on the Company's current credit rating, the LIBOR and CDOR margin is 1.00%, the alternate base rate margin is 0.0% and the facility fee is 0.15%. The 2013 Unsecured Line of Credit was arranged by Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC, as Joint Lead Arrangers and Joint Bookrunners, with Bank of America, N.A., as Administrative Agent and lender, JPMorgan Chase Bank, N.A., as Syndication Agent and lender, The Bank of New York Mellon, Deutsche Bank AG New York Branch, Morgan Stanley Bank, N.A. and US Bank N.A., each as Documentation Agents and lenders and a syndicate of other banks.
Boston Properties Limited Partnership Issues Notice of Redemption to Holders of Exchangeable Senior Notes
Apr 15 13
Boston Properties Inc. announced that holders of the 3.75% Exchangeable Senior Notes due 2036 of its operating partnership, Boston Properties Limited Partnership, have the right to surrender their Notes for purchase by the Operating Partnership pursuant to their option (the Put Right) under the Indenture governing the Notes, dated as of December 13, 2002, as supplemented by Supplemental Indenture No. 5, dated as of April 6, 2006 (the Supplemental Indenture and, together with the Base Indenture, the Indenture). Boston Properties Inc. announced that Boston Properties Limited Partnership issued a notice of redemption to the holders of the Notes to redeem, on May 18, 2013 (the Redemption Date), all of the Notes outstanding on the Redemption Date pursuant to its option under the Indenture. In connection with the redemption, holders of the Notes have the right to exchange their Notes prior to 5:00 p.m., New York City time, on May 16, 2013 in accordance with the terms of, and for the consideration set forth in, the Indenture. Notes with respect to which the Put Right is not exercised (or with respect to which the Put Right is exercised and subsequently withdrawn prior to the withdrawal deadline) and that are not surrendered for exchange prior to 5:00 p.m., New York City time, on May 16, 2013, will be redeemed by the Operating Partnership on the Redemption Date at a redemption price equal to 100% of the principal amount of the Notes plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. As of April 15, 2013, there was approximately $450,000,000 aggregate principal amount of the Notes outstanding.
Boston Properties Limited Partnership Completes the Issuance and Sale of $500 Million of 3.125% Senior Notes Due 2023
Apr 11 13
On April 11, 2013, Boston Properties Inc.’s operating partnership, Boston Properties Limited Partnership, completed the issuance and sale of $500 million aggregate principal amount of the company’s 3.125% Senior Notes due 2023. The net proceeds to the company from the sale of the Notes, after deducting underwriting discounts and estimated transaction expenses, are estimated to be approximately $492.5 million. The company plans to use the net proceeds from the offering for general business purposes, which may include investment opportunities and debt reduction. The Notes were issued under the Indenture, dated as of December 13, 2002, between the company and The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York), as supplemented by Supplemental Indenture No. 13 dated as of April 11, 2013. The offer and sale of the Notes were registered with the Securities and Exchange Commission pursuant to a registration statement on Form S-3 (File No. 333-176157-01) under the Securities Act of 1933, as amended (the “Securities Act”).
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