December 19, 2014 3:54 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of Boston Properties Limited Partnership

Company Overview

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

Suite 1900

Boston, MA 02199-8103

United States

760 Employees

Phone:

617-236-3300

Key Executives for Boston Properties Limited Partnership

Chairman of Boston Properties Inc and Chief Executive Officer of Boston Properties Inc
Age: 76
Director and President
Age: 50
Chief Financial Officer
Age: 50
Principal Accounting Officer of Boston Properties Inc
Age: 52
Senior Vice President of Boston Properties Inc and Regional Manager of Princeton New Jersey Region of Boston Properties Inc
Age: 63
Compensation as of Fiscal Year 2014.

Boston Properties Limited Partnership Key Developments

Boston Properties Announces Redemption Prices for 5.625% Senior Notes and 5.000% Senior Notes Due 2015

Boston Properties Inc. announced the redemption prices for the $300 million in aggregate principal amount of 5.625% Senior Notes dues 2015 and $250 million in aggregate principal amount of 5.000% Senior Notes due 2015 issued by Boston Properties Limited Partnership, which will be redeemed in full on December 15, 2014. The redemption price for the 5.625% Notes will be approximately $308.1 million. The redemption price includes approximately $2.9 million of accrued and unpaid interest to, but not including, the Redemption Date. Excluding such accrued and unpaid interest, the redemption price is approximately 101.73% of the principal amount being redeemed. The redemption price for the 5.000% Notes will be approximately $255.8 million. The redemption price includes approximately $0.5 million of accrued and unpaid interest to, but not including, the Redemption Date. Excluding such accrued and unpaid interest, the redemption price is approximately 102.13% of the principal amount being redeemed.

Boston Properties Limited Partnership and Boston Properties, Inc. Announce Amended and Restated Revolving Credit Agreement Governing Existing Unsecured Line of Credit

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

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.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 16, 2014
601 Lexington Avenue, Atlantic Wharf Building and 100 Federal Street
 

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