Stockholders' Equity / Partners' Capital

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

12. Stockholders’ Equity / Partners’ Capital

Boston Properties, Inc.

As of December 31, 2015, Boston Properties, Inc. had 153,579,966 shares of Common Stock outstanding.

On June 3, 2014, Boston Properties, Inc. established an “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. 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 years ended December 31, 2015 and 2014, Boston Properties, Inc. issued 11,447 and 21,459 shares of Common Stock upon the exercise of options to purchase Common Stock by certain employees.

During the years ended December 31, 2015 and 2014, Boston Properties, Inc. issued 424,236 and 80,246 shares of Common Stock, respectively, in connection with the redemption of an equal number of OP Units.

The following table presents Boston Properties, Inc.’s dividends per share and Boston Properties Limited Partnership’s distributions per unit for the periods presented:

Record Date	Payment Date	Dividend (Per Share)			Distribution (Per Unit)
December 31, 2015	January 28, 2016		$1.90	(1)		$1.90	(1)
September 30, 2015	October 30, 2015	0.65			0.65
June 30, 2015	July 31, 2015	0.65			0.65
March 31, 2015	April 30, 2015	0.65			0.65
December 31, 2014	January 28, 2015	5.15		(2)	5.15		(2)

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(1) Includes a special dividend/distribution of $1.25 per share/common unit.

(2) Includes a special dividend/distribution of $4.50 per share/common unit.

Preferred Stock

As of December 31, 2015, 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. contributed the net proceeds of the offering to Boston Properties Limited Partnership 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. 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. 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. or its affiliates.

The following table presents Boston Properties Inc.’s dividends per share on its outstanding Series B Preferred Stock:

Record Date	Payment Date	Dividend (Per Share)
February 5, 2016	February 16, 2016		$32.8125
November 5, 2015	November 16, 2015	32.8125
August 5, 2015	August 17, 2015	32.8125
May 5, 2015	May 15, 2015	32.8125
February 5, 2015	February 17, 2015	32.8125

Boston Properties Limited Partnership

The following table presents the changes in the issued and outstanding partners’ capital units since January 1, 2013:

	General Partner Units	Limited Partner Units	Total Partners’ Capital Units
Outstanding at December 31, 2012	1,689,580	149,911,629	151,601,209
Units issued to Boston Properties, Inc. related to Common Stock issued under the Employee Stock Purchase Plan	50	6,392	6,442
Units issued to Boston Properties, Inc. related to Common Stock issued under the Stock Option and Incentive Plan, net	207	26,686	26,893
Units issued to Boston Properties, Inc. related to Common Stock issued in exchange for OP Units	7,158	922,283	929,441
Units issued to Boston Properties, Inc. related to Common Stock issued under the “at the market” (ATM) stock offering programs	3,227	415,889	419,116
Outstanding at December 31, 2013	1,700,222	151,282,879	152,983,101
Units issued to Boston Properties, Inc. related to Common Stock issued under the Employee Stock Purchase Plan	555	6,409	6,964
Units issued to Boston Properties, Inc. related to Common Stock issued under the Stock Option and Incentive Plan, net	3,476	40,158	43,634
Units issued to Boston Properties, Inc. related to Common Stock issued in exchange for OP Units	6,391	73,855	80,246
Outstanding at December 31, 2014	1,710,644	151,403,301	153,113,945
Units issued to Boston Properties, Inc. related to Common Stock issued under the Employee Stock Purchase Plan	59	6,140	6,199
Units issued to Boston Properties, Inc. related to Common Stock issued under the Stock Option and Incentive Plan, net	340	35,246	35,586
Units issued to Boston Properties, Inc. related to Common Stock issued in exchange for OP Units	4,049	420,187	424,236
Outstanding at December 31, 2015	1,715,092	151,864,874	153,579,966

As of December 31, 2015, Boston Properties, Inc. owned 1,715,092 general partnership units and 151,864,874 limited partnership units.

The following table reflects the activity of the Series B Preferred Units for the years ended December 31, 2015, 2014 and 2013 (in thousands), which activity is included within Boston Properties Limited Partnership’s Consolidated Statements of Partners’ Capital:

Balance at December 31, 2012	$	—
Issuance of Series B Preferred Units	193,623
Net income	8,057
Distributions	(8,057		)
Balance at December 31, 2013	193,623
Net income	10,500
Distributions	(10,500		)
Balance at December 31, 2014	193,623
Net income	10,500
Distributions	(10,500		)
Balance at December 31, 2015	$	193,623