Stockholders' Equity / Partners' Capital

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Stockholders' Equity

12. Stockholders’ Equity / Partners’ Capital

Boston Properties, Inc.

As of December 31, 2016, Boston Properties, Inc. had 153,790,175 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 since its inception.

During the year ended December 31, 2016, there were no options to purchase Common Stock exercised. During the year ended December 31, 2015, Boston Properties, Inc. issued 11,447 shares of Common Stock upon the exercise of options to purchase Common Stock.

During the years ended December 31, 2016 and 2015, Boston Properties, Inc. issued 190,857 and 424,236 shares of Common Stock, respectively, in connection with the redemption of an equal number of redeemable OP Units from third parties.

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 payable in 2016:

Record Date	Payment Date	Dividend (Per Share)			Distribution (Per Unit)
December 30, 2016	January 30, 2017		$0.75			$0.75
September 30, 2016	October 31, 2016	0.65			0.65
June 30, 2016	July 29, 2016	0.65			0.65
March 31, 2016	April 29, 2016	0.65			0.65
December 31, 2015	January 28, 2016	1.90		(1)	1.90		(1)

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(1) Includes a special dividend/distribution of $1.25 per share/OP Unit and LTIP Unit.

Preferred Stock

As of December 31, 2016, 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. 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 paid or payable in 2016:

Record Date	Payment Date	Dividend (Per Share)
February 3, 2017	February 15, 2017		$32.8125
November 4, 2016	November 15, 2016	32.8125
August 5, 2016	August 15, 2016	32.8125
May 5, 2016	May 16, 2016	32.8125
February 5, 2016	February 16, 2016	32.8125

Boston Properties Limited Partnership

The following table presents the changes in the issued and outstanding partners’ capital units since January 1, 2014:

	General Partner Units	Limited Partner Units	Total Partners’ Capital Units
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
Units issued to Boston Properties, Inc. related to Common Stock issued under the Employee Stock Purchase Plan	72	5,623	5,695
Units issued to Boston Properties, Inc. related to Common Stock issued under the Stock Option and Incentive Plan, net	172	13,485	13,657
Units issued to Boston Properties, Inc. related to Common Stock issued in exchange for OP Units	2,407	188,450	190,857
Outstanding at December 31, 2016	1,717,743	152,072,432	153,790,175

As of December 31, 2016, Boston Properties, Inc. owned 1,717,743 general partnership units and 152,072,432 limited partnership units.

The following table reflects the activity of the Series B Preferred Units for the years ended December 31, 2016, 2015 and 2014 (in thousands), which activity is included within Boston Properties Limited Partnership’s Consolidated Statements of Partners’ Capital:

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
Net income	10,500
Distributions	(10,500		)
Balance at December 31, 2016	$	193,623