BOSTON PROPERTIES, INC.

(BXP)
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Boston Properties Announces 2021 Tax Treatment of Its Distributions

01/18/2022 | 05:56pm EDT

Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, today announced the 2021 tax treatment of distributions on its common stock and 5.25% Series B Cumulative Redeemable Preferred Stock, as described below. Shareholders are encouraged to consult with their personal tax advisors as to the specific tax treatment to them of these distributions.

Common Shares (CUSIP #101121101)

Record
Date

Payment
Date

Total
Distribution
per Share

Total
Distribution
Allocable
to 2021

2021
Taxable
Ordinary
Dividends

2021
Qualified
Dividends
(1)

2021
Short-
term
Capital
Gain (1)

2021 Total
Capital
Gain
Distribution
(2)

2021
Unrecaptured
Section 1250
Gain (3)

2021
Section
199A
Dividends
(1)

2021 Non-
taxable
Distribution
(Return of
Capital)

12/31/2020

1/28/2021

$0.980000

$0.980000

$0.723871

$0.001774

$0.001446

$0.142757

$0.089038

$0.720651

$0.113372

3/31/2021

4/30/2021

$0.980000

$0.980000

$0.723871

$0.001774

$0.001446

$0.142757

$0.089038

$0.720651

$0.113372

6/30/2021

7/30/2021

$0.980000

$0.980000

$0.723871

$0.001774

$0.001446

$0.142757

$0.089038

$0.720651

$0.113372

9/30/2021

10/29/2021

$0.980000

$0.980000

$0.723871

$0.001774

$0.001446

$0.142757

$0.089038

$0.720651

$0.113372

12/31/2021

1/28/2022

$0.980000

$0.000000

$0.000000

$0.000000

$0.000000

$0.000000

$0.000000

$0.000000

$0.000000

 

 

 

 

 

 

 

 

 

 

 

 

 

$4.900000

$3.920000

$2.895484

$0.007096

$0.005784

$0.571028

$0.356152

$2.882604

$0.453488

 

 

 

100%

73.8644%

 

 

14.5670%

 

 

11.5686%

 

(1) These amounts are a subset of, and included in, the 2021 Taxable Ordinary Dividend amounts.

(2) These amounts are also reported as Section 897 gains attributable to dispositions of USRPIs. In addition, for purposes of Section 1061 of the Internal Revenue Code, 100% of the distributions reported as 2021 Total Capital Gain Distributions are from sales of assets that either generated Section 1231 gains or were held for more than 3 years. Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interest.”

(3) Unrecaptured Section 1250 Gain is a subset of, and included in, the 2021 Total Capital Gain Distribution amount.

The entire common stock distribution with a record date of December 31, 2020 is allocable to 2021 for federal income tax purposes. The entire common stock distribution with a record date of December 31, 2021 will be allocable to 2022 for federal income tax purposes.

Series B Preferred (CUSIP #101121408)

     

Record
Date

 

Payment
Date

 

Total
Distribution
per
Depository
Share (1)

 

Total
Distribution
Allocable
to 2021

 

2021
Taxable
Ordinary
Dividends

 

2021
Qualified
Dividends
(2)

 

2021
Short-
term
Capital
Gain (2)

 

2021 Total
Capital
Gain
Distribution
(3)

 

2021
Unrecaptured
Section 1250
Gain (4)

 

2021 Section
199A
Dividends
(2)

 

2021 Non-
taxable
Distribution
(Return of
Capital)

2/4/2021

 

2/16/2021

 

$0.328125

 

$0.328125

 

$0.274074

 

$0.000671

 

$0.000547

 

$0.054051

 

$0.033712

 

$0.272856

 

$0.000000

 

 

4/1/2021

 

$0.164063

 

$0.164063

 

$0.137037

 

$0.000336

 

$0.000274

 

$0.027026

 

$0.016856

 

$0.136427

 

$0.000000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.492188

 

$0.492188

 

$0.411111

 

$0.001007

 

$0.000821

 

$0.081077

 

$0.050568

 

$0.409283

 

$0.000000

 

 

 

 

 

 

100%

 

83.5272%

 

 

 

 

 

16.4728%

 

 

 

 

 

0.0000%

                     

(1) Each depositary share represents 1/100th of a share of Series B Preferred Stock.

(2) These amounts are a subset of, and included in, the 2021 Taxable Ordinary Dividends amounts.

(3) These amounts are also reported as Section 897 gains attributable to dispositions of USRPIs. In addition, for purposes of Section 1061 of the Internal Revenue Code, 100% of the distributions reported as 2021 Total Capital Gain Distributions are from sales of assets that either generated Section 1231 gains or were held for more than 3 years. Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interest.”

(4) Unrecaptured Section 1250 Gain is a subset of, and included in, the 2021 Total Capital Gain Distribution amount.

On April 1, 2021, Boston Properties redeemed all outstanding shares of its 5.25% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) (CUSIP 101121 309/US1011213097) and the corresponding depositary shares, each representing 1/100th of a share of Series B Preferred Stock (the “Depositary Shares”) (NYSE: BXP PRB) (CUSIP 101121 408/US1011214087).

Boston Properties (NYSE: BXP) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets -Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires, and owns a diverse portfolio of primarily Class A office space. Including properties owned by unconsolidated joint ventures as of September 30, 2021, the Company’s portfolio totals 52.5 million square feet and 202 properties, including nine properties under construction/redevelopment. For more information about Boston Properties, please visit our website at www.bxp.com.


ę Business Wire 2022
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Sales 2022 3 017 M - -
Net income 2022 494 M - -
Net Debt 2022 13 476 M - -
P/E ratio 2022 36,1x
Yield 2022 3,51%
Capitalization 17 663 M 17 663 M -
EV / Sales 2022 10,3x
EV / Sales 2023 9,82x
Nbr of Employees 743
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 112,71 $
Average target price 130,95 $
Spread / Average Target 16,2%
EPS Revisions
Managers and Directors
Owen D. Thomas Chief Executive Officer & Director
Douglas T. Linde President & Director
Michael E. LaBelle Chief Financial Officer, Treasurer & Executive VP
Joel Irwin Klein Independent Non-Executive Chairman
James J. Whalen Chief Information Officer & Senior Vice President
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