BOSTON, May 20 /PRNewswire/ -- Boston Properties, Inc. (NYSE: BXP), a
self-managed and self-advised real estate investment trust, today announced an
offering of 4,000,000 shares of Common Stock, resulting in net proceeds to the
Company of approximately $141.0 million. The shares will be sold under a
shelf registration statement with Goldman, Sachs & Co. acting as sole
underwriter. The offering is scheduled to close on Tuesday, May 25, 1999.
The net proceeds of the offering will be used to reduce indebtedness under
the Company's line of credit to provide additional capacity to fund its
current and anticipated development activities.
The offering is being made only by means of a prospectus. Copies of the
prospectus may be obtained from Goldman, Sachs & Co. at 212-902-1171.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of securities in
any state in which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any such state.
Boston Properties, Inc. is a fully integrated, self-administered and self-
managed real estate investment trust ("REIT") that develops, redevelops,
acquires, manages, operates and owns a diverse portfolio of office,
industrial, and hotel properties located predominantly in the Greater Boston;
Greater Washington, D.C.; midtown Manhattan; Greater San Francisco; Baltimore,
Maryland; Princeton/East Brunswick, New Jersey; and Richmond, Virginia
markets. The Company is one of the largest owners and developers of office
properties in the United States.
This press release contains forward-looking statements within the meaning
of the Federal securities laws. Forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be predicted with
accuracy. Such risks and uncertainties are detailed in Boston Properties'
filings with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended December 31, 1998 under the
heading "Management's Discussion and Analysis of Financial Condition and
Results of Operations -- Forward-Looking Statements."
SOURCE Boston Properties, Inc.
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CONTACT:
Edward H. Linde, President, CEO, & Director,
and David G. Gaw, SVP & CFO, 617-859-2600; or General Info.,
Marianne Stewart, 212-661-8030, Analysts, Claire Koeneman,
312-266-7800, or Media, Judith Sylk-Siegel, 212-661-8030, all of
The Financial Relations Board
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