THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING

Boston Properties apt to cut dividend

Bloomberg News / May 1, 2009

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

Your article has been sent.

  • E-mail|
  • Print|
  • Reprints|
  • |
Text size – +

NEW YORK - Boston Properties Inc., the largest office real estate investment trust, said it will probably cut its dividend in the second quarter to bolster the balance sheet.

"If nothing unanticipated occurs, we expect our dividend to be in or around 50 cents starting next quarter," president Douglas Linde said yesterday. The dividend is currently 68 cents.

Boston Properties' strategy of owning towers in the most expensive US cities is being tested as financial firms cut jobs. Chairman Mortimer Zuckerman suspended construction of a $980 million Manhattan skyscraper in February and has said the slump is unlikely to improve in 2009.

© Copyright 2009 Globe Newspaper Company.