BXP slashes dividend to help finance 343 Madison project
Shareholders of office landlord BXP need to endure short-term pain in the hopes of long-term gain. The developer lowered its dividend by 30 percent to help pay for a $2 billion office tower going up at 343 Madison Avenue, Crain’s reported. The dividend will drop from 98 cents per share to 70 cents per share. The move is expected to keep $50 million in BXP’s coffers each quarter. “When you launch something like 343, our needs for capital are greater, and $50 million a quarter is very significant,” BXP chief executive officer Owen Thomas said at an investor conference. BXP’s […]This article originally appeared on The Real Deal. Click here to read the full story.
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