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Boston Properties Issues Update On May Rent Collections - Quick Facts

Boston Properties, Inc. (BXP) reported that, for the month of May, the company collected more than 97% of its total rent payments from office tenants due May 1. Rent collections from all tenants, including retail, were 93% in total.

With regard to leasing productivity, the company said it recently signed approximately 870,000 square feet of new leases and renewals including a new 12-year lease with Microsoft Corp. for approximately 400,000 square feet at Reston Town Center in Reston, Virginia.

The company said it continues to maintain a strong liquidity position with $3.3 billion of total liquidity consisting of $1.7 billion of cash, $151 million of cash held in 1031 exchange escrow, as well as $1.5 billion available under its unsecured revolving credit facility as of May 5, 2020.

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