Boston Properties (BXP) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Supplemental Operating and Financial Data

for the Quarter Ended March 31, 2007

Boston Properties, Inc.

First Quarter 2007

Table of Contents

	Page
Company Profile	3
Investor Information	4
Research Coverage	5
Financial Highlights	6
Consolidated Balance Sheets	7
Consolidated Income Statements	8
Funds From Operations	9
Reconciliation to Diluted Funds From Operations	10
Funds Available for Distribution and Interest Coverage Ratios	11
Discontinued Operations	12
Capital Structure	13
Debt Analysis	14-16
Unconsolidated Joint Ventures	17-18
Value-Added Fund	19
Portfolio Overview-Square Footage	20
In-Service Property Listing	21-23
Top 20 Tenants and Tenant Diversification	24
Office Properties-Lease Expiration Roll Out	25
Office/Technical Properties-Lease Expiration Roll Out	26
Retail Properties-Lease Expiration Roll Out	27
Grand Total-Office, Office/Technical, Industrial and Retail Properties	28
Greater Boston Area Lease Expiration Roll Out	29-30
Washington, D.C. Area Lease Expiration Roll Out	31-32
San Francisco Area Lease Expiration Roll Out	33-34
Midtown Manhattan Area Lease Expiration Roll Out	35-36
Princeton Area Lease Expiration Roll Out	37-38
CBD/Suburban Lease Expiration Roll Out	39-40
Hotel Performance	41
Occupancy Analysis	42
Same Property Performance	43
Reconciliation to Same Property Performance and Net Income	44-45
Leasing Activity	46
Capital Expenditures, Tenant Improvements and Leasing Commissions	47
Acquisitions/Dispositions	48
Value Creation Pipeline-Construction in Progress	49
Value Creation Pipeline-Land Parcels and Purchase Options	50
Definitions	51

This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing (including the impact of interest rates on our hedging program), the effects of local economic and market conditions, the effects of acquisitions and dispositions, (including the exact amount and timing of any related special dividend and possible impairment charges) on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Boston Properties does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

2

Boston Properties, Inc.

First Quarter 2007

COMPANY PROFILE

The Company

Boston Properties, Inc. (the “Company”), a self-administered and self-managed real estate investment trust (REIT), is one of the largest owners, managers, and developers of first-class office properties in the United States, with a significant presence in five markets: Boston, Washington, D.C., Midtown Manhattan, San Francisco, and Princeton, N.J. The Company was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde in Boston, where it maintains its headquarters. Boston Properties became a public company in June 1997. The Company acquires, develops, and manages its properties through full-service regional offices. Its property portfolio is comprised primarily of first-class office space and also includes one hotel. Boston Properties is well-known for its in-house building management expertise and responsiveness to tenants’ needs. The Company holds a superior track record in developing premium Central Business District (CBD) office buildings, suburban office centers and build-to-suit projects for the U.S. government and a diverse array of creditworthy tenants.

Management

Boston Properties’ senior management team is among the most respected and accomplished in the REIT industry. Our deep and talented team of thirty-three individuals average twenty-five years of real estate experience and fifteen years with Boston Properties. We believe that our size, management depth, financial strength, reputation, and relationships of key personnel provide a competitive advantage to realize growth through property development and acquisitions. Boston Properties benefits from the reputation and relationships of key personnel, including Mortimer B. Zuckerman, Chairman of our Board of Directors, and Edward H. Linde, our President and Chief Executive Officer. Each has a national reputation, which attracts business and investment opportunities. In addition, our three Executive Vice Presidents and other senior officers that serve as Regional Managers have strong reputations that aid us in identifying and closing on new opportunities, having opportunities brought to us, and negotiating with tenants and build-to-suit prospects. Boston Properties’ Board of Directors consists of ten distinguished members, the majority of which serve as Independent Directors.

Strategy

Boston Properties’ primary business objective is to maximize return on investment in an effort to provide its stockholders with the greatest possible total return. To achieve this objective, the Company maintains a consistent strategy, which includes: Concentrating on a few carefully selected markets—characterized by high barriers to the creation of new supply and strong real estate fundamentals—where tenants have demonstrated a preference for high-quality office buildings and other facilities; selectively acquiring assets which increase its penetration in these select markets; taking on complex, technically-challenging projects that leverage the skills of its management team to successfully develop, acquire, and reposition properties; exploring joint-venture opportunities primarily with existing owners of land parcels who seek to benefit from the Company’s depth of development and management expertise; pursuing the sale of properties (on a selective basis) to take advantage of its value creation and the demand for its premier properties; and continuing to enhance the Company’s balanced capital structure through its access to a variety of capital sources.

Snapshot

(as of March 31, 2007)

Corporate Headquarters	Boston, Massachusetts
Markets	Boston, Midtown Manhattan, Washington, D.C., San Francisco, and Princeton, N.J.
Fiscal Year-End	December 31
Total Properties	135
Total Square Feet	42.9 million
Common Shares and Units Outstanding (as converted)	141.6 million
Dividend - Quarter/Annualized	$0.68/$2.72
Dividend Yield	2.32%
Total Market Capitalization	$22.4 billion
Senior Debt Ratings	Baa2 (Moody’s); BBB (Fitch); BBB+ (S&P)

3

Boston Properties, Inc.

First Quarter 2007

INVESTOR INFORMATION

Board of Directors		Management
Mortimer B. Zuckerman Chairman of the Board	Carol B. Einiger Director	Douglas T. Linde Executive Vice President, Chief Financial Officer and Treasurer	Mitchell S. Landis Senior Vice President and Regional Manager of Princeton
Edward H. Linde President and Chief Executive Officer, Director	Alan J. Patricof Director, Chairman of Audit Committee	E. Mitchell Norville Executive Vice President for Operations	Robert E. Pester Senior Vice President and Regional Manager of San Francisco
Lawrence S. Bacow Director	Richard E. Salomon Director, Chairman of Compensation Committee	Raymond A. Ritchey Executive Vice President, National Director of Acquisitions & Development	Robert E. Selsam Senior Vice President and Regional Manager of New York
Zoë Baird Director	Martin Turchin Director	Peter D. Johnston Senior Vice President and Regional Manager of Washington, D.C.	Frank D. Burt Senior Vice President, General Counsel
William M. Daley Director, Chairman of Nominating & Corporate Governance Committee	David A. Twardock Director	Bryan J. Koop Senior Vice President and Regional Manager of Boston	Arthur S. Flashman Vice President, Controller
Company Information
Corporate Headquarters	Trading Symbol	Investor Relations	Inquires
111 Huntington Avenue Suite 300	BXP	Boston Properties, Inc. 111 Huntington Avenue, Suite 300	Financial inquiries should be directed to Michael Walsh, Senior Vice President - Finance, at 617.236.3410 or mwalsh@bostonproperties.com
Boston, MA 02199	Stock Exchange Listing	Boston, MA 02199
(t) 617.236.3300 (f) 617.236.3311	New York Stock Exchange	(t) 617.236.3322 (f) 617.236.3311
		www.bostonproperties.com	Investor or media inquiries should be directed to Kathleen DiChiara, Investor Relations Manager, at 617.236.3343 or kdichiara@bostonproperties.com

Common Stock Data (NYSE: BXP)

Boston Properties’ common stock has the following characteristics (based on information reported by the New York Stock Exchange):

	Q1 2007			Q4 2006			Q3 2006			Q2 2006			Q1 2006
High Closing Price	$	130.75		$	118.00		$	104.98		$	91.55		$	96.87
Low Closing Price	$	109.72		$	103.23		$	91.26		$	82.87		$	75.36
Average Closing Price	$	120.10		$	109.59		$	98.49		$	87.43		$	83.64
Closing Price, at the end of the quarter	$	117.40		$	111.88		$	103.34		$	90.40		$	93.25
Dividends per share—annualized (1)	$	2.72		$	2.72		$	2.72		$	2.72		$	2.72
Closing dividend yield—annualized (1)		2.32	%		2.43	%		2.63	%		3.01	%		2.92	%
Closing common shares outstanding, plus common units and preferred units on an as-converted basis (thousands)		141,642			141,099			140,435			140,291			139,213
Closing market value of outstanding shares and units (thousands)	$	16,628,771		$	15,786,156		$	14,512,553		$	12,682,306		$	12,981,612

(1) Excludes special dividend of $5.40 per share paid on January 30, 2007.

Timing

Quarterly results for 2007 will be announced according to the following schedule:

Second Quarter	Late July 2007
Third Quarter	Late October 2007
Fourth Quarter	Late January 2008

4

Boston Properties, Inc.

First Quarter 2007

RESEARCH COVERAGE

Equity Research Coverage		Debt Research Coverage
David Aubuchon	Anthony Paolone / Michael Mueller	Chris Brown	Rating Agencies:
A.G. Edwards & Sons	J.P. Morgan Securities	Banc of America Securities
314.955.5452	212.622.6682 / 212.622.6689	704.386.2524	Janice Svec
			Fitch Ratings
Ross Nussbaum / Mitchell Germain	Jordan Sadler / Craig Mailman	Sue Berliner / Elizabeth Carter	212.908.0304
Banc of America Securities	KeyBanc Capital Markets	Bear Stearns & Company
212.847.5668 / 212.847.5794	917.368.2280 / 917.368.2316	212.272.3824 / 212.272.0217	Karen Nickerson
			Moody’s Investors Service
Ross Smotrich / Jeffrey Langbaum	David Harris / David Toti	Thomas Cook	212.553.4924
Bear Stearns & Company	Lehman Brothers	Citigroup Global Markets
212.272.8046 / 212.272.4201	212.526.1790 / 212.526.2002	212.723.1112	James Fielding
			Standard & Poor’s
Jonathan Litt / Michael Bilerman	Steve Sakwa / Ian Weissman	Matthew Lynch	212.438.2452
Citigroup Global Markets	Merill Lynch & Company	Credit Suisse Securities
212.816.0231 / 212.816.1383	212.449.0335 / 212.449.6255	212.325.6456
Louis Taylor / Kristin Brown	Matthew Ostrower / David Cohen	Scott O’Shea
Deutsche Bank Securities	Morgan Stanley & Company	Deutsche Bank Securities
203.863.2381 / 203.863.2381	212.761.6284 / 212.761.8564	212.250.7190
Wilkes Graham / Matt Konrad	Sri Nagarajan	Mark Streeter
Friedman, Billings, Ramsey	RBC Capital Markets	J.P. Morgan Securities
703.312.9737 / 703.312.9731	212.428.2360	212.834.5086
Jay Habermann / Sloan Bohlen	John Guinee / Michael Hudgins	John Forrey / James Rank
Goldman Sachs & Company	Stifel, Nicolaus & Company	Merrill Lynch & Company
917.343.4260 / 212.902.2796	410.454.5520 / 410.454.4830	212.449.1812 / 212.449.6533
Michael Knott	James Feldman / Gretchen Amidon
Green Street Advisors	UBS Investment Research
949.640.8780	212.713.4932 / 212.713.4057

With the exception of Green Street Advisors, an independent research firm, the equity analysts listed above are those analysts that, according to First Call Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding Boston Properties’ performance made by the analysts listed above do not represent the opinions, estimates or forecasts of Boston Properties or its management. Boston Properties does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.

5

Boston Properties, Inc.

First Quarter 2007

FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

This section includes non-GAAP financial measures, which are accompanied by what we consider the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the non-GAAP financial measures presented and the most directly comparable GAAP financial measures are shown on pages 9 through 11. A description of the non-GAAP financial measures we present and a statement of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company’s financial condition and results of operations can be found on page 51.

	Three Months Ended
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Income Items:
Revenue	$	363,695		$	363,941		$	359,497		$	357,911		$	347,550
Straight line rent (SFAS 13)	$	12,872		$	15,942		$	12,841		$	11,723		$	13,155
Fair value lease revenue (SFAS 141) (1)	$	1,509		$	1,395		$	1,111		$	492		$	417
Lease termination fees (included in revenue) (2)	$	2,550		$	2,233		$	3,692		$	1,400		$	812
Capitalized interest	$	4,308		$	1,365		$	1,560		$	1,304		$	1,692
Capitalized wages	$	2,326		$	2,066		$	2,082		$	1,523		$	1,353
Operating Margins [(rental revenue - rental expense)/rental revenue] (3)		67.9	%		69.6	%		68.3	%		68.9	%		68.2	%
Net income available to common shareholders	$	854,307		$	71,655		$	107,962		$	625,731		$	67,737
Funds from operations (FFO) available to common shareholders after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (4) (5)	$	133,011		$	141,850		$	137,276		$	129,390		$	119,210
FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - diluted	$	1.10		$	1.18		$	1.16		$	1.10		$	1.03
Net income available to common shareholders per share - basic	$	7.14		$	0.61		$	0.93		$	5.33		$	0.60
Net income available to common shareholders per share -diluted	$	6.99		$	0.60		$	0.91		$	5.23		$	0.59
Dividends per common share (5)	$	0.68		$	6.08		$	0.68		$	0.68		$	0.68
Funds available for distribution to common shareholders and common unitholders (FAD) (6)	$	129,162		$	125,053		$	120,919		$	110,307		$	104,527
Ratios:
Interest Coverage Ratio (excluding capitalized interest) - cash basis (7)		2.97			3.18			3.10			2.89			2.81
Interest Coverage Ratio (including capitalized interest) - cash basis (7)		2.81			3.12			3.03			2.84			2.75
FFO Payout Ratio (8)		61.82	%		57.63	%		58.62	%		61.82	%		66.02	%
FAD Payout Ratio (9)		73.56	%		75.50	%		77.26	%		83.77	%		87.41	%
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Capitalization:
Total Debt	$	5,736,139		$	4,600,937		$	4,733,323		$	4,833,401		$	4,696,713
Common Stock Price @ Quarter End	$	117.40		$	111.88		$	103.34		$	90.40		$	93.25
Equity Value @ Quarter End	$	16,628,771		$	15,786,156		$	14,512,553		$	12,682,306		$	12,981,612
Total Market Capitalization (10)	$	22,364,910		$	20,387,093		$	19,245,876		$	17,515,707		$	17,678,325
Debt/Total Market Capitalization (10)		25.65	%		22.57	%		24.59	%		27.59	%		26.57	%

(1) Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.

(2) Does not include the Company’s share of termination income earned from unconsolidated joint ventures totaling $626 and $933 for the three months ended December 31, 2006 and September 30, 2006, respectively.

(3) Rental Expense consist of operating expenses and real estate taxes. Amounts are exclusive of the gross up of reimbursable electricity and other amounts totaling $8,833, $7,176, $8,826, $7,907 and $7,983 for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.

(4) For a quantitative reconciliation of the differences between FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate and net income available to common shareholders, see page 9. The supplemental adjustment is only applicable for the three months ended June 30, 2006.

(5) For the three months ended December 31, 2006, dividends per share includes the $5.40 per common share special dividend paid on January 30, 2007.

(6) For a quantitative reconciliation of the differences between FAD and FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate, see page 11.

(7) For additional detail, see page 11.

(8) Dividends per common share divided by FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - diluted. For the three months ended December 31, 2006, excludes the $5.40 per share special dividend paid on January 30, 2007.

(9) Gross dividends to common shareholders plus distributions to common Operating Partnership unitholders divided by FAD. For the three months ended December 31, 2006, excludes the $5.40 per share special dividend paid on January 30, 2007.

(10) For additional detail, see page 13.

6

Boston Properties, Inc.

First Quarter 2007

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
ASSETS
Real estate	$	9,019,237		$	8,819,934		$	9,040,264		$	8,698,493		$	8,864,907
Construction in progress		500,995			115,629			57,392			78,926			107,051
Land held for future development		185,093			183,403			210,336			222,519			189,024
Real estate held for sale		18,282			433,492			—			—			—
Less accumulated depreciation		(1,414,857	)		(1,392,055	)		(1,372,826	)		(1,314,472	)		(1,320,712	)
Total real estate		8,308,750			8,160,403			7,935,166			7,685,466			7,840,270
Cash and cash equivalents		2,016,336			725,788			1,049,026			370,396			32,214
Cash held in escrows		20,334			25,784			21,436			894,244	(1)		23,715
Tenant and other receivables, net		50,799			57,052			42,128			35,814			41,458
Accrued rental income, net		288,824			327,337			310,560			298,306			316,048
Deferred charges, net		244,846			274,079			263,675			250,154			246,214
Prepaid expenses and other assets		63,896			40,868			72,033			79,174			91,646
Investments in unconsolidated joint ventures		91,955			83,711			83,485			96,962			98,836
Total assets	$	11,085,740		$	9,695,022		$	9,777,509		$	9,710,516		$	8,690,401
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgage notes payable	$	2,973,571		$	2,679,462		$	2,811,953		$	2,912,135		$	3,185,550
Unsecured senior notes, net of discount		1,471,583			1,471,475			1,471,370			1,471,266			1,471,163
Unsecured exchangeable senior notes, net of discount		1,290,985			450,000			450,000			450,000			—
Unsecured line of credit		—	(2)		—	(2)		—	(2)		—	(2)		40,000	(2)
Accounts payable and accrued expenses		101,188			102,934			103,581			90,390			86,938
Dividends and distributions payable		105,284			857,892			95,607			95,839			95,344
Accrued interest payable		48,917			47,441			45,703			50,175			39,269
Other liabilities		229,666	(3)		239,084	(3)		236,350	(3)		246,042	(3)		98,296
Total liabilities		6,221,194			5,848,288			5,214,564			5,315,847			5,016,560
Commitments and contingencies		—			—			—			—			—
Minority interests		726,937			623,508			746,416			824,924			735,185
Stockholders’ Equity:
Excess stock, $.01 par value, 150,000,000 shares authorized, none issued or outstanding		—			—			—			—			—
Preferred stock, $.01 par value, 50,000,000 shares authorized, none issued or outstanding		—			—			—			—			—
Common stock, $.01 par value, 250,000,000 shares authorized, 117,503,542, 116,597,035, 114,219,448, 112,813,657 and 112,542,262 outstanding, respectively		1,190			1,175			1,166			1,142			1,128
Additional paid-in capital		3,260,647			3,119,941			3,068,952			2,831,119			2,759,580
Earnings in excess of dividends		881,733			108,155			749,940			720,623			173,129
Treasury common stock, at cost		(2,722	)		(2,722	)		(2,722	)		(2,722	)		(2,722	)
Accumulated other comprehensive income (loss)		(3,239	)		(3,323	)		(807	)		19,583			7,541
Total stockholders’ equity		4,137,609			3,223,226			3,816,529			3,569,745			2,938,656
Total liabilities and stockholders’ equity	$	11,085,740		$	9,695,022		$	9,777,509		$	9,710,516		$	8,690,401

(1) Cash held in escrows includes approximately $872 million held in escrow by a qualifying intermediary for the purpose of potentially accomplishing a like-kind exchange with proceeds received from the sale of 280 Park Avenue. No qualifying replacement assets were identified by the statutory expiration date of July 21, 2006 and the cash was subsequently released from escrow back to the Company with no restrictions as to its use.

(2) On July 19, 2005, the Company refinanced its $225.0 million mortgage loan collateralized by 599 Lexington Avenue through a secured draw from the Unsecured Line of Credit. As a result, the $225.0 million that was drawn on the line of credit was included within Mortgage Notes Payable. The secured draw was repaid on February 12, 2007 in conjunction with new ten-year mortgage financing collateralized by 599 Lexington Avenue totaling $750.0 million.

(3) At March 31, 2007, December 31, 2006, September 30, 2006 and June 30, 2006, Other Liabilities included approximately $27.4 million, $45.8 million, $46.4 million and $67.3 million and approximately $13.0 million, $15.2 million, $18.8 million and $20.9 million consisting of the master lease and revenue support obligations, respectively, related to the sale of 280 Park Avenue and approximately $48.0 million, $47.3 million, $46.6 million and $45.8 million related to the redemption of the outside members’ equity interests in the entity that owns Citigroup Center, respectively.

7

Boston Properties, Inc.

First Quarter 2007

CONSOLIDATED INCOME STATEMENTS

(in thousands, except for per share amounts)

(unaudited)

	Three Months Ended
	31-Mar-07			31-Dec-06			30-Sep-06			30-Jun-06			31-Mar-06
Revenue:
Rental
Base Rent	$	272,908		$	277,281		$	272,146		$	276,298		$	275,540
Recoveries from tenants		47,042			42,817			45,896			45,322			47,006
Parking and other		15,321			15,211			13,967			14,146			13,756
Total rental revenue		335,271			335,309			332,009			335,766			336,302
Hotel revenue		6,709			11,417			8,319			8,364			4,915
Development and management services		4,727			5,661			4,558			5,227			4,374
Interest and other		16,988			11,554			14,611			8,554			1,959
Total revenue		363,695			363,941			359,497			357,911			347,550
Expenses:
Operating		69,106			64,036			67,875			66,226			66,836
Real estate taxes		44,469			43,090			43,301			43,507			45,271
Hotel operating		6,014			8,106			6,339			5,513			5,008
General and administrative		16,808			16,198			12,739			15,796			14,642
Interest (1)		73,926			71,423			73,571			78,449			74,817
Depreciation and amortization		70,478			69,607			70,558			67,077			66,005
Losses from early extinguishments of debt (2)		722			11			208			31,457			467
Total expenses		281,523			272,471			274,591			308,025			273,046
Income before minority interests and income from unconsolidated joint ventures		82,172			91,470			84,906			49,886			74,504
Minority interest in property partnership		—			—			—			777			1,236
Income from unconsolidated joint ventures (3)		965			1,340			20,200			1,677			1,290
Income before minority interest in Operating Partnership		83,137			92,810			105,106			52,340			77,030
Minority interest in Operating Partnership (4)		(11,164	)		(26,030	)		(18,404	)		(11,155	)		(15,353	)
Income before gains on sales of real estate		71,973			66,780			86,702			41,185			61,677
Gains on sales of real estate, net of minority interest		619,206			1,183			17,889			581,302			5,441
Income before discontinued operations		691,179			67,963			104,591			622,487			67,118
Income from discontinued operations, net of minority interest		1,280			3,692			3,371			3,244			619
Gains on sales of real estate from discontinued operations, net of minority interest		161,848			—			—			—			—
Net income available to common shareholders	$	854,307		$	71,655		$	107,962		$	625,731		$	67,737
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income available to common shareholders per share—basic	$	7.14		$	0.61		$	0.93		$	5.33		$	0.60
Net income available to common shareholders per share—diluted	$	6.99		$	0.60		$	0.91		$	5.23		$	0.59

(1) Interest expense is reported net of capitalized interest of $4,308, $1,365, $1,560, $1,304 and $1,692 for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.

(2) Includes $31.4 million of losses from early extinguishments of debt associated with the sales of real estate for the three months ended June 30, 2006.

(3) Includes our share of the gain on sale of 265 Franklin Street totaling approximately $17.9 million for the three months ended September 30, 2006.

(4) Equals minority interest share of 14.90%, 15.18%, 15.62%, 15.68% and 15.95% of income before minority interest in Operating Partnership after deduction for preferred distributions for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.

Certain prior period amounts have been reclassified to conform to current period presentation.

8

Boston Properties, Inc.

First Quarter 2007

FUNDS FROM OPERATIONS (FFO)

(in thousands, except for per share amounts)

(unaudited)

	Three months ended
	31-Mar-07			31-Dec-06			30-Sep-06			30-Jun-06		31-Mar-06
Net income available to common shareholders	$	854,307		$	71,655		$	107,962		$	625,731	$	67,737
Add:
Minority interest in Operating Partnership		11,164			26,030			18,404			11,155		15,353
Less:
Minority interest in property partnership		—			—			—			777		1,236
Income from unconsolidated joint ventures		965			1,340			20,200			1,677		1,290
Gains on sales of real estate, net of minority interest		619,206			1,183			17,889			581,302		5,441
Income from discontinued operations, net of minority interest		1,280			3,692			3,371			3,244		619
Gains on sales of real estate from discontinued operations, net of minority interest		161,848			—			—			—		—
Income before minority interests and income from unconsolidated joint ventures		82,172			91,470			84,906			49,886		74,504
Add:
Real estate depreciation and amortization (1)		72,870			71,495			73,408			69,773		68,674
Income from discontinued operations		1,504			4,353			3,995			3,847		736
Income from unconsolidated joint ventures		965			1,340			2,283	(2)		1,677		1,290
Less:
Minority property partnership’s share of funds from operations		—			—			—			211		268
Preferred distributions		1,202	(3)		1,431	(4)		1,912			2,965		3,110
Funds from operations (FFO)		156,309			167,227			162,680			122,007		141,826
Add:
Losses from early extinguishments of debt associated with the sales of real estate		—			—			—			31,444		—
FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		156,309			167,227			162,680			153,451		141,826
Less:
Minority interest in Operating Partnership’s share of funds from operations after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		23,298			25,377			25,404			24,061		22,616
FFO available to common shareholders after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (5)	$	133,011		$	141,850		$	137,276		$	129,390	$	119,210
FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate—basic	$	1.13		$	1.21		$	1.19		$	1.14	$	1.06
FFO per share—basic	$	1.13		$	1.21		$	1.19		$	0.90	$	1.06
Weighted average shares outstanding—basic		118,177			116,895			115,432			113,994		112,509
FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate—diluted	$	1.10		$	1.18		$	1.16		$	1.10	$	1.03
FFO per share—basic	$	1.10		$	1.18		$	1.16		$	0.88	$	1.03
Weighted average shares outstanding—diluted		122,569			121,456			120,727			120,605		120,013

(1) Real estate depreciation and amortization consists of depreciation and amortization from the consolidated statements of operations of $70,478, $69,607, $70,558, $67,077 and $66,005, our share of unconsolidated joint venture real estate depreciation and amortization of $2,099, $2,250, $2,253, $2,280 and $2,304 and depreciation and amortization from discontinued operations of $608, $845, $990, $835 and $842, less corporate related depreciation of $315, $295, $393, $419 and $477 and adjustment to asset retirement obligations of $0, $912, $0, $0 and $0 for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.

(2) Excludes approximately $17.9 million related to our share of the gain on sale and related loss from early extinguishment of debt associated with the sale of 265 Franklin Street.

(3) Excludes an adjustment of approximately ($3.1) million to the income allocated to the holders of Series Two Preferred Units to account for their right to participate on an as-converted basis in the special dividend that followed previously completed sales of real estate.

(4) Excludes approximately $12.2 million of income allocated to the holders of Series Two Preferred Units to account for their right to participate on an as-converted basis in the special dividend that followed previously completed sales of real estate.

(5) Based on weighted average shares for the quarter. Company’s share for the quarter ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006 was 85.10%, 84.82%, 84.38%, 84.32% and 84.05%, respectively.

9

Boston Properties, Inc.

First Quarter 2007

RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS

(in thousands, except for per share amounts)

(unaudited)

	March 31, 2007				December 31, 2006				September 30, 2006			June 30, 2006			March 31, 2006
	Income (Numerator)			Shares (Denominator)	Income (Numerator)			Shares (Denominator)	Income (Numerator)		Shares (Denominator)	Income (Numerator)		Shares (Denominator)	Income (Numerator)		Shares (Denominator)
Basic FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate	$	156,309		138,877	$	167,227		137,808	$	162,680	136,793	$	153,451	135,192	$	141,826	133,853
Effect of Dilutive Securities
Convertible Preferred Units		1,202	(1)	1,922		1,431	(2)	2,266		1,912	2,999		2,965	4,430		3,110	4,857
Stock Options and Exchangeable Notes		—		2,469		—		2,295		—	2,296		—	2,182		—	2,648
Diluted FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate	$	157,511		143,268	$	168,658		142,369	$	164,592	142,088	$	156,416	141,804	$	144,936	141,358
Less:
Minority interest in Operating Partnership’s share of diluted funds from operations after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		22,757		20,699		24,775		20,913		24,745	21,361		23,383	21,199		21,885	21,345
Company’s share of diluted FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (3)	$	134,754		122,569	$	143,883		121,456	$	139,847	120,727	$	133,033	120,605	$	123,051	120,013
FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate—basic	$	1.13			$	1.21			$	1.19		$	1.14		$	1.06
FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate—diluted	$	1.10			$	1.18			$	1.16		$	1.10		$	1.03

(1) Excludes an adjustment of approximately ($3.1) million to the income allocated to the holders of Series Two Preferred Units to account for their right to participate on an as-converted basis in the special dividend that followed previously completed sales of real estate.

(2) Excludes approximately $12.2 million of income allocated to the holders of Series Two Preferred Units to account for their right to participate on an as-converted basis in the special dividend that followed previously completed sales of real estate.

(3) Based on weighted average diluted shares for the quarter. Company’s share for the quarter ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006 was 85.55%, 85.31%, 84.97%, 85.05% and 84.90%, respectively.

10

Boston Properties, Inc.

First Quarter 2007

Funds Available for Distribution (FAD)

(in thousands)

	Three Months Ended
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Basic FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (see page 9)	$	156,309		$	167,227		$	162,680		$	153,451		$	141,826
2nd generation tenant improvements and leasing commissions		(12,732	)		(16,243	)		(23,372	)		(29,566	)		(17,459	)
Straight-line rent		(12,872	)		(15,942	)		(12,841	)		(11,723	)		(13,155	)
Recurring capital expenditures		(3,208	)		(10,174	)		(6,063	)		(5,275	)		(4,206	)
Fair value interest adjustment		(74	)		398			(231	)		(881	)		(824	)
Fair value lease revenue (SFAS 141)		(1,509	)		(1,395	)		(1,111	)		(492	)		(417	)
Hotel improvements, equipment upgrades and replacements		(281	)		(1,213	)		(505	)		(1,988	)		(4,263	)
Non real estate depreciation		315			295			393			419			477
Stock-based compensation		3,214			2,099			1,950			1,982			2,548
Partners’ share of joint venture 2nd generation tenant improvement and leasing commissions		—			1			19			4,380			—
Funds available for distribution to common shareholder and common unitholders (FAD)	$	129,162		$	125,053		$	120,919		$	110,307		$	104,527

Interest Coverage Ratios

(in thousands, except for ratio amounts)

	Three Months Ended
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Excluding Capitalized Interest
Income before minority interests and income from unconsolidated joint ventures	$	82,172		$	91,470		$	84,906		$	49,886		$	74,504
Interest expense		73,926			71,423			73,571			78,449			74,817
Losses from early extinguishments of debt associated with the sales of real estate		—			—			—			31,444			—
Depreciation and amortization expense		70,478			69,607			70,558			67,077			66,005
Depreciation from joint ventures		2,099			2,250			2,253			2,280			2,304
Income from unconsolidated joint ventures		965			1,340			2,283			1,677			1,290
Discontinued operations - depreciation expense		608			845			990			835			842
Discontinued operations		1,504			4,353			3,995			3,847			736
Straight-line rent		(12,872	)		(15,942	)		(12,841	)		(11,723	)		(13,155	)
Fair value lease revenue (SFAS 141)		(1,509	)		(1,395	)		(1,111	)		(492	)		(417	)
Subtotal		217,371			223,951			224,604			223,280			206,926
Divided by:
Interest expense (1)		73,091			70,481			72,542			77,253			73,644
Interest Coverage Ratio		2.97			3.18			3.10			2.89			2.81
Including Capitalized Interest
Income before minority interests and income from unconsolidated joint ventures	$	82,172		$	91,470		$	84,906		$	49,886		$	74,504
Interest expense		73,926			71,423			73,571			78,449			74,817
Losses from early extinguishments of debt associated with the sales of real estate		—			—			—			31,444			—
Depreciation and amortization expense		70,478			69,607			70,558			67,077			66,005
Depreciation from joint ventures		2,099			2,250			2,253			2,280			2,304
Income from unconsolidated joint ventures		965			1,340			2,283			1,677			1,290
Discontinued operations - depreciation expense		608			845			990			835			842
Discontinued operations		1,504			4,353			3,995			3,847			736
Straight-line rent		(12,872	)		(15,942	)		(12,841	)		(11,723	)		(13,155	)
Fair value lease revenue (SFAS 141)		(1,509	)		(1,395	)		(1,111	)		(492	)		(417	)
Subtotal		217,371			223,951			224,604			223,280			206,926
Divided by:
Interest expense (1) (2)		77,399			71,846			74,102			78,557			75,336
Interest Coverage Ratio		2.81			3.12			3.03			2.84			2.75

(1) Excludes amortization of financing costs of $835, $942, $1,029, $1,196 and $1,173 for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.

(2) Includes capitalized interest of $4,308, $1,365, $1,560, $1,304 and $1,692 for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.

11

Boston Properties, Inc.

First Quarter 2007

DISCONTINUED OPERATIONS

(in thousands, unaudited)

Effective January 1, 2002, the Company adopted the provisions of SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets.” The Company’s application of SFAS No. 144 results in the presentation of the net operating results of qualifying properties sold or held for sale during 2006 and 2005 as income from discontinued operations for all periods presented. The following table summarizes income from discontinued operations (net of minority interest) for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.

	Three Months Ended
	31-Mar-07		31-Dec-06		30-Sep-06		30-Jun-06		31-Mar-06
Total Revenue (1)	$	9,174	$	14,732	$	12,963	$	12,438	$	8,554
Expenses:
Operating		284		248		418		499		507
Hotel operating		6,778		9,286		7,560		7,257		6,469
Depreciation and amortization		608		845		990		835		842
Total Expenses		7,670		10,379		8,968		8,591		7,818
Income before minority interest in Operating Partnership		1,504		4,353		3,995		3,847		736
Minority interest in Operating Partnership		224		661		624		603		117
Income from discontinued operations (net of minority interest)	$	1,280	$	3,692	$	3,371	$	3,244	$	619
Properties (2):		Long Wharf Marriott		Long Wharf Marriott		Long Wharf Marriott		Long Wharf Marriott		Long Wharf Marriott
		Newport Office Park		Newport Office Park		Newport Office Park		Newport Office Park		Newport Office Park

(1) The impact of the straight-line rent adjustment increased (decreased) revenue by $(5), $530, $352, $(4) and $(4) for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.

(2) Discontinued operations does not include the operations of 5 Times Square and 280 Park Avenue due to the Company’s continuing involvement in the management, for a fee, of these properties subsequent to the sales through agreements with the buyers. Newport Office Park was classified as Held for Sale at March 31, 2007.

12

Boston Properties, Inc.

First Quarter 2007

CAPITAL STRUCTURE

Debt

(in thousands)

	Aggregate Principal March 31, 2007
Mortgage Notes Payable	$	2,973,571
Unsecured Line of Credit		—
Unsecured Senior Notes, net of discount		1,471,583
Unsecured Exchangeable Senior Notes		1,290,985
Total Debt	$	5,736,139

Boston Properties Limited Partnership Unsecured Senior Notes
Settlement Date		5/22/03		3/18/03		1/17/03		12/13/02		Total/Average
Principal Amount	$	250,000	$	300,000	$	175,000	$	750,000	$	1,475,000
Yield (on issue date)		5.075%		5.636%		6.280%		6.296%		5.95%
Coupon		5.000%		5.625%		6.250%		6.250%		5.91%
Discount		99.329%		99.898%		99.763%		99.650%		99.66%
Ratings:
Moody’s		Baa2 (stable)		Baa2 (stable)		Baa2 (stable)		Baa2 (stable)
S&P		BBB+ (stable)		BBB+ (stable)		BBB+ (stable)		BBB+ (stable)
Fitch		BBB (stable)		BBB (stable)		BBB (stable)		BBB (stable)
Maturity Date		6/1/2015		4/15/2015		1/15/2013		1/15/2013
Discount	$	1,249	$	226	$	286	$	1,656		3,417
Unsecured Senior Notes, net of discount	$	248,751	$	299,774	$	174,714	$	748,344	$	1,471,583

Boston Properties Limited Partnership Unsecured Exchangeable Senior Notes
Settlement Date		2/6/2007			4/6/2006
Principal Amount	$	862,500	(1)	$	450,000	(2)	$	1,312,500
Yield (on issue date)		3.438	%		3.750	%		3.545	%
Coupon		2.875	%		3.750	%
First Optional Redemption Date		2/20/2012			5/18/2013
Maturity Date		2/15/2037			5/15/2036
Discount		21,515			—			21,515
Unsecured Senior Exchangable Notes	$	840,985		$	450,000		$	1,290,985

(1) The initial exchange rate is equivalent to an initial exchange price of approximately $151.31 per share of Boston Properties, Inc.’s common stock.

(2) The initial exchange rate is equivalent to an initial exchange price of approximately $111.78 per share of Boston Properties, Inc.’s common stock.

In connection with the special dividend declared on December 18, 2006, the exchange rate was adjusted to an exchange price of approximately $106.50 per share.

Equity

(in thousands)

	Shares/ Units Outstanding as of 3/31/07	Common Stock Equivalents		Equivalent (2)
Common Stock	118,970	118,970	(3)	$	13,967,078
Common Operating Partnership Units	20,996	20,996	(4)		2,464,930
Series Two Preferred Operating Partnership Units	1,277	1,676			196,762
Total Equity		141,642		$	16,628,771
Total Debt				$	5,736,139
Total Market Capitalization				$	22,364,910

(2) Value based on March 31, 2007 closing price of $117.40 per share of common stock.

(3) Includes 115 shares of restricted stock.

(4) Includes 673 long-term incentive plan units.

13

Boston Properties, Inc.

First Quarter 2007

DEBT ANALYSIS

Debt Maturities and Principal Payments

(in thousands)

	2007			2008			2009			2010			2011			Thereafter			Total
Floating Rate Debt	$	—		$	—		$	200,230		$	—		$	—		$	—		$	200,230
Fixed Rate Debt		35,179			799,691			186,454			132,742			545,017			3,836,826			5,535,909
Total Debt	$	35,179		$	799,691		$	386,684		$	132,742		$	545,017		$	3,836,826		$	5,736,139
Weighted Average Floating Rate Debt		—			—			5.90	%		—			—			—			5.90	%
Weighted Average Fixed Rate Debt		7.11	%		6.83	%		7.09	%		7.93	%		7.22	%		5.11	%		5.71	%
Total Weighted Average Rate		7.11	%		6.83	%		6.47	%		7.93	%		7.22	%		5.11	%		5.72	%

Unsecured Debt

Unsecured Line of Credit—Matures August 3, 2010

(in thousands)

Facility	Outstanding @ 3/31/2007		Letters of Credit		Remaining Capacity @ 3/31/2007
$ 605,000	$	—	$	28,496	$	576,504

Unsecured and Secured Debt Analysis

	% of Total Debt		Weighted Average Rate		Weighted Average Maturity
Unsecured Debt	48.16	%	4.83	%	6.0 years
Secured Debt	51.84	%	6.55	%	5.1 years
Total Debt	100.00	%	5.72	%	5.5 years

Floating and Fixed Rate Debt Analysis

	% of Total Debt		Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	3.49	%	5.90	%	2.0 years
Fixed Rate Debt	96.51	%	5.71	%	5.7 years
Total Debt	100.00	%	5.72	%	5.5 years

14

Boston Properties, Inc.

First Quarter 2007

DEBT MATURITIES AND PRINCIPAL PAYMENTS

(in thousands)

Property	2007			2008			2009			2010			2011			Thereafter			Total
599 Lexington Avenue	$	—		$	—		$	—		$	—		$	—		$	750,000		$	750,000
Citigroup Center		6,221			8,816			9,453			10,136			456,898			—			491,524
Embarcadero Center One and Two		4,444			278,912			—			—			—			—			283,356
Prudential Center		4,190			259,706			—			—			—			—			263,896
250 West 55th Street		—			—			160,000			—			—			—			160,000
Embarcadero Center Four		3,256			129,712			—			—			—			—			132,968
Democracy Center		1,832			2,597			91,132			—			—			—			95,561
One Freedom Square		1,602			2,245			2,375			2,513			2,660			66,093			77,488
Kingstowne Towne Center		1,208			1,897			2,004			2,117			2,236			57,425			66,887
New Dominion Technology Park, Building Two		—			—			—			—			—			63,000			63,000
202, 206 & 214 Carnegie Center		640			916			994			56,306			—			—			58,856
140 Kendrick Street		1,107			1,549			1,637			1,730			1,828			50,291			58,142
New Dominion Technology Park, Building One		704			1,481			1,594			1,715			1,846			47,403			54,743
1330 Connecticut Avenue		1,760			2,452			2,577			2,701			45,021			—			54,511
Reservoir Place		1,275			1,666			48,592			—			—			—			51,533
504, 506 & 508 Carnegie Center		992			40,914			—			—			—			—			41,906
South of Market		—			—			40,230			—			—			—			40,230
10 & 20 Burlington Mall Rd & 91 Hartwell		653			925			994			1,069			32,524			—			36,165
10 Cambridge Center		588			844			916			29,677			—			—			32,025
Sumner Square		488			694			747			804			865			23,826			27,424
Eight Cambridge Center		530			757			819			22,911			—			—			25,017
1301 New York Avenue		1,251			1,781			21,628			—			—			—			24,660
510 Carnegie Center		551			23,519			—			—			—			—			24,070
Reston Corporate Center		558			20,524			—			—						—			21,082
University Place		654			925			992			1,063			1,139			16,220			20,993
Bedford Business Park		675			16,859			—			—						—			17,534
		35,179			799,691			386,684			132,742			545,017			1,074,258			2,973,571
Unsecured Senior Notes		—			—			—			—			—			2,762,568			2,762,568
Unsecured Line of Credit		—			—			—			—			—			—			—
	$	35,179		$	799,691		$	386,684		$	132,742		$	545,017		$	3,836,826		$	5,736,139
% of Total Debt		0.61	%		13.94	%		6.74	%		2.31	%		9.50	%		66.89	%		100.00	%
Balloon Payments	$	—		$	759,782		$	358,928		$	107,339		$	528,697		$	3,781,924		$	5,536,670
Scheduled Amortization	$	35,179		$	39,909		$	27,756		$	25,403		$	16,320		$	54,902		$	199,469

15

Boston Properties, Inc.

First Quarter 2007

Senior Unsecured Debt Covenant Compliance Ratios

(in thousands)

In the fourth quarter of 2002 the Company’s operating partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York, as trustee, as supplemented, which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the indenture.

This section presents such ratios as of March 31, 2007 to show that the Company’s operating partnership was in compliance with the terms of the indenture, as amended, which has been filed with the SEC. This section also presents certain other indenture-related data which we believe assists investors in the Company’s unsecured debt securities. Management is not presenting these ratios and the related calculations for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the indenture.

		March 31, 2007
Total Assets:
Capitalized Property Value		$	10,943,387
Cash and Cash Equivalents			2,016,336
Undeveloped Land, at Cost			185,093
Development in Process, at Cost (including Joint Venture %)			574,963
Total Assets		$	13,719,778
Unencumbered Assets		$	8,253,150
Secured Debt (Fixed and Variable) (1)		$	2,952,665
Joint Venture Debt			232,992
Contingent Liabilities & Letters of Credit			36,202
Unsecured Debt (2)			2,787,500
Total Outstanding Debt		$	6,009,359
Consolidated EBITDA:
Income before minority interests and income from unconsolidated joint ventures (per Consolidated Income Statement)		$	82,172
Add: Interest Expense (per Consolidated Income Statement)			73,926
Add: Depreciation and Amortization (per Consolidated Income Statement)			70,478
Add: Loss from early extinguishment of debt			722
EBITDA			227,298
Add: Company share of unconsolidated joint venture EBITDA			5,698
Consolidated EBITDA		$	232,996
Adjusted Interest Expense:
Interest Expense (per Consolidated Income Statement)		$	73,926
Add: Company share of unconsolidated joint venture interest expense			3,237
Less: Amortization of financing costs			(835	)
Less: Interest expense funded by construction loan draws			—
Adjusted Interest Expense		$	76,328
Covenant Ratios and Related Data	Test	Actual
Total Outstanding Debt/Total Assets	Less than 60%		43.8	%
Secured Debt/Total Assets	Less than 50%		23.2	%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	Greater than 1.50x		3.05
Unencumbered Assets/ Unsecured Debt	Greater than 150%		296.1	%
Unencumbered Consolidated EBITDA		$	119,102
Unencumbered Interest Coverage (Unencumbered Consolidated EBITDA to Unsecured
Interest Expense)			3.91
% of unencumbered Consolidated EBITDA to Consolidated EBITDA			51.1	%
# of unencumbered properties			86

(1) Excludes Fair Value Adjustment of $20,905.

(2) Excludes Debt Discount of $24,932.

16

Boston Properties, Inc.

First Quarter 2007

UNCONSOLIDATED JOINT VENTURES

Balance Sheet Information

(unaudited and in thousands)

as of March 31, 2007

	Market Square North			Metropolitan Square			265 Franklin Street (1)			901 New York Avenue			Wisconsin Place (2)(3)			505 9th Street (2)			Value- Added Fund (4)			New York Land Venture (2)			Combined
Total Equity (5)	$	5,986		$	34,966		$	221		$	469		$	9,598		$	22,497		$	9,646		$	8,572		$	91,955
Mortgage/Construction loans payable (5)	$	44,794		$	66,391		$	—		$	42,500		$	14,164		$	26,718		$	26,625		$	11,800		$	232,992
BXP’s nominal ownership percentage		50.00	%		51.00	%		35.00	%		25.00	%		23.89	%		50.00	%		25.00	%		50.00	%

Results of Operations

(unaudited and in thousands)

for the three months ended March 31, 2007

	Market Square North		Metropolitan Square			265 Franklin Street (1)		901 New York Avenue			Wisconsin Place (2)(3)		505 9th Street (2)		Value- Added Fund (4)			New York Land Venture (2)		Combined
REVENUE
Total revenue	$	5,607	$	6,555		$	32	$	7,642		$	—	$	—	$	3,946		$	—	$	23,782	(6)
EXPENSES
Operating		2,016		2,703			—		2,470			—		—		1,409			—		8,598
SUBTOTAL		3,591		3,852			32		5,172			—		—		2,537			—		15,184
Interest		1,737		2,682			—		2,231			—		—		1,771			—		8,421
Depreciation and amortization		1,209		1,514			—		1,490			—		—		1,371			—		5,584
SUBTOTAL		2,946		4,196			—		3,721			—		—		3,142			—		14,005
Gains on sale of real estate		—		—			—		—			—		—		—			—		—
NET INCOME/(LOSS)	$	645	$	(344	)	$	32	$	1,451		$	—	$	—	$	(605	)	$	—	$	1,179
BXP’s share of net income/(loss)	$	322	$	(175	)	$	12	$	957	(7)	$	—	$	—	$	(151	)	$	—	$	965
BXP’s share of depreciation & amortization		605		772			—		379			—		—		343			—		2,099
BXP’s share of Funds from Operations (FFO)	$	927	$	597		$	12	$	1,336		$	—	$	—	$	192		$	—	$	3,064

(1) On September 15, 2006, the joint venture sold this property.

(2) Property is currently not in service (i.e., under construction or undeveloped land).

(3) Represents the Company’s interest in the joint venture entity that owns the land and infrastructure, as well as a nominal interest in the retail component of the project. The entity that will develop the office component of the project, of which the Company has a 66.67% interest, has been consolidated within the accounts of the Company.

(4) For additional information on the Value-Added Fund, see page 19. Information presented includes costs which relate to the organization and operations of the Value-Added Fund.

(5) Represents the Company’s share.

(6) The net impact of the straight-line rent adjustment and fair value lease revenue (SFAS 141) increased (decreased) revenue by approximately $486 and ($894), respectively, for the three months ended March 31, 2007.

(7) Reflects the changes in the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement.

17

Boston Properties, Inc.

First Quarter 2007

UNCONSOLIDATED JOINT VENTURE DEBT ANALYSIS (*)

Debt Maturities and Principal Payments by Property

(in thousands)

Property	2007			2008			2009			2010			2011			Thereafter			Total
Metropolitan Square (51%)	$	741		$	1,061		$	1,152		$	63,437		$	—		$	—		$	66,391
Market Square North (50%)		819			1,167			1,260			41,548			—			—			44,794
901 New York Avenue (25%)		—			555			635			669			704			39,937			42,500
505 9th Street (50%)		—			—			—			—			—			26,718			26,718	(1)
Wisconsin Place (23.89%)		(45	)		1,395			11,719			—			—			—			13,069	(2)
New York Land Venture (50%)		—			11,800			—			—			—			—			11,800
Wisconsin Place Retail (5%)		—			—			—			1,095			—			—			1,095
	$	1,515		$	15,978		$	14,766		$	106,749		$	704		$	66,655		$	206,367
Weighted Average Rate (2)		7.95	%		7.54	%		6.98	%		7.99	%		5.19	%		5.53	%		7.07	%
% of Total Debt		0.73	%		7.74	%		7.16	%		51.73	%		0.34	%		32.30	%		100.00	%

Floating and Fixed Rate Debt Analysis

	% of Total Debt		Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	16.64	%	7.03	%	1.3 years
Fixed Rate Debt	83.36	%	7.08	%	5.2 years
Total Debt	100.00	%	7.07	%	4.5 years

(*) All amounts represent the Company’s share. Amounts exclude the Value-Added Fund, see page 19 for additional information on debt pertaining to the Value-Added Fund.

(1) Amount represents outstanding construction financing under a $60.0 million loan commitment (of which the Company’s share is $30.0 million), which bears interest at a fixed rate of 5.73% per annum, and a $35.0 million loan commitment (of which the Company’s share is $17.5 million), which bears interest at a variable rate of LIBOR plus 1.25% per annum. The financing is convertible to a ten-year fixed rate loan in October 2007 at an interest rate of 5.73% per annum with a provision for an increase in the borrowing capacity by $35.0 million (of which the Company’s share would be $17.5 million). The conversion is subject to conditions which the Company expects to satisfy.

(2) Approximately $11.7 million represents construction loan financing which matures in 2009. The remaining amount represents a seller financed non-interest bearing purchase money mortgage and includes adjustments to reflect the fair value of the note. The weighted-average interest rates exclude the impact of this loan.

18

Boston Properties, Inc.

First Quarter 2007

Boston Properties Office Value-Added Fund, L.P.

On October 25, 2004, the Company formed Boston Properties Office Value-Added Fund, L.P. (the “Value-Added Fund”), a strategic partnership with third parties, to pursue the acquisition of value-added investments in non-core office assets within the Company’s existing markets. The Company intends to leverage its regional operating platform to source and acquire properties that will generate opportunity for value creation through repositioning, capital improvements and/or leasing strategies. The Value-Added Fund has total equity commitments of $140 million. The investment period expired on October 25, 2006. The Company will receive asset management, property management, leasing and redevelopment fees and, if certain return thresholds are achieved, will be entitled to an additional promoted interest.

The Company’s interest in the Value-Added Fund is 25%. The investment in the Value-Added Fund is not included in the Company’s portfolio information tables or any other portfolio level statistics.

Property Information

Property Name	Number of Buildings	Square Feet	Leased %		Annual Revenue per leased SF		Mortgage Notes Payable (1)
Worldgate Plaza, Herndon, VA	4	322,328	93.8	%	$	37.58	$	14,250	(2)
300 Billerica Road, Chelmsford, MA	1	110,882	100.0	%		7.35		1,875	(3)
Circle Star, San Carlos, CA	2	205,994	87.8	%		50.19		10,500	(4)
Total	7	639,204	92.9	%	$	33.74	$	26,625

Results of Operations

(unaudited and in thousands)

for the three months ended March 31, 2007

	Value-Added Fund
REVENUE
Total revenue (5)	$	3,946
EXPENSES
Operating		1,409
SUBTOTAL		2,537
Interest		1,771
Depreciation and amortization		1,371
NET LOSS	$	(605	)
Company’s share of net loss	$	(151	)
Company’s share of depreciation & amortization		343
Company’s share of Funds from Operations (FFO)	$	192
The Company’s Equity in the Value-Added Fund	$	9,646

(1) Represents the Company’s share.

(2) The mortgage bears interest at LIBOR plus 0.89% per annum and matures December 1, 2007 with two one-year extension options. As of March 31, 2007, the interest rate was 6.21% per annum.

(3) The mortgage bears interest at a fixed rate of 5.69% and matures on January 1, 2016.

(4) The mortgage bears interest at a fixed rate of 6.57% and matures on September 1, 2013.

(5) The net impact of the straight-line rent adjustment and fair value lease revenue (SFAS 141) increased (decreased) revenue by approximately $233 and ($894), respectively for the three months ended March 31, 2007.

19

Boston Properties, Inc.

First Quarter 2007

PORTFOLIO OVERVIEW

Rentable Square Footage and Percentage of Consolidated Net Operating Income of In-Service Properties by Location and Type of

Property for the Quarter Ended March 31, 2007 (1) (2)

Geographic Area	Square Feet Office (3)		% of NOI Office (4)		Square Feet Office/ Technical		% of NOI Office/ Technical (4)		Square Feet Total (3)		Square Feet % of Total		% of NOI Hotel (4)		% of NOI Total (4)
Greater Boston	8,141,730		22.0	%	838,710		2.1	%	8,980,440		29.2	%	0.3	%	24.4	%
Greater Washington	8,177,722	(5)	19.3	%	954,395		1.5	%	9,132,117	(5)	29.7	%	—		20.8	%
Greater San Francisco	4,762,466		14.1	%	—		—		4,762,466		15.5	%	—		14.1	%
Midtown Manhattan	5,515,919		36.5	%	—		—		5,515,919		18.0	%	—		36.5	%
Princeton/East Brunswick, NJ	2,320,194		4.2	%	—		—		2,320,194		7.6	%	—		4.2	%
	28,918,031		96.1	%	1,793,105		3.6	%	30,711,136		100.0	%	0.3	%	100.0	%
% of Total	94.2	%			5.8	%			100.0	%

Percentage of Net Operating Income of In-Service Properties

by Location and Type of Property (2) (4)

Geographic Area	CBD		Suburban		Total
Greater Boston	17.8	%	6.6	%	24.4	%
Greater Washington	6.9	%	13.9	%	20.8	%
Greater San Francisco	11.4	%	2.7	%	14.1	%
Midtown Manhattan	36.5	%	—		36.5	%
Princeton/East Brunswick, NJ	—		4.2	%	4.2	%
Total	72.6	%	27.4	%	100.0	%

Hotel Properties

Hotel Properties	Number of Rooms	Square Feet
Cambridge Center Marriott, Cambridge, MA	431	330,400
Total Hotel Properties	431	330,400

Structured Parking

	Number of Spaces	Square Feet
Total Structured Parking	33,758	10,485,932

(1) For disclosures relating to our definition of In-Service Properties, see page 51.

(2) Net Operating Income is a non-GAAP financial measure. For a quantitative reconciliation of consolidated NOI to net income availabe to common shareholders, see page 44. For disclosures relating to our use of NOI see page 51. NOI from unconsolidated joint ventures has been excluded from consolidated NOI.

(3) Includes approximately 1,400,000 square feet of retail space.

(4) The calculation for percentage of Net Operating Income excludes termination income.

(5) Includes 586,478 square feet at Metropolitan Square which is 51% owned by Boston Properties, 401,279 square feet at Market Square North which is 50% owned by Boston Properties and 539,229 square feet at 901 New York Avenue which is 25% owned by Boston Properties.

20

Boston Properties, Inc.

First Quarter 2007

In-Service Property Listing

as of March 31, 2007

	Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)		Central Business District (CBD) or Suburban (S)
Greater Boston
Office
800 Boylston Street—The Prudential Center	CBD Boston MA	1	1,189,444	91.2	%	$	37.33	Y		CBD
111 Huntington Avenue—The Prudential Center	CBD Boston MA	1	857,386	100.0	%		52.92	N		CBD
101 Huntington Avenue—The Prudential Center	CBD Boston MA	1	505,939	100.0	%		37.23	Y		CBD
The Shops at the Prudential Center	CBD Boston MA	1	500,767	96.4	%		64.90	Y	(1)	CBD
Shaws Supermarket at the Prudential Center	CBD Boston MA	1	57,235	100.0	%		50.56	N		CBD
One Cambridge Center	East Cambridge MA	1	215,385	87.9	%		38.15	N		CBD
Three Cambridge Center	East Cambridge MA	1	108,152	100.0	%		28.66	N		CBD
(2)  Four Cambridge Center	East Cambridge MA	1	198,295	66.0	%		37.27	N		CBD
(2)  Five Cambridge Center	East Cambridge MA	1	237,752	68.3	%		32.02	N		CBD
Eight Cambridge Center	East Cambridge MA	1	177,226	100.0	%		35.32	Y		CBD
Ten Cambridge Center	East Cambridge MA	1	152,664	100.0	%		40.08	Y		CBD
Eleven Cambridge Center	East Cambridge MA	1	79,616	100.0	%		44.07	N		CBD
University Place	Mid-Cambridge MA	1	195,282	100.0	%		38.45	Y		CBD
Reservoir Place	Route 128 Mass Turnpike MA	1	526,998	86.9	%		30.17	Y		S
Reservoir Place North	Route 128 Mass Turnpike MA	1	73,258	100.0	%		27.22	N		S
140 Kendrick Street	Route 128 Mass Turnpike MA	3	380,987	100.0	%		29.49	Y		S
230 CityPoint (formerly Prospect Place)	Route 128 Mass Turnpike MA	1	298,893	65.9	%		29.90	N		S
(3)  Waltham Office Center	Route 128 Mass Turnpike MA	3	129,041	85.8	%		25.75	N		S
195 West Street	Route 128 Mass Turnpike MA	1	63,500	100.0	%		51.13	N		S
200 West Street	Route 128 Mass Turnpike MA	1	248,311	92.1	%		33.26	N		S
Waltham Weston Corporate Center	Route 128 Mass Turnpike MA	1	306,789	98.1	%		34.41	N		S
10 & 20 Burlington Mall Road	Route 128 Northwest MA	2	153,048	88.7	%		22.25	Y		S
Bedford Business Park	Route 128 Northwest MA	1	92,274	15.9	%		22.68	Y		S
32 Hartwell Avenue	Route 128 Northwest MA	1	69,154	100.0	%		30.10	N		S
91 Hartwell Avenue	Route 128 Northwest MA	1	121,425	88.3	%		24.43	Y		S
92 Hayden Avenue	Route 128 Northwest MA	1	31,100	100.0	%		53.35	N		S
100 Hayden Avenue	Route 128 Northwest MA	1	55,924	100.0	%		22.49	N		S
33 Hayden Avenue	Route 128 Northwest MA	1	80,128	100.0	%		30.32	N		S
Lexington Office Park	Route 128 Northwest MA	2	166,689	96.4	%		24.30	N		S
191 Spring Street	Route 128 Northwest MA	1	158,900	100.0	%		30.89	N		S
181 Spring Street	Route 128 Northwest MA	1	55,793	89.8	%		33.19	N		S
201 Spring Street	Route 128 Northwest MA	1	102,500	100.0	%		36.26	N		S
40 Shattuck Road	Route 128 Northwest MA	1	120,000	95.6	%		25.94	N		S
Quorum Office Park	Route 128 Northwest MA	2	259,918	100.0	%		22.00	N		S
Newport Office Park	Route 128 South MA	1	171,957	97.4	%		21.72	N		S
		42	8,141,730	92.2	%	$	37.26
Office/Technical
(2)  Seven Cambridge Center	East Cambridge MA	1	231,028	100.0	%		91.29	N		CBD
Fourteen Cambridge Center	East Cambridge MA	1	67,362	100.0	%		22.28	N		CBD
(2)(3)   103 Fourth Avenue	Route 128 Mass Turnpike MA	1	62,476	58.5	%		19.78	N		S
Bedford Business Park	Route 128 Northwest MA	2	383,704	33.9	%		18.49	Y		S
17 Hartwell Avenue	Route 128 Northwest MA	1	30,000	100.0	%		15.00	N		S
164 Lexington Road	Route 128 Northwest MA	1	64,140	100.0	%		12.72	N		S
		7	838,710	66.7	%	$	48.27
	Total Greater Boston:	49	8,980,440	89.8	%	$	38.02

21

Boston Properties, Inc.

First Quarter 2007

In-Service Property Listing (continued)

as of March 31, 2007

	Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Greater Washington, DC
Office
(2)  Capital Gallery	Southwest Washington DC	1	614,482	90.1	%	$	42.44	N	CBD
500 E Street, S. W.	Southwest Washington DC	1	246,057	100.0	%		35.35	N	CBD
Metropolitan Square (51% ownership)	East End Washington DC	1	586,478	100.0	%		47.02	Y	CBD
1301 New York Avenue	East End Washington DC	1	188,358	100.0	%		30.92	Y	CBD
Market Square North (50% ownership)	East End Washington DC	1	401,279	100.0	%		53.70	Y	CBD
901 New York Avenue (25% ownership)	CBD Washington DC	1	539,229	99.4	%		53.60	Y	CBD
1333 New Hampshire Avenue	CBD Washington DC	1	315,371	100.0	%		45.83	N	CBD
1330 Connecticut Avenue	CBD Washington DC	1	252,136	100.0	%		49.80	Y	CBD
Sumner Square	CBD Washington DC	1	208,665	99.8	%		42.33	Y	CBD
Democracy Center	Montgomery County MD	3	685,028	83.7	%		32.02	Y	S
Montvale Center	Montgomery County MD	1	122,881	85.1	%		25.24	N	S
2600 Tower Oaks Boulevard	Montgomery County MD	1	178,887	100.0	%		39.27	N	S
Orbital Sciences 1,2&3	Loudoun County	3	337,228	100.0	%		26.09	N	S
(2)  Kingstowne Towne Center	Fairfax County VA	3	396,257	95.5	%		29.68	Y	S
One Freedom Square	Fairfax County VA	1	414,207	100.0	%		37.60	Y	S
Two Freedom Square	Fairfax County VA	1	421,676	100.0	%		39.40	N	S
One Reston Overlook	Fairfax County VA	1	312,685	100.0	%		27.37	N	S
Two Reston Overlook	Fairfax County VA	1	134,615	100.0	%		29.01	N	S
One and Two Discovery Square	Fairfax County VA	2	367,018	100.0	%		40.89	N	S
New Dominion Technology Park—Building One	Fairfax County VA	1	235,201	100.0	%		32.09	Y	S
New Dominion Technology Park—Building Two	Fairfax County VA	1	257,400	100.0	%		41.34	Y	S
Reston Corporate Center	Fairfax County VA	2	261,046	100.0	%		32.01	Y	S
(2)  12290 Sunrise Valley	Fairfax County VA	1	182,424	100.0	%		34.99	N	S
12300 Sunrise Valley	Fairfax County VA	1	255,244	100.0	%		33.75	N	S
12310 Sunrise Valley	Fairfax County VA	1	263,870	100.0	%		33.92	N	S
		33	8,177,722	97.4	%	$	38.91
Office/Technical
Broad Run Business Park	Loudoun County	1	127,070	100.0	%		19.86	N	S
(2)(3)  6601 Springfield Center Drive	Fairfax County VA	1	26,388	100.0	%		11.99	N	S
(2)(3)  6605 Springfield Center Drive	Fairfax County VA	1	71,000	100.0	%		9.80	N	S
7435 Boston Boulevard	Fairfax County VA	1	103,557	100.0	%		19.00	N	S
7451 Boston Boulevard	Fairfax County VA	1	47,001	100.0	%		21.83	N	S
7450 Boston Boulevard	Fairfax County VA	1	62,402	100.0	%		19.47	N	S
7374 Boston Boulevard	Fairfax County VA	1	57,321	100.0	%		15.53	N	S
8000 Grainger Court	Fairfax County VA	1	88,775	100.0	%		17.19	N	S
7500 Boston Boulevard	Fairfax County VA	1	79,971	100.0	%		14.98	N	S
7501 Boston Boulevard	Fairfax County VA	1	75,756	100.0	%		23.93	N	S
7601 Boston Boulevard	Fairfax County VA	1	103,750	100.0	%		14.33	N	S
7375 Boston Boulevard	Fairfax County VA	1	26,865	100.0	%		19.85	N	S
8000 Corporate Court	Fairfax County VA	1	52,539	100.0	%		16.38	N	S
7300 Boston Boulevard	Fairfax County VA	1	32,000	100.0	%		25.35	N	S
		14	954,395	100.0	%	$	17.67
	Total Greater Washington:	47	9,132,117	97.7	%	$	36.63

22

Boston Properties, Inc.

First Quarter 2007

In-Service Property Listing (continued)

as of March 31, 2007

	Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Midtown Manhattan
Office
599 Lexington Avenue	Park Avenue NY	1	1,018,291	97.8	%	$	68.47	Y	CBD
Citigroup Center	Park Avenue NY	1	1,561,277	99.9	%		71.44	Y	CBD
399 Park Avenue	Park Avenue NY	1	1,697,564	99.8	%		80.20	N	CBD
Times Square Tower	Times Square NY	1	1,238,787	100.0	%		64.05	N	CBD
	Total Midtown Manhattan:	4	5,515,919	99.5	%	$	71.94
Princeton/East Brunswick, NJ
Office
101 Carnegie Center	Princeton NJ	1	123,659	100.0	%	$	26.92	N	S
104 Carnegie Center	Princeton NJ	1	102,830	89.5	%		32.48	N	S
105 Carnegie Center	Princeton NJ	1	70,029	46.9	%		23.93	N	S
201 Carnegie Center	Princeton NJ	—	6,500	100.0	%		28.39	N	S
202 Carnegie Center	Princeton NJ	1	128,705	82.9	%		30.16	Y	S
206 Carnegie Center	Princeton NJ	1	161,763	100.0	%		30.66	Y	S
210 Carnegie Center	Princeton NJ	1	161,776	74.5	%		33.00	N	S
211 Carnegie Center	Princeton NJ	1	47,025	100.0	%		30.59	N	S
212 Carnegie Center	Princeton NJ	1	149,398	100.0	%		35.27	N	S
214 Carnegie Center	Princeton NJ	1	150,774	71.8	%		30.01	Y	S
302 Carnegie Center	Princeton NJ	1	64,726	100.0	%		36.29	N	S
502 Carnegie Center	Princeton NJ	1	116,855	100.0	%		34.96	N	S
504 Carnegie Center	Princeton NJ	1	121,990	100.0	%		30.81	Y	S
506 Carnegie Center	Princeton NJ	1	136,213	100.0	%		35.60	Y	S
508 Carnegie Center	Princeton NJ	1	131,085	100.0	%		30.00	Y	S
510 Carnegie Center	Princeton NJ	1	234,160	100.0	%		25.80	Y	S
One Tower Center	East Brunswick NJ	1	412,706	64.8	%		37.39	N	S
	Total Princeton/East Brunswick, NJ:	16	2,320,194	87.1	%	$	31.87
Greater San Francisco
Office
Embarcadero Center One	CBD San Francisco CA	1	821,991	83.8	%	$	46.29	Y	CBD
Embarcadero Center Two	CBD San Francisco CA	1	774,736	87.1	%		47.15	Y	CBD
Embarcadero Center Three	CBD San Francisco CA	1	767,655	94.2	%		41.67	N	CBD
Embarcadero Center Four	CBD San Francisco CA	1	934,532	87.4	%		59.14	Y	CBD
611 Gateway	South San Francisco CA	1	256,302	100.0	%		32.72	N	S
601 and 651 Gateway	South San Francisco CA	2	505,813	92.2	%		28.29	N	S
(2)  303 Almaden	San Jose, CA	1	157,537	93.3	%	$	30.62	N	CBD
(2)  3200 Zanker Road	San Jose, CA	4	543,900	100.0	%	$	14.10	N	S
	Total Greater San Francisco:	12	4,762,466	90.6	%	$	40.74
	Total In-Service Properties:	128	30,711,136	93.8	%	$	44.03

(1) 93,181 square feet of space is unencumbered.

(2) Not included in same property analysis.

(3) Property positioned for future redevelopment.

23

Boston Properties, Inc.

First Quarter 2007

TOP 20 TENANTS LISTING AND PORTFOLIO TENANT DIVERSIFICATION

TOP 20 TENANTS BY SQUARE FEET LEASED

	Tenant	Sq. Ft.		% of Portfolio
1	US Government	1,624,697	(1)	5.29	%
2	Lockheed Martin	1,294,292		4.21	%
3	Citibank NA	1,127,213		3.67	%
4	Genentech	553,799		1.80	%
5	Shearman & Sterling	517,658		1.69	%
6	Gillette	484,051		1.58	%
7	Kirkland & Ellis	473,161	(2)	1.54	%
8	Lehman Brothers	436,723		1.42	%
9	Parametric Technology	380,987		1.24	%
10	Washington Group International	365,245		1.19	%
11	Finnegan Henderson Farabow	349,146	(3)	1.14	%
12	Ann Taylor	338,942		1.10	%
13	Orbital Sciences	337,228		1.10	%
14	Northrop Grumman	327,677		1.07	%
15	MIT	313,048		1.02	%
16	Accenture	299,022		0.97	%
17	Bingham McCutchen	291,415		0.95	%
18	Akin Gump Strauss Hauer & Feld	290,132		0.94	%
19	Biogen Idec	282,464		0.92	%
20	O’Melveny & Myers	268,733		0.88	%
	Total % of Portfolio Square Feet			33.72	%
	Total % of Portfolio Revenue			36.86	%

Major Future Signed Deals

Tenant	Property		Sq. Ft.
DLA Piper Rudnick Gray Cary US LLP	505 9th Street	(4)	231,748

(1) Includes 96,660 square feet of space in properties in which Boston Properties has a 51% and 50% interest.

(2) Includes 218,134 square feet of space in a property in which Boston Properties has a 51% interest.

(3) Includes 251,941 square feet of space in a property in which Boston Properties has a 25% interest.

(4) Property is currently in development. Boston Properties has a 50% interest in this property.

TENANT DIVERSIFICATION (GROSS RENT) *

[GRAPHIC APPEARS HERE]

* The classification of the Company’s tenants is based on the U.S. Government’s North American Industry Classification System (NAICS), which has replaced the Standard Industrial Classification (SIC) system.

24

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE OFFICE PROPERTIES

Lease Expirations

Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.		Annualized Revenues Under Expiring Leases with future step-ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.		Percentage of Total Square Feet
2007	1,204,561	$	43,032,342	$	35.72	$	43,011,418	$	35.71	4.36	%
2008	1,500,882		61,240,884		40.80		61,804,347		41.18	5.44	%
2009	2,697,970		102,814,692		38.11		106,835,386		39.60	9.77	%
2010	2,508,743		93,895,263		37.43		98,744,417		39.36	9.09	%
2011	2,859,626		119,473,695		41.78		126,627,961		44.28	10.36	%
2012	2,270,079		95,460,259		42.05		102,416,918		45.12	8.22	%
2013	653,820		27,037,604		41.35		32,883,111		50.29	2.37	%
2014	1,964,674		69,020,132		35.13		77,097,035		39.24	7.12	%
2015	1,586,438		59,515,430		37.52		68,672,151		43.29	5.75	%
2016	2,541,493		140,160,642		55.15		153,915,898		60.56	9.20	%
Thereafter	5,968,851		328,869,846		55.10		392,876,614		65.82	21.62	%

Occupancy By Location*

	CBD				Suburban				Total
Location	31-Mar-07		31-Mar-06		31-Mar-07		31-Mar-06		31-Mar-07		31-Mar-06
Midtown Manhattan	99.5	%	98.9	%	n/a		n/a		99.5	%	98.9	%
Greater Boston	93.5	%	90.6	%	90.6	%	91.1	%	92.2	%	90.8	%
Greater Washington	98.1	%	98.6	%	96.9	%	96.5	%	97.4	%	97.4	%
Greater San Francisco	88.2	%	89.2	%	97.0	%	89.3	%	90.6	%	89.3	%
Princeton/East Brunswick, NJ	n/a		n/a		87.1	%	87.2	%	87.1	%	87.2	%
Total Portfolio	95.3	%	95.2	%	93.1	%	92.3	%	94.4	%	94.1	%

* Includes approximately 1,400,000 square feet of retail space.

25

BOSTON PROPERTIES, INC.

FIRST QUARTER 2007

IN-SERVICE OFFICE/TECHNICAL PROPERTIES

Lease Expirations

Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.		Annualized Revenues Under Expiring Leases with future step-ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.		Percentage of Total Square Feet
2007	336,332	$	5,551,063	$	16.50	$	5,551,063	$	16.50	18.76	%
2008	87,008		1,633,572		18.77		1,664,288		19.13	4.85	%
2009	78,908		1,614,132		20.46		1,672,657		21.20	4.40	%
2010	196,784		3,275,822		16.65		3,551,010		18.05	10.97	%
2011	57,321		890,329		15.53		890,329		15.53	3.20	%
2012	119,412		2,491,008		20.86		2,642,572		22.13	6.66	%
2013	80,000		1,468,481		18.36		1,548,481		19.36	4.46	%
2014	274,821		5,068,079		18.44		5,693,525		20.72	15.33	%
2015	—		—		—		—		—	0.00	%
2016	257,755		21,184,170		82.19		21,617,112		83.87	14.37	%
Thereafter	—		—		—		—		—	0.00	%

Occupancy By Location

	CBD				Suburban				Total
Location	31-Mar-07		31-Mar-06		31-Mar-07		31-Mar-06		31-Mar-07		31-Mar-06
Midtown Manhattan	n/a		n/a		n/a		n/a		n/a		n/a
Greater Boston	100.0	%	100.0	%	48.2	%	100.0	%	66.7	%	100.0	%
Greater Washington	n/a		n/a		100.0	%	96.1	%	100.0	%	96.1	%
Greater San Francisco	n/a		n/a		n/a		n/a		n/a		n/a
Princeton/East Brunswick, NJ	n/a		n/a		n/a		n/a		n/a		n/a
Total Portfolio	100.0	%	100.0	%	81.3	%	97.5	%	84.4	%	97.9	%

26

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE RETAIL PROPERTIES

Lease Expirations

Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.			Annualized Revenues Under Expiring Leases with future step-ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.			Percentage of Total Square Feet
2007	35,470	$	3,022,794	$	85.22	(1)	$	3,308,814	$	93.28	(1)	2.67	%
2008	72,217	$	4,691,752		64.97	(2)	$	4,750,278		65.78	(2)	5.43	%
2009	62,907	$	3,299,936		52.46		$	3,332,898		52.98		4.73	%
2010	94,807	$	3,484,655		36.76		$	3,583,274		37.80		7.12	%
2011	67,507	$	4,305,334		63.78		$	4,538,350		67.23		5.07	%
2012	111,354	$	5,948,180		53.42		$	6,369,435		57.20		8.37	%
2013	55,025	$	4,734,057		86.03		$	5,061,114		91.98		4.13	%
2014	60,388	$	4,637,646		76.80		$	5,186,735		85.89		4.54	%
2015	99,278	$	8,671,643		87.35		$	9,296,904		93.65		7.46	%
2016	99,451	$	6,779,212		68.17		$	7,317,404		73.58		7.47	%
Thereafter	572,323	$	27,470,860		48.00		$	33,883,454		59.20		43.01	%

(1) Excluding kiosks with one square foot at the Prudential Center, current and future expiring rents would be $53.10 and $53.10 in 2007.

(2) Excluding kiosks with one square foot at the Prudential Center, current and future expiring rents would be $59.94 and $60.12 in 2008.

27

BOSTON PROPERTIES, INC.

FIRST QUARTER 2007

GRAND TOTAL OF ALL

IN-SERVICE PROPERTIES

Lease Expirations

Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.		Annualized Revenues Under Expiring Leases with future step-ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.		Percentage of Total Square Feet
2007	1,576,363	$	51,606,199	$	32.74	$	51,871,296	$	32.91	5.1	%
2008	1,660,107		67,566,208		40.70		68,218,913		41.09	5.4	%
2009	2,839,785		107,728,760		37.94		111,840,942		39.38	9.2	%
2010	2,800,334		100,655,740		35.94		105,878,702		37.81	9.1	%
2011	2,984,454		124,669,358		41.77		132,056,640		44.25	9.7	%
2012	2,500,845		103,899,446		41.55		111,428,925		44.56	8.1	%
2013	788,845		33,240,142		42.14		39,492,706		50.06	2.6	%
2014	2,299,883		78,725,857		34.23		87,977,295		38.25	7.5	%
2015	1,685,716		68,187,072		40.45		77,969,055		46.25	5.5	%
2016	2,898,699		168,124,024		58.00		182,850,414		63.08	9.4	%
Thereafter	6,541,174		356,340,706		54.48		426,760,068		65.24	21.3	%

Occupancy By Location

	CBD				Suburban				Total
Location	31-Mar-07		31-Mar-06		31-Mar-07		31-Mar-06		31-Mar-07		31-Mar-06
Midtown Manhattan	99.5	%	98.9	%	n/a		n/a		99.5	%	98.9	%
Greater Boston	93.9	%	91.2	%	85.1	%	92.2	%	89.8	%	91.6	%
Greater Washington	98.1	%	98.6	%	97.4	%	96.4	%	97.7	%	97.2	%
Greater San Francisco	88.2	%	89.2	%	97.0	%	89.3	%	90.6	%	89.3	%
Princeton/East Brunswick, NJ			n/a		87.1	%	87.2	%	87.1	%	87.2	%
Total Portfolio	95.4	%	95.2	%	91.8	%	92.8	%	93.8	%	94.3	%

28

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE GREATER BOSTON PROPERTIES

Lease Expirations - Greater Boston

	OFFICE										OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	290,758	$	10,397,034	$	35.76	$	10,397,034	$	35.76		144,140	$	2,201,269	$	15.27	$	2,201,269	$	15.27
2008	756,138		23,099,608		30.55		23,289,796		30.80		—		—		—		—		—
2009	1,443,166		51,207,863		35.48		54,402,237		37.70		—		—		—		—		—
2010	448,289		13,828,847		30.85		14,709,850		32.81		36,528		725,811		19.87		908,451		24.87
2011	1,316,055		49,934,594		37.94		53,321,573		40.52		—		—		—		—		—
2012	886,488		33,262,695		37.52		34,707,027		39.15		67,362		1,501,017		22.28		1,652,582		24.53
2013	211,559		9,479,349		44.81		10,614,948		50.17		80,000		1,468,481		18.36		1,548,481		19.36
2014	547,955		20,646,931		37.68		22,277,468		40.66		—		—		—		—		—
2015	246,454		9,160,934		37.17		10,057,971		40.81		—		—		—		—		—
2016	215,172		6,729,471		31.27		7,276,999		33.82		225,532		20,673,005		91.66		20,972,963		92.99
Thereafter	362,968		14,289,467		39.37		18,359,910		50.58		—		—		—		—		—
	Retail										Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	9,835	$	1,842,662	$	187.36	$	2,128,682	$	216.44	(1)	444,733	$	14,440,965	$	32.47	$	14,726,985	$	33.11
2008	8,161		1,281,888		157.07		1,327,224		162.63	(2)	764,299		24,381,496		31.90		24,617,020		32.21
2009	9,543		1,089,062		114.12		1,096,178		114.87		1,452,709		52,296,925		36.00		55,498,416		38.20
2010	43,553		946,089		21.72		967,925		22.22		528,370		15,500,747		29.34		16,586,226		31.39
2011	14,699		1,178,912		80.20		1,222,401		83.16		1,330,754		51,113,506		38.41		54,543,974		40.99
2012	62,876		2,621,579		41.69		2,695,112		42.86		1,016,726		37,385,292		36.77		39,054,722		38.41
2013	27,848		3,244,777		116.52		3,387,849		121.66		319,407		14,192,607		44.43		15,551,278		48.69
2014	19,902		2,266,387		113.88		2,413,402		121.26		567,857		22,913,318		40.35		24,690,870		43.48
2015	43,651		6,084,321		139.39		6,407,166		146.78		290,105		15,245,254		52.55		16,465,137		56.76
2016	14,617		1,759,829		120.40		1,896,567		129.75		455,321		29,162,306		64.05		30,146,529		66.21
Thereafter	391,010		14,327,632		36.64		16,351,338		41.82		753,978		28,617,099		37.95		34,711,249		46.04

(1) Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $73.28 and $73.28 in 2007.

(2) Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $112.58 and $112.58 in 2008.

29

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE GREATER BOSTON PROPERTIES

Quarterly Lease Expirations - Greater Boston

	OFFICE										OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2007	—	$	—	$	—	$	—	$	—		—	$	—	$	—	$	—	$	—
Q2 2007	167,662		5,600,810		33.41		5,600,810		33.41		—		—		—		—		—
Q3 2007	33,017		1,031,923		31.25		1,031,923		31.25		144,140		2,201,269		15.27		2,201,269		15.27
Q4 2007	90,079		3,764,301		41.79		3,764,301		41.79		—		—		—		—		—
Total 2007	290,758	$	10,397,034	$	35.76	$	10,397,034	$	35.76		144,140		2,201,269		15.27		2,201,269		15.27
Q1 2008	239,211	$	6,734,560	$	28.15	$	6,841,752	$	28.60		—	$	—	$	—	$	—	$	—
Q2 2008	266,336		8,669,215		32.55		8,734,244		32.79		—		—		—		—		—
Q3 2008	128,437		3,629,606		28.26		3,622,660		28.21		—		—		—		—		—
Q4 2008	122,154		4,066,227		33.29		4,091,139		33.49		—		—		—		—		—
Total 2008	756,138	$	23,099,608	$	30.55	$	23,289,796	$	30.80		—		—		—		—		—
	Retail										Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2007	—	$	—	$	—	$	—	$	—		—	$	—	$	—	$	—	$	—
Q2 2007	5,597		1,084,428		193.75		1,149,828		205.44		173,259		6,685,238		38.59		6,750,638		38.96
Q3 2007	4		207,996		51,999.00		224,796		56,199.00		177,161		3,441,188		19.42		3,457,988		19.52
Q4 2007	4,234		550,238		129.96		754,058		178.10		94,313		4,314,539		45.75		4,518,359		47.91
Total 2007	9,835		1,842,662	$	187.36	$	2,128,682	$	216.44	(1)	444,733	$	14,440,965	$	32.47	$	14,726,985	$	33.11
Q1 2008	2,691	$	461,186.76	$	171.38		461,187	$	171.38		241,902	$	7,195,746	$	29.75	$	7,302,939	$	30.19
Q2 2008	—		—		—		—		—		266,336		8,669,215		32.55		8,734,244		32.79
Q3 2008	—		—		—		—		—		128,437		3,629,606		28.26		3,622,660		28.21
Q4 2008	5,470		820,701		150.04		866,037		158.32		127,624		4,886,928		38.29		4,957,176		38.84
Total 2008	8,161	$	1,281,888	$	157.07	$	1,327,224	$	162.63	(2)	764,299	$	24,381,496	$	31.90	$	24,617,020	$	32.21

(1) Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $73.28 and $73.28 in 2007.

(2) Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $112.58 and $112.58 in 2008.

30

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE GREATER WASHINGTON PROPERTIES

Lease Expirations - Greater Washington

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	299,498	$	10,336,656	$	34.51	$	10,336,656	$	34.51	192,192	$	3,349,794	$	17.43	$	3,349,794	$	17.43
2008	160,305		5,810,498		36.25		5,941,231		37.06	87,008		1,633,572		18.77		1,664,288		19.13
2009	709,818		25,638,655		36.12		26,108,760		36.78	78,908		1,614,132		20.46		1,672,657		21.20
2010	901,809		37,070,124		41.11		39,062,495		43.32	160,256		2,550,010		15.91		2,642,559		16.49
2011	811,632		29,510,138		36.36		31,967,453		39.39	57,321		890,329		15.53		890,329		15.53
2012	1,010,881		38,732,313		38.32		42,253,352		41.80	52,050		989,990		19.02		989,990		19.02
2013	90,526		2,866,428		31.66		3,158,864		34.89	—		—		—		—		—
2014	459,115		16,871,566		36.75		19,705,475		42.92	274,821		5,068,079		18.44		5,693,525		20.72
2015	784,442		30,400,946		38.75		35,816,281		45.66	—		—		—		—		—
2016	418,624		12,629,485		30.17		15,829,800		37.81	32,223		511,165		15.86		644,149		19.99
Thereafter	2,033,795		90,504,270		44.50		110,725,052		54.44	—		—		—		—		—
	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	5,797		74,061		12.78		74,061		12.78	497,487	$	13,760,510	$	27.66	$	13,760,510	$	27.66
2008	18,152		809,070		44.57		819,587		45.15	265,465		8,253,139		31.09		8,425,105		31.74
2009	22,679		789,637		34.82		813,555		35.87	811,405		28,042,424		34.56		28,594,972		35.24
2010	13,587		600,988		44.23		638,822		47.02	1,075,652		40,221,122		37.39		42,343,875		39.37
2011	18,533		850,068		45.87		872,954		47.10	887,486		31,250,535		35.21		33,730,736		38.01
2012	12,736		460,346		36.15		544,463		42.75	1,075,667		40,182,650		37.36		43,787,805		40.71
2013	13,377		647,840		48.43		750,243		56.08	103,903		3,514,268		33.82		3,909,107		37.62
2014	20,753		610,404		29.41		701,030		33.78	754,689		22,550,049		29.88		26,100,030		34.58
2015	24,704		1,065,216		43.12		1,176,113		47.61	809,146		31,466,162		38.89		36,992,394		45.72
2016	25,576		1,178,199		46.07		1,125,978		44.02	476,423		14,318,849		30.05		17,599,926		36.94
Thereafter	102,593		2,986,312		29.11		3,995,036		38.94	2,136,388		93,490,582		43.76		114,720,088		53.70

31

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE GREATER WASHINGTON PROPERTIES

Quarterly Lease Expirations - Greater Washington

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2007	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2007	42,887		1,619,808		37.77		1,619,808		37.77	71,000		696,000		9.80		696,000		9.80
Q3 2007	184,350		6,351,849		34.46		6,351,849		34.46	9,820		105,968		10.79		105,968		10.79
Q4 2007	72,261		2,364,998		32.73		2,364,998		32.73	111,372		2,547,826		22.88		2,547,826		22.88
Total 2007	299,498	$	10,336,656	$	34.51	$	10,336,656	$	34.51	192,192	$	3,349,794	$	17.43	$	3,349,794	$	17.43
Q1 2008	35,095	$	1,239,508	$	35.32	$	1,254,636	$	35.75	—	$	—	$	—	$	—	$	—
Q2 2008	58,532		2,228,985		38.08		2,283,712		39.02	23,439		397,298		16.95		407,287		17.38
Q3 2008	40,506		1,448,249		35.75		1,488,349		36.74	16,568		210,357		12.70		216,688		13.08
Q4 2008	26,172		893,755		34.15		914,534		34.94	47,001		1,025,917		21.83		1,040,313		22.13
Total 2008	160,305	$	5,810,498	$	36.25	$	5,941,231	$	37.06	87,008	$	1,633,572	$	18.77	$	1,664,288	$	19.13
	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2007	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2007	5,797		74,061		12.78		74,061		12.78	119,684		2,389,869		19.97		2,389,869		19.97
Q3 2007	—		—		—		—		—	194,170		6,457,818		33.26		6,457,818		33.26
Q4 2007	—		—		—		—		—	183,633		4,912,824		26.75		4,912,824		26.75
Total 2007	5,797	$	74,061	$	12.78		74,061	$	12.78	497,487	$	13,760,510	$	27.66		13,760,510	$	27.66
Q1 2008	—	$	—	$	—	$	—	$	—	35,095	$	1,239,508	$	35.32	$	1,254,636	$	35.75
Q2 2008	—		—		—		—		—	81,971		2,626,283		32.04		2,690,999		32.83
Q3 2008	18,152		809,070		44.57		819,587		45.15	75,226		2,467,676		32.80		2,524,623		33.56
Q4 2008	—		—		—		—		—	73,173		1,919,672		26.23		1,954,847		26.72
Total 2008	18,152	$	809,070	$	44.57	$	819,587	$	45.15	265,465	$	8,253,139	$	31.09	$	8,425,105	$	31.74

32

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE GREATER SAN FRANCISCO PROPERTIES

Lease Expirations - Greater San Francisco

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	280,582	$	10,837,849	$	38.63	$	10,816,419	$	38.55	—	$	—	$	—	$	—	$	—
2008	257,173		9,862,239		38.35		9,917,699		38.56	—		—		—		—		—
2009	160,537		7,369,621		45.91		7,503,089		46.74	—		—		—		—		—
2010	775,342		20,148,417		25.99		21,782,404		28.09	—		—		—		—		—
2011	279,763		21,330,822		76.25		21,741,732		77.71	—		—		—		—		—
2012	167,839		7,877,275		46.93		8,499,426		50.64	—		—		—		—		—
2013	150,991		6,117,244		40.51		6,904,172		45.73	—		—		—		—		—
2014	425,456		15,877,268		37.32		17,822,899		41.89	—		—		—		—		—
2015	335,528		11,363,778		33.87		13,234,220		39.44	—		—		—		—		—
2016	861,944		35,013,765		40.62		37,977,493		44.06	—		—		—		—		—
Thereafter	347,860		14,726,639		42.33		17,029,104		48.95	—		—		—		—		—
	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	19,838	$	1,089,271	$	54.91	$	1,089,271	$	54.91	300,420	$	11,927,121	$	39.70	$	11,905,691	$	39.63
2008	35,796		1,878,035		52.46		1,876,931		52.43	292,969		11,740,274		40.07		11,794,629		40.26
2009	30,685		1,421,237		46.32		1,423,165		46.38	191,222		8,790,857		45.97		8,926,254		46.68
2010	37,667		1,937,578		51.44		1,976,527		52.47	813,009		22,085,994		27.17		23,758,931		29.22
2011	19,725		847,628		42.97		900,276		45.64	299,488		22,178,450		74.05		22,642,008		75.60
2012	29,692		2,127,618		71.66		2,255,851		75.98	197,531		10,004,893		50.65		10,755,277		54.45
2013	13,800		841,440		60.97		923,022		66.89	164,791		6,958,684		42.23		7,827,194		47.50
2014	8,365		546,986		65.39		603,099		72.10	433,821		16,424,254		37.86		18,425,998		42.47
2015	30,923		1,522,106		49.22		1,713,626		55.42	366,451		12,885,884		35.16		14,947,846		40.79
2016	7,887		449,718		57.02		498,072		63.15	869,831		35,463,484		40.77		38,475,565		44.23
Thereafter	2,428		211,819		87.24		170,115		70.06	350,288		14,938,458		42.65		17,199,219		49.10

33

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE GREATER SAN FRANCISCO PROPERTIES

Quarterly Lease Expirations - Greater San Francisco

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2007	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2007	182,729		6,278,436		34.36		6,278,436		34.36	—		—		—		—		—
Q3 2007	88,145		4,183,962		47.47		4,162,532		47.22	—		—		—		—		—
Q4 2007	9,708		375,452		38.67		375,452		38.67	—		—		—		—		—
Total 2007	280,582	$	10,837,849	$	38.63	$	10,816,419	$	38.55	—		—		—		—		—
Q1 2008	144,450	$	5,664,468	$	39.21	$	5,681,188	$	39.33	—	$	—	$	—	$	—	$	—
Q2 2008	22,181		889,244		40.09		900,637		40.60	—		—		—		—		—
Q3 2008	53,462		1,986,002		37.15		2,003,254		37.47	—		—		—		—		—
Q4 2008	37,080		1,322,526		35.67		1,332,620		35.94	—		—		—		—		—
Total 2008	257,173	$	9,862,239	$	38.35	$	9,917,699	$	38.56	—		—		—		—		—
	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2007	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2007	2,134		136,266		63.85		136,266		63.85	184,863		6,414,702		34.70		6,414,702		34.70
Q3 2007	10,288		707,470		68.77		707,470		68.77	98,433		4,891,431		49.69		4,870,001		49.48
Q4 2007	7,416		245,535		33.11		245,535		33.11	17,124		620,987		36.26		620,987		36.26
Total 2007	19,838	$	1,089,271	$	54.91	$	1,089,271	$	54.91	300,420	$	11,927,121	$	39.70	$	11,905,691	$	39.63
Q1 2008	5,933	$	317,690	$	53.55	$	317,690	$	53.55	150,383	$	5,982,158	$	39.78	$	5,998,877		39.89
Q2 2008	2,906		136,314		46.91		130,314		44.84	25,087		1,025,558		40.88		1,030,952		41.10
Q3 2008	13,152		753,574		57.30		753,574		57.30	66,614		2,739,575		41.13		2,756,828		41.39
Q4 2008	13,805		670,457		48.57		675,353		48.92	50,885		1,992,983		39.17		2,007,972		39.46
Total 2008	35,796		1,878,035		52.46		1,876,931		52.43	292,969	$	11,740,274	$	40.07	$	11,794,629	$	40.26

34

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE MIDTOWN MANHATTAN PROPERTIES

Lease Expirations—Midtown Manhattan

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	7,781	$	494,314	$	63.53	$	494,821	$	63.59	—	$	—	$	—	$	—	$	—
2008	313,435		22,022,699		70.26		22,195,950		70.82	—		—		—		—		—
2009	138,519		9,770,916		70.54		9,904,286		71.50	—		—		—		—		—
2010	258,452		18,359,360		71.04		18,662,820		72.21	—		—		—		—		—
2011	99,909		6,925,078		69.31		7,317,450		73.24	—		—		—		—		—
2012	169,943		14,371,340		84.57		15,766,614		92.78	—		—		—		—		—
2013	56,636		4,074,278		71.94		7,264,802		128.27	—		—		—		—		—
2014	4,172		242,810		58.20		287,451		68.90	—		—		—		—		—
2015	65,862		4,285,618		65.07		4,603,422		69.89	—		—		—		—		—
2016	1,045,753		85,787,920		82.03		92,831,606		88.77	—		—		—		—		—
Thereafter	3,154,877		207,052,178		65.63		244,142,013		77.39	—		—		—		—		—
	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	—	$	16,800	$	—	$	16,800	$	—	7,781	$	511,114	$	65.69	$	511,621	$	65.75
2008	10,108		722,759		71.50		726,536		71.88	323,543		22,745,458		70.30		22,922,487		70.85
2009	—		—		—		—		—	138,519		9,770,916		70.54		9,904,286		71.50
2010	—		—		—		—		—	258,452		18,359,360		71.04		18,662,820		72.21
2011	14,550		1,428,726		98.19		1,542,719		106.03	114,459		8,353,804		72.99		8,860,168		77.41
2012	6,050		738,636		122.09		874,008		144.46	175,993		15,109,976		85.86		16,640,622		94.55
2013	—		—		—		—		—	56,636		4,074,278		71.94		7,264,802		128.27
2014	11,368		1,213,868		106.78		1,469,204		129.24	15,540		1,456,679		93.74		1,756,654		113.04
2015	—		—		—		—		—	65,862		4,285,618		65.07		4,603,422		69.89
2016	51,371		3,391,466		66.02		3,796,787		73.91	1,097,124		89,179,386		81.28		96,628,393		88.07
Thereafter	76,292		9,945,096		130.36		13,366,964		175.21	3,231,169		216,997,275		67.16		257,508,977		79.70

35

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE MIDTOWN MANHATTAN PROPERTIES

Quarterly Lease Expirations - Midtown Manhattan

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2007	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2007	—		—		—		—		—	—		—		—		—		—
Q3 2007	7,781		494,314		63.53		494,821		63.59	—		—		—		—		—
Q4 2007	—		—		—		—		—	—		—		—		—		—
Total 2007	7,781	$	494,314	$	63.53	$	494,821	$	63.59	—	$	—	$	—	$	—	$	—
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—		—	$	—
Q2 2008	—		—		—		—		—	—		—		—		—		—
Q3 2008	64,310		4,455,054		69.27		4,455,054		69.27	—		—		—		—		—
Q4 2008	249,125		17,567,645		70.52		17,740,896		71.21	—		—		—		—		—
Total 2008	313,435	$	22,022,699	$	70.26	$	22,195,950	$	70.82	—	$	—	$	—	$	—	$	—
	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2007	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2007	—		—		—		—		—	—		—		—		—		—
Q3 2007	—		—		—		—		—	7,781		494,314		63.53		494,821		63.59
Q4 2007	—		16,800		—		16,800		—	—		16,800		—		16,800		—
Total 2007	—	$	16,800	$	—	$	16,800	$	—	7,781	$	511,114	$	65.69	$	511,621	$	65.75
Q1 2008	7,768	$	600,000	$	77.24		600,000	$	77.24	7,768	$	600,000	$	77.24		600,000	$	77.24
Q2 2008	350		26,166		74.76		26,166		74.76	350		26,166		74.76		26,166		74.76
Q3 2008	—		—		—		—		—	64,310		4,455,054		69.27		4,455,054		69.27
Q4 2008	1,990		96,593		48.54		100,370		50.44	251,115		17,664,238		70.34		17,841,267		71.05
Total 2008	10,108	$	722,759	$	71.50	$	726,536	$	71.88	323,543	$	22,745,458	$	70.30	$	22,922,487	$	70.85

36

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES

Lease Expirations - Princeton/East Brunswick

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	325,942	$	10,966,489	$	33.65	$	10,966,489	$	33.65	—	$	—	$	—	$	—	$	—
2008	13,831		445,840		32.23		459,672		33.23	—		—		—		—		—
2009	245,930		8,827,637		35.89		8,917,013		36.26	—		—		—		—		—
2010	124,851		4,488,517		35.95		4,526,848		36.26	—		—		—		—		—
2011	352,267		11,773,064		33.42		12,279,753		34.86	—		—		—		—		—
2012	34,928		1,216,636		34.83		1,190,500		34.08	—		—		—		—		—
2013	144,108		4,500,305		31.23		4,940,325		34.28	—		—		—		—		—
2014	527,976		15,381,557		29.13		17,003,742		32.21	—		—		—		—		—
2015	154,152		4,304,153		27.92		4,960,256		32.18	—		—		—		—		—
2016	—		—		—		—		—	—		—		—		—		—
Thereafter	69,351		2,297,293		33.13		2,620,535		37.79	—		—		—		—		—
	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	—	$	—	$	—	$	—	$	—	325,942	$	10,966,489	$	33.65	$	10,966,489	$	33.65
2008	—		—		—		—		—	13,831		445,840		32.23		459,672		33.23
2009	—		—		—		—		—	245,930		8,827,637		35.89		8,917,013		36.26
2010	—		—		—		—		—	124,851		4,488,517		35.95		4,526,848		36.26
2011	—		—		—		—		—	352,267		11,773,064		33.42		12,279,753		34.86
2012	—		—		—		—		—	34,928		1,216,636		34.83		1,190,500		34.08
2013	—		—		—		—		—	144,108		4,500,305		31.23		4,940,325		34.28
2014	—		—		—		—		—	527,976		15,381,557		29.13		17,003,742		32.21
2015	—		—		—		—		—	154,152		4,304,153		27.92		4,960,256		32.18
2016	—		—		—		—		—	—		—		—		—		—
Thereafter	—		—		—		—		—	69,351		2,297,293		33.13		2,620,535		37.79

37

Boston Properties, Inc.

First Quarter 2007

IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES

Quarterly Lease Expirations—Princeton/East Brunswick

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2007	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2007	7,192		176,759		24.58		176,759		24.58	—		—		—		—		—
Q3 2007	170,693		5,372,698		31.48		5,372,698		31.48	—		—		—		—		—
Q4 2007	148,057		5,417,032		36.59		5,417,032		36.59	—		—		—				—
Total 2007	325,942	$	10,966,489	$	33.65	$	10,966,489	$	33.65	—	$	—	$	—	$	—	$	—
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	—		—		—		—		—	—		—		—		—		—
Q3 2008	—		—		—		—		—	—		—		—		—		—
Q4 2008	13,831		445,840		32.23		459,672		33.23	—		—		—		—		—
Total 2008	13,831	$	445,840	$	32.23	$	459,672	$	33.23	—	$	—	$	—	$	—	$	—
	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2007	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2007	—		—		—		—		—	7,192		176,759		24.58		176,759		24.58
Q3 2007	—		—		—		—		—	170,693		5,372,698		31.48		5,372,698		31.48
Q4 2007	—		—		—		—		—	148,057		5,417,032		36.59		5,417,032		36.59
Total 2007	—	$	—	$	—	$	—	$	—	325,942	$	10,966,489	$	33.65	$	10,966,489	$	33.65
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	—		—		—		—		—	—		—		—		—		—
Q3 2008	—		—		—		—		—	—		—		—		—		—
Q4 2008	—		—		—		—		—	13,831		445,840		32.23		459,672		33.23
Total 2008	—	$	—	$	—	$	—	$	—	13,831	$	445,840	$	32.23	$	459,672	$	33.23

38

Boston Properties, Inc.

First Quarter 2007

CBD PROPERTIES

Lease Expirations

	Greater Boston											Greater Washington
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases			Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups			Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	93,380	$	5,835,166	(1)	$	62.49	$	6,121,186	(1)	$	65.55	182,911	$	6,344,941	$	34.69	$	6,344,941	$	34.69
2008	203,632	$	8,175,639	(2)		40.15	$	8,169,798	(2)		40.12	40,394		1,820,708		45.07		1,855,793		45.94
2009	894,827	$	33,912,190			37.90	$	36,475,101			40.76	395,783		15,232,339		38.49		15,607,235		39.43
2010	173,477	$	5,974,285			34.44	$	6,160,217			35.51	440,692		21,033,184		47.73		22,177,453		50.32
2011	710,276	$	36,023,816			50.72	$	38,490,867			54.19	210,800		9,941,290		47.16		10,731,860		50.91
2012	397,835	$	18,911,673			47.54	$	19,587,877			49.24	155,964		6,301,174		40.40		6,439,119		41.29
2013	223,023	$	12,258,172			54.96	$	13,454,923			60.33	7,265		326,318		44.92		379,763		52.27
2014	480,503	$	20,481,663			42.63	$	21,993,259			45.77	63,796		3,013,562		47.24		3,640,195		57.06
2015	275,473	$	14,913,384			54.14	$	16,133,266			58.57	363,842		18,747,949		51.53		21,654,923		59.52
2016	296,421	$	24,253,264			81.82	$	24,942,487			84.15	57,782		2,498,040		43.23		3,061,607		52.99
Thereafter	620,378	$	23,241,591			37.46	$	28,672,460			46.22	1,351,774		65,934,442		48.78		85,146,617		62.99
	New York											San Francisco
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases			Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups			Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	7,781	$	511,114		$	65.69	$	511,621		$	65.75	275,759	$	11,285,659	$	40.93	$	11,264,229	$	40.85
2008	323,543		22,745,458			70.30		22,922,487			70.85	237,234		10,314,066		43.48		10,330,704		43.55
2009	138,519		9,770,916			70.54		9,904,286			71.50	162,974		8,091,529		49.65		8,192,090		50.27
2010	258,452		18,359,360			71.04		18,662,820			72.21	252,301		13,964,309		55.35		15,011,509		59.50
2011	114,459		8,353,804			72.99		8,860,168			77.41	277,751		21,634,994		77.89		22,035,406		79.34
2012	175,993		15,109,976			85.86		16,640,622			94.55	187,739		9,735,013		51.85		10,453,263		55.68
2013	56,636		4,074,278			71.94		7,264,802			128.27	154,780		6,664,361		43.06		7,480,419		48.33
2014	15,540		1,456,679			93.74		1,756,654			113.04	177,519		8,037,473		45.28		9,024,261		50.84
2015	65,862		4,285,618			65.07		4,603,422			69.89	144,489		6,277,013		43.44		6,798,781		47.05
2016	1,097,124		89,179,386			81.28		96,628,393			88.07	795,703		33,241,884		41.78		35,693,558		44.86
Thereafter	3,231,169		216,997,275			67.16		257,508,977			79.70	350,288		14,938,458		42.65		17,199,219		49.10
	Princeton/East Brunswick											Other
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases			Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups			Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2006	—	$	—		$	—	$	—		$	—	—	$	—	$	—	$	—	$	—
2007	—		—			—		—			—	—		—		—		—		—
2008	—		—			—		—			—	—		—		—		—		—
2009	—		—			—		—			—	—		—		—		—		—
2010	—		—			—		—			—	—		—		—		—		—
2011	—		—			—		—			—	—		—		—		—		—
2012	—		—			—		—			—	—		—		—		—		—
2013	—		—			—		—			—	—		—		—		—		—
2014	—		—			—		—			—	—		—		—		—		—
2015	—		—			—		—			—	—		—		—		—		—
Thereafter	—		—			—		—			—	—		—		—		—		—

(1) Includes 9,012 square feet of retail space and kiosks. Excluding this space, current rent on expiring leases is $35.27 and rent on expiring leases with future step-up is $35.01 per square foot in 2007.

39

Boston Properties, Inc.

First Quarter 2007

SUBURBAN PROPERTIES

Lease Expirations

	Greater Boston									Greater Washington
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	351,353	$	8,605,799	$	24.49	$	8,605,799	$	24.49	314,576	$	7,415,569	$	23.57	$	7,415,569	$	23.57
2008	560,667		16,205,857		28.90		16,447,222		29.34	225,071		6,432,431		28.58		6,569,312		29.19
2009	557,882		18,384,735		32.95		19,023,315		34.10	415,622		12,810,086		30.82		12,987,738		31.25
2010	354,893		9,526,462		26.84		10,426,010		29.38	634,960		19,187,938		30.22		20,166,423		31.76
2011	620,478		15,089,690		24.32		16,053,107		25.87	676,686		21,309,244		31.49		22,998,877		33.99
2012	618,891		18,473,619		29.85		19,466,845		31.45	919,703		33,881,476		36.84		37,348,686		40.61
2013	96,384		1,934,435		20.07		2,096,355		21.75	96,638		3,187,950		32.99		3,529,344		36.52
2014	87,354		2,431,656		27.84		2,697,611		30.88	690,893		19,536,487		28.28		22,459,835		32.51
2015	14,632		331,870		22.68		331,870		22.68	445,304		12,718,213		28.56		15,337,471		34.44
2016	158,900		4,909,042		30.89		5,204,042		32.75	418,641		11,820,809		28.24		14,538,320		34.73
Thereafter	133,600		5,375,508		40.24		6,038,788		45.20	784,614		27,556,140		35.12		29,573,471		37.69
	New York									San Francisco
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	—	$	—	$	—	$	—	$	—	24,661	$	641,461	$	26.01	$	641,461	$	26.01
2008	—		—		—		—		—	55,735		1,426,208		25.59		1,463,925		26.27
2009	—		—		—		—		—	28,248		699,328		24.76		734,164		25.99
2010	—		—		—		—		—	560,708		8,121,685		14.48		8,747,423		15.60
2011	—		—		—		—		—	21,737		543,456		25.00		606,602		27.91
2012	—		—		—		—		—	9,792		269,880		27.56		302,015		30.84
2013	—		—		—		—		—	10,011		294,323		29.40		346,775		34.64
2014	—		—		—		—		—	256,302		8,386,782		32.72		9,401,737		36.68
2015	—		—		—		—		—	221,962		6,608,871		29.77		8,149,065		36.71
2016	—		—		—		—		—	74,128		2,221,600		29.97		2,782,008		37.53
Thereafter	—		—		—		—		—	—		—		—		—		—
	Princeton/East Brunswick									Other
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2007	325,942	$	10,966,489	$	33.65	$	10,966,489	$	33.65	—	$	—	$	—	$	—	$	—
2008	13,831		445,840		32.23		459,672		33.23	—		—		—		—		—
2009	245,930		8,827,637		35.89		8,917,013		36.26	—		—		—		—		—
2010	124,851		4,488,517		35.95		4,526,848		36.26	—		—		—		—		—
2011	352,267		11,773,064		33.42		12,279,753		34.86	—		—		—		—		—
2012	34,928		1,216,636		34.83		1,190,500		34.08	—		—		—		—		—
2013	144,108		4,500,305		31.23		4,940,325		34.28	—		—		—		—		—
2014	527,976		15,381,557		29.13		17,003,742		32.21	—		—		—		—		—
2015	154,152		4,304,153		27.92		4,960,256		32.18	—		—		—		—		—
2016	—		—		—		—		—	—		—		—		—		—
Thereafter	69,351		2,297,293		33.13		2,620,535		37.79	—		—		—		—		—

40

Boston Properties, Inc.

First Quarter 2007

HOTEL PERFORMANCE

Long Wharf Marriott - Boston (1)

	First Quarter 2007			First Quarter 2006			Percent Change
Occupancy		79.8	%		77.7	%	2.7	%
Average Daily Rate	$	198.65		$	187.52		5.9	%
Revenue per available room	$	159.14		$	145.64		9.3	%

(1) The Company sold the Long Wharf Marriott on March 23, 2007.

Cambridge Center Marriott

	First Quarter 2007			First Quarter 2006			Percent Change
Occupancy		73.8	%		56.8	%(1)	29.9	%
Average Daily Rate	$	175.70		$	158.38		10.9	%
Revenue per available room	$	129.66		$	89.96		44.1	%

(1) During the three months ended March 31, 2006, the Cambridge Center Marriott commenced a room renovation project.

Total Hotel Performance

	First Quarter 2007			First Quarter 2006			Percent Change
Occupancy		76.8	%		67.0	%	14.6	%
Average Daily Rate	$	187.18		$	172.44		8.5	%
Revenue per available room	$	144.40		$	116.83		23.6	%

41

Boston Properties, Inc.

First Quarter 2007

OCCUPANCY ANALYSIS

Same Property Occupancy⁽¹⁾ - By Location

	CBD				Suburban				Total
Location	31-Mar-07		31-Mar-06		31-Mar-07		31-Mar-06		31-Mar-07		31-Mar-06
Greater Boston	96.4	%	92.3	%	85.5	%	92.2	%	90.9	%	92.2	%
Greater Washington	99.9	%	98.4	%	97.5	%	96.4	%	98.3	%	97.1	%
Midtown Manhattan	99.5	%	98.5	%	n/a		n/a		99.5	%	98.5	%
Princeton/East Brunswick, NJ	n/a		n/a		87.1	%	87.2	%	87.1	%	87.2	%
Greater San Francisco	88.0	%	89.2	%	94.8	%	89.3	%	89.3	%	89.3	%
Total Portfolio	96.3	%	94.9	%	91.3	%	92.8	%	94.1	%	94.0	%

Same Property Occupancy⁽¹⁾ - By Type of Property

	CBD				Suburban				Total
	31-Mar-07		31-Mar-06		31-Mar-07		31-Mar-06		31-Mar-07		31-Mar-06
Total Office Portfolio	96.3	%	94.9	%	92.6	%	92.3	%	94.8	%	93.8	%
Total Office/Technical Portfolio	100.0	%	100.0	%	81.0	%	97.5	%	81.9	%	97.6	%
Total Portfolio	96.3	%	94.9	%	91.3	%	92.8	%	94.1	%	94.0	%

(1) For disclosures related to our definition of Same Property, see page 51.

42

Boston Properties, Inc.

First Quarter 2007

SAME PROPERTY PERFORMANCE

Office, Office/Technical and Hotel Properties

	Office		Office/Technical		Hotel (1)		Total
Number of Properties	95		17		1		113
Square feet	26,587,384		1,402,213		330,400		28,319,997
Percent of in-service properties	91.9	%	78.2	%	100.0	%	91.2	%
Occupancy @ 3/31/2006	93.8	%	97.6	%	—		94.0	%
Occupancy @ 3/31/2007	94.8	%	81.9	%	—		94.1	%
Percent change from 1st quarter 2007 over 1st quarter 2006 (2):
Rental revenue	3.5	%	-11.1	%	36.5	%	3.8	%
Operating expenses and real estate taxes	6.6	%	28.5	%	20.4	%	7.6	%
Net Operating Income (3)	1.9	%	-21.8	%	n/a	(2)	1.8	%
Net Operating Income (3) - without hotels							1.4	%
Rental revenue - cash basis	3.3	%	-12.2	%	36.5	%	3.6	%
Net Operating Income (3) - cash basis (4)	1.5	%	-23.0	%	n/a	(2)	1.3	%
Net Operating Income (3) - cash basis(4) - without hotels							0.9	%

Same Property Lease Analysis - quarter ended March 31, 2007

	Office			Office/Technical			Total
Vacant space available @ 1/1/2007 (sf)		1,369,219			253,704			1,622,923
Square footage of leases expiring or terminated 1/1/2007-3/31/2007		482,113			—			482,113
Total space for lease (sf)		1,851,332			253,704			2,105,036
New tenants (sf)		346,539			—			346,539
Renewals (sf)		115,400			—			115,400
Total space leased (sf)		461,939			—			461,939
Space available @ 3/31/2007 (sf)		1,389,393			253,704			1,643,097
Net (increase)/decrease in available space (sf)		(20,174	)		—			(20,174	)
2nd generation Average lease term (months)		81			—			81
2nd generation Average free rent (days)		6			—			6
2nd generation TI/Comm PSF	$	24.47		$	—		$	24.47
Increase (decrease) in 2nd generation gross rents (4)		11.82	%		0.00	%		11.82	%
Increase (decrease) in 2nd generation net rents (4)		18.65	%		0.00	%		18.65	%

(1) Includes revenue and expenses from retail tenants at the hotel properties.

(2) See page 45 for a quantitative reconciliation of Same Property Net Operating Income (NOI) by reportable segment.

(3) For a quantitative reconciliation of NOI to net income available to common shareholders, see page 44. For disclosures relating to our use of NOI, see page 51.

(4) Represents change in rents on a “cash to cash” basis (actual rent at time of expiration vs. initial rent of new lease) and for only 2nd generation space after eliminating any space vacant for more than 12 months. The total footage being weighted is 398,251 square feet.

43

Boston Properties, Inc.

First Quarter 2007

Reconciliation of Net Operating Income to Net Income

	For the three months ended
	3/31/2007			3/31/2006
	(in thousands)
Net income available to common shareholders	$	854,307		$	67,737
Gains on sales of real estate from discontinued operations, net of minority interest		(161,848	)		—
Income from discontinued operations, net of minority interest		(1,280	)		(619	)
Gains on sales of real estate, net of minority interest		(619,206	)		(5,441	)
Minority interest in Operating Partnership		11,164			15,353
Income from unconsolidated joint ventures		(965	)		(1,290	)
Minority interest in property partnership		—			(1,236	)
Income before minority interest in property partnership, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and discontinued operations		82,172			74,504
Add:
Losses from early entinguishments of debt		722			467
Depreciation and amortization		70,478			66,005
Interest expense		73,926			74,817
General and administrative expense		16,808			14,642
Subtract:
Interest and other income		(16,988	)		(1,959	)
Development and management services income		(4,727	)		(4,374	)
Consolidated Net Operating Income	$	222,391		$	224,102
Same Property Net Operating Income	$	195,782		$	192,408
Net operating income from non Same Properties (1)		24,059			30,882
Termination income		2,550			812
Consolidated Net Operating Income	$	222,391		$	224,102
Same Property Net Operating Income	$	195,782		$	192,408
Less straight-line rent and fair value lease revenue		11,679			10,696
Same Property Net Operating Income - cash basis	$	184,103		$	181,712

(1) See pages 21-23 for properties which are not included as part of Same Property Net Operating Income.

44

Boston Properties, Inc.

First Quarter 2007

Same Property Net Operating Income by Reportable Segment

(in thousands)

	Office											Office/Technical
	For the three months ended						$ Change			% Change		For the three months ended					$ Change			% Change
	31-Mar-07			31-Mar-06								31-Mar-07		31-Mar-06
Rental Revenue	$	297,715		$	285,884							$	5,309	$	5,975
Less Termination Income		2,550			812								—		—
Rental revenue—subtotal		295,165			285,072			10,093		3.5	%		5,309		5,975			(666	)	-11.1	%
Operating expenses and real estate taxes		103,760			97,294			6,466		6.6	%		1,627		1,266			361		28.5	%
Net Operating Income (1)	$	191,405		$	187,778		$	3,627		1.9	%	$	3,682	$	4,709		$	(1,027	)	-21.8	%
Rental revenue—subtotal	$	295,165		$	285,072							$	5,309	$	5,975
Less straight line rent and fair value lease revenue		11,674			10,760			914		8.5	%		6		(65	)		71		-109.2	%
Rental revenue—cash basis		283,491			274,312			9,179		3.3	%		5,303		6,040			(737	)	-12.2	%
Less:
Operating expenses and real estate taxes		103,760			97,294			6,466		6.6	%		1,627		1,266			361		28.5	%
Net Operating Income (2)—cash basis	$	179,731		$	177,018		$	2,713		1.5	%	$	3,676	$	4,774		$	(1,098	)	-23.0	%
	Hotel											Total
	For the three months ended						$ Change			% Change		For the three months ended					$ Change			% Change
	31-Mar-07			31-Mar-06								31-Mar-07		31-Mar-06
Rental Revenue	$	6,709		$	4,915							$	309,733	$	296,774
Less Termination Income		—			—								2,550		812
Rental revenue—subtotal		6,709			4,915		$	1,794		36.5	%		307,183		295,962			11,221		3.8	%
Operating expenses and real estate taxes		6,014			4,994			1,020		20.4	%		111,401		103,554			7,847		7.6	%
Net Operating Income (1)	$	695		$	(79	)	$	774		-979.7	%	$	195,782	$	192,408		$	3,374		1.8	%
Rental revenue—subtotal	$	6,709		$	4,915							$	307,183	$	295,962
Less straight line rent and fair value lease revenue		(1	)		1			(2	)	-200.0	%		11,679		10,696			983		9.2	%
Rental revenue—cash basis		6,710			4,914			1,796		36.5	%		295,504		285,266			10,238		3.6	%
Less:
Operating expenses and real estate taxes		6,014			4,994			1,020		20.4	%		111,401		103,554			7,847		7.6	%
Net Operating Income (2)—cash basis	$	696		$	(80	)	$	776		-970.0	%	$	184,103	$	181,712		$	2,391		1.3	%

(1) For a quantitative reconciliation of net operating income (NOI) to net income available to common shareholders, see page 44. For disclosures relating to our use of NOI see page 51.

(2) For a quantitative reconciliation of NOI to NOI on a cash basis see page 44. For disclosures relating to our use of NOI see page 51.

45

Boston Properties, Inc.

First Quarter 2007

LEASING ACTIVITY

All In-Service Properties - quarter ended March 31, 2007

	Office			Office/Technical			Total
Vacant space available @ 1/1/2007 (sf)		1,574,160			253,704			1,827,864
Property dispositions/ assets taken out of service (sf)		—			—			—
Property acquisitions/ assets placed in-service (sf)		17,829			25,948			43,777
Leases expiring or terminated 1/1/2007-3/31/2007 (sf)		526,681			—			526,681
Total space for lease (sf)		2,118,670			279,652			2,398,322
New tenants (sf)		381,949			—			381,949
Renewals (sf)		115,400			—			115,400
Total space leased (sf)		497,349			—			497,349	(1)
Space available @ 3/31/2007 (sf)		1,621,321			279,652			1,900,973
Net (increase)/decrease in available space (sf)		(47,161	)		(25,948	)		(73,109	)
2nd generation Average lease term (months)		80			—			80
2nd generation Average free rent (days)		6			—			6
2nd generation TI/Comm PSF	$	25.60		$	—		$	25.60
Increase (decrease) in 2nd generation gross rents (2)		11.02	%		0.00	%		11.02	%
Increase (decrease) in 2nd generation net rents (3)		17.20	%		0.00	%		17.20	%

(1) Details of 1st and 2nd generation space is located in chart below.

(2) Represents increase (decrease) in gross rent (total base rent and expense reimbursements), comparing the change in rent at lease expiration vs. initial rent of the new lease for 2nd generation space that has been vacant for less than twelve months. The total footage being weighted is 433,661.

(3) Represents increase (decrease) in net rent (base rent less base year expense), comparing the rent at lease expiration vs. initial rent of the new lease for 2nd generation space that has been vacant for less than twelve months. The total footage being weighted is 433,661.

	All leases 1st Generation	All leases 2nd Generation	Incr (decr) in 2nd gen. gross rents (2)		Incr (decr) in 2nd gen. net rents (3)		Total Leased
Boston	—	191,325	8.99	%	14.10	%	191,325
Washington	—	18,484	5.61	%	8.11	%	18,484
New York	—	7,933	39.02	%	51.87	%	7,933
San Francisco	—	237,966	15.90	%	26.46	%	237,966
Princeton	—	41,641	-30.82	%	-55.29	%	41,641
	—	497,349	11.02	%	17.20	%	497,349

46

Boston Properties, Inc.

First Quarter 2007

HISTORICALLY GENERATED CAPITAL EXPENDITURES,

TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS

Historical Capital Expenditures

(in thousands)

	Q1 2007		2006			2005		2004
Recurring capital expenditures	$	3,208	$	25,718		$	22,369	$	25,101
Planned non-recurring capital expenditures associated with acquisition properties		352		3,869			2,957		4,889
Hotel improvements, equipment upgrades and replacements		281		7,969	(1)		4,097		1,001
	$	3,841	$	37,556		$	29,423	$	30,991

2nd Generation Tenant Improvements and Leasing Commissions

	Q1 2007		2006		2005		2004
Office
Square feet		497,349		2,972,996		2,749,079		3,356,267
Tenant improvement and lease commissions PSF	$	25.60	$	29.14	$	28.75	$	24.74
Office/Technical
Square feet		—		33,400		82,753		195,953
Tenant improvement and lease commissions PSF	$	—	$	—	$	2.89	$	14.35
Average tenant improvement and lease commissions PSF	$	25.60	$	28.82	$	28.00	$	24.17

(1) Includes approximately $5.6 million of costs related to a room renovation project at Cambridge Center Marriott.

47

Boston Properties, Inc.

First Quarter 2007

ACQUISITIONS/DISPOSITIONS

as of March 31, 2007

ACQUISITIONS

For the period from January 1, 2007 through March 31, 2007

Property	Date Acquired	Square Feet	Initial Investment		Anticipated Future Investment		Total Investment		Percentage Leased
6601 & 6605 Springfield Center Drive	Jan-07	97,388	$	16,500,000	$	—	$	16,500,000	100	%
250 West 55th Street	Jan-07	N/A		228,750,000		—		228,750,000	N/A
103 Fourth Avenue	Jan-07	62,476		14,300,000		—		14,300,000	58	%
Kingstowne Towne Center	Mar-07	396,257		133,960,000		500,000		134,460,000	96	%
Russia Wharf	Mar-07	N/A		105,500,000		—		105,500,000	N/A
Total Acquisitions		556,121	$	499,010,000	$	500,000	$	499,510,000	92	%

DISPOSITIONS

For the period from January 1, 2007 through March 31, 2007

Property	Date Disposed	Square Feet	Gross Sales Price		Book Gain
5 Times Square	Feb-07	1,101,779	$	1,280,000,000	$	713,592,000
Long Wharf Marriott (402 Rooms)	Mar-07	420,000		231,000,000		190,794,000
280 Park Avenue	Jun-06					17,992,000	(1)
Total Dispositions		1,521,779	$	1,511,000,000	$	922,378,000

(1) 280 Park Avenue was sold in June 2006. The Company entered into a 74,340 net rentable square foot master lease obligation with the buyer resulting in the deferral of approximately $67.3 million of the book gain. Subsequent to the sale during 2006, the Company signed qualifying leases for 26,281 net rentable square feet and recognized approximately $21.0 million of additional book gain. During the three months ended March 31, 2007, the Company signed an additional qualifying lease for 22,000 net rentable square feet resulting in the recognition of approximately $18.0 million of additional book gain. As of March 31, 2007, the master lease obligation totaled approximately $27.4 million.

48

Boston Properties, Inc.

First Quarter 2007

VALUE CREATION PIPELINE - DEVELOPMENT IN PROGRESS (1)

as of March 31, 2007

Development Properties	Initial Occupancy	Estimated Stabilization Date	Location	# of Buildings	Square feet	Investment to Date		Estimated Total Investment		Total Construction Loan		Amount Drawn at March 31, 2007		Estimated Future Equity Requirement		Percentage Leased (2)
Wisconsin Place- Infrastructure (23.89% ownership)	N/A	N/A	Chevy Chase, MD	—	—	$	24,329,814	$	37,111,049	$	28,742,679	$	16,965,483	$	—	N/A
505 9th Street (50% ownership)	Q4 2007	Q4 2008	Washington, D.C.	1	323,000		50,799,558		65,000,000		47,500,000		26,717,620		—	87	%
South of Market	Q1 2008	Q3 2009	Reston, VA	3	652,000		88,751,648		213,800,000		200,000,000		40,230,086		—	41	%
77 CityPoint (formerly 77 Fourth Avenue)	Q1 2008	Q4 2008	Waltham, MA	1	210,000		30,064,367		79,707,173		—		—		49,642,806	0	%
One Preserve Parkway	Q2 2008	Q4 2009	Rockville, MD	1	183,000		12,009,639		60,536,931		—		—		48,527,292	0	%
Total Development Properties				6	1,368,000	$	205,955,026	$	456,155,153	$	276,242,679	$	83,913,189	$	98,170,098	40	%

DEVELOPMENTS PLACED-IN-SERVICE DURING 2007

Initial In Service Date

Estimated Stabilization Date

Location

# of Buildings

Square feet

Investment to Date

Estimated Total Investment

Debt

Drawn at December 31, 2006

Estimated Future Equity Requirement

Percentage Leased

Total Developments Placed in Service

—

—

$

—

$

—

$

—

$

—

$

—

—

(1) In accordance with GAAP, a project is classified as a Development in Progress when construction or supply contracts have been signed and physical improvements have commenced.

(2) Represents percentage leased as of April 20, 2007.

49

Boston Properties, Inc.

First Quarter 2007

VALUE CREATION PIPELINE - OWNED LAND PARCELS

as of March 31, 2007

Location	Acreage	Developable Square Feet
Waltham, MA (1)	25.4	1,163,604
Reston, VA	34.8	1,130,000
Boston, MA	2.4	1,079,500
Dulles, VA	76.6	934,000
New York, NY	1.0	975,000
Gaithersburg, MD	27.0	850,000
San Jose, CA	3.7	841,000
Springfield, VA (1) (2)	17.8	800,000
Rockville, MD	58.1	759,000
Marlborough, MA	50.0	400,000
Weston, MA	74.0	350,000
Chevy Chase, MD	1.0	300,000
Andover, MA	10.0	110,000
	381.8	9,692,104

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

as of March 31, 2007

Location	Acreage	Developable Square Feet
Princeton, NJ (3)	149.9	1,900,000
Framingham, MA (4)	21.5	300,000
Cambridge, MA (5)	—	200,000
New York, NY	1.0	850,000
	172.4	3,250,000

(1) Properties on-site are positioned for future re-development. These properties are currently in-service and can be found on pages 21-23.

(2) Includes additional square footage acquired on April 11, 2007 for $26.5 million which completed the assemblage.

(3) $30.50 per square foot and $125,000 per annum non-refundable payment.

(4) Subject to ground lease.

(5) The Company has the option to purchase additional residential rights.

50

Boston Properties, Inc.

First Quarter 2007

Definitions

This section contains an explanation of certain non-GAAP financial measures we provide in other sections of this document, as well as the reasons why management believes these measures provide useful information to investors about the Company’s financial condition or results of operations. Additional detail can be found in the Company’s most recent annual report on Form 10-K and other documents filed with the SEC from time to time.

Funds from Operations

Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) (computed in accordance with GAAP, including non-recurring items) for gains (or losses) from sales of properties, real estate related depreciation and amortization, and after adjustment for unconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure. The use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Management generally considers FFO to be a useful measure for reviewing our comparative operating and financial performance because, by excluding gains and losses related to sales of previously depreciated operating real estate assets and excluding real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help one compare the operating performance of a company’s real estate between periods or as compared to different companies. Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently.

In addition to presenting FFO in accordance with the NAREIT definition, we also disclose FFO after a specific and defined supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate. The adjustment to exclude losses from early extinguishments of debt results when the sale of real estate encumbered by debt requires us to pay the extinguishment costs prior to the debt’s stated maturity and to write-off unamortized loan costs at the date of the extinguishment. Such costs are excluded from the gains on sales of real estate reported in accordance with GAAP. However, we view the losses from early extinguishments of debt associated with the sales of real estate as an incremental cost of the sale transactions because we extinguished the debt in connection with the consummation of the sale transactions and we had no intent to extinguish the debt absent such transactions. We believe that this supplemental adjustment more appropriately reflects the results of our operations exclusive of the impact of our sale transactions.

Although our FFO as adjusted clearly differs from NAREIT’s definition of FFO, and may not be comparable to that of other REITs and real estate companies, we believe it provides a meaningful supplemental measure of our operating performance because we believe that, by excluding the effects of the losses from early extinguishments of debt associated with the sales of real estate, management and investors are presented with an indicator of our operating performance that more closely achieves the objectives of the real estate industry in presenting FFO.

Neither FFO nor FFO as adjusted should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance. Neither FFO nor FFO as adjusted represents cash generated from operating activities determined in accordance with GAAP, and neither is a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to further understand our performance, FFO and FFO as adjusted should be compared with our reported net income and considered in addition to cash flows in accordance with GAAP, as presented in our consolidated financial statements.

Funds Available for Distribution (FAD)

In addition to FFO, we present Funds Available for Distribution (FAD) by (1) adding to FFO as adjusted non-real estate depreciation, (2) eliminating the effect of straight-line rent, and (3) subtracting: recurring capital expenditures; hotel improvements, equipment upgrades and replacements; and second generation tenant improvement and leasing commissions. In addition, this calculation includes all non-cash compensation expense related to restricted securities. Although our FAD may not be comparable to that of other REITs and real estate companies, we believe it provides a meaningful indicator of our ability to fund cash needs and to make cash distributions to equity owners. In addition, we believe that to further understand our liquidity, FAD should be compared with our cash flows in accordance with GAAP, as presented in our consolidated financial statements. FAD does not represent cash generated from operating activities determined in accordance with GAAP, and FAD should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of our liquidity.

Debt to Total Market Capitalization Ratio

Debt to total market capitalization ratio, defined as total consolidated debt as a percentage of the market value of our outstanding equity securities plus our total consolidated debt, is a measure of leverage commonly used by analysts in the REIT sector. Total market capitalization is the sum of our total indebtedness outstanding on a consolidated basis (excluding unconsolidated joint venture debt) and the market value of our outstanding equity securities calculated using the closing price per share of common stock of the Company multiplied by the sum of (1) the actual aggregate number of outstanding common partnership units of our operating partnership (including common partnership units held by the company), (2) the number of common partnership units issuable upon conversion of all outstanding long term incentive plan units of our operating partnership, or LTIP units, assuming all conditions have been met for the conversion of the LTIP units, and (3) the number of common partnership units issuable upon conversion of preferred partnership units of our operating partnership. We are presenting this ratio because our degree of leverage could affect our ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes. Investors should understand that our debt to total market capitalization ratio is in part a function of the market price of the common stock of Boston Properties, Inc., and as such will fluctuate with changes in such price and does not necessarily reflect our capacity to incur additional debt to finance our activities or our ability to manage our existing debt obligations. However, for a company like ours, whose assets are primarily income-producing real estate, the debt to total market capitalization ratio may provide investors with an alternate indication of leverage, so long as it is evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of our outstanding indebtedness.

Net Operating Income (NOI)

NOI is a non-GAAP financial measure equal to net income available to common shareholders, the most directly comparable GAAP financial measure, plus corporate general and administrative expense, depreciation and amortization, interest expense, minority interest in Operating Partnership and losses from early extinguishment of debt, less interest income, development and management income, gains from property dispositions, gains on sale from discontinued operations, income from discontinued operations, income from unconsolidated joint ventures and minority interest in property partnerships. In some cases we also present NOI on a cash basis, which is NOI after eliminating the effects of straight-lining of rent. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets. Our management also uses NOI to evaluate regional property level performance and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

In-Service Properties

We treat a property as being “in-service” upon the earlier of (i) lease-up and completion of tenant improvements or (ii) one year after cessation of major construction activity under GAAP. The determination as to when a property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics we specify a single date for treating a property as “in-service.” Under GAAP a property may be placed in service in stages as construction is completed and the property is held available for occupancy. In accordance with GAAP, when a portion of a property has been substantially completed and occupied or held available for occupancy, we cease capitalization on that portion, though we may not treat the property as being “in-service,” and continue to capitalize only those costs associated with the portion still under construction.

Same Properties

In our analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented. We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired or repositioned after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” See pages 21-23 for “In-Service Properties” which are not included in “Same Properties.”

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