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, 2016

Boston Properties, Inc.

First Quarter 2016

Table of Contents

	Page
Company Profile		3
Investor Information		4
Research Coverage		5
Guidance and Assumptions		6
Financial Highlights		7
Consolidated Balance Sheets		8
Consolidated Income Statements		9
Funds From Operations		10
Reconciliation to Diluted Funds From Operations		11
Funds Available for Distribution and Interest Coverage Ratios		12
Capital Structure		13
Debt Analysis		14-16
Unconsolidated Joint Ventures		17-18
Consolidated Joint Ventures		19-20
Portfolio Overview		21
In-Service Property Listing		22-24
Occupancy by Location		25
Top 20 Tenants and Tenant Diversification		26
Lease Expiration Roll Out		27
Boston Lease Expiration Roll Out		28-29
New York Lease Expiration Roll Out		30-31
San Francisco Lease Expiration Roll Out		32-33
Washington, DC Lease Expiration Roll Out		34-35
CBD/Suburban Lease Expiration Roll Out		36-37
Hotel and Residential Performance		38
Same Property Performance		39
Reconciliation to Same Property Performance and Net Income		40-41
Leasing Activity		42
Capital Expenditures, Tenant Improvements and Leasing Commissions		43
Acquisitions/Dispositions		44
Value Creation Pipeline—Construction in Progress		45
Value Creation Pipeline—Land Parcels and Purchase Options		46
Definitions		47-49

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,” “may,” “might,” “plans,” “projects,” “should,” “will” 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 uncertainties of investing in new markets, the ability of our joint venture partners to satisfy their obligations, the costs and availability of financing, the effectiveness of our interest rate hedging programs, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions 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. These forward-looking statements speak only as of the date hereof and are not guarantees of future results, performance or achievements. 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.

(Cover photo: Rendering of The Hub on Causeway, Boston, MA)

2

Boston Properties, Inc.

First Quarter 2016

COMPANY PROFILE

The Company

Boston Properties, Inc. (“Boston Properties” or 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 four markets: Boston, New York, San Francisco, and Washington, DC. 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, five retail properties, four residential properties (including two properties under construction) and 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, successful mixed-use complexes, 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 35 individuals averages 30 years of real estate experience and 18 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 Owen D. Thomas, Chief Executive Officer; Douglas T. Linde, President; Raymond A. Ritchey, Senior Executive Vice President; and Michael E. LaBelle, Executive Vice President, Chief Financial Officer and Treasurer. Our senior management team’s national reputation helps us attract business and investment opportunities. In addition, our other executive officers that serve as Regional Managers have strong reputations that assist in identifying and closing on new opportunities, having opportunities brought to us, and in negotiating with tenants and build-to-suit prospects. Additionally, Boston Properties’ Board of Directors consists of 11 distinguished members, the majority of whom are Independent Directors.

Strategy

Boston Properties’ primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the Company maintains consistent strategies that include the following:

• concentrating on carefully targeted 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 - currently Boston, New York, San Francisco and Washington, DC;

• investing in the highest quality buildings (primarily office) that are able to maintain high occupancy and achieve premium rental rates through economic cycles;

• in our core markets, maintaining scale and a full service real estate capability (leasing, development, construction and property management) to ensure we (1) see all relevant investment deal flow and (2) maintain an ability to execute on all types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout the real estate investment cycle;

• be astute in market timing for investment decisions by acquiring properties in times of opportunity, developing into economic growth and selectively selling assets to either take advantage of the demand for our premier properties or pare from the portfolio properties that we believe have slower future growth potential, resulting in continuous portfolio refreshment;

• taking on complex, technically-challenging development projects that leverage the skills of our management team to successfully develop, acquire, and reposition properties;

• exploring joint-venture opportunities with partners who seek to benefit from our depth of development and management expertise;

• ensuring a strong balance sheet to maintain consistent access to capital and the resultant ability to make opportunistic investments; and

• fostering a culture and reputation of integrity and fair dealing, making us the counterparty of choice for tenants and real estate industry participants.

Snapshot

(as of March 31, 2016)

Corporate Headquarters	Boston, Massachusetts
Markets	Boston, New York, San Francisco and Washington, DC
Fiscal Year-End	December 31
Total Properties (includes unconsolidated joint ventures)	167
Total Square Feet (includes unconsolidated joint ventures)	46.3 million
Common shares outstanding, plus preferred shares and common, preferred and LTIP units (including Outperformance Plan Units and 2013 (“MYLTIP”) Units) on an as-converted basis (but excluding 2014, 2015 and 2016 MYLTIP Units)	171.8 million
Dividend—Quarter/Annualized	$0.65/$2.60
Dividend Yield	2.05%
Total Adjusted Market Capitalization (1)	$31.4 billion
Senior Debt Ratings	A- (S&P); BBB+ (Fitch); Baa2 (Moody’s)

(1) For disclosures relating to our definition of Total Adjusted Market Capitalization, see page 47.

3

Boston Properties, Inc.

First Quarter 2016

INVESTOR INFORMATION

Board of Directors
Mortimer B. Zuckerman	Matthew J. Lustig
Chairman of the Board	Director
Owen D. Thomas	Alan J. Patricof
Chief Executive Officer and Director	Director, Chair of Audit Committee
Douglas T. Linde	Ivan G. Seidenberg
President and Director	Lead Independent Director
Carol B. Einiger	Martin Turchin
Director	Director
Dr. Jacob A. Frenkel	David A. Twardock
Director, Chair of Nominating & Corporate Governance Committee	Director, Chair of Compensation Committee
Joel I. Klein
Director

Management
Raymond A. Ritchey	John F. Powers
Senior Executive Vice President	Executive Vice President, New York Region
Michael E. LaBelle	Frank D. Burt
Executive Vice President, Chief Financial Officer and Treasurer	Senior Vice President, General Counsel
Peter D. Johnston	Lori W. Silverstein
Executive Vice President, Washington, DC Region	Senior Vice President, Controller
Bryan J. Koop
Executive Vice President,
Boston Region
Robert E. Pester
Executive Vice President, San Francisco Region

Company Information
Corporate Headquarters	Trading Symbol	Investor Relations	Inquires
800 Boylston Street Suite 1900 Boston, MA 02199 (t) 617.236.3300 (f) 617.236.3311	BXP	Boston Properties, Inc. 800 Boylston Street, Suite 1900 Boston, MA 02199 (t) 617.236.3322 (f) 617.236.3311 www.bostonproperties.com	Inquiries should be directed to
			Michael E. LaBelle
	Stock Exchange Listing New York Stock Exchange		Executive Vice President, Chief Financial Officer and Treasurer at
			617.236.3352 or
			mlabelle@bostonproperties.com
			Arista Joyner, Investor Relations Manager
			at 617.236.3343 or
			ajoyner@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 2016			Q4 2015			Q3 2015			Q2 2015			Q1 2015
High Closing Price	$	127.26		$	130.15		$	126.32		$	142.17		$	144.74
Low Closing Price	$	108.18		$	118.62		$	108.65		$	120.83		$	131.26
Average Closing Price	$	118.69		$	124.47		$	119.54		$	131.76		$	139.56
Closing Price, at the end of the quarter	$	127.08		$	127.54		$	118.40		$	121.04		$	140.48
Dividends per share	$	0.65		$	0.65		$	0.65		$	0.65		$	0.65
Special dividends per share	$	—		$	1.25		$	—		$	—		$	—
Total dividends	$	0.65		$	1.90		$	0.65		$	0.65		$	0.65
Closing dividend yield—annualized		2.05	%		3.02	% (1)		2.20	%		2.15	%		1.85	%
Closing common shares outstanding, plus preferred shares and common, preferred and LTIP units (including Outperformance Plan Units and 2013 MYLTIP Units) on an as-converted basis (but excluding 2014, 2015 and 2016 MYLTIP Units) (thousands) (2)		171,763			171,509			171,509			171,506			171,490
Closing market value of outstanding shares and units (thousands)	$	22,027,642		$	22,074,258		$	20,506,666		$	20,959,086		$	24,291,548

(1) Includes the special dividend of $1.25 per share paid on January 28, 2016 to shareholders of record as of the close of business on December 31, 2015.

(2) For additional detail, see page 13.

Timing
Quarterly results for the next three quarters will be announced according to the following schedule:
Second Quarter, 2016	Tentatively July 26, 2016
Third Quarter, 2016	Tentatively October 25, 2016
Fourth Quarter, 2016	Tentatively January 31, 2017

4

Boston Properties, Inc.

First Quarter 2016

RESEARCH COVERAGE

Equity Research Coverage
Lucy Moore	Jonathan Petersen / Omotayo Okusanya
Argus Research Company	Jefferies & Co.
646.747.5456	212.284.1705 / 212.336.7076
Jeffrey Spector / Jamie Feldman	Anthony Paolone
Bank of America Merrill Lynch	J.P. Morgan Securities
646.855.1363 / 646.855.5808	212.622.6682
Ross Smotrich / Peter Siciliano	Craig Mailman / Jordan Sadler
Barclays Capital	KeyBanc Capital Markets
212.526.2306 / 212.526.3098	917.368.2316 / 917.368.2280
David Toti	Richard Anderson
BB&T Capital Markets	Mizuho Securities
212.419.4620	212.205.8445
John Kim	Sumit Sharma / Vikram Malhotra
BMO Capital	Morgan Stanley
212.885.4115	212.761.7567 / 212.761.7064
Thomas Lesnick	Mike Carroll
Capital One Securities	RBC Capital Markets
571.633.8191	440.715.2649
Michael Bilerman / Emmanuel Korchman	David Rodgers / Richard Schiller
Citigroup Global Markets	RW Baird
212.816.1383 / 212.816.1382	216.737.7341 / 312.609.5485
Ian Weissman / Derek van Dijkum	Alexander Goldfarb / Daniel Santos
Credit Suisse	Sandler O’Neill & Partners
212.538.6889 / 212.325.9752	212.466.7937 / 212.466.7927
Barry Oxford	John Guinee / Erin Aslakson
D.A. Davidson & Co.	Stifel, Nicolaus & Company
212.240.9871	443.224.1307 / 443.224.1350
Vincent Chao / Mike Husseini	Michael Lewis
Deutsche Bank Securities	SunTrust Robinson Humphrey
212.250.6799 / 212.250.7703	212.319.5659
Steve Sakwa / Robert Simone	Ross Nussbaum / Nick Yulico
Evercore ISI	UBS Securities
212.446.9462 / 212.446.9459	212.713.2484 / 212.713.3402
Brad Burke	Brendan Maiorana
Goldman Sachs	Wells Fargo Securities
917.343.2082	943.263.6516
Jed Reagan / Tyler Grant
Green Street Advisors
949.640.8780

Debt Research Coverage	Rating Agencies
Scott Frost	Stephen Boyd
Bank of America Merrill Lynch	Fitch Ratings
646.855.8078	212.908.9153
Peter Troisi	Ranjini Venkatesan
Barclays	Moody’s Investors Service
212.412.3695	212.553.3828
Thomas Cook	Anita Ogbara
Citi Investment Research	Standard & Poor’s
212.723.1112	212.438.5077
John Giordano
Credit Suisse Securities
212.538.4935
Ron Perrotta
Goldman Sachs
212.702.7885
Mark Streeter
J.P. Morgan Securities
212.834.5086
Thierry Perrein / Jason Jones
Wells Fargo
704.715.8455 / 704.715.7932

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 2016

GUIDANCE

	Second Quarter 2016				Full Year 2016
	Low		High		Low		High
Earnings per share (diluted)	$	0.54	$	0.56	$	3.00	$	3.10
Add:
Company share of real estate depreciation and amortization		0.82		0.82		3.24		3.24
Less:
Company share of gains on sales of real estate		—		—		0.39		0.39
FFO per share (diluted)	$	1.36	$	1.38	$	5.85	$	5.95

ASSUMPTIONS

(dollars in thousands)

	Full Year 2016
	Low			High
Operating property activity:
In-service portfolio occupancy		90.0	%		92.0	%
Combined Property net operating income—GAAP basis (change from 2015) (1)(2)		(0.75	%)		1.00	%
Combined Property net operating income—cash basis (change from 2015) (1)(2)		1.00	%		3.00	%
Non Same Properties’ incremental contribution over 2015	$	38,000		$	44,000
Straight-line rent and fair value lease revenue (non-cash revenue) (3)	$	40,000		$	55,000
Hotel net operating income	$	13,000		$	15,000
Other income (expense):
Development and management services income	$	22,000		$	26,000
General and administrative expense	$	(102,000	)	$	(107,000	)
Net interest expense	$	(400,000	)	$	(415,000	)
Noncontrolling interest:
Noncontrolling interest in property partnerships	$	(95,000	)	$	(115,000	)

(1) For disclosures relating to the calculations used to reconcile Combined Same Property NOI to Consolidated NOI and net income attributable to Boston Properties, Inc. common shareholders, see page 40. For disclosures relating to our use of Combined Net Operating Income (NOI), see page 48.

(2) Excluding the impact of the noncontrolling interest share from the consolidated portfolio, our share of growth for both Same Property NOI GAAP basis and cash basis is projected to be 0.25% - 2% and 2% - 4%, respectively (Adjusted Combined Same Property NOI). For disclosures relating to the calculations used to reconcile Adjusted Combined Same Property NOI to Consolidated NOI and net income attributable to Boston Properties, Inc. common shareholders, see page 40. For disclosures relating to our use of Adjusted Combined Net Operating Income (NOI), see page 48.

(3) Includes our share of unconsolidated and consolidated joint venture properties.

6

Boston Properties, Inc.

First Quarter 2016

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 10-12. Descriptions of the non-GAAP financial measures we present and statements 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 pages 47-49.

	Three Months Ended
	31-Mar-16			31-Dec-15			30-Sep-15			30-Jun-15			31-Mar-15
Selected Items:
Revenue	$	665,985		$	624,240		$	629,884		$	618,221		$	618,476
Straight-line rent (1)	$	13,792		$	18,149		$	12,630		$	14,024		$	23,164
Fair value lease revenue (1) (2)	$	5,375		$	4,966		$	5,937		$	6,667		$	7,081
Revenue from residential properties	$	4,049		$	4,106		$	4,111		$	3,811		$	6,854
Company share of funds from operations (FFO) from unconsolidated joint ventures	$	6,287	(3)	$	6,205		$	6,455		$	6,964		$	9,702
Lease termination fees (1) (4)	$	49,445		$	5,605		$	7,760		$	5,419		$	14,086
Ground rent expense (5)	$	3,471		$	3,463		$	3,534		$	3,676		$	4,404
Fair value interest adjustment (1)	$	7,810		$	8,593		$	8,062		$	7,856		$	7,796
Capitalized interest	$	9,269		$	8,298		$	9,100		$	8,850		$	7,965
Capitalized wages	$	4,344		$	4,130		$	4,111		$	3,997		$	3,626
Operating margins [(rental revenue—rental expense)/rental revenue] (6)		68.2	%		66.3	%		65.9	%		66.2	%		65.3	%
Losses from early extinguishments of debt	$	—		$	(22,040	)	$	—		$	—		$	—
Income before gains on sales of real estate	$	148,599		$	85,406		$	123,792		$	100,739		$	114,086
Net income attributable to Boston Properties, Inc. common shareholders	$	181,747		$	137,851		$	184,082		$	79,460		$	171,182
FFO attributable to Boston Properties, Inc.	$	250,688		$	197,339		$	217,261		$	208,731		$	200,385
FFO per share—diluted (7)	$	1.63		$	1.28		$	1.41		$	1.36		$	1.30
Net income attributable to Boston Properties, Inc. per share—basic	$	1.18		$	0.90		$	1.20		$	0.52		$	1.12
Net income attributable to Boston Properties, Inc. per share—diluted	$	1.18		$	0.90		$	1.20		$	0.52		$	1.11
Dividends per common share (8)	$	0.65		$	1.90		$	0.65		$	0.65		$	0.65
Funds available for distribution to common shareholders and common unitholders (FAD) (7) (9)	$	188,204		$	138,872		$	142,580		$	148,967		$	149,617
Ratios:
Interest Coverage Ratio (excluding capitalized interest)—cash basis (10)		3.76			3.25			3.30			3.21			3.11
Interest Coverage Ratio (including capitalized interest)—cash basis (10)		3.46			3.02			3.06			2.98			2.91
FFO Payout Ratio (9)		39.88	%		50.78	%		46.10	%		47.79	%		50.00	%
FAD Payout Ratio (9)		59.35	%		80.33	%		78.24	%		74.94	%		74.47	%
	31-Mar-16			31-Dec-15			30-Sep-15			30-Jun-15			31-Mar-15
Balance Sheet Items:
Above-market rents (included within Prepaid Expenses and Other Assets)	$	47,388		$	51,397		$	55,434		$	63,706		$	75,063
Below-market rents (included within Other Liabilities)	$	160,504		$	172,670		$	184,154		$	202,653		$	227,651
Accrued ground rent expense, net (included within Prepaid Expenses and Other Assets and Other Liabilities)	$	39,752		$	38,765		$	42,962		$	41,857		$	40,751
Accrued interest payable on outside members’ notes payable (included within Accrued Interest Payable)	$	127,670		$	119,436		$	111,422		$	103,622		$	96,028
Capitalization:
Common Stock Price @ Quarter End	$	127.08		$	127.54		$	118.40		$	121.04		$	140.48
Equity Value @ Quarter End	$	22,027,642		$	22,074,258		$	20,506,666		$	20,959,086		$	24,291,548
Total Consolidated Debt	$	9,980,366		$	9,008,543		$	9,699,187		$	9,835,878		$	9,853,683
Total Consolidated Market Capitalization	$	32,008,008		$	31,082,801		$	30,205,853		$	30,794,964		$	34,145,231
Total Consolidated Debt/Total Consolidated Market Capitalization (7)		31.18	%		28.98	%		32.11	%		31.94	%		28.86	%
BXP’s Share of Unconsolidated Joint Venture Debt	$	351,394		$	351,926		$	351,340		$	351,154		$	350,178
Less:
Partners’ Share of Consolidated Debt	$	982,292		$	988,142		$	993,988		$	1,166,726		$	1,173,567
Total Adjusted Debt	$	9,349,468		$	8,372,327		$	9,056,539		$	9,020,306		$	9,030,294
Total Adjusted Market Capitalization (11)	$	31,377,110		$	30,446,585		$	29,563,205		$	29,979,392		$	33,321,842
Total Adjusted Debt/Total Adjusted Market Capitalization (7) (11)		29.80	%		27.50	%		30.63	%		30.09	%		27.10	%

(1) Includes the Company’s share of consolidated and unconsolidated joint ventures amounts.

(2) 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.

(3) For additional detail, see page 18.

(4) For the three months ended March 31, 2016, includes approximately $45.0 million received from a tenant that terminated its lease for approximately 85,000 square feet at the Company’s 250 West 55th Street property located in New York City. For the three months ended September 30, 2015 and March 31, 2015, includes distributions received by the Company from its unsecured creditor claim against Lehman Brothers, Inc. of approximately $3.6 million and $4.5 million, respectively.

(5) Includes non-cash straight-line adjustments to ground rent. See page 12 for the straight-line adjustments to the ground rent expense.

(6) Rental expense consists of operating expenses, real estate taxes and ground rent expense. Amounts are exclusive of the gross up of reimbursable electricity and other amounts totaling $17,913, $18,102, $18,989, $17,845 and $17,867 for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

(7) For disclosures related to our definitions, see page 47.

(8) For the three months ended December 31, 2015, dividends per share includes the $1.25 per common share special dividend paid on January 28, 2016 to shareholders of record as of the close of business on December 31, 2015.

(9) FFO Payout Ratio is defined as dividends per common share (excluding any special dividends) divided by FFO per share. FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

(10) The Company believes that the presentation of its interest coverage ratios provides investors with useful information about the Company’s financial performance as it relates to its cash interest expense obligations, which may assist investors in evaluating the Company’s ability to service its existing debt obligations. For a quantitative reconciliation, see page 12.

(11) For additional detail, see page 13.

7

Boston Properties, Inc.

First Quarter 2016

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

	31-Mar-16			31-Dec-15			30-Sep-15			30-Jun-15			31-Mar-15
ASSETS
Real estate	$	18,424,542		$	18,465,405		$	18,412,086		$	18,207,934		$	18,153,816
Construction in progress (1)		857,578			763,935			725,601			880,996			797,148
Land held for future development		256,952			252,195			264,598			277,327			271,327
Less accumulated depreciation		(3,969,648	)		(3,925,894	)		(3,833,277	)		(3,753,926	)		(3,646,853	)
Total real estate		15,569,424			15,555,641			15,569,008			15,612,331			15,575,438
Cash and cash equivalents		1,605,678			723,718			1,387,007			1,342,751			1,064,396
Cash held in escrows (2)		71,349			73,790			90,379			252,558			588,218
Marketable securities		21,077			20,380			19,645			20,953			20,736
Tenant and other receivables, net		73,759			97,865			66,446			55,183			47,768
Accrued rental income, net		767,864			754,883			737,145			730,797			713,874
Deferred charges, net (3)		693,976			704,867			719,019			739,838			773,455
Prepaid expenses and other assets		136,799			185,118			143,476			117,993			165,985
Investments in unconsolidated joint ventures		235,904			235,224			217,529			209,974			196,188
Total assets	$	19,175,830		$	18,351,486		$	18,949,654		$	19,082,378		$	19,146,058
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (3)	$	3,416,622		$	3,435,242		$	4,127,007		$	4,264,920		$	4,283,948
Unsecured senior notes, net (3)		6,255,602			5,264,819			5,263,363			5,261,810			5,260,260
Unsecured line of credit		—			—			—			—			—
Mezzanine notes payable		308,142			308,482			308,817			309,148			309,475
Outside members’ notes payable		180,000			180,000			180,000			180,000			180,000
Accounts payable and accrued expenses		252,727			274,709			245,200			231,900			224,086
Dividends and distributions payable		113,079			327,320			112,912			112,892			112,796
Accrued interest payable		221,578			190,386			200,916			178,548			186,630
Other liabilities		498,290			483,601			448,680			448,480			483,762
Total liabilities		11,246,040			10,464,559			10,886,895			10,987,698			11,040,957
Commitments and contingencies		—			—			—			—			—
Noncontrolling interests:
Redeemable preferred units of the Operating Partnership		—			—			—			—			633
Redeemable interest in property partnership		—			—			—			106,233			105,520
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding		—			—			—			—			—
Preferred stock, $0.01 par value, 50,000,000 shares authorized; 5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding		200,000			200,000			200,000			200,000			200,000
Common stock, $0.01 par value, 250,000,000 shares authorized, 153,604,966, 153,579,966, 153,574,600, 153,473,931 and 153,402,107 outstanding, respectively		1,536			1,536			1,536			1,535			1,534
Additional paid-in capital		6,306,723			6,305,687			6,300,780			6,293,556			6,286,260
Dividends in excess of earnings		(699,048	)		(780,952	)		(627,054	)		(711,239	)		(690,993	)
Treasury common stock, at cost		(2,722	)		(2,722	)		(2,722	)		(2,722	)		(2,722	)
Accumulated other comprehensive income (loss)		(56,706	)		(14,114	)		(20,625	)		1,848			(11,907	)
Total stockholders’ equity attributable to Boston Properties, Inc.		5,749,783			5,709,435			5,851,915			5,782,978			5,782,172
Noncontrolling interests:
Common units of the Operating Partnership		616,095			603,092			620,036			614,988			617,274
Property partnerships		1,563,912			1,574,400			1,590,808			1,590,481			1,599,502
Total equity		7,929,790			7,886,927			8,062,759			7,988,447			7,998,948
Total liabilities and equity	$	19,175,830		$	18,351,486		$	18,949,654		$	19,082,378		$	19,146,058

(1) Represents the portion of the Company’s consolidated development projects that qualifies for interest capitalization. Such portion generally excludes intangible assets.

(2) At March, 31, 2015 and June 30, 2015, approximately $534.2 million and $192.3 million, respectively, was held by a qualified intermediary for possible investment in a like-kind exchange in accordance with Section 1031 of the Internal Revenue Code in connection with sales of real estate. As of September 30, 2015, December 31, 2015 and March 31, 2016, amounts previously held by such a qualified intermediary had been released and no amounts were held in escrow.

(3) On January 1, 2016, the Company adopted Accounting Standards Update 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Company retrospectively adopted the guidance resulting in the presentation of deferred financing costs, net (previously included within Deferred Charges, Net) as a reduction to Mortgage Notes Payable, Net and Unsecured Senior Notes, Net for all periods presented. The recognition and measurement guidance for debt issuance costs was not affected.

8

Boston Properties, Inc.

First Quarter 2016

CONSOLIDATED INCOME STATEMENTS

(unaudited and in thousands, except for per share amounts)

	Three Months Ended
	31-Mar-16			31-Dec-15			30-Sep-15			30-Jun-15			31-Mar-15
Revenue
Rental
Base rent	$	536,128		$	493,141		$	494,300		$	486,609		$	490,682
Recoveries from tenants		89,586			88,576			91,544			86,795			88,593
Parking and other		24,825			25,132			25,509			26,552			24,788
Total rental revenue		650,539			606,849			611,353			599,956			604,063
Hotel revenue		8,757			10,939			12,619			13,403			9,085
Development and management services		6,689			6,452			5,912			4,862			5,328
Total revenue		665,985			624,240			629,884			618,221			618,476
Expenses
Operating		114,467			112,846			113,962			113,945			120,954
Real estate taxes		104,705			103,796			105,834			100,519			100,396
Hotel operating		7,634			7,888			8,125			8,495			7,576
General and administrative (1)		29,353			24,300			20,944			22,284			28,791
Transaction costs		25			470			254			208			327
Depreciation and amortization		159,448			164,460			153,015			167,844			154,223
Total expenses		415,632			413,760			402,134			413,295			412,267
Operating income		250,353			210,480			227,750			204,926			206,209
Other income (expense)
Income from unconsolidated joint ventures		1,791			2,211			2,647			3,078			14,834
Interest and other income		1,505			440			3,637			1,293			1,407
Gains (losses) from investments in securities (1)		259			493			(1,515	)		(24	)		393
Interest expense (2)		(105,309	)		(106,178	)		(108,727	)		(108,534	)		(108,757	)
Losses from early extinguishments of debt		—			(22,040	)		—			—			—
Income before gains on sales of real estate		148,599			85,406			123,792			100,739			114,086
Gains on sales of real estate (3)		67,623			81,332			199,479			—			95,084
Net income		216,222			166,738			323,271			100,739			209,170
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships (4)		(10,464	)		(10,143	)		(115,240	)		(9,264	)		(15,208	)
Noncontrolling interest—redeemable preferred units of the Operating Partnership		—			—			—			(3	)		(3	)
Noncontrolling interest—common units of the Operating Partnership (5)		(21,393	)		(16,098	)		(21,302	)		(9,394	)		(20,188	)
Net income attributable to Boston Properties, Inc.		184,365			140,497			186,729			82,078			173,771
Preferred dividends		(2,618	)		(2,646	)		(2,647	)		(2,618	)		(2,589	)
Net income attributable to Boston Properties, Inc. common shareholders	$	181,747		$	137,851		$	184,082		$	79,460		$	171,182
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share—basic	$	1.18		$	0.90		$	1.20		$	0.52		$	1.12
Net income attributable to Boston Properties, Inc. per share—diluted	$	1.18		$	0.90		$	1.20		$	0.52		$	1.11

(1) Gains (losses) from investments in securities include $259, $493, $(1,515), $(24) and $393 and general and administrative expense includes $(259), $(493), $1,515, $24 and $(393) for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively, related to the Company’s deferred compensation plan.

(2) For the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, interest expense includes $8,234, $8,014, $7,800, $7,594 and $7,385, respectively, consisting of the interest expense on the partner loans for the 767 Fifth Avenue (The GM Building) consolidated joint venture, which amount is allocated to the partners within noncontrolling interests in property partnerships. The Company’s share of the interest expense on its loan to the joint venture eliminates in consolidation.

(3) See page 44 for additional information.

(4) For the three months ended September 30, 2015, noncontrolling interest in property partnerships includes approximately $101.1 million consisting of the allocation of the gain on sale of real estate to the outside partners in the consolidated entity that sold 505 9th Street, N.W. located in Washington, DC.

(5) Equals noncontrolling interest—common units of the Operating Partnership’s share of 10.32%, 10.26%, 10.26%, 10.34% and 10.44% of income before net income attributable to noncontrolling interests in Operating Partnership after deduction for preferred distributions for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

9

Boston Properties, Inc.

First Quarter 2016

FUNDS FROM OPERATIONS (FFO)

(unaudited and in thousands, except for per share amounts)

	Three Months Ended
	31-Mar-16		31-Dec-15		30-Sep-15		30-Jun-15		31-Mar-15
Net income attributable to Boston Properties, Inc. common shareholders	$	181,747	$	137,851	$	184,082	$	79,460	$	171,182
Add:
Preferred dividends		2,618		2,646		2,647		2,618		2,589
Noncontrolling interest—common units of the Operating Partnership		21,393		16,098		21,302		9,394		20,188
Noncontrolling interest—redeemable preferred units of the Operating Partnership		—		—		—		3		3
Noncontrolling interests in property partnerships		10,464		10,143		115,240		9,264		15,208
Less:
Gains on sales of real estate		67,623		81,332		199,479		—		95,084
Income before gains on sales of real estate		148,599		85,406		123,792		100,739		114,086
Add:
Real estate depreciation and amortization (1)		163,580		167,968		156,489		171,384		148,754
Less:
Noncontrolling interests in property partnerships’ share of FFO		30,019		30,828		35,527		36,699		36,515
Noncontrolling interest—redeemable preferred units of the Operating Partnership		—		—		—		3		3
Preferred dividends		2,618		2,646		2,647		2,618		2,589
FFO attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) (“Basic FFO”)		279,542		219,900		242,107		232,803		223,733
Less:
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations		28,854		22,561		24,846		24,072		23,348
FFO attributable to Boston Properties, Inc. common shareholders (2)	$	250,688	$	197,339	$	217,261	$	208,731	$	200,385
FFO per share—basic	$	1.63	$	1.28	$	1.41	$	1.36	$	1.31
Weighted average shares outstanding—basic		153,626		153,602		153,595		153,450		153,230
FFO per share—diluted	$	1.63	$	1.28	$	1.41	$	1.36	$	1.30
Weighted average shares outstanding—diluted		153,917		153,897		153,786		153,815		153,873

(1) Real estate depreciation and amortization consists of depreciation and amortization from the consolidated statements of operations of $159,448, $164,460, $153,015, $167,844 and $154,223 plus our share of unconsolidated joint venture real estate depreciation and amortization of $4,496, $3,994, $3,808, $3,886 and $(5,132), less corporate related depreciation of $364, $486, $334, $346 and $337 for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

(2) Based on weighted average basic shares for the quarter. The Company’s share for the quarter ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015 was 89.68%, 89.74%, 89.74%, 89.66% and 89.56%, respectively.

10

Boston Properties, Inc.

First Quarter 2016

RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS

(unaudited and in thousands, except for per share amounts)

	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
	Income		Shares/Units		Income		Shares/Units		Income		Shares/Units		Income		Shares/Units		Income		Shares/Units
	(Numerator)		(Denominator)		(Numerator)		(Denominator)		(Numerator)		(Denominator)		(Numerator)		(Denominator)		(Numerator)		(Denominator)
Basic FFO	$	279,542		171,309	$	219,900		171,162	$	242,107		171,160	$	232,803		171,146	$	223,733		171,084
Effect of Dilutive Securities Stock-based compensation		—		291		—		295		—		191		—		365		—		643
Diluted FFO	$	279,542		171,600	$	219,900		171,457	$	242,107		171,351	$	232,803		171,511	$	223,733		171,727
Less:
Noncontrolling interest—common units of the Operating Partnership’s share of diluted FFO		28,805		17,683		22,522		17,560		24,818		17,565		24,021		17,696		23,261		17,854
Boston Properties, Inc.’s share of diluted FFO (1)	$	250,737		153,917	$	197,378		153,897	$	217,289		153,786	$	208,782		153,815	$	200,472		153,873
FFO per share—basic	$	1.63			$	1.28			$	1.41			$	1.36			$	1.31
FFO per share—diluted	$	1.63			$	1.28			$	1.41			$	1.36			$	1.30

(1) Based on weighted average diluted shares for the quarter. The Company’s share for the quarter ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015 was 89.70%, 89.76%, 89.75%, 89.68% and 89.60%, respectively.

11

Boston Properties, Inc.

First Quarter 2016

FUNDS AVAILABLE FOR DISTRIBUTION (FAD)

(in thousands)

	Three Months Ended
	31-Mar-16			31-Dec-15			30-Sep-15			30-Jun-15			31-Mar-15
Basic FFO (see page 10)	$	279,542		$	219,900		$	242,107		$	232,803		$	223,733
2nd generation tenant improvements and leasing commissions		(67,273	)		(35,036	)		(91,787	)		(54,346	)		(55,121	)
Straight-line rent (1)		(13,792	)		(18,149	)		(12,630	)		(14,024	)		(23,164	)
Lease transaction costs which qualify as rent inducements (1) (2)		5,288			1,945			1,646			3,141			5,929
Recurring capital expenditures (3)		(21,585	)		(17,407	)		(16,934	)		(11,839	)		(6,291	)
Fair value interest adjustment (1)		(7,810	)		(8,593	)		(8,062	)		(7,856	)		(7,796	)
Fair value lease revenue (1) (4)		(5,375	)		(4,966	)		(5,937	)		(6,667	)		(7,081	)
Hotel improvements, equipment upgrades and replacements		(360	)		(1,231	)		(436	)		(272	)		(491	)
Straight-line ground rent expense adjustment (5)		987			(3,983	)		891			1,106			1,196
Non-real estate depreciation		364			486			334			346			337
Stock-based compensation		10,069			6,358			6,345			5,469			11,011
Non-cash gains from early extinguishments of debt		—			(3,604	)		—			—			—
Non-cash termination income adjustment (fair value lease amounts)		29			3			(555	)		(1,645	)		10
Partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions		6,929			2,698			26,982			2,005			1,511
Unearned portion of capitalized fees		1,191			451			616			746			5,834
Funds available for distribution to common shareholders and common unitholders (FAD)	$	188,204		$	138,872		$	142,580		$	148,967		$	149,617

INTEREST COVERAGE RATIOS

(in thousands, except for ratio amounts)

	Three Months Ended
	31-Mar-16			31-Dec-15			30-Sep-15			30-Jun-15			31-Mar-15
Income before gains on sales of real estate	$	148,599		$	85,406		$	123,792		$	100,739		$	114,086
Interest expense		105,309			106,178			108,727			108,534			108,757
Interest expense from unconsolidated joint ventures		4,015			3,908			3,830			3,823			4,977
Depreciation and amortization expense		159,448			164,460			153,015			167,844			154,223
Depreciation and amortization expense from unconsolidated joint ventures		4,496			3,994			3,808			3,886			(5,132	)
Losses from early extinguishments of debt		—			22,040			—			—			—
Non-cash termination income adjustment (fair value lease amounts)		29			3			(555	)		(1,645	)		10
Stock-based compensation		10,069			6,358			6,345			5,469			11,011
Straight-line ground rent expense adjustment (5)		987			(3,983	)		891			1,106			1,196
Straight-line rent (1)		(13,792	)		(18,149	)		(12,630	)		(14,024	)		(23,164	)
Lease transaction costs which qualify as rent inducements (1) (2)		5,288			1,945			1,646			3,141			5,929
Fair value lease revenue (1) (4)		(5,375	)		(4,966	)		(5,937	)		(6,667	)		(7,081	)
Subtotal		419,073			367,194			382,932			372,206			364,812
Excluding Capitalized Interest
Divided by:
Adjusted interest expense (6) (7) (8) (9) (10)		111,462			113,114			115,924			115,937			117,410
Interest Coverage Ratio		3.76			3.25			3.30			3.21			3.11
Including Capitalized Interest
Divided by:
Adjusted interest expense (6) (7) (8) (9) (10) (11)		120,987			121,494			125,147			124,909			125,488
Interest Coverage Ratio		3.46			3.02			3.06			2.98			2.91

(1) Includes the Company’s share of consolidated and unconsolidated joint venture amounts.

(2) Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions.

(3) Recurring capital expenditures does not include planned non-recurring capital expenditures related to acquisitions and non-recurring repositioning capital expenditures – see page 43 for additional detail.

(4) 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.

(5) For the three months ended March 31, 2016 and December 31, 2015, includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 200 Clarendon Street property’s adjacent 100 Clarendon Street garage and Back Bay Station concourse level. The Company has allocated contractual ground lease payments aggregating approximately $34.4 million which it expects to incur over the next three years with no payments thereafter. The Company is recognizing these amounts on a straight-line basis over the 99-year term of the ground and air rights lease. For additional information, see page 7.

(6) Adjusted interest expense is comprised of interest expense from the Company’s consolidated income statements and the Company’s share of interest expense from unconsolidated joint ventures, adjusted for the applicable items detailed below in Notes 7-11.

(7) Excludes consolidated and the Company’s share of unconsolidated joint venture amortization of financing costs of $1,949, $2,034, $2,037, $1,936 and $1,956 for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

(8) Excludes interest expense of $8,234, $8,014, $7,800, $7,594 and $7,385 for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively, consisting of the interest expense on the partner loans for the 767 Fifth Avenue (The GM Building) consolidated joint venture, which amount is allocated to the partners within noncontrolling interests in property partnerships. The Company’s share of the interest expense on its loan to the joint venture eliminates in consolidation.

(9) Excludes consolidated fair value interest adjustment of $12,321, $13,076, $13,204, $13,110 and $13,017 for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

(10) Excludes nonrecurring losses from early extinguishments of debt of $22,040 for the three months ended December 31, 2015.

(11) Includes consolidated and the Company’s share of unconsolidated joint venture capitalized interest of $9,525, $8,380, $9,223, $8,972 and $8,078 for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

12

Boston Properties, Inc.

First Quarter 2016

CAPITAL STRUCTURE

(in thousands)

Consolidated Debt

	Aggregate Principal March 31, 2016
Mortgage Notes Payable	$	3,352,215
Mezzanine Notes Payable		306,000
Unsecured Line of Credit		—
Unsecured Senior Notes, at face value		6,300,000
Total Debt		9,958,215
Fair Value Interest Adjustment on Mortgage Notes Payable		67,611
Fair Value Interest Adjustment on Mezzanine Notes Payable		2,142
Discount on Unsecured Senior Notes		(13,148	)
Deferred Financing Costs, Net		(34,454	)
Total Consolidated Debt	$	9,980,366

Boston Properties Limited Partnership Unsecured Senior Notes
																									Total/ Weighted Average
Settlement Date		1/20/2016			6/27/2013			4/11/2013			6/11/2012			11/10/2011			11/18/2010			4/19/2010			10/9/2009
Original Principal Amount	$	1,000,000		$	700,000		$	500,000		$	1,000,000		$	850,000		$	850,000		$	700,000		$	700,000		$	6,300,000
Principal Amount at Quarter End	$	1,000,000		$	700,000		$	500,000		$	1,000,000		$	850,000		$	850,000		$	700,000		$	700,000		$	6,300,000
Yield (on issue date)		3.766	%		3.916	%		3.279	%		3.954	%		3.853	%		4.289	%		5.708	%		5.967	%		4.316	%
Coupon		3.650	%		3.800	%		3.125	%		3.850	%		3.700	%		4.125	%		5.625	%		5.875	%		4.194	%
Public Offering Price		99.708	%		99.694	%		99.379	%		99.779	%		99.767	%		99.260	%		99.891	%		99.931	%		99.684	%
Ratings:
S&P		A- (stable)			A- (stable)			A- (stable)			A- (stable)			A- (stable)			A- (stable)			A- (stable)			A- (stable)
Fitch		BBB+ (stable)			BBB+ (stable)			BBB+ (stable)			BBB+ (stable)			BBB+ (stable)			BBB+ (stable)			BBB+ (stable)			BBB+ (stable)
Moody’s		Baa2 (stable)			Baa2 (stable)			Baa2 (stable)			Baa2 (stable)			Baa2 (stable)			Baa2 (stable)			Baa2 (stable)			Baa2 (stable)
Maturity Date		2/1/2026			2/1/2024			9/1/2023			2/1/2023			11/15/2018			5/15/2021			11/15/2020			10/15/2019
Discount	$	2,877		$	1,644		$	2,323		$	1,508		$	799		$	3,406		$	385		$	206		$	13,148
Deferred Financing Costs, Net	$	8,005		$	4,398		$	2,998		$	5,342		$	2,605		$	3,450		$	2,440		$	2,012		$	31,250
Unsecured Senior Notes, net of discount	$	989,118		$	693,958		$	494,679		$	993,150		$	846,596		$	843,144		$	697,175		$	697,782		$	6,255,602

Equity

	Shares/Units Outstanding as of 3/31/2016		Common Stock Equivalents			Equivalent Value (1)
Common Stock		153,605		153,605	(2)	$	19,520,123
Common Operating Partnership Units		18,158		18,158	(3)		2,307,519
5.25% Series B Cumulative Redeemable Preferred Stock		80		—			200,000	(4)
Total Equity				171,763		$	22,027,642
Total Consolidated Debt						$	9,980,366
Total Consolidated Market Capitalization						$	32,008,008
BXP’s share of Unconsolidated Joint Venture Debt						$	351,394
Less:
Partners’ Share of Consolidated Debt						$	982,292
Total Adjusted Debt (5)						$	9,349,468
Total Adjusted Market Capitalization (5)						$	31,377,110

(1) Values based on March 31, 2016 closing price of $127.08 per share of common stock, except the shares of Series B Cumulative Redeemable Preferred Stock have been valued at the liquidation preference of $2,500.00 per share (see Note 4 below).

(2) Includes 59,875 shares of restricted stock.

(3) Includes 2,065,185 long-term incentive plan units (including 215,709 Outperformance Plan Units and 103,882 2013 MYLTIP Units), but excludes an aggregate of 1,317,950 2014, 2015 and 2016 MYLTIP Units because the performance periods for these MYLTIP Units have not ended and therefore none of such units have been earned.

(4) On or after March 27, 2018, the Company, at its option, may redeem the Series B Preferred Stock for a cash redemption price of $2,500.00 per share ($25.00 per depositary share), plus all accrued and unpaid dividends. The Series B Preferred Stock is not redeemable by the holders, has no maturity date and is not convertible into or exchangeable for any other security of the Company or any of its affiliates.

(5) For disclosures relating to our definitions of Total Adjusted Debt and Total Adjusted Market Capitalization, see page 47.

13

Boston Properties, Inc.

First Quarter 2016

DEBT ANALYSIS (1)

as of March 31, 2016

(dollars in thousands)

Debt Maturities and Principal Payments

	2016			2017			2018			2019			2020			Thereafter			Total
Floating Rate Debt:
Mortgage Notes Payable	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Unsecured Line of Credit		—			—			—			—			—			—			—
Total Floating Rate Debt	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Fixed Rate Debt:
Mortgage Notes Payable	$	570,600		$	2,067,654		$	18,633		$	19,670		$	20,766		$	654,892		$	3,352,215
Fair Value Interest Adjustment		33,781			33,830			—			—			—			—			67,611
Deferred Financing Costs, Net		(786	)		(695	)		(432	)		(432	)		(432	)		(427	)		(3,204	)
Mortgage Notes Payable		603,595			2,100,789			18,201			19,238			20,334			654,465			3,416,622
Mezzanine Notes Payable		—			306,000			—			—			—			—			306,000
Fair Value Interest Adjustment		1,049			1,093			—			—			—			—			2,142
Mezzanine Notes Payable		1,049			307,093			—			—			—			—			308,142
Unsecured Senior Notes, Face Amount		—			—			850,000			700,000			700,000			4,050,000			6,300,000
Discount Amortization		(1,448	)		(2,001	)		(2,035	)		(1,825	)		(1,830	)		(4,009	)		(13,148	)
Deferred Financing Costs, Net		(3,877	)		(5,380	)		(5,212	)		(4,228	)		(3,702	)		(8,851	)		(31,250	)
Unsecured Senior Notes		(5,325	)		(7,381	)		842,753			693,947			694,468			4,037,140			6,255,602
Total Fixed Rate Debt	$	599,319		$	2,400,501		$	860,954		$	713,185		$	714,802		$	4,691,605		$	9,980,366
Total Consolidated Debt	$	599,319		$	2,400,501		$	860,954		$	713,185		$	714,802		$	4,691,605		$	9,980,366
GAAP Weighted Average Floating Rate Debt (2)		—			—			—			—			—			—			—
GAAP Weighted Average Fixed Rate Debt (2)		5.33	%		3.76	%		3.89	%		5.96	%		5.70	%		3.23	%		4.29	%
Total GAAP Weighted Average Rate (2)		5.33	%		3.76	%		3.89	%		5.96	%		5.70	%		3.23	%		4.29	%
Total Stated Weighted Average Rate		6.47	%		5.78	%		3.77	%		5.87	%		5.63	%		3.17	%		4.79	%

Unsecured Line of Credit - Matures July 26, 2018

Facility	Outstanding at 3/31/2016		Letters of Credit		Remaining Capacity at 3/31/2016
$1,000,000	$	—	$	16,087	$	983,913

Unsecured and Secured Debt Analysis

	% of Total Debt			Stated Weighted Average Rate			GAAP Weighted Average Rate			Weighted Average Maturity (years)
Unsecured Debt		62.68	%		4.23	%		4.32	%		6.1
Secured Debt		37.32	%		5.72	%		4.23	%		2.1
Total Consolidated Debt		100.00	%		4.79	%		4.29	%		4.6

Floating and Fixed Rate Debt Analysis

	% of Total Debt			Stated Weighted Average Rate			GAAP Weighted Average Rate			Weighted Average Maturity (years)
Floating Rate Debt		—			—			—			—
Fixed Rate Debt		100.00	%		4.79	%		4.29	%		4.6
Total Consolidated Debt		100.00	%		4.79	%		4.29	%		4.6

Interest Rate Hedging Instruments

	Notional Amount		Weighted-Average 10-Year Swap Rate			Effective Date		Termination Date
Forward-starting interest rate swaps	$	550,000		2.423	%		September 1, 2016		September 1, 2026
Forward-starting interest rate swaps (3)		450,000		2.619	%		June 1, 2017		June 1, 2027

(1) Excludes unconsolidated joint ventures. For information on our unconsolidated joint venture debt, see page 17.

(2) The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, effects of hedging transactions and adjustments required to reflect loans at their fair values upon acquisition or consolidation.

(3) Represents forward interest rate swap contracts entered into by the Company’s 767 Fifth Partners LLC consolidated entity (the entity in which the Company has a 60% interest and that owns 767 Fifth Avenue (the GM Building) in New York City).

14

Boston Properties, Inc.

First Quarter 2016

DEBT MATURITIES AND PRINCIPAL PAYMENTS (1)

as of March 31, 2016

(dollars in thousands)

Property	2016			2017			2018			2019			2020			Thereafter			Total
767 Fifth Avenue (The GM Building) (60% ownership)	$	—		$	1,300,000		$	—		$	—		$	—		$	—		$	1,300,000	(2)
599 Lexington Avenue		—			750,000			—			—			—			—			750,000
601 Lexington Avenue (55% ownership)		9,390			13,051			13,684			14,349			15,045			630,486			696,005
Embarcadero Center Four		347,382			—			—			—			—			—			347,382
Fountain Square		211,250			—			—			—			—			—			211,250	(2)(3)
New Dominion Technology Park, Building One		1,360			2,878			3,100			3,340			3,598			22,906			37,182
University Place		1,218			1,725			1,849			1,981			2,123			1,500			10,396
		570,600			2,067,654			18,633			19,670			20,766			654,892			3,352,215
Aggregate Fair Value Interest Adjustments		33,781			33,830			—			—			—			—			67,611
Deferred Financing Costs, Net		(786	)		(695	)		(432	)		(432	)		(432	)		(427	)		(3,204	)
		603,595			2,100,789			18,201			19,238			20,334			654,465			3,416,622
Mezzanine Notes Payable (associated with 767 Fifth
Avenue (The GM Building)) (60% ownership)		—			306,000			—			—			—			—			306,000
Fair Value Interest Adjustment		1,049			1,093			—			—			—			—			2,142
		1,049			307,093			—			—			—			—			308,142
Unsecured Senior Notes, Face Amount		—			—			850,000			700,000			700,000			4,050,000			6,300,000
Aggregate Discount Amortization		(1,448	)		(2,001	)		(2,035	)		(1,825	)		(1,830	)		(4,009	)		(13,148	)
Deferred Financing Costs, Net		(3,877	)		(5,380	)		(5,212	)		(4,228	)		(3,702	)		(8,851	)		(31,250	)
		(5,325	)		(7,381	)		842,753			693,947			694,468			4,037,140			6,255,602
Unsecured Line of Credit		—			—			—			—			—			—			—
	$	599,319		$	2,400,501		$	860,954		$	713,185		$	714,802		$	4,691,605		$	9,980,366
% of Total Consolidated Debt		6.00	%		24.05	%		8.63	%		7.15	%		7.16	%		47.01	%		100.00	%
Balloon Payments	$	554,505		$	2,356,000		$	850,000		$	700,000		$	700,000		$	4,683,554		$	9,844,059
Scheduled Principal Amortization	$	16,095		$	17,654		$	18,633		$	19,670		$	20,766		$	21,338		$	114,156

(1) Excludes unconsolidated joint ventures. For information on our unconsolidated joint venture debt, see page 17.

(2) This property has a fair value interest adjustment which is aggregated on the Aggregate Fair Value Interest Adjustments line.

(3) This loan was repaid on April 11, 2016 at par with no prepayment penalty.

15

Boston Properties, Inc.

First Quarter 2016

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 Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), 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, 2016 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. 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. This section also presents certain other indenture-related data that we believe assists investors in the Company’s unsecured debt securities.

		Senior Notes			Senior Notes
		Issued Prior to			Issued On or After
		October 9, 2009			October 9, 2009
		March 31, 2016
Total Assets:
Capitalized Property Value (1)		$	21,817,020		$	22,314,403
Cash and Cash Equivalents			1,605,678			1,605,678
Investments in Marketable Securities			21,077			21,077
Undeveloped Land, at Cost (including Joint Venture %)			303,822			303,822
Development in Process, at Cost (including Joint Venture %)			1,200,417			1,200,417
Total Assets		$	24,948,014		$	25,445,397
Unencumbered Assets		$	17,782,922		$	18,121,089
Secured Debt (Fixed and Variable) (2)		$	3,352,215		$	3,352,215
Mezzanine Notes Payable (3)			306,000			306,000
Joint Venture Debt (4)			352,762			352,762
Related Party Notes Payable			180,000			180,000
Contingent Liabilities & Letters of Credit			22,472			22,472
Unsecured Debt (5)			6,300,000			6,300,000
Total Outstanding Debt		$	10,513,449		$	10,513,449
Consolidated EBITDA:
Income before Gains on Sales of Real Estate (per Consolidated Income Statement)		$	148,599		$	148,599
Subtract: Income from Unconsolidated Joint Ventures (per Consolidated Income Statement)			(1,791	)		(1,791	)
Subtract: Gains from Investments in Securities (per Consolidated Income Statement)			(259	)		(259	)
Add: Interest Expense (per Consolidated Income Statement)			105,309			105,309
Add: Depreciation and Amortization (per Consolidated Income Statement)			159,448			159,448
EBITDA			411,306			411,306
Add: Company share of unconsolidated joint venture EBITDA			10,161			10,161
Consolidated EBITDA		$	421,467		$	421,467
Adjusted Interest Expense:
Interest Expense (per Consolidated Income Statement)		$	105,309		$	105,309
Add: Company share of unconsolidated joint venture interest expense			4,015			4,015
Less: Amortization of financing costs (including Joint Venture %)			(1,949	)		(1,949	)
Less: Interest expense funded by construction loan draws			(50	)		(50	)
Adjusted Interest Expense		$	107,325		$	107,325
Covenant Ratios and Related Data	Test	Actual			Actual
Total Outstanding Debt/Total Assets	Less than 60%		42.1	%		41.3	%
Secured Debt/Total Assets	Less than 50%		16.1	%		15.8	%
Interest Coverage (Annualized Consolidated EBITDA to
Annualized Interest Expense)	Greater than 1.50x		3.93			3.93
Unencumbered Assets/ Unsecured Debt	Greater than 150%		282.3	%		287.6	%
Unencumbered Consolidated Property EBITDA (6)		$	272,452		$	272,452
Unencumbered Interest Coverage (Unencumbered Consolidated Property EBITDA to Unsecured
Interest Expense)			4.19			4.19
% of Unencumbered Consolidated Property EBITDA to Consolidated EBITDA			64.6	%		64.6	%
# of in-service unencumbered properties			138			138

(1) For senior notes issued prior to October 9, 2009, Capitalized Property Value is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.5% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized Property Value for senior notes issued on or after October 9, 2009 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP.

(2) Excludes aggregate fair value interest adjustment of $67,611 and deferred financing costs, net of $3,204.

(3) Excludes aggregate fair value interest adjustment of $2,142.

(4) Excludes aggregate deferred financing costs, net of $1,368.

(5) Excludes aggregate debt discount of $13,148 and deferred financing costs, net of $31,250.

(6) Unencumbered Consolidated Property EBITDA is a non-GAAP financial measure equal to Consolidated EBITDA excluding corporate revenue and expenses, encumbered consolidated Property EBITDA, EBITDA from land and properties that have either been disposed of or not fully placed in-service and items that, in our view, are not representative of a property’s standard ongoing performance, such as termination income and other similar items. For the three months ended March 31, 2016, these excluded amounts were approximately $(20,176), $110,029, $7,313 and $51,849, respectively.

16

Boston Properties, Inc.

First Quarter 2016

UNCONSOLIDATED JOINT VENTURE DEBT ANALYSIS (*)

as of March 31, 2016

(dollars in thousands)

Debt Maturities and Principal Payments by Property
Property	2016			2017			2018			2019			2020			Thereafter			Total
Metropolitan Square (51%)	$	1,006		$	1,410		$	1,493		$	1,582		$	80,327		$	—		$	85,818
540 Madison Avenue (60%)		—			—			72,000			—			—			—			72,000
Market Square North (50%)		826			1,148			1,205			1,265			58,090			—			62,534
901 New York Avenue (25%)		—			—			—			—			955			55,295			56,250
500 North Capitol Street, N.W. (30%)		—			—			—			—			—			31,500			31,500
Annapolis Junction Building One (50%)		210			279			19,519			—			—			—			20,008	(1)
Annapolis Junction Building Six (50%)		6,612			—			—			—			—			—			6,612
Annapolis Junction Building Seven (50%)		10,773			—			—			—			—			—			10,773	(2)
Annapolis Junction Building Eight (50%)		—			7,267			—			—			—			—			7,267	(3)
		19,427			10,104			94,217			2,847			139,372			86,795			352,762
Deferred Financing Costs, Net		(302	)		(359	)		(219	)		(156	)		(111	)		(221	)		(1,368	)
	$	19,125		$	9,745		$	93,998		$	2,691		$	139,261		$	86,574		$	351,394
GAAP Weighted Average Rate		2.94	%		3.03	%		2.24	%		5.15	%		5.42	%		3.87	%		4.00	%
% of Total Debt		5.51	%		2.86	%		26.71	%		0.81	%		39.51	%		24.60	%		100.00	%
Balloon Payments	$	17,386		$	7,266		$	91,472		$	—		$	136,880		$	81,932		$	334,936
Scheduled Amortization	$	2,041		$	2,838		$	2,745		$	2,847		$	2,492		$	4,863		$	17,826

Floating and Fixed Rate Debt Analysis

				Stated Weighted			GAAP Weighted			Weighted Average
	% of Total Debt			Average Rate			Average Rate			Maturity (years)
Floating Rate Debt		33.07	%		2.03	%		2.26	%		1.8
Fixed Rate Debt		66.93	%		4.79	%		4.85	%		5.7
Total Debt		100.00	%		3.88	%		4.00	%		4.4

(*) All amounts represent the Company’s share.

(1) On April 11, 2016, a Notice of Event of Default was received from the lender because the loan to value ratio is not in compliance with the applicable covenant in the loan agreement. The joint venture is currently in discussions with the lender regarding curing the default, but there can be no assurance as to the outcome of those discussions. Loan has one, three-year extension option, subject to certain conditions.

(2) Loan was extended for one year on April 4, 2016. Loan has one, one-year extension option, subject to certain conditions.

(3) Loan has two, one-year extension options, subject to certain conditions.

17

Boston Properties, Inc.

First Quarter 2016

UNCONSOLIDATED JOINT VENTURES

(unaudited and dollars in thousands)

Balance Sheet Information
as of March 31, 2016
	540 Madison			Market Square			Metropolitan			901 New York			Wisconsin			Annapolis			500 North Capitol			The Hub on Causeway			1001						1265 Main			Total Unconsolidated
	Avenue			North			Square			Avenue			Place (1)			Junction (2)			Street, N.W.			(Phase 1)			6th Street			Dock72			Street			Joint Ventures
Net Equity (3) (4)	$	67,715		$	(9,506	)	$	9,238		$	(11,617	)	$	43,057		$	21,134		$	(3,470	)	$	23,881		$	42,540		$	12,196		$	16,143		$	211,311
Mortgage/Construction loans payable, net (4)	$	71,735		$	62,346		$	85,605		$	55,860		$	—		$	44,475	(5)	$	31,373		$	—		$	—		$	—		$	—		$	351,394
BXP’s nominal ownership percentage		60.00	%		50.00	%		51.00	%		25.00	%		33.33	%		50.00	%		30.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Results of Operations
for the three months ended March 31, 2016
	540 Madison			Market Square			Metropolitan			901 New York			Wisconsin			Annapolis			500 North Capitol			The Hub on Causeway			1001						1265 Main			Total Unconsolidated
	Avenue			North			Square			Avenue			Place (1)			Junction (2)			Street, N.W.			(Phase 1)			6th Street			Dock72			Street			Joint Ventures
REVENUE
Rental (6)	$	5,958		$	3,728		$	6,751		$	6,105		$	998		$	2,884		$	2,632		$	—		$	150		$	—		$	—		$	29,206
Operating recoveries		831			845			1,325			1,052			298			809			1,141			—			—			—			—			6,301
Straight-line rent		492			918			(322	)		766			—			43			283			—			—			—			—			2,180
Fair value lease revenue		(1	)		—			—			—			—			—			—			—			—			—			—			(1	)
Termination Income		—			34			(51	)		—			—			—			—			—			—			—			—			(17	)
Total revenue		7,280			5,525			7,703			7,923			1,296			3,736			4,056			—			150			—			—			37,669
EXPENSES
Operating		3,433			2,287			3,614			3,259			564			1,924			1,347			—			239			—			—			16,667
NET OPERATING INCOME		3,847			3,238			4,089			4,664			732			1,812			2,709			—			(89	)		—			—			21,002
Interest		635			1,540			2,447			2,075			—			575			1,117			—			—			—			—			8,389
Depreciation and amortization		1,888			800			1,733			1,334			1,382			1,014			913			—			—			—			—			9,064
SUBTOTAL		2,523			2,340			4,180			3,409			1,382			1,589			2,030			—			—			—			—			17,453
NET INCOME/(LOSS)	$	1,324		$	898		$	(91	)	$	1,255		$	(650	)	$	223		$	679		$	—		$	(89	)	$	—		$	—		$	3,549
BXP’s share of net income/(loss)	$	794		$	449		$	(46	)	$	347	(7)	$	(216	)	$	112		$	204		$	—		$	(45	)	$	—		$	—			1,599
Basis differential (8)		171			(7	)		35			(8	)		(7	)		(1	)		9			—			—			—			—			192
Income/(loss) from unconsolidated joint ventures	$	965		$	442		$	(11	)	$	339	(7)	$	(223	)	$	111		$	213		$	—		$	(45	)	$	—		$	—		$	1,791
BXP’s share of depreciation & amortization		1,022			412			894			913	(7)		466			513			276			—			—			—			—			4,496
BXP’s share of Funds from Operations (FFO)	$	1,987		$	854		$	883		$	1,252		$	243		$	624		$	489		$	—		$	(45	)	$	—		$	—		$	6,287
BXP’s share of revenue (9) (10)	$	3,870		$	2,340		$	3,253		$	3,287	(7)	$	333		$	1,464		$	875		$	—		$	75		$	—		$	—		$	15,497
BXP’s share of interest expense	$	381		$	770		$	1,248		$	993	(7)	$	—		$	288		$	335		$	—		$	—		$	—		$	—		$	4,015
BXP’s share of net operating income/(loss) (10)	$	2,308		$	1,619		$	2,085		$	2,231	(7)	$	244		$	906		$	813		$	—		$	(45	)	$	—		$	—		$	10,161

(1) Represents the Company’s interest in the joint venture entity that owns the land, parking garage and infrastructure. The Company’s entity that owns 100% of the office component of the project is consolidated within the accounts of the Company.

(2) Annapolis Junction includes four properties in service and two undeveloped land parcels.

(3) Represents the Company’s share.

(4) As of March 31, 2016, certain investments with deficit balances aggregating ($24,593) have been reflected within Other Liabilities on the Company’s Consolidated Balance Sheet.

(5) On April 11, 2016, we received a Notice of Event of Default from the lender for the loan collateralized by Annapolis Junction Building One because the loan to value ratio is not in compliance with the applicable covenant in the loan agreement. The joint venture is currently in discussions with the lender regarding curing the default, but there can be no assurance as to the outcome of those discussions. The loan has an outstanding balance of approximately $40.0 million of which the Company’s share is approximately $20.0 million.

(6) Includes approximately $25 of management services income and approximately $36 of interest and other income.

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

(8) Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.

(9) Excludes operating recoveries.

(10) Includes the Company’s share of approximately approximately $14 of management services income and approximately $16 of interest and other income.

18

Boston Properties, Inc.

First Quarter 2016

CONSOLIDATED JOINT VENTURES

(unaudited and in thousands)

Balance Sheets

as of March 31, 2016

BXP’s ownership percentage	60.00%			55.00%		95.00%
				Norges Joint Ventures
	767 Fifth Avenue (The GM Building)			Times Square Tower 601 Lexington Avenue 100 Federal Street Atlantic Wharf Office		Salesforce Tower		Total Consolidated Joint Ventures
ASSETS
Real estate, net	$	3,456,511		$	2,223,441	$	510,678	$	6,190,630
Cash and cash held in escrows		87,069			139,249		4,608		230,926
Other assets		116,711			194,676		1,042		312,429
Total assets	$	3,660,291		$	2,557,366	$	516,328	$	6,733,985
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	1,366,841		$	693,997	$	—	$	2,060,838
Mezzanine notes payable		308,142			—		—		308,142
Related party notes payable		180,000			—		—		180,000
Accrued interest on related party notes		127,670			—		—		127,670
Other liabilities		180,576			67,787		47,409		295,772
Total liabilities		2,163,229			761,784		47,409		2,972,422
Equity:
Boston Properties, Inc.		1,083,155	(1)		666,636		447,779		2,197,570
Noncontrolling interests		413,907			1,128,946		21,140		1,563,993	(2)
Total equity		1,497,062			1,795,582		468,919		3,761,563
Total liabilities and equity	$	3,660,291		$	2,557,366	$	516,328	$	6,733,985

(1) BXP equity adjusted for related party notes and accrued interest that are allocated to our partners through NCI.

(2) Amount excludes preferred shareholders capital of approximately $0.1 million.

19

Boston Properties, Inc.

First Quarter 2016

CONSOLIDATED JOINT VENTURES

(unaudited and in thousands)

Income Statements

for the three months ended March 31, 2016

BXP’s ownership percentage	60.00%			55.00%			95.00%
				Norges Joint Ventures
	767 Fifth Avenue (The GM Building)			Times Square Tower 601 Lexington Avenue 100 Federal Street Atlantic Wharf Office			Salesforce Tower		Total Consolidated Joint Ventures
REVENUE
Rental	$	64,381		$	90,357		$	—	$	154,738
Straight-line rent		3,877			322			—		4,199
Fair value lease revenue		5,357			1,483			—		6,840
Termination income		—			4,115			—		4,115
Parking and other		637			1,425			—		2,062
Total revenue		74,252			97,702			—		171,954
EXPENSES
Operating		27,045			32,901			—		59,946
NET OPERATING INCOME		47,207			64,801			—		112,008
Management services income		(403	)		(513	)		—		(916	)
Interest and other income		(19	)		(121	)		—		(140	)
Interest expense		23,846			8,362			—		32,208
Interest expense—partner notes		8,234			—			—		8,234
Fair value adjustment to interest expense		(11,278	)		—			—		(11,278	)
Depreciation and amortization		24,747			21,574			—		46,321
Gain on sale		—			—			—		—
SUBTOTAL		45,127			29,302			—		74,429
NET INCOME/(LOSS)	$	2,080		$	35,499		$	—	$	37,579
Partners’ share of NOI	$	18,883		$	29,160		$	—	$	48,043
BXP’s share of NOI	$	28,324		$	35,641		$	—	$	63,965
Unearned portion of capitalized fees (1)	$	151		$	1,040		$	—	$	1,191
Reconciliation of partners’ noncontrolling interest (NCI):
Net income /(loss)	$	2,080		$	35,449		$	—	$	37,579
Add back depreciation & amortization—BXP’s basis difference		18			31			—		49
Special allocation—BXP’s basis		—			(22	)		—		(22	)
Add back partners’ share of partner loan interest		8,234			—			—		8,234
Net income/(loss) before interest allocation	$	10,332		$	35,508		$	—	$	45,840
Partners’ NCI share of net income before interest allocation	$	4,131		$	15,978		$	—	$	20,109
Partners’ share of partner loan interest		(8,234	)		—			—		(8,234	)
Allocation of management and other fees to non-controlling partner		(591	)		(820	)		—		(1,411	)
Accretion and adjustments		—			—			—		—
Partners’ NCI	$	(4,694	)	$	15,158		$	—	$	10,464
Reconciliation of partners’ share of FFO:
Net income/(loss)	$	2,080		$	35,499		$	—	$	37,579
Special allocation—BXP’s basis		—			(22	)		—		(22	)
Add back depreciation & amortization		24,747			21,574			—		46,321
Entity FFO	$	26,827		$	57,051		$	—	$	83,878
Partners’ share of net income/(loss)	$	838		$	15,988		$	—	$	16,826
Partners’ share of partner loan interest not in partner’s share of entity FFO		(4,941	)		—			—		(4,941	)
Allocation of management and other fees to non-controlling partner		(591	)		(820	)		—		(1,411	)
Partners’ share of depreciation and amortization		9,892			9,694			—		19,586
Accretion and adjustments		—			(41	)		—		(41	)
Partners’ share FFO	$	5,198		$	24,821		$	—	$	30,019
Reconciliation of BXP’s share of FFO
BXP’s share of net income/(loss) adjusted for partners’ NCI	$	6,774		$	20,341		$	—	$	27,115
Depreciation & amortization—BXP’s basis difference		18			31			—		49
Other adjustment (3)		207			50			—		257
BXP’s share of depreciation & amortization		14,837			11,849			—		26,686
BXP’s share of FFO	$	21,836		$	32,271		$	—	$	54,107
Reconciliation of Partners’ share of Net Operating Income (2)
Rental revenue	$	29,701		$	43,966		$	—	$	73,667
Less: Termination income		—			1,852			—		1,852
Rental revenue—subtotal		29,701			42,114			—		71,815
Operating expenses		10,818			14,805			—		25,623
Net Operating Income (excluding termination income)	$	18,883		$	27,309		$	—	$	46,192
Rental revenue—subtotal	$	29,701		$	42,114			—	$	71,815
Less: Straight-line rent and fair value lease revenue		3,694			812			—		4,506
Add: Lease transaction costs which qualify as inducements in accordance with GAAP (3)		17			—			—		17
Rental revenue—cash basis		26,024			41,302			—		67,326
Less: Operating expenses		10,818			14,805			—		25,623
Less: Straight-line ground rent expense		—			—			—		—
Net Operating Income—cash basis (excluding termination income)	$	15,206		$	26,497		$	—	$	41,703

(1) Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.

(2) Amounts based on partners’ ownership percentages.

(3) Leasing transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 12. For additional information related to second generation transaction costs, see page 42.

20

Boston Properties, Inc.

First Quarter 2016

PORTFOLIO OVERVIEW

for the quarter ended March 31, 2016

(dollars in thousands)

Rentable Square Footage and Percentage of Adjusted Combined Net Operating Income of In-Service Properties by Location and Type of Property (1) (2) (3)

Geographic Area	Square Feet Office (4)			% of NOI Office (3)			Square Feet Residential			% of NOI Residential (3)			Square Feet Hotel			% of NOI Hotel (3)			Square Feet Total			% of NOI Total (3)
Boston		13,400,935	(5)		28.7	%		87,097			0.2	%		334,260			0.3	%		13,822,292			29.2	%
New York		11,571,174	(5)		33.8	%		—			—			—			—			11,571,174			33.8	%
San Francisco		5,853,363			15.2	%		—			—			—			—			5,853,363			15.2	%
Washington, DC		10,066,928	(5)		21.3	%		355,347			0.5	%		—			—			10,422,275			21.8	%
Total		40,892,400	(5)		99.0	%		442,444			0.7	%		334,260			0.3	%		41,669,104			100.0	%
% of Total		98.1	%					1.1	%					0.8	%					100.0	%

Percentage of Adjusted Combined Net Operating Income of In-Service Properties by Location (2) (3)

Geographic Area	CBD			Suburban			Total
Boston		22.8	%		6.4	%		29.2	%
New York		31.3	%		2.5	%		33.8	%
San Francisco		12.1	%		3.1	%		15.2	%
Washington, DC		9.5	%		12.3	%		21.8	%
Total		75.7	%		24.3	%		100.0	%

Rentable Square Footage and Rental Revenue of In-Service Properties by Unit Type (6)

	Square Feet		Revenue from Consolidated Portfolio			Revenue from Unconsolidated Joint Ventures Portfolio (7)		Total		% of Total
Office		38,701,436	$	487,036		$	13,492	$	500,528		85.5	%
Retail		2,231,020		45,792			828		46,620		8.0	%
Residential		406,648		3,367			—		3,367		0.6	%
Hotel		330,000		8,677	(8)		—		8,677		1.5	%
Parking and other		N/A		24,825	(9)		1,147		25,972		4.4	%
Total		41,669,104	$	569,697		$	15,467	$	585,164		100.0	%

(1) For disclosures relating to our definition of In-Service Properties, see page 48.

(2) Adjusted Combined Net Operating Income (NOI) is a non-GAAP financial measure. For a quantitative reconciliation of Adjusted Combined NOI to Net Income attributable to Boston Properties, Inc. common shareholders, see page 40. For disclosures relating to our use of Adjusted Combined NOI see page 48.

(3) The calculation for percentage of Adjusted Combined NOI excludes termination income.

(4) Includes approximately 2,200,000 square feet of retail space.

(5) Includes 100% of the rentable square footage of our In-Service Properties. For disclosures relating to our In-Service Properties, see pages 22-24.

(6) Excludes recoveries from tenants.

(7) Represents the Company’s share. For additional information on unconsolidated joint ventures, see page 18.

(8) Excludes approximately $67 of base rent from retail tenants which is included in Retail above and approximately $13 of recoveries from tenants.

(9) Includes approximately $2,300 of other income.

21

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE PROPERTY LISTING

as of March 31, 2016

	Sub Market	Number of Buildings		Square Feet		Leased % (1)			Annualized Revenue Per Leased SF (2)		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Boston
Office
200 Clarendon Street (formerly John Hancock Tower)	CBD Boston MA		1		1,746,153		76.6	%	$	63.10	N	CBD
100 Federal Street (55% ownership)	CBD Boston MA		1		1,273,968		85.2	%		51.12	N	CBD
800 Boylston Street—The Prudential Center	CBD Boston MA		1		1,228,925		92.8	%		59.33	N	CBD
111 Huntington Avenue—The Prudential Center	CBD Boston MA		1		860,455		100.0	%		62.81	N	CBD
Atlantic Wharf Office (55% ownership)	CBD Boston MA		1		793,827		100.0	%		67.19	N	CBD
101 Huntington Avenue—The Prudential Center	CBD Boston MA		1		505,249		96.1	%		48.50	N	CBD
The Shops at the Prudential Center	CBD Boston MA		1		491,771		98.1	%		81.41	N	CBD
Star Market at the Prudential Center	CBD Boston MA		1		57,235		100.0	%		54.33	N	CBD
			8		6,957,583		89.7	%	$	61.03
355 Main Street	East Cambridge MA		1		265,342		100.0	%	$	69.89	N	CBD
90 Broadway	East Cambridge MA		1		223,771		100.0	%		50.68	N	CBD
255 Main Street	East Cambridge MA		1		215,629		100.0	%		55.01	N	CBD
300 Binney Street	East Cambridge MA		1		195,191		100.0	%		52.71	N	CBD
150 Broadway	East Cambridge MA		1		177,226		100.0	%		47.44	N	CBD
105 Broadway	East Cambridge MA		1		152,664		100.0	%		60.84	N	CBD
325 Main Street	East Cambridge MA		1		115,361		100.0	%		46.67	N	CBD
145 Broadway	East Cambridge MA		1		79,616		100.0	%		55.93	N	CBD
250 Binney Street	East Cambridge MA		1		67,362		100.0	%		42.75	N	CBD
University Place	Mid-Cambridge MA		1		195,282		100.0	%		46.75	Y	CBD
			10		1,687,444		100.0	%	$	54.28
Bay Colony Corporate Center	Route 128 Mass Turnpike MA		4		1,008,703		78.9	%	$	35.77	N	S
Reservoir Place	Route 128 Mass Turnpike MA		1		528,885		99.5	%		34.03	N	S
140 Kendrick Street	Route 128 Mass Turnpike MA		3		380,987		84.2	%		37.22	N	S
Weston Corporate Center	Route 128 Mass Turnpike MA		1		356,995		100.0	%		52.21	N	S
Waltham Weston Corporate Center	Route 128 Mass Turnpike MA		1		306,687		95.2	%		34.06	N	S
230 CityPoint	Route 128 Mass Turnpike MA		1		300,573		85.1	%		34.05	N	S
200 West Street	Route 128 Mass Turnpike MA		1		256,245		99.3	%		34.62	N	S
77 CityPoint	Route 128 Mass Turnpike MA		1		209,707		100.0	%		47.00	N	S
195 West Street	Route 128 Mass Turnpike MA		1		63,500		100.0	%		40.79	N	S
Quorum Office Park	Route 128 Northwest MA		2		267,527		90.0	%		18.83	N	S
Lexington Office Park	Route 128 Northwest MA		2		166,858		88.1	%		26.17	N	S
191 Spring Street	Route 128 Northwest MA		1		158,900		100.0	%		31.14	N	S
40 Shattuck Road	Route 128 Northwest MA		1		121,542		81.6	%		22.47	N	S
91 Hartwell Avenue	Route 128 Northwest MA		1		119,216		100.0	%		26.55	N	S
201 Spring Street	Route 128 Northwest MA		1		106,300		100.0	%		37.81	N	S
33 Hayden Avenue	Route 128 Northwest MA		1		80,872		100.0	%		44.61	N	S
32 Hartwell Avenue	Route 128 Northwest MA		1		69,154		100.0	%		24.47	N	S
164 Lexington Road	Route 128 Northwest MA		1		64,140		0.0	%		—	N	S
100 Hayden Avenue	Route 128 Northwest MA		1		55,924		100.0	%		44.26	N	S
181 Spring Street	Route 128 Northwest MA		1		55,793		100.0	%		31.34	N	S
92 Hayden Avenue	Route 128 Northwest MA		1		31,100		100.0	%		41.91	N	S
17 Hartwell Avenue	Route 128 Northwest MA		1		30,000		0.0	%		—	N	S
(3) The Point (formerly 99 Third Avenue Retail)	Route 128 Northwest MA		1		16,300		84.7	%		50.24	N	S
			30		4,755,908		89.4	%	$	35.53
	Total Boston Office:		48		13,400,935		90.9	%	$	51.13
Residential
The Lofts at Atlantic Wharf (86 units)	CBD Boston MA		1		87,097						N	CBD
	Total Boston Residential:		1		87,097
Hotel
Boston Marriott Cambridge (433 rooms)	East Cambridge MA		1		334,260						N	CBD
	Total Boston Hotel:		1		334,260
	Total Boston:		50		13,822,292

(1) Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

(2) For disclosures relating to our definition of Annualized Revenue, see page 49.

(3) Not included in Same Property analysis.

22

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE PROPERTY LISTING (continued)

as of March 31, 2016

	Sub Market	Number of Buildings		Square Feet		Leased % (1)			Annualized Revenue Per Leased SF (2)		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
New York
Office
767 Fifth Avenue (The GM Building) (60% ownership)	Plaza District NY		1		1,822,412		98.5	%	$	144.30	Y	CBD
399 Park Avenue	Park Avenue NY		1		1,710,383		98.9	%		90.10	N	CBD
601 Lexington Avenue (55% ownership)	Park Avenue NY		1		1,633,884		94.0	%		93.57	Y	CBD
599 Lexington Avenue	Park Avenue NY		1		1,057,978		99.3	%		81.46	Y	CBD
Times Square Tower (55% ownership)	Times Square NY		1		1,247,454		100.0	%		76.84	N	CBD
250 West 55th Street	Times Square / West Side NY		1		986,823		77.5	%		84.50	N	CBD
510 Madison Avenue	Fifth/Madison Avenue NY		1		355,598		100.0	%		118.99	N	CBD
540 Madison Avenue (60% ownership)	Fifth/Madison Avenue NY		1		283,695		96.2	%		100.30	Y	CBD
			8		9,098,227		95.8	%	$	99.97
One Tower Center	East Brunswick NJ		1		412,797		26.5	%	$	30.51	N	S
510 Carnegie Center	Princeton NJ		1		234,160		100.0	%		34.24	N	S
210 Carnegie Center	Princeton NJ		1		162,372		79.3	%		32.82	N	S
206 Carnegie Center	Princeton NJ		1		161,763		100.0	%		31.87	N	S
212 Carnegie Center	Princeton NJ		1		151,547		86.9	%		36.26	N	S
214 Carnegie Center	Princeton NJ		1		150,774		67.6	%		33.28	N	S
506 Carnegie Center	Princeton NJ		1		149,110		35.4	%		31.81	N	S
508 Carnegie Center	Princeton NJ		1		134,433		100.0	%		32.88	N	S
202 Carnegie Center	Princeton NJ		1		134,068		80.5	%		37.96	N	S
101 Carnegie Center	Princeton NJ		1		127,237		87.3	%		33.93	N	S
504 Carnegie Center	Princeton NJ		1		121,990		100.0	%		30.59	N	S
502 Carnegie Center	Princeton NJ		1		121,460		91.3	%		36.73	N	S
701 Carnegie Center	Princeton NJ		1		120,000		100.0	%		39.28	N	S
104 Carnegie Center	Princeton NJ		1		102,830		83.6	%		33.18	N	S
105 Carnegie Center	Princeton NJ		1		69,955		62.7	%		32.27	N	S
302 Carnegie Center	Princeton NJ		1		64,926		100.0	%		34.24	N	S
211 Carnegie Center	Princeton NJ		1		47,025		100.0	%		35.30	N	S
201 Carnegie Center	Princeton NJ		—		6,500		100.0	%		32.71	N	S
			17		2,472,947		75.8	%	$	34.00
	Total New York:		25		11,571,174		91.5	%	$	88.28
San Francisco
Office
Embarcadero Center Four	CBD San Francisco CA		1		937,494		88.2	%	$	60.64	Y	CBD
Embarcadero Center One	CBD San Francisco CA		1		831,067		97.0	%		55.00	N	CBD
Embarcadero Center Two	CBD San Francisco CA		1		781,456		87.4	%		58.46	N	CBD
Embarcadero Center Three	CBD San Francisco CA		1		776,541		91.1	%		53.55	N	CBD
680 Folsom Street	CBD San Francisco CA		2		524,793		98.4	%		58.05	N	CBD
(3) 535 Mission Street	CBD San Francisco CA		1		307,235		86.7	%		70.19	N	CBD
(4) 690 Folsom Street	CBD San Francisco CA		1		26,080		55.2	%		73.69	N	CBD
			8		4,184,666		91.3	%	$	58.10
601 and 651 Gateway	South San Francisco CA		2		506,279		99.6	%	$	38.89	N	S
611 Gateway	South San Francisco CA		1		260,337		23.6	%		38.33	N	S
Mountain View Research Park	Mountain View CA		15		540,433		100.0	%		39.61	N	S
2440 West El Camino Real	Mountain View CA		1		141,392		100.0	%		56.27	N	S
453 Ravendale Drive	Mountain View CA		1		29,620		76.5	%		36.32	N	S
(5) North First Business Park	San Jose CA		5		190,636		100.0	%		17.31	N	S
			25		1,668,697		87.6	%	$	37.96
	Total San Francisco:		33		5,853,363		90.2	%	$	52.53

(1) Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

(2) For disclosures relating to our definition of Annualized Revenue, see page 49.

(3) Not included in Same Property analysis. Including leases with future commencement dates, this property is 99% leased as of April 22, 2016.

(4) Not included in Same Property analysis. Including leases with future commencement dates, this property is 100% leased as of April 22, 2016.

(5) Property held for redevelopment.

23

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE PROPERTY LISTING (continued)

as of March 31, 2016

	Sub Market	Number of Buildings		Square Feet		Leased % (1)			Annualized Revenue Per Leased SF (2)			Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Washington, DC
Office
Capital Gallery	Southwest Washington DC		1		631,029		99.8	%	$	57.64		N	CBD
500 E Street, S.W.	Southwest Washington DC		1		251,994		100.0	%		45.61		N	CBD
Metropolitan Square (51% ownership)	East End Washington DC		1		589,529		77.6	%		63.47		Y	CBD
901 New York Avenue (25% ownership)	East End Washington DC		1		539,680		92.4	%		58.66		Y	CBD
Market Square North (50% ownership)	East End Washington DC		1		414,294		80.0	%		63.64		Y	CBD
2200 Pennsylvania Avenue	CBD Washington DC		1		458,831		100.0	%		87.59		N	CBD
1333 New Hampshire Avenue	CBD Washington DC		1		315,371		100.0	%		46.24		N	CBD
1330 Connecticut Avenue	CBD Washington DC		1		252,169		98.3	%		61.04		N	CBD
Sumner Square	CBD Washington DC		1		208,892		100.0	%		49.33		N	CBD
500 North Capitol Street, N.W. (30% ownership)	Capitol Hill Washington DC		1		230,859		97.5	%		66.64		Y	CBD
			10		3,892,648		93.1	%	$	61.17
South of Market	Reston VA		3		623,665		92.5	%	$	53.34		N	S
Fountain Square	Reston VA		2		521,598		94.4	%		46.84		Y	S
One Freedom Square	Reston VA		1		432,581		95.9	%		46.91		N	S
Two Freedom Square	Reston VA		1		421,757		100.0	%		45.26		N	S
One and Two Discovery Square	Reston VA		2		366,990		97.8	%		43.69		N	S
One Reston Overlook	Reston VA		1		319,519		100.0	%		37.99		N	S
Reston Corporate Center	Reston VA		2		261,046		100.0	%		39.30		N	S
Democracy Tower	Reston VA		1		259,441		100.0	%		58.29		N	S
Fountain Square Retail	Reston VA		1		237,209		96.0	%		53.30		Y	S
Two Reston Overlook	Reston VA		1		134,615		100.0	%		37.04		N	S
			15		3,578,421		96.9	%	$	46.93
Wisconsin Place Office	Montgomery County MD		1		299,186		97.6	%	$	54.11		N	S
2600 Tower Oaks Boulevard	Montgomery County MD		1		179,369		64.2	%		35.70		N	S
New Dominion Technology Park—Building Two	Herndon VA		1		257,400		100.0	%		39.34		N	S
New Dominion Technology Park—Building One	Herndon VA		1		235,201		100.0	%		33.67		Y	S
Kingstowne Two	Springfield VA		1		156,251		93.7	%		41.52		N	S
Kingstowne One	Springfield VA		1		151,483		75.6	%		39.66		N	S
7601 Boston Boulevard	Springfield VA		1		114,028		100.0	%		18.37		N	S
7435 Boston Boulevard	Springfield VA		1		103,557		67.1	%		22.45		N	S
8000 Grainger Court	Springfield VA		1		88,775		37.6	%		23.64		N	S
Kingstowne Retail	Springfield VA		1		88,288		100.0	%		35.98		N	S
7500 Boston Boulevard	Springfield VA		1		79,971		100.0	%		16.13		N	S
7501 Boston Boulevard	Springfield VA		1		75,756		100.0	%		28.50		N	S
7450 Boston Boulevard	Springfield VA		1		62,402		0.0	%		—		N	S
7374 Boston Boulevard	Springfield VA		1		57,321		100.0	%		17.55		N	S
8000 Corporate Court	Springfield VA		1		52,539		100.0	%		13.79		N	S
7451 Boston Boulevard	Springfield VA		1		45,615		67.4	%		25.71		N	S
7300 Boston Boulevard	Springfield VA		1		32,000		100.0	%		21.22		N	S
7375 Boston Boulevard	Springfield VA		1		26,865		79.2	%		28.50		N	S
(3) Annapolis Junction Building Seven (50% ownership)	Anne Arundel County MD		1		127,229		100.0	%		31.79		Y	S
(3) Annapolis Junction Building Eight (50% ownership)	Anne Arundel County MD		1		125,685		0.0	%		—		Y	S
Annapolis Junction Building Six (50% ownership)	Anne Arundel County MD		1		119,339		48.9	%		29.74		Y	S
Annapolis Junction Building One (50% ownership)	Anne Arundel County MD		1		117,599		50.8	%		129.17		Y	S
			22		2,595,859		79.4	%	$	37.34
	Total Washington Office:		47		10,066,928		90.9	%	$	50.41
Residential
The Avant at Reston Town Center (359 units)	Reston VA		1		355,347							N	S
	Total Washington Residential:		1		355,347
	Total Washington, DC:		48		10,422,275
	Total In-Service Properties:		156		41,669,104		91.0	%(4)	$	61.73	(4)

(1) Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

(2) For disclosures relating to our definition of Annualized Revenue, see page 49.

(3) Not included in Same Property analysis.

(4) Excludes Hotel and Residential properties. For disclosures relating to our Hotel and Residential properties, see page 38.

24

Boston Properties, Inc.

First Quarter 2016

OCCUPANCY BY LOCATION

Total In-Service Properties (1)

	CBD						Suburban						Total
Location	31-Mar-16			31-Mar-15			31-Mar-16			31-Mar-15			31-Mar-16			31-Mar-15
Boston		91.7	%		88.0	%		89.4	%		89.5	%		90.9	%		88.5	%
New York		95.8	%		93.1	%		75.8	%		80.5	%		91.5	%		90.4	%
San Francisco		91.3	%		94.2	%		87.6	%		77.9	%		90.2	%		88.3	%
Washington, DC		93.1	%		96.1	%		89.5	%		92.2	%		90.9	%		93.8	%
Total Portfolio		93.3	%		92.0	%		87.0	%		87.4	%		91.0	%		90.3	%

Same Property Portfolio (1) (2)

	CBD						Suburban						Total
Location	31-Mar-16			31-Mar-15			31-Mar-16			31-Mar-15			31-Mar-16			31-Mar-15
Boston		91.7	%		87.7	%		89.4	%		89.4	%		90.9	%		88.3	%
New York		95.8	%		93.1	%		75.8	%		80.5	%		91.5	%		90.4	%
San Francisco		91.9	%		94.2	%		87.6	%		97.0	%		90.6	%		95.1	%
Washington, DC		93.1	%		95.8	%		91.2	%		92.2	%		92.0	%		93.6	%
Total Portfolio		93.4	%		91.8	%		87.7	%		89.9	%		91.3	%		91.1	%

(1) Includes 100% of joint venture properties. Does not include residential and hotel properties.

(2) For disclosures related to our definition of Same Properties, see page 48.

25

Boston Properties, Inc.

First Quarter 2016

TOP 20 TENANTS LISTING AND PORTFOLIO TENANT DIVERSIFICATION

TOP 20 TENANTS (1)

	Tenant	% of Portfolio
1.	Citibank		3.30	%
2.	US Government		2.87	%
3.	Arnold & Porter		2.25	%
4.	Biogen		2.08	%
5.	Shearman & Sterling		1.81	%
6.	Ropes & Gray		1.67	%
7.	Kirkland & Ellis		1.42	%
8.	O’Melveny & Myers		1.41	%
9.	Wellington Management		1.33	%
10.	Bank of America		1.31	%
11.	Weil Gotshal Manges		1.31	%
12.	Morgan Lewis Bockius		1.25	%
13.	Microsoft		1.12	%
14.	Google		1.12	%
15.	Aramis (Estee Lauder)		1.07	%
16.	Kaye Scholar		1.00	%
17.	Reed Smith		0.96	%
18.	Mass Financial Services		0.92	%
19.	Morrison Foerster		0.90	%
20.	Hunton & Williams		0.88	%
	Total% of BXP’s Share of Portfolio Revenue		29.98	%
	Total% of Portfolio Square Feet		23.97	%

NOTABLE SIGNED DEALS (2)

Tenant	Property	Sq. Ft.
salesforce.com	Salesforce Tower		732,000
Putnam Investments	100 Federal Street		249,000

TENANT DIVERSIFICATION (1)

(1) Percentages are based on the Company’s share of consolidated and unconsolidated annualized revenue. For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Represents leases signed with occupancy commencing in the future.

26

Boston Properties, Inc.

First Quarter 2016

LEASE EXPIRATIONS (1) (2) (3)

IN-SERVICE OFFICE PROPERTIES

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
2016		1,798,891	$	95,057,551	$	52.84	$	95,575,620	$	53.13		4.63	%(4)
2017		2,747,557		163,595,275		59.54		165,949,756		60.40		7.06	%
2018		1,605,096		94,783,295		59.05		96,416,449		60.07		4.13	%
2019		3,287,910		169,837,189		51.66		175,606,376		53.41		8.45	%
2020		4,327,700		273,358,060		63.16		284,326,182		65.70		11.13	%
2021		2,983,675		154,743,336		51.86		172,298,015		57.75		7.67	%
2022		3,883,366		217,340,705		55.97		239,490,415		61.67		9.99	%
2023		1,299,711		70,313,049		54.10		81,308,211		62.56		3.34	%
2024		2,628,429		151,223,922		57.53		170,003,520		64.68		6.76	%
2025		2,209,587		130,386,420		59.01		147,189,144		66.61		5.68	%
Thereafter		8,597,200		607,081,109		70.61		778,282,156		90.53		22.11	%

IN-SERVICE RETAIL PROPERTIES

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
2016		218,969	$	15,163,044	$	69.25	$	15,303,627	$	69.89		10.94	%(4)
2017		165,636		15,549,869		93.88		15,655,287		94.52		8.27	%
2018		239,022		21,225,020		88.80		22,204,004		92.90		11.94	%
2019		90,157		6,420,188		71.21		6,570,627		72.88		4.50	%
2020		186,935		11,861,726		63.45		12,351,641		66.07		9.34	%
2021		150,106		20,537,228		136.82		22,307,645		148.61		7.50	%
2022		200,108		18,097,482		90.44		19,256,498		96.23		9.99	%
2023		196,555		18,203,076		92.61		20,582,570		104.72		9.82	%
2024		112,560		9,789,413		86.97		11,606,598		103.11		5.62	%
2025		130,667		8,609,221		65.89		9,685,073		74.12		6.53	%
Thereafter		311,673		25,508,767		81.84		34,441,743		110.51		15.57	%

TOTAL IN-SERVICE PROPERTIES

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
2016		2,017,860	$	110,220,595	$	54.62	$	110,879,247	$	54.95		4.93	%(4)
2017		2,913,193		179,145,144		61.49		181,605,043		62.34		7.12	%
2018		1,844,118		116,008,315		62.91		118,620,453		64.32		4.51	%
2019		3,378,067		176,257,377		52.18		182,177,002		53.93		8.26	%
2020		4,514,635		285,219,786		63.18		296,677,823		65.71		11.04	%
2021		3,133,781		175,280,563		55.93		194,605,661		62.10		7.66	%
2022		4,083,474		235,438,187		57.66		258,746,913		63.36		9.99	%
2023		1,496,266		88,516,125		59.16		101,890,781		68.10		3.66	%
2024		2,740,989		161,013,335		58.74		181,610,118		66.26		6.70	%
2025		2,340,254		138,995,641		59.39		156,874,216		67.03		5.72	%
Thereafter		8,908,873		632,589,876		71.01		812,723,899		91.23		21.79	%

(1) For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Includes 100% of joint venture properties.

(3) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

(4) Includes square feet expiring on the last day of the current quarter.

27

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE BOSTON REGION PROPERTIES

Lease Expirations - Boston Region (1) (2) (3)

OFFICE

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
2016		545,645	$	20,627,103	$	37.80	$	20,433,057	$	37.45	(4)
2017		612,397		26,146,100		42.69		26,311,902		42.97
2018		442,985		18,737,134		42.30		19,247,358		43.45
2019		1,134,549		54,303,233		47.86		55,315,015		48.76
2020		531,263		25,506,134		48.01		26,470,453		49.83
2021		956,963		37,366,593		39.05		39,059,188		40.82
2022		1,570,620		75,136,201		47.84		79,422,902		50.57
2023		455,614		23,427,334		51.42		27,041,417		59.35
2024		516,500		23,974,518		46.42		26,988,227		52.25
2025		1,094,575		61,615,570		56.29		68,527,259		62.61
Thereafter		3,415,060		195,298,223		57.19		225,748,887		66.10

RETAIL

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
2016		48,943	$	3,711,809	$	75.84	$	3,822,527	$	78.10	(4)
2017		50,041		3,880,403		77.54		3,885,081		77.64
2018		140,449		6,484,679		46.17		6,510,039		46.35
2019		11,787		2,003,065		169.94		2,032,178		172.41
2020		93,309		6,027,474		64.60		6,225,013		66.71
2021		38,705		2,727,914		70.48		2,884,033		74.51
2022		94,117		5,758,364		61.18		5,723,319		60.81
2023		79,937		7,466,719		93.41		8,257,219		103.30
2024		70,570		4,189,195		59.36		4,585,930		64.98
2025		30,224		3,725,045		123.25		4,231,063		139.99
Thereafter		146,850		9,312,292		63.41		10,473,377		71.32

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
2016		594,588	$	24,338,911	$	40.93	$	24,255,584	$	40.79	(4)
2017		662,438		30,026,503		45.33		30,196,982		45.58
2018		583,434		25,221,813		43.23		25,757,397		44.15
2019		1,146,336		56,306,298		49.12		57,347,193		50.03
2020		624,572		31,533,608		50.49		32,695,466		52.35
2021		995,668		40,094,507		40.27		41,943,220		42.13
2022		1,664,737		80,894,565		48.59		85,146,221		51.15
2023		535,551		30,894,052		57.69		35,298,636		65.91
2024		587,070		28,163,713		47.97		31,574,157		53.78
2025		1,124,799		65,340,614		58.09		72,758,322		64.69
Thereafter		3,561,910		204,610,516		57.44		236,222,264		66.32

(1) For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Includes 100% of joint venture properties.

(3) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

(4) Includes square feet expiring on the last day of the current quarter.

28

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE BOSTON REGION PROPERTIES

Quarterly Lease Expirations - Boston Region (1) (2) (3)

OFFICE

Lease Expiration by Quarter	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 2016		28,521	$	1,074,874	$	37.69	$	1,074,874	$	37.69	(4)
Q2 2016		42,637		1,374,855		32.25		1,175,337		27.57
Q3 2016		356,612		12,990,368		36.43		12,995,841		36.44
Q4 2016		117,875		5,187,006		44.00		5,187,006		44.00
Total 2016		545,645	$	20,627,103	$	37.80	$	20,433,057	$	37.45
Q1 2017		105,908	$	4,618,005	$	43.60	$	4,651,402	$	43.92
Q2 2017		208,676		9,299,576		44.56		9,396,253		45.03
Q3 2017		62,289		2,805,173		45.03		2,824,332		45.34
Q4 2017		235,524		9,423,345		40.01		9,439,914		40.08
Total 2017		612,397	$	26,146,100	$	42.69	$	26,311,902	$	42.97

RETAIL

Lease Expiration by Quarter	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 2016		2	$	92,000	$	45,999.96	$	92,000	$	45,999.96	(4)
Q2 2016		4,296		633,678		147.50		659,478		153.51
Q3 2016		42,062		2,617,909		62.24		2,702,827		64.26
Q4 2016		2,583		368,222		142.56		368,222		142.56
Total 2016		48,943	$	3,711,809	$	75.84	$	3,822,527	$	78.10
Q1 2017		9,824	$	1,208,528	$	123.02	$	1,207,136	$	122.88
Q2 2017		28,502		1,830,242		64.21		1,832,486		64.29
Q3 2017		1,453		114,404		78.74		115,959		79.81
Q4 2017		10,262		727,228		70.87		729,500		71.09
Total 2017		50,041	$	3,880,403	$	77.54	$	3,885,081	$	77.64

TOTAL PROPERTY TYPES

Lease Expiration by Quarter	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 2016		28,523	$	1,166,874	$	40.91	$	1,166,874	$	40.91	(4)
Q2 2016		46,933		2,008,533		42.80		1,834,815		39.09
Q3 2016		398,674		15,608,277		39.15		15,698,667		39.38
Q4 2016		120,458		5,555,228		46.12		5,555,228		46.12
Total 2016		594,588	$	24,338,911	$	40.93	$	24,255,584	$	40.79
Q1 2017		115,732	$	5,826,533	$	50.35	$	5,858,538	$	50.62
Q2 2017		237,178		11,129,818		46.93		11,228,739		47.34
Q3 2017		63,742		2,919,578		45.80		2,940,291		46.13
Q4 2017		245,786		10,150,574		41.30		10,169,414		41.38
Total 2017		662,438	$	30,026,503	$	45.33	$	30,196,982	$	45.58

(1) For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Includes 100% of joint venture properties. Does not include residential units and hotel.

(3) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

(4) Includes square feet expiring on the last day of the quarter.

29

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE NEW YORK REGION PROPERTIES

Lease Expirations - New York Region (1) (2) (3)

OFFICE
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
2016		523,900	$	35,483,289	$	67.73	$	36,371,691	$	69.42	(4)
2017		997,820		84,376,329		84.56		84,505,373		84.69
2018		528,832		42,450,416		80.27		41,909,419		79.25
2019		484,059		37,702,432		77.89		37,894,545		78.28
2020		1,868,609		152,299,961		81.50		156,904,617		83.97
2021		363,929		31,791,425		87.36		33,772,275		92.80
2022		910,361		78,335,290		86.05		84,028,966		92.30
2023		88,524		7,908,741		89.34		8,634,935		97.54
2024		1,045,255		72,043,029		68.92		78,575,592		75.17
2025		539,566		42,522,754		78.81		46,317,397		85.84
Thereafter		2,862,053		260,511,580		91.02		351,712,064		122.89
RETAIL
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
2016		111,436	$	8,097,530	$	72.67	$	8,097,530	$	72.67	(4)
2017		31,285		5,938,668		189.82		5,938,668		189.82
2018		8,114		8,737,711		1,076.87		9,575,025		1,180.06
2019		—		—		—		—		—
2020		3,452		253,056		73.31		253,056		73.31
2021		27,201		12,365,427		454.59		13,570,164		498.88
2022		58,093		9,877,469		170.03		10,811,467		186.11
2023		32,984		6,680,120		202.53		7,874,030		238.72
2024		11,395		3,937,740		345.57		5,069,760		444.91
2025		1,872		653,966		349.34		729,902		389.90
Thereafter		57,106		12,257,285		214.64		18,995,308		332.63
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
2016		635,336	$	43,580,819	$	68.59	$	44,469,221	$	69.99	(4)
2017		1,029,105		90,314,997		87.76		90,444,041		87.89
2018		536,946		51,188,127		95.33		51,484,444		95.88
2019		484,059		37,702,432		77.89		37,894,545		78.28
2020		1,872,061		152,553,017		81.49		157,157,673		83.95
2021		391,130		44,156,852		112.90		47,342,440		121.04
2022		968,454		88,212,759		91.09		94,840,433		97.93
2023		121,508		14,588,861		120.07		16,508,964		135.87
2024		1,056,650		75,980,770		71.91		83,645,352		79.16
2025		541,438		43,176,720		79.74		47,047,299		86.89
Thereafter		2,919,159		272,768,865		93.44		370,707,372		126.99

(1) For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Includes 100% of joint venture properties.

(3) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

(4) Includes square feet expiring on the last day of the current quarter.

30

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE NEW YORK REGION PROPERTIES

Quarterly Lease Expirations - New York Region (1) (2) (3)

OFFICE
Lease Expiration   by Quarter	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 2016		2,258	$	126,713	$	56.12	$	126,713	$	56.12	(4)
Q2 2016		301,092		20,589,650		68.38		20,589,650		68.38
Q3 2016		162,279		11,626,317		71.64		12,495,658		77.00
Q4 2016		58,271		3,140,609		53.90		3,159,670		54.22
Total 2016		523,900	$	35,483,289	$	67.73	$	36,371,691	$	69.42
Q1 2017		74,402	$	5,174,271	$	69.54	$	5,176,442	$	69.57
Q2 2017		140,355		11,501,370		81.94		11,618,272		82.78
Q3 2017		740,849		64,560,871		87.14		64,560,871		87.14
Q4 2017		42,214		3,139,818		74.38		3,149,788		74.61
Total 2017		997,820	$	84,376,329	$	84.56	$	84,505,373	$	84.69
RETAIL
Lease Expiration   by Quarter	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 2016		1,742	$	2,159,508	$	1,239.67	$	2,159,508	$	1,239.67	(4)
Q2 2016		19,142		982,442		51.32		982,442		51.32
Q3 2016		87,890		4,584,351		52.16		4,584,351		52.16
Q4 2016		2,662		371,229		139.46		371,229		139.46
Total 2016		111,436	$	8,097,530	$	72.67	$	8,097,530	$	72.67
Q1 2017		4,600	$	3,383,330	$	735.51	$	3,383,330	$	735.51
Q2 2017		626		179,490		286.72		179,490		286.72
Q3 2017		26,059		2,375,848		91.17		2,375,848		91.17
Q4 2017		—		—		—		—		—
Total 2017		31,285	$	5,938,668	$	189.82	$	5,938,668	$	189.82
TOTAL PROPERTY TYPES
Lease Expiration   by Quarter	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 2016		4,000	$	2,286,221	$	571.56	$	2,286,221	$	571.56	(4)
Q2 2016		320,234		21,572,093		67.36		21,572,093		67.36
Q3 2016		250,169		16,210,667		64.80		17,080,009		68.27
Q4 2016		60,933		3,511,838		57.63		3,530,899		57.95
Total 2016		635,336	$	43,580,819	$	68.59	$	44,469,221	$	69.99
Q1 2017		79,002	$	8,557,601	$	108.32	$	8,559,772	$	108.35
Q2 2017		140,981		11,680,859		82.85		11,797,762		83.68
Q3 2017		766,908		66,936,719		87.28		66,936,719		87.28
Q4 2017		42,214		3,139,818		74.38		3,149,788		74.61
Total 2017		1,029,105	$	90,314,997	$	87.76	$	90,444,041	$	87.89

(1) For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Includes 100% of joint venture properties.

(3) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

(4) Includes square feet expiring on the last day of the quarter.

31

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE SAN FRANCISCO REGION PROPERTIES

Lease Expirations - San Francisco Region (1) (2) (3)

OFFICE
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
2016		309,542	$	14,316,574	$	46.25	$	14,081,528	$	45.49
2017		620,183		28,763,458	��	46.38		30,526,899		49.22
2018		230,573		12,854,135		55.75		13,336,065		57.84
2019		701,194		32,566,043		46.44		34,906,108		49.78
2020		635,161		39,580,941		62.32		41,322,192		65.06
2021		448,489		22,253,700		49.62		28,084,921		62.62
2022		650,215		30,994,287		47.67		37,991,481		58.43
2023		234,770		13,931,578		59.34		16,377,204		69.76
2024		445,553		24,175,074		54.26		28,175,562		63.24
2025		120,114		7,103,085		59.14		8,916,926		74.24
Thereafter		606,179		35,297,655		58.23		49,050,562		80.92
RETAIL
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 futurestep-ups		Per Square Foot
2016		27,510	$	1,361,946	$	49.51	$	1,389,939	$	50.52
2017		16,079		1,119,910		69.65		1,132,275		70.42
2018		34,007		2,050,575		60.30		2,082,809		61.25
2019		12,091		732,231		60.56		769,377		63.63
2020		35,924		2,189,219		60.94		2,348,273		65.37
2021		18,918		1,225,332		64.77		1,297,733		68.60
2022		27,445		1,084,951		39.53		1,159,976		42.27
2023		27,788		1,529,963		55.06		1,624,144		58.45
2024		8,545		551,910		64.59		648,935		75.94
2025		21,461		1,310,980		61.09		1,527,673		71.18
Thereafter		6,736		387,690		57.55		706,689		104.91
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
2016		337,052	$	15,678,520	$	46.52	$	15,471,466	$	45.90
2017		636,262		29,883,368		46.97		31,659,174		49.76
2018		264,580		14,904,710		56.33		15,418,874		58.28
2019		713,285		33,298,274		46.68		35,675,485		50.02
2020		671,085		41,770,160		62.24		43,670,465		65.07
2021		467,407		23,479,032		50.23		29,382,653		62.86
2022		677,660		32,079,239		47.34		39,151,457		57.77
2023		262,558		15,461,541		58.89		18,001,347		68.56
2024		454,098		24,726,984		54.45		28,824,497		63.48
2025		141,575		8,414,064		59.43		10,444,599		73.77
Thereafter		612,915		35,685,345		58.22		49,757,251		81.18

(1) For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Includes 100% of joint venture properties.

(3) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

32

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE SAN FRANCISCO REGION PROPERTIES

Quarterly Lease Expirations - San Francisco Region (1) (2) (3)

OFFICE
Lease Expiration   by Quarter	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 2016		—	$	—	$	—	$	—	$	—
Q2 2016		103,316		4,615,560		44.67		4,615,560		44.67
Q3 2016		79,058		4,443,054		56.20		4,443,054		56.20
Q4 2016		127,168		5,257,960		41.35		5,022,914		39.50
Total 2016		309,542	$	14,316,574	$	46.25	$	14,081,528	$	45.49
Q1 2017		250,717	$	11,081,875	$	44.20	$	11,096,813	$	44.26
Q2 2017		111,739		4,878,525		43.66		5,045,859		45.16
Q3 2017		220,989		10,808,738		48.91		12,333,777		55.81
Q4 2017		36,738		1,994,319		54.28		2,050,450		55.81
Total 2017		620,183	$	28,763,458	$	46.38	$	30,526,899	$	49.22

RETAIL
Lease Expiration   by Quarter	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 2016		—	$	—	$	���	$	—	$	—
Q2 2016		1,875		117,182		62.50		144,571		77.10
Q3 2016		4,305		246,335		57.22		246,938		57.36
Q4 2016		21,330		998,429		46.81		998,429		46.81
Total 2016		27,510	$	1,361,946	$	49.51	$	1,389,939	$	50.52
Q1 2017		832	$	87,648	$	105.35	$	89,259	$	107.28
Q2 2017		130		25,304		194.65		26,046		200.35
Q3 2017		8,793		627,750		71.39		635,805		72.31
Q4 2017		6,324		379,208		59.96		381,166		60.27
Total 2017		16,079	$	1,119,910	$	69.65	$	1,132,275	$	70.42

TOTAL PROPERTY TYPES
Lease Expiration   by Quarter	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 2016		—	$	—	$	—	$	—	$	—
Q2 2016		105,191		4,732,742		44.99		4,760,132		45.25
Q3 2016		83,363		4,689,388		56.25		4,689,992		56.26
Q4 2016		148,498		6,256,389		42.13		6,021,343		40.55
Total 2016		337,052	$	15,678,520	$	46.52	$	15,471,466	$	45.90
Q1 2017		251,549	$	11,169,523	$	44.40	$	11,186,072	$	44.47
Q2 2017		111,869		4,903,829		43.84		5,071,904		45.34
Q3 2017		229,782		11,436,488		49.77		12,969,582		56.44
Q4 2017		43,062		2,373,527		55.12		2,431,616		56.47
Total 2017		636,262	$	29,883,368	$	46.97	$	31,659,174	$	49.76

(1) For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Includes 100% of joint venture properties.

(3) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

33

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE WASHINGTON, DC REGION PROPERTIES

Lease Expirations - Washington, DC Region (1) (2) (3)

OFFICE
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
2016		419,804	$	24,630,586	$	58.67	$	24,689,344	$	58.81	(4)(5)
2017		517,157		24,309,388		47.01		24,605,582		47.58	(5)
2018		402,706		20,741,610		51.51		21,923,607		54.44
2019		968,108		45,265,480		46.76		47,490,708		49.06
2020		1,292,667		55,971,024		43.30		59,628,921		46.13
2021		1,214,294		63,331,618		52.16		71,381,632		58.78
2022		752,170		32,874,927		43.71		38,047,065		50.58
2023		520,803		25,045,397		48.09		29,254,655		56.17
2024		621,121		31,031,301		49.96		36,264,139		58.38
2025		455,332		19,145,013		42.05		23,427,563		51.45
Thereafter		1,713,908		115,973,651		67.67		151,770,644		88.55

RETAIL
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
2016		31,080	$	1,991,759	$	64.08	$	1,993,631	$	64.15	(4)
2017		68,231		4,610,889		67.58		4,699,264		68.87
2018		56,452		3,952,056		70.01		4,036,131		71.50
2019		66,279		3,684,893		55.60		3,769,072		56.87
2020		54,250		3,391,977		62.52		3,525,299		64.98
2021		65,282		4,218,555		64.62		4,555,716		69.79
2022		20,453		1,376,697		67.31		1,561,736		76.36
2023		55,846		2,526,274		45.24		2,827,178		50.62
2024		22,050		1,110,568		50.37		1,301,973		59.05
2025		77,110		2,919,231		37.86		3,196,435		41.45
Thereafter		100,981		3,551,500		35.17		4,266,368		42.25

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
2016		450,884	$	26,622,345	$	59.04	$	26,682,975	$	59.18	(4)
2017		585,388		28,920,277		49.40		29,304,845		50.06
2018		459,158		24,693,665		53.78		25,959,738		56.54
2019		1,034,387		48,950,373		47.32		51,259,780		49.56
2020		1,346,917		59,363,001		44.07		63,154,220		46.89
2021		1,279,576		67,550,172		52.79		75,937,348		59.35
2022		772,623		34,251,624		44.33		39,608,802		51.27
2023		576,649		27,571,671		47.81		32,081,834		55.63
2024		643,171		32,141,869		49.97		37,566,111		58.41
2025		532,442		22,064,243		41.44		26,623,997		50.00
Thereafter		1,814,889		119,525,151		65.86		156,037,012		85.98

(1) For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Includes 100% of joint venture properties.

(3) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

(4) Includes square feet expiring on the last day of the current quarter.

(5) Includes 50,185 and 9,570 square feet of Sensitive Compartmented Information Facility (SCIF) space in 2016 and 2017, respectively. Excluding the SCIF space, the current and future expiring rental rates per square foot would be $48.93 and $49.09 and $45.63 and $46.19, respectively.

34

Boston Properties, Inc.

First Quarter 2016

IN-SERVICE WASHINGTON, DC REGION PROPERTIES

Quarterly Lease Expirations - Washington, DC Region (1) (2) (3)

OFFICE
Lease Expiration   by Quarter	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 2016		58,145	$	4,363,973	$	75.05	$	4,363,973	$	75.05	(4)
Q2 2016		167,487		8,379,042		50.03		8,415,481		50.25	(5)
Q3 2016		62,466		5,882,391		94.17		5,889,972		94.29	(5)
Q4 2016		131,706		6,005,180		45.60		6,019,917		45.71
Total 2016		419,804	$	24,630,586	$	58.67	$	24,689,344	$	58.81
Q1 2017		127,456	$	5,490,812	$	43.08	$	5,554,584	$	43.58
Q2 2017		41,026		2,862,213		69.77		2,933,406		71.50	(5)
Q3 2017		286,872		12,755,397		44.46		12,794,602		44.60
Q4 2017		61,803		3,200,967		51.79		3,322,990		53.77
Total 2017		517,157	$	24,309,388	$	47.01	$	24,605,582	$	47.58
RETAIL
Lease Expiration   by Quarter	Rentable Square Footage Subject to Expiring Leases		Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with futurestep-ups		Per Square Foot
Q1 2016		—	$	—	$	—	$	—	$	—
Q2 2016		2,507		243,043		96.95		243,043		96.95
Q3 2016		4,047		291,414		72.01		293,286		72.47
Q4 2016		24,526		1,457,303		59.42		1,457,303		59.42
Total 2016		31,080	$	1,991,759	$	64.08	$	1,993,631	$	64.15
Q1 2017		26,393	$	1,576,708	$	59.74	$	1,578,067	$	59.79
Q2 2017		17,944		1,545,861		86.15		1,605,861		89.49
Q3 2017		6,842		446,730		65.29		446,730		65.29
Q4 2017		17,052		1,041,590		61.08		1,068,605		62.67
Total 2017		68,231	$	4,610,889	$	67.58	$	4,699,264	$	68.87
TOTAL PROPERTY TYPES
Lease Expiration   by Quarter	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 2016		58,145	$	4,363,973	$	75.05	$	4,363,973	$	75.05	(4)
Q2 2016		169,994		8,622,085		50.72		8,658,523		50.93
Q3 2016		66,513		6,173,804		92.82		6,183,258		92.96
Q4 2016		156,232		7,462,483		47.77		7,477,220		47.86
Total 2016		450,884	$	26,622,345	$	59.04	$	26,682,975	$	59.18
Q1 2017		153,849	$	7,067,520	$	45.94	$	7,132,651	$	46.36
Q2 2017		58,970		4,408,074		74.75		4,539,268		76.98
Q3 2017		293,714		13,202,126		44.95		13,241,331		45.08
Q4 2017		78,855		4,242,556		53.80		4,391,595		55.69
Total 2017		585,388	$	28,920,277	$	49.40	$	29,304,845	$	50.06

(1) For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Includes 100% of joint venture properties.

(3) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

(4) Includes square feet expiring on the last day of the current quarter.

(5) Includes 14,041, 36,144, and 9,570square feet of Sensitive Compartmented Information Facility (SCIF) space in Q2 2016, Q3 2016, and Q2 2017, respectively. Excluding the SCIF space, the current and future expiring rental rates per square foot would be $43.46 and $43.70, $39.83 and $40.12, and $54.48 and $56.38, respectively.

35

Boston Properties, Inc.

First Quarter 2016

CBD PROPERTIES

Lease Expirations (1) (2) (3)

	Boston											San Francisco
							Annualized											Annualized
	Rentable Square		Current Annualized		Per		Revenues Under		Per			Rentable Square		Current Annualized		Per		Revenues Under		Per
Year of Lease	Footage Subject to		Revenues Under		Square		Expiring Leases		Square			Footage Subject to		Revenues Under		Square		Expiring Leases		Square
Expiration	Expiring Leases		Expiring Leases		Foot		with future step-ups		Foot			Expiring Leases		Expiring Leases		Foot		with future step-ups		Foot
2016		160,760	$	10,180,220	$	63.33	$	10,296,411	$	64.05	(4)		253,755	$	13,661,322	$	53.84	$	13,454,269	$	53.02
2017		259,916		16,338,639		62.86		16,450,569		63.29			372,805		21,869,872		58.66		23,395,348		62.75
2018		318,716		16,443,636		51.59		16,763,046		52.60			218,957		13,038,923		59.55		13,453,204		61.44
2019		652,503		36,929,463		56.60		37,433,943		57.37			246,892		13,975,090		56.60		14,690,348		59.50
2020		437,533		25,339,673		57.91		26,088,504		59.63			595,438		38,399,674		64.49		39,970,123		67.13
2021		395,140		21,939,586		55.52		22,709,322		57.47			368,717		20,593,397		55.85		25,518,233		69.21
2022		969,079		55,067,754		56.82		58,982,387		60.86			326,724		17,614,112		53.91		21,681,350		66.36
2023		404,098		26,773,662		66.26		30,130,762		74.56			221,901		13,322,529		60.04		15,158,692		68.31
2024		285,278		16,452,031		57.67		18,442,402		64.65			429,586		23,771,016		55.33		27,613,505		64.28
2025		684,479		44,240,779		64.63		49,522,969		72.35			135,933		8,220,349		60.47		10,192,437		74.98
Thereafter		3,278,777		195,709,961		59.69		225,789,162		68.86			612,915		35,685,345		58.22		49,757,251		81.18
	New York											Washington, DC
							Annualized											Annualized
	Rentable Square		Current Annualized		Per		Revenues Under		Per			Rentable Square		Current Annualized		Per		Revenues Under		Per
Year of Lease	Footage Subject to		Revenues Under		Square		Expiring Leases		Square			Footage Subject to		Revenues Under		Square		Expiring Leases		Square
Expiration	Expiring Leases		Expiring Leases		Foot		with future step-ups		Foot			Expiring Leases		Expiring Leases		Foot		with future step-ups		Foot
2016		480,033	$	38,365,720	$	79.92	$	39,039,962	$	81.33	(4)		139,187	$	8,745,004	$	62.83	$	8,748,717	$	62.86	(4)
2017		865,285		84,298,806		97.42		84,403,707		97.54			336,584		15,982,132		47.48		16,057,746		47.71
2018		319,432		43,873,945		137.35		43,973,081		137.66			117,191		6,825,875		58.25		7,208,851		61.51
2019		329,221		32,048,942		97.35		32,117,363		97.56			406,968		26,266,356		64.54		27,994,219		68.79
2020		1,557,489		141,820,255		91.06		145,802,205		93.61			449,893		24,388,462		54.21		26,314,488		58.49
2021		305,527		41,350,169		135.34		44,373,610		145.24			549,048		35,015,618		63.78		39,684,248		72.28
2022		906,135		86,169,224		95.10		92,609,784		102.20			79,476		4,642,509		58.41		5,238,024		65.91
2023		113,209		14,324,664		126.53		16,228,170		143.35			68,048		4,555,708		66.95		5,384,241		79.12
2024		672,248		62,622,999		93.15		69,499,403		103.38			182,005		11,837,636		65.04		13,950,329		76.65
2025		407,691		38,344,984		94.05		41,730,999		102.36			77,995		3,937,605		50.49		4,850,602		62.19
Thereafter		2,750,031		267,460,102		97.26		364,638,735		132.59			1,536,297		107,739,672		70.13		140,983,413		91.77

(1) For disclosures relating to our definition of Annualized Revenue, see page 49.

(2) Includes 100% of joint venture properties. Does not include residential and hotel properties.

(3) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

(4) Includes square feet expiring on the last day of the current quarter.

36

Boston Properties, Inc.

First Quarter 2016

SUBURBAN PROPERTIES

Lease Expirations (1) (2) (3)

	Boston											San Francisco
							Annualized											Annualized
	Rentable Square		Current Annualized		Per		Revenues Under		Per			Rentable Square		Current Annualized		Per		Revenues Under		Per
Year of Lease	Footage Subject to		Revenues Under		Square		Expiring Leases		Square			Footage Subject to		Revenues Under		Square		Expiring Leases		Square
Expiration	Expiring Leases		Expiring Leases		Foot		with future step-ups		Foot			Expiring Leases		Expiring Leases		Foot		with future step-ups		Foot
2016		433,828	$	14,158,691	$	32.64	$	13,959,173	$	32.18	(4)		83,297	$	2,017,197	$	24.22	$	2,017,197	$	24.22
2017		402,522		13,687,863		34.01		13,746,413		34.15			263,457		8,013,496		30.42		8,263,826		31.37
2018		264,718		8,778,177		33.16		8,994,351		33.98			45,623		1,865,787		40.90		1,965,670		43.09
2019		493,833		19,376,835		39.24		19,913,251		40.32			466,393		19,323,185		41.43		20,985,136		44.99
2020		187,039		6,193,935		33.12		6,606,962		35.32			75,647		3,370,486		44.56		3,700,342		48.92
2021		600,528		18,154,921		30.23		19,233,898		32.03			98,690		2,885,635		29.24		3,864,420		39.16
2022		695,658		25,826,811		37.13		26,163,834		37.61			350,936		14,465,127		41.22		17,470,107		49.78
2023		131,453		4,120,390		31.34		5,167,874		39.31			40,657		2,139,012		52.61		2,842,655		69.92
2024		301,792		11,711,682		38.81		13,131,756		43.51			24,512		955,968		39.00		1,210,992		49.40
2025		440,320		21,099,835		47.92		23,235,352		52.77			5,642		193,716		34.33		252,162		44.69
Thereafter		283,133		8,900,555		31.44		10,433,102		36.85			—		—		—		—		—
	New York											Washington, DC
							Annualized											Annualized
	Rentable Square		Current Annualized		Per		Revenues Under		Per			Rentable Square		Current Annualized		Per		Revenues Under		Per
Year of Lease	Footage Subject to		Revenues Under		Square		Expiring Leases		Square			Footage Subject to		Revenues Under		Square		Expiring Leases		Square
Expiration	Expiring Leases		Expiring Leases		Foot		with future step-ups		Foot			Expiring Leases		Expiring Leases		Foot		with future step-ups		Foot
2016		155,303	$	5,215,099	$	33.58	$	5,429,259	$	34.96	(4)		311,697	$	17,877,341	$	57.35	$	17,934,258	$	57.54	(4)(5)
2017		163,820		6,016,191		36.72		6,040,334		36.87			248,804		12,938,145		52.00		13,247,099		53.24	(5)
2018		217,514		7,314,183		33.63		7,511,363		34.53			341,967		17,867,791		52.25		18,750,887		54.83
2019		154,838		5,653,491		36.51		5,777,182		37.31			627,419		22,684,016		36.15		23,265,561		37.08
2020		314,572		10,732,762		34.12		11,355,467		36.10			897,024		34,974,539		38.99		36,839,732		41.07
2021		85,603		2,806,683		32.79		2,968,830		34.68			730,528		32,534,554		44.54		36,253,100		49.63
2022		62,319		2,043,535		32.79		2,230,649		35.79			693,147		29,609,115		42.72		34,370,778		49.59
2023		8,299		264,197		31.83		280,795		33.83			508,601		23,015,963		45.25		26,697,593		52.49
2024		384,402		13,357,770		34.75		14,145,949		36.80			461,166		20,304,233		44.03		23,615,782		51.21
2025		133,747		4,831,735		36.13		5,316,299		39.75			454,447		18,126,638		39.89		21,773,396		47.91
Thereafter		169,128		5,308,764		31.39		6,068,637		35.88			278,592		11,785,479		42.30		15,053,599		54.03

⁽¹⁾ For disclosures relating to our definition of Annualized Revenue, see page 49.

⁽²⁾ Includes 100% of joint venture properties. Does not include residential and hotel properties.

⁽³⁾ Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

⁽⁴⁾ Includes square feet expiring on the last day of the current quarter.

⁽⁵⁾ Includes 50,185 and 9,570 square feet of Sensitive Compartmented Information Facility (SCIF) space in 2016 and 2017, respectively. Excluding the SCIF space, the current and future expiring rental rates per square foot would be $43.34 and $43.55 and $49.28 and $50.52, respectively.

37

Boston Properties, Inc.

First Quarter 2016

RESIDENTIAL and HOTEL PERFORMANCE

Rental Rates and Occupancy	First Quarter						Percent
	2016			2015			Change
The Avant at Reston Town Center (359 units)
Reston, VA
Average Monthly Rental Rate (1)	$	2,327		$	2,244			3.7	%
Average Rental Rate Per Occupied Square Foot (1)	$	2.55		$	2.45			4.1	%
Average Physical Occupancy (1) (2)		92.9	%		80.1	%		16.0	%
Average Economic Occupancy (2)		92.8	%		76.9	%		20.7	%
The Lofts at Atlantic Wharf (86 units)
Boston, MA
Average Monthly Rental Rate (3)	$	4,153		$	4,012			3.5	%
Average Rental Rate Per Occupied Square Foot (3)	$	4.57		$	4.44			2.9	%
Average Physical Occupancy (2) (3)		96.1	%		98.1	%		(2.0	)%
Average Economic Occupancy (2)		97.6	%		98.8	%		(1.2	)%
Boston Marriott Cambridge (433 rooms)
Cambridge, MA
Average Occupancy		75.2	%		78.7	%		(4.4	)%
Average Daily Rate	$	223.48		$	223.34			0.1	%
Revenue per available room	$	168.08		$	175.86			(4.4	)%

Net Operating Income (dollars in thousands)	Residential									Hotel
	First Quarter						Percent			First Quarter				Percent
	2016			2015(4)			Change			2016		2015		Change
Rental Revenue	$	4,049	(5)	$	6,854	(5)		(40.9	)%	$	8,757	$	9,085		(3.6	)%
Operating expenses and real estate taxes		1,600			3,546			(54.9	)%		7,634		7,576		0.8	%
Net Operating Income	$	2,449	(5)	$	3,308	(5)		(26.0	)%	$	1,123	$	1,509		(25.6	)%
Rental Revenue	$	4,049		$	6,854					$	8,757	$	9,085
Less: Straight-line rent and fair value lease revenue		18			34			(47.1	)%		1		1		—
Rental Revenue—cash basis		4,031			6,820			(40.9	)%		8,756		9,084		(3.6	)%
Less: Operating expenses and real estate taxes		1,600			3,546			(54.9	)%		7,634		7,576		0.8	%
Add: Straight-line ground rent expense		—			79			(100.0	)%		—		—		0.0	%
Net Operating Income—cash basis	$	2,431		$	3,353			(27.5	)%	$	1,122	$	1,508		(25.6	)%

(1) Excludes 26,179 square feet of retail space which is 100% leased.

(2) For disclosures related to our definition of Average Physical and Average Economic Occupancy, see page 49.

(3) Excludes 9,617 square feet of retail space which is 100% leased.

(4) Includes the Residences on The Avenue, which was sold on March 17, 2015 and had approximately $1.2 million of net operating income and approximately $1.3 million of net operating income - cash basis for the three months ended March 31, 2015.

(5) Includes 35,796 square feet of retail space, which had revenue of approximately $0.5 million for the three months ended March 31, 2016, and 85,324 square feet of retail space, which had revenue of approximately $1.1 million for the three months ended March 31, 2015.

38

Boston Properties, Inc.

First Quarter 2016

SAME PROPERTY PERFORMANCE

Office and Hotel & Residential Properties

	Office (1)			Hotel & Residential (1)			Total
Number of Properties		148			3			151
Square feet		40,289,871			776,704			41,066,575
Percent of properties in-service		98.5	%		100.0	%		98.6	%
Occupancy @ 3/31/2015		91.1	%		N/A			91.1	%
Occupancy @ 3/31/2016		91.3	%		N/A			91.3	%
Percent change from 1st quarter 2016 over 1st quarter 2015 (2):
Rental revenue		2.1	%		0.8	%
Operating expenses and real estate taxes		0.8	%		1.5	%
Consolidated Net Operating Income (3)		2.9	%		(1.0	)%		2.9	%(2)
Net Operating Income - BXP’s share of unconsolidated joint ventures (3) (4)								(32.5	)%(2)
Combined Net Operating Income (3)								1.5	%
Adjusted Combined Net Operating Income (3) (5)								2.8	%
Rental revenue - cash basis		5.1	%		0.8	%
Consolidated Net Operating Income (3) - cash basis (6)		7.8	%		(0.8	)%		7.8	%(2)
Net Operating Income - cash basis (6) - BXP’s share of unconsolidated joint ventures								(41.1	)%(2)
Combined Net Operating Income (3) - cash basis (6)								5.6	%
Adjusted Combined Net Operating Income (3) (5) - cash basis (6)								7.0	%

Same Property Lease Analysis - quarter ended March 31, 2016

	Total Office
Vacant space available @ 1/1/2016 (sf)		3,336,787
Property dispositions/ properties taken out of service (sf)		—
Square footage of leases expiring or terminated 1/1/2016-3/31/2016		1,594,867
Total space for lease (sf)		4,931,654
New tenants (sf)		840,024
Renewals (sf)		583,473
Total space leased (sf)		1,423,497
Space available @ 3/31/2016 (sf)		3,508,157
Net (increase)/decrease in available space (sf)		(171,370	)
Second generation leasing information: (6)
Leases commencing during the period (sf)		1,376,563
Weighted average lease term (months)		93
Weighted average free rent period (days)		73
Total transaction costs per square foot (7)	$	48.87
Increase (decrease) in gross rents (8)		16.39	%
Increase (decrease) in net rents (9)		26.06	%

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

(2) See page 41 for a quantitative reconciliation of Same Property Net Operating Income (NOI) by reportable segment.

(3) For a quantitative reconciliation of NOI to Net income attributable to Boston Properties, Inc. common shareholders, see page 40. For disclosures relating to our use of Combined NOI, Consolidated NOI and Adjusted Combined NOI see page 48.

(4) For disclosures related to the calculation of NOI from unconsolidated joint ventures, see page 18.

(5) Represents Combined NOI, which is Consolidated NOI plus our share of unconsolidated joint ventures NOI, less our partners’ share of NOI from consolidated joint ventures as reconciled on page 20.

(6) For a quantitative reconciliation of NOI to NOI on a cash basis, see page 40.

(7) Second generation leases are defined as leases for space that had previously been under lease by the Company. Of the 1,376,563 square feet of second generation leases that commenced in Q1 2016, leases for 1,242,079 square feet were signed in prior periods.

(8) Total transaction costs include tenant improvements and leasing commissions and exclude free rent concessions.

(9) Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 1,189,205 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).

(10) Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 1,189,205 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).

39

Boston Properties, Inc.

First Quarter 2016

RECONCILIATION OF NET INCOME TO NET OPERATING INCOME

(in thousands)

	For the three months ended
	March 31, 2016			March 31, 2015
Net income attributable to Boston Properties, Inc. common shareholders	$	181,747		$	171,182
Preferred dividends		2,618			2,589
Net income attributable to Boston Properties, Inc.		184,365			173,771
Net income attributable to noncontrolling interests:
Noncontrolling interest—common units of the Operating Partnership		21,393			20,188
Noncontrolling interest—redeemable preferred units of the Operating Partnership		—			3
Noncontrolling interest in property partnerships (1)		10,464			15,208
Net income		216,222			209,170
Gains on sales of real estate		(67,623	)		(95,084	)
Income before gains on sales of real estate		148,599			114,086
Add:
Interest expense		105,309			108,757
Depreciation and amortization		159,448			154,223
Transaction costs		25			327
General and administrative expense		29,353			28,791
Subtract:
Gains from investments in securities		(259	)		(393	)
Interest and other income		(1,505	)		(1,407	)
Income from unconsolidated joint ventures		(1,791	)		(14,834	)
Development and management services income		(6,689	)		(5,328	)
Consolidated Net Operating Income		432,490			384,222
Add:
Net Operating Income from unconsolidated joint ventures (BXP’s share) (2)		10,161			14,586
Combined Net Operating Income		442,651			398,808
Subtract:
Net Operating Income from non Same Properties (3)		(11,733	)		(9,924	)
Termination income		(51,297	)		(14,924	)
Combined Same Property Net Operating Income		379,621			373,960
Subtract:
Partners’ share of consolidated joint ventures’ Net Operating Income (4)		(46,192	)		(54,854	)
Add:
Partners’ share of consolidated joint ventures’ Net Operating Income from non Same Properties (3)(5)		—			5,258
Adjusted Combined Same Property Net Operating Income (BXP’s share)	$	333,429		$	324,364
Net Operating Income - cash basis reconciliation
Combined Same Property Net Operating Income	$	379,621		$	373,960
Subtract:
Straight-line rent and fair value lease revenue		(17,160	)		(37,074	)
Add:
Straight-line ground rent expense (6)		987			1,117
Lease transaction costs which qualify as inducements in accordance with GAAP (7)		423			6,452
Combined Same Property Net Operating Income—cash basis		363,871			344,455
Subtract:
Partners’ share of Net Operating Income—cash basis from Same Properties (3) (4)		(41,703	)		(43,319	)
Adjusted Combined Same Property Net Operating Income—cash basis (BXP’s share)	$	322,168		$	301,136

(1) These partnerships include 505 9th Street, N.W. in Washington, DC, which was sold on September 18, 2015, Fountain Square in Reston, VA, of which the Company acquired the remaining 50% interest on September 15, 2015, 767 Fifth Avenue (The GM Building), 601 Lexington Avenue and Times Square Tower in New York City and 100 Federal Street and Atlantic Wharf Office Building in Boston, MA. For additional information, refer to page 9.

(2) For disclosures related to the calculation of Net Operating Income from unconsolidated joint ventures, see page 18.

(3) Pages 22-24 indicate by footnote the properties which are not included as part of Same Property Net Operating Income. Non Same Properties include dispositions that occurred prior to March 31, 2016 and therefore are no longer a part of the Company’s property portfolio.

(4) For disclosures related to the calculation of Partners’ share of Net Operating Income and Net Operating Income - cash basis from consolidated joint ventures, see page 20.

(5) On September 15, 2015, the Company acquired its partner’s 50% interest in the entity that owns Fountain Square. As a result, the partner’s share of Net Operating Income for the three months ended March 31, 2015 is included in Partners’ share of consolidated joint ventures’ Net Operating Income from non Same Properties.

(6) For additional information, refer to page 12.

(7) For additional information, refer to page 42.

40

Boston Properties, Inc.

First Quarter 2016

SAME PROPERTY NET OPERATING INCOME BY REPORTABLE SEGMENT

(dollars in thousands)

	Office (1)										Hotel & Residential
	For the three months ended										For the three months ended
	31-Mar-16		31-Mar-15		$ Change			% Change			31-Mar-16			31-Mar-15		$ Change			% Change
Rental Revenue	$	631,164	$	582,658							$	12,806		$	12,709
Less: Termination Income		51,306		14,924								—			—
Rental revenue - subtotal		579,858		567,734	$	12,124			2.1	%		12,806			12,709	$	97			0.8	%
Operating expenses and real estate taxes		213,647		211,965		1,682			0.8	%		9,234			9,102		132			1.5	%
Net Operating Income (2)	$	366,211	$	355,769	$	10,442			2.9	%	$	3,572		$	3,607	$	(35	)		(1.0	)%
Rental revenue - subtotal	$	579,858	$	567,734							$	12,806		$	12,709
Less:
Straight-line rent and fair value lease revenue		16,099		35,480		(19,381	)		(54.6	)%		19			24		(5	)		(20.8	)%
Add:
Lease transaction costs which qualify as inducements in accordance with GAAP (3)		423		4,532		(4,109	)		(90.7	)%		—			—		—			—
Rental revenue - cash basis		564,182		536,786		27,396			5.1	%		12,787			12,685		102			0.8	%
Less:
Operating expenses and real estate taxes		213,647		211,965		1,682			0.8	%		9,234			9,102		132			1.5	%
Add:
Straight-line ground rent expense (4)		987		1,117		(130	)		(11.6	)%		—			—		—			—
Net Operating Income (5) - cash basis	$	351,522	$	325,938	$	25,584			7.8	%	$	3,553		$	3,583	$	(30	)		(0.8	)%
	Consolidated Total (1)										Unconsolidated Joint Ventures (BXP’s Share)
	For the three months ended										For the three months ended
	31-Mar-16		31-Mar-15		$ Change			% Change			31-Mar-16			31-Mar-15		$ Change			% Change
Rental Revenue	$	643,970	$	595,367							$	17,814		$	24,563
Less: Termination Income		51,306		14,924								(9	)		—
Rental revenue - subtotal		592,664		580,443	$	12,221			2.1	%		17,823			24,563	$	(6,740	)		(27.4	)%
Operating expenses and real estate taxes		222,881		221,067		1,814			0.8	%		7,985			9,979		(1,994	)		(20.0	)%
Net Operating Income (2)	$	369,783	$	359,376	$	10,407			2.9	%	$	9,838		$	14,584	$	(4,746	)		(32.5	)%
Rental revenue - subtotal	$	592,664	$	580,443							$	17,823		$	24,563
Less:
Straight-line rent and fair value lease revenue		16,118		35,504		(19,386	)		(54.6	)%		1,042			1,570		(528	)		33.6	%
Add:
Lease transaction costs which qualify as inducements in accordance with GAAP (3)		423		4,532		(4,109	)		(90.7	)%		—			1,920		(1,920	)		(100.0	)%
Rental revenue - cash basis		576,969		549,471		27,498			5.0	%		16,781			24,913		(8,132	)		(32.6	)%
Less:
Operating expenses and real estate taxes		222,881		221,067		1,814			0.8	%		7,985			9,979		(1,994	)		(20.0	)%
Add:
Straight-line ground rent expense (4)		987		1,117		(130	)		(11.6	)%		—			—		—			—
Net Operating Income (5) - cash basis	$	355,075	$	329,521	$	25,554			7.8	%	$	8,796		$	14,934	$	(6,138	)		(41.1	)%
	Combined										Adjusted Combined Total (BXP’s Share) (6)
	For the three months ended										For the three months ended
	31-Mar-16		31-Mar-15		$ Change			% Change			31-Mar-16			31-Mar-15		$ Change			% Change
Rental Revenue	$	661,784	$	619,930							$	588,117		$	544,787
Less: Termination Income		51,297		14,924								49,445			14,125
Rental revenue - subtotal		610,487		605,006	$	5,481			0.9	%		538,672			530,662	$	8,010			1.5	%
Operating expenses and real estate taxes		230,866		231,046		(180	)		(0.1	)%		205,243			206,298		(1,055	)		(0.5	)%
Net Operating Income (2)	$	379,621	$	373,960	$	5,661			1.5	%	$	333,429		$	324,364	$	9,065			2.8	%
Rental revenue - subtotal	$	610,487	$	605,006							$	538,672		$	530,662
Less:
Straight-line rent and fair value lease revenue		17,160		37,074		(19,914	)		(53.7	)%		12,654			30,274		(17,620	)		(58.2	)%
Add:
Lease transaction costs which qualify as inducements in accordance with GAAP (3)		423		6,452		(6,029	)		(93.4	)%		406			5,929		(5,523	)		(93.2	)%
Rental revenue - cash basis		593,750		574,384		19,366			3.4	%		526,424			506,317		20,107			4.0	%
Less:
Operating expenses and real estate taxes		230,866		231,046		(180	)		(0.1	)%		205,243			206,298		(1,055	)		(0.5	)%
Add:
Straight-line ground rent expense (4)		987		1,117		(130	)		(11.6	)%		987			1,117		(130	)		(11.6	)%
Net Operating Income (5) - cash basis	$	363,871	$	344,455	$	19,416			5.6	%	$	322,168		$	301,136	$	21,032			7.0	%

(1) Includes 100% share of consolidated joint ventures. Same Property consolidated joint venture properties includes Fountain Square in Reston, VA, of which the Company acquired the remaining 50% interest on September 15, 2015, 767 Fifth Avenue (The GM Building), 601 Lexington Avenue and Times Square Tower in New York City and 100 Federal Street and Atlantic Wharf Office Building in Boston, MA.

(2) For a quantitative reconciliation of net operating income (NOI) to net income attributable to Boston Properties, Inc. common shareholders, see page 40. For disclosures relating to our use of NOI see page 48.

(3) Leasing transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 12. For additional information related to second generation transaction costs, see page 42.

(4) For additional information, see page 12.

(5) For a quantitative reconciliation of NOI to NOI on a cash basis see page 40. For disclosures relating to our use of NOI, see page 48.

(6) Each line item represents Combined NOI, which is Consolidated NOI plus our share of unconsolidated joint ventures’ NOI, less our partners’ share of NOI from consolidated joint ventures. See page 20. On September 15, 2015, the Company acquired its partner’s 50% interest in the entity that owns Fountain Square. As a result, the partner’s share of NOI for the three months ended March 31, 2015 is included in Partners’ share of consolidated joint ventures Net Operating Income from non Same Properties.

41

Boston Properties, Inc.

First Quarter 2016

LEASING ACTIVITY

for the three months ended March 31, 2016

All In-Service Properties

	Total
Vacant space available @ 1/1/2016 (sf)		3,530,913
Property dispositions/ properties taken out of service (sf)		—
Properties acquired vacant space (sf)		—
Properties placed in-service (sf)		12,875
Leases expiring or terminated 1/1/2016-3/31/2016 (sf)		1,594,867
Total space available for lease (sf)		5,138,655
1st generation leases (sf)		73,108
2nd generation leases with new tenants (sf)		793,090
2nd generation lease renewals (sf)		583,473
Total space leased (sf)		1,449,671
Vacant space available for lease @ 3/31/2016 (sf)		3,688,984
Net (increase)/decrease in available space (sf)		(158,071	)
Second generation leasing information: (2)
Leases commencing during the period (sf)		1,376,563
Weighted average lease term (months)		93
Weighted average free rent period (days)		73
Total transaction costs per square foot (3)	$	48.87
Increase (decrease) in gross rents (4)		16.39	%
Increase (decrease) in net rents (5)		26.06	%

					Incr (decr)			Incr (decr)
	All leases		All leases		in 2nd gen.			in 2nd gen.			Total		Total square feet of leases
	1st Generation (sf)		2nd Generation (sf)		gross cash rents (4)			net cash rents (5)			Leased (sf) (6)		executed in the quarter (7)
Boston		364		551,334		13.78	%		21.77	%		551,698		672,096
New York		35,812		267,685		14.61	%		26.01	%		303,497		190,890
San Francisco		13,299		187,524		57.87	%		101.67	%		200,823		395,688
Washington, DC		23,633		370,020		2.78	%		3.69	%		393,653		272,748
Total / Weighted Average		73,108		1,376,563		16.39	%		26.06	%		1,449,671		1,531,422

(1) Total vacant square feet of properties placed in service in Q1 2016 consist of 12,875 square feet at 601 Massachusetts Avenue.

(2) Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 1,376,563 square feet of second generation leases that commenced in Q1 2016, leases for 1,242,079 square feet were signed in prior periods.

(3) Total transaction costs include tenant improvements and leasing commissions and exclude free rent concessions.

(4) Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 1,189,205 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).

(5) Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 1,189,205 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).

(6) Represents leases for which rental revenue recognition has commenced in accordance with GAAP during the quarter.

(7) Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter and recognized in the current quarter is 140,243.

42

Boston Properties, Inc.

First Quarter 2016

HISTORICALLY GENERATED CAPITAL EXPENDITURES,

TENANT IMPROVEMENT COSTS and LEASING COMMISSIONS

(dollars in thousands, except PSF amounts)

Historical Capital Expenditures

	Q1 2016		2015		2014		2013
Recurring capital expenditures	$	21,585	$	52,471	$	42,610	$	51,026
Planned non-recurring capital expenditures associated with acquisition properties		87		6,069		13,087		20,506
Repositioning capital expenditures (1)		13,015		9,820		—		—
Hotel improvements, equipment upgrades and replacements		360		2,430		2,894		2,070
	$	35,047	$	70,790	$	58,591	$	73,602

2nd Generation Tenant Improvements and Leasing Commissions

	Q1 2016		2015		2014		2013
Square feet		1,376,563		5,204,123		3,936,046		3,610,088
Tenant improvements and lease commissions PSF	$	48.87	$	45.40	$	29.60	$	36.99

(1) Includes non-recurring capital expenditures related to the repositioning activities designed to enhance revenue potential at 1330 Connecticut Avenue and Metropolitan Square in Washington, DC, Prudential Center Retail Expansion in Boston, MA, and 399 Park Avenue in New York City.

43

Boston Properties, Inc.

First Quarter 2016

ACQUISITIONS/DISPOSITIONS

as of March 31, 2016

ACQUISITIONS

For the period from January 1, 2016 through March 31, 2016

						Anticipated
				Initial		Future		Total		Percentage
Property	Date Acquired	Square Feet		Investment		Investment		Investment		Leased
Not Applicable
Total Acquisitions			—	$	—	$	—	$	—		—

DISPOSITIONS

For the period from January 1, 2016 through March 31, 2016

					Gross		Net Cash
Property	Date Disposed		Square Feet		Sales Price		Proceeds		Book Gain
415 Main Street		February 1, 2016		231,028	$	105,360,000	$	104,868,000	$	60,803,000
Total Dispositions				231,028	$	105,360,000	$	104,868,000	$	60,803,000	(1)

(1) Excludes approximately $6,820,000 of gain on sale of real estate recognized during the three months ended March 31, 2016 related to a previously deferred gain amount from a 2014 sale of real estate.

44

Boston Properties, Inc.

First Quarter 2016

VALUE CREATION PIPELINE—CONSTRUCTION IN PROGRESS (1)

as of March 31, 2016

			Estimated								Estimated		Total		Amount		Estimated					Percentage
Construction	Initial		Stabilization		# of				Investment		Total		Construction		Drawn at		Future Equity		Percentage			Placed
Properties	Occupancy		Date	Location	Buildings		Square feet		to Date (2)		Investment (2)		Loan (2)		3/31/2016 (2)		Requirement (2)		Leased (3)			in Service (4)
Office and Retail
804 Carnegie Center		Q2 2016	Q2 2016	Princeton, NJ		1		130,000	$	44,643,570	$	47,000,000	$	—	$	—	$	2,356,430		100	%		—
1265 Main Street (50% Ownership)		Q4 2016	Q4 2016	Waltham, MA		1		115,000		16,955,213		26,090,000						9,134,787		100	%		—
Prudential Center Retail Expansion		Q1 2016	Q1 2017	Boston, MA		—		15,000		9,252,318		10,760,000		—		—		1,507,682		100	%		12	%
601 Massachusetts Avenue		Q3 2015	Q1 2017	Washington, DC		1		478,000		301,453,738		339,760,000		—		—		38,306,262		90	%		84	%
10 CityPoint		Q3 2016	Q2 2017	Waltham, MA		1		245,000		78,045,806		100,400,000		—		—		22,354,194		96	%		7	%
888 Boylston Street		Q3 2016	Q4 2017	Boston, MA		1		425,000		187,126,931		271,500,000		—		—		84,373,069		69	%		—
Salesforce Tower (95% ownership)		Q2 2017	Q1 2019	San Francisco, CA		1		1,400,000		488,457,540		1,073,500,000		—		—		585,042,460		59	%		—
The Hub on Causeway (50% ownership)		Q4 2018	Q4 2019	Boston, MA		1		385,000		13,961,018		141,870,000		—		—		127,908,982		33	%		—
Dock72 (50% ownership)		Q2 2018	Q1 2020	Brooklyn, NY		1		670,000		14,583,565		204,900,000		—		—		190,316,435		33	%		—
Total Office Properties under Construction						8		3,863,000	$	1,154,479,699	$	2,215,780,000	$	—	$	—	$	1,061,300,301		62	%		23	%
Residential
Cambridge Residential / 88 Ames (274 units)		Q1 2018	Q1 2019	Cambridge, MA		1		164,000	$	12,117,034	$	140,170,000	$	—	$	—	$	128,052,966		N/A			—
Reston Signature Site (508 units)		Q4 2017	Q2 2020	Reston, VA		1		490,000		32,584,854		217,232,000		—		—		184,647,146		N/A			—
Reston Signature Site - Retail						—		24,600		—		—		—		—		—		81	%		—
Total Residential Properties under Construction						2		678,600	$	44,701,888	$	357,402,000	$	—	$	—	$	312,700,112		59	%(5)		—
Redevelopment Properties
Reservoir Place North		Q1 2017	Q3 2017	Waltham, MA		1		73,000	$	13,410,725	$	24,510,000	$	—	$	—	$	11,099,275		—			—
Total Redevelopment Properties under Construction						1		73,000	$	13,410,725	$	24,510,000	$	—	$	—	$	11,099,275		—			—
Total Properties Under Construction and Redevelopment						11		4,614,600	$	1,212,592,312	$	2,597,692,000	$	—	$	—	$	1,385,099,688		61	%(5)		21	%

PROJECTS FULLY PLACED IN-SERVICE DURING 2016

Initial

Estimated

Estimated

Total

Amount

Estimated

In-Service

Stabilization

# of

Investment

Total

Construction

Drawn at

Future Equity

Percentage

Date

Date

Location

Buildings

Square feet

to Date (2)

Investment (2)

Loan (2)

3/31/2016 (2)

Requirement (2)

Leased (3)

N/A

Total Projects placed In-Service

—

—

$

—

$

—

$

—

$

—

$

—

—

IN-SERVICE PROPERTIES HELD FOR REDEVELOPMENT

											Encumbered	Central Business
		# of		Existing					Annualized Revenue		with secured	District (CBD) or	Incremental Future
	Sub Market	Buildings		Square Feet		Leased %			Per Leased SF (6)		debt (Y/N)	Suburban (S)	Square Footage (7)
North First Business Park	San Jose, CA		5		190,636		100.0	%	$	17.31	N	S		1,359,364
Total Properties held for Redevelopment			5		190,636		100.0	%	$	17.31				1,359,364

(1) A project is classified as Construction in Progress when construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed.

(2) Represents the Company’s share. Includes income (loss) and interest carry.

(3) Represents percentage leased as of April 22, 2016, including leases with future commencement dates and excluding residential space.

(4) Represents the portion of the project which no longer qualifies for capitalization of interest in accordance with GAAP.

(5) Includes approximately 9,000 square feet of retail space from Cambridge Residential / 88 Ames residential development which is 0% leased.

(6) For disclosures relating to our definition of Annualized Revenue, see page 49.

(7) Incremental Future Square Footage is included in Approximate Developable Square Feet of Value Creation Pipeline—Owned Land Parcels on page 46.

45

Boston Properties, Inc.

First Quarter 2016

VALUE CREATION PIPELINE

as of March 31, 2016

Owned Land Parcels

			Approximate
			Developable
Location	Acreage		Square Feet
San Jose, CA (1)		28.0		2,199,000
Reston, VA		33.8		1,160,000
Waltham, MA		11.3		805,000
Springfield, VA		17.8		800,000
Dulles, VA		76.6		760,000
Rockville, MD		58.1		759,000
Gaithersburg, MD		12.5		240,000
Washington, DC (50% ownership)		1.3		520,000
Marlborough, MA		50.0		400,000
Annapolis, MD (50% ownership)		20.0		300,000
Andover, MA		10.0		110,000
		319.4		8,053,000

Land Purchase Options

			Approximate
			Developable
Location	Acreage		Square Feet
Princeton, NJ		134.1		1,650,000
Boston, MA (50% ownership)		—		1,415,000
Cambridge, MA (2)		—		940,000
Brooklyn, NY (50% ownership)		1.3		600,000
San Francisco, CA		2.3		TBD
		137.7		4,605,000

(1) Excludes the existing square footage related to in-service properties being held for future re-development included on page 45.

(2) Includes access to purchase 540,000 square feet of development rights for office and 400,000 square feet of residential rights.

46

Boston Properties, Inc.

First Quarter 2016

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 quarterly report on Form 10-Q, as well as other documents filed with or furnished to 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) attributable to Boston Properties, Inc. common shareholders (computed in accordance with GAAP, including non-recurring items) for gains (or losses) from sales of properties, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures, real estate-related depreciation and amortization, and our share of income (loss) from unconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other 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.

FFO should not be considered as a substitute to net income attributable to Boston Properties, Inc. common shareholders (determined in accordance with GAAP). FFO does not represent cash generated from operating activities determined in accordance with GAAP, and is not a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to more comprehensively understand our operating performance, FFO should be considered along with our reported net income attributable to Boston Properties, Inc. and our 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 lease transaction costs that qualify as rent inducements, non-real estate depreciation, non-cash losses from early extinguishments of debt, stock-based compensation, partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment, fair value interest adjustment and fair value lease revenue, and (3) subtracting: recurring capital expenditures; hotel improvements, equipment upgrades and replacements; 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences); and non-cash termination income adjustment (fair value lease amounts). 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 determined 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.

Total Consolidated Debt to Total Consolidated Market Capitalization Ratio

Total consolidated debt to total consolidated 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 consolidated market capitalization is the sum of (A) our total consolidated indebtedness outstanding plus (B) 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) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) 2012 OPP Units that were issued in the form of LTIP Units and earned as of February 6, 2015 and (5) 2013 MYLTIP Units that were issued in the form of LTIP Units and earned as of February 4, 2016 plus (C) outstanding Series Four Preferred Units of partnership interest in Boston Properties Limited Partnership multiplied by the fixed liquidation preference of $50 per unit (all of which had been redeemed as of June 25, 2015) plus (D) outstanding shares of 5.25% Series B Cumulative Redeemable Preferred Stock multiplied by the fixed liquidation preference of $2,500 per share. The calculation of total consolidated market capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned, and therefore 2014, 2015 and 2016 MYLTIP Units are not included. 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 total consolidated debt to total consolidated market capitalization ratio is in part a function of the market price of the common stock of the Company, 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 total consolidated debt to total consolidated 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.

Total Adjusted Debt to Total Adjusted Market Capitalization Ratio

Total adjusted debt to total adjusted market capitalization ratio, defined as total adjusted debt (which equals our total consolidated debt, plus our share of unconsolidated joint venture debt, minus our joint venture partners’ share of consolidated debt) as a percentage of the market value of our outstanding equity securities plus our total adjusted debt, is an alternative measure of leverage used by some analysts in the REIT sector. Total adjusted market capitalization is the sum of (A) our total adjusted debt plus (B) 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) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units and (4) 2012 OPP Units that were issued in the form of LTIP Units and earned as of February 6, 2015, (5) 2013 MYLTIP Units that were issued in the form of LTIP Units and earned as of February 4, 2016 plus (C) outstanding Series Four Preferred Units of partnership interest in Boston Properties Limited Partnership multiplied by the fixed liquidation preference of $50 per unit plus (D) outstanding shares of 5.25% Series B Cumulative Redeemable Preferred Stock multiplied by the fixed liquidation preference of $2,500 per share. The calculation of total adjusted market capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned.

We present this ratio because, following the consolidation of 767 Venture, LLC (the entity that owns 767 Fifth Avenue (The GM Building)) effective June 1, 2013, our consolidated debt increased significantly compared to prior periods even though our economic interest in 767 Venture, LLC remained substantially unchanged at 60%. Similarly, after selling an interest in 601 Lexington Avenue, our economic interest in the property decreased to 55% even though we continue to consolidate the related mortgage indebtedness. Accordingly, we believe the presentation of total adjusted debt may provide investors with a more complete picture of our share of consolidated and unconsolidated debt. In addition, in light of the difference between our total consolidated debt and our total adjusted debt, we believe that also presenting our total adjusted debt to total adjusted market capitalization may provide investors with a more complete picture of our leverage in relation to the overall size of our company. Investors should understand that our total adjusted debt to total adjusted market capitalization ratio is in part a function of the market price of the common stock of the Company, 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. The total adjusted debt to total adjusted market capitalization ratio should be 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.

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Boston Properties, Inc.

First Quarter 2016

DEFINITIONS

Consolidated Net Operating Income (NOI)

Consolidated NOI is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders, the most directly comparable GAAP financial measure, plus preferred dividends, net income attributable to noncontrolling interests, plus corporate general and administrative expense, transaction costs, depreciation and amortization and interest expense, less development and management services income, income from unconsolidated joint ventures, interest and other income and gains from investments in securities. In some cases we also present Consolidated NOI on a cash basis, which is Consolidated NOI after eliminating the effects of straight-lining of rent and fair value lease revenue and lease transaction costs which qualify as inducements in accordance with GAAP. We use Consolidated NOI internally as a performance measure and believe Consolidated 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 Consolidated NOI is a useful measure for evaluating the operating performance of our real estate assets. Our management also uses Consolidated NOI to evaluate regional property level performance and to make decisions about resource allocations. Further, we believe Consolidated NOI is useful to investors as a performance measure because, when compared across periods, Consolidated 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. Consolidated 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. Consolidated NOI presented by us may not be comparable to Consolidated NOI reported by other REITs that define Consolidated NOI differently. We believe that in order to facilitate a clear understanding of our operating results, Consolidated NOI should be examined in conjunction with net income as presented in our consolidated financial statements. Consolidated 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.

Combined Net Operating Income (NOI)

Combined NOI is a non-GAAP financial measure equal to Consolidated NOI plus our share of net operating income from unconsolidated joint ventures. In some cases we also present Combined NOI on a cash basis, which is Combined NOI after eliminating the effects of straight-lining of rent and fair value lease revenue and lease transaction costs which qualify as inducements in accordance with GAAP. In addition to Consolidated NOI, we use Combined NOI internally as a performance measure and believe Combined NOI provides useful information to investors regarding our financial condition and results of operations because it includes the impact of our unconsolidated joint ventures, which have become significant. Therefore, we believe Combined NOI is a useful measure for evaluating the operating performance of all of our real estate assets, including those held by our unconsolidated joint ventures. Our management also uses Combined NOI to evaluate regional property level performance and to make decisions about resource allocations. Further, like Consolidated NOI, we believe Combined NOI is useful to investors as a performance measure because, when compared across periods, Combined 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. Combined NOI presented by us may not be comparable to Combined NOI reported by other REITs that define Combined NOI differently. We believe that in order to facilitate a clear understanding of our operating results, Combined NOI should be examined in conjunction with net income as presented in our consolidated financial statements. Combined 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.

Adjusted Combined Net Operating Income (NOI)

Adjusted Combined NOI is a non-GAAP financial measure equal to Combined NOI less our partners’ share, based on ownership interest, of net operating income from consolidated joint ventures. In some cases we also present Adjusted Combined NOI on a cash basis, which is Adjusted Combined NOI after eliminating the effects of straight-lining of rent and fair value lease revenue and lease transaction costs which qualify as inducements in accordance with GAAP. In addition to Consolidated NOI and Combined NOI, we use Adjusted Combined NOI internally as a performance measure and believe Adjusted Combined NOI provides useful information to investors regarding our financial condition and results of operations because it does not include our partners’ share of consolidated joint ventures, which have become significant. Therefore, we believe Adjusted Combined NOI is a useful measure for evaluating the operating performance of our share of all of our real estate assets, including those held by our consolidated and unconsolidated joint ventures. Our management also uses Adjusted Combined NOI to evaluate regional property level performance and to make decisions about resource allocations. Further, like Consolidated NOI and Combined NOI, we believe Adjusted Combined NOI is useful to investors as a performance measure because, when compared across periods, Adjusted Combined 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. Adjusted Combined NOI presented by us may not be comparable to Adjusted Combined NOI reported by other REITs that define Adjusted Combined NOI differently. We believe that in order to facilitate a clear understanding of our operating results, Adjusted Combined NOI should be examined in conjunction with net income as presented in our consolidated financial statements. Adjusted Combined 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,” which is generally later than the date the property is partially placed in-service for GAAP. 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. In-service properties include properties held by our unconsolidated joint ventures. In-service Office properties exclude hotel and residential properties.

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, repositioned, or in development or redevelopment 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.” Pages 22-24 indicate by footnote the “In-Service Properties” which are not included in “Same Properties.” “Same Properties NOI” includes our share of net operating income from unconsolidated joint ventures and 100% of consolidated joint ventures.

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Boston Properties, Inc.

First Quarter 2016

DEFINITIONS

Annualized Revenue

Annualized Revenue is defined as rental obligations at the end of the reporting period, including contractual base rents, percentage rent and reimbursements from tenants under existing leases, multiplied by twelve. These annualized amounts exclude rent abatements and non-recurring items.

Future Annualized Revenue

Future Annualized Revenue is defined as rental obligations including the sum of (i) contractual base rents at lease expiration and (ii) percentage rent and reimbursements from tenants at the end of the current reporting period, multiplied by twelve. These annualized amounts exclude rent abatements and non-recurring items.

Average Monthly Rental Rates

Average Rental Rates are calculated by the Company as rental revenue in accordance with GAAP, divided by the weighted monthly average number of occupied units.

Average Economic Occupancy

Average Economic Occupancy is defined as total possible revenue less vacancy loss as a percentage of total possible revenue. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.

Market Rents

Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could vary. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Average Physical Occupancy

Average Physical Occupancy is defined as the average number of occupied units divided by the total number of units, expressed as a percentage.

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