<Page>
EXHIBIT 99.1
[LOGO] BOSTON PROPERTIES
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
FOR THE QUARTER ENDED DECEMBER 31, 2002
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
INDEX
<Table>
<Caption>
PAGE PAGE
-------- --------
Company Background.............................. 3 Retail Properties -- Lease Expiration Roll
Out............................................. 28
Investor Information............................ 4-5 Grand Total -- Office, Office/Technical,
Industrial and Retail Properties................ 29
Financial Highlights............................ 6 Boston Area Lease Expiration Roll Out........... 30-31
Consolidated Balance Sheets..................... 7 Washington DC Area Lease Expiration Roll Out.... 32-33
Consolidated Income Statements.................. 8 San Francisco Area Lease Expiration Roll Out.... 34-35
Funds From Operations........................... 9 New York Area Lease Expiration Roll Out......... 36-37
Capital Structure............................... 10 Princeton Area Lease Expiration Roll Out........ 38-39
Debt Analysis................................... 11-14 Other Area Lease Expiration Roll Out............ 40-41
Unconsolidated Joint Ventures................... 15-16 CBD/Suburban Lease Expiration Roll Out.......... 42-43
Portfolio Overview -- Square Footage............ 17 Hotel Performance............................... 44
Property Listing................................ 18-21 Same Property Performance....................... 45
Top 20 Tenants.................................. 22 In-Service Property Performance................. 46
Portfolio Overview -- FFO....................... 23 Capital Expenditures............................ 47
Occupancy Analysis.............................. 24 Value Creation Pipeline --
Acquisitions/Dispositions....................... 48
Office Properties -- Lease Expiration Roll Out.. 25 Value Creation Pipeline -- Development.......... 49
Office/Technical Properties -- Lease Expiration Value Creation Pipeline -- Land Parcels......... 50
Roll Out...................................... 26
Industrial Properties -- Lease Expiration Roll
Out........................................... 27
</Table>
2
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
COMPANY BACKGROUND
Boston Properties, Inc. (the "Company"), a self-administered and self-managed
real estate investment trust, is one of the largest owners, managers and
developers of first-class office properties in the United States, with a
significant presence in four core markets: Boston, Washington, D.C., Midtown
Manhattan and San Francisco. Boston Properties was founded in 1970 in Boston,
where it maintains its headquarters. The Company acquires, develops and
manages its properties through full-service regional offices in Boston, New
York City, Washington, D.C., San Francisco and Princeton, New Jersey. Its
property portfolio primarily comprises first-class office space and also
includes hotels and industrial buildings.
On December 13, 2002, Boston Properties Limited Partnership, the Company's
Operating Partnership ("BPLP") closed on an offering of $750 million in
aggregate principal amount of its 6.25% senior unsecured notes due 2013. The
notes were priced at 99.65% of their face amount to yield 6.296%. In
addition, BPLP reopened this offering and closed on an additional $175
million on January 17, 2003. The additional notes were priced at 99.763% of
their face amount to yield 6.28%. BPLP's bonds have been rated Baa2, BBB, BBB
by Moody's, Standard & Poor's and FitchRatings, respectively.
Since the Company's initial offering in June 1997, the Company has acquired 51
properties adding approximately 20.1 million square feet to its portfolio,
representing an investment of approximately $5.8 billion, and the Company has
delivered 34 development properties adding approximately 6.9 million square feet
to its portfolio, representing an investment of approximately $1.5 billion. In
addition, the Company is constructing five office properties and one retail
property for a total anticipated investment of approximately $934.7 million. The
Company owns or controls land where it can develop an additional 8.8 million
square feet.
3
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
INVESTOR INFORMATION
111 Huntington Avenue
Boston, MA 02199-7610
(617) 236-3300
(617) 236-3311 (fax)
<Table>
<Caption>
KEY EMPLOYEES:
Mortimer B. Zuckerman................................... Chairman of the Board
Edward H. Linde......................................... President, CEO and Director
Robert E. Burke......................................... Executive Vice President, Operations
Douglas T. Linde........................................ Senior Vice President, CFO and Treasurer
</Table>
TIMING
Quarterly results for 2003 will be announced according to the following
anticipated schedule:
<Table>
First Quarter........................................... Late April
Second Quarter.......................................... Late July
Third Quarter........................................... Late October
Fourth Quarter.......................................... Late January
</Table>
4
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
COMMON STOCK DATA (NYSE:BXP)
Boston Properties' common stock is traded primarily on the New York Stock
Exchange under the symbol: BXP. BXP's common stock has had the following
characteristics (based on New York Stock Exchange closing prices):
<Table>
<Caption>
4TH QUARTER 2002 3RD QUARTER 2002 2ND QUARTER 2002 1ST QUARTER 2002
---------------- ---------------- ---------------- ----------------
High Price............................... $ 37.4300 $ 39.8700 $ 41.5500 $ 39.8200
Low Price................................ $ 33.9300 $ 34.5600 $ 37.8800 $ 35.9800
Closing Price............................ $ 36.8600 $ 37.2000 $ 39.9500 $ 39.4500
Dividends per share -- annualized (1).... $ 2.44 $ 2.44 $ 2.44 $ 2.32
Closing dividend yield -- annualized..... 6.62% 6.56% 6.11% 5.88%
Closing shares, common units and
preferred units (if converted)
outstanding (thousands)................ 125,038 125,031 125,017 124,761
Closing market value of shares and units
outstanding (thousands)................ $4,608,901 $4,651,153 $4,994,429 $4,921,821
</Table>
(1) Reflects dividend increase from $0.58 per share to $0.61 per share effective
Q2 2002.
BPLP UNSECURED SENIOR NOTES
<Table>
Settlement Date............................................. 12/13/02
Principal Amount............................................ $750,000,000(1)
Yield....................................................... 6.296%
Coupon...................................................... 6.250%
Discount.................................................... 99.650%
Ratings:
Moody's................................................... Baa2 (stable)
S&P....................................................... BBB (stable)
Fitch..................................................... BBB (stable)
Maturity Date............................................... 1/15/13
</Table>
(1) Reopened for an additional issuance of $175 million on 1/17/03 at a yield of
6.28%.
5
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
FINANCIAL HIGHLIGHTS
(UNAUDITED AND IN THOUSANDS)
<Table>
<Caption>
THREE MONTHS ENDED
-----------------------------------------------------------------------
DECEMBER 31, 2002 SEPTEMBER 30, 2002 JUNE 30, 2002 MARCH 31, 2002
----------------- ------------------ ------------- --------------
Income Items:
Revenue.................................. $345,953(1) $313,654(1) $295,595 $279,620
Net straight line rent................... $ 11,938 $ 12,244 $ 12,216 $ 14,784
Lease termination fees................... $ 3,724 $ 1,858 $ 1,227 $ 511
Capitalized interest..................... $ 4,719 $ 4,684 $ 5,261 $ 7,847
Operating Margins [(rental revenues --
rental expenses)/rental revenues]...... 69.1%(2) 67.0% 69.9% 68.8%
Net income available to common
shareholders before net derivative
losses (SFAS No.133)................... $261,348 $ 75,886 $ 58,714 $ 55,613
Funds from operations (FFO) before net
derivative losses (SFAS No.133) and
after early surrender lease payments
received -- basic...................... $137,852 $120,358 $120,263 $108,820
Company's share.......................... $113,464 $ 98,980 $ 98,165 $ 88,929
FFO per share before net derivative
losses (SFAS 133) and after cash basis
early surrender lease income --
basic.................................. $ 1.19 $ 1.04 $ 1.07 $ 0.98
FFO per share before net derivative
losses (SFAS 133) and after cash basis
early surrender lease income --
diluted................................ $ 1.14 $ 1.00 $ 1.02 $ 0.93
Net income available to common
shareholders per share -diluted........ $ 2.70 $ 0.74 $ 0.59 $ 0.60
Dividends per share...................... $ 0.61 $ 0.61 $ 0.61 $ 0.58
Funds available for distribution (FAD)
(3).................................... $112,377 $ 95,901 $ 87,470 $ 81,799
Ratios:
Interest Coverage Ratio (excluding
capitalized interest) -- cash basis
(4).................................... 2.87 2.70 2.71 2.57
Interest Coverage Ratio (including
capitalized interest) -- cash basis
(4).................................... 2.69 2.50 2.51 2.29
FFO Payout Ratio......................... 53.51% 61.00% 59.80% 62.37%
FAD Payout Ratio......................... 62.88% 73.44% 78.15% 78.92%
</Table>
<Table>
<Caption>
DECEMBER 31, 2002 SEPTEMBER 30, 2002 JUNE 30, 2002 MARCH 31, 2002
----------------- ------------------ ------------- --------------
Capitalization:
Total Debt............................... $5,147,220 $5,466,692 $4,415,724 $4,361,233
Price @ Quarter End...................... $ 36.8600 $ 37.2000 $ 39.9500 $ 39.4500
Equity Value @ Quarter End............... $4,608,901 $4,651,153 $4,994,429 $4,921,821
Total Market Capitalization.............. $9,756,121 $10,117,845 $9,410,153 $9,283,054
Debt/Total Market Capitalization......... 52.76% 54.03% 46.93% 46.98%
</Table>
(1) Includes gross revenues from hotels of $24,779 and $20,007 for the three
months ended December 31, 2002 and September 30, 2002, respectively.
(2) Exclusive of the gross up of reimbursable electricity amounts totalling
$6,476, $6,329, $6,404 and $5,928 for the quarters ended December 31, 2002,
September 30, 2002, June 30, 2002 and March 31, 2002, respectively.
(3) FAD is defined as FFO after adjustments for second generation lease
commissions and tenant improvements, recurring capital expenditures,
straight-line rents, preferred dividends and distributions and other
non-cash charges.
(4) Amortization of financing costs were $1,436, $1,274, $1,346 and $1,309 for
the quarters ended December 31, 2002, September 30, 2002, June 30, 2002 and
March 31, 2002, respectively. These amounts were not included in the
calculation of interest coverage ratio.
6
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<Table>
<Caption>
DECEMBER 31, 2002 SEPTEMBER 30, 2002 JUNE 30, 2002 MARCH 31, 2002
----------------- ------------------ ------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
ASSETS
Real estate................................ $7,781,684 $8,139,450 $6,972,779 $6,573,532
Development in progress.................... 448,576 412,981 431,288 729,889
Land held for future development........... 215,866 213,769 203,518 209,919
Real estate held for sale.................. 224,585 -- -- --
Less accumulated depreciation........ (822,933) (836,418) (795,852) (755,156)
---------- ---------- ---------- ----------
Total real estate.................... 7,847,778 7,929,782 6,811,733 6,758,184
Cash and cash equivalents.................. 55,275 28,793 81,640 93,031
Escrows.................................... 41,906 28,200 22,776 23,192
Tenant and other receivables, net.......... 20,458 48,716 31,298 36,846
Accrued rental income, net................. 165,321 156,818 146,100 133,885
Deferred charges, net...................... 176,545 148,435 148,239 127,948
Prepaid expenses and other assets.......... 18,015 38,752 16,081 30,235
Investments in unconsolidated joint
ventures................................. 101,905 101,819 100,804 98,071
---------- ---------- ---------- ----------
Total assets......................... $8,427,203 $8,481,315 $7,358,671 $7,301,392
========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage notes and bonds payable......... $4,267,119 $4,422,692 $4,415,724 $4,361,233
Unsecured senior notes, net of
discount............................... 747,375 -- -- --
Unsecured bridge loan.................... 105,683 1,000,000 -- --
Unsecured line of credit................. 27,043 44,000 -- --
Accounts payable and accrued expenses.... 73,846 69,097 52,655 56,125
Dividends and distributions payable...... 81,226 81,329 83,707 79,985
Interest rate contracts.................. 14,514 15,115 11,568 8,635
Accrued interest payable................. 25,141 18,265 17,635 15,032
Other liabilities........................ 81,085 70,292 65,142 75,465
---------- ---------- ---------- ----------
Total liabilities.................... 5,423,032 5,720,790 4,646,431 4,596,475
---------- ---------- ---------- ----------
Commitments and contingencies.............. -- -- -- --
---------- ---------- ---------- ----------
Minority interests......................... 844,581 804,229 825,730 829,687
---------- ---------- ---------- ----------
Series A Convertible Redeemable Preferred
Stock, liquidation preference
$50.00 per share, 0 issued and
outstanding at December 31, 2002
September 30, 2002 and 2,000,000
outstanding at June 30, 2002
and March 31, 2002....................... -- -- 100,000 100,000
---------- ---------- ---------- ----------
Stockholders' Equity:
Excess stock, $.01 par value, 150,000,000
shares
authorized, none issued or
outstanding............................
Common stock, $.01 par value, 250,000,000
shares authorized,
95,362,990, 95,273,202, 91,545,294 and
91,137,874
issued and outstanding, respectively... 954 953 915 911
Additional paid-in capital............... 1,981,833 1,977,560 1,821,762 1,809,836
Earnings in excess of
dividends/(dividends in excess of
earnings).............................. 199,442 (2,532) (16,152) (15,084)
Treasury common stock, at cost........... (2,722) (2,722) (2,722) (2,722)
Unearned compensation.................... (2,899) (3,355) (3,598) (3,843)
Accumulated other comprehensive loss..... (17,018) (13,608) (13,695) (13,868)
---------- ---------- ---------- ----------
Total stockholders' equity............. 2,159,590 1,956,296 1,786,510 1,775,230
---------- ---------- ---------- ----------
Total liabilities and stockholders'
equity............................. $8,427,203 $8,481,315 $7,358,671 $7,301,392
========== ========== ========== ==========
</Table>
7
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
CONSOLIDATED INCOME STATEMENTS
(IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
(UNAUDITED)
<Table>
<Caption>
THREE MONTHS ENDED
----------------------------------------------
31-DEC-02 30-SEP-02 30-JUN-02 31-MAR-02
--------- --------- --------- ----------
Revenue:
Rental
Base Rent (1) (2)....................................... $265,559 $241,254 $242,630 $228,939
Recoveries from tenants................................. 38,929 35,544 36,487 33,615
Parking and other....................................... 13,217 13,056 12,458 12,096
-------- -------- -------- --------
Total rental revenue.................................. 317,705 289,854 291,575 274,650
Hotel revenues............................................ 24,779 20,007 -- --
Development and management services....................... 2,769 2,571 1,710 3,698
Interest and other (3).................................... 700 1,222 2,310 1,272
-------- -------- -------- --------
Total revenue......................................... 345,953 313,654 295,595 279,620
-------- -------- -------- --------
Expenses:
Operating (4)............................................. 61,428 63,946 57,845 56,584
Taxes..................................................... 41,298 35,629 34,802 33,958
Hotel operating........................................... 17,562 13,524 -- --
General and administrative (5)............................ 12,703 9,956 13,564 11,069
Interest (6).............................................. 72,146 68,425 67,327 63,787
Depreciation and amortization............................. 53,957 45,514 43,779 42,927
Net derivative losses (SFAS No.133)....................... 1,461 5,284 4,826 303
Loss on investments in other companies.................... -- -- -- 4,297
-------- -------- -------- --------
Total expenses........................................ 260,555 242,278 222,143 212,925
-------- -------- -------- --------
Income before minority interests and income from
unconsolidated joint ventures............................. 85,398 71,376 73,452 66,695
Minority interest in property partnerships.................. 162 720 712 471
Income from unconsolidated joint ventures................... 2,083 2,530 1,659 1,682
-------- -------- -------- --------
Income before minority interest in Operating Partnership.... 87,643 74,626 75,823 68,848
Minority interest in Operating Partnership (7).............. (20,867) (18,688) (19,555) (18,361)
-------- -------- -------- --------
Income before gain on sales, net of minority interest....... 66,776 55,938 56,268 50,487
Gain on sales of real estate, net........................... 187,562 -- -- --
-------- -------- -------- --------
Income before gain on sales of land held for development.... 254,338 55,938 56,268 50,487
Gain on sales of land held for development, net............. -- 3,644 -- --
-------- -------- -------- --------
Income before discontinued operations....................... 254,338 59,582 56,268 50,487
Income from discontinued operations, net of minority
interest.................................................. 127 175 150 681
Gain on sales of real estate from discontinued operations,
net of minority interest.................................. 7,645 11,910 -- 5,840
-------- -------- -------- --------
Income before extraordinary items and preferred dividend.... 262,110 71,667 56,418 57,008
Extraordinary items......................................... (1,964) -- -- --
-------- -------- -------- --------
Income before preferred dividend............................ 260,146 71,667 56,418 57,008
Preferred dividend.......................................... -- (126) (1,643) (1,643)
-------- -------- -------- --------
Net income available to common shareholders................. $260,146 $ 71,541 $ 54,775 $ 55,365
======== ======== ======== ========
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income available to common shareholders per share --
basic................................................... $ 2.73 $ 0.75 $ 0.60 $ 0.61
======== ======== ======== ========
Net income available to common shareholders per share --
diluted................................................. $ 2.70 $ 0.74 $ 0.59 $ 0.60
======== ======== ======== ========
</Table>
(1) Base Rent is reported on a straight-line basis over the terms of the
respective leases. The impact of the straight-line rent adjustment increased
revenue by $11,938, $12,244, $12,216 and $14,784 for the three months ended
December 31, 2002, September 30, 2002, June 30, 2002 and March 31, 2002,
respectively.
(2) Includes hotel lease payments of $8,023 and $4,322 for the three months
ended June 30, 2002 and March 31, 2002, respectively.
(3) Includes a refund of $1,300 related to prior years' tax matter for the three
months ended June 30, 2002.
(4) Includes hotel expenses of $1,844 and $1,327 for the three months ended June
30, 2002 and March 31, 2002, respectively.
(5) Includes a $2.8 million write-off of leasing costs related to the
termination of the lease with Arthur Andersen for the three months ended
June 30, 2002.
(6) Interest expense is reported net of capitalized interest of $4,719, $4,684,
$5,261 and $7,847 for the three months ended December 31, 2002, September
30, 2002, June 30, 2002 and March 31, 2002, respectively.
(7) Equals minority interest percent of 17.69%, 17.76%, 18.37% and 18.28%,
respectively of income before minority interest in Operating Partnership
after deduction for preferred dividends and distributions for the three
months ended December 31, 2002, September 30, 2002, June 30, 2002 and March
31, 2002, respectively.
(8) Certain prior period amounts have been reclassified to conform to current
period presentation.
8
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
FUNDS FROM OPERATIONS
(IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
(UNAUDITED)
<Table>
<Caption>
THREE MONTHS ENDED
----------------------------------------------
31-DEC-02 30-SEP-02 30-JUN-02 31-MAR-02
--------- --------- --------- ----------
Income from operations before net derivative losses (SFAS
No.133), minority interests and income from unconsolidated
joint ventures............................................ $ 85,398 $ 71,376 $ 73,452 $ 66,695
Add:
Real estate depreciation and amortization (1)........... 56,072 46,971 45,032 44,499
Income from discontinued operations..................... 154 213 184 833
Income from unconsolidated joint ventures............... 2,083 2,530 1,659 1,682
Less:
Minority property partnership's share of funds from
operations............................................ 1,390 521 593 719
Preferred dividends and distributions................... 5,926 6,162 8,223 8,400
-------- -------- -------- --------
Funds from operations (FFO)................................. 136,391 114,407 111,511 104,590
Add (subtract):
Net derivative losses (SFAS No.133)..................... 1,461 5,284 4,826 303
Early surrender lease payments received -- contractual
basis................................................. -- 667 3,926 3,927
FFO before net derivative losses (SFAS No.133) and after
early surrender lease payments received................... $137,852 $120,358 $120,263 $108,820
-------- -------- -------- --------
FFO available to common shareholders before net derivative
losses (SFAS No. 133) and after early surrender lease
payments received (3)..................................... $113,464 $ 98,980 $ 98,165 $ 88,929
======== ======== ======== ========
FFO per share before net derivative losses (SFAS No.133) and
after cash basis early surrender lease income -- basic.... $ 1.19 $ 1.04 $ 1.07 $ 0.98
======== ======== ======== ========
Weighted average shares outstanding -- basic................ 95,313 94,904 91,357 90,932
======== ======== ======== ========
FFO per share before net derivative losses (SFAS No.133) and
after early surrender lease payments received --
diluted................................................... $ 1.14 $ 1.00 $ 1.02 $ 0.93
======== ======== ======== ========
FFO per share after net derivative losses (SFAS No.133) and
before early surrender lease payments received --
diluted................................................... $ 1.13 $ 0.95 $ 0.95 $ 0.90
======== ======== ======== ========
Weighted average shares outstanding -- diluted.............. 105,631 105,725 105,982 105,768
======== ======== ======== ========
</Table>
RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS
<Table>
<Caption>
DECEMBER 31, 2002 SEPTEMBER 30, 2002 JUNE 30, 2002
------------------------------- ------------------------------- -------------------------------
INCOME SHARES INCOME SHARES INCOME SHARES
(NUMERATOR) (DENOMINATOR) (NUMERATOR) (DENOMINATOR) (NUMERATOR) (DENOMINATOR)
------------- --------------- ------------- --------------- ------------- ---------------
Basic FFO before net
derivative losses
(SFAS No.133) and
after early
surrender lease
income............. $137,852 115,800 $120,358 115,402 $120,263 111,923
Effect of Dilutive
Securities
Convertible
Preferred
Units............ 5,926 9,236 6,036 9,344 6,580 10,342
Convertible
Preferred
Stock............ -- -- 126 200 1,643 2,625
Stock Options and
other............ -- 1,082 -- 1,276 -- 1,659
-------- ------- -------- ------- -------- -------
Diluted FFO before
net derivative
losses (SFAS
No.133) and after
early surrender
lease payments
received........... $143,778 126,118 $126,520 126,222 $128,486 126,549
======== ======= ======== ======= ======== =======
Company's share of
diluted FFO before
net derivative
losses (SFAS 133)
and after early
surrender lease
payments received
(2)................ $120,422 105,631 $105,974 105,725 $107,605 105,982
======== ======= ======== ======= ======== =======
FFO per share before
net derivative
losses (SFAS
No.133) and after
early surrender
lease payments
received --
basic.............. $ 1.19 $ 1.04 $ 1.07
======== ======== ========
FFO per share before
net derivative
losses (SFAS
No.133) and after
early surrender
lease payments
received --
diluted............ $ 1.14 $ 1.00 $ 1.02
======== ======== ========
<Caption>
MARCH 31, 2002
-------------------------------
INCOME SHARES
(NUMERATOR) (DENOMINATOR)
------------- ---------------
Basic FFO before net
derivative losses
(SFAS No.133) and
after early
surrender lease
income............. $108,820 111,272
Effect of Dilutive
Securities
Convertible
Preferred
Units............ 6,757 10,823
Convertible
Preferred
Stock............ 1,643 2,625
Stock Options and
other............ -- 1,387
-------- -------
Diluted FFO before
net derivative
losses (SFAS
No.133) and after
early surrender
lease payments
received........... $117,220 126,107
======== =======
Company's share of
diluted FFO before
net derivative
losses (SFAS 133)
and after early
surrender lease
payments received
(2)................ $ 98,314 105,768
======== =======
FFO per share before
net derivative
losses (SFAS
No.133) and after
early surrender
lease payments
received --
basic.............. $ 0.98
========
FFO per share before
net derivative
losses (SFAS
No.133) and after
early surrender
lease payments
received --
diluted............ $ 0.93
========
</Table>
(1) Real estate depreciation includes the Company's share of joint venture real
estate depreciation of $2,848, $2,170, $1,947 and $2,187 less corporate
related depreciation of $733, $733, $711 and $632 for the three months ended
December 31, 2002, September 30, 2002, June 30, 2002 and March 31, 2002,
respectively.
(2) Based on weighted average shares for the quarter. Company's share for the
quarter ended December 31, 2002, September 30, 2002, June 30, 2002 and March
31, 2002 was 82.31%, 82.24%, 81.63% and 81.72%, respectively.
(3) Based on weighted average diluted shares for the quarter. Company's share
for the quarter ended December 31, 2002, September 30, 2002, June 30, 2002
and March 31, 2002 was 83.76%, 83.76%, 83.75% and 83.87%, respectively.
9
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
CAPITAL STRUCTURE
DEBT
(IN THOUSANDS)
<Table>
<Caption>
AGGREGATE PRINCIPAL
DECEMBER 31, 2002
-------------------
Mortgage Notes and Bonds Payable(1)......................... $4,267,119
Unsecured Senior Notes, net of discount..................... 747,375
Unsecured Bridge Loan....................................... 105,683
Unsecured Line of Credit.................................... 27,043
----------
Total Debt (2).............................................. $5,147,220
==========
</Table>
(1) Includes $146.9 million drawn on the unsecured line of credit that is
secured by 875 Third Avenue.
(2) Does not include joint venture debt outstanding. See page 15 for detailed
joint venture information.
EQUITY
(IN THOUSANDS)
<Table>
<Caption>
COMMON
SHARES & UNITS STOCK
OUTSTANDING EQUIVALENTS EQUIVALENT (1)
-------------- ----------- --------------
Common Stock................................................ 95,363 95,363 $3,515,080
Operating Partnership Units................................. 20,474 20,474 754,672
Preferred Operating Partnership Units
Series One................................................ 2,378 2,114 77,922
Series Two................................................ 5,401 7,087 261,227
---------- ----------
Total Equity................................................ 125,038 $4,608,901
========== ==========
Total Market Capitalization................................. $9,756,121
==========
</Table>
(1) Value based on December 31, 2002 closing price of $36.86
10
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
DEBT ANALYSIS
DEBT MATURITIES AND PRINCIPAL PAYMENTS
(IN THOUSANDS)
<Table>
<Caption>
2003 2004 2005 2006 2007 THEREAFTER TOTAL
---------- -------- -------- -------- -------- ---------- ----------
Amount......................................... $1,064,222 $411,855 $285,387 $284,458 $182,632 $2,918,666 $5,147,220
Weighted Average Rate.......................... 3.38% 4.43% 6.93% 7.79% 6.59% 6.92% 6.03%
</Table>
UNSECURED DEBT
UNSECURED LINE OF CREDIT -- MATURES MARCH 31, 2003 (1)
(IN THOUSANDS)
<Table>
<Caption>
OUTSTANDING LETTERS OF REMAINING
FACILITY @12/31/02 CREDIT CAPACITY
- --------------------- ----------- ---------- ----------
605,00$0....... $27,043 $1,854 $429,201(2)
</Table>
(1) The maturity date has been extended to Janury 17, 2006.
(2) $146.9 million drawn on the unsecured line of credit is secured by 875 Third
Avenue.
UNSECURED BRIDGE LOAN -- MATURES SEPTEMBER 2003
(IN THOUSANDS)
OUTSTANDING
@12/31/02
---------------------
$105,683
UNSECURED SENIOR NOTES, NET -- MATURE JANUARY 15, 2013
(IN THOUSANDS)
OUTSTANDING
@12/31/02
---------------------
$747,375
UNSECURED AND SECURED DEBT ANALYSIS
<Table>
<Caption>
WEIGHTED WEIGHTED AVERAGE
% OF DEBT AVERAGE RATE MATURITY
--------- ------------ ----------------
Unsecured Debt.............................................. 17.10% 5.72% 8.6 years
Secured Debt................................................ 82.90% 6.09% 4.7 years
------ ---- ---------
Total Debt.................................................. 100.00% 6.03% 5.4 years
====== ==== =========
</Table>
FLOATING AND FIXED RATE DEBT ANALYSIS
<Table>
<Caption>
WEIGHTED WEIGHTED AVERAGE
% OF DEBT AVERAGE RATE MATURITY
--------- ------------ ----------------
Floating Rate Debt.......................................... 24.42% 3.04% 0.7 years
Fixed Rate Debt............................................. 75.58% 7.17% 6.2 years
------ ---- ---------
Total Debt.................................................. 100.00% 6.03% 5.4 years
====== ==== =========
</Table>
11
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
SENIOR UNSECURED DEBT COVENANT COMPLIANCE RATIOS
(IN THOUSANDS)
<Table>
<Caption>
DECEMBER 31, 2002
-----------------
Capitalized Property Value.................................. $10,597,030
Cash and Cash Equivalents................................... 55,275
Undeveloped Land, at Cost................................... 215,866
Development in Process, at Cost (including Joint
Venture %)................................................ 501,431
-----------
Total Assets................................................ $11,369,602
===========
Unencumbered Assets......................................... $ 2,813,601
-----------
Secured Debt (Fixed and Variable) (1)....................... $ 4,261,315
Joint Venture Debt.......................................... 236,807
Contingent Liabilities & Letters of Credit.................. 41,679
Unsecured Debt (2).......................................... 882,726
-----------
Total Outstanding Debt...................................... $ 5,422,527
===========
Consolidated EBITDA......................................... $ 216,853
-----------
Interest Expense............................................ $ 72,204
-----------
</Table>
<Table>
<Caption>
COVENANT RATIOS TEST ACTUAL
- --------------- ------------------ --------
Total Outstanding Debt/Total Assets......................... Less than 60% 47.7%
Secured Debt/Total Assets................................... Less than 50% 39.6%
Interest Coverage (Annualized Consolidated EBITDA to Greater than 1.50x
Annualized Interest Expense).............................. 3.00
Unencumbered Assets/Unsecured Debt.......................... Greater than 150% 318.7%
-------
Unencumbered GAAP NOI....................................... $54,389
-------
% of unencumbered NOI to Total NOI.......................... 25.1%
-------
# of unencumbered properties................................ 57
-------
</Table>
- ----------------------------------------
(1) Excludes Fair Value Adjustment of $5.8 million.
(2) Excludes Debt Discount of $2.6 million.
12
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
DEBT MATURITIES AND PRINCIPAL PAYMENTS
(IN THOUSANDS)
<Table>
<Caption>
PROPERTY 2003 2004 2005 2006 2007 THEREAFTER TOTAL
- -------- -------- -------- -------- -------- -------- ---------- --------
Citigroup Center................................... $ 5,763 $ 6,191 $ 6,651 $ 7,145 $ 7,676 $483,253 $516,679
5 Times Square 372,905 -- -- -- -- -- 372,905
Embarcadero Center One, Two and Federal Reserve.... 4,498 4,809 5,141 5,496 5,877 278,913 304,734
Prudential Center.................................. 4,299 4,591 4,919 5,256 5,619 259,705 284,389
280 Park Avenue.................................... 2,800 3,022 3,261 3,519 3,798 248,794 265,194
599 Lexington Avenue............................... -- -- 225,000 -- -- -- 225,000
Times Square Tower................................. -- 222,196 -- -- -- -- 222,196
111 Huntington Avenue.............................. 203,000 -- -- -- -- -- 203,000
Embarcadero Center Four............................ 3,315 3,544 3,797 4,061 4,346 129,711 148,774
875 Third Avenue (1)............................... 146,902 -- -- -- -- -- 146,902
Embarcadero Center Three........................... 2,206 2,351 2,506 2,671 132,726 -- 142,460
Riverfront Plaza................................... 2,720 2,905 3,104 3,314 3,540 95,327 110,910
Democracy Center................................... 1,828 1,961 2,103 2,257 2,421 93,728 104,298
Embarcadero Center West Tower...................... 1,449 1,546 1,649 90,415 -- -- 95,059
100 East Pratt Street.............................. 1,836 1,964 2,100 2,246 2,401 78,105 88,652
601 and 651 Gateway Boulevard...................... 826 899 977 1,062 1,155 83,566 88,485
Reservoir Place.................................... 2,859 3,061 3,279 60,065 -- -- 69,264
One & Two Reston Overlook.......................... 818 65,908 -- -- -- -- 66,726
2300 N Street...................................... 66,000 -- -- -- -- -- 66,000
202, 206 & 214 Carnegie Center..................... 610 663 719 780 845 58,217 61,834
New Dominion Technology Park, Building One......... 102 91 654 1,282 1,378 54,042 57,549
Capital Gallery.................................... 1,293 1,404 1,524 50,651 -- -- 54,872
504, 506 & 508 Carnegie Center..................... 979 1,052 1,136 1,221 1,314 40,915 46,617
Waltham Weston Corporate Center.................... -- 44,840 -- -- -- -- 44,840
</Table>
- ----------------------------------------
(1) Secured by draw on unsecured line of credit. Maturity date extended to
Januray 17, 2006 subsequest to December 31, 2002.
13
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
DEBT MATURITIES AND PRINCIPAL PAYMENTS
(IN THOUSANDS)
<Table>
<Caption>
PROPERTY 2003 2004 2005 2006 2007 THEREAFTER TOTAL
- -------- ---------- -------- -------- -------- -------- ---------- ----------
10 & 20 Burlington Mall Rd & 91 Hartwell....... 589 688 741 795 855 35,589 39,257
10 Cambridge Center............................ 514 607 659 715 777 31,436 34,708
1301 New York Avenue........................... 1,217 1,315 1,417 1,531 1,651 23,409 30,540
2600 Tower Oaks Boulevard...................... -- 30,218 -- -- -- -- 30,218
Sumner Square.................................. 481 518 557 599 645 26,936 29,736
Quorum Office Park............................. 28,818(1) -- -- -- -- -- 28,818
Eight Cambridge Center......................... 495 557 601 649 702 24,486 27,490
510 Carnegie Center............................ 547 588 635 683 735 23,519 26,707
Lockheed Martin Building....................... 601 641 685 732 782 21,799 25,240
University Place............................... 655 702 752 806 864 20,338 24,117
Reston Corporate Center........................ 574 612 654 698 745 20,523 23,806
Orbital Sciences -- Phase II................... 23,611(1) -- -- -- -- -- 23,611
191 & 201 Spring Street........................ 376 443 482 20,773 -- -- 22,074
Shaws Supermarket.............................. 20,717 -- -- -- -- -- 20,717
NIMA Building.................................. 497 530 566 604 644 17,785 20,626
Bedford Business Park.......................... 583 690 751 818 890 16,859 20,591
40 Shattuck Road............................... 15,939 -- -- -- -- -- 15,939
101 Carnegie Center............................ 348 375 406 6,622 -- -- 7,751
302 Carnegie Center............................ 7,594(1) -- -- -- -- -- 7,594
New Dominion Technology Park, Bldg. 2.......... -- -- 7,558 -- -- -- 7,558
Montvale Center................................ 160 173 189 6,762 -- -- 7,284
Hilltop Business Center........................ 172 200 214 230 246 4,336 5,398
---------- -------- -------- -------- -------- ---------- ----------
931,496 411,855 285,387 284,458 182,632 2,171,291 4,267,119
---------- -------- -------- -------- -------- ---------- ----------
Unsecured Senior Notes......................... -- -- -- -- -- 747,375 747,375
Unsecured Line of Credit....................... 27,043(1)(2) -- -- -- -- -- 27,043
Unsecured Bridge Loan.......................... 105,683(1) -- -- -- -- -- 105,683
---------- -------- -------- -------- -------- ---------- ----------
$1,064,222 $411,855 $285,387 $284,458 $182,632 $2,918,666 $5,147,220
========== ======== ======== ======== ======== ========== ==========
</Table>
- ----------------------------------------
(1) Outstanding balances were repaid in full on January 17, 2003 with proceeds
from the offering of the $175 million senior unsecured notes and cash.
(2) Maturity date extended to January 17, 2006 subsequent to December 31, 2002.
14
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
UNCONSOLIDATED JOINT VENTURES
MISCELLANEOUS BALANCE SHEET INFORMATION
(unaudited and in thousands)
as of December 31, 2002
<Table>
<Caption>
ONE MARKET 140 265 TWO 901
FREEDOM SQUARE METROPOLITAN KENDRICK FRANKLIN DISCOVERY FREEDOM NEW YORK
SQUARE NORTH SQUARE STREET STREET SQUARE SQUARE (2) AVENUE (2)
-------- -------- ------------ -------- -------- --------- ---------- ----------
Total Equity (1)................... $ 387 $13,261 $31,662 $ 5,450 $22,216 $ 7,376 $ 8,095 $13,458
======= ======= ======= ======= ======= ======= ======= =======
Mortgage/Construction loans payable
(1).............................. $18,940 $48,637 $69,827 $14,061 $18,897 $30,949 $32,853 $ 2,643
======= ======= ======= ======= ======= ======= ======= =======
BXP's nominal ownership
percentage....................... 25.00% 50.00% 51.00% 25.00% 35.00% 50.00% 50.00% 25.00%
======= ======= ======= ======= ======= ======= ======= =======
<Caption>
COMBINED
---------
Total Equity (1)................... $101,905
========
Mortgage/Construction loans payable
(1).............................. $236,807
========
BXP's nominal ownership
percentage.......................
</Table>
RESULTS OF OPERATIONS
for the three months ended December 31, 2002
<Table>
<Caption>
ONE ONE MARKET 140 265 TWO 901
FREEDOM FREEDOM SQUARE METROPOLITAN KENDRICK FRANKLIN DISCOVERY FREEDOM NEW YORK
SQUARE SQUARE NORTH SQUARE STREET STREET SQUARE SQUARE (2) AVENUE (2)
- ----------------------------------- -------- -------- ------------ -------- -------- --------- ---------- ----------
REVENUE
Total revenue...................... $3,596 $ 5,017 $ 6,162 $ 2,800 $ 3,500 $ 2,638 $ 2,318 $ --
------ ------- ------- ------- ------- ------- ------- -------
EXPENSES
Operating.......................... 884 1,514 1,950 511 1,211 434 679 --
------ ------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME............... 2,712 3,503 4,212 2,289 2,289 2,204 1,639 --
Interest........................... 1,475 1,888 2,844 1,062 409 510 286 --
Depreciation and amortization...... 747 1,318 1,203 352 757 437 483 --
------ ------- ------- ------- ------- ------- ------- -------
NET INCOME......................... $ 490 $ 297 $ 165 $ 875 $ 1,123 $ 1,257 $ 870 $ --
====== ======= ======= ======= ======= ======= ======= =======
BXP's share of net income.......... $ 123 $ 149 $ 84 $ 271(4) $ 393 $ 628 $ 435 $ --
====== ======= ======= ======= ======= ======= ======= =======
BXP's share of Funds from
Operations....................... $ 619(4) $ 808 $ 698 $ 613(4) $ 658 $ 847 $ 676 $ --
====== ======= ======= ======= ======= ======= ======= =======
<Caption>
ONE
FREEDOM
SQUARE COMBINED
- ----------------------------------- ---------
REVENUE
Total revenue...................... $ 26,031(3)
--------
EXPENSES
Operating.......................... 7,183
--------
NET OPERATING INCOME............... 18,848
Interest........................... 8,474
Depreciation and amortization...... 5,297
--------
NET INCOME......................... $ 5,077
========
BXP's share of net income.......... $ 2,083
========
BXP's share of Funds from
Operations....................... $ 4,919
========
</Table>
- ----------------------------------------
(1) Represents the Company's share.
(2) Property is currently under development.
(3) The impact of the straight-line rent adjustment increased revenue by $2,194
for the three months ended December 31, 2002.
(4) Reflects the changes in the allocation percentages pursuant to the
achievement of specified investment return thresholds as provided for in the
joint venture agreements.
15
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
UNCONSOLIDATED JOINT VENTURE DEBT ANALYSIS (*)
DEBT MATURITIES AND PRINCIPAL PAYMENTS
(IN THOUSANDS)
<Table>
<Caption>
2003 2004 2005 2006 2007 THEREAFTER TOTAL
-------- -------- -------- -------- -------- ---------- --------
Amount............................................. $51,696 $34,855 $4,807 $2,342 $2,534 $140,573 $236,807
Weighted Average Rate.............................. 3.09% 3.51% 5.25% 7.89% 7.90% 7.94% 6.17%
</Table>
FLOATING AND FIXED RATE DEBT ANALYSIS
<Table>
<Caption>
WEIGHTED WEIGHTED
AVERAGE AVERAGE
% OF DEBT RATE MATURITY
--------- -------- ---------
Floating Rate Debt.......................................... 36.04% 3.04% 1.2 years
Fixed Rate Debt............................................. 63.96% 7.93% 8.1 years
------ ---- ---------
Total Debt.................................................. 100.00% 6.17% 5.6 years
====== ==== =========
</Table>
DEBT MATURITIES AND PRINCIPAL PAYMENTS BY PROPERTY
(IN THOUSANDS)
<Table>
<Caption>
PROPERTY 2003 2004 2005 2006 2007 THEREAFTER TOTAL
- -------- -------- -------- -------- -------- -------- ---------- --------
Metropolitan Square (1)............................ $ 704 $ 764 $ 830 $ 901 $ 978 $ 65,650 $ 69,827
Market Square North (2)............................ 795 860 926 1,001 1,080 43,975 48,637
Two Freedom Square (2)............................. -- 32,853 -- -- -- -- 32,853
Discovery Square (2)............................... 30,949 -- -- -- -- -- 30,949
One Freedom Square (3)............................. 205 221 239 258 279 17,738 18,940
265 Franklin Street (4)............................ 18,897 -- -- -- -- -- 18,897
140 Kendrick Street (3)............................ 146 157 169 182 197 13,210 14,061
901 New York Avenue (3)............................ -- -- 2,643 -- -- -- 2,643
------- ------- ------ ------ ------ -------- --------
$51,696 $34,855 $4,807 $2,342 $2,534 $140,573 $236,807
======= ======= ====== ====== ====== ======== ========
</Table>
- ----------------------------------------
(*) All amounts represent the Company's share.
(1) Boston Properties has a 51% interest in this property.
(2) Boston Properties has a 50% interest in this property.
(3) Boston Properties has a 25% interest in this property.
(4) Boston Properties has a 35% interest in this property.
16
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
PORTFOLIO OVERVIEW--SQUARE FOOTAGE
RENTABLE SQUARE FEET OF IN-SERVICE PROPERTIES BY LOCATION AND TYPE OF PROPERTY
<Table>
<Caption>
GEOGRAPHIC AREA OFFICE (1) OFFICE/TECHNICAL INDUSTRIAL TOTAL % OF TOTAL
- --------------- ---------- ---------------- ---------- ---------- ----------
Greater Boston............................................. 7,463,442(2) 545,206 152,009 8,160,657 25.54%
Greater Washington......................................... 6,116,483(3) 971,045 -- 7,087,528 22.18%
Greater San Francisco...................................... 4,701,539 144,366 60,000 4,905,905 15.35%
Midtown Manhattan.......................................... 7,255,976 -- -- 7,255,976 22.71%
Princeton/East Brunswick, NJ............................... 2,308,181 -- -- 2,308,181 7.22%
Baltimore, MD.............................................. 1,176,029 -- -- 1,176,029 3.68%
Richmond, VA............................................... 899,586 -- -- 899,586 2.82%
Bucks County, PA........................................... -- -- 161,000 161,000 0.50%
---------- --------- ------- ---------- ------
29,921,236 1,660,617 373,009 31,954,862 100.00%
========== ========= ======= ========== ======
% of Total................................................. 93.64% 5.20% 1.17% 100.00%
</Table>
HOTEL PROPERTIES
<Table>
<Caption>
HOTEL PROPERTIES
- ------------------------------------------------------------------------
NUMBER OF SQUARE
ROOMS FEET
---------- --------
Long Wharf Marriott, Boston, MA............................. 402 420,000
Cambridge Center Marriott, Cambridge, MA.................... 431 330,400
Residence Inn by Marriott, Cambridge, MA.................... 221 187,474
----- -------
Total Hotel Properties...................................... 1,054 937,874
===== =======
</Table>
STRUCTURED PARKING
<Table>
<Caption>
NUMBER OF SQUARE
SPACES FEET
---------- ---------
Total Structured Parking.................................... 20,710 6,719,991
====== =========
</Table>
- ----------------------------------------
(1) Includes retail square footage of approximately 1,200,000.
(2) Includes 343,913 square feet at 265 Franklin Street which is 35% owned by
Boston Properties and 380,987 square feet at 140 Kendrick Street which is
25% owned by Boston Properties.
(3) Includes 410,308 square feet at One Freedom Square which is 25% owned by
Boston Properties, 587,217 square feet at Metropolitan Square which is 51%
owned by Boston Properties, 401,279 square feet at Market Square North which
is 50% owned by Boston Properties and 181,019 square feet at Discovery
Square which is 50% owned by Boston Properties.
17
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE PROPERTY LISTING
AS OF DECEMBER 31, 2002
<Table>
<Caption>
ANNUALIZED
REVENUE
NUMBER OF PER ENCUMBERED
GREATER BOSTON SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % OCCUPIED SF (Y/N)
- -------------- --------------------------- ---------- ----------- ----------- ------------ -----------
Office
800 Boylston Street -- The
Prudential Center........... CBD Boston MA 1 1,175,218 92.2% $37.75 Y
(1)111 Huntington Avenue --
The Prudential Center....... CBD Boston MA 1 854,129 98.2% 45.62 Y
101 Huntington Avenue -- The
Prudential Center........... CBD Boston MA 1 510,983 80.9% 40.40 Y
(2)The Shops at the Prudential
Center...................... CBD Boston MA 1 557,946 97.6% 45.78 Y
265 Franklin Street (35%
ownership).................. CBD Boston MA 1 343,913 67.9% 55.52 Y
One Cambridge Center.......... East Cambridge MA 1 215,385 94.0% 44.24 N
Three Cambridge Center........ East Cambridge MA 1 107,484 100.0% 28.80 N
Eight Cambridge Center........ East Cambridge MA 1 177,226 100.0% 30.96 Y
Ten Cambridge Center.......... East Cambridge MA 1 152,664 100.0% 34.32 Y
Eleven Cambridge Center....... East Cambridge MA 1 79,616 100.0% 41.87 N
University Place.............. Mid-Cambridge MA 1 195,282 100.0% 34.65 Y
Reservoir Place............... Route 128 Mass Turnpike MA 1 522,760 84.7% 35.43 Y
204 Second Avenue............. Route 128 Mass Turnpike MA 1 40,974 100.0% 27.56 N
140 Kendrick Street (25%
ownership).................. Route 128 Mass Turnpike MA 3 380,987 100.0% 27.95 Y
170 Tracer Lane............... Route 128 Mass Turnpike MA 1 73,258 55.0% 34.57 N
Waltham Office Center......... Route 128 Mass Turnpike MA 3 130,209 84.8% 29.67 N
195 West Street............... Route 128 Mass Turnpike MA 1 63,500 100.0% 46.35 N
200 West Street............... Route 128 Mass Turnpike MA 1 248,048 100.0% 34.74 N
10 & 20 Burlington Mall Road Route 128 Northwest MA 2 156,416 88.7% 28.48 Y
Bedford Business Park......... Route 128 Northwest MA 1 90,000 100.0% 20.59 Y
32 Hartwell Avenue............ Route 128 Northwest MA 1 69,154 100.0% 28.88 N
91 Hartwell Avenue............ Route 128 Northwest MA 1 121,215 91.3% 34.26 Y
92 Hayden Avenue.............. Route 128 Northwest MA 1 31,100 100.0% 51.71 N
100 Hayden Avenue............. Route 128 Northwest MA 1 55,924 100.0% 32.90 N
33 Hayden Avenue.............. Route 128 Northwest MA 1 75,216 100.0% 38.58 N
Lexington Office Park......... Route 128 Northwest MA 2 167,293 78.6% 30.12 N
191 Spring Street............. Route 128 Northwest MA 1 162,700 100.0% 30.79 Y
181 Spring Street............. Route 128 Northwest MA 1 53,595 41.2% 34.91 Y
201 Spring Street............. Route 128 Northwest MA 1 102,500 100.0% 32.33 Y
40 Shattuck Road.............. Route 128 Northwest MA 1 120,000 92.2% 25.87 Y
Quorum Office Park............ Route 128 Northwest MA 2 259,918 100.0% 17.61 Y(3)
Newport Office Park........... Route 128 South MA 1 168,829 44.6% 25.10 N
-- --------- ----- ------
39 7,463,442 91.0% $36.91
-- --------- ----- ------
Office/Technical
Fourteen Cambridge Center..... East Cambridge MA 0 67,362 100.0% 21.78 N
Bedford Business Park......... Route 128 Northwest MA 2 383,704 100.0% 14.87 Y
17 Hartwell Avenue............ Route 128 Northwest MA 1 30,000 100.0% 11.00 N
164 Lexington Road............ Route 128 Northwest MA 1 64,140 100.0% 10.27 N
-- --------- ----- ------
5 545,206 100.0% $14.97
-- --------- ----- ------
Industrial
40-46 Harvard Street.......... Route 128 Southwest MA 0 152,009 100.0% $7.65 N
-- --------- ----- ------
Total Greater Boston: 45 8,160,657 91.8% $34.72
== ========= ===== ======
</Table>
- ----------------------------------------
(1) Not included in same property analysis
(2) 93,935 square feet of space added in Q2 2002 is not included in the same
property analysis.
(3) Amount repaid on January 17, 2003 with proceeds from the offering of the
$175 million senior unsecured notes.
18
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE PROPERTY LISTING
AS OF DECEMBER 31, 2002
<Table>
<Caption>
ANNUALIZED
REVENUE
NUMBER OF PER ENCUMBERED
GREATER WASHINGTON, DC SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % OCCUPIED SF (Y/N)
- ---------------------- ------------------------ ---------- ----------- ----------- ------------ -----------
Office
2300 N Street.................... West End Washington DC 1 289,243 98.8% $54.81 Y
Capital Gallery.................. Southwest Washington DC 1 396,894 100.0% 36.77 Y
500 E Street, N. W. ............. Southwest Washington DC 1 242,769 100.0% 32.55 N
Metropolitan Square (51%
ownership)..................... East End Washington DC 1 585,220 97.6% 38.46 Y
1301 New York Avenue............. East End Washington DC 1 188,358 100.0% 30.34 Y
Market Square North (50%
ownership)..................... East End Washington DC 1 401,279 100.0% 44.53 Y
Sumner Square.................... CBD Washington DC 1 207,620 100.0% 34.59 Y
Decoverly Two.................... Montgomery County MD 1 77,747 100.0% 24.14 N
Decoverly Three.................. Montgomery County MD 1 77,040 100.0% 25.66 N
Democracy Center................. Montgomery County MD 3 680,854 94.0% 28.86 Y
Montvale Center.................. Montgomery County MD 1 120,823 84.2% 23.70 Y
2600 Tower Oaks Boulevard Montgomery County MD 1 178,887 100.0% 32.01 Y
(2)Orbital Sciences 1&3.......... Loudoun County 2 176,726 100.0% 23.59 N
Orbital Sciences 2............... Loudoun County 1 160,502 100.0% 22.84 Y(3)
The Arboretum.................... Fairfax County VA 1 95,584 0 25.71 N
One Freedom Square (25%
ownership)..................... Fairfax County VA 1 410,308 100.0% 33.61 Y
One Reston Overlook.............. Fairfax County VA 1 312,685 100.0% 22.15 Y
Two Reston Overlook.............. Fairfax County VA 1 131,594 82.2% 32.07 Y
(1)One Discovery Square (50%
ownership)..................... Fairfax County VA 1 181,019 100.0% 36.31 Y
(1)Two Discovery Square (50%
ownership)..................... Fairfax County VA 1 185,970 81.9% 32.10 Y
New Dominion Technology Park..... Fairfax County VA 1 235,201 100.0% 26.80 Y
Reston Corporate Center.......... Fairfax County VA 2 261,046 100.0% 31.09 Y
Lockheed Martin Building......... Fairfax County VA 1 255,244 100.0% 29.63 Y
NIMA Building.................... Fairfax County VA 1 263,870 100.0% 45.57 Y
-- --------- ----- ------
28 6,116,483 97.8% $33.61
-- --------- ----- ------
Office/Technical
(1)Broad Run Business Park....... Loudoun County 1 127,226 54.7% 23.00 N
Sugarland Business Park, Building
One............................ Fairfax County VA 1 52,797 22.8% 21.99 N
Sugarland Business Park, Building
Two............................ Fairfax County VA 1 59,215 65.9% 20.09 N
7435 Boston Boulevard............ Fairfax County VA 1 103,557 82.3% 14.89 N
7451 Boston Boulevard............ Fairfax County VA 1 47,001 66.1% 15.39 N
7450 Boston Boulevard............ Fairfax County VA 1 62,402 100.0% 20.48 N
7374 Boston Boulevard............ Fairfax County VA 1 57,321 100.0% 13.59 N
8000 Grainger Court.............. Fairfax County VA 1 90,645 100.0% 14.82 N
7500 Boston Boulevard............ Fairfax County VA 1 79,971 100.0% 14.60 N
7501 Boston Boulevard............ Fairfax County VA 1 75,756 100.0% 23.31 N
7601 Boston Boulevard............ Fairfax County VA 1 103,750 100.0% 14.23 N
7375 Boston Boulevard............ Fairfax County VA 1 26,865 100.0% 17.52 N
8000 Corporate Court............. Fairfax County VA 1 52,539 100.0% 10.03 N
(1)7300 Boston Boulevard......... Fairfax County VA 1 32,000 100.0% 20.25
-- --------- ----- ------ N
14 971,045 84.3% $16.93
-- --------- ----- ------
Total Greater
Washington: 42 7,087,528 95.9% $31.60
== ========= ===== ======
</Table>
- ----------------------------------------
(1) Not included in same property analysis
(2) One of three buildings totaling 160,502 square feet is not included in the
same property analysis
(3) Amount repaid on January 17, 2003 with proceeds from the offering of the
$175 million senior unsecured notes.
19
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE PROPERTY LISTING
AS OF DECEMBER 31, 2002
<Table>
<Caption>
ANNUALIZED
REVENUE
NUMBER OF PER ENCUMBERED
MIDTOWN MANHATTAN SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % OCCUPIED SF (Y/N)
- ----------------- --------------------------- ---------- ----------- ----------- ------------ -----------
Office
599 Lexington Avenue.......... Park Avenue NY 1 1,019,772 95.9% $60.71 Y
280 Park Avenue............... Park Avenue NY 1 1,166,777 97.6% 54.15 Y
Citigroup Center.............. Park Avenue NY 1 1,576,803 99.9% 56.97 Y
(1)399 Park Avenue............ Park Avenue NY 1 1,677,433 100.0% 68.70 N
(1)5 Times Square............. Times Square NY 1 1,103,290 98.8% 51.25 Y
875 Third Avenue.............. East Side NY 1 711,901 95.2% 56.73 Y
-- --------- ----- ------
Total Midtown Manhattan: 6 7,255,976 98.4% $58.89
== ========= ===== ======
Princeton/East Brunswick, NJ
Office
101 Carnegie Center........... Princeton NJ 1 119,652 100.0% $28.37 Y
104 Carnegie Center........... Princeton NJ 1 102,830 85.2% 31.77 N
105 Carnegie Center........... Princeton NJ 1 69,648 100.0% 28.80 N
201 Carnegie Center........... Princeton NJ -- 6,500 100.0% 24.04 N
202 Carnegie Center........... Princeton NJ 1 128,705 100.0% 29.73 Y
210 Carnegie Center........... Princeton NJ 1 161,112 100.0% 29.95 N
211 Carnegie Center........... Princeton NJ 1 47,025 100.0% 24.32 N
212 Carnegie Center........... Princeton NJ 1 146,518 100.0% 31.47 N
214 Carnegie Center........... Princeton NJ 1 148,584 94.8% 30.96 Y
206 Carnegie Center........... Princeton NJ 1 161,763 100.0% 28.10 Y
302 Carnegie Center........... Princeton NJ 1 65,135 95.5% 30.31 Y(2)
502 Carnegie Center........... Princeton NJ 1 116,374 95.3% 30.69 N
510 Carnegie Center........... Princeton NJ 1 234,160 100.0% 25.32 Y
504 Carnegie Center........... Princeton NJ 1 121,990 100.0% 26.94 Y
506 Carnegie Center........... Princeton NJ 1 136,213 56.2% 30.30 Y
508 Carnegie Center........... Princeton NJ 1 131,085 100.0% 25.29 Y
One Tower Center.............. East Brunswick NJ 1 410,887 84.4% 32.62 N
-- --------- ----- ------
Total Princeton/East
Brunswick, NJ: 16 2,308,181 93.3% $29.31
== ========= ===== ======
Greater San Francisco
Office
Embarcadero Center One........ CBD San Francisco CA 1 833,727 97.8% $43.36 Y
Embarcadero Center Two........ CBD San Francisco CA 1 780,441 88.3% 47.66 Y
Embarcadero Center Three...... CBD San Francisco CA 1 773,632 89.1% 42.79 Y
Embarcadero Center Four....... CBD San Francisco CA 1 935,821 93.1% 61.98 Y
Federal Reserve............... CBD San Francisco CA 1 149,592 99.8% 49.44 Y
West Tower.................... CBD San Francisco CA 1 467,781 96.1% 47.90 Y
(1)611 Gateway................ South San Francisco CA 1 250,825 0.0% -- N
601 and 651 Gateway........... South San Francisco CA 2 509,720 86.1% 37.39 Y
-- --------- ----- ------
9 4,701,539 87.3% $48.02
-- --------- ----- ------
Office/Technical
Hilltop Office Center......... South San Francisco CA 9 144,366 87.5% $14.97
-- --------- ----- ------
Industrial
560 Forbes Blvd............... South San Francisco CA 1 40,000 100.0% 10.54 N
430 Rozzi Place............... South San Francisco CA 1 20,000 100.0% 11.66 N
-- --------- ----- ------
2 60,000 100.0% $10.91
-- --------- ----- ------
Total Greater San
Francisco: 20 4,905,905 87.4% $46.53
== ========= ===== ======
</Table>
- ----------------------------------------
(1) Not included in same property analysis
(2) Amount repaid on January 17, 2003 with proceeds from the offering of the
$175 million senior unsecured notes.
20
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE PROPERTY LISTING
AS OF DECEMBER 31, 2002
<Table>
<Caption>
ANNUALIZED
REVENUE
NUMBER OF PER ENCUMBERED
BALTIMORE, MD SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % OCCUPIED SF (Y/N)
- ------------- --------------------------- ---------- ----------- ----------- ------------ -----------
Office
Candler Building.............. Baltimore MD 1 540,706 97.0% $19.18 N
100 East Pratt Street......... Baltimore MD 1 635,323 98.2% 31.69 Y
-- --------- ----- ------
Total Baltimore, MD: 2 1,176,029 97.6% $25.98
== ========= ===== ======
Richmond, VA
Office
Riverfront Plaza.............. Richmond VA 1 899,586 91.8% $23.74 Y
== ========= ===== ======
Bucks County, PA
Industrial
38 Cabot Boulevard............ Bucks County PA 1 161,000 100.0% $4.79 N
== ========= ===== ======
Total In-Service
Properties: 133 31,954,862 93.9%
== ========= =====
</Table>
21
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
TOP 20 TENANTS BY SQUARE FEET LEASED
<Table>
<Caption>
% OF
TENANT SQ. FT. PORTFOLIO
------ --------- ---------
1 U.S. Government 1,408,595 4.41%
2 Citibank, N.A. 1,217,423 3.81%
3 Ernst and Young 1,064,939 3.33%
4 Lockheed Martin Corporation 676,414 2.12%
5 Shearman & Sterling 588,226 1.84%
6 Gillette Company 488,177 1.53%
7 Lehman Brothers 436,723 1.37%
8 Parametric Technology Corp. (1) 380,987 1.19%
9 Washington Group International 365,245 1.14%
10 Deutsche Bank 346,617 1.08%
11 Orbital Sciences Corporation 337,228 1.06%
12 Wachovia 319,966 1.00%
13 TRW, Inc. 318,963 1.00%
14 T. Rowe Price Associates, Inc. 304,129 0.95%
15 Hunton & Williams 301,081 0.94%
16 Digitas 279,182 0.87%
17 Accenture (1) 265,622 0.83%
18 Kirkland & Ellis 263,216 0.82%
19 Marsh USA Inc. 261,145 0.82%
20 Tellabs Operations, Inc. 259,918 0.81%
Total % of Portfolio Square Feet 30.93%
Total % of Portfolio Revenue 32.74%
</Table>
MAJOR SIGNED DEALS FOR FUTURE DEVELOPMENT
<Table>
<Caption>
TENANT SQ. FT.
- ------ --------
Finnegan Henderson Farabow Garrett & Dunner, LLP (2)........ 348,542
U.S. Government............................................. 257,400
</Table>
- ----------------------------------------
(1) These tenants occupy space in a property in which Boston Properties has a
25% interest.
(2) Includes 97,205 sf of space in a property in which Boston Properties has a
50% interest and the remainder in a property in which Boston Properties has
a 25% interest.
22
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
PORTFOLIO OVERVIEW--FFO
Percentage of Property Funds from Operations (1) for In-Service Properties by
Location and Type of Property for the Quarter Ended December 31, 2002
<Table>
<Caption>
OFFICE/
GEOGRAPHIC AREA OFFICE (2) TECHNICAL INDUSTRIAL HOTEL TOTAL
- --------------- ---------- --------- ---------- -------- --------
Greater Boston.............................................. 20.0% 0.6% 0.1% 6.5% 27.2%
Greater Washington.......................................... 16.7% 1.1% -- -- 17.8%
Greater San Francisco....................................... 13.6% 0.2% 0.1% -- 13.9%
Midtown Manhattan........................................... 32.8% -- -- -- 32.8%
Princeton/East Brunswick, NJ................................ 4.4% -- 4.4%
Baltimore, MD............................................... 2.2% -- 2.2%
Richmond, VA................................................ 1.6% -- 1.6%
Bucks County, PA............................................ 0.1% -- 0.1%
---- --- --- --- -----
Total....................................................... 91.3% 1.9% 0.3% 6.5% 100.0%
==== === === === =====
</Table>
<Table>
<Caption>
GEOGRAPHIC AREA CBD SUBURBAN TOTAL
- --------------- -------- -------- --------
Greater Boston.............................................. 20.3% 6.9% 27.2%
Greater Washington.......................................... 5.3% 12.5% 17.8%
Greater San Francisco....................................... 12.3% 1.6% 13.9%
Midtown Manhattan........................................... 32.8% -- 32.8%
Princeton/East Brunswick, NJ................................ -- 4.4% 4.4%
Baltimore, MD............................................... 2.2% -- 2.2%
Richmond, VA................................................ 1.6% -- 1.6%
Bucks County, PA............................................ -- 0.1% 0.1%
---- ---- -----
Total....................................................... 74.5% 25.5% 100.0%
==== ==== =====
</Table>
- ------------------------
(1) For this table, Property Funds from Operations is equal to GAAP basis
property NOI which includes the effect of straight-line rent and excludes
any deduction for interest expense.
(2) Includes Retail Center FFO (Prudential Center and Embarcadero Center).
23
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
OCCUPANCY ANALYSIS
SAME PROPERTY OCCUPANCY -- BY LOCATION
<Table>
<Caption>
CBD SUBURBAN TOTAL
--------------------- --------------------- ---------------------
LOCATION 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01
- -------- --------- --------- --------- --------- --------- ---------
Greater Boston............................................ 90.8% 91.1% 91.1% 93.4% 91.0% 92.3%
Greater Washington........................................ 99.2% 99.0% 95.8% 94.5% 97.0% 97.5%
Midtown Manhattan......................................... 97.7% 99.8% -- -- 97.7% 99.8%
Baltimore, MD............................................. 97.6% 99.2% -- -- 97.6% 99.2%
Princeton/East Brunswick, NJ.............................. -- -- 93.3% 88.6% 93.3% 88.6%
Richmond, VA.............................................. 91.8% 98.4% -- -- 91.8% 98.4%
Greater San Francisco..................................... 93.0% 95.0% 87.6% 91.6% 92.1% 94.5%
Bucks County, PA.......................................... -- -- 100.0% 100.0% 100.0% 100.0%
---- ---- ----- ----- ----- -----
Total Portfolio........................................... 95.0% 96.5% 93.2% 92.9% 94.3% 95.0%
==== ==== ===== ===== ===== =====
</Table>
SAME PROPERTY -- BY TYPE OF PROPERTY
<Table>
<Caption>
CBD SUBURBAN TOTAL
--------------------- --------------------- ---------------------
LOCATION 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01
- -------- --------- --------- --------- --------- --------- ---------
Total Office Portfolio.................................... 94.9% 96.5% 93.2% 93.0% 94.3% 95.2%
Total Office/Technical Portfolio.......................... 100.0% 100.0% 92.1% 91.8% 92.5% 92.1%
Total Industrial Portfolio................................ -- -- 100.0% 95.6% 100.0% 95.6%
----- ----- ----- ----- ----- -----
Total Portfolio........................................... 95.0% 96.5% 93.2% 92.9% 94.3% 95.0%
===== ===== ===== ===== ===== =====
</Table>
24
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE OFFICE PROPERTIES
LEASE EXPIRATIONS
<Table>
<Caption>
CURRENT ANNUALIZED ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES P.S.F. WITH FUTURE STEP-UPS
- -------------------------------------------- ------------------ ------------------ ------------------ --------------------
2003........................................ 1,250,690 $ 41,584,084 $33.25 $ 41,732,745
2004........................................ 2,147,159 82,814,278 38.57 83,284,879
2005........................................ 2,449,146 91,432,763 37.33 94,151,454
2006........................................ 3,202,446 131,628,890 41.10 136,114,210
2007........................................ 2,269,650 86,115,272 37.94 89,898,779
2008........................................ 1,387,399 57,428,683 41.39 57,062,763
2009........................................ 2,433,279 89,372,226 36.73 98,293,229
2010........................................ 1,306,664 59,464,648 45.51 67,466,508
2011........................................ 2,667,183 106,196,363 39.82 122,348,692
2012........................................ 1,997,499 88,602,164 44.36 97,188,030
Thereafter.................................. 5,629,350 282,751,210 50.23 341,714,099
<Caption>
ANNUALIZED REVENUES
UNDER EXPIRING
YEAR OF LEASE LEASES WITH FUTURE PERCENTAGE OF
EXPIRATION STEP-UPS--P.S.F. TOTAL SQUARE FEET
- -------------------------------------------- -------------------- -----------------
2003........................................ $33.37 4.39%
2004........................................ 38.79 7.54%
2005........................................ 38.44 8.60%
2006........................................ 42.50 11.25%
2007........................................ 39.61 7.97%
2008........................................ 41.13 4.87%
2009........................................ 40.40 8.55%
2010........................................ 51.63 4.59%
2011........................................ 45.87 9.37%
2012........................................ 48.65 7.02%
Thereafter.................................. 60.70 19.78%
</Table>
OCCUPANCY BY LOCATION
<Table>
<Caption>
CBD SUBURBAN TOTAL
--------------------- --------------------- ---------------------
LOCATION 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01
- -------- --------- --------- --------- --------- --------- ---------
Greater Boston............................................ 92.2% 90.9% 89.3% 92.6% 91.0% 91.7%
Greater Washington........................................ 99.2% 99.3% 96.9% 96.5% 97.8% 97.9%
Midtown Manhattan......................................... 98.4% 99.8% -- -- 98.4% 99.8%
Baltimore, MD............................................. 97.6% 99.2% -- -- 97.6% 99.2%
Princeton/East Brunswick, NJ.............................. -- -- 93.3% 88.6% 93.3% 88.6%
Richmond, VA.............................................. 91.8% 98.4% -- -- 91.8% 98.4%
Greater San Francisco..................................... 93.0% 95.0% 57.7% 91.3% 87.3% 94.6%
Bucks County, PA.......................................... n/a n/a n/a n/a n/a n/a
----- ----- ----- ----- ----- -----
Total Portfolio......................................... 95.7%* 96.7%* 90.7% 93.0% 94.1% 95.4%
===== ===== ===== ===== ===== =====
</Table>
* Includes approximately 1,500,000 of retail square footage.
25
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE OFFICE/TECHNICAL PROPERTIES
LEASE EXPIRATIONS
<Table>
<Caption>
CURRENT ANNUALIZED ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES P.S.F. WITH FUTURE STEP-UPS
- -------------------------------------------- ------------------ ------------------ ------------------ --------------------
2003........................................ 144,687 $2,194,368 $15.17 $2,207,461
2004........................................ 82,291 1,432,462 17.41 1,468,857
2005........................................ 147,214 2,101,781 14.28 2,202,490
2006........................................ 295,604 3,989,038 13.49 4,376,135
2007........................................ 317,912 5,388,665 16.95 5,869,019
2008........................................ -- -- -- --
2009........................................ -- -- -- --
2010........................................ 79,971 1,167,906 14.60 1,167,906
2011........................................ 137,321 2,358,833 17.18 2,558,833
2012........................................ 67,362 1,466,955 21.78 1,618,519
Thereafter.................................. 135,750 2,123,844 15.65 2,372,805
<Caption>
ANNUALIZED REVENUES
UNDER EXPIRING
YEAR OF LEASE LEASES WITH FUTURE PERCENTAGE OF
EXPIRATION STEP-UPS--P.S.F. TOTAL SQUARE FEET
- -------------------------------------------- -------------------- -----------------
2003........................................ $15.26 8.71%
2004........................................ 17.85 4.96%
2005........................................ 14.96 8.87%
2006........................................ 14.80 17.80%
2007........................................ 18.46 19.14%
2008........................................ -- --
2009........................................ -- --
2010........................................ 14.60 4.82%
2011........................................ 18.63 8.27%
2012........................................ 24.03 4.06%
Thereafter.................................. 17.48 8.17%
</Table>
OCCUPANCY BY LOCATION
<Table>
<Caption>
CBD SUBURBAN TOTAL
--------------------- --------------------- ---------------------
LOCATION 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01
- -------- --------- --------- --------- --------- --------- ---------
Greater Boston............................................ 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Greater Washington........................................ -- -- 84.3% 88.7% 84.3% 88.7%
Midtown Manhattan......................................... n/a n/a n/a n/a n/a 89.0%
Baltimore, MD............................................. n/a n/a n/a n/a n/a n/a
Princeton/East Brunswick, NJ.............................. n/a n/a n/a n/a n/a n/a
Richmond, VA.............................................. n/a n/a n/a n/a n/a n/a
Greater San Francisco..................................... -- -- 87.5% 89.0% 87.5%
Bucks County, PA.......................................... n/a n/a n/a n/a n/a n/a
----- ----- ----- ----- ----- -----
Total Portfolio......................................... 100.0% 100.0% 89.3% 91.8% 89.7% 92.1%
===== ===== ===== ===== ===== =====
</Table>
26
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE INDUSTRIAL PROPERTIES
LEASE EXPIRATIONS
<Table>
<Caption>
CURRENT ANNUALIZED ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES P.S.F. WITH FUTURE STEP-UPS
- -------------------------------------------- ------------------ ------------------ ------------------ --------------------
2003........................................ 152,009 $1,163,535 $ 7.65 $1,244,211
2004........................................ 201,000 1,192,524 5.93 1,202,124
2005........................................ -- -- -- --
2006........................................ -- -- -- --
2007........................................ 20,000 233,256 11.66 258,183
2008........................................ -- -- -- --
2009........................................ -- -- -- --
2010........................................ -- -- -- --
2011........................................ -- -- -- --
2012........................................ -- -- -- --
Thereafter.................................. -- -- -- --
<Caption>
ANNUALIZED REVENUES
UNDER EXPIRING
YEAR OF LEASE LEASES WITH FUTURE PERCENTAGE OF
EXPIRATION STEP-UPS--P.S.F. TOTAL SQUARE FEET
- -------------------------------------------- -------------------- -----------------
2003........................................ $ 8.19 40.75%
2004........................................ 5.98 53.89%
2005........................................ -- --
2006........................................ -- --
2007........................................ 12.91 5.36%
2008........................................ -- --
2009........................................ -- --
2010........................................ -- --
2011........................................ -- --
2012........................................ -- --
Thereafter.................................. -- --
</Table>
OCCUPANCY BY LOCATION
<Table>
<Caption>
CBD SUBURBAN TOTAL
--------------------- --------------------- ---------------------
LOCATION 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01
- -------- --------- --------- --------- --------- --------- ---------
Greater Boston............................................ -- -- 100.0% 89.8% 100.0% 89.8%
Greater Washington........................................ n/a n/a n/a n/a n/a n/a
Midtown Manhattan......................................... n/a n/a n/a n/a n/a n/a
Baltimore, MD............................................. n/a n/a n/a n/a n/a n/a
Princeton/East Brunswick, NJ.............................. n/a n/a n/a n/a n/a n/a
Richmond, VA.............................................. n/a n/a n/a n/a n/a n/a
Greater San Francisco..................................... -- -- 100.0% 78.6% 100.0% 78.6%
Bucks County, PA.......................................... -- -- 100.0% 100.0% 100.0% 100.0%
----- ----- ----- ----- ----- -----
Total Portfolio......................................... -- -- 100.0% 87.3% 100.0% 87.3%
===== ===== ===== ===== ===== =====
</Table>
27
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE RETAIL PROPERTIES
]LEASE EXPIRATIONS
<Table>
<Caption>
CURRENT ANNUALIZED ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES P.S.F. WITH FUTURE STEP-UPS
- -------------------------------------------- ------------------ ------------------ ------------------ --------------------
2003........................................ 97,088 $ 7,902,768 $81.40(1) $ 7,910,522
2004........................................ 128,654 7,354,337 57.16 7,410,145
2005........................................ 94,366 4,367,574 46.28 4,551,725
2006........................................ 64,382 3,249,972 50.48 3,286,112
2007........................................ 63,857 2,977,620 46.63 3,185,655
2008........................................ 49,973 2,420,242 48.43 2,585,405
2009........................................ 35,048 1,575,948 44.97 1,681,298
2010........................................ 89,369 3,611,613 40.41 4,022,404
2011........................................ 41,689 2,606,290 62.52 3,012,288
2012........................................ 121,878 6,666,356 54.70 7,515,302
Thereafter.................................. 499,780 20,290,577 40.60 28,515,040
<Caption>
ANNUALIZED REVENUES
UNDER EXPIRING
YEAR OF LEASE LEASES WITH FUTURE PERCENTAGE OF
EXPIRATION STEP-UPS--P.S.F. TOTAL SQUARE FEET
- -------------------------------------------- -------------------- -----------------
2003........................................ $81.48 6.66%
2004........................................ 57.60 8.83%
2005........................................ 48.23 6.48%
2006........................................ 51.04 4.42%
2007........................................ 49.89 4.38%
2008........................................ 51.74 3.43%
2009........................................ 47.97 2.41%
2010........................................ 45.01 6.13%
2011........................................ 72.26 2.86%
2012........................................ 61.66 8.37%
Thereafter.................................. 57.06 34.31%
</Table>
(1) Includes $2,318,616 of annual revenue from the Prudential Center retail
kiosks for which there is zero square footage assigned.
28
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
GRAND TOTAL OF ALL IN-SERVICE PROPERTIES
LEASE EXPIRATIONS
<Table>
<Caption>
CURRENT ANNUALIZED ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES P.S.F. WITH FUTURE STEP-UPS
- -------------------------------------------- ------------------ ------------------ ------------------ --------------------
2003........................................ 1,644,474 $ 52,844,755 $32.13 $ 53,094,939
2004........................................ 2,559,104 92,793,601 36.26 93,366,005
2005........................................ 2,690,726 97,902,119 36.39 100,905,670
2006........................................ 3,562,432 138,867,900 38.98 143,776,456
2007........................................ 2,671,419 94,714,813 35.45 99,211,635
2008........................................ 1,437,372 59,848,925 41.64 59,648,168
2009........................................ 2,468,327 90,948,175 36.85 99,974,527
2010........................................ 1,476,004 64,244,167 43.53 72,656,818
2011........................................ 2,846,193 111,161,486 39.06 127,919,813
2012........................................ 2,186,739 96,735,475 44.24 106,321,851
Thereafter.................................. 6,264,880 305,165,632 48.71 372,601,943
<Caption>
ANNUALIZED REVENUES
UNDER EXPIRING
YEAR OF LEASE LEASES WITH FUTURE PERCENTAGE OF
EXPIRATION STEP-UPS--P.S.F. TOTAL SQUARE FEET
- -------------------------------------------- -------------------- -----------------
2003........................................ $32.29 5.15%
2004........................................ 36.48 8.01%
2005........................................ 37.50 8.42%
2006........................................ 40.36 11.15%
2007........................................ 37.14 8.36%
2008........................................ 41.50 4.50%
2009........................................ 40.50 7.72%
2010........................................ 49.23 4.62%
2011........................................ 44.94 8.91%
2012........................................ 48.62 6.84%
Thereafter.................................. 59.47 19.61%
</Table>
OCCUPANCY BY LOCATION
<Table>
<Caption>
CBD SUBURBAN TOTAL
--------------------- --------------------- ---------------------
LOCATION 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01 31-DEC-02 31-DEC-01
- -------- --------- --------- --------- --------- --------- ---------
Greater Boston............................................ 92.3% 91.1% 91.1% 93.4% 91.8% 92.3%
Greater Washington........................................ 99.2% 99.3% 94.3% 94.5% 95.9% 97.8%
Midtown Manhattan......................................... 98.4% 99.8% -- -- 98.4% 99.8%
Baltimore, MD............................................. 97.6% 99.2% -- -- 97.6% 99.2%
Princeton/East Brunswick, NJ.............................. -- -- 93.3% 88.6% 93.3% 88.6%
Richmond, VA.............................................. 91.8% 98.4% -- -- 91.8% 98.4%
Greater San Francisco..................................... 93.0% 95.0% 64.8% 87.1% 87.4% 93.5%
Bucks County, PA.......................................... -- -- 100.0% 100.0% 100.0% 100.0%
----- ----- ----- ----- ----- -----
Total Portfolio......................................... 95.7% 96.7% 90.8% 92.5% 93.9% 95.0%
===== ===== ===== ===== ===== =====
</Table>
29
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE GREATER BOSTON PROPERTIES
LEASE EXPIRATIONS--GREATER BOSTON
<Table>
<Caption>
OFFICE/TECHNICAL
------------------
OFFICE
--------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
2003.......................................... 272,245 $ 7,922,160 $ 7,982,167 --
2004.......................................... 646,994 24,267,597 24,610,085 --
2005.......................................... 859,312 33,919,465 34,509,418 --
2006.......................................... 572,608 20,896,210 21,296,025 253,704
2007.......................................... 386,122 16,282,558 17,012,796 144,140
2008.......................................... 125,579 4,043,043 4,160,919 --
2009.......................................... 944,472 33,860,325 37,315,155 --
2010.......................................... 170,346 6,781,620 7,702,342 --
2011.......................................... 762,735 26,625,094 31,762,240 80,000
2012.......................................... 606,807 21,031,156 24,146,350 67,362
Thereafter.................................... 679,652 26,348,739 33,804,339 --
<Caption>
OFFICE/TECHNICAL
---------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
REVENUES UNDER EXPIRING LEASES
YEAR OF LEASE EXPIRING LEASES WITH FUTURE STEP-
EXPIRATION P.S.F. UPS--P.S.F.
- ---------------------------------------------- ------------------ ------------------
2003.......................................... $ -- $ --
2004.......................................... -- --
2005.......................................... -- --
2006.......................................... 3,328,641 3,663,288
2007.......................................... 1,784,982 2,208,262
2008.......................................... -- --
2009.......................................... -- --
2010.......................................... -- --
2011.......................................... 1,579,750 1,779,750
2012.......................................... 1,466,955 1,618,519
Thereafter.................................... -- --
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
2003.......................................... 152,009 $1,163,535 $1,244,211 55,534
2004.......................................... -- -- -- 87,456
2005.......................................... -- -- -- 58,554
2006.......................................... -- -- -- 15,154
2007.......................................... -- -- -- 432
2008.......................................... -- -- -- 5,466
2009.......................................... -- -- -- --
2010.......................................... -- -- -- 37,110
2011.......................................... -- -- -- 11,599
2012.......................................... -- -- -- 55,076
Thereafter.................................... -- -- -- 337,648
<Caption>
RETAIL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
2003.......................................... $5,842,381 $ 5,878,681
2004.......................................... 5,429,030 5,454,530
2005.......................................... 2,465,639 2,581,631
2006.......................................... 1,057,710 1,064,390
2007.......................................... 55,923 63,300
2008.......................................... 427,825 427,825
2009.......................................... -- --
2010.......................................... 1,418,251 1,492,471
2011.......................................... 619,611 668,111
2012.......................................... 1,917,359 2,005,503
Thereafter.................................... 8,342,871 12,762,671
</Table>
(1) Includes $2,318,616 of annual revenue from the Prudential Center retail
kiosks for which there is zero square footage assigned.
30
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE GREATER BOSTON PROPERTIES
QUARTERLY LEASE EXPIRATIONS--GREATER BOSTON
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
Q1 2003....................................... 70,176 $ 2,829,846 $ 2,829,846 $ --
Q2 2003....................................... 60,385 1,899,622 1,956,491 --
Q3 2003....................................... 103,329 2,101,683 2,101,683 --
Q4 2003....................................... 38,355 1,091,009 1,094,147 --
----------- ------------ ----------- -----------
Total 2003.................................... 272,245 7,922,160 7,982,167 --
=========== ============ =========== ===========
Q1 2004....................................... 57,562 1,929,723 1,936,617 --
Q2 2004....................................... 102,197 3,602,344 3,658,491 --
Q3 2004....................................... 344,874 13,930,379 14,182,581 --
Q4 2004....................................... 142,361 4,805,151 4,832,396 --
----------- ------------ ----------- -----------
Total 2004.................................... 646,994 24,267,596 24,610,085 --
=========== ============ =========== ===========
<Caption>
OFFICE/TECHNICAL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
Q1 2003....................................... $ -- $ --
Q2 2003....................................... -- --
Q3 2003....................................... -- --
Q4 2003....................................... -- --
----------- -----------
Total 2003.................................... -- --
=========== ===========
Q1 2004....................................... -- --
Q2 2004....................................... -- --
Q3 2004....................................... -- --
Q4 2004....................................... -- --
----------- -----------
Total 2004.................................... -- --
=========== ===========
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
Q1 2003....................................... 23,904 $ 210,852 $ 291,528 20,747
Q2 2003....................................... -- -- -- 4,000
Q3 2003....................................... 128,105 952,684 952,684 1,075
Q4 2003....................................... -- -- -- 29,712
----------- ------------ ----------- -----------
Total 2003.................................... 152,009 $ 1,163,535 $ 1,244,211 55,534
=========== ============ =========== ===========
Q1 2004....................................... -- -- -- 59,704
Q2 2004....................................... -- -- -- 9,669
Q3 2004....................................... -- -- -- 3,187
Q4 2004....................................... -- -- -- 14,896
----------- ------------ ----------- -----------
Total 2004.................................... -- -- -- 87,456
=========== ============ =========== ===========
<Caption>
RETAIL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
Q1 2003....................................... $ 908,811 $ 1,029,411
Q2 2003....................................... 1,079,826 796,026
Q3 2003....................................... 163,000 139,000
Q4 2003....................................... 3,690,744 3,914,244
----------- -----------
Total 2003.................................... $ 5,842,381 $ 5,878,681
=========== ===========
Q1 2004....................................... 3,822,537 3,822,537
Q2 2004....................................... 851,927 851,927
Q3 2004....................................... 292,533 292,533
Q4 2004....................................... 462,033 487,533
----------- -----------
Total 2004.................................... $ 5,429,030 $ 5,454,530
=========== ===========
</Table>
31
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE GREATER WASHINGTON PROPERTIES
LEASE EXPIRATIONS--GREATER WASHINGTON
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
2003.......................................... 121,576 $ 3,671,295 $ 3,690,565 100,912
2004.......................................... 223,328 8,129,248 8,352,697 67,791
2005.......................................... 490,525 17,267,678 18,406,164 101,345
2006.......................................... 425,184 12,162,224 13,013,019 33,400
2007.......................................... 654,110 20,935,582 21,602,057 163,422
2008.......................................... 424,056 17,008,484 13,655,805 --
2009.......................................... 694,507 23,052,385 24,542,810 --
2010.......................................... 518,240 20,036,460 23,720,277 79,971
2011.......................................... 1,062,026 31,858,178 38,081,807 57,321
2012.......................................... 309,951 10,472,201 13,052,257 --
Thereafter.................................... 1,013,679 32,241,696 38,449,678 135,750
<Caption>
OFFICE/TECHNICAL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
2003.......................................... $ 1,463,566 $ 1,476,660
2004.......................................... 1,196,458 1,226,493
2005.......................................... 1,446,746 1,518,966
2006.......................................... 522,025 563,495
2007.......................................... 3,472,883 3,500,437
2008.......................................... -- --
2009.......................................... -- --
2010.......................................... 1,167,906 1,167,906
2011.......................................... 779,083 779,083
2012.......................................... -- --
Thereafter.................................... 2,123,844 2,372,805
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
2003.......................................... -- $ -- $ -- 810
2004.......................................... -- -- -- 5,209
2005.......................................... -- -- -- 9,570
2006.......................................... -- -- -- 6,645
2007.......................................... -- -- -- 23,248
2008.......................................... -- -- -- 16,338
2009.......................................... -- -- -- --
2010.......................................... -- -- -- 10,277
2011.......................................... -- -- -- 11,221
2012.......................................... -- -- -- 7,519
Thereafter.................................... -- -- -- 23,685
<Caption>
RETAIL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
2003.......................................... $ 27,770 $ 27,770
2004.......................................... 209,969 212,995
2005.......................................... 390,327 407,080
2006.......................................... 277,533 277,898
2007.......................................... 676,112 699,382
2008.......................................... 583,620 670,555
2009.......................................... -- --
2010.......................................... 370,157 430,861
2011.......................................... 468,529 528,386
2012.......................................... 149,731 185,933
Thereafter.................................... 789,615 1,109,914
</Table>
32
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE GREATER WASHINGTON PROPERTIES
QUARTERLY LEASE EXPIRATIONS--GREATER WASHINGTON
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
Q1 2003....................................... -- $ -- $ -- 25,384
Q2 2003....................................... 76,266 2,220,628 2,221,903 36,847
Q3 2003....................................... 23,624 850,289 859,500 31,681
Q4 2003....................................... 21,686 600,378 609,161 7,000
----------- ------------ ----------- -----------
Total 2003.................................... 121,576 3,671,295 3,690,565 100,912
=========== ============ =========== ===========
Q1 2004....................................... 50,565 1,625,490 1,671,762 14,338
Q2 2004....................................... 46,308 1,448,442 1,480,457 43,101
Q3 2004....................................... 94,622 3,833,272 3,954,805 --
Q4 2004....................................... 31,833 1,222,044 1,245,673 10,352
----------- ------------ ----------- -----------
Total 2004.................................... 223,328 8,129,248 8,352,697 67,791
=========== ============ =========== ===========
<Caption>
OFFICE/TECHNICAL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
Q1 2003....................................... $ 385,950 $ 385,950
Q2 2003....................................... 544,335 557,429
Q3 2003....................................... 435,281 435,281
Q4 2003....................................... 98,000.04 98,000.04
----------- -----------
Total 2003.................................... 1,463,566 1,476,660
=========== ===========
Q1 2004....................................... 231,585 237,562
Q2 2004....................................... 742,853 760,424
Q3 2004....................................... -- --
Q4 2004....................................... 222,020 228,507
----------- -----------
Total 2004.................................... 1,196,458 1,226,493
=========== ===========
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
Q1 2003....................................... -- $ -- $ -- --
Q2 2003....................................... -- -- -- --
Q3 2003....................................... -- -- -- --
Q4 2003....................................... -- -- -- 810
----------- ------------ ----------- -----------
Total 2003.................................... -- -- -- 810
=========== ============ =========== ===========
Q1 2004....................................... -- -- -- 2,183
Q2 2004....................................... -- -- -- 3,026
Q3 2004....................................... -- -- -- --
Q4 2004....................................... -- -- -- --
----------- ------------ ----------- -----------
Total 2004.................................... -- -- -- 5,209
=========== ============ =========== ===========
<Caption>
RETAIL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
Q1 2003....................................... $ -- $ --
Q2 2003....................................... -- --
Q3 2003....................................... -- --
Q4 2003....................................... 27,770 27,770
----------- -----------
Total 2003.................................... 27,770 27,770
=========== ===========
Q1 2004....................................... 72,212 72,212
Q2 2004....................................... 137,756 140,782
Q3 2004....................................... -- --
Q4 2004....................................... -- --
----------- -----------
Total 2004.................................... 209,969 212,995
=========== ===========
</Table>
33
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE GREATER SAN FRANCISCO PROPERTIES
LEASE EXPIRATIONS--GREATER SAN FRANCISCO
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
2003.......................................... 471,805 $ 18,082,335 $18,134,589 43,775
2004.......................................... 574,955 26,274,912 26,081,285 14,500
2005.......................................... 355,723 16,143,321 16,612,141 45,869
2006.......................................... 910,348 44,825,519 46,596,967 8,500
2007.......................................... 427,809 20,237,351 21,176,850 10,350
2008.......................................... 167,410 6,748,689 7,064,266 --
2009.......................................... 254,262 11,012,778 11,694,736 --
2010.......................................... 180,943 10,771,710 12,645,530 --
2011.......................................... 192,689 17,971,253 18,463,847 --
2012.......................................... 127,682 5,184,464 5,699,105 --
Thereafter.................................... 144,115 6,219,404 6,604,054 --
<Caption>
OFFICE/TECHNICAL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
2003.......................................... $ 730,802 $ 730,802
2004.......................................... 236,004 242,364
2005.......................................... 655,035 683,525
2006.......................................... 138,372 149,352
2007.......................................... 130,800 160,320
2008.......................................... -- --
2009.......................................... -- --
2010.......................................... -- --
2011.......................................... -- --
2012.......................................... -- --
Thereafter.................................... -- --
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
2003.......................................... -- $ -- $ -- 38,429
2004.......................................... 40,000 421,476 431,076 29,285
2005.......................................... -- -- -- 23,012
2006.......................................... -- -- -- 18,043
2007.......................................... 20,000 233,256 258,183 20,891
2008.......................................... -- -- -- 24,937
2009.......................................... -- -- -- 35,048
2010.......................................... -- -- -- 30,749
2011.......................................... -- -- -- 3,474
2012.......................................... -- -- -- 35,018
Thereafter.................................... -- -- -- 7,690
<Caption>
RETAIL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
2003.......................................... $ 1,708,645 $ 1,680,098
2004.......................................... 1,405,724 1,423,453
2005.......................................... 1,136,754 1,157,770
2006.......................................... 901,480 908,608
2007.......................................... 1,345,300 1,427,788
2008.......................................... 1,256,211 1,317,897
2009.......................................... 1,575,948 1,681,298
2010.......................................... 1,285,287 1,464,401
2011.......................................... 196,298 229,226
2012.......................................... 2,090,812 2,405,158
Thereafter.................................... 523,973 577,532
</Table>
34
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE GREATER SAN FRANCISCO PROPERTIES
QUARTERLY LEASE EXPIRATIONS--GREATER SAN FRANCISCO
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
Q1 2003....................................... 81,123 $ 3,212,565 $ 3,229,053 5,255
Q2 2003....................................... 65,402 2,840,569 2,840,569 19,001
Q3 2003....................................... 18,428 575,311 575,311 10,547
Q4 2003....................................... 306,852 11,453,890 11,489,656 8,972
----------- ------------ ----------- -----------
Total 2003.................................... 471,805 18,082,335 18,134,589 43,775
=========== ============ =========== ===========
Q1 2004....................................... 28,229 1,618,998 1,636,807 --
Q2 2004....................................... 157,863 6,709,593 6,712,965 5,000
Q3 2004....................................... 230,631 10,718,107 10,725,554 5,500
Q4 2004....................................... 158,232 7,228,215 7,005,959 4,000
----------- ------------ ----------- -----------
Total 2004.................................... 574,955 26,274,912 26,081,285 14,500
=========== ============ =========== ===========
<Caption>
OFFICE/TECHNICAL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
Q1 2003....................................... $ 97,683 $ 97,683
Q2 2003....................................... 300,673 300,673
Q3 2003....................................... 171,048 171,048
Q4 2003....................................... 161,398 161,398
----------- -----------
Total 2003.................................... 730,802 730,802
=========== ===========
Q1 2004....................................... -- --
Q2 2004....................................... 79,548 81,648
Q3 2004....................................... 98,628 101,268
Q4 2004....................................... 57,828 59,448
----------- -----------
Total 2004.................................... 236,004 242,364
=========== ===========
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
Q1 2003....................................... -- $ -- $ -- 5,807
Q2 2003....................................... -- -- -- 7,412
Q3 2003....................................... -- -- -- --
Q4 2003....................................... -- -- -- 25,210
----------- ------------ ----------- -----------
Total 2003.................................... -- -- -- 38,429
=========== ============ =========== ===========
Q1 2004....................................... -- -- -- 16,598
Q2 2004....................................... -- -- -- --
Q3 2004....................................... -- -- -- 4,982
Q4 2004....................................... 40,000 421,476 431,076 7,705
----------- ------------ ----------- -----------
Total 2004.................................... 40,000 421,476 431,076 29,285
=========== ============ =========== ===========
<Caption>
RETAIL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
Q1 2003....................................... $ 141,189 $ 105,700
Q2 2003....................................... 536,354 536,354
Q3 2003....................................... -- --
Q4 2003....................................... 1,031,102 1,038,044
----------- -----------
Total 2003.................................... 1,708,645 1,680,098
=========== ===========
Q1 2004....................................... 696,786 714,515
Q2 2004....................................... -- --
Q3 2004....................................... 285,245 285,245
Q4 2004....................................... 423,693 423,693
----------- -----------
Total 2004.................................... 1,405,724 1,423,453
=========== ===========
</Table>
35
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE MIDTOWN MANHATTAN PROPERTIES
LEASE EXPIRATIONS--MIDTOWN MANHATTAN
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
2003.......................................... 121,520 $ 5,515,989 $ 5,515,989 --
2004.......................................... 164,723 9,325,127 9,340,151 --
2005.......................................... 113,291 7,151,927 7,173,577 --
2006.......................................... 481,316 30,138,998 30,572,610 --
2007.......................................... 201,557 12,045,052 12,147,947 --
2008.......................................... 462,395 25,726,448 27,577,804 --
2009.......................................... 250,804 13,998,636 16,022,270 --
2010.......................................... 262,620 16,574,296 17,565,611 --
2011.......................................... 390,174 22,088,621 25,528,549 --
2012.......................................... 922,493 50,959,155 53,071,040 --
Thereafter.................................... 3,549,815 210,677,445 254,861,719 --
<Caption>
OFFICE/TECHNICAL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
2003.......................................... $ -- $ --
2004.......................................... -- --
2005.......................................... -- --
2006.......................................... -- --
2007.......................................... -- --
2008.......................................... -- --
2009.......................................... -- --
2010.......................................... -- --
2011.......................................... -- --
2012.......................................... -- --
Thereafter.................................... -- --
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
2003.......................................... -- $ -- $ -- 2,315
2004.......................................... -- -- -- 3,800
2005.......................................... -- -- -- 3,230
2006.......................................... -- -- -- 17,700
2007.......................................... -- -- -- 6,876
2008.......................................... -- -- -- 3,232
2009.......................................... -- -- -- --
2010.......................................... -- -- -- 10,608
2011.......................................... -- -- -- 15,395
2012.......................................... -- -- -- 22,865
Thereafter.................................... -- -- -- 128,242
<Caption>
RETAIL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
2003.......................................... $ 323,973 $ 323,973
2004.......................................... 257,239 266,573
2005.......................................... 374,855 405,244
2006.......................................... 784,617 806,582
2007.......................................... 644,793 709,055
2008.......................................... 152,587 169,129
2009.......................................... -- --
2010.......................................... 523,164 615,535
2011.......................................... 1,321,852 1,586,565
2012.......................................... 2,496,354 2,904,825
Thereafter.................................... 10,577,504 13,997,218
</Table>
36
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE MIDTOWN MANHATTAN PROPERTIES
QUARTERLY LEASE EXPIRATIONS--MIDTOWN MANHATTAN
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
Q1 2003....................................... $ -- $ -- $ -- $ --
Q2 2003....................................... 37,005 2,090,493 2,090,493 --
Q3 2003....................................... 59,016 2,071,770 2,071,770 --
Q4 2003....................................... 25,499 1,353,726 1,353,726 --
----------- ------------ ----------- -----------
Total 2003.................................... 121,520 5,515,989 5,515,989 --
=========== ============ =========== ===========
Q1 2004....................................... -- -- -- --
Q2 2004....................................... 53,473 4,109,433 4,109,433 --
Q3 2004....................................... -- -- -- --
Q4 2004....................................... 111,250 5,215,694 5,230,718 --
----------- ------------ ----------- -----------
Total 2004.................................... 164,723 9,325,127 9,340,151 --
=========== ============ =========== ===========
<Caption>
OFFICE/TECHNICAL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
Q1 2003....................................... $ -- $ --
Q2 2003....................................... -- --
Q3 2003....................................... -- --
Q4 2003....................................... -- --
----------- -----------
Total 2003.................................... -- --
=========== ===========
Q1 2004....................................... -- --
Q2 2004....................................... -- --
Q3 2004....................................... -- --
Q4 2004....................................... -- --
----------- -----------
Total 2004.................................... -- --
=========== ===========
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
Q1 2003....................................... -- $ -- $ -- --
Q2 2003....................................... -- -- -- --
Q3 2003....................................... -- -- -- 1,515
Q4 2003....................................... -- -- -- 800
----------- ------------ ----------- -----------
Total 2003.................................... -- -- -- 2,315
=========== ============ =========== ===========
Q1 2004....................................... -- -- -- --
Q2 2004....................................... -- -- -- 350
Q3 2004....................................... -- -- -- --
Q4 2004....................................... -- -- -- 3,450
----------- ------------ ----------- -----------
Total 2004.................................... -- -- -- 3,800
=========== ============ =========== ===========
<Caption>
RETAIL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
Q1 2003....................................... $ -- $ --
Q2 2003....................................... -- --
Q3 2003....................................... 64,220 64,220
Q4 2003....................................... 259,753 259,753
----------- -----------
Total 2003.................................... 323,973 323,973
=========== ===========
Q1 2004....................................... -- --
Q2 2004....................................... 47,345 50,139
Q3 2004....................................... -- --
Q4 2004....................................... 209,894 216,434
----------- -----------
Total 2004.................................... 257,239 266,573
=========== ===========
</Table>
37
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES
LEASE EXPIRATIONS--PRINCETON/EAST BRUNSWICK
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
2003.......................................... 97,193 $ 2,788,097 $ 2,788,097 --
2004.......................................... 410,880 12,085,326 12,108,249 --
2005.......................................... 237,630 7,261,045 7,350,624 --
2006.......................................... 87,691 2,845,967 2,998,578 --
2007.......................................... 510,959 13,820,256 15,047,700 --
2008.......................................... -- -- -- --
2009.......................................... 161,514 4,886,156 5,645,940 --
2010.......................................... 145,675 4,690,766 5,105,120 --
2011.......................................... 254,941 7,534,086 8,375,570 --
2012.......................................... -- -- -- --
Thereafter.................................... 237,429 7,160,772 7,849,057 --
<Caption>
OFFICE/TECHNICAL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
2003.......................................... $ -- $ --
2004.......................................... -- --
2005.......................................... -- --
2006.......................................... -- --
2007.......................................... -- --
2008.......................................... -- --
2009.......................................... -- --
2010.......................................... -- --
2011.......................................... -- --
2012.......................................... -- --
Thereafter.................................... -- --
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
2003.......................................... -- $ -- $ -- --
2004.......................................... -- -- -- 2,904
2005.......................................... -- -- -- --
2006.......................................... -- -- -- --
2007.......................................... -- -- -- --
2008.......................................... -- -- -- --
2009.......................................... -- -- -- --
2010.......................................... -- -- -- --
2011.......................................... -- -- -- --
2012.......................................... -- -- -- --
Thereafter.................................... -- -- -- --
<Caption>
RETAIL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
2003.......................................... $ -- $ --
2004.......................................... 48,000 48,000
2005.......................................... -- --
2006.......................................... -- --
2007.......................................... -- --
2008.......................................... -- --
2009.......................................... -- --
2010.......................................... -- --
2011.......................................... -- --
2012.......................................... -- --
Thereafter.................................... -- --
</Table>
38
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES
QUARTERLY LEASE EXPIRATIONS--PRINCETON/EAST BRUNSWICK
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
Q1 2003....................................... 11,952 $ 478,634 $ 478,634 --
Q2 2003....................................... 2,242 70,927 70,927 --
Q3 2003....................................... 11,302 309,629 309,629 --
Q4 2003....................................... 71,697 1,928,908 1,928,908 --
----------- ------------ ----------- -----------
Total 2003.................................... 97,193 2,788,097 2,788,097 --
=========== ============ =========== ===========
Q1 2004....................................... 15,570 452,936 452,936 --
Q2 2004....................................... 54,636 1,507,852 1,507,852 --
Q3 2004....................................... 121,054 3,614,735 3,614,735 --
Q4 2004....................................... 219,620 6,509,804 6,532,727 --
----------- ------------ ----------- -----------
Total 2004.................................... 410,880 12,085,326 12,108,249 --
=========== ============ =========== ===========
<Caption>
OFFICE/TECHNICAL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
Q1 2003....................................... $ -- $ --
Q2 2003....................................... -- --
Q3 2003....................................... -- --
Q4 2003....................................... -- --
----------- -----------
Total 2003.................................... -- --
=========== ===========
Q1 2004....................................... -- --
Q2 2004....................................... -- --
Q3 2004....................................... -- --
Q4 2004....................................... -- --
----------- -----------
Total 2004.................................... -- --
=========== ===========
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------------- ------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES
- ---------------------------------------------- ------------------ ------------------ -------------------- ------------------
Q1 2003....................................... -- $ -- $ -- --
Q2 2003....................................... -- -- -- --
Q3 2003....................................... -- -- -- --
Q4 2003....................................... -- -- -- --
----------- ------------ ----------- -----------
Total 2003.................................... -- -- -- --
=========== ============ =========== ===========
Q1 2004....................................... -- -- -- --
Q2 2004....................................... -- -- -- --
Q3 2004....................................... -- -- -- --
Q4 2004....................................... -- -- -- 2,904
----------- ------------ ----------- -----------
Total 2004.................................... -- -- -- 2,904
=========== ============ =========== ===========
<Caption>
RETAIL
-----------------------------------------
ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------------------------------------------- ------------------ --------------------
Q1 2003....................................... $ -- $ --
Q2 2003....................................... -- --
Q3 2003....................................... -- --
Q4 2003....................................... -- --
----------- -----------
Total 2003.................................... -- --
=========== ===========
Q1 2004....................................... -- --
Q2 2004....................................... -- --
Q3 2004....................................... -- --
Q4 2004....................................... 48,000 48,000
----------- -----------
Total 2004.................................... 48,000 48,000
=========== ===========
</Table>
39
<Page>
Exhibit 99.1
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE OTHER PROPERTIES
LEASE EXPIRATIONS
OTHER PROPERTIES (RICHMOND, VA, BALTIMORE, MD, BUCKS COUNTY, PA)
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------- ----------------
ANNUALIZED
CURRENT REVENUES RENTABLE
RENTABLE SQUARE ANNUALIZED UNDER SQUARE
FOOTAGE SUBJECT REVENUES UNDER EXPIRING LEASES FOOTAGE
YEAR OF LEASE TO EXPIRING EXPIRING WITH FUTURE SUBJECT TO
EXPIRATION LEASES LEASES STEP-UPS EXPIRING LEASES
- ----------------------------------------------- ----------------- ----------------- ---------------- ----------------
2003........................................... 166,351 $3,604,208 $3,621,338 --
2004........................................... 126,279 2,732,068 2,792,412 --
2005........................................... 392,665 9,689,327 10,099,531 --
2006........................................... 725,299 20,759,971 21,637,011 --
2007........................................... 89,093 2,794,473 2,911,429 --
2008........................................... 207,959 3,902,018 4,603,968 --
2009........................................... 127,720 2,561,948 3,072,317 --
2010........................................... 28,840 609,797 727,629 --
2011........................................... 4,618 119,131 136,679 --
2012........................................... 30,566 955,188 1,219,278 --
Thereafter..................................... 4,660 103,154 145,251 --
<Caption>
OFFICE/TECHNICAL
-------------------------------------
ANNUALIZED
REVENUES
CURRENT UNDER
ANNUALIZED EXPIRING LEASES
YEAR OF LEASE REVENUES UNDER WITH FUTURE
EXPIRATION EXPIRING LEASES STEP-UPS
- ----------------------------------------------- ------------------ ----------------
2003........................................... $ -- $ --
2004........................................... -- --
2005........................................... -- --
2006........................................... -- --
2007........................................... -- --
2008........................................... -- --
2009........................................... -- --
2010........................................... -- --
2011........................................... -- --
2012........................................... -- --
Thereafter..................................... -- --
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------- ----------------
ANNUALIZED
CURRENT REVENUES RENTABLE
RENTABLE SQUARE ANNUALIZED UNDER SQUARE
FOOTAGE SUBJECT REVENUES UNDER EXPIRING LEASES FOOTAGE
YEAR OF LEASE TO EXPIRING EXPIRING WITH FUTURE SUBJECT TO
EXPIRATION LEASES LEASES STEP-UPS EXPIRING LEASES
- ----------------------------------------------- ----------------- ----------------- ---------------- ----------------
2003........................................... -- $ -- $ -- --
2004........................................... 161,000 771,048 771,048 --
2005........................................... -- -- -- --
2006........................................... -- -- -- 6,840
2007........................................... -- -- -- 12,410
2008........................................... -- -- -- --
2009........................................... -- -- -- --
2010........................................... -- -- -- 625
2011........................................... -- -- -- --
2012........................................... -- -- -- 1,400
Thereafter..................................... -- -- -- 2,515
<Caption>
RETAIL
-------------------------------------
ANNUALIZED
REVENUES
CURRENT UNDER
ANNUALIZED EXPIRING LEASES
YEAR OF LEASE REVENUES UNDER WITH FUTURE
EXPIRATION EXPIRING LEASES STEP-UPS
- ----------------------------------------------- ------------------ ----------------
2003........................................... $ -- $ --
2004........................................... 4,376 4,595
2005........................................... -- --
2006........................................... 228,633 228,633
2007........................................... 255,491 286,130
2008........................................... -- --
2009........................................... -- --
2010........................................... 14,754 19,135
2011........................................... -- --
2012........................................... 12,100 13,884
Thereafter..................................... 56,613 67,704
</Table>
40
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
IN-SERVICE OTHER PROPERTIES
QUARTERLY LEASE EXPIRATIONS
OTHER PROPERTIES (RICHMOND, VA, BALTIMORE, MD, BUCKS COUNTY, PA)
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL
-------------------------------------------------------- ----------------
ANNUALIZED
CURRENT REVENUES RENTABLE
RENTABLE SQUARE ANNUALIZED UNDER SQUARE
FOOTAGE SUBJECT REVENUES UNDER EXPIRING LEASES FOOTAGE
YEAR OF LEASE TO EXPIRING EXPIRING WITH FUTURE SUBJECT TO
EXPIRATION LEASES LEASES STEP-UPS EXPIRING LEASES
- ----------------------------------------------- ----------------- ----------------- ---------------- ----------------
Q1 2003........................................ 36,777 $ 570,759 $ 570,759 --
Q2 2003........................................ 28,654 675,424 678,180 --
Q3 2003........................................ 22,240 466,368 475,442 --
Q4 2003........................................ 78,680 1,891,657 1,896,957 --
------- ---------- ---------- -------
Total 2003..................................... 166,351 3,604,208 3,621,338 --
======= ========== ========== =======
Q1 2004........................................ -- -- -- --
Q2 2004........................................ 12,935 372,623 382,913 --
Q3 2004........................................ 84,197 1,774,732 1,816,633 --
Q4 2004........................................ 29,147 584,713 592,866 --
------- ---------- ---------- -------
Total 2004..................................... 126,279 2,732,068 2,792,412 --
======= ========== ========== =======
<Caption>
OFFICE/TECHNICAL
-------------------------------------
ANNUALIZED
REVENUES
CURRENT UNDER
ANNUALIZED EXPIRING LEASES
YEAR OF LEASE REVENUES UNDER WITH FUTURE
EXPIRATION EXPIRING LEASES STEP-UPS
- ----------------------------------------------- ------------------ ----------------
Q1 2003........................................ $ -- $ --
Q2 2003........................................ -- --
Q3 2003........................................ -- --
Q4 2003........................................ -- --
-------- --------
Total 2003..................................... -- --
======== ========
Q1 2004........................................ -- --
Q2 2004........................................ -- --
Q3 2004........................................ -- --
Q4 2004........................................ -- --
-------- --------
Total 2004..................................... -- --
======== ========
</Table>
<Table>
<Caption>
INDUSTRIAL RETAIL
-------------------------------------------------------- ----------------
ANNUALIZED
CURRENT REVENUES RENTABLE
RENTABLE SQUARE ANNUALIZED UNDER SQUARE
FOOTAGE SUBJECT REVENUES UNDER EXPIRING LEASES FOOTAGE
YEAR OF LEASE TO EXPIRING EXPIRING WITH FUTURE SUBJECT TO
EXPIRATION LEASES LEASES STEP-UPS EXPIRING LEASES
- ----------------------------------------------- ----------------- ----------------- ---------------- ----------------
Q1 2003........................................ -- $ -- $ -- --
Q2 2003........................................ -- -- -- --
Q3 2003........................................ -- -- -- --
Q4 2003........................................ -- -- -- --
------- ---------- ---------- -------
Total 2003..................................... -- -- -- --
======= ========== ========== =======
Q1 2004........................................ -- -- -- --
Q2 2004........................................ 161,000 771,048 771,048 --
Q3 2004........................................ -- -- -- --
Q4 2004........................................ -- -- -- --
------- ---------- ---------- -------
Total 2004..................................... 161,000 771,048 771,048 --
======= ========== ========== =======
<Caption>
RETAIL
-------------------------------------
ANNUALIZED
REVENUES
CURRENT UNDER
ANNUALIZED EXPIRING LEASES
YEAR OF LEASE REVENUES UNDER WITH FUTURE
EXPIRATION EXPIRING LEASES STEP-UPS
- ----------------------------------------------- ------------------ ----------------
Q1 2003........................................ $ -- $ --
Q2 2003........................................ -- --
Q3 2003........................................ -- --
Q4 2003........................................ -- --
-------- --------
Total 2003..................................... -- --
======== ========
Q1 2004........................................ -- --
Q2 2004........................................ -- --
Q3 2004........................................ 4,376 4,595
Q4 2004........................................ -- --
-------- --------
Total 2004..................................... 4,376 4,595
======== ========
</Table>
41
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
CBD PROPERTIES
LEASE EXPIRATIONS
<Table>
<Caption>
GREATER BOSTON
---------------------------------------------------------
CURRENT
RENTABLE SQUARE ANNUALIZED
FOOTAGE SUBJECT REVENUES UNDER
YEAR OF LEASE TO EXPIRING EXPIRING
EXPIRATION LEASES LEASES
- ------------------------------------------------------------ ---------------------------- --------------------------
2003........................................................ 95,909 $ 7,500,094
2004........................................................ 370,813 18,435,042
2005........................................................ 600,418 26,621,706
2006........................................................ 168,144 8,290,279
2007........................................................ 153,050 7,901,808
2008........................................................ 48,441 1,942,903
2009........................................................ 661,277 23,458,347
2010........................................................ 150,555 6,295,349
2011........................................................ 434,991 20,675,404
2012........................................................ 311,152 12,716,483
Thereafter.................................................. 823,076 27,925,502
<Caption>
GREATER BOSTON
--------------------------
ANNUALIZED
REVENUES
UNDER
EXPIRING LEASES
YEAR OF LEASE WITH FUTURE
EXPIRATION STEP-UPS
- ------------------------------------------------------------ --------------------------
2003........................................................ $ 7,593,263
2004........................................................ 18,709,101
2005........................................................ 27,215,015
2006........................................................ 8,370,737
2007........................................................ 8,131,713
2008........................................................ 2,041,423
2009........................................................ 26,233,054
2010........................................................ 7,041,334
2011........................................................ 24,886,207
2012........................................................ 14,402,774
Thereafter.................................................. 38,349,465
<Caption>
GREATER WASHINGTON
-----------------------------------------------------------
ANNUALIZED
RENTABLE REVENUES
SQUARE CURRENT UNDER
FOOTAGE ANNUALIZED EXPIRING LEASES
YEAR OF LEASE SUBJECT TO REVENUES UNDER WITH FUTURE
EXPIRATION EXPIRING LEASES EXPIRING LEASES STEP-UPS
- ------------------------------------------------------------ ----------------- --------------- ---------------------
2003........................................................ 28,560 $ 1,031,220 $ 1,049,214
2004........................................................ 146,226 5,960,464 6,121,736
2005........................................................ 244,420 9,657,433 10,282,667
2006........................................................ 46,501 1,756,204 1,843,219
2007........................................................ 323,690 11,025,868 11,363,094
2008........................................................ 31,917 1,163,449 1,339,836
2009........................................................ 433,461 14,935,714 16,426,140
2010........................................................ 390,991 15,283,955 17,863,223
2011........................................................ 190,472 7,178,379 8,594,548
2012........................................................ 77,318 2,849,470 2,868,603
Thereafter.................................................. 387,544 17,122,179 19,654,379
</Table>
<Table>
<Caption>
NEW YORK
---------------------------------------------------------
CURRENT
RENTABLE SQUARE ANNUALIZED
FOOTAGE SUBJECT REVENUES UNDER
YEAR OF LEASE TO EXPIRING EXPIRING
EXPIRATION LEASES LEASES
- ------------------------------------------------------------ ---------------------------- --------------------------
2003........................................................ 123,835 $ 5,839,962
2004........................................................ 168,523 9,582,366
2005........................................................ 116,521 7,526,782
2006........................................................ 499,016 30,923,615
2007........................................................ 208,433 12,689,846
2008........................................................ 465,627 25,879,035
2009........................................................ 250,804 13,998,636
2010........................................................ 273,228 17,097,459
2011........................................................ 405,569 23,410,474
2012........................................................ 945,358 53,455,509
Thereafter.................................................. 3,678,057 221,254,950
<Caption>
NEW YORK
--------------------------
ANNUALIZED
REVENUES
UNDER
EXPIRING LEASES
YEAR OF LEASE WITH FUTURE
EXPIRATION STEP-UPS
- ------------------------------------------------------------ --------------------------
2003........................................................ $ 5,839,962
2004........................................................ 9,606,724
2005........................................................ 7,578,821
2006........................................................ 31,379,193
2007........................................................ 12,857,003
2008........................................................ 27,746,933
2009........................................................ 16,022,270
2010........................................................ 18,181,146
2011........................................................ 27,115,114
2012........................................................ 55,975,865
Thereafter.................................................. 268,858,937
<Caption>
SAN FRANCISCO
--------------------------------------------------------------
ANNUALIZED
RENTABLE REVENUES
SQUARE CURRENT UNDER
FOOTAGE ANNUALIZED EXPIRING LEASES
YEAR OF LEASE SUBJECT TO REVENUES UNDER WITH FUTURE
EXPIRATION EXPIRING LEASES EXPIRING LEASES STEP-UPS
- ------------------------------------------------------------ --------------- --------------- --------------------------
2003........................................................ 244,475 $10,771,621 $10,789,838
2004........................................................ 562,363 26,023,160 25,817,934
2005........................................................ 324,131 14,796,662 14,828,701
2006........................................................ 894,253 43,568,718 45,035,971
2007........................................................ 436,833 21,123,483 22,130,396
2008........................................................ 179,577 7,712,202 8,076,297
2009........................................................ 284,054 12,412,124 13,164,743
2010........................................................ 203,968 11,888,997 13,878,211
2011........................................................ 196,163 18,167,551 18,693,073
2012........................................................ 162,700 7,275,276 8,104,263
Thereafter.................................................. 151,805 6,743,377 7,181,587
</Table>
<Table>
<Caption>
NEW JERSEY
---------------------------------------------------------
CURRENT
RENTABLE SQUARE ANNUALIZED
FOOTAGE SUBJECT REVENUES UNDER
YEAR OF LEASE TO EXPIRING EXPIRING
EXPIRATION LEASES LEASES
- ------------------------------------------------------------ ---------------------------- --------------------------
2003........................................................ -- $ --
2004........................................................ -- --
2005........................................................ -- --
2006........................................................ -- --
2007........................................................ -- --
2008........................................................ -- --
2009........................................................ -- --
2010........................................................ -- --
2011........................................................ -- --
2012........................................................ -- --
Thereafter.................................................. -- --
<Caption>
NEW JERSEY
--------------------------
ANNUALIZED
REVENUES
UNDER
EXPIRING LEASES
YEAR OF LEASE WITH FUTURE
EXPIRATION STEP-UPS
- ------------------------------------------------------------ --------------------------
2003........................................................ $ --
2004........................................................ --
2005........................................................ --
2006........................................................ --
2007........................................................ --
2008........................................................ --
2009........................................................ --
2010........................................................ --
2011........................................................ --
2012........................................................ --
Thereafter.................................................. --
<Caption>
OTHER
--------------------------------------------------------------
ANNUALIZED
RENTABLE REVENUES
SQUARE CURRENT UNDER
FOOTAGE ANNUALIZED EXPIRING LEASES
YEAR OF LEASE SUBJECT TO REVENUES UNDER WITH FUTURE
EXPIRATION EXPIRING LEASES EXPIRING LEASES STEP-UPS
- ------------------------------------------------------------ --------------- --------------- --------------------------
2003........................................................ 166,351 $ 3,612,929 $ 3,630,059
2004........................................................ 126,279 2,736,444 2,797,006
2005........................................................ 392,665 9,689,327 10,099,531
2006........................................................ 732,139 20,988,604 21,865,644
2007........................................................ 101,503 3,049,964 3,197,560
2008........................................................ 209,420 3,922,472 4,630,266
2009........................................................ 127,720 2,561,948 3,072,317
2010........................................................ 29,465 624,551 746,765
2011........................................................ 4,618 119,131 136,679
2012........................................................ 31,966 967,287 1,233,162
Thereafter.................................................. 7,175 159,767 212,955
</Table>
42
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
SUBURBAN PROPERTIES
LEASE EXPIRATIONS
<Table>
<Caption>
GREATER BOSTON
---------------------------------------------------------
CURRENT
RENTABLE SQUARE ANNUALIZED
FOOTAGE SUBJECT REVENUES UNDER
YEAR OF LEASE TO EXPIRING EXPIRING
EXPIRATION LEASES LEASES
- ------------------------------------------------------------ ---------------------------- --------------------------
2003........................................................ 383,879 $ 7,427,981
2004........................................................ 363,637 11,261,584
2005........................................................ 317,448 9,763,398
2006........................................................ 673,322 16,992,282
2007........................................................ 377,644 10,221,655
2008........................................................ 82,604 2,527,965
2009........................................................ 283,195 10,401,977
2010........................................................ 56,901 1,904,522
2011........................................................ 419,343 8,149,050
2012........................................................ 418,093 11,698,987
Thereafter.................................................. 194,224 6,766,109
<Caption>
GREATER BOSTON
--------------------------
ANNUALIZED
REVENUES
UNDER
EXPIRING LEASES
YEAR OF LEASE WITH FUTURE
EXPIRATION STEP-UPS
- ------------------------------------------------------------ --------------------------
2003........................................................ $ 7,511,795
2004........................................................ 11,355,514
2005........................................................ 9,876,035
2006........................................................ 17,652,965
2007........................................................ 11,152,644
2008........................................................ 2,547,320
2009........................................................ 11,082,101
2010........................................................ 2,153,479
2011........................................................ 9,323,894
2012........................................................ 13,367,598
Thereafter.................................................. 8,217,545
<Caption>
GREATER WASHINGTON
---------------------------------------------------------------------
ANNUALIZED
RENTABLE REVENUES
SQUARE CURRENT UNDER
FOOTAGE ANNUALIZED EXPIRING LEASES
YEAR OF LEASE SUBJECT TO REVENUES UNDER WITH FUTURE
EXPIRATION EXPIRING LEASES EXPIRING LEASES STEP-UPS
- ------------------------------------------------------------ --------------- ------------------------ ------------------------
2003........................................................ 194,738 $ 4,131,411 $ 4,145,780
2004........................................................ 150,102 3,575,210 3,670,448
2005........................................................ 357,020 9,447,318 10,049,543
2006........................................................ 418,728 11,205,578 12,011,193
2007........................................................ 517,090 14,058,708 14,438,782
2008........................................................ 408,477 16,428,655 12,986,524
2009........................................................ 261,046 8,116,670 8,116,670
2010........................................................ 217,497 6,290,567 7,455,821
2011........................................................ 940,096 25,927,411 30,794,728
2012........................................................ 240,152 7,772,463 10,369,586
Thereafter.................................................. 785,570 18,032,977 22,278,017
</Table>
<Table>
<Caption>
NEW YORK
---------------------------------------------------------
CURRENT
RENTABLE SQUARE ANNUALIZED
FOOTAGE SUBJECT REVENUES UNDER
YEAR OF LEASE TO EXPIRING EXPIRING
EXPIRATION LEASES LEASES
- ------------------------------------------------------------ ---------------------------- --------------------------
2003........................................................ -- --
2004........................................................ -- --
2005........................................................ -- --
2006........................................................ -- --
2007........................................................ -- --
2008........................................................ -- --
2009........................................................ -- --
2010........................................................ -- --
2011........................................................ -- --
2012........................................................ -- --
Thereafter.................................................. -- --
<Caption>
NEW YORK
--------------------------
ANNUALIZED
REVENUES
UNDER
EXPIRING LEASES
YEAR OF LEASE WITH FUTURE
EXPIRATION STEP-UPS
- ------------------------------------------------------------ --------------------------
2003........................................................ --
2004........................................................ --
2005........................................................ --
2006........................................................ --
2007........................................................ --
2008........................................................ --
2009........................................................ --
2010........................................................ --
2011........................................................ --
2012........................................................ --
Thereafter.................................................. --
<Caption>
SAN FRANCISCO
---------------------------------------------------------------------
ANNUALIZED
RENTABLE REVENUES
SQUARE CURRENT UNDER
FOOTAGE ANNUALIZED EXPIRING LEASES
YEAR OF LEASE SUBJECT TO REVENUES UNDER WITH FUTURE
EXPIRATION EXPIRING LEASES EXPIRING LEASES STEP-UPS
- ------------------------------------------------------------ ----------------- ----------------------- -----------------------
2003........................................................ 309,534 $ 9,750,160 $ 9,755,651
2004........................................................ 96,377 2,314,956 2,360,244
2005........................................................ 100,473 3,138,448 3,624,734
2006........................................................ 42,638 2,296,652 2,618,956
2007........................................................ 42,217 823,224 892,744
2008........................................................ 12,770 292,698 305,866
2009........................................................ 5,256 176,602 211,291
2010........................................................ 7,724 168,000 231,720
2011........................................................ -- -- --
2012........................................................ -- -- --
Thereafter.................................................. -- -- --
</Table>
<Table>
<Caption>
NEW JERSEY
---------------------------------------------------------
CURRENT
RENTABLE SQUARE ANNUALIZED
FOOTAGE SUBJECT REVENUES UNDER
YEAR OF LEASE TO EXPIRING EXPIRING
EXPIRATION LEASES LEASES
- ------------------------------------------------------------ ---------------------------- --------------------------
2003........................................................ 97,193 $ 2,788,097
2004........................................................ 413,784 12,133,326
2005........................................................ 237,630 7,261,045
2006........................................................ 87,691 2,845,967
2007........................................................ 510,959 13,820,256
2008........................................................ -- --
2009........................................................ 161,514 4,886,156
2010........................................................ 145,675 4,690,766
2011........................................................ 254,941 7,534,086
2012........................................................ -- --
Thereafter.................................................. 237,429 7,160,772
<Caption>
NEW JERSEY
--------------------------
ANNUALIZED
REVENUES
UNDER
EXPIRING LEASES
YEAR OF LEASE WITH FUTURE
EXPIRATION STEP-UPS
- ------------------------------------------------------------ --------------------------
2003........................................................ $ 2,788,097
2004........................................................ 12,156,249
2005........................................................ 7,350,624
2006........................................................ 2,998,578
2007........................................................ 15,047,700
2008........................................................ --
2009........................................................ 5,645,940
2010........................................................ 5,105,120
2011........................................................ 8,375,570
2012........................................................ --
Thereafter.................................................. 7,849,057
<Caption>
OTHER
--------------------------------------------------------------------
ANNUALIZED
RENTABLE REVENUES
SQUARE CURRENT UNDER
FOOTAGE ANNUALIZED EXPIRING LEASES
YEAR OF LEASE SUBJECT TO REVENUES UNDER WITH FUTURE
EXPIRATION EXPIRING LEASES EXPIRING LEASES STEP-UPS
- ------------------------------------------------------------ ------------------ ------------------ --------------------------
2003........................................................ -- $ -- $ --
2004........................................................ 161,000 771,048 771,048
2005........................................................ -- -- --
2006........................................................ -- -- --
2007........................................................ -- -- --
2008........................................................ -- -- --
2009........................................................ -- -- --
2010........................................................ -- -- --
2011........................................................ -- -- --
2012........................................................ -- -- --
Thereafter.................................................. -- -- --
</Table>
43
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
HOTEL PERFORMANCE
LONG WHARF MARRIOTT--BOSTON
<Table>
<Caption>
FOURTH QUARTER FOURTH QUARTER PERCENT YTD
2002 2001 CHANGE 2002
--------------------------- --------------------------- -------------- --------
Occupancy.......................... 78.2% 78.8% -0.8% 82.9%
Average Daily Rate................. $217.19 $197.81 9.8% $212.57
REVPAR............................. $169.84 $155.82 9.0% $176.13
NOI (in thousands)................. $ 3,512 $ 2,856 23.0% $11,283
<Caption>
YTD PERCENT
2001 CHANGE
-------- --------------
Occupancy.......................... 81.0%(1) 2.3%
Average Daily Rate................. $227.42 -6.5%
REVPAR............................. $184.21 -4.4%
NOI (in thousands)................. $12,301 -8.3%
</Table>
CAMBRIDGE CENTER MARRIOTT
<Table>
<Caption>
FOURTH QUARTER FOURTH QUARTER PERCENT YTD
2002 2001 CHANGE 2002
--------------------------- --------------------------- -------------- --------
Occupancy.......................... 73.8% 65.6% 12.5% 76.6%
Average Daily Rate................. $182.04 $182.81 -0.4% $173.52
REVPAR............................. $134.34 $119.93 12.0% $132.94
NOI (in thousands)................. $ 2,441 $ 1,767 38.1% $ 7,863
<Caption>
YTD PERCENT
2001 CHANGE
-------- --------------
Occupancy.......................... 76.7% -0.1%
Average Daily Rate................. $191.24 -9.3%
REVPAR............................. $146.68 -9.4%
NOI (in thousands)................. $9,188 -14.4%
</Table>
RESIDENCE INN BY MARRIOT
<Table>
<Caption>
FOURTH QUARTER FOURTH QUARTER PERCENT YTD
2002 2001 CHANGE 2002
--------------------------- --------------------------- -------------- --------
Occupancy.......................... 81.1% 82.9% -2.2% 84.9%
Average Daily Rate................. $140.57 $136.39 3.1% $138.77
REVPAR............................. $114.00 $113.07 0.8% $117.87
NOI (in thousands)................. $ 1,374 $ 1,264 8.7% $ 4,238
<Caption>
YTD PERCENT
2001 CHANGE
-------- --------------
Occupancy.......................... 87.1% -2.5%
Average Daily Rate................. $154.77 -10.3%
REVPAR............................. $134.80 -12.6%
NOI (in thousands)................. $5,278 -19.7%
</Table>
TOTAL HOTEL PERFORMANCE
<Table>
<Caption>
FOURTH QUARTER FOURTH QUARTER PERCENT YTD
2002 2001 CHANGE 2002
--------------------------- --------------------------- -------------- --------
Occupancy.......................... 77.0% 74.3% 3.6% 80.7%
Average Daily Rate................. $186.75 $178.80 4.4% $181.13
REVPAR............................. $143.62 $132.18 8.7% $146.25
NOI (in thousands)................. $ 7,326 $ 5,887 24.4% $23,384
<Caption>
YTD PERCENT
2001 CHANGE
-------- --------------
Occupancy.......................... 80.5% 0.2%
Average Daily Rate................. $197.39 -8.2%
REVPAR............................. $158.50 -7.7%
NOI (in thousands)................. $26,768 -12.6%
</Table>
(1) Room renovation project underway during 2001.
44
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
SAME PROPERTY PERFORMANCE
OFFICE, OFFICE/TECHNICAL, INDUSTRIAL AND HOTEL PROPERTIES
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL INDUSTRIAL HOTEL TOTAL
----------- ---------------------------- ------------------ ---------- ----------
Number of Properties.................. 93 26 4 3 126
Square feet........................... 25,563,322 1,501,391 373,009 937,874 28,375,596
Percent of in-service properties...... 85.4% 90.4% 100.0% 100.0% 86.3%
Occupancy @ 12/31/01.................. 95.2% 92.1% 95.6% -- 95.0%
Occupancy @ 12/31/02.................. 94.3% 92.5% 100.0% -- 94.3%
Percent change from 4th quarter 2002
over 4th quarter 2001
Revenue(1).......................... 2.4% -1.1% -1.8% 13.3% 2.6%
Expense............................. 4.9% -6.7% -7.4% -14.5% 4.3%
Net Operating Income (1)............ 1.2% 0.5% 0.2% 21.8% 1.9%
Net Operating Income--without hotels 1.2%
(1)...............................
Revenue--cash basis (1)............... 3.7% -1.9% -1.1% 13.5% 3.9%
Net Operating Income--cash basis
(1)............................... 3.1% -0.5% 1.1% 22.0% 3.6%
Net Operating Income--without
hotels--cash basis (1).............. 3.0%
</Table>
SAME PROPERTY LEASE ANALYSIS--QUARTER ENDED DECEMBER 31, 2002
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL INDUSTRIAL TOTAL
----------- ---------------------------- ------------------ ----------
Vacant space available @10/01/02 (sf).............. 1,081,190 76,055 -- 1,157,245
Square footage of leases expiring or terminated
10/01/02-12/31/02............................... 825,132 127,078 23,904 976,114
---------- ------- ------ ---------
Total space for lease (sf)......................... 1,906,322 203,133 23,904 2,133,359
========== ======= ====== =========
New tenants (sf)................................... 374,366 3,477 -- 377,843
Renewals (sf)...................................... 186,797 86,322 23,904 297,023
---------- ------- ------ ---------
Total space leased (sf)............................ 561,163 89,799 23,904 674,866
========== ======= ====== =========
Space available @ 12/31/02 (sf).................... 1,345,159 113,334 -- 1,458,493
========== ======= ====== =========
Net (increase)/decrease in available space (sf).... (263,969) (37,279) -- (301,248)
Average lease term (months)........................ 91 115 12 91
2nd generation TI/Comm PSF......................... $ 14.27 $ 0.07 $ -- $ 11.87
Increase (decrease) in 2nd generation net rents
(2).............................................. -5.3% 2.0% -- -4.8%
</Table>
(1) Does not include termination and early surrender income.
(2) Represents increase in net rents on a "cash to cash" basis. (Actual net rent
at time of expiration vs. initial net rent of new lease.)
45
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
PROPERTY PERFORMANCE
ALL IN-SERVICE PROPERTIES--QUARTER ENDED DECEMBER 31, 2002
<Table>
<Caption>
OFFICE OFFICE/TECHNICAL INDUSTRIAL TOTAL
----------- ---------------------------- ------------------ ----------
Vacant space available @ 10/01/02 (sf)............. 1,537,518 76,055 -- 1,613,573
New development sf completed....................... 91,264 -- -- 91,264
Square footage of leases expiring or terminated
10/01/02-12/31/02................................ 829,992 127,078 23,904 980,974
---------- ------- ------ ---------
Total space for lease (sf)......................... 2,458,774 203,133 23,904 2,685,811
========== ======= ====== =========
New tenants (sf)................................... 434,048 3,477 -- 437,525
Renewals (sf)...................................... 186,797 86,322 23,904 297,023
---------- ------- ------ ---------
Total space leased (sf)............................ 620,845 89,799 23,904 734,548(2)
========== ======= ====== =========
Space available @ 12/31/02 (sf).................... 1,837,929 113,334 -- 1,951,263
========== ======= ====== =========
Net (increase)/decrease in available space (sf).... (300,411) (37,279) -- (337,690)
Average lease term (months)........................ 92 115 12 92
2nd generation TI/Comm PSF......................... $ 14.43 $ 0.07 $ -- $ 12.02
Increase (decrease) in 2nd generation net rents
(1).............................................. -4.5% 2.0% -- -4.0%
</Table>
(1) Represents increase in net rents on a "cash to cash" basis (actual net rent
at time of expiration vs. initial net rent of new lease).
(2) Details of 1st and 2nd Generation Space:
<Table>
<Caption>
1ST 2ND TOTAL
GENERATION GENERATION LEASED
-------------- -------------- ---------
Boston...................................................... 36,384 111,126 147,510
Washington.................................................. 3,945 183,156 187,101
New York.................................................... 14,513 192,676 207,189
San Francisco............................................... -- 174,781 174,781
Princeton................................................... -- 17,967 17,967
------ ------- -------
54,842 679,706 734,548
====== ======= =======
</Table>
46
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
HISTORICALLY GENERATED CAPITAL EXPENDITURES,
TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS
HISTORICAL CAPITAL EXPENDITURES
(IN THOUSANDS)
<Table>
<Caption>
Q4 Q3 Q2 Q1
2002 2002 2002 2002 2001 2000
-------- -------- -------- -------- ---------- ----------
Recurring capital expenditures.............................. $ 5,909 $ 4,266 $ 3,553 $ 2,946 $ 11,770 $ 11,201
Planned non-recurring capital expenditures associated with
acquisition properties (1)................................ 7,856 5,320 9,777 8,955 45,052 25,782
Hotel improvements, equipment upgrades and replacements..... 188 394 852 1,784 9,230 5,697
-------- -------- -------- -------- ---------- ----------
$ 13,953 $ 9,980 $ 14,182 $ 13,685 $ 66,052 $ 42,680
======== ======== ======== ======== ========== ==========
</Table>
2ND GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS (2)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<Table>
<Caption>
Q4 Q3 Q2 Q1
2002 2002 2002 2002 2001 2000
-------- -------- -------- -------- ---------- ----------
Office
Square feet............................................... 566,003 433,722 638,750 483,934 2,394,291 2,913,599
-------- -------- -------- -------- ---------- ----------
Tenant improvement and lease commissions p.s.f............ $ 14.43 $ 18.01 $ 26.18 $ 20.95 $ 17.47 $ 13.82
-------- -------- -------- -------- ---------- ----------
Office/Technical
Square feet............................................... 89,799 250,261 6,214 1,047 348,178 694,536
-------- -------- -------- -------- ---------- ----------
Tenant improvement and lease commissions p.s.f............ $ 0.07 $ 1.90 $ 1.68 $ 1.02 $ 3.13 $ 2.95
-------- -------- -------- -------- ---------- ----------
Industrial
Square feet............................................... 23,904 -- 221,000 -- -- 209,125
-------- -------- -------- -------- ---------- ----------
Tenant improvement and lease commissions p.s.f............ $ -- $ -- $ 0.68 $ -- $ -- $ 1.38
-------- -------- -------- -------- ---------- ----------
Average tenant improvement and lease commission p.s.f..... $ 12.02 $ 12.11 $ 19.50 $ 20.91 $ 15.65 $ 11.16
======== ======== ======== ======== ========== ==========
</Table>
(1) Includes budgeted costs associated with the 18.4 million square feet of
previously disclosed acquisitions.
(2) Based on leases executed during the period.
47
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
VALUE CREATION PIPELINE--ACQUISITIONS/DISPOSITIONS
AS OF DECEMBER 31, 2002
ACQUISITIONS
<Table>
<Caption>
ANTICIPATED
DATE SQUARE INITIAL FUTURE
PROPERTY ACQUIRED FEET INVESTMENT INVESTMENT
- -------- --------------- ------------ ------------------- -------------------
399 Park Avenue.................... Sep-02 1,677,433 $1,064,000,000 $4,000,000
--------- -------------- ----------
TOTAL VALUE CREATION
PIPELINE--ACQUISITIONS......... 1,677,433 $1,064,000,000 $4,000,000
========= ============== ==========
<Caption>
TOTAL CURRENT
PROPERTY INVESTMENT OCCUPANCY
- -------- ------------------- ------------------
399 Park Avenue.................... $1,068,000,000 100%
-------------- ----
TOTAL VALUE CREATION
PIPELINE--ACQUISITIONS......... $1,068,000,000 100%
============== ====
</Table>
DISPOSTIONS
<Table>
<Caption>
DATE GROSS
PROPERTY DISPOSED SQUARE FEET SALES PRICE BOOK GAIN
- -------- --------------- -------------------- ------------------- -----------------
Fullerton Square............................... Mar-02 179,453 $ 22,525,000 $ 7,145,500
7600 Boston Boulevard.......................... Mar-02 69,832 8,627,000 5,597,132(1)
7700 Boston Boulevard.......................... Mar-02 82,224 16,558,000 6,024,563(1)
7702 Boston Boulevard.......................... Mar-02 43,171 8,916,000 2,758,255(1)
681 Gateway--Land.............................. Jul-02 N/A 8,000,000 3,278,659
Herndon Lumber Site--Land...................... Jul-02 N/A 5,200,000 1,152,784
Belvidere garage spaces........................ Sep-02 N/A 1,305,000 103,030
Belvidere garage spaces........................ Oct-02 N/A 1,035,000 81,715
One and Two Independence Square................ Nov-02 917,459 345,000,000 227,791,468
2391 West Winton Avenue........................ Dec-02 220,213 10,800,000 9,288,323
--------- ------------ ------------
TOTAL DISPOSITIONS............................. 1,512,352 $427,966,000 $263,221,429
========= ============ ============
</Table>
(1) Gains recognized for accounting purposes during Q3 2002.
48
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
VALUE CREATION PIPELINE--CONSTRUCTION IN PROGRESS
AS OF DECEMBER 31, 2002
<Table>
<Caption>
DEVELOPMENT INITIAL STABILIZATION # OF
PROPERTIES OCCUPANCY DATE LOCATION BUILDINGS
- ----------- --------------- ------------------- ---------------- --------------
Shaws Supermarket.......................... Q2 2003 Q2 2003 Boston, MA 1
Waltham Weston Corporate Center............ Q1 2002 Q4 2003 Waltham, MA 1
New Dominion Tech, Building Two............ Q2 2004 Q2 2004 Herndon, VA 1
Two Freedom Square (50% ownership)......... Q3 2002 Q3 2004 Reston, VA 1
Times Square Tower......................... Q1 2004 Q1 2005 New York, NY 1
901 New York Avenue (25% ownership)........ Q3 2004 Q3 2005 Washington, D.C. 1
---
TOTAL DEVELOPMENT PROPERTIES................. 6
===
<Caption>
ANTICIPATED TOTAL
DEVELOPMENT SQUARE INVESTMENT TOTAL CONSTRUCTION
PROPERTIES FEET TO DATE INVESTMENT(1) LOAN
- ----------- ---------- ---------------- ------------------- --------------------
Shaws Supermarket.......................... 57,235 21,723,021 24,034,000 24,000,000
Waltham Weston Corporate Center............ 304,050 67,711,099 85,000,000 45,000,000
New Dominion Tech, Building Two............ 257,400 9,434,333 67,589,000 65,000,000
Two Freedom Square (50% ownership)......... 422,930 39,181,217 49,336,000(2) 45,000,000(2)
Times Square Tower......................... 1,218,511 366,247,753 653,500,000 493,500,000
901 New York Avenue (25% ownership)........ 538,463 14,004,503 44,777,250 30,000,000
--------- ------------ ------------ ------------
TOTAL DEVELOPMENT PROPERTIES................. 2,798,589 $518,301,926 $924,236,250 $702,500,000
========= ============ ============ ============
<Caption>
AMOUNT
DRAWN AT CURRENT
DEVELOPMENT DECEMBER 31, FUTURE EQUITY PERCENTAGE
PROPERTIES 2002 REQUIREMENT LEASED
- ----------- ------------------ -------------------- -----------------
Shaws Supermarket.......................... 20,716,660 -- 100%
Waltham Weston Corporate Center............ 44,839,890 17,128,791 42%
New Dominion Tech, Building Two............ 7,558,424 713,091 100%
Two Freedom Square (50% ownership)......... 32,853,493 -- 65%
Times Square Tower......................... 222,196,210 15,948,457 0%
901 New York Avenue (25% ownership)........ 2,642,575 3,415,322 60%
------------ ----------- ---
TOTAL DEVELOPMENT PROPERTIES................. $330,807,252 $37,205,661 37%
============ =========== ===
</Table>
DEVELOPMENTS PLACED-IN-SERVICE DURING 2002
<Table>
<Caption>
INITIAL
IN-SERVICE STABILIZATION # OF
DATE DATE LOCATION BUILDINGS
--------------- ------------------- ---------------- --------------
CLASS A OFFICE BUILDING
One and Two Discovery Square (50% ownership)....... Q1/Q2 2002 Q1 2002/Q1 2003 Reston, VA 2
ITT Educational Services........................... Q1 2002 Q1 2002 Springfield, VA 1
5 Times Square..................................... Q1 2002 Q1 2002 New York, NY 1
111 Huntington Avenue--Prudential Center........... Q3 2001 Q2 2002 Boston, MA 1
111 Huntington Avenue--retail...................... Q3 2001 Q1 2003 Boston, MA --
Broad Run Business Park- Building E................ Q2 2002 Q2 2003 Dulles, VA 1
611 Gateway Boulevard.............................. Q3 2003 Q4 2005 S. San
Francisco, CA 1
---
TOTAL DEVELOPMENTS PLACED IN SERVICE................. 7
===
<Caption>
SQUARE INVESTMENT TOTAL CONSTRUCTION
FEET TO DATE INVESTMENT LOAN
---------- ---------------- ---------------- --------------------
CLASS A OFFICE BUILDING
One and Two Discovery Square (50% ownership)....... 366,989 $ 36,437,265 $ 41,204,000 $ 37,500,000
ITT Educational Services........................... 32,000 5,480,445 5,740,000 --
5 Times Square..................................... 1,103,290 501,644,212 536,115,000 420,000,000
111 Huntington Avenue--Prudential Center........... 854,129 305,014,774 290,000,000 203,000,000
111 Huntington Avenue--retail...................... 92,935 -- n/a --
Broad Run Business Park- Building E................ 127,226 14,395,599 19,946,000 --
611 Gateway Boulevard.............................. 250,825 60,989,068 81,221,000 --
--------- ------------ ------------ ------------
TOTAL DEVELOPMENTS PLACED IN SERVICE................. 2,827,394 $923,961,363 $974,226,000 $660,500,000
========= ============ ============ ============
<Caption>
DRAWN AT
DECEMBER 31, FUTURE EQUITY PERCENTAGE
2002 REQUIREMENT LEASED
------------------ -------------------- -----------------
CLASS A OFFICE BUILDING
One and Two Discovery Square (50% ownership)....... $ 30,949,380 -- 91%
ITT Educational Services........................... -- 259,555 100%
5 Times Square..................................... 372,904,665 -- 100%
111 Huntington Avenue--Prudential Center........... 203,000,000 -- 98%
111 Huntington Avenue--retail...................... -- -- 100%
Broad Run Business Park- Building E................ -- 5,550,401 55%
611 Gateway Boulevard..............................
-- 20,231,932 0%
------------ ----------- ---
TOTAL DEVELOPMENTS PLACED IN SERVICE................. $606,854,045 $26,041,888 87%
============ =========== ===
</Table>
(1) Includes net revenues during lease-up period and cash component of hedge
contracts.
(2) Represents 50% of the total anticipated project-level investment and
construction loan.
49
<Page>
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2002
VALUE CREATION PIPELINE--OWNED LAND PARCELS
AS OF DECEMBER 31, 2002
<Table>
<Caption>
NO. OF DEVELOPABLE
LOCATION PARCELS ACREAGE SQUARE FEET
- -------- ------------- -------------- ---------------------
Rockville, MD............................................... 4 92.3 986,000
Dulles, VA.................................................. 2 76.6 937,000
Gaithersburg, MD............................................ 4 27.0 850,000
San Jose, CA................................................ 5 3.7 841,000
Reston, VA.................................................. 3 26.7 861,000
Boston, MA.................................................. 2 0.5 776,000
Marlborough, MA............................................. 1 50.0 400,000
Weston, MA.................................................. 1 74.0 350,000
Waltham, MA................................................. 1 4.3 202,000
Andover, MA................................................. 1 10.0 110,000
Washington, D.C............................................. 1 0.5 170,000
-- ----- ---------
25 365.6 6,483,000
== ===== =========
</Table>
VALUE CREATION PIPELINE--LAND PURCHASE OPTIONS
AS OF DECEMBER 31, 2002
<Table>
<Caption>
NO. OF DEVELOPABLE
LOCATION PARCELS ACREAGE SQUARE FEET
- -------- ------------- -------------- ---------------------
Princeton, NJ (1)........................................... 14 149.9 1,900,000
Framingham, MA (2).......................................... 1 21.5 300,000
Cambridge, MA (3)........................................... 1 2.6 165,000
-- ----- ---------
16 174.0 2,365,000
== ===== =========
</Table>
(1) $20.00/FAR plus an earnout calculation.
(2) Subject to ground lease.
(3) Prior to January 23, 2003 the cost will be $27.72/SF of land area. Land area
is approximately 108,000 SF.
50