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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 24, 2001 Boston Properties, Inc. (Exact name of Registrant as specified in its charter) Delaware 1-13087 04-2473675 (State or other jurisdiction (Commission File (I.R.S. employer of incorporation) Number) Identification No.) 800 Boylston Street Boston, Massachusetts 02199 (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (617) 236-3300

ITEM 5. Other Events Following the issuance of a press release on April 24, 2001 announcing the Company's results for the first quarter ended March 31, 2001, the Company intends to provide, to certain investors and analysts at their request, supplemental information regarding the Company's operations that is to voluminous for a press release. The Company is attaching this supplementary operating and financial data as Exhibit 99.1 and the press release as Exhibit 99.2 to this Current Report on Form 8-K. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits Exhibit No. - ----------- 99.1 The Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended March 31, 2001. 99.2 The Boston Properties, Inc. press release dated April 24, 2001 for the quarter ended March 31, 2001.

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 24, 2001 BOSTON PROPERTIES, INC. /s/ Douglas T. Linde --------------------------------- By: Douglas T. Linde Chief Financial Officer

EXHIBIT 99.1 BOSTON PROPERTIES, INC. Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001

BOSTON PROPERTIES, INC. First Quarter 2001 INDEX Page ---- Company Background 3 Investor Information 4-5 Financial Highlights 6 Consolidated Balance Sheets 7 Consolidated Income Statements 8 Funds From Operations 9 Financial Ratios 10 Capital Structure 11 Debt Analysis 12-14 Joint Ventures 15 Portfolio Overview-Square Footage 16 Property Listing 17-20 Top 20 Tenants 21 Portfolio Overview-FFO 22 Occupancy Analysis 23 Office Properties-Lease Expiration Roll Out 24 Office/Technical Properties-Lease Expiration Roll Out 25 Industrial Properties-Lease Expiration Roll Out 26 Grand Total - Office, Office/Technical and Industrial Properties 27 Boston Area Lease Expiration Roll Out 28 Washington DC Area Lease Expiration Roll Out 29 San Francisco Area Lease Expiration Roll Out 30 New York Area Lease Expiration Roll Out 31 Princeton Area Lease Expiration Roll Out 32 Other Area Lease Expiration Roll Out 33 Hotel Performance 34 Same Property Performance 35 "In-Service" Property Performance 36 Capital Expenditures 37 Value Creation Pipeline - Acquisitions/Dispositions 38 Value Creation Pipeline - Development 39 Value Creation Pipeline - Land Parcels 40 2

BOSTON PROPERTIES, INC. First Quarter 2001 COMPANY BACKGROUND Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of office, industrial and hotel properties. The Company is one of the largest owners and developers of office properties in the United States, concentrated in the Northeast Corridor from Virginia to Greater Boston and in Greater San Francisco. On June 23, 1997, Boston Properties successfully completed its initial public offering. The offering and the underwriters over-allotment option closed on the same date resulting in 36,110,000 shares being sold at $25.00 per share for a total offering of $902,750,000. On January 30, 1998, the Company closed a follow-on offering of 23,000,000 shares (including the underwriters' over-allotment) at $35.125 per share for a total offering of $807,875,000. On May 20, 1999, the Company raised an additional $141,002,500, net of issuance costs, through the issuance of 4,000,000 shares. On October 31, 2000, Boston Properties successfully completed an additional public offering resulting in 17,110,000 shares (including the underwriters' over-allotment) being sold at $39.0625 per share for a total offering of $668,359,000. Through its predecessor company founded by Mortimer B. Zuckerman and Edward H. Linde in 1970, the Company grew through the seventies, eighties, and nineties by developing and redeveloping Class A office properties, R&D and industrial properties, and hotels in its primary markets of Greater Boston, Greater Washington, DC, and midtown Manhattan. Since the Company's initial offering in June 1997, the Company has acquired 46 properties adding approximately 16.1 million square feet to its portfolio, representing an investment of approximately $3.9 billion, and the Company has delivered 24 development properties adding approximately 3.6 million square feet to its portfolio, representing an investment of approximately $496.8 million. In addition, the Company is constructing 15 office properties for a total anticipated investment of approximately $1.9 billion. The Company owns or controls land where it can develop an additional 9.6 million square feet. 3

BOSTON PROPERTIES, INC. First Quarter 2001 INVESTOR INFORMATION -------------------- 800 Boylston Street Boston, MA 02199 (617) 236-3300 (617) 536-5087 (fax) Mortimer B. Zuckerman Chairman of the Board Edward H. Linde President, Chief Executive Officer and Director Robert E. Burke Executive Vice President, Operations Douglas T. Linde Senior Vice President, Chief Financial Officer and Treasurer Elaine M. Quinlan Director of Investor Relations TIMING ------ Quarterly results for 2001 will be announced according to the following anticipated schedule: Second Quarter Early August Third Quarter Early November Year End Early February 4

BOSTON PROPERTIES, INC. First Quarter 2001 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): 1st Quarter 2001 1st Quarter 2000 ---------------- ---------------- High Price $ 43.3125 $ 32.3750 Low Price $ 37.9200 $ 29.8125 Closing Price $ 38.4500 $ 31.8125 Dividends per share - annualized $ 2.12 $ 1.80 Closing dividend yield - annualized 5.51% 5.66% Closing shares, common units and preferred units (if converted) outstanding (thousands) 124,240 105,341 Closing market value of shares and units outstanding (thousands) $ 4,777,028 $ 3,351,161 5

BOSTON PROPERTIES, INC. First Quarter 2001 FINANCIAL HIGHLIGHTS (unaudited and in thousands) Three Months Ended ------------------------------------------------------------- March 31, 2001 March 31, 2000 % Change -------------- -------------- -------- Income Items: - ------------ Revenue $ 233,456 $ 210,254 11.04% Net Income available to common shareholders $ 45,607 $ 30,977 47.23% Funds from Operations before derivative losses, net (SFAS No.133) $ 95,675 $ 73,946 29.38% Company's share (80.22% and 73.89%, respectively) $ 79,201 $ 54,641 44.95% Funds from Operations before derivative losses, net (SFAS No.133) per share - basic $ 0.89 $ 0.80 10.67% Funds from Operations before derivative losses, net (SFAS No.133) per share - diluted $ 0.85 $ 0.78 8.78% Dividends per share $ 0.53 $ 0.45 17.78% Ratios: - ------ Interest Coverage Ratio 3.26 2.53 28.94% Dividend Payout Ratio 62.46% 57.70% 8.26% March 31, 2001 December 31, 2000 % Change -------------- ----------------- -------- Capitalization: - -------------- Total Debt $ 3,450,347 $ 3,414,891 1.04% Total Common Shares Outstanding @ Quarter End 89,701 86,630 3.54% Total Preferred Shares Outstanding @ Quarter End (if converted) 2,625 2,625 0.00% Total Common Units Outstanding @ Quarter End 20,903 23,862 -12.40% Total Preferred Units Outstanding @ Quarter End (if converted) 11,011 11,021 -0.09% Price @ Quarter End $ 38.4500 $ 43.5000 -11.61% Equity Value @ Quarter End $ 4,777,028 $ 5,400,003 -11.54% Total Market Capitalization $ 8,227,375 $ 8,814,894 -6.67% Debt/Total Market Capitalization 41.94% 38.74% 8.25% 6

BOSTON PROPERTIES, INC. First Quarter 2001 CONSOLIDATED BALANCE SHEETS (in thousands) March 31, 2001 December 31, 2000 ---------------- ----------------- ASSETS (unaudited) ------ Real estate $ 5,280,149 $ 5,188,296 Development in progress 881,274 817,478 Land held for future development 123,232 107,005 Less accumulated depreciation (616,620) (586,719) ---------------- ---------------- Total real estate 5,668,035 5,526,060 Cash and cash equivalents 241,819 280,957 Escrows 29,861 85,561 Investments in securities 6,060 7,012 Tenant and other receivables, net 24,443 26,852 Accrued rental income, net 97,657 91,684 Deferred charges, net 76,209 77,319 Prepaid expenses and other assets 73,539 (1) 41,154 Investments in joint ventures 92,456 89,871 ---------------- ---------------- Total assets $ 6,310,079 $ 6,226,470 ================ ================ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Mortgage notes and bonds payable $ 3,450,347 $ 3,414,891 Unsecured line of credit - - Accounts payable and accrued expenses 58,542 57,338 Dividends and distributions payable 71,917 71,274 Interest rate contracts 19,774 - Accrued interest payable 8,127 5,599 Other liabilities 56,943 51,926 ---------------- ---------------- Total liabilities 3,665,650 3,601,028 ---------------- ---------------- Commitments and contingencies - - ---------------- ---------------- Minority interest in Operating Partnership 821,575 877,715 ---------------- ---------------- Series A Convertible Redeemable Preferred Stock, liquidation preference $50.00 per share, 2,000,000 shares issued and outstanding 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, 89,701,122 and 86,630,089 issued and outstanding, respectively 897 866 Additional paid-in capital 1,759,714 1,673,349 Dividends in excess of earnings (15,829) (13,895) Deferred compensation (2,531) (848) Accumulated other comprehensive loss (19,397) (11,745) ---------------- ---------------- Total stockholders' equity 1,722,854 1,647,727 ---------------- ---------------- Total liabilities and stockholders' equity $ 6,310,079 $ 6,226,470 ================ ================ (1) Includes $36.25 million deposit for the future acquisition of the Citigroup Center. 7

BOSTON PROPERTIES, INC. First Quarter 2001 CONSOLIDATED INCOME STATEMENTS (unaudited and in thousands) Three Months Ended -------------------------------------------- 31-Mar-01 31-Mar-00 % Change ------------ ------------ ----------- Revenue: Rental Base Rent (1) $ 185,691 $ 170,337 9.01% Recoveries from tenants 26,178 23,336 12.18% Parking and other 13,746 13,008 5.67% ------------ ------------ ----------- Total rental revenue 225,615 206,681 9.16% Development and management services 3,397 2,863 18.65% Interest and other 4,444 710 525.92% ------------ ------------ ----------- Total revenue 233,456 210,254 11.04% ------------ ------------ ----------- Expenses: Operating 70,343 65,177 7.93% General and administrative 9,950 7,408 34.31% Interest (2) 47,853 55,215 -13.33% Depreciation and amortization 34,740 32,231 7.78% ------------ ------------ ----------- Total expenses 162,886 160,031 1.78% ------------ ------------ ----------- Income before derivative losses, net (SFAS No. 133), minority interests and income from unconsolidated joint ventures 70,570 50,223 40.51% Derivative losses, net (SFAS No. 133) (3,055) - - Minority interest in property partnership (255) (196) 30.10% Income from unconsolidated joint ventures 1,127 145 677.24% ------------ ------------ ----------- Income before preferred distribution and minority interest in Operating Partnership 68,387 50,172 36.31% Minority interest in Operating Partnership (3) (19,024) (17,552) 8.39% ------------ ------------ ----------- Income before gain on sale of real estate 49,363 32,620 51.33% Gain on sale of real estate, net of minority interest 4,654 - - ------------ ------------ ----------- Income before cumulative effect of a change in accounting principle 54,017 32,620 65.59% Cumulative effect of a change in accounting principle, net of minority interest (6,767) - - ------------ ------------ ----------- Net income before preferred dividend 47,250 32,620 44.85% Preferred dividend (1,643) (1,643) 0.00% ------------ ------------- ----------- Net income available to common shareholders $ 45,607 $ 30,977 47.23% ============ ============ =========== INCOME PER SHARE OF COMMON STOCK Net income available to common shareholders per share - basic $ 0.51 $ 0.46 10.87% ============ ============ =========== Net income available to common shareholders per share - diluted $ 0.50 $ 0.45 11.11% ============ ============ =========== (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 $6,035 and $2,841 for the three months ended March 31, 2001 and 2000, respectively. (2) Excludes capitalized interest of $16,098 and $8,464 for the three months ended March 31, 2001 and 2000, respectively. (3) Equals minority interest percent of 19.78% and 26.11%, respectively of income before minority interest in Operating Partnership after deduction for preferred dividends and distributions.

BOSTON PROPERTIES, INC. First Quarter 2001 FUNDS FROM OPERATIONS (in thousands, except for per share amounts) (unaudited) Three Months Ended ----------------------------------------------- 31-Mar-01 31-Mar-00 % Change --------- --------- -------- Income from operations before derivative losses, net (SFAS No. 133), minority interests and income from unconsolidated joint ventures $ 70,570 $50,223 40.51% Add: Real estate depreciation and amortization (1) 35,557 32,052 10.94% Income from unconsolidated joint ventures 1,127 145 677.24% Less: Derivative losses, net (SFAS No. 133) 3,055 - - Minority property partnership's share of funds from operations 303 224 35.27% Preferred dividends and distributions 8,221 8,250 -0.35% ---------- --------- ---------- Funds from Operations 95,675 73,946 29.38% Add: Derivative losses, net (SFAS No. 133) 3,055 - - ---------- --------- ---------- Funds from Operations before derivative losses, net (SFAS No. 133) $ 98,730 $73,946 33.52% ========== ========= ========== Funds from Operations available to common shareholders before derivative losses, net (SFAS No. 133) (2) $ 79,201 $54,641 44.95% ========== ========= ========== Funds from Operations per share before derivative losses, net (SFAS No. 133) - basic $ 0.89 $ 0.80 10.67% ========== ========= ========== Weighted average shares outstanding - basic 88,688 67,943 30.53% ========== ========= ========== Funds from Operations per share before derivative losses, net (SFAS No. 133) - diluted $ 0.85 $ 0.78 8.97% ========== ========= ========== Funds from Operations per share after derivative losses, net (SFAS No. 133) - diluted $ 0.83 $ 0.78 6.41% ========== ========= ========== Weighted average shares outstanding - diluted 104,160 81,381 27.99% ========== ========= ========== RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS For the Three Months Ended March 31, 2001 For the Three Months Ended March 31, 2000 ----------------------------------------- ----------------------------------------- Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount ----------- ------------- ------ ----------- ------------- -------- Basic Funds from Operations before derivative losses, net (SFAS No. 133) $ 98,730 110,556 $ 0.89 $ 73,946 91,948 $ 0.80 Effect of Dilutive Securities Convertible Preferred Units 6,578 11,011 (0.02) 6,607 10,376 (0.01) Convertible Preferred Stock 1,643 2,625 (0.01) 1,643 2,625 - Stock Options and other - 1,837 (0.01) - 438 (0.01) ----------- ------------- ------ ----------- ------------- -------- Dilutive Funds from Operations before derivative losses, net (SFAS No. 133) $106,951 126,029 $ 0.85 $ 82,196 105,387 $ 0.78 =========== ============= ====== =========== ============= ======== Company's share of Diluted Funds from Operations before derivative losses, net (SFAS No. 133) (3) $ 88,379 104,160 $ 0.85 $ 63,473 81,381 $ 0.78 =========== ============= ====== =========== ============= ======== (1) Real estate depreciation includes the Company's share of joint venture real estate depreciation of $1,260 and $259, less corporate related depreciation of $443 and $438, for the three months ended March 31, 2001 and 2000, respectively. (2) Based on weighted average shares for the quarter. Company's share for the quarter ended March 31, 2001 and 2000 was 80.22% and 73.89%, respectively. (3) Based on weighted average diluted shares for the quarter. Company's share for the quarter ended March 31, 2001 and 2000 was 82.65% and 77.22%, respectively. 9

Boston Properties, Inc. First Quarter 2001 FINANCIAL RATIOS Three months ended March 31, 2001 -------------------- RATIOS COMPUTED FOR INDUSTRY COMPARISONS: OPERATIONAL RATIOS (1) Debt Service Coverage Ratio 2.79 (EBITDA + Income from Unconsolidated Joint Ventures)/(Interest + Principal) Interest Coverage Ratio 3.26 (EBITDA + Income from Unconsolidated Joint Venture)/Interest Return on Shareholder's Equity 15.99% (EBITDA/Average Equity (book value)) (%) Return on Real Estate Investments 10.95% (EBITDA/Average Real Estate Investments (book value)) (%) Dividend Payout Ratio 62.46% (Dividends Declared/FFO) (%) (1) EBITDA is equal to earnings before interest, taxes, depreciation and amortization.

Boston Properties, Inc. First Quarter 2001 CAPITAL STRUCTURE Debt (in thousands) Aggregate Principal March 31, 2001 -------------- Mortgage Loans $3,450,347 Unsecured Line of Credit - ----------------- Total Debt $3,450,347 ================= Equity (in thousands) Common Shares & Units Stock $ Value Outstanding Equivalents Equivalent (1) ----------- ----------- -------------- Common Stock 89,701 89,701 $3,449,003 Preferred Stock 2,000 2,625 100,931 Operating Partnership Units 20,903 20,903 803,720 Preferred Operating Partnership Units 9,346 11,011 423,373 --------------- ----------------- Total Equity 124,240 $4,777,028 =============== ================= Total Market Capitalization $8,227,375 ================= (1) Value based on March 31, 2001 closing price of $38.45.

Boston Properties, Inc. First Quarter 2001 DEBT ANALYSIS Debt Maturities and Principal Payments (in thousands) Year 2001 (1) 2002 2003 2004 2005 Thereafter Total ---- -------- ---- ---- ---- ---- ---------- ----- Amount $ 144,117 $ 330,269 $ 477,456 $ 153,137 $ 269,374 $2,075,994 $3,450,347 (1) Represents the period from April 1, 2001 through December 31, 2001. Unsecured Line of Credit - Due March 31, 2003 (in thousands) Outstanding Letters of Remaining Facility @3/31/2001 Credit Capacity -------- ----------- ---------- --------- $ 605,000 $ - 9,892 $ 595,108 Unsecured and Secured Debt Analysis Weighted Weighted Average % of Debt Average Rate Maturity --------- ------------ ---------------- Unsecured Debt 0.00% Libor + 1.15% 2.0 years Secured Debt 100.00% 7.26% 5.9 years --------- ------------ ---------------- Total Debt 100.00% 7.26% 5.9 years ========= ============ ================ Floating and Fixed Rate Debt Analysis Weighted Weighted Average % of Debt Average Rate Maturity --------- ------------ ---------------- Floating Rate Debt 13.01% 6.97% 1.9 years Fixed Rate Debt 86.99% 7.30% 6.5 years --------- ------------ ---------------- Total Debt 100.00% 7.26% 5.9 years ========= ============ ================ 12

Boston Properties, Inc. First Quarter 2001 DEBT ANALYSIS Debt Maturities and Principal Payments (in thousands) Property 2001 (1) 2002 2003 2004 2005 Thereafter Total - ------------------------------------------------ ----------- ----------- ----------- ----------- ------------ ----------- ---------- Embarcadero Center One, Two and Federal Reserve $ 2,975 $ 4,207 $ 4,498 $ 4,809 $ 5,141 $290,286 $311,916 Prudential Center 2,767 4,020 4,299 4,591 4,919 270,312 290,908 280 Park Avenue 1,817 2,592 2,797 3,019 3,256 256,128 269,609 599 Lexington Avenue - - - - 225,000 - 225,000 5 Times Square - - 210,389 - - - 210,389 Embarcadero Center Four 2,152 3,098 3,315 3,544 3,797 137,898 153,804 875 Third Avenue 1,911 148,618 - - - - 150,529 Embarcadero Center Three 1,464 2,069 2,206 2,351 2,506 135,240 145,836 Two Independence Square 712 1,500 113,844 - - - 116,056 Riverfront Plaza 1,813 2,560 2,735 2,921 3,120 101,914 115,063 Democracy Center 1,074 1,703 1,828 1,961 2,103 98,534 107,203 Embarcadero Center West Tower 960 1,358 1,449 1,546 1,649 90,313 97,275 111 Huntington Avenue - 96,484 - - - - 96,484 100 East Pratt Street 705 1,175 1,257 1,344 1,442 85,534 91,457 601 and 651 Gateway Boulevard 533 765 832 905 984 85,699 89,718 One Independence Square 73,986 - - - - - 73,986 Reservoir Place 1,566 2,684 2,875 3,079 3,298 59,885 73,387 One & Two Reston Overlook 537 764 823 65,894 - - 68,018 2300 N Street - - 66,000 - - - 66,000 202, 206 & 214 Carnegie Center 352 564 611 663 719 59,840 62,749 New Dominion Technology Park, Building 1 - 61 102 91 654 56,702 57,610 Capital Gallery 831 1,191 1,293 1,404 1,524 50,652 56,895 504, 506 & 508 Carnegie Center 627 909 979 1,053 1,135 43,390 48,093 10 and 20 Burlington Mall Road 37,000 - - - - - 37,000 10 Cambridge Center 324 518 563 611 663 32,909 35,588 1301 New York Avenue 797 1,129 1,403 1,314 1,418 26,400 32,461 (1) Represents the period from April 1, 2001 through December 31, 2001. 13

Boston Properties, Inc. First Quarter 2001 DEBT ANALYSIS Debt Maturities and Principal Payments (continued) (in thousands) Property 2001 (1) 2002 2003 2004 2005 Thereafter Total - ---------------------------------------- ------------ ------------ ----------- ----------- ------------- ----------- ---------- Eight Cambridge Center 334 477 515 557 601 25,820 28,304 Sumner Square - - - 28,899 - - 28,899 510 Carnegie Center 351 508 547 588 635 24,902 27,531 Lockheed Martin Building 387 601 641 686 731 23,108 26,154 Orbital Sciences - Phase 1 - 25,761 - - - - 25,761 University Place 433 615 659 706 756 21,944 25,113 Reston Corporate Center 375 537 574 612 654 21,928 24,680 191 Spring Street 260 374 407 443 482 20,747 22,713 2600 Tower Oaks Boulevard - 21,689 - - - - 21,689 Bedford Business Park 408 587 639 695 756 18,501 21,586 NIMA Building 325 465 497 530 566 19,000 21,383 Quorum Office Park - - 17,938 - - - 17,938 Waltham Weston Corporate Center - - - 17,519 - - 17,519 Orbital Sciences - Phase 2 - - 12,474 - - - 12,474 Andover Office Park, Building One - - 11,328 - - - 11,328 101 Carnegie Center 226 322 348 378 408 6,593 8,275 Montvale Center 103 147 160 175 190 6,757 7,532 302 Carnegie Center - - 6,399 - - - 6,399 Newport Office Park 5,845 - - - - - 5,845 Hilltop Business Center 137 176 188 201 216 4,793 5,711 201 Carnegie Center 30 41 44 48 51 265 479 ------------ ------------ ----------- ----------- ------------- ----------- ---------- $ 144,117 $ 330,269 $ 477,456 $ 153,137 $ 269,374 $2,075,994 $3,450,347 ============ ============ =========== =========== ============= =========== ========== (1) Represents the period from April 1, 2001 through December 31, 2001. 14

Boston Properties, Inc. First Quarter 2001 JOINT VENTURES (unaudited and in thousands) as of March 31, 2001 One Market 140 265 901 Freedom Square Metropolitan Kendrick Franklin Discovery New York Square North Square Street Street Square (2) Avenue (2) -------- -------- ------------ -------- -------- ---------- ---------- Total Equity (1) $ 1,412 $ 13,432 $ 31,842 $ 6,023 $ 10,636 $ 6,158 $ 11,482 ======== ======== ======== ======== ======== ======== ======== Mortgage/Construction loans payable (1) $ 19,263 $ 50,000 $ 70,928 $ 13,467 $ 23,800 $ 8,434 $ - ======== ======== ======== ======== ======== ======== ======== BXP's ownership percentage 25.00% 50.00% 51.00% 25.00% 35.00% 50.00% 25.00% ======== ======== ======== ======== ======== ======== ======== Two Freedom Square (2) Combined ---------- -------- Total Equity (1) $ 11,471 $ 92,456 ======== ======== Mortgage/Construction loans payable (1) $ - $185,892 ======== ======== BXP's ownership percentage 50.00% ======== Results of Operations for the Unconsolidated Joint Ventures for the three months ended March 31, 2001 One Market 140 265 901 Freedom Square Metropolitan Kendrick Franklin Discovery New York Square North Square Street Street Square (2) Avenue (2) -------- ------- ------------ -------- -------- ---------- ---------- REVENUE Total revenue $ 3,778 $ 4,602 $ 6,445 $ 2,596 $ 3,057 $ - $ - ------- ------- ------- ------- ------- --------- --------- EXPENSES Operating 977 1,432 1,727 521 1,105 - - Interest 1,500 1,923 2,912 859 1,345 - - Depreciation and amortization 701 626 1,035 283 494 - - ------- ------- ------- ------- ------- --------- --------- Total expenses 3,178 3,981 5,674 1,663 2,944 - - ------- ------- ------- ------- ------- --------- --------- Net income $ 600 $ 621 $ 771 $ 933 $ 113 $ - $ - ======= ======= ======= ======= ======= ========= ========= BXP's ownership percentage 25.00% 50.00% 51.00% 25.00% 35.00% 50.00% 25.00% ======= ======= ======= ======= ======= ========= ========= BXP's share of net income $ 150 $ 311 $ 393 $ 233 $ 40 $ - $ - ======= ======= ======= ======= ======= ========= ========= Two Freedom Square (2) Combined ---------- ----------- Total revenue $ - $20,478 (3) ---------- ------- EXPENSES Operating - 5,762 Interest - 8,539 Depreciation and amortization - 3,139 ---------- ------- Total expenses - 17,440 ---------- ------- Net income $ - $ 3,038 ========== ======= BXP's ownership percentage 50.00% ========== BXP's share of net income $ - $ 1,127 ========== ======= (1) Represents the Company's share. (2) Property is currently under development. (3) The impact of the straight-line rent adjustment increased revenue by $1,308 for the three months ended March 31, 2001. 15

Boston Properties, Inc. First Quarter 2001 PORTFOLIO OVERVIEW-SQUARE FOOTAGE Rentable Square Feet of In-Service Properties by Location and Type of Property Geographic Area Office (1) Office/Technical Industrial Total % of Total --------------- ---------- ---------------- ---------- ------------ ---------- Greater Boston 6,130,468 (2) 545,206 169,273 6,844,947 25.54% Greater Washington 6,314,319 (3) 1,142,329 183,945 7,640,593 28.51% Greater San Francisco 4,462,882 144,366 280,213 4,887,461 18.24% Midtown Manhattan 2,853,245 - - 2,853,245 10.65% Princeton/East Brunswick, NJ 2,337,255 - - 2,337,255 8.72% Baltimore, MD 1,174,629 - - 1,174,629 4.38% Richmond, VA 900,637 - - 900,637 3.36% Bucks County, PA - - 161,000 161,000 0.60% ----------- ---------------- ---------- ------------ ---------- 24,173,435 1,831,901 794,431 26,799,767 100.00% =========== ================ ========== ============ ========== % of Total 90.20% 6.84% 2.96% 100.00% Hotel Properties Number of Square Hotel Properties 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 ========= ======= Structured Parking Number of Square Rooms Feet --------- --------- Total Structured Parking 17,179 6,017,423 ========= ========= (1) Includes retail square footage of approximately 1,000,000. (2) Includes 325,699 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, 584,682 square feet at Metropolitan Square which is 51% owned by Boston Properties, and 401,279 square feet at Market Square North which is 50% owned by Boston Properties. 16

Boston Properties, Inc. First Quarter 2001 Property Listing as of March 31, 2001 Annualized Revenue Number of Per Sub Market Buildings Square Feet Occupied % Occupied SF ---------- ---------- ----------- ---------- ----------- Greater Boston Office The Prudential Center CBD Boston MA 3 2,149,427 99.5% $ 35.05 265 Franklin Street (35% ownership) CBD Boston MA 1 325,699 100.0% 39.76 One Cambridge Center East Cambridge MA 1 215,385 100.0% 38.42 Three Cambridge Center East Cambridge MA 1 107,484 100.0% 26.85 Eight Cambridge Center East Cambridge MA 1 177,226 100.0% 29.77 Ten Cambridge Center East Cambridge MA 1 152,664 100.0% 31.56 Eleven Cambridge Center East Cambridge MA 1 79,616 100.0% 39.64 University Place Mid-Cambridge MA 1 195,282 100.0% 32.33 Reservoir Place Route 128 Mass Turnpike MA 1 529,991 95.1% 32.60 204 Second Avenue Route 128 Mass Turnpike MA 1 40,974 100.0% 26.50 140 Kendrick Street (25% ownership) Route 128 Mass Turnpike MA 3 380,987 100.0% 29.63 170 Tracer Lane Route 128 Mass Turnpike MA 1 73,203 100.0% 38.31 Waltham Office Center Route 128 Mass Turnpike MA 3 131,479 98.2% 29.18 195 West Street Route 128 Mass Turnpike MA 1 63,500 100.0% 26.84 200 West Street Route 128 Mass Turnpike MA 1 248,341 98.0% 31.52 10 & 20 Burlington Mall Road Route 128 Northwest MA 2 156,416 89.6% 29.69 Bedford Business Park Route 128 Northwest MA 1 90,000 100.0% 21.10 32 Hartwell Avenue Route 128 Northwest MA 1 69,154 100.0% 16.13 91 Hartwell Avenue Route 128 Northwest MA 1 122,135 100.0% 31.61 92 Hayden Avenue Route 128 Northwest MA 1 31,100 100.0% 35.71 100 Hayden Avenue Route 128 Northwest MA 1 55,924 100.0% 31.70 33 Hayden Avenue Route 128 Northwest MA 1 79,564 100.0% 24.59 Lexington Office Park Route 128 Northwest MA 2 167,293 100.0% 29.53 191 Spring Street Route 128 Northwest MA 1 162,700 100.0% 28.33 181 Spring Street Route 128 Northwest MA 1 53,595 100.0% 34.82 201 Spring Street Route 128 Northwest MA 1 102,500 100.0% 31.63 Newport Office Park Route 128 South MA 1 168,829 100.0% 23.55 ---------- ----------- ---------- ------------ 35 6,130,468 99.0% $ 32.60 ---------- ----------- ---------- ------------ Office/Technical Fourteen Cambridge Center East Cambridge MA 1 67,362 100.0% 19.32 Bedford Business Park Route 128 Northwest MA 2 383,704 100.0% 13.73 17 Hartwell Avenue Route 128 Northwest MA 1 30,000 100.0% 10.00 164 Lexington Road Route 128 Northwest MA 1 64,140 100.0% 9.26 ---------- ----------- ---------- ------------ 5 545,206 100.0% $ 13.69 ---------- ----------- ---------- ------------ Industrial 40-46 Harvard Street Route 128 Southwest MA 1 169,273 89.8% 7.16 ---------- ----------- ---------- ------------ Total Greater Boston: 41 6,844,947 98.8% ========== ============ ========== 17

Boston Properties, Inc. First Quarter 2001 Property Listing as of March 31, 2001 Annualized Revenue Number of Per Sub Market Buildings Square Feet Occupied % Occupied SF ---------- --------- ----------- ---------- ----------- Greater Washington, DC Office 2300 N Street West End Washington DC 1 276,930 100.0% $ 49.31 One Independence Square Southwest Washington DC 1 337,794 100.0% 40.00 Two Independence Square Southwest Washington DC 1 579,665 100.0% 37.48 Capital Gallery Southwest Washington DC 1 396,894 100.0% 34.71 500 E Street, N. W. Southwest Washington DC 1 242,769 100.0% 31.54 Metropolitan Square (51% ownership) East End Washington DC 1 584,682 99.7% 36.23 1301 New York Avenue East End Washington DC 1 188,358 100.0% 29.98 Market Square North (50% ownership) East End Washington DC 1 401,279 100.0% 40.07 Sumner Square CBD Washington DC 1 209,507 97.7% 32.10 Decoverly Two Montgomery County MD 1 77,747 100.0% 22.55 Decoverly Three Montgomery County MD 1 77,040 100.0% 22.59 Democracy Center Montgomery County MD 3 680,475 93.7% 27.75 Montvale Center Montgomery County MD 1 120,815 100.0% 21.61 Orbital Sciences, Buildings One and Three Loudoun County 2 174,832 100.0% 23.09 The Arboretum Fairfax County VA 1 95,584 100.0% 25.54 One Freedom Square (25% ownership) Fairfax County VA 1 410,308 98.1% 32.66 One Reston Overlook Fairfax County VA 1 312,685 100.0% 21.55 Two Reston Overlook Fairfax County VA 1 131,594 100.0% 32.05 New Dominion Technology Park Fairfax County VA 1 235,201 100.0% 26.70 Reston Corporate Center Fairfax County VA 2 261,046 100.0% 31.09 Lockheed Martin Building Fairfax County VA 1 255,244 100.0% 41.67 NIMA Building Fairfax County VA 1 263,870 100.0% 45.57 ------------------------------------------------- 26 6,314,319 99.1% $ 33.75 ------------------------------------------------- Office/Technical Fullerton Square Fairfax County VA 2 178,294 87.0% 11.78 Sugarland Business Park, Building One Fairfax County VA 1 52,797 100.0% 21.58 Sugarland Business Park, Building Two Fairfax County VA 1 59,215 100.0% 21.32 7435 Boston Boulevard Fairfax County VA 1 103,557 100.0% 13.89 7451 Boston Boulevard Fairfax County VA 1 47,001 100.0% 15.29 7450 Boston Boulevard Fairfax County VA 1 60,827 100.0% 16.99 7374 Boston Boulevard Fairfax County VA 1 57,321 100.0% 10.57 8000 Grainger Court Fairfax County VA 1 90,465 100.0% 11.34 7500 Boston Boulevard Fairfax County VA 1 79,971 100.0% 10.20 7501 Boston Boulevard Fairfax County VA 1 75,756 100.0% 23.47 7601 Boston Boulevard Fairfax County VA 1 103,750 100.0% 14.29 7600 Boston Boulevard Fairfax County VA 1 69,832 100.0% 14.60 7375 Boston Boulevard Fairfax County VA 1 28,780 87.8% 16.81 8000 Corporate Court Fairfax County VA 1 52,539 100.0% 9.27 7700 Boston Boulevard Fairfax County VA 1 82,224 100.0% 23.39 ------------------------------------------------- 16 1,142,329 97.7% $ 15.22 ------------------------------------------------- Industrial 6201 Columbia Park Road Prince Georges County MD 1 100,337 81.9% 4.92 2000 South Club Drive Prince Georges County MD 1 83,608 100.0% 8.98 ------------------------------------------------- 2 183,945 90.1% $ 6.97 ------------------------------------------------- ------------------------------------- Total Greater Washington: 44 7,640,593 98.7% ===================================== 18

Boston Properties, Inc. First Quarter 2001 Property Listing as of March 31, 2001 Annualized Revenue Number of Per Sub Market Buildings Square Feet Occupied % Occupied SF ---------- --------- ----------- ---------- ----------- Midtown Manhattan Office 599 Lexington Avenue Park Avenue NY 1 1,000,497 100.0% $ 60.89 280 Park Avenue Park Avenue NY 1 1,161,972 99.3% 46.74 875 Third Avenue East Side NY 1 690,776 99.6% 48.85 ------------------------------------------------------ Total Midtown Manhattan: 3 2,853,245 99.6% $ 52.23 ------------------------------------------------------ Princeton/East Brunswick, NJ Office 101 Carnegie Center Princeton NJ 1 124,049 100.0% 25.92 104 Carnegie Center Princeton NJ 1 102,923 100.0% 30.04 105 Carnegie Center Princeton NJ 1 69,648 100.0% 28.19 201 Carnegie Center Princeton NJ - 6,500 100.0% 21.79 202 Carnegie Center Princeton NJ 1 128,705 100.0% 28.88 210 Carnegie Center Princeton NJ 1 161,112 100.0% 29.24 211 Carnegie Center Princeton NJ 1 47,025 100.0% 24.09 212 Carnegie Center Princeton NJ 1 148,596 98.1% 25.43 214 Carnegie Center Princeton NJ 1 152,214 100.0% 28.35 206 Carnegie Center Princeton NJ 1 161,763 100.0% 27.51 302 Carnegie Center Princeton NJ 1 65,165 70.8% 32.77 502 Carnegie Center Princeton NJ 1 116,374 100.0% 27.99 510 Carnegie Center Princeton NJ 1 234,160 100.0% 25.82 504 Carnegie Center Princeton NJ 1 121,990 100.0% 24.14 506 Carnegie Center Princeton NJ 1 150,888 100.0% 26.49 508 Carnegie Center Princeton NJ 1 131,085 100.0% 26.74 One Tower Center East Brunswick NJ 1 415,058 96.5% 31.34 ------------------------------------------------------ Total Princeton/East Brunswick, NJ 16 2,337,255 98.4% $ 27.93 ------------------------------------------------------ Greater San Francisco Office Embarcadero Center One CBD San Francisco CA 1 821,071 96.7% 39.15 Embarcadero Center Two CBD San Francisco CA 1 779,172 91.4% 43.29 Embarcadero Center Three CBD San Francisco CA 1 770,703 98.4% 38.95 Embarcadero Center Four CBD San Francisco CA 1 960,794 99.1% 42.32 Federal Reserve CBD San Francisco CA 1 149,592 99.2% 46.24 West Tower CBD San Francisco CA 1 475,120 98.5% 47.06 The Gateway South San Francisco CA 2 506,430 97.0% 36.13 ------------------------------------------------------ 8 4,462,882 96.9% $ 41.25 ------------------------------------------------------ Office/Technical ------------------------------------------------------ Hilltop Office Center South San Francisco CA 9 144,366 100.0% $ 14.12 ------------------------------------------------------ Industrial 560 Forbes Blvd South San Francisco CA 1 40,000 100.0% 9.95 430 Rozzi Place South San Francisco CA 1 20,000 100.0% 11.10 2391 West Winton Hayward CA 1 220,213 72.8% 4.72 ------------------------------------------------------ 3 280,213 78.6% $ 6.25 ------------------------------------------------------ Total Greater San Francisco: 20 4,887,461 95.9% ==================================== 19

Boston Properties, Inc. First Quarter 2001 Property Listing as of March 31, 2001 Annualized Revenue Number of Per Sub Market Buildings Square Feet Occupied % Occupied SF ---------- --------- ----------- ---------- ----------- Baltimore, MD Office Candler Building Baltimore MD 1 539,306 98.9% $ 17.56 100 East Pratt Street Baltimore MD 1 635,323 100.0% 29.76 -------------------------------------------------------- Total Baltimore, MD: 2 1,174,629 99.5% $ 24.19 -------------------------------------------------------- Richmond, VA Office Riverfront Plaza Richmond VA 1 900,637 99.6% $ 22.77 -------------------------------------------------------- Bucks County, PA Industrial 38 Cabot Boulevard Bucks County PA 1 161,000 100.0% $ 4.49 -------------------------------------------------------- Total In-Service Properties: 128 26,799,767 98.4% ====================================== 20

Boston Properties, Inc. First Quarter 2001 TOP 20 TENANTS BY SQUARE FEET LEASED Tenant Sq. Ft. % of Portfolio ---------------------------------------- ----------- -------------- 1 U.S. Government 2,233,293 8.33% 2 Lockheed Martin Corporation 716,653 2.67% 3 Gillette Company 488,177 1.82% 4 Washington Group International 473,429 1.77% 5 Shearman & Sterling 435,496 1.62% 6 Parametric Technology Corp. 380,987 1.42% 7 Marsh & McLennan, Inc. 348,137 1.30% 8 Hunton & Williams 322,829 1.20% 9 TRW, Inc. 317,921 1.19% 10 First Union 311,695 1.16% 11 Debevoise & Plimpton 307,125 1.15% 12 T. Rowe Price Associates, Inc. 304,129 1.13% 13 Accenture 265,622 0.99% 14 Parexel International LLC 265,050 0.99% 15 Credit Suisse First Boston Group 260,363 0.97% 16 Covance, Inc. 258,831 0.97% 17 Deutsche Bank 243,722 0.91% 18 John Hancock Advisors 233,516 0.87% 19 Biogen, Incorporated 220,026 0.82% 20 Orrick, Herrington & Sutcliffe 210,885 0.79% Major Signed Deals for Future Development Tenant Sq. Ft. ------------------------------------- ------------ Ernst & Young, LLP 1,062,203 Arthur Andersen 620,947 Tellabs Operations, Inc. 259,918 Palmer & Dodge 204,412 21

Boston Properties, Inc. First Quarter 2001 PORTFOLIO OVERVIEW - FFO Percentage of Property Funds from Operations (1) for In-Service Properties by Location and Type of Property for the Quarter Ended March 31, 2001 Office/ Geographic Area Office (2) Technical Industrial Hotel Total --------------- ---------- --------- ---------- ----- ----- Greater Boston 19.0% 0.8% 0.2% 3.5% 23.5% Greater Washington 20.6% 2.3% 0.1% n/a 23.0% Greater San Francisco 23.4% 0.3% 0.2% n/a 23.9% Midtown Manhattan 16.0% n/a n/a n/a 16.0% Baltimore, MD 3.6% n/a n/a n/a 3.6% Richmond, VA 2.9% n/a n/a n/a 2.9% Princeton/East Brunswick, NJ 7.1% n/a n/a n/a 7.1% Bucks County, PA n/a n/a 0.1% n/a 0.1% ------ ------ ------ ------ ------- Total 92.6% 3.4% 0.6% 3.5% 100.0% ====== ====== ====== ====== ======= (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). 22

Boston Properties, Inc. First Quarter 2001 OCCUPANCY ANALYSIS Same Property Occupancy - By Location Location 31-Mar-01 31-Mar-00 -------- --------- --------- Greater Boston 98.7% 99.0% Greater Washington 98.4% 96.5% Midtown Manhattan 99.6% 100.0% Baltimore, MD 99.5% 99.3% Princeton/East Brunswick, NJ 99.1% 99.7% Richmond, VA 99.6% 99.7% Greater San Francisco 95.9% 99.0% Bucks County, PA 100.0% 100.0% ---------- ---------- Total Portfolio 98.3% 98.6% ========== ========== Same Property - By Type of Property 31-Mar-01 31-Mar-00 --------- --------- Total Office Portfolio 98.6% 99.1% Total Office/Technical Portfolio 98.5% 93.5% Total Industrial Portfolio 88.0% 95.4% ---------- ---------- Total Portfolio 98.3% 98.6% ========== ========== 23

Boston Properties, Inc. First Quarter 2001 IN-SERVICE OFFICE PROPERTIES Lease Expirations Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Percentage of Total Expiration Expiring Leases Expiring Leases with future step-ups Square Feet Expiring ---------- --------------- --------------- -------------------- -------------------- 2001 991,915 $ 32,000,307 $ 32,723,568 4.14% 2002 1,548,757 62,674,407 63,591,796 6.47% 2003 1,851,106 65,745,479 66,458,831 7.73% 2004 2,514,618 92,467,414 94,533,027 10.51% 2005 2,515,976 88,559,807 93,605,877 10.51% 2006 3,306,589 115,030,681 127,530,318 13.82% 2007 1,584,041 60,366,121 63,520,476 6.62% 2008 924,420 32,317,478 31,659,298 3.86% 2009 1,999,576 66,034,469 75,392,267 8.36% 2010 1,002,889 39,509,290 48,820,322 4.19% Thereafter 5,692,691 205,897,534 245,009,413 23.79% Occupancy By Location 31-Mar-01 31-Mar-00 --------- --------- Greater Boston 99.0% 99.2% Greater Washington 99.1% 98.4% Midtown Manhattan 99.6% 100.0% Baltimore, MD 99.5% 99.3% Richmond, VA 99.6% 99.7% Princeton/East Brunswick, NJ 98.4% 99.7% Greater San Francisco 96.9% 98.9% Bucks County, PA n/a n/a --------- --------- Total Office Portfolio 98.7% 99.1% ========= ========= 24

Boston Properties, Inc. First Quarter 2001 IN-SERVICE OFFICE/TECHNICAL PROPERTIES Lease Expirations Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Percentage of Total Expiration Expiring Leases Expiring Leases with future step-ups Square Feet Expiring ---------- --------------- --------------- -------------------- -------------------- 2001 282,662 $ 3,548,375 $ 3,855,192 15.67% 2002 312,617 4,478,565 4,524,776 17.33% 2003 113,307 1,551,823 1,600,615 6.28% 2004 85,559 1,287,208 1,394,403 4.74% 2005 162,809 2,085,318 2,298,621 9.03% 2006 233,102 2,977,194 3,151,721 12.92% 2007 157,895 2,812,748 3,052,905 8.75% 2008 - - - 0.00% 2009 - - - 0.00% 2010 79,971 815,672 815,672 4.43% Thereafter 375,713 6,748,669 7,891,176 20.83% Occupancy By Location 31-Mar-01 31-Mar-00 --------- --------- Greater Boston 100.0% 100.0% Greater Washington 97.7% 91.2% Midtown Manhattan n/a n/a Baltimore, MD n/a n/a Richmond, VA n/a n/a Princeton/East Brunswick, NJ n/a n/a Greater San Francisco 100.0% 97.6% Bucks County, PA n/a n/a --------- --------- Total Office/Technical Portfolio 98.5% 94.0% ========= ========= 25

Boston Properties, Inc. First Quarter 2001 IN-SERVICE INDUSTRIAL PROPERTIES Lease Expirations Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Percentage of Total Expiration Expiring Leases Expiring Leases with future step-ups Square Feet Expiring ---------- --------------- --------------- -------------------- -------------------- 2001 - $ - $ - 0.00% 2002 184,904 939,407 939,407 26.45% 2003 147,305 1,000,204 1,064,256 21.07% 2004 235,076 1,388,957 1,467,471 33.63% 2005 - - - 0.00% 2006 28,125 171,413 188,602 4.02% 2007 20,000 221,952 258,279 2.86% 2008 83,608 750,680 815,347 11.96% 2009 - - - - 2010 - - - - Thereafter - - - - Occupancy By Location 31-Mar-01 31-Mar-00 --------- --------- Greater Boston 89.8% 93.0% Greater Washington 90.1% 78.2% Midtown Manhattan n/a n/a Baltimore, MD n/a n/a Richmond, VA n/a n/a Princeton/East Brunswick, NJ n/a n/a Greater San Francisco 78.6% 100.0% Bucks County, PA 100.0% 100.0% ----------- ----------- Total Industrial Portfolio 88.0% 92.5% =========== =========== 26

Boston Properties, Inc. First Quarter 2001 GRAND TOTAL OF ALL IN-SERVICE PROPERTIES Lease Expiration Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Percentage of Total Expiration Expiring Leases Expiring Leases with future step-ups Square Feet Expiring ---------- --------------- --------------- -------------------- -------------------- 2001 1,274,577 $ 35,548,682 $ 36,578,760 4.82% 2002 2,046,278 68,092,379 69,055,979 7.74% 2003 2,111,718 68,297,506 69,123,702 7.99% 2004 2,835,253 95,143,579 97,394,901 10.73% 2005 2,678,785 90,645,125 95,904,498 10.13% 2006 3,567,816 118,179,288 130,870,641 13.50% 2007 1,761,936 63,400,821 66,831,660 6.67% 2008 1,008,028 33,068,158 32,474,645 3.81% 2009 1,999,576 66,034,469 75,392,267 7.56% 2010 1,082,860 40,324,962 49,635,994 4.10% Thereafter 6,068,404 212,646,203 252,900,589 22.96% Occupancy By Location 31-Mar-01 31-Mar-00 --------- --------- Greater Boston 98.8% 99.0% Greater Washington 98.7% 96.3% Midtown Manhattan 99.6% 100.0% Baltimore, MD 99.5% 99.3% Richmond, VA 99.6% 99.7% Princeton/East Brunswick, NJ 98.4% 99.7% Greater San Francisco 95.9% 99.0% Bucks County, PA 100.0% 100.0% ---------- --------- Total Portfolio 98.4% 98.5% ========== ========= 27

Boston Properties, Inc. First Quarter 2001 IN-SERVICE GREATER BOSTON PROPERTIES Lease Expirations Greater Boston OFFICE ---------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups ---------- --------------- --------------- -------------------- 2001 483,284 $ 15,106,006 $ 15,203,654 2002 298,258 11,858,990 12,478,938 2003 553,624 20,181,431 20,266,756 2004 729,915 28,876,607 29,863,535 2005 982,993 36,254,333 37,685,108 2006 560,173 18,255,428 19,831,257 2007 335,266 11,808,095 13,723,842 2008 74,620 1,878,497 2,794,975 2009 943,544 31,312,914 36,373,027 2010 184,081 6,349,388 7,874,591 Thereafter 901,650 22,820,873 26,383,980 OFFICE/TECHNICAL ----------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Footage Subject to Revenues Under Expiring Leases Expiring Leases Expiring Leases with future step-ups --------------- --------------- -------------------- 2001 - $ - $ - 2002 94,140 893,619 901,119 2003 50,704 616,571 616,571 2004 - - - 2005 - - - 2006 203,000 2,513,955 2,626,455 2007 50,000 475,000 675,000 2008 - - - 2009 - - - 2010 - - - Thereafter 147,362 2,756,944 3,263,441 INDUSTRIAL -------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Footage Subject to Revenues Under Expiring Leases Expiring Leases Expiring Leases with future step-ups --------------- --------------- -------------------- 2001 - $ - $ - 2002 23,904 216,377 216,377 2003 128,105 871,372 935,424 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - 2010 - - - Thereafter - - - 28

Boston Properties, Inc. First Quarter 2001 IN-SERVICE GREATER WASHINGTON PROPERTIES Lease Expirations Greater Washington OFFICE --------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ------------- ----------------- --------------- -------------------- 2001 94,891 $ 3,113,957 $ 3,126,482 2002 227,328 6,420,514 6,573,513 2003 149,684 3,837,645 4,070,474 2004 506,374 16,715,181 17,215,547 2005 483,005 16,154,208 17,680,098 2006 930,939 35,946,170 38,816,660 2007 557,754 20,073,202 17,431,019 2008 371,709 15,136,821 11,702,897 2009 453,110 14,696,292 16,600,541 2010 453,055 16,379,861 20,097,765 Thereafter 2,051,741 63,781,791 74,111,160 OFFICE/TECHNICAL -------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ------------- ----------------- --------------- -------------------- 2001 252,165 $ 3,154,562 $ 3,461,379 2002 175,991 3,031,509 3,061,972 2003 27,439 390,347 410,259 2004 83,159 1,224,282 1,328,597 2005 131,290 1,637,401 1,802,844 2006 28,102 427,963 486,150 2007 107,895 2,337,748 2,377,905 2008 - - - 2009 - - - 2010 79,971 815,672 815,672 Thereafter 228,351 3,991,725 4,627,735 INDUSTRIAL --------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ------------- ----------------- --------------- -------------------- 2001 - $ - $ - 2002 - - - 2003 19,200 128,832 128,832 2004 34,863 235,308 246,571 2005 - - - 2006 28,125 171,413 188,602 2007 - - - 2008 83,608 750,680 815,347 2009 - - - 2010 - - - Thereafter - - - 29

Boston Properties, Inc. First Quarter 2001 IN-SERVICE GREATER SAN FRANCISCO PROPERTIES Lease Expirations Greater San Francisco OFFICE --------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ---------- ---------------- --------------- -------------------- 2001 153,440 $ 6,194,332 $ 6,193,506 2002 315,361 11,775,534 11,813,957 2003 654,211 26,440,383 26,749,914 2004 723,070 31,478,815 31,790,796 2005 350,231 15,932,781 17,060,009 2006 942,271 36,543,062 42,047,586 2007 427,504 16,865,269 19,836,182 2008 167,574 6,819,590 7,158,619 2009 267,149 10,712,907 11,412,295 2010 169,211 9,784,554 13,078,731 Thereafter 196,833 7,362,691 16,113,687 OFFICE/TECHNICAL --------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ---------- --------------- --------------- -------------------- 2001 30,497 $ 393,813 $ 393,813 2002 42,486 553,437 561,685 2003 35,164 544,905 573,785 2004 2,400 62,926 65,806 2005 31,519 447,917 495,777 2006 2,000 35,276 39,116 2007 - - - 2008 - - - 2009 - - - 2010 - - - Thereafter - - - INDUSTRIAL --------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ---------- --------------- --------------- -------------------- 2001 - $ - $ - 2002 - - - 2003 - - - 2004 200,213 1,153,649 1,220,900 2005 - - - 2006 - - - 2007 20,000 221,952 258,279 2008 - - - 2009 - - - 2010 - - - Thereafter - - - 30

Boston Properties, Inc. First Quarter 2001 IN-SERVICE MIDTOWN MANHATTAN PROPERTIES Lease Expirations Midtown Manhattan OFFICE --------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ---------- --------------- --------------- -------------------- 2001 29,453 $ 1,778,890 $ 1,778,890 2002 504,765 27,821,324 27,848,712 2003 190,688 7,880,124 7,906,044 2004 21,350 1,299,861 1,329,720 2005 71,839 3,814,692 3,962,575 2006 46,835 2,231,340 2,815,598 2007 142,895 7,608,709 8,176,560 2008 120,011 5,230,138 5,984,537 2009 33,727 2,020,485 2,231,695 2010 35,830 2,210,867 2,550,829 Thereafter 1,659,049 88,534,188 101,782,155 OFFICE/TECHNICAL ------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Footage Subject to Revenues Under Expiring Leases Expiring Leases Expiring Leases with future step-ups --------------- --------------- -------------------- 2001 - $ - $ - 2002 - - - 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - 2010 - - - Thereafter - - - INDUSTRIAL ---------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Footage Subject to Revenues Under Expiring Leases Expiring Leases Expiring Leases with future step-ups --------------- --------------- -------------------- 2001 - $ - $ - 2002 - - - 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - 2010 - - - Thereafter - - - 31

Boston Properties, Inc. First Quarter 2001 IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES Lease Expirations Princeton/East Brunswick OFFICE ------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ---------- --------------- --------------- -------------------- 2001 176,043 $ 4,730,260 $ 5,344,174 2002 23,591 700,097 700,097 2003 122,308 3,420,052 3,418,226 2004 398,056 11,409,735 11,465,836 2005 229,465 6,527,272 6,710,168 2006 75,311 2,363,497 2,427,902 2007 69,860 2,101,212 2,347,469 2008 - - - 2009 170,255 5,003,167 5,794,553 2010 146,050 4,616,406 5,045,811 Thereafter 873,940 23,199,206 26,338,383 OFFICE/TECHNICAL ------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ---------- --------------- --------------- -------------------- 2001 - $ - $ - 2002 - - - 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - 2010 - - - Thereafter - - - INDUSTRIAL ------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ---------- --------------- --------------- -------------------- 2001 - $ - $ - 2002 - - - 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - 2010 - - - Thereafter - - - 32

Boston Properties, Inc. First Quarter 2001 IN-SERVICE OTHER PROPERTIES Lease Expirations Other Properties (Richmond, VA, Baltimore, MD, Bucks County, PA) OFFICE --------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ---------- --------------- --------------- -------------------- 2001 54,804 $ 1,076,862 $ 1,076,862 2002 179,454 4,097,948 4,176,579 2003 180,591 3,985,844 4,047,417 2004 135,853 2,687,215 2,867,593 2005 398,443 9,876,521 10,507,919 2006 751,060 19,691,184 21,591,315 2007 50,762 1,909,634 2,005,404 2008 190,506 3,252,432 4,018,270 2009 131,791 2,288,704 2,980,156 2010 14,662 168,214 172,595 Thereafter 9,478 198,785 280,048 OFFICE/TECHNICAL ----------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ---------- --------------- --------------- -------------------- 2001 - $ - $ - 2002 - - - 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - 2010 - - - Thereafter - - - INDUSTRIAL -------------------------------------------------------------------------- Annualized Rentable Square Current Annualized Revenues Under Year of Lease Footage Subject to Revenues Under Expiring Leases Expiration Expiring Leases Expiring Leases with future step-ups - ---------- --------------- --------------- -------------------- 2001 - $ - $ - 2002 161,000 723,030 723,030 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - 2010 - - - Thereafter - - - 33

Boston Properties, Inc. First Quarter 2001 HOTEL PERFORMANCE SAME PROPERTY HOTELS Long Wharf Marriott - Boston First Quarter First Quarter Percent 2001 2000 Change ---- ---- ------ Occupancy 70.8%(1) 86.8% -18.4% Average Daily Rate $ 216.94 $ 200.95 8.0% REVPAR $ 153.59 $ 174.42 -11.9% Cambridge Center Marriott First Quarter First Quarter Percent 2001 2000 Change ---- ---- ------ Occupancy 77.3% 81.4% -5.0% Average Daily Rate $ 185.57 $ 174.05 6.6% REVPAR $ 143.45 $ 141.68 1.2% Residence Inn by Marriott First Quarter First Quarter Percent 2001 2000 Change ---- ---- ------ Occupancy 86.8% 88.7% -2.1% Average Daily Rate $ 150.48 $ 144.00 4.5% REVPAR $ 130.62 $ 127.73 2.3% Total Same Property Hotel Performance First Quarter First Quarter Percent 2001 2000 Change ---- ---- ------ Occupancy 76.8% 85.0% -9.6% Average Daily Rate $ 190.18 $ 178.01 6.8% REVPAR $ 144.63 $ 151.24 -4.4% (1) Rooms renovation project underway. 34

Boston Properties, Inc. First Quarter 2001 SAME PROPERTY PERFORMANCE Office, Office/Technical, Industrial and Hotel Properties Office Office/Technical Industrial Hotel Total ------ ---------------- ---------- ----- ----- Number of Properties 77 30 7 3 117 Square feet 21,742,030 1,831,901 794,431 937,874 25,306,236 Percent of in-service properties 89.9% 100.0% 100.0% 100.0% 91.2% Occupancy @ 3/31/00 99.1% 93.5% 95.4% - 98.6% Occupancy @ 3/31/01 98.6% 98.5% 88.0% - 98.3% Percent change from 1st quarter 2001 over 1st quarter 2000 Revenue 8.1% 10.3% 7.6% 1.1% 7.9% Expense 6.9% 15.3% 20.4% 9.1% 7.2% Net Operating Income 8.7% 8.9% 3.0% -0.7% 8.3% Same Property Lease Analysis - March 31, 2001 Office Office/Technical Industrial Total ------ ---------------- ---------- ----- Vacant space available @01/01/01 (sf) 223,584 36,999 35,413 295,996 Square footage of leases expiring or terminated 01/01/01-03/31/01 625,477 23,987 60,000 709,464 ---------- ---------- --------- ---------- Total space for lease (sf) 849,061 60,986 95,413 1,005,460 ---------- ---------- --------- ---------- New tenants (sf) 301,141 14,085 - 315,226 Renewals (sf) 253,194 20,202 - 273,396 ---------- ---------- --------- ---------- Total space leased (sf) 554,335 34,287 - 588,622 ---------- ---------- --------- ---------- Space available @ 3/31/01 (sf) 294,726 26,699 95,413 416,838 ---------- ---------- --------- ---------- Net increase (decrease) in leased space (sf) (71,142) 10,300 (60,000) (120,842) Average lease term (months) 64 55 - 63 2nd generation TI/Comm PSF $ 14.50 $ 3.19 $ - $ 13.84 Increase in 2nd generation net rents (1) 47.6% 52.0% - 47.7% (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.) 35

Boston Properties, Inc. First Quarter 2001 All "In-Service" Properties - quarter ended March 31, 2001 Office Office/Technical Industrial Total ------ ---------------- ---------- ----- Vacant space available @ 01/01/01 (sf) 251,921 36,999 35,413 324,333 Square footage of leases expiring or terminated 01/01/01-03/31/01 625,562 23,987 60,000 709,549 ---------- ---------- -------- ---------- Total space for lease (sf) 877,483 60,986 95,413 1,033,882 ========== ========== ======== ========== New tenants (sf) 310,468 14,085 - 324,553 Renewals (sf) 253,194 20,202 - 273,396 ---------- ---------- -------- ---------- Total space leased (sf) 563,662 34,287 - 597,949 ========== ========== ======== ========== Space available @ 03/31/01 (sf) 313,821 26,699 95,413 435,933 ========== ========== ======== ========== Net increase/(decrease) in leased space (sf) (61,900) 10,300 (60,000) (111,600) Average lease term (months) 64 55 - 63 2nd generation TI/Comm PSF $ 14.72 $ 3.19 $ - $ 14.05 Increase in 2nd generation net rents (1) 47.6% 52.0% - 47.7% (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). 36

Boston Properties, Inc. First Quarter 2001 HISTORICALLY GENERATED CAPITAL EXPENDITURES, TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS (in thousands) Historical Capital Expenditures 1996 1997 1998 1999 2000 YTD 2001 ---- ---- ---- ---- ---- -------- Recurring capital expenditures $ 1,083 $ 1,125 $ 3,543 $ 11,611 $ 11,201 $ 2,738 ======== ========== ======== ========== ========== ======== Hotel improvements, equipment upgrades $ 3,041 $ 2,625 $ 3,872 $ 2,346 $ 5,697 $ 2,281 ======== ========== ======== ========== ========== ======== and replacements 2nd Generation Tenant Improvements and Leasing Commissions 1996 1997 1998 1999 2000 YTD 2001 ---- ---- ---- ---- ---- -------- Office Square feet 970,072 1,016,427 648,291 2,115,281 2,913,599 563,662 -------- ---------- -------- ---------- ---------- -------- Tenant improvement and lease commissions p.s.f. $ 11.40 $ 10.83 $ 9.82 $ 10.60 $ 13.82 $ 14.72 -------- ---------- -------- ---------- ---------- -------- Office/Technical Square feet 337,676 169,878 113,428 167,231 694,536 34,287 Tenant improvement and lease commissions p.s.f. $ 10.45 $ 2.22 $ 3.32 $ 1.94 $ 2.95 $ 3.19 -------- ---------- -------- ---------- ---------- -------- Industrial Square feet 128,148 258,795 320,608 163,962 209,125 - -------- ---------- -------- ---------- ---------- -------- Tenant improvement and lease commissions p.s.f. $ 1.71 $ 0.99 $ 1.13 $ 0.60 $ 1.38 $ - -------- ---------- -------- ---------- ---------- -------- Average tenant improvement and lease commission p.s.f. $ 10.31 $ 8.06 $ 6.57 $ 9.34 $ 11.16 $ 14.05 ======== ========== ======== ========== ========== ======== 37

Boston Properties, Inc. First Quarter 2001 VALUE CREATION PIPELINE - ACQUISITIONS/DISPOSITIONS as of March 31, 2001 ACQUISITIONS Anticipated Initial Future Total Current Property Date Acquired Square Feet Investment Investment Investment Occupancy -------- ------------- ----------- ---------- ----------- ---------- --------- NO ACTIVITY ----------- ---------- ----------- ---------- --------- Total Value Creation Pipeline - - $ - $ - $ - Acquisitions =========== ========== =========== ========== ========= DISPOSITIONS Net Property Date Disposed Square Feet Net Proceeds Book Value Gain -------- ------------- ----------- ------------ ---------- ---- 25-33 Dartmouth Street Mar-01 78,045 $ 6,612,676 $ 811,158 $ 5,801,518 ----------- ------------ ---------- ----------- Total Dispositions 78,045 $ 6,612,676 $ 811,158 $ 5,801,518 =========== ============ ========== =========== 38

Boston Properties, Inc. First Quarter 2001 VALUE CREATION PIPELINE - CONSTRUCTION IN PROGRESS as of March 31, 2001 # of Development Properties Initial Occupancy Stabilization Date Location Buildings - ---------------------- ----------------- ------------------ -------- --------- Andover Office Park, Building 1 Q2 2001 Q2 2002 Andover, MA 1 2600 Tower Oaks Boulevard Q2 2001 Q2 2002 Rockville, MD 1 Orbital Sciences Phase II - Building 2 Q3 2001 Q3 2001 Dulles, VA 1 Quorum Office Park Q3 2001 Q4 2001 Chelmsford, MA 2 111 Huntington Avenue - Prudential Center Q3 2001 Q4 2002 Boston, MA 1 Broad Run Business Park- Building E Q4 2001 Q2 2002 Dulles, VA 1 One and Two Discovery Square (50% ownership) Q4 2001 Q4 2002 Reston, VA 2 ITT Educational Services Q4 2001 Q4 2001 Springfield, VA 1 5 Times Square Q1 2002 Q2 2002 New York, NY 1 Waltham Weston Corporate Center Q1 2002 Q1 2003 Waltham, MA 1 611 Gateway Boulevard Q2 2002 Q3 2003 S. San Francisco, CA 1 Two Freedom Square (50% ownership) Q3 2002 Q1 2003 Reston, VA 1 Times Square Tower Q4 2003 Q2 2004 New York, NY 1 ------ Total Development Properties 15 ====== Anticipated Current Investment Total Percentage Development Properties Square feet to Date Investment Leased - ---------------------- ----------- ------- ---------- ------ Andover Office Park, Building 1 120,000 $ 12,808,622 $ 17,381,000 66% 2600 Tower Oaks Boulevard 178,216 29,819,009 38,295,000 71% Orbital Sciences Phase II - Building 2 160,502 18,530,811 27,618,000 100% Quorum Office Park 259,918 25,600,326 41,747,000 100% 111 Huntington Avenue - Prudential Center 919,229 185,249,941 290,000,000 80% Broad Run Business Park- Building E 124,650 8,218,634 19,946,000 0% One and Two Discovery Square (50% ownership) 362,868 15,767,760 42,587,000 (1) 49% ITT Educational Services 32,114 850,466 5,740,000 100% 5 Times Square 1,099,154 318,535,081 536,115,000 100% Waltham Weston Corporate Center 295,000 27,935,085 95,446,000 0% 611 Gateway Boulevard 249,732 14,072,690 77,523,240 0% Two Freedom Square (50% ownership) 417,113 12,011,636 49,336,000 (1) 55% Times Square Tower 1,221,058 186,857,388 653,500,000 51% -------------- --------------- --------------- ------- Total Development Properties 5,439,554 $ 856,257,449 $ 1,895,234,240 65% ============= =============== =============== ======= DEVELOPMENTS PLACED-IN-SERVICE DURING 2001 Placed Stabilization # of In Service Date Date Location Buildings --------------- ---- -------- --------- Class A Office Building 302 Carnegie Center Q1 2001 Q1 2002 Princeton, NJ 1 New Dominion Tech Park - Building 1 Q1 2001 Q1 2001 Herndon, VA 1 ------ 2 ====== Investment Total Percentage Square feet to Date Investment Leased ----------- ------- ---------- ------ Class A Office Building 302 Carnegie Center 64,565 $ 10,096,980 $ 13,435,000 71% New Dominion Tech Park - Building 1 235,201 46,942,592 48,770,000 100% ------------ ------------ ------------ ------ 299,766 $ 57,039,572 $ 62,205,000 94% ============ ============ ============ ====== (1) Represents 50% of the total anticipated project-level investment. 39

Boston Properties, Inc. First Quarter 2001 VALUE CREATION PIPELINE - OWNED LAND PARCELS as of March 31, 2001 No. of Developable Location Parcels Acreage Square Feet - -------- ------- ------- ----------- Rockville, MD 5 96.5 1,006,000 Dulles, VA 2 76.6 937,000 Gaithersburg, MD 4 27.0 850,000 San Jose, CA 5 3.7 841,000 Reston, VA 2 4.7 720,000 Boston, MA 4 2.5 699,000 Washington, DC (1) 1 1.3 550,000 Marlborough, MA 1 50.0 400,000 Herndon, VA 2 25.2 383,000 Waltham, MA 1 4.3 202,000 S. San Francisco, CA 1 3.0 120,799 Andover, MA 1 10.0 110,000 Springfield, VA 2 4.2 40,000 ------ ------- ---------- 31 308.9 6,858,799 ====== ======= ========== VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS as of March 31, 2001 No. of Developable Location Parcels Acreage Square Feet - -------- ------- ------- ----------- Princeton, NJ (2) 14 149.9 1,900,000 Weston, MA (3) 1 74.0 350,000 Framingham, MA (4) 1 21.5 300,000 Cambridge, MA (5) 1 2.6 165,000 ----- ------ ---------- 17 248.0 2,715,000 ===== ====== ========== (1) 25% interest in land through a joint venture. (2) $20.00/FAR plus an earnout calculation. (3) $18.2 million (of which $9.1 million has already been paid) subject to receiving all necessary permits and approvals. (4) Subject to ground lease. (5) Prior to January 23, 2002 the cost will be $25.92/SF of land area. Land area is approximately 108,000 SF. 40

EXHIBIT 99.2 NEWS BULLETIN FROM: RE: Boston Properties, Inc. 800 Boylston Street, Suite 400 [LETTERHEAD OF BSMG WORLDWIDE] Boston, Ma 02199 (NYSE: BXP) - -------------------------------------------------------------------------------- AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD -------------- -------------------------------- Elaine Quinlan Marilynn Meek- General Info. (212) 661-8030 Investor Relations Claire Koeneman - Analyst (312) 266-7800 (617) 236-3300 Judith Sylk-Siegel - Media (212) 661-8030 BOSTON PROPERTIES, INC. ANNOUNCES --------------------------------- FIRST QUARTER 2001 RESULTS -------------------------- Reports diluted FFO per share of $0.85 before non-cash accounting charge related to FAS 133 of ($0.02) per share BOSTON, MA, April 24, 2001 - Boston Properties, Inc. (NYSE: BXP) today reported results for the first quarter ended March 31, 2001. Funds from Operations (FFO) for the quarter ended March 31, 2001 were $79.2 million, or $0.89 per share basic and $0.85 per share diluted before a non-cash accounting charge of approximately ($0.02) per share on a diluted basis related to the application of FAS 133, "Accounting for Derivative Instruments and Hedging Activities" for the quarter ended March 31, 2001. The FAS 133 charge relates to the change in fair value during the quarter for certain interest rate protection contracts and other derivatives. This compares to FFO of $54.6 million, or $0.80 per share basic and $0.78 per share diluted for the quarter ended March 31, 2000. This represents a 9.0% year to year increase in diluted FFO per share excluding the charge related to FAS 133. FFO including the charge for the application of FAS 133 was $0.87 per share basic and $0.83 per share diluted for the quarter ended March 31, 2001. The weighted average amount of basic and diluted shares outstanding totaled 88,687,900 and 104,160,181, respectively, for the quarter ended March 31, 2001 and 67,942,675 and 81,380,969, respectively, for the same quarter last year. Revenues were $233.5 million for the quarter ended March 31, 2001, compared to revenues of $210.3 million for the same period in 2000. Net income available to common shareholders for the quarter ended March 31, 2001 was $45.6 million, compared to $31.0 million for the same period in 2000. Income before gain on sale and cumulative effect of a change in accounting principle (related to the adoption of FAS 133) for the quarter ended March 31, 2001 was $0.54 per share basic and $0.52 per share diluted, compared to $0.46 per share basic and $0.45 per share diluted for the same period last year. The reported results are unaudited and there can be no assurance that the results will not vary from the final information submitted on Form 10-Q for the quarter ended March 31,

2001. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made. As of March 31, 2001, the Company's portfolio consisted of 146 properties comprising more than 39.2 million square feet, including 15 properties under construction totaling 5.4 million square feet. The overall occupancy rate for the properties in service as of March 31, 2001 was 98.4%. Additional highlights of the first quarter included: . The acquisition of a significant interest in Skyline Holdings LLC. Skyline signed a contract on February 7, 2001 to acquire Citigroup Center in New York City from Dai-Ichi Life Investment Properties, Inc. The acquisition of Citigroup Center, a 1.6 million square foot building in Midtown Manhattan, is expected to close on April 25, 2001. . The acquisition of a 4.3 acre site known as 77 Fourth Avenue in Waltham, Massachusetts for approximately $13.0 million on February 13, 2001. The site is expected to support a development of 202,000 square feet. . The disposition of 25-33 Dartmouth Street, an industrial building totaling 78,045 square feet, on March 30, 2001 for net proceeds of approximately $6.6 million. The property was sold using a like-kind exchange technique with the acquisition of a parcel of land known as Crane Meadow in 2000. . The closing of a construction loan secured by the Waltham Weston Corporate Center development in the amount of $70.0 million at a rate of LIBOR + 1.70% and maturing in February 2004. Boston Properties will conduct a conference call tomorrow, April 25, 2001 at 9:30 AM (Eastern Time) to discuss the results of this year's first quarter. The number to call for this interactive teleconference is (888) 747-3510. A replay of the conference call will be available through May 1, 2001 by dialing (888) 266-2086 and entering the passcode 5103224. Additionally, a copy of Boston Properties' first quarter 2001 "Supplemental Operating and Financial Data" will be available on the Investor section of the company's website at http://www.bostonproperties.com. These materials are also ------------------------------- available by contacting Investor Relations at 617-236-3300 or by written request to: Investor Relations Boston Properties 800 Boylston Street Boston, MA 02199 Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class-A office, industrial and hotel properties. The Company is one of the largest owners and developers of Class-A office properties in the United States, concentrated in four core markets - Boston, Midtown Manhattan, Washington, DC and San Francisco

This press release contains forward-looking statements within the meaning of the Federal securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants' financial condition, the uncertainties of real estate development and acquisition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. Financial tables follow

BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended March 31, -------------------------------- 2001 2000 ----------- ---------- (unaudited and in thousands, except for per share amounts) Revenue Rental: Base rent $ 185,691 $ 170,337 Recoveries from tenants 26,178 23,336 Parking and other 13,746 13,008 ----------- ----------- Total rental revenue 225,615 206,681 Development and management services 3,397 2,863 Interest and other 4,444 710 ----------- ----------- Total revenue 233,456 210,254 ----------- ----------- Expenses Operating 70,343 65,177 General and administrative 9,950 7,408 Interest 47,853 55,215 Depreciation and amortization 34,740 32,231 ----------- ----------- Total expenses 162,886 160,031 ----------- ----------- Income before net derivative losses (SFAS No. 133), minority interests and joint venture income 70,570 50,223 Net derivative losses (SFAS No. 133) (3,055) - Minority interest in property partnership (255) (196) Income from unconsolidated joint ventures 1,127 145 ----------- ----------- Income before minority interest in Operating Partnership 68,387 50,172 Minority interest in Operating Partnership (19,024) (17,552) ----------- ----------- Income before gain on sale of real estate 49,363 32,620 Gain on sale of real estate, net of minority interest 4,654 - ----------- ----------- Income before cumulative effect of a change in accounting principle 54,017 32,620 Cumulative effect of a change in accounting principle, net of minority interest (6,767) - ----------- ----------- Net income before preferred dividend 47,250 32,620 Preferred dividend (1,643) (1,643) ----------- ----------- Net income available to common shareholders $ 45,607 $ 30,977 =========== =========== Basic earnings per share: Income before gain on sale and cumulative effect of a change in accounting principle $ 0.54 $ 0.46 Gain on sale, net of minority interest 0.05 - Cumulative effect of a change in accounting principle, net of minority interest (0.08) - ----------- ----------- Net income available to common shareholders $ 0.51 $ 0.46 =========== =========== Weighted average number of common shares outstanding 88,688 67,943 =========== =========== Diluted earnings per share: Income before gain on sale and cumulative effect of a change in accounting principle $ 0.52 $ 0.45 Gain on sale, net of minority interest 0.05 - Cumulative effect of a change in accounting principle, net of minority interest (0.07) - ----------- ----------- Net income available to common shareholders $ 0.50 $ 0.45 =========== =========== Weighted average number of common and common equivalent shares outstanding 91,171 68,380 =========== ===========

BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS March 31, December 31, 2001 2000 ----------- -------------- (unaudited) (in thousands, except for share amounts) ASSETS ------ Real estate: $ 6,284,655 $ 6,112,779 Less: accumulated depreciation (616,620) (586,719) -------------- ------------- Total real estate 5,668,035 5,526,060 Cash and cash equivalents 241,819 280,957 Escrows 29,861 85,561 Investments in securities 6,060 7,012 Tenant and other receivables, net 24,443 26,852 Accrued rental income, net 97,657 91,684 Deferred charges, net 76,209 77,319 Prepaid expenses and other assets 73,539 41,154 Investments in unconsolidated joint ventures 92,456 89,871 -------------- ------------- Total assets $ 6,310,079 $ 6,226,470 ============== ============= LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Liabilities: Mortgage notes and bonds payable $ 3,450,347 $ 3,414,891 Accounts payable and accrued expenses 58,542 57,338 Dividends and distributions payable 71,917 71,274 Interest rate contracts 19,774 - Accrued interest payable 8,127 5,599 Other liabilities 56,943 51,926 -------------- ------------- Total liabilities 3,665,650 3,601,028 -------------- ------------- Commitments and contingencies - - -------------- ------------- Minority interest in Operating Partnership 821,575 877,715 -------------- ------------- Series A Convertible Redeemable Preferred Stock, liquidation preference $50.00 per share, 2,000,000 shares issued and outstanding 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, 89,701,122 and 86,630,089 issued and outstanding in 2001 and 2000, respectively 897 866 Additional paid-in capital 1,759,714 1,673,349 Dividends in excess of earnings (15,829) (13,895) Unearned compensation (2,531) (848) Accumulated other comprehensive loss (19,397) (11,745) -------------- ------------- Total stockholders' equity 1,722,854 1,647,727 -------------- ------------- Total liabilities and stockholders' equity $ 6,310,079 $ 6,226,470 ============== =============

BOSTON PROPERTIES, INC. FUNDS FROM OPERATIONS (unaudited and in thousands) Three months ended March 31, -------------------------------- 2001 2000 -------------------------------- Income before net derivative losses (SFAS No. 133), minority interests and joint venture income $ 70,570 $ 50,223 Add: Real estate depreciation and amortization 35,557 32,052 Income from unconsolidated joint ventures 1,127 145 Less: Net derivative losses (SFAS No. 133) (3,055) Minority property partnership's share of funds from operations (303) (224) Preferred dividends and distributions (8,221) (8,250) ----------- ----------- Funds from operations 95,675 73,946 Add: Net derivative losses (SFAS No. 133) 3,055 - ----------- ----------- Funds from operations before net derivative losses (SFAS No. 133) $ 98,730 $ 73,946 =========== =========== Funds from operations available to common shareholders before net derivative losses (SFAS No. 133) $ 79,201 $ 54,641 =========== =========== Weighted average shares outstanding - basic 88,688 67,943 =========== =========== FFO per share basic before net derivative losses (SFAS No. 133) $ 0.89 $ 0.80 =========== =========== Weighted average shares outstanding - diluted 104,160 81,381 =========== =========== FFO per share diluted before net derivative losses (SFAS No. 133) $ 0.85 $ 0.78 =========== =========== FFO per share diluted after net derivative losses (SFAS No. 133) $ 0.83 $ 0.78 =========== ===========

BOSTON PROPERTIES, INC PORTFOLIO OCCUPANCY Occupancy by Location March 31, 2001 December 31, 2000 -------------- ----------------- Greater Boston 98.8% 99.3% Greater Washington 98.7% 98.5% Midtown Manhattan 99.6% 99.9% Baltimore, MD 99.5% 99.8% Richmond, VA 99.6% 100.0% Princeton/East Brunswick, NJ 98.4% 98.7% Greater San Francisco 95.9% 97.9% Bucks County, PA 100.0% 100.0% -------------- ----------------- Total Portfolio 98.4% 98.9% ============== ================= Occupancy by Type March 31, 2001 December 31, 2000 -------------- ----------------- Class A Office Portfolio 98.7% 99.0% Office/Technical Portfolio 98.5% 98.0% Industrial Portfolio 88.0% 95.9% -------------- ----------------- Total Portfolio 98.4% 98.9% ============== ================= ###