SEC Filing

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SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

LANDIS MITCHELL S

(Last)

(First)

(Middle)

C/O BOSTON PROPERTIES, INC.

111 HUNTINGTON AVENUE

(Street)

BOSTON

02199

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BOSTON PROPERTIES INC [ BXP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Senior Vice President

3. Date of Earliest Transaction (Month/Day/Year)
02/05/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $.01	02/05/2007		M		5,819	A	$37.45⁽¹⁾	22,414.2656⁽²⁾	D
Common Stock, par value $.01	02/05/2007		M		2,000	A	$34.65⁽³⁾	24,414.2656	D
Common Stock, par value $.01	02/05/2007		S		900	D	$127.55	23,514.2656	D
Common Stock, par value $.01	02/05/2007		S		100	D	$127.53	23,414.2656	D
Common Stock, par value $.01	02/05/2007		S		219	D	$127.43	23,195.2656	D
Common Stock, par value $.01	02/05/2007		S		900	D	$127.42	22,295.2656	D
Common Stock, par value $.01	02/05/2007		S		200	D	$127.41	22,095.2656	D
Common Stock, par value $.01	02/05/2007		S		100	D	$127.39	21,995.2656	D
Common Stock, par value $.01	02/05/2007		S		300	D	$127.37	21,695.2656	D
Common Stock, par value $.01	02/05/2007		S		100	D	$127.36	21,595.2656	D
Common Stock, par value $.01	02/05/2007		S		1,200	D	$127.35	20,395.2656	D
Common Stock, par value $.01	02/05/2007		S		200	D	$127.34	20,195.2656	D
Common Stock, par value $.01	02/05/2007		S		500	D	$127.33	19,695.2656	D
Common Stock, par value $.01	02/05/2007		S		1,100	D	$127.32	18,595.2656	D
Common Stock, par value $.01	02/05/2007		S		200	D	$127.31	18,395.2656	D
Common Stock, par value $.01	02/05/2007		S		200	D	$127.27	18,195.2656	D
Common Stock, par value $.01	02/05/2007		S		500	D	$127.26	17,695.2656	D
Common Stock, par value $.01	02/05/2007		S		400	D	$127.25	17,295.2656	D
Common Stock, par value $.01	02/05/2007		S		700	D	$127.24	16,595.2656	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$37.45⁽¹⁾	02/05/2007		M			5,819	⁽⁴⁾	01/18/2011	Common Stock	5,819	$0	0⁽¹⁾	D
Employee Stock Option (right to buy)	$34.65⁽³⁾	02/05/2007		M			2,000	⁽⁵⁾	01/07/2012	Common Stock	2,000	$0	22,592⁽³⁾	D

Explanation of Responses:

1. In January 2007, the issuer paid a special dividend of $5.40 per share of common stock to all stockholders of record as of the close of business on December 29, 2006. In connection with this special dividend, the issuer's Board of Directors adjusted all options that were awarded, but not exercised, prior to the ex-dividend date for the special dividend to account for the effect of the special dividend. The number of shares subject to each such option was increased and the exercise price correspondingly decreased such that each option had the same fair value to the holder before and after giving effect to the payment of the special dividend. Pursuant to this adjustment the number of shares underlying Mr. Landis' options increased by 278 from 5,541 to 5,819 and the per share exercise price was correspondingly decreased.

2. Includes 52.143 shares which the Reporting Person acquired in January 2007 pursuant to the Boston Properties, Inc. 1999 Non-Qualified Employee Stock Purchase Plan.

3. In October 2005, the issuer paid a special dividend of $2.50 per share of common stock to all stockholders of record as of the close of business on September 30, 2005. In connection with this special dividend, the issuer's Board of Directors adjusted all options that were awarded, but not exercised, prior to the ex-dividend date for the special dividend to account for the effect of the special dividend. The number of shares subject to each such option was increased and the exercise price correspondingly decreased such that each option had the same fair value to the holder before and after giving effect to the payment of the special dividend. Pursuant to this adjustment and, pursuant to the adjustment described in Footnote 1, the number of shares underlying Mr. Landis' options increased by 816 from 22,600 to 23,416 in September 2005 and by 1,176 from 23,416 to 24,592 in December 2006, and the per share exercise price was correspondingly decreased.

4. The option vested in three equal annual installments beginning on January 18, 2002.

5. The option vested in three equal annual installments beginning on January 17, 2003.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	02/07/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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