SEC Filing

Timing

Quarterly results for 2008 will be announced according to the following schedule:

First Quarter

Late April 2008

Third Quarter

Late October 2008

Second Quarter

Late July 2008

Fourth Quarter

Late January 2009

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Form 8-K

UNITED STATES

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): January 29, 2008

BOSTON PROPERTIES, INC.

(Exact name of registrant as specified in charter)

Delaware

1-13087

04-2473675

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

800 Boylston Street, Suite 1900, Boston, Massachusetts 02199

(Address of Principal Executive Offices) (Zip Code)

(617) 236-3300

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.

Results of Operations and Financial Condition.

The information in this Current Report on Form 8-K is furnished under Item 2.02—“Results of Operations and Financial Condition.” Such information, including the exhibits attached hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On January 29, 2008, Boston Properties, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter of 2007. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01.

Financial Statements and Exhibits.

(d)	Exhibits.


Exhibit No.		Description
*99.1		Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended December 31, 2007.

*99.2		Press release dated January 29, 2008.

*	Filed herewith.

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.


	BOSTON PROPERTIES, INC.

Date: January 29, 2008	By:	/s/ Michael LaBelle
		Michael LaBelle
		Senior Vice President, Chief Financial Officer and Treasurer

EXHIBIT INDEX


Exhibit No.		Description
*99.1		Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended December 31, 2007.

*99.2		Press release dated January 29, 2008.

*	Filed herewith.

Boston Properties, Inc. Supplemental Operating and Financial Data

Exhibit 99.1

LOGO

Supplemental Operating and Financial Data

for the Quarter Ended December 31, 2007

Boston Properties, Inc.

Fourth Quarter 2007

Table of Contents


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

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

Boston Properties, Inc.

Fourth Quarter 2007

COMPANY PROFILE

The Company

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

Management

Boston Properties’ senior management team is among the most respected and accomplished in the REIT industry. Our deep and talented team of thirty-two individuals average twenty-five years of real estate experience and fifteen years with Boston Properties. We believe that our size, management depth, financial strength, reputation, and relationships of key personnel provide a competitive advantage to realize growth through property development and acquisitions. Boston Properties benefits from the reputation and relationships of key personnel, including Mortimer B. Zuckerman, Chairman of our Board of Directors, Edward H. Linde, Chief Executive Officer, and Douglas T. Linde, our President. Each has a national reputation, which attracts business and investment opportunities. In addition, our two Executive Vice Presidents and other senior officers that serve as Regional Managers have strong reputations that aid us in identifying and closing on new opportunities, having opportunities brought to us, and negotiating with tenants and build-to-suit prospects. Boston Properties’ Board of Directors consists of nine distinquished members, the majority of which serve as Independent Directors.

Strategy

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

Snapshot

(as of December 31, 2007)


Corporate Headquarters		Boston, Massachusetts
Markets		Boston, Midtown Manhattan, Washington, D.C., San Francisco, and Princeton, N.J.
Fiscal Year-End		December 31
Total Properties		139
Total Square Feet		43.8 million
Common Shares and
Units Outstanding (as converted)		141.9 million
Dividend—Quarter/Annualized		$0.68/$2.72
Dividend Yield		2.96% (excludes $5.98 special dividend declared in December 2007)
Total Market Capitalization		$18.5 billion
Senior Debt Ratings		Baa2 (Moody’s); BBB (Fitch); A- (S&P)

Boston Properties, Inc.

Fourth Quarter 2007

INVESTOR INFORMATION


Board of Directors		Management
Mortimer B. Zuckerman	Carol B. Einiger	Douglas T. Linde	Mitchell S. Landis
Chairman of the Board	Director	President	Senior Vice President and Regional Manager of Princeton

		E. Mitchell Norville	Robert E. Pester
Edward H. Linde Chief Executive Officer and Director	Alan J. Patricof Director, Chair of Audit Committee	Executive Vice President, Chief Operating Officer	Senior Vice President and Regional Manager of San Francisco

		Raymond A. Ritchey	Robert E. Selsam
Lawrence S. Bacow Director	Richard E. Salomon Director, Chair of Compensation Committee	Executive Vice President, National Director of Acquisitions & Development	Senior Vice President and Regional Manager of New York

		Michael LaBelle	Frank D. Burt
Zoë Baird Director, Chair of Nominating & Corporate Governance Committee	Martin Turchin Director	Senior Vice President, Chief Financial Officer	Senior Vice President, General Counsel

	David A. Twardock	Peter D. Johnston	Michael Walsh
	Director	Senior Vice President and Regional Manager of Washington, D.C.	Senior Vice President, Finance

			Arthur S. Flashman
		Bryan J. Koop	Vice President, Controller
		Senior Vice President and Regional Manager of Boston

Company Information
Corporate Headquarters	Trading Symbol	Investor Relations	Inquires
800 Boylston Street	BXP	Boston Properties, Inc.	Inquiries should be directed to Michael Walsh, Senior Vice President - Finance, at 617.236.3410 or mwalsh@bostonproperties.com
Suite 1900		800 Boylston Street, Suite 1900
Boston, MA 02199	Stock Exchange Listing	Boston, MA 02199
(t) 617.236.3300	New York Stock Exchange	(t) 617.236.3322
(f) 617.236.3311		(f) 617.236.3311
		www.bostonproperties.com

Common Stock Data (NYSE: BXP)

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


	Q4 2007			Q3 2007			Q2 2007			Q1 2007			Q4 2006
High Closing Price	$	113.60		$	106.20		$	119.47		$	130.75		$	118.00
Low Closing Price	$	88.71		$	92.82		$	100.07		$	109.72		$	103.23
Average Closing Price	$	100.95		$	100.08		$	112.73		$	120.10		$	109.59
Closing Price, at the end of the quarter	$	91.81		$	103.90		$	102.13		$	117.40		$	111.88
Dividends per share—annualized (1)	$	2.72		$	2.72		$	2.72		$	2.72		$	2.72
Closing dividend yield—annualized (1)		2.96	%		2.62	%		2.66	%		2.32	%		2.43	%
Closing common shares outstanding, plus common units and preferred units on an as-converted basis (thousands)		141,910			141,676			141,666			141,642			141,099
Closing market value of outstanding shares and units (thousands)	$	13,028,757		$	14,720,136		$	14,468,349		$	16,628,771		$	15,786,156

(1)

Excludes special dividend of $5.98 per share to be paid on January 30, 2008 and $5.40 per share paid on January 30, 2007.

Boston Properties, Inc.

Fourth Quarter 2007

RESEARCH COVERAGE


Equity Research Coverage		Debt Research Coverage
Mitchell Germain	Jordan Sadler /Craig Mailman	Chris Brown	Rating Agencies:
Banc of America Securities	KeyBanc Capital Markets	Banc of America Securities
212.847.5794	917.368.2280 / 917.368.2316	704.386.2524	Janice Svec
			Fitch Ratings
Ross Smotrich / Jeffrey Langbaum	David Harris / David Toti	Sue Berliner / Elizabeth Carter	212.908.0304
Bear Stearns & Company	Lehman Brothers	Bear Stearns & Company
212.272.8046 / 212.272.4201	212.526.1790 / 212.526.2002	212.272.3824 / 212.272.0217	Karen Nickerson
			Moody’s Investors Service
Jonathan Litt / Michael Bilerman	Steve Sakwa / Ian Weissman	Thomas Cook	212.553.4924
Citigroup Global Markets	Merrill Lynch & Company	Citigroup Global Markets
203.863.2381 / 212.816.1383	212.449.0335 / 212.449.6255	212.723.1112	James Fielding
			Standard & Poor’s
Lou Taylor / Kristin Brown	David Cohen	Matthew Lynch	212.438.2452
Deutsche Bank Securities	Morgan Stanley & Company	Credit Suisse Securities
212.250.4912 / 212.250.6799	212.761.8564	212.325.6456

Wilkes Graham	John Guinee	Mark Streeter
Friedman, Billings, Ramsey	Stifel, Nicolaus & Company	J.P. Morgan Securities
703.312.9737	443.224.1307	212.834.5086

Jay Habermann / Sloan Bohlen	James Feldman	James Rank
Goldman Sachs & Company	UBS Investment Research	Merrill Lynch & Company
917.343.4260 / 212.902.2796	212.713.4932	212.449.6533

Michael Knott	David Rogers
Green Street Advisors	RBC Capital Markets
949.640.8780	216.378.7626

Anthony Paolone / Michael Mueller
J.P. Morgan Securities
212.622.6682 / 212.622.6689

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

Boston Properties, Inc.

Fourth Quarter 2007

FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

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


	Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Income Items:
Revenue	$	380,790		$	368,584		$	372,213		$	360,703		$	361,062
Straight line rent (SFAS 13)	$	9,226		$	8,186		$	8,492		$	12,872		$	15,942
Fair value lease revenue (SFAS 141) (1)	$	1,528		$	1,419		$	1,491		$	1,509		$	1,395
Lease termination fees (included in revenue) (2)	$	2,881		$	742		$	729		$	2,550		$	2,233
Capitalized interest	$	10,419		$	8,375		$	7,944		$	4,308		$	1,365
Capitalized wages	$	3,271		$	2,603		$	2,814		$	2,326		$	2,066
Operating Margins [(rental revenue—rental expense)/rental revenue] (3)		67.5	%		67.6	%		67.8	%		67.9	%		69.6	%
Net income available to common shareholders	$	123,790		$	242,370		$	102,344		$	854,307		$	71,655
Funds from operations (FFO) available to common shareholders after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (4) (5)	$	147,534		$	139,054		$	142,944		$	133,011		$	141,850
FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate—diluted	$	1.22		$	1.15		$	1.18		$	1.10		$	1.18
Net income available to common shareholders per share—basic	$	1.04		$	2.02		$	0.86		$	7.14		$	0.61
Net income available to common shareholders per share—diluted	$	1.02		$	1.99		$	0.84		$	6.99		$	0.60
Dividends per common share (5)	$	6.66		$	0.68		$	0.68		$	0.68		$	6.08
Funds available for distribution to common shareholders and common unitholders (FAD) (6)	$	119,836		$	123,429		$	134,345		$	129,162		$	125,053

Ratios:
Interest Coverage Ratio (excluding capitalized interest)—cash basis (7)		3.49			3.30			3.24			3.02			3.21
Interest Coverage Ratio (including capitalized interest)—cash basis (7)		3.02			2.94			2.92			2.85			3.15
FFO Payout Ratio (8)		55.74	%		59.13	%		57.63	%		61.82	%		57.63	%
FAD Payout Ratio (9)		79.70	%		77.15	%		70.86	%		73.56	%		75.50	%

	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Capitalization:
Total Debt	$	5,492,166		$	5,409,268		$	5,619,602		$	5,736,139		$	4,600,937
Common Stock Price @ Quarter End	$	91.81		$	103.90		$	102.13		$	117.40		$	111.88
Equity Value @ Quarter End	$	13,028,757		$	14,720,136		$	14,468,349		$	16,628,771		$	15,786,156
Total Market Capitalization (10)	$	18,520,923		$	20,129,404		$	20,087,951		$	22,364,910		$	20,387,093
Debt/Total Market Capitalization (10)		29.65	%		26.87	%		27.97	%		25.65	%		22.57	%

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

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

(3)

Rental Expense consists of operating expenses and real estate taxes. Amounts are exclusive of the gross up of reimbursable electricity and other amounts totaling $8,403, $9,556, $8,755, $8,833 and $7,176 for the three months ended December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006, respectively.

(4)

For a quantitative reconciliation of the differences between FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate and net income available to common shareholders, see page 9. The supplemental adjustment is only applicable for the three months ended September 30, 2007.

(5)	For the three months ended December 31, 2007 and 2006, dividends per share includes the $5.98 and $5.40 per common share special dividend to be paid on January 30, 2008 and paid on January 30, 2007, respectively.

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

(7)	For additional detail, see page 11.

(8)

Dividends per common share divided by FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate—diluted. For the three months ended December 31, 2007 and 2006, excludes the $5.98 and $5.40 per share special dividend to be paid on January 30, 2008 and paid on January 30, 2007, respectively.

(9)

Gross dividends to common shareholders plus distributions to common Operating Partnership unitholders divided by FAD. For the three months ended December 31, 2007 and 2006, excludes the $5.98 and $5.40 per share special dividend to be paid on January 30, 2008 and paid on January 30, 2007, respectively.

(10)	For additional detail, see page 13.

Boston Properties, Inc.

Fourth Quarter 2007

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)


	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
ASSETS
Real estate	$	9,077,528		$	8,961,830		$	9,037,468		$	9,019,237		$	8,819,934
Development in progress		700,762			629,138			584,620			500,995			115,629
Land held for future development		249,999			212,801			189,698			185,093			183,403
Real estate held for sale		221,606	(1)		—			—			18,282			433,492
Less accumulated depreciation		(1,531,707	)		(1,488,077	)		(1,474,771	)		(1,414,857	)		(1,392,055	)

Total real estate		8,718,188			8,315,692			8,337,015			8,308,750			8,160,403
Cash and cash equivalents		1,506,921			1,894,198			1,885,318			2,016,336			725,788
Cash held in escrows		186,839			17,835			22,665			20,334			25,784
Marketable securities		22,584			—			—			—			—
Tenant and other receivables, net		58,074			43,199			48,398			50,799			57,052
Accrued rental income, net		300,594			299,082			296,424			288,824			327,337
Deferred charges, net		287,199			257,469			264,664			244,846			274,079
Prepaid expenses and other assets		30,566			55,658			47,174			63,896			40,868
Investments in unconsolidated joint ventures		81,672			102,488			92,944			91,955			83,711

Total assets	$	11,192,637		$	10,985,621		$	10,994,602		$	11,085,740		$	9,695,022


LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgage notes payable	$	2,726,127		$	2,644,393		$	2,855,889		$	2,973,571		$	2,679,462
Unsecured senior notes, net of discount		1,471,913			1,471,801			1,471,691			1,471,583			1,471,475
Unsecured exchangeable senior notes, net of discount		1,294,126			1,293,074			1,292,022			1,290,985			450,000
Unsecured line of credit		—			—			—			—	(2)		—	(2)
Accounts payable and accrued expenses		145,692			133,714			123,910			101,188			102,934
Dividends and distributions payable		944,870			96,152			96,192			105,284			857,892
Accrued interest payable		54,487			46,671			59,105			48,917			47,441
Other liabilities		232,705	(3)		198,314	(3)		201,406	(3)		229,666	(3)		239,084	(3)

Total liabilities		6,869,920			5,884,119			6,100,215			6,221,194			5,848,288

Commitments and contingencies		—			—			—			—			—

Minority interests		653,892			753,620			731,043			726,937			623,508


Stockholders’ Equity:
Excess stock, $.01 par value, 150,000,000 shares authorized, none issued or outstanding		—			—			—			—			—
Preferred stock, $.01 par value, 50,000,000 shares authorized, none issued or outstanding		—			—			—			—			—
Common stock, $.01 par value, 250,000,000 shares authorized, 119,502,485, 119,253,212, 119,028,081, 118,970,065 and 117,503,542 outstanding, respectively		1,195			1,193			1,190			1,190			1,175
Additional paid-in capital		3,305,219			3,289,760			3,263,797			3,260,647			3,119,941
Earnings in excess of dividends		394,324			1,065,993			904,417			881,733			108,155
Treasury common stock, at cost		(2,722	)		(2,722	)		(2,722	)		(2,722	)		(2,722	)
Accumulated other comprehensive loss		(29,191	)		(6,342	)		(3,338	)		(3,239	)		(3,323	)

Total stockholders’ equity		3,668,825			4,347,882			4,163,344			4,137,609			3,223,226

Total liabilities and stockholders’ equity	$	11,192,637		$	10,985,621		$	10,994,602		$	11,085,740		$	9,695,022

(1)	On January 7, 2008, the Company completed the transfer of the Mountain View properties into the Value-Added Fund and therefore these properties are held for sale as of December 31, 2007.

(2)

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

(3)

At December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006, Other Liabilities included approximately $26.1 million, $26.5 million, $26.9 million, $27.4 million and $45.8 million and approximately $6.1 million, $8.4 million, $10.7 million, $13.0 million and $15.2 million consisting of the master lease and revenue support obligations, respectively, related to the sale of 280 Park Avenue and approximately $24.4 milion, $24.0 million, $23.7 million, $48.0 million and $47.3 million, respectively related to the redemption of the outside members’ equity interests in the entity that owns Citigroup Center.

Boston Properties, Inc.

Fourth Quarter 2007

CONSOLIDATED INCOME STATEMENTS

(in thousands, except for per share amounts)

(unaudited)


	Three Months Ended
	31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07			31-Dec-06
Revenue:
Rental
Base Rent	$	277,088		$	268,277		$	268,272		$	270,672		$	275,049
Recoveries from tenants		46,926			44,934			46,783			46,286			42,170
Parking and other		16,845			16,328			16,488			15,321			15,211

Total rental revenue		340,859			329,539			331,543			332,279			332,430
Hotel revenue		13,121			8,646			9,335			6,709			11,417
Development and management services		5,378			5,318			5,130			4,727			5,661
Interest and other (1)		21,432			25,081			26,205			16,988			11,554

Total revenue		380,790			368,584			372,213			360,703			361,062

Expenses:
Operating		68,610			68,647			68,797			68,658			63,666
Real estate taxes		47,855			44,859			44,201			44,213			42,853
Hotel operating		9,059			6,275			6,417			6,014			8,106
General and administrative (1) (2)		16,594			20,189			16,291			16,808			16,198
Interest (3)		68,289			69,929			73,743			73,926			71,423
Depreciation and amortization		71,421			70,916			73,921			69,772			68,924
Losses from early extinguishments of debt (4)		—			2,695			—			722			11

Total expenses		281,828			283,510			283,370			280,113			271,181

Income before income from unconsolidated joint ventures		98,962			85,074			88,843			80,590			89,881
Minority interests in property partnerships		(84	)		—			—			—			—
Income from unconsolidated joint ventures (5)		805			1,390			17,268			965			1,340

Income before minority interest in Operating Partnership		99,683			86,464			106,111			81,555			91,221
Minority interest in Operating Partnership (6)		(23,181	)		(13,946	)		(16,840	)		(10,928	)		(25,789	)

Income before gains on sales of real estate		76,502			72,518			89,271			70,627			65,432
Gains on sales of real estate, net of minority interest		—			168,495			—			619,206			1,183

Income before discontinued operations		76,502			241,013			89,271			689,833			66,615
Income from discontinued operations, net of minority interest		862			1,357			1,357			2,626			5,040
Gains on sales of real estate from discontinued operations, net of minority interest		46,426			—			11,716			161,848			—

Net income available to common shareholders	$	123,790		$	242,370		$	102,344		$	854,307		$	71,655


INCOME PER SHARE OF COMMON STOCK (EPS)
Net income available to common shareholders per share—basic	$	1.04		$	2.02		$	0.86		$	7.14		$	0.61

Net income available to common shareholders per share—diluted	$	1.02		$	1.99		$	0.84		$	6.99		$	0.60

(1)	Interest and other includes $(294), $31, $471 and $67, and general and administrative expenses includes $(245), $43, $448 and $103 for the three months ended December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively, related to The Company’s deferred compensation plan.

(2)	General and administrative expenses includes a write-off of approximately $4.5 million of costs related to an abandoned suburban development project for the three months ended September 30, 2007.

(3)	Interest expense is reported net of capitalized interest of $10,419, $8,375, $7,944, $4,308 and $1,365 for the three months ended December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006, respectively.

(4)	Includes an approximately $2.7 million loss from the early extinguishment of debt associated with the sale of real estate for the three months ended September 30, 2007.

(5)	Includes our share of the gain on sale of Worldgate Plaza totaling approximately $15.5 million for the three months ended June 30, 2007.

(6)

Equals minority interest share of 14.58%, 14.62%, 14.62%, 14.90% and 15.18% of income before minority interest in Operating Partnership after deduction for preferred distributions for the three months ended December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006, respectively.

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

Boston Properties, Inc.

Fourth Quarter 2007

FUNDS FROM OPERATIONS (FFO)

(in thousands, except for per share amounts)

(unaudited)


	Three months ended
	31-Dec-07			30-Sep-07		30-Jun-07		31-Mar-07			31-Dec-06
Net income available to common shareholders	$	123,790		$	242,370	$	102,344	$	854,307		$	71,655
Add:
Minority interest in Operating Partnership		23,181			13,946		16,840		10,928			25,789
Minority interests in property partnerships		84			—		—		—			—
Less:
Income from unconsolidated joint ventures		805			1,390		17,268		965			1,340
Gains on sales of real estate, net of minority interest		—			168,495		—		619,206			1,183
Income from discontinued operations, net of minority interest		862			1,357		1,357		2,626			5,040
Gains on sales of real estate from discontinued operations, net of minority interest		46,426			—		11,716		161,848			—

Income before minority interests and income from unconsolidated joint ventures		98,962			85,074		88,843		80,590			89,881
Add:
Real estate depreciation and amortization (1)		73,306			73,195		76,264		72,870			71,495
Income from discontinued operations		1,009			1,589		1,589		3,086			5,942
Income from unconsolidated joint ventures (2)		805			1,390		1,815		965			1,340
Less:
Minority property partnerships’ share of funds from operations		437			—		—		—			—
Preferred distributions		926	(3)		1,054		1,084		1,202	(4)		1,431	(3)

Funds from operations (FFO)		172,719			160,194		167,427		156,309			167,227
Add:
Losses from early extinguishments of debt associated with the sales of real estate		—			2,675		—		—			—

FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		172,719			162,869		167,427		156,309			167,227
Less:
Minority interest in Operating Partnership’s share of funds from operations after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		25,185			23,815		24,483		23,298			25,377

FFO available to common shareholders after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (5)	$	147,534		$	139,054	$	142,944	$	133,011		$	141,850

FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate—basic	$	1.24		$	1.17	$	1.20	$	1.13		$	1.21

FFO per share—basic	$	1.24		$	1.15	$	1.20	$	1.13		$	1.21

Weighted average shares outstanding—basic		119,249			119,010		118,961		118,177			116,895

FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate—diluted	$	1.22		$	1.15	$	1.18	$	1.10		$	1.18

FFO per share—basic	$	1.22		$	1.13	$	1.18	$	1.10		$	1.18

Weighted average shares outstanding—diluted		122,338			122,298		122,660		122,569			121,456

(1)

Real estate depreciation and amortization consists of depreciation and amortization from the consolidated statements of operations of $71,421, $70,916, $73,921, $69,772 and $68,924, our share of unconsolidated joint venture real estate depreciation and amortization of $2,074, $1,989, $2,085, $2,099 and $2,250 and depreciation and amortization from discontinued operations of $234, $700, $700, $1,314 and $1,528, less corporate related depreciation of $423, $410, $442, $315 and $295 and adjustment to asset retirement obligations of $0, $0, $0, $0 and $912 for the three months ended December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006, respectively.

(2)	Excludes our share of the gain on sale of Worldgate Plaza totaling approximately $15.5 million for the three months ended June 30, 2007.

(3)

Excludes approximately $8.7 million and $12.2 million for the three months ended December 31, 2007 and 2006, respectively, of income allocated to the holders of Series Two Preferred Units to account for their right to participate on an as-converted basis in the special dividend that followed previously completed sales of real estate.

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

(5)	Based on weighted average shares for the quarter. Company’s share for the quarter ended December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006 was 85.42%, 85.38%, 85.38%, 85.10% and 84.82%, respectively.

Boston Properties, Inc.

Fourth Quarter 2007

RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS

(in thousands, except for per share amounts)

(unaudited)


	December 31, 2007				September 30, 2007			June 30, 2007			March 31, 2007				December 31, 2006
	Income (Numerator)			Shares (Denominator)	Income (Numerator)		Shares (Denominator)	Income (Numerator)		Shares (Denominator)	Income (Numerator)			Shares (Denominator)	Income (Numerator)			Shares (Denominator)
Basic FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate	$	172,719		139,605	$	162,869	139,392	$	167,427	139,336	$	156,309		138,877	$	167,227		137,808
Effect of Dilutive Securities
Convertible Preferred Units		926	(1)	1,460		1,054	1,644		1,084	1,676		1,202	(2)	1,922		1,431	(1)	2,266
Stock Options and Exchangeable Notes		—		1,629		—	1,645		—	2,023		—		2,469		—		2,295

Diluted FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate	$	173,645		142,694	$	163,923	142,681	$	168,511	143,035	$	157,511		143,268	$	168,658		142,369
Less:
Minority interest in Operating Partnership’s share of diluted funds from operations after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		24,772		20,356		23,416	20,382		24,004	20,375		22,757		20,699		24,775		20,913

Company’s share of diluted FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (3)	$	148,873		122,338	$	140,507	122,299	$	144,507	122,660	$	134,754		122,569	$	143,883		121,456

FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate—basic	$	1.24			$	1.17		$	1.20		$	1.13			$	1.21

FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate—diluted	$	1.22			$	1.15		$	1.18		$	1.10			$	1.18

(1)

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

(3)	Based on weighted average diluted shares for the quarter. Company’s share for the quarter ended December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006 was 85.73%, 85.72%, 85.76%, 85.55% and 85.31%, respectively.

Boston Properties, Inc.

Fourth Quarter 2007

Funds Available for Distribution (FAD)

(in thousands)


	Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Basic FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (see page 9)	$	172,719		$	162,869		$	167,427		$	156,309		$	167,227
2nd generation tenant improvements and leasing commissions		(28,553	)		(22,192	)		(19,024	)		(12,732	)		(16,243	)
Straight-line rent		(9,226	)		(8,186	)		(8,492	)		(12,872	)		(15,942	)
Recurring capital expenditures		(16,217	)		(10,498	)		(6,676	)		(3,208	)		(10,174	)
Fair value interest adjustment		(789	)		(725	)		(451	)		(74	)		398
Fair value lease revenue (SFAS 141)		(1,528	)		(1,419	)		(1,491	)		(1,509	)		(1,395	)
Hotel improvements, equipment upgrades and replacements		(67	)		(214	)		(565	)		(281	)		(1,213	)
Non real estate depreciation		423			410			442			315			295
Stock-based compensation		3,040			3,047			3,058			3,214			2,099
Partners’ share of joint venture 2nd generation tenant improvement and leasing commissions		34			337			117			—			1

Funds available for distribution to common shareholder and common unitholders (FAD)	$	119,836		$	123,429		$	134,345		$	129,162		$	125,053

Interest Coverage Ratios

(in thousands, except for ratio amounts)


	Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
*Excluding Capitalized Interest*
Income before minority interests and income from unconsolidated joint ventures	$	98,962		$	85,074		$	88,843		$	80,590		$	89,881
Interest expense		68,289			69,929			73,743			73,926			71,423
Losses from early extinguishments of debt associated with the sales of real estate		—			2,675			—			—			—
Depreciation and amortization expense		71,421			70,916			73,921			69,772			68,924
Depreciation from joint ventures		2,074			1,989			2,085			2,099			2,250
Income from unconsolidated joint ventures		805			1,390			1,815			965			1,340
Stock-based compensation		3,040			3,047			3,058			3,214			2,099
Discontinued operations—depreciation expense		234			700			700			1,314			1,528
Discontinued operations		1,009			1,589			1,589			3,086			5,942
Straight-line rent		(9,226	)		(8,186	)		(8,492	)		(12,872	)		(15,942	)
Fair value lease revenue (SFAS 141)		(1,528	)		(1,419	)		(1,491	)		(1,509	)		(1,395	)

Subtotal		235,080			227,704			235,771			220,585			226,050

Divided by:
Interest expense (1)		67,294			69,012			72,829			73,091			70,481
Interest Coverage Ratio		3.49			3.30			3.24			3.02			3.21


*Including Capitalized Interest*
Income before minority interests and income from unconsolidated joint ventures	$	98,962		$	85,074		$	88,843		$	80,590		$	89,881
Interest expense		68,289			69,929			73,743			73,926			71,423
Losses from early extinguishments of debt associated with the sales of real estate		—			2,675			—			—			—
Depreciation and amortization expense		71,421			70,916			73,921			69,772			68,924
Depreciation from joint ventures		2,074			1,989			2,085			2,099			2,250
Income from unconsolidated joint ventures		805			1,390			1,815			965			1,340
Stock-based compensation		3,040			3,047			3,058			3,214			2,099
Discontinued operations—depreciation expense		234			700			700			1,314			1,528
Discontinued operations		1,009			1,589			1,589			3,086			5,942
Straight-line rent		(9,226	)		(8,186	)		(8,492	)		(12,872	)		(15,942	)
Fair value lease revenue (SFAS 141)		(1,528	)		(1,419	)		(1,491	)		(1,509	)		(1,395	)

Subtotal		235,080			227,704			235,771			220,585			226,050

Divided by:
Interest expense (1) (2)		77,713			77,387			80,773			77,399			71,846
Interest Coverage Ratio		3.02			2.94			2.92			2.85			3.15

(1)	Excludes amortization of financing costs of $995, $917, $914, $835 and $942 for the three months ended December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006, respectively.

(2)	Includes capitalized interest of $10,419, $8,375, $7,944, $4,308 and $1,365 for the three months ended December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006, respectively.

Boston Properties, Inc.

Fourth Quarter 2007

DISCONTINUED OPERATIONS

(in thousands, unaudited)

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


	Three Months Ended
	31-Dec-07		30-Sep-07		30-Jun-07		31-Mar-07		31-Dec-06
Total Revenue (1)	$	1,612	$	2,923	$	2,963	$	12,166	$	17,611
Expenses:
Operating		369		634		674		988		855
Hotel operating		—		—		—		6,778		9,286
Depreciation and amortization		234		700		700		1,314		1,528

Total Expenses		603		1,334		1,374		9,080		11,669
Income before minority interest in Operating Partnership		1,009		1,589		1,589		3,086		5,942
Minority interest in Operating Partnership		147		232		232		460		902

Income from discontinued operations (net of minority interest)	$	862	$	1,357	$	1,357	$	2,626	$	5,040


Properties (2):		Orbital Sciences Campus Broad Run, Building E		Orbital Sciences Campus Broad Run, Building E		Orbital Sciences Campus Broad Run, Building E Newport Office Park		Orbital Sciences Campus Broad Run, Building E Newport Office Park Long Wharf Marriott		Orbital Sciences Campus Broad Run, Building E Newport Office Park Long Wharf Marriott

(1)	The impact of the straight-line rent adjustment increased revenue by $34, $68, $106, $107 and $735 for the three months ended December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006, respectively.

(2)	Discontinued operations does not include the operations of Democracy Center and 5 Times Square due to the Company’s continuing involvement in the management, for a fee, of these properties subsequent to the sales through agreements with the buyers.

Boston Properties, Inc.

Fourth Quarter 2007

CAPITAL STRUCTURE


*Debt*
*(in thousands)*

													Aggregate Principal December 31, 2007
Mortgage Notes Payable													$	2,726,127
Unsecured Line of Credit														—
Unsecured Senior Notes, net of discount														1,471,913
Unsecured Exchangeable Senior Notes														1,294,126

Total Debt													$	5,492,166


Boston Properties Limited Partnership Unsecured Senior Notes
Settlement Date		5/22/03			3/18/03			1/17/03			12/13/02			Total/Average
Principal Amount	$	250,000		$	300,000		$	175,000		$	750,000		$	1,475,000
Yield (on issue date)		5.075	%		5.636	%		6.280	%		6.296	%		5.95	%
Coupon		5.000	%		5.625	%		6.250	%		6.250	%		5.91	%
Discount		99.329	%		99.898	%		99.763	%		99.650	%		99.66	%
Ratings:
Moody’s		Baa2 (stable)			Baa2 (stable)			Baa2 (stable)			Baa2 (stable)
S&P		A- (stable)			A- (stable)			A- (stable)			A- (stable)
Fitch		BBB (stable)			BBB (stable)			BBB (stable)			BBB (stable)
Maturity Date		6/1/2015			4/15/2015			1/15/2013			1/15/2013
Discount	$	1,153		$	208		$	257		$	1,469			3,087

Unsecured Senior Notes, net of discount	$	248,847		$	299,792		$	174,743		$	748,531		$	1,471,913


Boston Properties Limited Partnership Unsecured Exchangeable Senior Notes
Settlement Date		2/6/2007			4/6/2006
Principal Amount	$	862,500	(1)	$	450,000	(2)							$	1,312,500
Yield (on issue date)		3.438	%		3.750	%								3.545	%
Coupon		2.875	%		3.750	%
First Optional Redemption Date		2/20/2012			5/18/2013
Maturity Date		2/15/2037			5/15/2036
Discount		18,374			—									18,374

Unsecured Senior Exchangeable Notes	$	844,126		$	450,000								$	1,294,126

(1)

In connection with the special dividend declared on December 17, 2007, the exchange rate of 6.6090 was adjusted to 7.0430 shares per $1,000 principal amount of notes effective as of December 31, 2007, resulting in an exchange price of approximately $141.98 per share of Boston Properties, Inc.’s common stock.

(2)

In connection with the special dividend declared on December 17, 2007, the exchange rate was adjusted from 9.3900 to 10.0066 shares per $1,000 principal amount of notes effective as of December 31, 2007, resulting in an exchange price of approximately $99.93 per share of Boston Properties, Inc.’s common stock.


*Equity*
*(in thousands)*

	Shares/Units Outstanding as of 12/31/07	Common Stock Equivalents		Equivalent (3)
Common Stock	119,502	119,502	(4)	$	10,971,479
Common Operating Partnership Units	20,947	20,947	(5)		1,923,144
Series Two Preferred Operating Partnership Units	1,113	1,461			134,134

Total Equity		141,910		$	13,028,757

Total Debt				$	5,492,166

Total Market Capitalization				$	18,520,923

(3)	Value based on December 31, 2007 closing price of $91.81 per share of common stock.

(4)	Includes 115 shares of restricted stock.

(5)	Includes 676 long-term incentive plan units.

Boston Properties, Inc.

Fourth Quarter 2007

DEBT ANALYSIS


*Debt Maturities and Principal Payments*
*(in thousands)*

	2008			2009			2010			2011			2012			Thereafter			Total
Floating Rate Debt	$	—		$	122,923					$	—		$	—		$	—		$	122,923
Fixed Rate Debt		603,303			95,442			132,870			545,153			943,798			3,048,677			5,369,243

Total Debt	$	603,303		$	218,365		$	132,870		$	545,153		$	943,798		$	3,048,677		$	5,492,166

GAAP Weighted Average Floating Rate Debt		—			6.11	%		—			—			—			—			6.11	%
GAAP Weighted Average Fixed Rate Debt		6.78	%		6.38	%		7.86	%		7.02	%		3.69	%		5.55	%		5.58	%

Total GAAP Weighted Average Rate		6.78	%		6.23	%		7.86	%		7.02	%		3.69	%		5.55	%		5.60	%

Unsecured Debt


*Unsecured Line of Credit—Matures August 3, 2010*
*(in thousands)*

Facility	Outstanding @ 12/31/2007		Letters of Credit		Remaining Capacity @ 12/31/2007
$ 605,000	$	—	$	22,055	$	582,945


*Unsecured and Secured Debt Analysis*

	% of Total Debt		Stated Weighted Average Rate (1)		GAAP Weighted Average Rate		Weighted Average Maturity
Unsecured Debt	50.36	%	4.83	%	4.88	%	5.3	years
Secured Debt	49.64	%	6.47	%	6.32	%	5.1	years

Total Debt	100.00	%	5.64	%	5.60	%	5.2	years


*Floating and Fixed Rate Debt Analysis*

	% of Total Debt		Stated Weighted Average Rate (1)		GAAP Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	2.24	%	5.88	%(2)	6.11	%(2)	1.9	years
Fixed Rate Debt	97.76	%	5.64	%	5.58	%	5.3	years

Total Debt	100.00	%	5.64	%	5.60	%	5.2	years

(1)	The stated weighted average rate is calculated using the effective yield payable on the loan.

(2)	The Company has entered into an interest rate swap contract to fix the one-month LIBOR index rate at 4.57% per annum on a notional amount of $96.7 million. The swap contract went into effect on October 22, 2007 and expires on October 29, 2008.


*Interest Rate Hedging Instruments (1)*
*(in thousands)*

	Notional Amount		Weighted Average 10 Year Treasury Rate		Effective Date
Treasury Lock	$	325,000	4.74	%	4/1/2008
Treasury Lock		50,000	4.28	%	7/31/2008
Forward-starting interest rate swaps		150,000	4.51	%	7/31/2008

Total		525,000	4.63	%

(1)	The Company has entered into a series of interest rate hedges to lock in the 10-year treasury rate and 10-year swap spread in contemplation of obtaining long-term fixed rate financing to finance or refinance properties in the Company’s existing portfolio.

Boston Properties, Inc.

Fourth Quarter 2007



*DEBT MATURITIES AND PRINCIPAL PAYMENTS*
*(in thousands)*

Property	2008			2009			2010			2011			2012			Thereafter			Total
599 Lexington Avenue	$	—		$	—		$	—		$	—		$	—		$	750,000		$	750,000
Citigroup Center		8,816			9,453			10,136			456,898			—			—			485,303
Embarcadero Center One and Two		278,912			—			—			—			—			—			278,912
Prudential Center		259,706			—			—			—			—			—			259,706
505 9th Street		—			—			—			—			—			130,000			130,000	(1)
South of Market		—			122,923			—			—			—			—			122,923
One Freedom Square		2,245			2,375			2,513			2,660			66,093			—			75,886
New Dominion Technology Park, Building Two		—			—			—			—			—			63,000			63,000
202, 206 & 214 Carnegie Center		916			994			56,306			—			—			—			58,216
140 Kendrick Street		1,549			1,637			1,730			1,828			1,932			48,359			57,035
New Dominion Technology Park, Building One		1,482			1,595			1,716			1,846			1,987			45,416			54,042
1330 Connecticut Avenue		2,451			2,577			2,701			45,021			—			—			52,750
Reservoir Place		1,757			48,592			—			—			—			—			50,349
Kingstowne Two and Retail		1,522			1,499			1,585			1,676			1,773			35,064			43,119
10 & 20 Burlington Mall Rd & 91 Hartwell		927			994			1,069			32,524			—			—			35,514
10 Cambridge Center		843			916			29,677			—			—			—			31,436
Sumner Square		694			747			804			865			930			22,896			26,936
Montvale Center		—			—			—			—			25,000			—			25,000
Eight Cambridge Center		756			819			22,911			—			—			—			24,486
1301 New York Avenue		1,782			21,628			—			—			—			—			23,410
Reston Corporate Center		20,523			—			—			—						—			20,523
University Place		926			992			1,063			1,139			1,221			14,999			20,340
Kingstowne One		636			624			659			696			736			17,031			20,382
Bedford Business Park		16,860			—			—			—						—			16,860

		603,303			218,365			132,870			545,153			99,672			1,126,765			2,726,128

Unsecured Senior Notes		—			—			—			—			844,126			1,921,912			2,766,038
Unsecured Line of Credit		—			—			—			—			—			—			—

	$	603,303		$	218,365		$	132,870		$	545,153		$	943,798		$	3,048,677		$	5,492,166

% of Total Debt		10.98	%		3.98	%		2.42	%		9.93	%		17.18	%		55.51	%		100.00	%
Balloon Payments	$	565,998		$	191,167		$	107,339		$	528,697		$	933,832		$	2,873,347		$	5,200,380
Scheduled Amortization	$	37,305		$	27,198		$	25,531		$	16,456		$	9,966		$	175,330		$	291,786

(1)	Effective October 1, 2007 this joint venture property became operational. Due to the degree of involvement the Company has in this joint venture, the remaining 50% interest in the entity was consolidated upon the commencement of operations.

Boston Properties, Inc.

Fourth Quarter 2007

Senior Unsecured Debt Covenant Compliance Ratios

(in thousands)

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

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


		December 31, 2007
Total Assets:
Capitalized Property Value (8.5% and 9.0% rates on CBD and Suburban properties, respectively)		$	11,429,346
Cash and Cash Equivalents			1,506,921
Investment in Marketable Securities			22,584
Undeveloped Land, at Cost			249,999
Development in Process, at Cost (including Joint Venture %)			852,072

Total Assets		$	14,060,922

Unencumbered Assets		$	9,169,092

Secured Debt (Fixed and Variable) (1)		$	2,643,564
Joint Venture Debt			202,471
Contingent Liabilities & Letters of Credit			27,481
Unsecured Debt (2)			2,787,500

Total Outstanding Debt		$	5,661,016

Consolidated EBITDA:
Income before minority interests and income from unconsolidated joint ventures (per Consolidated Income Statement)		$	98,962
Add: Interest Expense (per Consolidated Income Statement)			68,289
Add: Depreciation and Amortization (per Consolidated Income Statement)			71,421
Add: Loss from early extinguishment of debt			—

EBITDA			238,672
Add: Company share of unconsolidated joint venture EBITDA			5,780

Consolidated EBITDA		$	244,452

Adjusted Interest Expense:
Interest Expense (per Consolidated Income Statement)		$	68,289
Add: Company share of unconsolidated joint venture interest expense			2,312
Less: Amortization of financing costs			(995	)
Less: Interest expense funded by construction loan draws			(761	)

Adjusted Interest Expense		$	68,845


Covenant Ratios and Related Data	Test	Actual
Total Outstanding Debt/Total Assets	Less than 60%		40.3	%
Secured Debt/Total Assets	Less than 50%		20.2	%
Interest Coverage (Annualized Consolidated EBITDA to
Annualized Interest Expense)	Greater than 1.50x		3.55
Unencumbered Assets/ Unsecured Debt	Greater than 150%		328.9	%

Unencumbered Consolidated EBITDA		$	139,222

Unencumbered Interest Coverage (Unencumbered Consolidated EBITDA to Unsecured Interest Expense)			4.16

% of unencumbered Consolidated EBITDA to Consolidated EBITDA			57.0	%

# of unencumbered properties			87

(1)	Excludes Fair Value Adjustment of $17,563

(2)	Excludes Debt Discount of $21,461

Boston Properties, Inc.

Fourth Quarter 2007

UNCONSOLIDATED JOINT VENTURE DEBT ANALYSIS (*)


*Debt Maturities and Principal Payments by Property*
*(in thousands)*

Property	2008			2009			2010			2011			2012			Thereafter			Total
Metropolitan Square (51%)	$	1,061		$	1,152		$	63,437		$	—		$	—		$	—		$	65,650
Market Square North (50%)		1,167			1,260			41,549			—			—			—			43,976
901 New York Avenue (25%)		555			635			669			704			742			39,195			42,500
Wisconsin Place (23.89%)		1,395			15,945			—			—			—			—			17,340	(1)
Eighth Avenue and 46th Street (50%)		11,800			—			—			—			—			—			11,800
Annapolis Junction (50%)		—			—			7,186			—			—			—			7,186
Wisconsin Place Retail (5%)		—			—			1,644			—			—			—			1,644

	$	15,978		$	18,992		$	114,485		$	704		$	742		$	39,195		$	190,096

GAAP Weighted Average Rate (2)		8.17	%		6.95	%		7.89	%		5.27	%		5.27	%		5.27	%		7.25	%
% of Total Debt		8.41	%		9.99	%		60.22	%		0.37	%		0.39	%		20.62	%		100.00	%


*Floating and Fixed Rate Debt Analysis*

	% of Total Debt		Stated Weighted Average Rate (2)		GAAP Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	19.38	%	6.79	%	7.21	%	1.3	years
Fixed Rate Debt	80.62	%	7.23	%	7.26	%	3.8	years

Total Debt	100.00	%	7.14	%	7.25	%	3.3	years

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

(1)

Approximately $15.9 million represents construction loan financing which matures in 2009. The remaining amount represents a seller financed non-interest bearing purchase money mortgage and includes adjustments to reflect the fair value of the note. The statistics at the bottom of this page do not include this purchase money mortgage.

(2)	The stated weighted average rate is calculated using the effective yield payable on the loan.

Boston Properties, Inc.

Fourth Quarter 2007

UNCONSOLIDATED JOINT VENTURES


*Balance Sheet Information*
(unaudited and in thousands) as of December 31, 2007

	Market Square North			Metropolitan Square			265 Franklin Street (1)			901 New York Avenue			Wisconsin Place (2)(3)			Annapolis Junction (2)			Value- Added Fund (4)			Eighth Avenue and 46th Street (2)			Combined
Total Equity (5)	$	6,156		$	35,579		$	142		$	40		$	15,332		$	6,631		$	4,841		$	12,951		$	81,672

Mortgage/Construction loans payable (5)	$	43,976		$	65,650		$	—		$	42,500		$	18,984		$	7,186		$	12,375		$	11,800		$	202,471

BXP’s nominal ownership percentage		50.00	%		51.00	%		35.00	%		25.00	%		23.89	%		50.00	%		25.00	%		50.00	%


*Results of Operations*
(unaudited and in thousands) for the three months ended December 31, 2007

	Market Square North			Metropolitan Square			265 Franklin Street (1)			901 New York Avenue			Wisconsin Place (2)(3)			Annapolis Junction (2)			Value- Added Fund (4)			Eighth Avenue and 46th Street (2)			Combined
REVENUE
Total revenue	$	5,807		$	7,451		$	1		$	8,040		$	304		$	—		$	2,033		$	—		$	23,636	(6)

EXPENSES
Operating		2,193			3,152			—			2,926			809			6			835			—			9,921

SUBTOTAL		3,614			4,299			1			5,114			(505	)		(6	)		1,198			—			13,715
Interest		1,706			2,652			—			2,231			531			—			816			—			7,936
Depreciation and amortization		1,126			1,631			—			1,526			302			—			761			—			5,346

SUBTOTAL		2,832			4,283			—			3,757			833			—			1,577			—			13,282
Gains on sale of real estate		—			—			—			—			—			—			—			—			—
Losses from early extinguishment of debt		—			—			—			—			—			—			—						—

NET INCOME/(LOSS)	$	782		$	16		$	1		$	1,357		$	(1,338	)	$	(6	)	$	(379	)	$	—		$	433

BXP’s share of net income/(loss)	$	392		$	8		$	—		$	1,053	(7)	$	(474	)	$	(3	)	$	(171	)	$	—		$	805
BXP’s share of depreciation & amortization		563			832			—			388			101			—			190			—			2,074

BXP’s share of Funds from Operations (FFO)	$	955		$	840		$	—		$	1,441		$	(373	)	$	(3	)	$	19		$	—		$	2,879

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

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

(3)

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

(4)	For additional information on the Value-Added Fund, see page 19. Information presented includes costs which relate to the organization and operations of the Value-Added Fund. On June 1, 2007, the Value-Added Fund sold Worldgate Plaza.

(5)	Represents the Company’s share.

(6)	The net impact of the straight-line rent adjustment and fair value lease revenue (SFAS 141) increased (decreased) revenue by approximately $263 and ($749), respectively, for the three months ended December 31, 2007.

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

Boston Properties, Inc.

Fourth Quarter 2007

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

On October 25, 2004, the Company formed Boston Properties Office Value-Added Fund, L.P. (the “Value-Added Fund”), a strategic partnership with third parties, to pursue the acquisition of value-added investments in non-core office assets within the Company’s existing markets. The Value-Added Fund had total equity commitments of $140 million. The investment period expired on October 25, 2006. The Company receives asset management, property management, leasing and redevelopment fees and, if certain return thresholds are achieved, will be entitled to an additional promoted interest.

On January 7, 2008, the Company transferred the Mountain View properties to its Value-Added Fund. In connection with the transfer of the Research Park and Technology Park properties to the Value-Added Fund, the Company and its partners agreed to certain modifications to the Value-Added Fund’s original terms, including bifurcating the Value-Added Fund’s promote structure such that Research Park and Technology Park will be accounted for separately from the non-Mountain View properties currently owned by the Value-Added Fund (i.e., Circle Star and 300 Billerica Road). As a result of the modifications, the Company’s interest in the Mountain View properties is approximately 39.5% and its interest in the non-Mountain View properties is 25%. The Company does not expect that the Value-Added Fund will make any future investments in new properties. The investments held by the Value-Added Fund are not included in the Company’s portfolio information tables or any other portfolio level statistics and therefore are presented below.


*Property Information*

Property Name	Number of Buildings	Square Feet	Leased %		Annual Revenue per leased SF		Mortgage Notes Payable (1)
300 Billerica Road, Chelmsford, MA	1	110,882	100.0	%		7.56		1,875	(2)
Circle Star, San Carlos, CA	2	205,994	87.8	%		51.35		10,500	(3)
Mountain View Research Park, Mountain View, CA	16	600,989	66.4	%		24.60		—	(4)
Mountain View Technology Park, Mountain View, CA	7	135,279	100.0	%		21.60		—	(4)

Total	26	1,053,144	78.4	%	$	27.68	$	12,375

Results of Operations

(unaudited and in thousands)

for the three months ended December 31, 2007


	Value-Added Fund
REVENUE
Total revenue (5)	$	2,033

EXPENSES
Operating		835

SUBTOTAL		1,198
Interest		816
Depreciation and amortization		761

SUBTOTAL		1,577
Gains on sale of real estate		—
Loss from early extinguishment of debt		—

NET INCOME	$	(379	)

Company’s share of net income	$	(171	)
Company’s share of depreciation & amortization		190

Company’s share of Funds from Operations (FFO)	$	19

The Company’s Equity in the Value-Added Fund	$	4,841

(1)	Represents the Company’s share.

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

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

(4)

On January 7, 2008, the Company transferred the Mountain View properties to the Value-Added Fund. For the three months ended December 31, 2007, the financial results of these properties are included in the Company’s consolidated financial results, but not included in any portfolio information tables or any other portfolio level statistics.

(5)	The net impact of the straight-line rent adjustment and fair value lease revenue (SFAS 141) increased (decreased) revenue by approximately $12 and ($749), respectively for the three months ended December 31, 2007.

Boston Properties, Inc.

Fourth Quarter 2007

PORTFOLIO OVERVIEW

Rentable Square Footage and Percentage of Consolidated Net Operating Income of In-Service Properties by Location and Type of Property for the Quarter Ended December 31, 2007 (1) (2)


Geographic Area	Square Feet Office (3)		% of NOI Office (4)		Square Feet Office/ Technical		% of NOI Office/ Technical (4)		Square Feet Total (3)		Squareq Feet % of Total		% of NOI Hotel (4)		% of NOI Total (4)
Greater Boston	7,979,560		24.4	%	834,063		2.1	%	8,813,623		29.8	%	1.8	%	28.3	%
Greater Washington	7,160,411	(5)	19.5	%	827,325		1.3	%	7,987,736	(5)	27.0	%	—		20.8	%
Greater San Francisco	4,964,642		14.2	%	—		—		4,964,642		16.8	%	—		14.2	%
Midtown Manhattan	5,526,072		32.9	%	—		—		5,526,072		18.7	%	—		32.9	%
Princeton/East Brunswick, NJ	2,323,636		3.9	%	—		—		2,323,636		7.8	%	—		3.8	%

	27,954,321		94.8	%	1,661,388		3.4	%	29,615,709		100.0	%	1.8	%	100.0	%

% of Total	94.4	%			5.6	%			100.0	%


*Percentage of Net Operating Income of In-Service Properties* *by Location and Type of Property (2) (4)*

Geographic Area	CBD		Suburban		Total
Greater Boston	21.5	%	6.9	%	28.4	%
Greater Washington	8.4	%	12.4	%	20.8	%
Greater San Francisco	11.0	%	3.1	%	14.1	%
Midtown Manhattan	32.9	%	—		32.9	%
Princeton/East Brunswick, NJ	—		3.8	%	3.8	%

Total	73.8	%	26.2	%	100.0	%


*Hotel Properties*

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

Total Hotel Properties	431	330,400


*Structured Parking*

	Number of Spaces	Square Feet
Total Structured Parking	32,054	9,931,853

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

(2)

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

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

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

(5)	Includes 586,887 square feet at Metropolitan Square which is 51% owned by Boston Properties, 401,279 square feet at Market Square North which is 50% owned by Boston Properties and 539,229 square feet at 901 New York Avenue which is 25% owned by Boston Properties.

Boston Properties, Inc.

Fourth Quarter 2007


In-Service Property Listing
as of December 31, 2007
			Number of Buildings				Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
		Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Greater Boston
Office
	800 Boylston Street - The Prudential Center	CBD Boston MA	1	1,190,403	97.9	%	$	38.22	Y	CBD
	111 Huntington Avenue -The Prudential Center	CBD Boston MA	1	859,053	99.0	%		59.87	N	CBD
	101 Huntington Avenue - The Prudential Center	CBD Boston MA	1	505,939	100.0	%		37.13	Y	CBD
	The Shops at the Prudential Center	CBD Boston MA	1	502,430	97.5	%		70.50	Y (1)	CBD
	Shaws Supermarket at the Prudential Center	CBD Boston MA	1	57,235	100.0	%		52.56	N	CBD
	One Cambridge Center	East Cambridge MA	1	215,385	98.4	%		36.52	N	CBD
	Three Cambridge Center	East Cambridge MA	1	108,152	100.0	%		27.90	N	CBD
(2)	Four Cambridge Center	East Cambridge MA	1	198,295	94.6	%		39.49	N	CBD
(2)	Five Cambridge Center	East Cambridge MA	1	240,480	99.3	%		40.41	N	CBD
	Eight Cambridge Center	East Cambridge MA	1	177,226	100.0	%		35.58	Y	CBD
	Ten Cambridge Center	East Cambridge MA	1	152,664	100.0	%		40.31	Y	CBD
	Eleven Cambridge Center	East Cambridge MA	1	79,616	100.0	%		44.11	N	CBD
	University Place	Mid-Cambridge MA	1	195,282	100.0	%		37.65	Y	CBD
	Reservoir Place	Route 128 Mass Turnpike MA	1	527,001	87.6	%		28.81	Y	S
	Reservoir Place North	Route 128 Mass Turnpike MA	1	73,258	100.0	%		28.98	N	S
	140 Kendrick Street	Route 128 Mass Turnpike MA	3	380,987	100.0	%		28.97	Y	S
	230 CityPoint (formerly Prospect Place)	Route 128 Mass Turnpike MA	1	297,695	81.4	%		30.79	N	S
	Waltham Office Center	Route 128 Mass Turnpike MA	3	129,041	73.8	%		23.22	N	S
	195 West Street	Route 128 Mass Turnpike MA	1	63,500	100.0	%		55.43	N	S
	200 West Street	Route 128 Mass Turnpike MA	1	248,311	100.0	%		34.66	N	S
	Waltham Weston Corporate Center	Route 128 Mass Turnpike MA	1	306,789	98.1	%		35.03	N	S
	10 & 20 Burlington Mall Road	Route 128 Northwest MA	2	153,280	92.9	%		22.81	Y	S
	Bedford Business Park	Route 128 Northwest MA	1	92,207	28.9	%		22.52	Y	S
	32 Hartwell Avenue	Route 128 Northwest MA	1	69,154	100.0	%		30.95	N	S
	91 Hartwell Avenue	Route 128 Northwest MA	1	121,425	100.0	%		23.47	Y	S
	92 Hayden Avenue	Route 128 Northwest MA	1	31,100	100.0	%		24.65	N	S
	100 Hayden Avenue	Route 128 Northwest MA	1	55,924	0.0	%		—	N	S
	33 Hayden Avenue	Route 128 Northwest MA	1	80,128	100.0	%		30.74	N	S
	Lexington Office Park	Route 128 Northwest MA	2	166,689	99.5	%		24.86	N	S
	191 Spring Street	Route 128 Northwest MA	1	158,900	100.0	%		31.27	N	S
	181 Spring Street	Route 128 Northwest MA	1	55,793	100.0	%		33.18	N	S
	201 Spring Street	Route 128 Northwest MA	1	106,300	100.0	%		29.36	N	S
	40 Shattuck Road	Route 128 Northwest MA	1	120,000	95.6	%		27.21	N	S
	Quorum Office Park	Route 128 Northwest MA	2	259,918	100.0	%		23.52	N	S

			41	7,979,560	95.5	%	$	38.99

Office/Technical
	Seven Cambridge Center	East Cambridge MA	1	231,028	100.0	%		69.91	N	CBD
	Fourteen Cambridge Center	East Cambridge MA	1	67,362	100.0	%		24.53	N	CBD
(2)	103 Fourth Avenue	Route 128 Mass Turnpike MA	1	62,476	58.5	%		21.28	N	S
	Bedford Business Park	Route 128 Northwest MA	2	379,057	62.7	%		18.62	Y	S
	17 Hartwell Avenue	Route 128 Northwest MA	1	30,000	100.0	%		15.25	N	S
	164 Lexington Road	Route 128 Northwest MA	1	64,140	0.0	%		—	N	S

			7	834,063	72.3	%	$	38.93

		Total Greater Boston:	48	8,813,623	93.3	%	$	38.99

Boston Properties, Inc.

Fourth Quarter 2007


In-Service Property Listing (continued)
as of December 31, 2007
			Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
		Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Greater Washington, DC
Office
	Capital Gallery	Southwest Washington DC	1	617,662	94.1	%	$	42.25	N	CBD
	500 E Street, S. W.	Southwest Washington DC	1	248,336	100.0	%		43.50	N	CBD
	Metropolitan Square (51% ownership)	East End Washington DC	1	586,887	100.0	%		47.11	Y	CBD
	1301 New York Avenue	East End Washington DC	1	188,358	100.0	%		31.04	Y	CBD
	Market Square North (50% ownership)	East End Washington DC	1	401,279	100.0	%		54.16	Y	CBD
	901 New York Avenue (25% ownership)	CBD Washington DC	1	539,229	99.4	%		54.00	Y	CBD
	1333 New Hampshire Avenue	CBD Washington DC	1	315,371	100.0	%		46.54	N	CBD
	1330 Connecticut Avenue	CBD Washington DC	1	252,136	100.0	%		52.05	Y	CBD
	Sumner Square	CBD Washington DC	1	208,665	99.8	%		43.23	Y	CBD
	Montvale Center	Montgomery County MD	1	122,866	81.8	%		25.64	Y	S
	2600 Tower Oaks Boulevard	Montgomery County MD	1	178,887	100.0	%		39.92	N	S
(2)	Kingstowne One	Fairfax County VA	1	150,838	100.0	%		33.09	Y	S
(2)	Kingstowne Two	Fairfax County VA	1	156,251	98.2	%		32.27	Y	S
(2)	Kingstowne Retail	Fairfax County VA	1	88,288	94.3	%		29.22	Y	S
	One Freedom Square	Fairfax County VA	1	414,207	100.0	%		38.22	Y	S
	Two Freedom Square	Fairfax County VA	1	421,676	100.0	%		40.58	N	S
	One Reston Overlook	Fairfax County VA	1	312,685	100.0	%		27.37	N	S
	Two Reston Overlook	Fairfax County VA	1	134,615	100.0	%		29.50	N	S
	One and Two Discovery Square	Fairfax County VA	2	366,990	100.0	%		42.49	N	S
	New Dominion Technology Park - Building One	Fairfax County VA	1	235,201	100.0	%		32.09	Y	S
	New Dominion Technology Park - Building Two	Fairfax County VA	1	257,400	100.0	%		37.46	Y	S
	Reston Corporate Center	Fairfax County VA	2	261,046	100.0	%		32.01	Y	S
	12290 Sunrise Valley	Fairfax County VA	1	182,424	100.0	%		34.99	N	S
	12300 Sunrise Valley	Fairfax County VA	1	255,244	100.0	%		33.75	N	S
	12310 Sunrise Valley	Fairfax County VA	1	263,870	100.0	%		33.92	N	S

			27	7,160,411	99.0	%	$	40.76

Office/Technical
(2)	6601 Springfield Center Drive	Fairfax County VA	1	26,388	100.0	%		12.36	N	S
(2)	6605 Springfield Center Drive	Fairfax County VA	1	71,000	100.0	%		5.07	N	S
	7435 Boston Boulevard	Fairfax County VA	1	103,557	100.0	%		19.00	N	S
	7451 Boston Boulevard	Fairfax County VA	1	47,001	100.0	%		21.90	N	S
	7450 Boston Boulevard	Fairfax County VA	1	62,402	100.0	%		19.59	N	S
	7374 Boston Boulevard	Fairfax County VA	1	57,321	100.0	%		16.17	N	S
	8000 Grainger Court	Fairfax County VA	1	88,775	100.0	%		17.63	N	S
	7500 Boston Boulevard	Fairfax County VA	1	79,971	100.0	%		15.02	N	S
	7501 Boston Boulevard	Fairfax County VA	1	75,756	100.0	%		28.89	N	S
	7601 Boston Boulevard	Fairfax County VA	1	103,750	100.0	%		14.35	N	S
	7375 Boston Boulevard	Fairfax County VA	1	26,865	100.0	%		19.90	N	S
	8000 Corporate Court	Fairfax County VA	1	52,539	100.0	%		16.79	N	S
	7300 Boston Boulevard	Fairfax County VA	1	32,000	100.0	%		25.35	N	S

			13	827,325	100.0	%	$	17.53

		Total Greater Washington:	40	7,987,736	99.1	%	$	38.33

Boston Properties, Inc.

Fourth Quarter 2007


In-Service Property Listing (continued)
as of December 31, 2007
			Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
		Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Midtown Manhattan
Office
	599 Lexington Avenue	Park Avenue NY	1	1,028,137	97.6	%	$	73.56	Y	CBD
	Citigroup Center	Park Avenue NY	1	1,561,486	99.9	%		71.78	Y	CBD
	399 Park Avenue	Park Avenue NY	1	1,697,662	100.0	%		83.30	N	CBD
	Times Square Tower	Times Square NY	1	1,238,787	100.0	%		64.89	N	CBD

		Total Midtown Manhattan:	4	5,526,072	99.5	%	$	74.11

Princeton/East Brunswick, NJ
Office
	101 Carnegie Center	Princeton NJ	1	123,659	100.0	%	$	27.34	N	S
	104 Carnegie Center	Princeton NJ	1	102,827	91.0	%		33.10	N	S
	105 Carnegie Center	Princeton NJ	1	70,029	46.9	%		23.93	N	S
	201 Carnegie Center	Princeton NJ	—	6,500	100.0	%		28.39	N	S
	202 Carnegie Center	Princeton NJ	1	130,582	83.2	%		30.79	Y	S
	206 Carnegie Center	Princeton NJ	1	161,763	100.0	%		30.66	Y	S
	210 Carnegie Center	Princeton NJ	1	161,776	89.4	%		33.02	N	S
	211 Carnegie Center	Princeton NJ	1	47,025	100.0	%		30.59	N	S
	212 Carnegie Center	Princeton NJ	1	149,398	97.3	%		35.79	N	S
	214 Carnegie Center	Princeton NJ	1	150,774	78.0	%		31.36	Y	S
	302 Carnegie Center	Princeton NJ	1	64,726	85.4	%		35.68	N	S
	502 Carnegie Center	Princeton NJ	1	116,855	94.7	%		34.65	N	S
	504 Carnegie Center	Princeton NJ	1	121,990	100.0	%		32.81	N	S
	506 Carnegie Center	Princeton NJ	1	136,213	100.0	%		33.79	N	S
	508 Carnegie Center	Princeton NJ	1	132,653	81.5	%		36.18	N	S
	510 Carnegie Center	Princeton NJ	1	234,160	100.0	%		26.30	N	S
	One Tower Center	East Brunswick NJ	1	412,706	45.4	%		36.47	N	S

		Total Princeton/East Brunswick, NJ:	16	2,323,636	83.3	%	$	32.12

Greater San Francisco
Office
	Embarcadero Center One	CBD San Francisco CA	1	826,901	87.1	%	$	47.12	Y	CBD
	Embarcadero Center Two	CBD San Francisco CA	1	778,737	82.0	%		48.67	Y	CBD
	Embarcadero Center Three	CBD San Francisco CA	1	768,124	93.2	%		41.46	N	CBD
	Embarcadero Center Four	CBD San Francisco CA	1	936,477	93.5	%		60.47	N	CBD
	611 Gateway	South San Francisco CA	1	256,302	100.0	%		33.32	N	S
	601 and 651 Gateway	South San Francisco CA	2	506,028	99.0	%		29.45	N	S
(2)	North First Business Park	San Jose, CA	5	190,636	66.3	%		22.37	N	S
	303 Almaden	San Jose, CA	1	157,537	93.3	%	$	31.94	N	CBD
	3200 Zanker Road	San Jose, CA	4	543,900	100.0	%	$	14.10	N	S

		Total Greater San Francisco:	17	4,964,642	91.1	%	$	41.05

		Total In-Service Properties:	125	29,615,709	94.9	%	$	45.57

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

(2)	Not included in Same Property analysis.

Boston Properties, Inc.

Fourth Quarter 2007

TOP 20 TENANTS LISTING AND PORTFOLIO TENANT DIVERSIFICATION


*TOP 20 TENANTS BY SQUARE FEET LEASED*

	Tenant	Sq. Ft.		% of Portfolio
1	US Government	1,657,173	(1)	5.60	%
2	Lockheed Martin	1,292,429		4.37	%
3	Citibank NA	1,061,701		3.59	%
4	Genentech	553,799		1.87	%
5	Gillette	484,051		1.63	%
6	Kirkland & Ellis	473,161	(2)	1.60	%
7	Shearman & Sterling	472,808		1.60	%
8	Lehman Brothers	436,723		1.48	%
9	Parametric Technology	380,987		1.29	%
10	Accenture	378,867		1.28	%
11	Finnegan Henderson Farabow	349,146	(3)	1.18	%
12	Ann Taylor	338,942		1.14	%
13	Washington Group International	332,815		1.12	%
14	O’Melveny & Myers	332,467		1.12	%
15	Northrop Grumman	327,677		1.11	%
16	Biogen Idec	317,904		1.07	%
17	MIT	301,591		1.02	%
18	Bingham McCutchen	291,415		0.98	%
19	Akin Gump Strauss Hauer & Feld	290,132		0.98	%
20	Bain Capital	270,789		0.91	%

	Total % of Portfolio Square Feet			34.94	%
	Total % of Portfolio Revenue			37.73	%


*Notable Signed Deals* (4)

	Tenant	Property		Sq. Ft.
	Ropes & Gray LLP	Prudential Tower	(4)	413,000
	Akamai Technology	Four & Eight Cambridge Center	(5)	230,678
	O’Melveney & Meyers	Embarcadero Center Two	(5)	185,909
	Gibson and Dunn	250 W 55th Street	(5)	221,510

(1)	Includes 96,666 square feet of space in properties in which Boston Properties has a 51% and 50% interest.

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

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

(4)	The space is currently occupied by Gillette.

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

TENANT DIVERSIFICATION (GROSS RENT) *

LOGO

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

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE OFFICE PROPERTIES


*Lease Expirations*

Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases		Current Annualized Revenues Under Expiring Leases			Current Annualized Revenues Under Expiring Leases p.s.f.			Annualized Revenues Under Expiring Leases with future step-ups			Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.			Percentage of Total Square Feet
2008	1,386,694		$	55,838,385		$	40.27		$	56,556,388		$	40.79		5.21	%
2009	2,148,937			82,510,728			38.40			84,184,835			39.18		8.07	%
2010	2,458,669			90,003,094			36.61			93,166,268			37.89		9.24	%
2011	2,791,913			124,287,022			44.52			128,660,133			46.08		10.49	%
2012	2,439,912			105,767,240			43.35			110,563,587			45.31		9.17	%
2013	767,250			30,861,130			40.22			36,804,914			47.97		2.88	%
2014	2,140,966			77,961,919			36.41			84,969,591			39.69		8.04	%
2015	1,352,701			53,205,843			39.33			60,752,956			44.91		5.08	%
2016	2,337,673			132,803,812			56.81			144,945,449			62.00		8.78	%
2017	2,440,229			152,164,908			62.36			166,377,481			68.18		9.17	%
Thereafter	4,839,346			247,678,811			51.18			303,769,429			62.77		18.18	%


Occupancy By Location*

	CBD					Suburban						Total
Location	31-Dec-07		31-Dec-06			31-Dec-07			31-Dec-06			31-Dec-07			31-Dec-06
Midtown Manhattan	99.5	%		99.9	%		n/a			n/a			99.5	%	99.9	%
Greater Boston	98.6	%		93.2	%		91.5	%		90.7	%		95.5	%	92.1	%
Greater Washington	98.8	%		98.4	%		99.2	%		97.2	%		99.0	%	97.7	%
Greater San Francisco	89.3	%		87.7	%		95.4	%		96.9	%		91.1	%	90.2	%
Princeton/East Brunswick, NJ	n/a			n/a			83.3	%		87.9	%		83.3	%	87.9	%

Total Portfolio	97.0	%		95.6	%		92.9	%		93.3	%		95.4	%	94.7	%

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

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE OFFICE/TECHNICAL PROPERTIES


*Lease Expirations*

Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases		Current Annualized Revenues Under Expiring Leases			Current Annualized Revenues Under Expiring Leases p.s.f.			Annualized Revenues Under Expiring Leases with future step-ups			Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.			Percentage of Total Square Feet
2008	184,079		$	2,563,770		$	13.93		$	2,398,166		$	13.03		11.08	%
2009	69,581			1,480,674			21.28			1,506,287			21.65		4.19	%
2010	183,376			3,100,099			16.91			3,284,809			17.91		11.04	%
2011	57,321			926,736			16.17			926,736			16.17		3.45	%
2012	132,820			2,888,917			21.75			2,911,635			21.92		7.99	%
2013	—			—			—			—			—		0.00	%
2014	247,668			4,147,699			16.75			4,520,271			18.25		14.91	%
2015	—			—			—			—			—		0.00	%
2016	225,532			15,852,635			70.29			16,152,592			71.62		13.57	%
2017	75,756			2,188,701			28.89			2,188,701			28.89		4.56	%
Thereafter	237,776			3,478,425			14.63			3,797,313			15.97		14.31	%


*Occupancy By Location*

	CBD					Suburban						Total
Location	31-Dec-07		31-Dec-06			31-Dec-07			31-Dec-06			31-Dec-07			31-Dec-06
Midtown Manhattan	n/a			n/a			n/a			n/a			n/a		n/a
Greater Boston	100.0	%		100.0	%		56.8	%		46.9	%		72.3	%	67.3	%
Greater Washington	n/a			n/a			100.0	%		100.0	%		100.0	%	100.0	%
Greater San Francisco	n/a			n/a			n/a			n/a			n/a		n/a
Princeton/East Brunswick, NJ	n/a			n/a			n/a			n/a			n/a		n/a

Total Portfolio	100.0	%		100.0	%		83.0	%		81.0	%		86.1	%	84.5	%

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE RETAIL PROPERTIES


*Lease Expirations*

Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.			Annualized Revenues Under Expiring Leases with future step - ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.			Percentage of Total Square Feet
2008	68,118	$	4,631,475	$	67.99	(1)	$	4,472,067	$	65.65	(1)	5.08	%
2009	67,307		4,669,030		69.37	(2)		4,434,574		65.89	(2)	5.02	%
2010	92,189		3,449,640		37.42			3,521,399		38.20		6.88	%
2011	64,856		4,445,884		68.55			4,705,818		72.56		4.84	%
2012	117,463		6,438,637		54.81			6,764,801		57.59		8.76	%
2013	55,636		4,726,592		84.96			4,995,190		89.78		4.15	%
2014	49,237		4,518,191		91.76			4,967,179		100.88		3.67	%
2015	99,278		8,763,069		88.27			9,231,898		92.99		7.40	%
2016	94,387		6,493,760		68.80			7,203,191		76.32		7.04	%
2017	118,143		8,121,069		68.74			8,253,464		69.86		8.81	%
Thereafter	514,198		24,817,156		48.26			30,481,870		59.28		38.35	%

(1)	Excluding kiosks with one square foot at the Prudential Center, current and future expiring rents would be $48.89 and $48.93 in 2008.

(2)	Excluding kiosks with one square foot at the Prudential Center, current and future expiring rents would be $56.27 and $56.44 in 2009.

Boston Properties, Inc.

Fourth Quarter 2007

GRAND TOTAL OF ALL

IN-SERVICE PROPERTIES


*Lease Expirations*

Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.		Annualized Revenues Under Expiring Leases with future step-ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.		Percentage of Total Square Feet
2008	1,638,891	$	63,033,630	$	38.46	$	63,426,621	$	38.70	5.5	%
2009	2,285,825		88,660,432		38.79		90,125,697		39.43	7.7	%
2010	2,734,234		96,552,833		35.31		99,972,476		36.56	9.2	%
2011	2,914,090		129,659,642		44.49		134,292,687		46.08	9.8	%
2012	2,690,195		115,094,794		42.78		120,240,023		44.70	9.1	%
2013	822,886		35,587,722		43.25		41,800,104		50.80	2.8	%
2014	2,437,871		86,627,809		35.53		94,457,041		38.75	8.2	%
2015	1,451,979		61,968,912		42.68		69,984,854		48.20	4.9	%
2016	2,657,592		155,150,207		58.38		168,301,232		63.33	9.0	%
2017	2,634,128		162,474,678		61.68		176,819,646		67.13	8.9	%
Thereafter	5,591,320		275,974,392		49.36		338,048,611		60.46	18.9	%


*Occupancy By Location*

	CBD				Suburban				Total
Location	31-Dec-07		31-Dec-06		31-Dec-07		31-Dec-06		31-Dec-07		31-Dec-06
Midtown Manhattan	99.5	%	99.9	%	n/a		n/a		99.5	%	99.9	%
Greater Boston	98.7	%	93.6	%	86.9	%	85.7	%	93.3	%	89.9	%
Greater Washington	98.8	%	98.4	%	99.3	%	97.7	%	99.1	%	98.0	%
Greater San Francisco	89.3	%	87.7	%	95.4	%	96.9	%	91.1	%	90.2	%
Princeton/East Brunswick, NJ	n/a		n/a		83.3	%	87.9	%	83.3	%	87.9	%

Total Portfolio	97.1	%	95.7	%	91.8	%	92.0	%	94.9	%	94.2	%

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE GREATER BOSTON PROPERTIES


*Lease Expirations—Greater Boston*

	OFFICE										OFFICE/TECHNICAL

Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	672,566	$	21,169,376	$	31.48	$	21,847,282	$	32.48		—	$	—	$	—	$	—	$	—
2009	847,092		28,669,034		33.84		29,819,992		35.20		—		—		—		—		—
2010	539,584		16,752,291		31.05		17,433,387		32.31		36,528		777,309		21.28		905,157		24.78
2011	1,227,702		52,599,655		42.84		54,492,417		44.39		—		—		—		—		—
2012	1,110,414		42,306,165		38.10		43,975,837		39.60		67,362		1,652,582		24.53		1,652,582		24.53
2013	289,756		11,527,702		39.78		12,946,899		44.68		—		—		—		—		—
2014	573,540		23,000,107		40.10		24,158,858		42.12		30,000		457,500		15.25		457,500		15.25
2015	246,454		9,338,395		37.89		10,208,721		41.42		—		—		—		—		—
2016	215,172		6,781,468		31.52		7,328,996		34.06		225,532		15,852,635		70.29		16,152,592		71.62
2017	194,775		6,131,185		31.48		7,348,572		37.73		—		—		—		—		—
Thereafter	895,489		35,119,027		39.22		42,434,269		47.39		237,776		3,478,425		14.63		3,797,313		15.97

	Retail										Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	242	$	1,296,807	$	5,358.71	$	1,132,503	$	4,679.76	(1)	672,808	$	22,466,183	$	33.39	$	22,979,785	$	34.16
2009	13,935		2,442,842		175.30		2,196,650		157.64	(2)	861,027		31,111,876		36.13		32,016,642		37.18
2010	43,554		1,098,326		25.22		1,106,898		25.41		619,666		18,627,925		30.06		19,445,442		31.38
2011	12,048		1,229,256		102.03		1,385,706		115.02		1,239,750		53,828,910		43.42		55,878,123		45.07
2012	63,676		2,697,991		42.37		2,719,976		42.72		1,241,452		46,656,738		37.58		48,348,395		38.95
2013	28,459		3,216,413		113.02		3,316,575		116.54		318,215		14,744,115		46.33		16,263,474		51.11
2014	19,902		2,224,480		111.77		2,369,115		119.04		623,442		25,682,087		41.19		26,985,473		43.28
2015	43,651		6,139,518		140.65		6,342,159		145.29		290,105		15,477,913		53.35		16,550,881		57.05
2016	14,617		1,645,616		112.58		1,782,354		121.94		455,321		24,279,718		53.32		25,263,942		55.49
2017	57,809		4,570,780		79.07		4,375,304		75.69		252,584		10,701,965		42.37		11,723,875		46.42
Thereafter	364,685		13,585,207		37.25		15,380,319		42.17		1,497,950		52,182,659		34.84		61,611,902		41.13

(1)	Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $51.44 and $51.44 in 2008.

(2)	Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $112.08 and $112.08 in 2009.

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE GREATER BOSTON PROPERTIES


*Quarterly Lease Expirations—Greater Boston*

	OFFICE										OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	160,969	$	4,712,270	$	29.27	$	4,712,270	$	29.27		—	$	—	$	—	$	—	$	—
Q2 2008	233,279		7,455,632		31.96		7,455,632		31.96		—		—		—		—		—
Q3 2008	171,269		5,034,960		29.40		5,701,961		33.29		—		—		—		—		—
Q4 2008	107,049		3,966,515		37.05		3,977,420		37.16		—		—		—		—		—

Total 2008	672,566	$	21,169,376	$	31.48	$	21,847,282	$	32.48		—		—		—		—		—


Q1 2009	61,120	$	1,884,389	$	30.83	$	1,911,814	$	31.28		—	$	—	$	—	$	—	$	—
Q2 2009	240,020		7,699,056		32.08		8,131,160		33.88		—		—		—		—		—
Q3 2009	211,437		6,437,227		30.45		6,538,583		30.92		—		—		—		—		—
Q4 2009	334,515		12,648,362		37.81		13,238,434		39.58		—		—		—		—		—

Total 2009	847,092	$	28,669,034	$	33.84	$	29,819,992	$	35.20		—		—		—		—		—


	Retail										Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	1	$	96,000	$	96,000.00	$	96,000	$	96,000.00		160,970	$	4,808,270	$	29.87	$	4,808,270	$	29.87
Q2 2008	5		360,996		72,199.20		283,788		56,757.60		233,284		7,816,628		33.51		7,739,420		33.18
Q3 2008	7		512,000		73,142.85		422,900		60,414.27		171,276		5,546,960		32.39		6,124,861		35.76
Q4 2008	229		327,811		1,431.49		329,815		1,440.24		107,278		4,294,326		40.03		4,307,235		40.15

Total 2008	242		1,296,807	$	5,358.71	$	1,132,503	$	4,679.76	(1)	672,808	$	22,466,183	$	33.39	$	22,979,785	$	34.16


Q1 2009	10,739	$	1,665,424.68	$	155.08		1,524,425	$	141.95		71,859	$	3,549,814	$	49.40	$	3,436,239	$	47.82
Q2 2009	4		241,404		60,351.00		157,404		39,351.00		240,024		7,940,460		33.08		8,288,564		34.53
Q3 2009	2,969		424,017		142.81		398,817		134.33		214,406		6,861,244		32.00		6,937,401		32.36
Q4 2009	223		111,996		502.22		116,004		520.20		334,738		12,760,358		38.12		13,354,438		39.90

Total 2009	13,935	$	2,442,842	$	175.30	$	2,196,650	$	157.64	(2)	861,027	$	31,111,876	$	36.13	$	32,016,642	$	37.18

(1)	Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $51.44 and $51.44 in 2008.

(2)	Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $112.08 and $112.08 in 2008.

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE GREATER WASHINGTON PROPERTIES


*Lease Expirations—Greater Washington*

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	92,506	$	3,576,062	$	38.66	$	3,585,159	$	38.76	184,079	$	2,563,770	$	13.93	$	2,398,166	$	13.03
2009	742,568		27,278,376		36.74		27,614,409		37.19	69,581		1,480,674		21.28		1,506,287		21.65
2010	779,903		32,577,182		41.77		33,765,233		43.29	146,848		2,322,790		15.82		2,379,652		16.20
2011	765,820		28,149,692		36.76		30,180,907		39.41	57,321		926,736		16.17		926,736		16.17
2012	863,944		34,127,736		39.50		36,309,755		42.03	65,458		1,236,335		18.89		1,259,053		19.23
2013	91,685		2,955,803		32.24		3,231,862		35.25	—		—		—		—		—
2014	447,657		16,434,769		36.71		18,857,342		42.12	217,668		3,690,199		16.95		4,062,771		18.66
2015	549,711		23,720,577		43.15		27,591,620		50.19	—		—		—		—		—
2016	187,575		6,438,155		34.32		8,130,999		43.35	—		—		—		—		—
2017	780,129		39,321,223		50.40		44,337,184		56.83	75,756		2,188,701		28.89		2,188,701		28.89
Thereafter	1,509,507		64,795,544		42.92		82,257,990		54.49	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	18,152	$	819,587	$	45.15	$	819,587	$	45.15	294,737	$	6,959,418	$	23.61	$	6,802,912	$	23.08
2009	22,687		802,837		35.39		813,595		35.86	834,836		29,561,886		35.41		29,934,291		35.86
2010	13,587		608,922		44.82		638,822		47.02	940,338		35,508,895		37.76		36,783,707		39.12
2011	18,533		855,614		46.17		872,954		47.10	841,674		29,932,041		35.56		31,980,596		38.00
2012	12,736		510,864		40.11		544,463		42.75	942,138		35,874,935		38.08		38,113,271		40.45
2013	13,377		663,389		49.59		750,243		56.08	105,062		3,619,191		34.45		3,982,105		37.90
2014	9,602		454,885		47.37		511,245		53.24	674,927		20,579,853		30.49		23,431,357		34.72
2015	24,704		1,077,270		43.61		1,176,113		47.61	574,415		24,797,847		43.17		28,767,732		50.08
2016	20,512		1,000,046		48.75		1,125,978		54.89	208,087		7,438,201		35.75		9,256,976		44.49
2017	21,596		824,101		38.16		929,048		43.02	877,481		42,334,026		48.24		47,454,933		54.08
Thereafter	86,575		2,460,519		28.42		3,415,523		39.45	1,596,082		67,256,063		42.14		85,673,513		53.68

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE GREATER WASHINGTON PROPERTIES


*Quarterly Lease Expirations—Greater Washington*

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	7,950	$	291,371	$	36.65	$	291,371	$	36.65	87,251	$	800,909	$	9.18	$	620,909	$	7.12
Q2 2008	54,321		2,123,621		39.09		2,123,621		39.09	23,439		407,287		17.38		407,287		17.38
Q3 2008	11,908		537,674		45.15		537,674		45.15	26,388		326,280		12.36		326,280		12.36
Q4 2008	18,327		623,396		34.02		632,493		34.51	47,001		1,029,294		21.90		1,043,690		22.21

Total 2008	92,506	$	3,576,062	$	38.66	$	3,585,159	$	38.76	184,079	$	2,563,770	$	13.93	$	2,398,166	$	13.03


Q1 2009	220,462	$	7,046,849	$	31.96	$	7,070,483	$	32.07	25,829	$	628,488	$	24.33	$	631,761	$	24.46
Q2 2009	58,592		2,336,777		39.88		2,402,735		41.01	—		—		—		—		—
Q3 2009	45,329		1,814,077		40.02		1,868,314		41.22	33,400		620,364		18.57		635,917		19.04
Q4 2009	418,185		16,080,673		38.45		16,272,877		38.91	10,352		231,822		22.39		238,609		23.05

Total 2009	742,568	$	27,278,376	$	36.74	$	27,614,409	$	37.19	69,581	$	1,480,674	$	21.28	$	1,506,287	$	21.65


	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—	95,201	$	1,092,279	$	11.47	$	912,279	$	9.58
Q2 2008	—		—		—		—		—	77,760		2,530,908		32.55		2,530,908		32.55
Q3 2008	18,152		819,587		45.15		819,587		45.15	56,448		1,683,541		29.82		1,683,541		29.82
Q4 2008	—		—		—		—		—	65,328		1,652,690		25.30		1,676,183		25.66

Total 2008	18,152	$	819,587	$	45.15		819,587	$	45.15	294,737	$	6,959,418	$	23.61		6,802,912	$	23.08


Q1 2009	—	$	—	$	—	$	—	$	—	246,291	$	7,675,337	$	31.16	$	7,702,244	$	31.27
Q2 2009	—		—		—		—		—	58,592		2,336,777		39.88		2,402,735		41.01
Q3 2009	22,679		802,797		35.40		813,555		35.87	101,408		3,237,237		31.92		3,317,786		32.72
Q4 2009	8		40		5.00		40		5.00	428,545		16,312,535		38.06		16,511,526		38.53

Total 2009	22,687	$	802,837	$	35.39	$	813,595	$	35.86	834,836	$	29,561,886	$	35.41	$	29,934,291	$	35.86

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE GREATER SAN FRANCISCO PROPERTIES


*Lease Expirations—Greater San Francisco*

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	309,117	$	11,952,304	$	38.67	$	11,983,303	$	38.77	—	$	—	$	—	$	—	$	—
2009	200,200		8,762,166		43.77		8,842,983		44.17	—		—		—		—		—
2010	747,633		17,464,087		23.36		18,439,362		24.66	—		—		—		—		—
2011	292,797		22,434,095		76.62		22,882,638		78.15	—		—		—		—		—
2012	252,194		12,768,013		50.63		13,211,968		52.39	—		—		—		—		—
2013	161,559		6,969,030		43.14		7,602,316		47.06	—		—		—		—		—
2014	471,350		18,234,681		38.69		19,792,160		41.99	—		—		—		—		—
2015	336,522		11,501,797		34.18		13,385,868		39.78	—		—		—		—		—
2016	918,389		35,928,181		39.12		38,938,552		42.40	—		—		—		—		—
2017	171,279		7,864,094		45.91		8,520,693		49.75	—		—		—		—		—
Thereafter	383,334		18,433,264		48.09		20,970,489		54.71	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	39,616	$	1,771,467	$	44.72	$	1,776,363	$	44.84	348,733	$	13,723,770	$	39.35	$	13,759,666	$	39.46
2009	30,685		1,423,352		46.39		1,424,329		46.42	230,885		10,185,518		44.12		10,267,312		44.47
2010	35,048		1,742,393		49.71		1,775,679		50.66	782,681		19,206,479		24.54		20,215,041		25.83
2011	19,725		877,653		44.49		901,518		45.70	312,522		23,311,748		74.59		23,784,156		76.10
2012	35,001		2,481,795		70.91		2,624,287		74.98	287,195		15,249,808		53.10		15,836,256		55.14
2013	13,800		846,790		61.36		928,372		67.27	175,359		7,815,820		44.57		8,530,688		48.65
2014	8,365		571,366		68.30		611,616		73.12	479,715		18,806,047		39.20		20,403,776		42.53
2015	30,923		1,546,281		50.00		1,713,626		55.42	367,445		13,048,078		35.51		15,099,494		41.09
2016	7,887		449,718		57.02		498,072		63.15	926,276		36,377,899		39.27		39,436,624		42.58
2017	12,053		535,773		44.45		594,274		49.31	183,332		8,399,867		45.82		9,114,967		49.72
Thereafter	13,331		594,431		44.59		673,902		50.55	396,665		19,027,695		47.97		21,644,390		54.57

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE GREATER SAN FRANCISCO PROPERTIES


*Quarterly Lease Expirations—Greater San Francisco*

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	172,362	$	7,544,901	$	43.77	$	7,544,901	$	43.77	—	$	—	$	—	$	—	$	—
Q2 2008	22,181		901,381		40.64		901,381		40.64	—		—		—		—		—
Q3 2008	50,721		1,815,484		35.79		1,818,555		35.85	—		—		—		—		—
Q4 2008	63,853		1,690,537		26.48		1,718,465		26.91	—		—		—		—		—

Total 2008	309,117	$	11,952,304	$	38.67	$	11,983,303	$	38.77	—		—		—		—		—


Q1 2009	16,177	$	528,626	$	32.68	$	537,201	$	33.21	—	$	—	$	—	$	—	$	—
Q2 2009	15,268		451,293		29.56		459,924		30.12	—		—		—		—		—
Q3 2009	72,400		2,726,887		37.66		2,787,505		38.50	—		—		—		—		—
Q4 2009	96,355		5,055,360		52.47		5,058,353		52.50	—		—		—		—		—

Total 2009	200,200	$	8,762,166	$	43.77	$	8,842,983	$	44.17	—		—		—		—		—


	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	10,225	$	324,026	$	31.69	$	324,026	$	31.69	182,587	$	7,868,927	$	43.10	$	7,868,927	$	43.10
Q2 2008	1,242		131,572		105.94		131,572		105.94	23,423		1,032,954		44.10		1,032,954		44.10
Q3 2008	13,657		759,775		55.63		759,775		55.63	64,378		2,575,258		40.00		2,578,330		40.05
Q4 2008	14,492		556,094		38.37		560,990		38.71	78,345		2,246,631		28.68		2,279,455		29.10

Total 2008	39,616	$	1,771,467	$	44.72	$	1,776,363	$	44.84	348,733	$	13,723,770	$	39.35	$	13,759,666	$	39.46


Q1 2009	20,994	$	740,584	$	35.28	$	740,584	$	35.28	37,171	$	1,269,210	$	34.15	$	1,277,784		34.38
Q2 2009	1,717		178,546		103.99		179,523		104.56	16,985		629,839		37.08		639,447		37.65
Q3 2009	—		—		—		—		—	72,400		2,726,887		37.66		2,787,505		38.50
Q4 2009	7,974		504,222		63.23		504,222		63.23	104,329		5,559,582		53.29		5,562,576		53.32

Total 2009	30,685		1,423,352		46.39		1,424,329		46.42	230,885	$	10,185,518	$	44.12	$	10,267,312	$	44.47

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE MIDTOWN MANHATTAN PROPERTIES


*Lease Expirations—Midtown Manhattan*

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	251,901	$	16,915,753	$	67.15	$	16,915,753	$	67.15	—	$	—	$	—	$	—	$	—
2009	138,519		9,886,228		71.37		9,944,221		71.79	—		—		—		—		—
2010	256,544		18,407,179		71.75		18,681,188		72.82	—		—		—		—		—
2011	92,271		6,571,417		71.22		6,869,298		74.45	—		—		—		—		—
2012	164,112		14,961,639		91.17		15,419,348		93.96	—		—		—		—		—
2013	56,636		4,074,278		71.94		7,264,802		128.27	—		—		—		—		—
2014	18,148		1,478,275		81.46		1,650,470		90.95	—		—		—		—		—
2015	65,862		4,288,686		65.12		4,606,491		69.94	—		—		—		—		—
2016	1,016,537		83,656,009		82.30		90,546,903		89.07	—		—		—		—		—
2017	1,213,200		95,907,393		79.05		103,205,647		85.07	—		—		—		—		—
Thereafter	2,051,016		129,330,976		63.06		158,106,681		77.09	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	10,108	$	743,614	$	73.57	$	743,614	$	73.57	262,009	$	17,659,368	$	67.40	$	17,659,368	$	67.40
2009	—		—		—		—		—	138,519		9,886,228		71.37		9,944,221		71.79
2010	—		—		—		—		—	256,544		18,407,179		71.75		18,681,188		72.82
2011	14,550		1,483,362		101.95		1,545,641		106.23	106,821		8,054,780		75.40		8,414,938		78.78
2012	6,050		747,988		123.63		876,075		144.81	170,162		15,709,627		92.32		16,295,423		95.76
2013	—		—		—		—		—	56,636		4,074,278		71.94		7,264,802		128.27
2014	11,368		1,267,459		111.49		1,475,203		129.77	29,516		2,745,734		93.03		3,125,673		105.90
2015	—		—		—		—		—	65,862		4,288,686		65.12		4,606,491		69.94
2016	51,371		3,398,380		66.15		3,796,787		73.91	1,067,908		87,054,389		81.52		94,343,690		88.34
2017	26,685		2,190,416		82.08		2,354,838		88.25	1,239,885		98,097,808		79.12		105,560,485		85.14
Thereafter	49,607		8,176,999		164.84		11,012,126		221.99	2,100,623		137,507,975		65.46		169,118,807		80.51

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE MIDTOWN MANHATTAN PROPERTIES


*Quarterly Lease Expirations—Midtown Manhattan*

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	9,481		596,403		62.91		596,403		62.91	—		—		—		—		—
Q3 2008	64,310		4,455,054		69.27		4,455,054		69.27	—		—		—		—		—
Q4 2008	178,110		11,864,296		66.61		11,864,296		66.61	—		—		—		—		—

Total 2008	251,901	$	16,915,753	$	67.15	$	16,915,753	$	67.15	—	$	—	$	—	$	—	$	—


Q1 2009	2,109	$	123,022	$	58.33	$	123,022	$	58.33	—	$	—	$	—		—	$	—
Q2 2009	58,543		4,491,681		76.72		4,534,252		77.45	—		—		—		—		—
Q3 2009	65,827		4,507,738		68.48		4,513,034		68.56	—		—		—		—		—
Q4 2009	12,040		763,786		63.44		773,913		64.28	—		—		—		—		—

Total 2009	138,519	$	9,886,228	$	71.37	$	9,944,221	$	71.79	—	$	—	$	—	$	—	$	—


	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	7,768	$	600,000	$	77.24	$	600,000	$	77.24	7,768	$	600,000	$	77.24	$	600,000	$	77.24
Q2 2008	350		26,444		75.55		26,444		75.55	9,831		622,847		63.36		622,847		63.36
Q3 2008	—		—		—		—		—	64,310		4,455,054		69.27		4,455,054		69.27
Q4 2008	1,990		117,170		58.88		117,170		58.88	180,100		11,981,467		66.53		11,981,467		66.53

Total 2008	10,108	$	743,614	$	73.57	$	743,614	$	73.57	262,009	$	17,659,368	$	67.40	$	17,659,368	$	67.40


Q1 2009	—	$	—	$	—		—	$	—	2,109	$	123,022	$	58.33		123,022	$	58.33
Q2 2009	—		—		—		—		—	58,543		4,491,681		76.72		4,534,252		77.45
Q3 2009	—		—		—		—		—	65,827		4,507,738		68.48		4,513,034		68.56
Q4 2009	—		—		—		—		—	12,040		763,786		63.44		773,913		64.28

Total 2009	—	$	—	$	—	$	—	$	—	138,519	$	9,886,228	$	71.37	$	9,944,221	$	71.79

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES


*Lease Expirations—Princeton/East Brunswick*

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	60,604	$	2,224,890	$	36.71	$	2,224,890	$	36.71	—	$	—	$	—	$	—	$	—
2009	220,558		7,914,924		35.89		7,963,230		36.10	—		—		—		—		—
2010	135,005		4,802,355		35.57		4,847,098		35.90	—		—		—		—		—
2011	413,323		14,532,163		35.16		14,234,874		34.44	—		—		—		—		—
2012	49,248		1,603,686		32.56		1,646,678		33.44	—		—		—		—		—
2013	167,614		5,334,317		31.83		5,759,034		34.36	—		—		—		—		—
2014	630,271		18,814,087		29.85		20,510,762		32.54	—		—		—		—		—
2015	154,152		4,356,388		28.26		4,960,256		32.18	—		—		—		—		—
2016	—		—		—		—		—	—		—		—		—		—
2017	80,846		2,941,013		36.38		2,965,385		36.68	—		—		—		—		—
Thereafter	—		—		—		—		—	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	—	$	—	$	—	$	—	$	—	60,604	$	2,224,890	$	36.71	$	2,224,890	$	36.71
2009	—		—		—		—		—	220,558		7,914,924		35.89		7,963,230		36.10
2010	—		—		—		—		—	135,005		4,802,355		35.57		4,847,098		35.90
2011	—		—		—		—		—	413,323		14,532,163		35.16		14,234,874		34.44
2012	—		—		—		—		—	49,248		1,603,686		32.56		1,646,678		33.44
2013	—		—		—		—		—	167,614		5,334,317		31.83		5,759,034		34.36
2014	—		—		—		—		—	630,271		18,814,087		29.85		20,510,762		32.54
2015	—		—		—		—		—	154,152		4,356,388		28.26		4,960,256		32.18
2016	—		—		—		—		—	—		—		—		—		—
2017	—		—		—		—		—	80,846		2,941,013		36.38		2,965,385		36.68
Thereafter	—		—		—		—		—	—		—		—		—		—

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES


*Quarterly Lease Expirations—Princeton/East Brunswick*

	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	33,507	$	1,454,648	$	43.41	$	1,454,648	$	43.41	—	$	—	$	—	$	—	$	—
Q2 2008	10,853		240,571		22.17		240,571		22.17	—		—		—		—		—
Q3 2008	—		—		—		—		—	—		—		—		—		—
Q4 2008	16,244		529,672		32.61		529,672		32.61	—		—		—		—		—

Total 2008	60,604	$	2,224,890	$	36.71	$	2,224,890	$	36.71	—	$	—	$	—	$	—	$	—


Q1 2009	79,649	$	3,076,285	$	38.62	$	3,076,285	$	38.62	—	$	—	$	—	$	—	$	—
Q2 2009	11,085		336,248		30.33		340,833		30.75	—		—		—		—		—
Q3 2009	24,797		858,292		34.61		882,763		35.60	—		—		—		—		—
Q4 2009	105,027		3,644,099		34.70		3,663,349		34.88	—		—		—		—		—

Total 2009	220,558	$	7,914,924	$	35.89	$	7,963,230	$	36.10	—	$	—	$	—	$	—	$	—


	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot

Q1 2008	—	$	—	$	—	$	—	$	—	33,507	$	1,454,648	$	43.41	$	1,454,648	$	43.41
Q2 2008	—		—		—		—		—	10,853		240,571		22.17		240,571		22.17
Q3 2008	—		—		—		—		—	—		—		—		—		—
Q4 2008	—		—		—		—		—	16,244		529,672		32.61		529,672		32.61

Total 2008	—	$	—	$	—	$	—	$	—	60,604	$	2,224,890	$	36.71	$	2,224,890	$	36.71


Q1 2009	—	$	—	$	—	$	—	$	—	79,649	$	3,076,285	$	38.62	$	3,076,285	$	38.62
Q2 2009	—		—		—		—		—	11,085		336,248		30.33		340,833		30.75
Q3 2009	—		—		—		—		—	24,797		858,292		34.61		882,763		35.60
Q4 2009	—		—		—		—		—	105,027		3,644,099		34.70		3,663,349		34.88

Total 2009	—	$	—	$	—	$	—	$	—	220,558	$	7,914,924	$	35.89	$	7,963,230	$	36.10

Boston Properties, Inc.

Fourth Quarter 2007


*CBD PROPERTIES*
*Lease Expirations*

	Greater Boston											Greater Washington
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot			Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	184,798	$	7,872,968	$	42.60	(1)	$	8,375,665	$	45.32	(1)	39,423	$	1,805,680	$	45.80	$	1,810,533	$	45.93
2009	335,013		14,775,584		44.10			15,113,077		45.11		405,246		15,805,992	$	39.00		16,062,377		39.64
2010	175,892		6,520,439		37.07			6,581,157		37.42		350,116		17,103,214	$	48.85		17,890,006		51.10
2011	782,849		41,655,667		53.21			43,434,841		55.48		140,677		7,406,378	$	52.65		7,776,276		55.28
2012	531,889		25,364,258		47.69			25,783,384		48.48		160,015		6,697,997	$	41.86		6,790,610		42.44
2013	227,524		12,493,603		54.91			13,639,848		59.95		7,265		341,946	$	47.07		387,723		53.37
2014	497,674		22,455,237		45.12			23,472,862		47.17		54,268		2,527,705	$	46.58		2,884,924		53.16
2015	275,473		15,145,777		54.98			16,218,744		58.88		337,833		17,638,805	$	52.21		20,227,789		59.88
2016	296,421		19,311,445		65.15			20,000,668		67.47		57,782		2,576,497	$	44.59		3,085,914		53.41
2017	107,028		6,624,056		61.89			6,674,992		62.37		728,497		37,102,016	$	50.93		41,370,761		56.79
Thereafter	1,196,674		45,184,265		37.76			54,897,870		45.88		1,029,245		47,899,565	$	46.54		65,713,839		63.85


*CBD PROPERTIES*
*Lease Expirations*

	Greater Boston									Greater Washington
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot

	New York									San Francisco
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	262,009	$	17,659,368	$	67.40	$	17,659,368	$	67.40	243,372	$	10,384,682	$	42.67	$	10,389,578	$	42.69
2009	138,519		9,886,228		71.37		9,944,221		71.79	159,825		8,058,757		50.42		8,062,422		50.45
2010	256,544		18,407,179		71.75		18,681,188		72.82	194,852		10,656,999		54.69		11,038,171		56.65
2011	106,821		8,054,780		75.40		8,414,938		78.78	290,785		22,756,552		78.26		23,177,553		79.71
2012	170,162		15,709,627		92.32		16,295,423		95.76	265,188		14,554,570		54.88		15,069,313		56.83
2013	56,636		4,074,278		71.94		7,264,802		128.27	165,348		7,521,497		45.49		8,183,913		49.50
2014	29,516		2,745,734		93.03		3,125,673		105.90	223,413		10,265,485		45.95		11,002,039		49.25
2015	65,862		4,288,686		65.12		4,606,491		69.94	145,483		6,257,498		43.01		6,950,429		47.77
2016	1,067,908		87,054,389		81.52		94,343,690		88.34	797,888		33,399,186		41.86		35,806,472		44.88
2017	1,239,885		98,097,808		79.12		105,560,485		85.14	183,332		8,399,867		45.82		9,114,967		49.72
Thereafter	2,100,623		137,507,975		65.46		169,118,807		80.51	396,665		19,027,695		47.97		21,644,390		54.57

	Princeton/East Brunswick									Other
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
2009	—		—		—		—		—	—		—		—		—		—
2010	—		—		—		—		—	—		—		—		—		—
2011	—		—		—		—		—	—		—		—		—		—
2012	—		—		—		—		—	—		—		—		—		—
2013	—		—		—		—		—	—		—		—		—		—
2014	—		—		—		—		—	—		—		—		—		—
2015	—		—		—		—		—	—		—		—		—		—
2016	—		—		—		—		—	—		—		—		—		—
2017	—		—		—		—		—	—		—		—		—		—
Thereafter	—		—		—		—		—	—		—		—		—		—

(1)	Includes 233 square feet of retail space and kiosks. Excluding this space, current rent on expiring leases is $35.58 and rent on expiring leases with future step-up is $39.20 per square foot in 2008.

Boston Properties, Inc.

Fourth Quarter 2007

SUBURBAN PROPERTIES


*Lease Expirations*

	Greater Boston									Greater Washington
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	488,010	$	14,593,216	$	29.90	$	14,604,121	$	29.93	255,314	$	5,153,739	$	20.19	$	4,992,378	$	19.55
2009	526,014		16,336,293		31.06		16,903,565		32.14	429,590		13,755,894		32.02		13,871,914		32.29
2010	443,774		12,107,486		27.28		12,864,285		28.99	590,222		18,405,681		31.18		18,893,701		32.01
2011	456,901		12,173,244		26.64		12,443,282		27.23	700,997		22,525,663		32.13		24,204,320		34.53
2012	709,563		21,292,480		30.01		22,565,011		31.80	782,123		29,176,938		37.30		31,322,661		40.05
2013	90,691		2,250,513		24.82		2,623,626		28.93	97,797		3,277,245		33.51		3,594,382		36.75
2014	125,768		3,226,850		25.66		3,512,611		27.93	620,659		18,052,148		29.09		20,546,433		33.10
2015	14,632		332,136		22.70		332,136		22.70	236,582		7,159,042		30.26		8,539,944		36.10
2016	158,900		4,968,273		31.27		5,263,273		33.12	150,305		4,861,704		32.35		6,171,062		41.06
2017	145,556		4,077,909		28.02		5,048,883		34.69	148,984		5,232,010		35.12		6,084,172		40.84
Thereafter	301,276		6,998,394		23.23		6,714,032		22.29	566,837		19,356,498		34.15		19,959,674		35.21

	New York									San Francisco
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	—	$	—	$	—	$	—	$	—	105,361	$	3,339,088	$	31.69	$	3,370,088	$	31.99
2009	—		—		—		—		—	71,060		2,126,761		29.93		2,204,890		31.03
2010	—		—		—		—		—	587,829		8,549,480		14.54		9,176,871		15.61
2011	—		—		—		—		—	21,737		555,195		25.54		606,602		27.91
2012	—		—		—		—		—	22,007		695,238		31.59		766,943		34.85
2013	—		—		—		—		—	10,011		294,323		29.40		346,775		34.64
2014	—		—		—		—		—	256,302		8,540,563		33.32		9,401,737		36.68
2015	—		—		—		—		—	221,962		6,790,580		30.59		8,149,065		36.71
2016	—		—		—		—		—	128,388		2,978,714		23.20		3,630,152		28.27
2017	—		—		—		—		—	—		—		—		—		—
Thereafter	—		—		—		—		—	—		—		—		—		—

	Princeton/East Brunswick									Other
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	60,604	$	2,224,890	$	36.71	$	2,224,890	$	36.71	—	$	—	$	—	$	—	$	—
2009	220,558		7,914,924		35.89		7,963,230		36.10	—		—		—		—		—
2010	135,005		4,802,355		35.57		4,847,098		35.90	—		—		—		—		—
2011	413,323		14,532,163		35.16		14,234,874		34.44	—		—		—		—		—
2012	49,248		1,603,686		32.56		1,646,678		33.44	—		—		—		—		—
2013	167,614		5,334,317		31.83		5,759,034		34.36	—		—		—		—		—
2014	630,271		18,814,087		29.85		20,510,762		32.54	—		—		—		—		—
2015	154,152		4,356,388		28.26		4,960,256		32.18	—		—		—		—		—
2016	—		—		—		—		—	—		—		—		—		—
2017	80,846		2,941,013		36.38		2,965,385		36.68	—		—		—		—		—
Thereafter	—		—		—		—		—	—		—		—		—		—

Boston Properties, Inc.

Fourth Quarter 2007

HOTEL PERFORMANCE


*Cambridge Center Marriott*

	Fourth Quarter 2007			Fourth Quarter 2006			Percent Change		12 Months Ended 2007			12 Months Ended 2006			Percent Change
Occupancy		78.0	%		76.5	%	2.0	%		80.0	%		75.1	%(1)	6.5	%
Average Daily Rate	$	244.55		$	207.82		17.7	%	$	217.23		$	194.52		11.7	%
Revenue per available room	$	190.69		$	159.04		19.9	%	$	173.80		$	146.15		18.9	%

(1)	For the nine months ended September 30, 2006, the Cambridge Center Marriott underwent a room renovation project which totaled approximately $5.6 million.

Boston Properties, Inc.

Fourth Quarter 2007

OCCUPANCY ANALYSIS


*Same Property Occupancy⁽¹⁾—By Location*

	CBD				Suburban				Total
Location	31-Dec-07		31-Dec-06		31-Dec-07		31-Dec-06		31-Dec-07		31-Dec-06
Greater Boston	98.9	%	96.5	%	87.3	%	85.2	%	93.3	%	91.1	%
Greater Washington	98.8	%	98.4	%	99.5	%	99.7	%	99.2	%	99.1	%
Midtown Manhattan	99.5	%	99.9	%	n/a		n/a		99.5	%	99.9	%
Princeton/East Brunswick, NJ	n/a		n/a		83.3	%	87.9	%	83.3	%	87.9	%
Greater San Francisco	89.3	%	87.7	%	99.6	%	96.9	%	92.1	%	90.2	%

Total Portfolio	97.1	%	96.2	%	92.2	%	92.1	%	95.1	%	94.5	%



*Same Property Occupancy⁽¹⁾—By Type of Property*

	CBD				Suburban				Total
	31-Dec-07		31-Dec-06		31-Dec-07		31-Dec-06		31-Dec-07		31-Dec-06
Total Office Portfolio	97.0	%	96.1	%	93.2	%	93.7	%	95.5	%	95.2	%
Total Office/Technical Portfolio	100.0	%	100.0	%	82.9	%	79.0	%	86.3	%	83.2	%

Total Portfolio	97.1	%	96.2	%	92.2	%	92.1	%	95.1	%	94.5	%

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

Boston Properties, Inc.

Fourth Quarter 2007

SAME PROPERTY PERFORMANCE


*Office, Office/Technical and Hotel Properties*

	Office		Office/Technical			Hotel (1)			Total
Number of Properties	95			17			1			113
Square feet	26,929,533			1,501,524			330,400			28,761,457
Percent of in-service properties	96.3	%		90.4	%		100.0	%		96.0	%
Occupancy @ 12/31/2006	95.2	%		83.2	%		—			94.5	%
Occupancy @ 12/31/2007	95.5	%		86.3	%		—			95.1	%
Percent change from 4th quarter 2007 over 4th quarter 2006 (2):
Rental revenue	6.1	%		-2.3	%		14.9	%		6.2	%
Operating expenses and real estate taxes	9.7	%		46.4	%		11.8	%		10.5	%
Net Operating Income (3)	4.3	%		-12.4	%		22.7	%(2)		3.9	%
Net Operating Income (3)—without hotels										3.6	%

Rental revenue—cash basis	8.1	%		-5.2	%		14.9	%		7.9	%
Net Operating Income (3)—cash basis (4)	7.2	%		-15.9	%		22.7	%(2)		6.4	%
Net Operating Income (3)—cash basis(4)—without hotels										6.2	%

*Same Property Lease Analysis—quarter ended December 31, 2007*

			Office			Office/Technical			Total
Vacant space available @ 10/1/2007 (sf)				1,331,145			299,058			1,630,203
Square footage of leases expiring or terminated 10/1/2007-12/31/2007				659,446			—			659,446

Total space for lease (sf)				1,990,591			299,058			2,289,649

New tenants (sf)				502,922			157,776			660,698
Renewals (sf)				222,187			—			222,187

Total space leased (sf)				725,109			157,776			882,885

Space available @ 12/31/2007 (sf)				1,265,482			141,282			1,406,764

Net (increase)/decrease in available space (sf)				65,663			157,776			223,439
2nd generation Average lease term (months)				91			150			102
2nd generation Average free rent (days)				52			156			71
2nd generation TI/Comm PSF			$	25.84		$	38.40		$	28.08
Increase (decrease) in 2nd generation gross rents (4)				-4.61	%		0.00	%		-4.61	%
Increase (decrease) in 2nd generation net rents (4)				-6.75	%		0.00	%		-6.75	%

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

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

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

(4)	Represents change in rents on a “cash to cash” basis (actual rent at time of expiration vs. initial rent of new lease) and for only 2nd generation space after eliminating any space vacant for more than 12 months. The total footage being weighted is 577,927 square feet.

Boston Properties, Inc.

Fourth Quarter 2007


*Reconciliation of Net Operating Income to Net Income*

	For the three months ended
	12/31/2007			12/31/2006
	*(in thousands)*
Net income available to common shareholders	$	123,790		$	71,655
Gains on sales of real estate from discontinued operations, net of minority interest		(46,426	)		—
Income from discontinued operations, net of minority interest		(862	)		(5,040	)
Gains on sales of real estate, net of minority interest		—			(1,183	)
Minority interest in Operating Partnership		23,181			25,789
Income from unconsolidated joint ventures		(805	)		(1,340	)
Minority interest in property partnership		84			—

Income before minority interest in property partnership, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and discontinued operations		98,962			89,881

Add:
Losses from early entinguishments of debt		—			11
Depreciation and amortization		71,421			68,924
Interest expense		68,289			71,423
General and administrative expense		16,594			16,198

Subtract:
Interest and other income		(21,432	)		(11,554	)
Development and management services income		(5,378	)		(5,661	)

Consolidated Net Operating Income	$	228,456		$	229,222

Same Property Net Operating Income	$	216,061		$	207,904
Net operating income from non Same Properties (1)		9,513			19,085
Termination income		2,882			2,233

Consolidated Net Operating Income	$	228,456		$	229,222

Same Property Net Operating Income	$	216,061		$	207,904
Less straight-line rent and fair value lease revenue		8,822			13,191

Same Property Net Operating Income— cash basis	$	207,239		$	194,713

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

Boston Properties, Inc.

Fourth Quarter 2007


*Same Property Net Operating Income by Reportable Segment*
(in thousands)

	Office									Office/Technical
	For the three months ended				$ Change			% Change		For the three months ended				$ Change			% Change
	31-Dec-07		31-Dec-06		$ Change			% Change		31-Dec-07		31-Dec-06		$ Change			% Change
Rental Revenue	$	315,798	$	297,156						$	10,242	$	10,465
Less Termination Income		2,762		2,233							19		—

Rental revenue—subtotal		313,036		294,923		18,113		6.1	%		10,223		10,465		(242	)	(2.3	%)
Operating expenses and real estate taxes		108,630		98,999		9,631		9.7	%		2,630		1,796		834		46.4	%

Net Operating Income (1)	$	204,406	$	195,924	$	8,482		4.3	%	$	7,593	$	8,669	$	(1,076	)	(12.4	%)

Rental revenue—subtotal	$	313,036	$	294,923						$	10,223	$	10,465
Less straight line rent and fair value lease revenue		8,496		13,164		(4,668	)	(35.5	%)		327		27		300		1,111.1	%

Rental revenue—cash basis		304,540		281,759		22,781		8.1	%		9,896		10,438		(542	)	(5.2	%)
Less:
Operating expenses and real estate taxes		108,630		98,999		9,631		9.7	%		2,630		1,796		834		46.4	%

Net Operating Income (2)—cash basis	$	195,910	$	182,760	$	13,150		7.2	%	$	7,266	$	8,642	$	(1,376	)	(15.9	%)


	Hotel									Total
	For the three months ended				$ Change			% Change		For the three months ended				$ Change			% Change
	31-Dec-07		31-Dec-06		$ Change			% Change		31-Dec-07		31-Dec-06		$ Change			% Change
Rental Revenue	$	13,121	$	11,417						$	339,161	$	319,038
Less Termination Income		—		—							2,781		2,233

Rental revenue—subtotal		13,121		11,417	$	1,704		14.9	%		336,380		316,805		19,575		6.2	%
Operating expenses and real estate taxes		9,059		8,106		953		11.8	%		120,319		108,901		11,418		10.5	%

Net Operating Income (1)	$	4,062	$	3,311	$	751		22.7	%	$	216,061	$	207,904	$	8,157		3.9	%

Rental revenue—subtotal	$	13,121	$	11,417						$	336,380	$	316,805
Less straight line rent and fair value lease revenue		(1)		—		(1)		100.0	%		8,822		13,191		(4,369	)	(33.1	%)

Rental revenue—cash basis		13,122		11,417		1,705		14.9	%		327,558		303,614		23,944		7.9	%
Less:
Operating expenses and real estate taxes		9,059		8,106		953		11.8	%		120,319		108,901		11,418		10.5	%

Net Operating Income (2)—cash basis	$	4,063	$	3,311	$	752		22.7	%	$	207,239	$	194,713	$	12,526		6.4	%

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

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

Boston Properties, Inc.

Fourth Quarter 2007

LEASING ACTIVITY


*All In-Service Properties—quarter ended December 31, 2007*

	Office			Office/Technical			Total
Vacant space available @ 10/1/2007 (sf)		1,434,757			396,005			1,830,762
Property dispositions/ assets taken out of service (sf)		—			—			—
Property acquisitions/ assets placed in-service (sf)		64,150			—			64,150
Leases expiring or terminated 10/1/2007-12/31/2007 (sf)		717,520			—			717,520

Total space for lease (sf)		2,216,427			396,005			2,612,432

New tenants (sf)		593,954			228,776			822,730
Renewals (sf)		272,469			—			272,469

Total space leased (sf)		866,423			228,776			1,095,199	(1)

Space available @ 12/31/2007 (sf)		1,350,004			167,229			1,517,233

Net (increase)/decrease in available space (sf)		84,753			228,776			313,529
2nd generation Average lease term (months)		85			108			90
2nd generation Average free rent (days)		50			109			62
2nd generation TI/Comm PSF	$	25.99		$	26.73		$	26.15
Increase (decrease) in 2nd generation gross rents (2)		-1.58	%		0.00	%		-1.56	%
Increase (decrease) in 2nd generation net rents (3)		-2.48	%		0.00	%		-2.45	%


	All leases 1st Generation	All leases 2nd Generation	Incr (decr) in 2nd gen. gross cash rents (2)		Incr (decr) in 2nd gen. net cash rents		Total Leased (4)	Total square feet of leases executed in the quarter (5)
Boston	—	526,097	-5.02	%	-7.75	%	526,097	667,654
Washington	—	279,455	15.41	%	21.22	%	279,455	375,768
New York	—	3,950	154.17	%	286.96	%	3,950	166,478
San Francisco	—	194,069	-9.93	%	-14.82	%	194,069	240,515
Princeton	—	91,628	-12.91	%	-17.06	%	91,628	46,312

	—	1,095,199	-1.56	%	-2.45	%	1,095,199	1,496,727

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

(2)	Represents increase (decrease) in gross rent (total base rent and expense reimbursements), comparing the change in rent at lease expiration vs. initial rent of the new lease for 2nd generation space that has been vacant for less than twelve months. The total footage being weighted is 724,116.

(3)	Represents increase (decrease) in net rent (base rent less base year expense), comparing the rent at lease expiration vs. initial rent of the new lease for 2nd generation space that has been vacant for less than twelve months. The total footage being weighted is 724,116.

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

(5)	Represents leases executed for which the economic impact may be realized in the quarter or future quarters.

Boston Properties, Inc.

Fourth Quarter 2007

HISTORICALLY GENERATED CAPITAL EXPENDITURES,

TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS


*Historical Capital Expenditures*
*(in thousands)*

	Q4 2007		Q3 2007		Q2 2007		Q1 2007		2006			2005		2004
Recurring capital expenditures	$	16,217	$	10,498	$	6,676	$	3,208	$	25,718		$	22,369	$	25,101
Planned non-recurring capital expenditures associated with acquisition properties		654		178		306		352		3,869			2,957		4,889
Hotel improvements, equipment upgrades and replacements		67		214		565		281		7,969	(1)		4,097		1,001

	$	16,938	$	10,890	$	7,547	$	3,841	$	37,556		$	29,423	$	30,991


*2nd Generation Tenant Improvements and Leasing Commissions*

	Q4 2007		Q3 2007		Q2 2007		Q1 2007		2006		2005		2004
Office
Square feet		866,423		1,229,476		608,564		497,349		2,972,996		2,749,079		3,356,267

Tenant improvement and lease commissions PSF	$	25.99	$	18.05	$	31.26	$	25.60	$	29.14	$	28.75	$	24.74

Office/Technical
Square feet		225,776		—		916		—		33,400		82,753		195,953

Tenant improvement and lease commissions PSF	$	26.73	$	—	$	—	$	—	$	—	$	2.89	$	14.35

Average tenant improvement and lease commissions PSF	$	26.15	$	18.05	$	31.21	$	25.60	$	28.82	$	28.00	$	24.17

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

Boston Properties, Inc.

Fourth Quarter 2007

ACQUISITIONS/DISPOSITIONS

as of December 31, 2007


*ACQUISITIONS*
*For the period from January 1, 2007 through December 31, 2007*

Property	Date Acquired	Square Feet	Initial Investment		Anticipated Future Investment			Total Investment		Percentage Leased
6601 & 6605 Springfield Center Drive	Jan-07	97,388	$	16,500,000	$	—	(1)	$	16,500,000	100	%
250 West 55th Street	Jan-07	N/A		228,750,000		—	(1)		228,750,000	N/A
103 Fourth Avenue	Jan-07	62,476		14,300,000		—	(1)		14,300,000	58	%
Kingstowne Towne Center	Mar-07	395,377		133,960,000		500,000			134,460,000	98	%
Russia Wharf	Mar-07	N/A		105,500,000		—	(1)		105,500,000	N/A
Springfield Metro Center	Apr-07	N/A		25,564,000		—	(1)		25,564,000	N/A
701 Carnegie Center	Jul-07	N/A		3,060,000		—	(1)		3,060,000	N/A
North First Business Park (2)	Dec-07	190,636		71,500,000		3,800,000	(1)		75,300,000	66	%

Total Acquisitions		745,877	$	599,134,000	$	4,300,000		$	603,434,000	87	%


Mountain View Research/Technology Parks (3)	Nov-07	736,268	$	223,000,000	$	18,000,000	(1)	$	241,000,000	73	%


*DISPOSITIONS*
*For the period from January 1, 2007 through December 31, 2007*

Property	Date Disposed	Square Feet		Gross Sales Price			Book Gain
5 Times Square	Feb-07	1,101,779		$	1,280,000,000		$	713,500,000
Long Wharf Marriott (402 Rooms)	Mar-07	420,000			231,000,000			190,924,000
280 Park Avenue	Jun-06	—	(4)		—	(4)		18,037,000	(4)
Newport Office Park	Apr-07	171,957			37,000,000			13,643,000
Democracy Center	Aug-07	685,000			280,500,000			198,166,000
Orbital Sciences Campus and Broad Run Business Park, Building E	Nov-07	464,000			126,700,000			55,035,000

Total Dispositions		2,842,736		$	1,955,200,000		$	1,189,305,000

(1)	Anticipated future investment on development projects are not included.

(2)	North First Business Park consists of five “In-Service” properties and three vacant buildings included in our owned land parcels.

(3)	On January 7, 2008, the Company transferred the Mountain View properties to the Value-Added Fund.

(4)

280 Park Avenue was sold in June 2006. The Company entered into a 74,340 net rentable square foot master lease obligation with the buyer resulting in the deferral of approximately $67.3 million of the book gain. Subsequent to the sale during 2006, the Company signed qualifying leases for 26,281 net rentable square feet and recognized approximately $21.0 million of additional book gain. During the year ended December 31, 2007, the Company signed an additional qualifying lease for 22,000 net rentable square feet resulting in the recognition of approximately $18.0 million of additional book gain. As of December 31, 2007, the master lease obligation totaled approximately $26.1 million.

Boston Properties, Inc.

Fourth Quarter 2007


*VALUE CREATION PIPELINE—CONSTRUCTION IN PROGRESS (1)*
*as of December 31, 2007*

Construction Properties	Initial Occupancy	Estimated Stabilization Date	Location	# of Buildings	Square feet	Investment to Date (2)		Estimated Total Investment (2)		Total Construction Loan (2)		Amount Drawn at 12/31/2007 (2)		Estimated Future Equity Requirement (2)		Percentage Leased (3)
505 9th Street (50% ownership) (4)	Q4 2007	Q1 2008	Washington, D.C.	1	323,000	$	66,187,047	$	65,000,000	$	65,000,000	$	65,000,000		—	99	%
77 CityPoint (formerly 77 Fourth Avenue)	Q1 2008	Q1 2009	Waltham, MA	1	210,000		61,621,431		79,707,173		—		—		18,085,742	21	%
South of Market (Phase I)	Q1 2008	Q3 2009	Reston, VA	3	652,000		153,347,628		213,800,000		200,000,000		122,922,903		—	67	%
One Preserve Parkway	Q1 2008	Q4 2009	Rockville, MD	1	183,000		37,662,782		60,536,931		—		—		22,874,149	20	%
Annapolis Junction (50% ownership)	Q2 2008	Q4 2009	Annapolis, MD	1	117,600		8,572,172		32,600,000		22,750,000		7,185,762		8,463,590	0	%
Wisconsin Place (66.67% ownership) (5)	Q2 2009	Q4 2010	Chevy Chase, MD	1	290,000		40,702,070		93,500,000		26,183,900		18,043,595		44,657,625	55	%
South of Market (Phase II)	Q3 2009	Q3 2010	Reston, VA	1	225,000		19,369,328		87,200,000		—		—		67,830,672	77	%
701 Carnegie Center	Q4 2009	Q3 2009	Princeton, NJ	1	120,000		6,181,692		34,000,000		—		—		27,818,308	100	%
250 West 55th	Q1 2010	Q4 2010	New York, NY	1	1,000,000		297,958,646		910,000,000		—		—		612,041,354	22	%
Russia Wharf (6)	Q1 2011	Q3 2011	Boston, MA	2	815,000		127,543,919		525,000,000		—		—		397,456,081	0	%

Total Properties under Construction				13	3,935,600	$	819,146,715	$	2,101,344,104	$	313,933,900	$	213,152,260	$	1,199,227,521	38	%

PROJECTS PLACED-IN-SERVICE DURING 2007

Initial
In Service Date

Estimated
Stabilization
Date

Location

# of
Buildings

Square feet

Investment
to Date

Estimated
Total
Investment

Debt

Drawn at
December 31, 2007

Estimated
Future Equity
Requirement

Percentage
Leased

Total Projects Placed in Service

—


*IN-SERVICE PROPERTIES HELD FOR RE-DEVELOPMENT*

	Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)	Estimated Future SF (7)
103 Fourth Avenue	Route 128 Mass Turnpike MA	1	62,476	58.5	%	$	21.28	N	S	265,000
Waltham Office Center	Route 128 Mass Turnpike MA	3	129,041	73.8	%		23.22	N	S	414,000
6601 Springfield Center Drive	Fairfax County VA	1	26,388	100.0	%		12.36	N	S	86,000
6605 Springfield Center Drive	Fairfax County VA	1	71,000	100.0	%		5.07	N	S	300,000
North First Business Park	San Jose, CA	5	190,636	66.3	%		22.37	N	S	683,000

Total Properties held for Re-Development		11	479,541	74.1	%	$	18.29			1,748,000

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

(2)	Represents the Company’s share.

(3)	Represents percentage leased as of January 29, 2007.

(4)	Estimated Total Investment includes net revenue during lease up period.

(5)	Includes approximately $29.5 million of land and infrastructure costs invested to date and approximately $15.7 million of construction financing drawn to date on the land and infrastructure which reflects the Company’s share (23.89%) of unconsolidated land and infrastructure joint venture entity.

(6)	Includes 235,000 square feet of residential space for rent or for sale.

(7)	Included in developable square feet of Value Creation Pipeline—Owned Land Parcels on page 50.

Boston Properties, Inc.

Fourth Quarter 2007


*VALUE CREATION PIPELINE—OWNED LAND PARCELS*
*as of December 31, 2007*

Location	Acreage	Developable Square Feet
San Jose, CA (1) (2)	44.0	2,600,000
Waltham, MA (1)	25.4	1,163,604
Dulles, VA	76.6	934,000
Reston, VA	33.8	910,000
Gaithersburg, MD	27.0	850,000
Springfield, VA (1)	17.8	800,000
Rockville, MD	58.1	759,000
Marlborough, MA	50.0	400,000
Weston, MA	74.0	350,000
Boston, MA	0.2	304,500
Annapolis, MD	20.0	300,000
Andover, MA	10.0	110,000

	436.9	9,481,104


*VALUE CREATION PIPELINE—LAND PURCHASE OPTIONS*
*as of December 31, 2007*

Location	Acreage	Developable Square Feet
Princeton, NJ (3)	143.1	1,780,000
New York, NY	1.0	850,000
Washington, DC	2.7	440,000
Framingham, MA (4)	21.5	300,000
Cambridge, MA (5)	—	200,000

	168.3	3,570,000

(1)	Properties on-site are positioned for future re-development and can be found on page 49.

(2)	Includes an additional 460,000 square feet of developable square footage at our 3200 Zanker Road project.

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

(4)	Subject to ground lease.

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

Boston Properties, Inc.

Fourth Quarter 2007

Definitions

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

Funds from Operations

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

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

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

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

Funds Available for Distribution (FAD)

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

Debt to Total Market Capitalization Ratio

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

Net Operating Income (NOI)

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

In-Service Properties

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

Same Properties

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

If you would like to receive this document in a different electronic format, please call investor relations at 617-236-3322.

Press Release

Exhibit 99.2

LOGO

800 Boylston Street

Boston, MA 02199


AT THE COMPANY				AT FINANCIAL RELATIONS BOARD
Michael Walsh				Marilynn Meek – General Information
Senior Vice President, Finance				(212) 827-3773
(617) 236-3410

BOSTON PROPERTIES, INC. ANNOUNCES

FOURTH QUARTER 2007 RESULTS


Reports diluted FFO per share of $1.22						Reports diluted EPS of $1.02

BOSTON, MA, January 29, 2008 – Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, reported results today for the fourth quarter ended December 31, 2007.

Results for the quarter ended December 31, 2007

Funds from Operations (FFO) for the quarter ended December 31, 2007 were $147.5 million, or $1.24 per share basic and $1.22 per share diluted. This compares to FFO for the quarter ended December 31, 2006 of $141.9 million, or $1.21 per share basic and $1.18 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 119,248,503 and 122,338,037, respectively, for the quarter ended December 31, 2007 and 116,895,438 and 121,456,257, respectively, for the quarter ended December 31, 2006.

Net income available to common shareholders was $123.8 million for the three months ended December 31, 2007, compared to $71.7 million for the quarter ended December 31, 2006. Net income available to common shareholders per share (EPS) for the quarter ended December 31, 2007 was $1.04 basic and $1.02 on a diluted basis. This compares to EPS for the fourth quarter of 2006 of $0.61 basic and $0.60 on a diluted basis. EPS for the quarter ended December 31, 2007 and 2006 reflects a reduction of $0.06 and $0.09, on a diluted basis, representing the amount of earnings allocated to the holders of Series Two Preferred Units of limited partnership interest in the Company’s Operating Partnership to account for their right to participate on an as-converted basis in the special dividend to be paid on January 30, 2008 to stockholders of record as of the close of business on December 31, 2007 and that was paid on January 30, 2007 to stockholders of record as of the close of business on December 29, 2006, respectively. EPS also includes $0.39 and $0.05, on a diluted basis, related to gains on sales of real estate and discontinued operations for the quarters ended December 31, 2007 and 2006, respectively.

Results for the year ended December 31, 2007

FFO for the year ended December 31, 2007 were $562.5 million, or $4.73 per share basic and $4.64 per share diluted, after a supplemental adjustment to exclude the loss from early extinguishment of debt associated with the sale of real estate. This compares to FFO for the year ended December 31, 2006 of $527.7 million, or $4.60 per share basic and $4.47 per share diluted, after a supplemental adjustment to exclude the loss from early extinguishment of debt associated with the sale of real estate. The loss from early extinguishment of debt associated with the sale of real estate totaled approximately $2.7 million, or $0.02 per share basic and diluted for the year ended December 31, 2007 and approximately $31.4 million, or $0.23 per share basic and $0.22 per share diluted for the year ended December 31, 2006. The weighted average number of basic and diluted shares outstanding totaled 118,838,524 and 122,453,781, respectively, for the year ended December 31, 2007 and 114,721,339 and 120,706,904, respectively, for the year ended December 31, 2006.

Net income available to common shareholders was $1,324.7 million for the year ended December 31, 2007, compared to $873.6 million for the year ended December 31, 2006. Net income available to common shareholders per share (EPS) for the year ended December 31, 2007 was $11.11 basic and $10.94 on a diluted basis. This compares to EPS for the year ended December 31, 2006 of $7.62 basic and $7.46 on a diluted basis.

The reported results are unaudited and there can be no assurance that the results will not vary from the final information for the quarter and year ended December 31, 2007. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

As of December 31, 2007, the Company’s portfolio consisted of 139 properties comprising approximately 43.8 million square feet, including 13 properties under construction totaling 3.9 million square feet and one hotel. The overall percentage of leased space for the 125 properties in service as of December 31, 2007 was 94.9%. The Company’s portfolio information and occupancy statistics exclude the Mountain View properties discussed below.

Significant events of the fourth quarter include:

•

On October 1, 2007, a joint venture in which the Company has a 50% interest, partially placed in-service 505 9th Street, a 325,000 net rentable square foot Class A office property located in Washington, D.C. On October 17, 2007, the construction financing on the property was converted to a ten-year fixed rate loan. The construction financing was comprised of (1) a $60.0 million loan commitment, which bore interest at a fixed rate of 5.73% per annum, with an outstanding balance of approximately $50.5 million, and (2) a $35.0 million loan commitment, which bore interest at a variable rate equal to LIBOR plus 1.25% per annum, with an outstanding balance of approximately $29.0 million. The new mortgage financing totaling $130.0 million bears interest at a fixed interest rate of 5.73% per annum and matures on November 1, 2017. Approximately $43.3 million of the excess loan proceeds have been placed in escrow with the lender until the completion of construction.

•

On October 1, 2007, the Company used available cash to repay the mortgage loans collateralized by its 504, 506, 508 and 510 Carnegie Center properties located in Princeton, New Jersey totaling approximately $65.0 million. There was no prepayment penalty associated with the repayment. The mortgage loans bore interest at a fixed rate of 7.39% per annum and were scheduled to mature on January 1, 2008.

•

On November 2, 2007, the Company entered into a forward-starting interest rate swap contract to lock the 10-year LIBOR swap rate on a notional amount of $25.0 million at a forward-starting 10-year swap rate of 5.05% per annum. The 10-year treasury rate is a component of the 10-year swap rate and the referenced contract effectively fixed the 10-year treasury rate at 4.38%. The swap contract goes into effect on July 31, 2008 and expires on July 31, 2018. On November 9, 2007 and November 16, 2007, the Company entered into treasury locks that fixed the 10-year treasury rate at 4.33% per annum and 4.24% per annum on notional amounts of $25.0 million, respectively. The treasury locks mature on July 31, 2008. The Company has effectively fixed the 10-year treasury rate at a weighted average interest rate of 4.63% per annum on notional amounts aggregating $525.0 million with its interest rate hedging program.

•

On November 20, 2007, the Company sold its Orbital Sciences Campus and Broad Run Business Park, Building E properties located in Loudon County, Virginia, for approximately $126.7 million in cash. The Orbital Sciences Campus and Broad Run Business Park, Building E properties are comprised of three Class A office properties aggregating approximately 337,000 net rentable square feet and an office/technical property totaling approximately 127,000 net rentable square feet, respectively.

•

On November 27, 2007, the Company acquired Mountain View Research Park for $183.0 million and Mountain View Technology Park for $40.0 million. The Research Park properties are comprised of sixteen Class A office and office/technical properties aggregating approximately 601,000 net rentable square feet located in Mountain View, California. The Technology Park properties are comprised of seven office/technical properties aggregating approximately 135,000 net rentable square feet located in Mountain View, California. The acquisition was financed with available cash. On January 7, 2008, the Company transferred the properties to its Value-Added Fund for an aggregate of approximately $223.2 million, consisting of approximately $100.2 million of cash and a promissory note having a principal amount of $123.0 million. The note bears interest at a rate of 7% per annum and matures in April 2008, subject to extension at the option of the Value-Added Fund until April 2009. The Company expects the Value-Added Fund to obtain third-party financing for the properties and repay the loan. In connection with the transfer of the Research Park and Technology Park properties to the Value-Added Fund, the Company and its partners agreed to certain modifications to the Value-Added Fund’s original terms, including bifurcating the Value-Added Fund’s promote structure such that Research Park and Technology Park will be accounted for separately from the non-Mountain View properties currently owned by the Value-Added Fund (i.e., Circle Star and 300 Billerica Road). As a result of the modifications, the Company’s interest in the Mountain View properties is approximately 39.5% and its interest in the non-Mountain View properties is 25%. Similar to the other Value-Added Fund properties, the Mountain View properties are not included in the Company’s portfolio information and occupancy statistics presented above. This investment completes the investment commitments from the Value-Added Fund partners.

•

On December 13, 2007, the Company acquired North First Business Park located in San Jose, California, at a purchase price of approximately $71.5 million. This property is comprised of five office properties aggregating approximately 191,000 net rentable square feet and three vacant properties all located on approximately 24 acres of land. The acquisition was financed with available cash. The Company expects to redevelop this site into approximately 1.3 million net rentable square feet of Class A office space.

•

On December 18, 2007, the Company announced that its Board of Directors declared a special cash dividend of $5.98 per common share payable on January 30, 2008 to shareholders of record as of the close of business on December 31, 2007. The decision to declare a special dividend was the result of the sales of assets in 2007, including 5 Times Square, Orbital Sciences Campus, Broad Run Business Park - Building E, Worldgate Plaza and Newport Office Park. The Board of Directors did not make any change in the Company’s policy with respect to regular quarterly dividends. The payment of the regular quarterly dividend of $0.68 per share and the special dividend of $5.98 per share will result in a total payment of $6.66 per share payable on January 30, 2008. Holders of common units of limited partnership interest in Boston Properties Limited Partnership, the Company’s Operating Partnership, as of the close of business on December 31, 2007 will receive the same total distribution, payable on January 30, 2008. Holders of Series Two Preferred Units of limited partnership interest will participate in the special cash dividend (separately from their regular February 2008 distribution) on an as-converted basis in connection with their regular May 2008 distribution payment as provided in the Operating Partnership’s partnership agreement.

•

On December 20, 2007, the Company executed a lease with Gibson, Dunn & Crutcher LLP for its 250 West 55^th Street development project in New York City. The law firm will occupy approximately 222,000 square feet of office space in the approximately 1,000,000 net rentable square foot Class A office project beginning in the spring of 2010.

Transactions completed subsequent to December 31, 2007:

•

On January 29, 2008, the Wisconsin Place joint venture entity that owns and is developing the office component of the project (the “Office Entity”) (a joint venture entity in which the Company owns a 66.67% interest) obtained construction financing totaling $115.0 million collateralized by the office property. Wisconsin Place is a mixed-use development project consisting of office, retail and residential properties located in Chevy Chase, Maryland. The construction financing bears interest at a variable rate equal to LIBOR plus 1.25% per annum and matures on January 29, 2011 with two, one-year extension options.

2008 Outperformance Awards under the Second Amendment and Restatement of the Boston Properties, Inc. 1997 Stock Option and Incentive Plan (the “1997 Plan”):

As reported in the Company’s Current Report on Form 8-K filed earlier today, on January 24, 2008, the Company’s Compensation Committee approved outperformance awards under the 1997

Plan to officers and employees of the Company. These awards (the “2008 OPP Awards”) are part of a new broad-based, long-term incentive compensation program designed to provide the Company’s management team at several levels within the organization with the potential to earn equity awards subject to the Company “outperforming” and creating shareholder value in a pay-for-performance structure. 2008 OPP Awards utilize total return to shareholders (“TRS”) over a three-year measurement period as the performance metric and include two years of time-based vesting after the end of the performance measurement period (subject to acceleration in certain events) as a retention tool.

Recipients of 2008 OPP Awards will share in an outperformance pool if the Company’s TRS, including both share appreciation and dividends, exceeds absolute and relative hurdles over a three-year measurement period from February 5, 2008 to February 5, 2011, based on the average closing price of a share of the Company’s common stock (a “REIT Share”) for the five trading days prior to and including February 5, 2008. The aggregate reward that recipients of all 2008 OPP Awards can earn, as measured by the outperformance pool, is subject to a maximum cap of $110 million, although OPP awards for an aggregate of up to approximately $104.8 million have been allocated and will be granted on February 5, 2008. The balance remains available for future grants. Investors are encouraged to refer to the Form 8-K referenced above for a detailed discussion of the terms and conditions of the 2008 OPP Awards, including the manner in which the outperformance pool is calculated. The Company expects that under Statement of Financial Accounting Standards No. 123(R) “Share-Based Payment” the 2008 OPP Awards will have an aggregate value of approximately $19—$20 million, which amount will generally be amortized into earnings over the five-year plan period (although awards for retirement-eligible employees will be amortized over a three-year period) and has been reflected in the 2008 guidance below.

EPS and FFO per Share Guidance:

The Company’s guidance for the first quarter and full year 2008 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below.


	First Quarter 2008					Full Year 2008
	Low		—	High		Low		—	High
Projected EPS (diluted)	$	0.56	—	$	0.57	$	2.43	—	$	2.53
Add:
Projected Company Share of Real Estate Depreciation and Amortization		0.53	—		0.53		2.12	—		2.12
Less:
Projected Company Share of Gains on Sales of Real Estate		0.00	—		0.00		0.00	—		0.00

Projected FFO per Share (diluted)	$	1.09	—	$	1.10	$	4.55	—	$	4.65

The foregoing estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release. The estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions, dispositions or financings. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense and any gains or losses associated with disposition activity. The Company is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related

depreciation and amortization or gains or losses associated with disposition activities. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

On August 31, 2007, the Financial Accounting Standards Board (the “FASB”) issued proposed FASB Staff Position No. APB 14-a “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)” (the “proposed FSP”) that would require the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. As disclosed in the Company’s most recent Form 10-Q, the proposed FSP, if issued as currently contemplated, would require that the initial debt proceeds from the sale of Boston Properties Limited Partnership’s (“BPLP”) $862.5 million of 2.875% exchangeable senior notes due 2037 and $450.0 million of 3.75% exchangeable senior notes due 2036 be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt. The resulting debt discount would be amortized over the period during which the debt is expected to be outstanding (i.e., through the first optional redemption dates) as additional non-cash interest expense. Based on the Company’s understanding of the application of the proposed FSP, this would result in an aggregate of approximately $0.13 - $0.14 per share (net of incremental capitalized interest) of additional non-cash interest expense for fiscal 2008. Excluding the impact of capitalized interest, the additional non-cash interest expense would be approximately $0.15 - $0.16 per share, and this amount (before netting) would increase in subsequent reporting periods through the first optional redemption dates as the debt accretes to its par value over the same period. The 45-day comment period for the proposed FSP ended on October 15, 2007 and the FASB was scheduled to commence deliberations of the guidance in the proposed FSP in January 2008. There can be no assurance that the proposed FSP will be issued in the form currently contemplated by the FASB, or at all, and therefore its ultimate impact on the Company’s interest expense may differ materially from the aforementioned estimate. Accordingly, the guidance set forth in the table above also does not include the potential impact of the proposed FSP.

Boston Properties will host a conference call tomorrow, January 30, 2008 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter and full fiscal year 2007 results, the 2008 projections and related assumptions, and other related matters that may be of interest to investors. The number to call for this interactive teleconference is (800) 218-0530 (Domestic) or (303) 205-0055 (International); no passcode required. A replay of the conference call will be available through February 6, 2008, by dialing (800) 405-2236 (Domestic) or (303) 590-3000 (International) and entering the passcode 11105622. There will also be a live audio webcast of the call which may be accessed on the Company’s website at www.bostonproperties.com in the Investor Relations section, through www.fulldisclosure.com for individual investors, or through the password-protected event management site, www.streetevents.com, for institutional investors. Shortly after the call a replay of the webcast and a podcast will be available on the Company’s website, www.bostonproperties.com, in the Investor Relations section, and archived for up to twelve months following the call.

Additionally, a copy of Boston Properties’ fourth quarter 2007 “Supplemental Operating and Financial Data” and this press release are available in the Investor Relations section of the Company’s website at www.bostonproperties.com. These materials are also available by contacting Investor Relations at (617) 236-3322 or by written request to:

Investor Relations

Boston Properties, Inc.

Prudential Center

800 Boylston Street, Suite 1900

Boston, MA 02199-8103

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 properties and one hotel. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in five markets – Boston, Midtown Manhattan, Washington, D.C., San Francisco and Princeton, N.J.

This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effects of local economic and market conditions, the effects of acquisitions and dispositions (including the exact amount and timing of any related special dividend and possible impairment charges) on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Boston Properties does not undertake a duty to update or revise any forward-looking statement, including its guidance for the first quarter and full fiscal year 2008, whether as a result of new information, future events or otherwise.

BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS


	Three months ended December 31,						Year ended December 31,
	2007			2006			2007			2006
	(in thousands, except for per share amounts)
	(unaudited)
Revenue
Rental:
Base rent	$	277,088		$	275,049		$	1,084,308		$	1,092,545
Recoveries from tenants		46,926			42,170			184,929			178,491
Parking and other		16,845			15,211			64,982			57,080

Total rental revenue		340,859			332,430			1,334,219			1,328,116
Hotel revenue		13,121			11,417			37,811			33,014
Development and management services		5,378			5,661			20,553			19,820
Interest and other		21,432			11,554			89,706			36,677

Total revenue		380,790			361,062			1,482,289			1,417,627

Expenses
Operating:
Rental		116,465			106,519			455,840			437,705
Hotel		9,059			8,106			27,765			24,966
General and administrative		16,594			16,198			69,882			59,375
Interest		68,289			71,423			285,887			298,260
Depreciation and amortization		71,421			68,924			286,030			270,562
Losses from early extinguishments of debt		—			11			3,417			32,143

Total expenses		281,828			271,181			1,128,821			1,123,011

Income before minority interest in property partnership, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and discontinued operations		98,962			89,881			353,468			294,616
Minority interests in property partnerships		(84	)		—			(84	)		2,013
Income from unconsolidated joint ventures		805			1,340			20,428			24,507

Income before minority interest in Operating Partnership, gains on sales of real estate and discontinued operations		99,683			91,221			373,812			321,136
Minority interest in Operating Partnership		(23,181	)		(25,789	)		(64,916	)		(69,999	)

Income before gains on sales of real estate and discontinued operations		76,502			65,432			308,896			251,137
Gains on sales of real estate, net of minority interest		—			1,183			789,238			606,394

Income before discontinued operations		76,502			66,615			1,098,134			857,531
Discontinued operations:
Income from discontinued operations, net of minority interest		862			5,040			6,206			16,104
Gains on sales of real estate from discontinued operations, net of minority interest		46,426			—			220,350			—

Net income available to common shareholders	$	123,790		$	71,655		$	1,324,690		$	873,635

Basic earnings per common share:
Income available to common shareholders before discontinued operations	$	0.64		$	0.57		$	9.20		$	7.48
Discontinued operations, net of minority interest		0.40			0.04			1.91			0.14

Net income available to common shareholders	$	1.04		$	0.61		$	11.11		$	7.62

Weighted average number of common shares outstanding		119,249			116,895			118,839			114,721

Diluted earnings per common share:
Income available to common shareholders before discontinued operations	$	0.63		$	0.56		$	9.06		$	7.32
Discontinued operations, net of minority interest		0.39			0.04			1.88			0.14

Net income available to common shareholders	$	1.02		$	0.60		$	10.94		$	7.46

Weighted average number of common and common equivalent shares outstanding		120,878			119,190			120,780			117,077

BOSTON PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS


	December 31, 2007			December 31, 2006
	(in thousands, except for share amounts)
	(unaudited)
ASSETS
Real estate	$	9,077,528		$	8,819,934
Real estate held for sale, net		221,606			433,492
Construction in progress		700,762			115,629
Land held for future development		249,999			183,403
Less: accumulated depreciation		(1,531,707	)		(1,392,055	)

Total real estate		8,718,188			8,160,403
Cash and cash equivalents		1,506,921			725,788
Cash held in escrows		186,839			25,784
Marketable securities		22,584			—
Tenant and other receivables, net of allowance for doubtful accounts of $1,901 and $2,682, respectively		58,074			57,052
Accrued rental income, net of allowance of $829 and $783, respectively		300,594			327,337
Deferred charges, net		287,199			274,079
Prepaid expenses and other assets		30,566			40,868
Investments in unconsolidated joint ventures		81,672			83,711

Total assets	$	11,192,637		$	9,695,022


LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgage notes payable	$	2,726,127		$	2,679,462
Unsecured senior notes, net of discount		1,471,913			1,471,475
Unsecured exchangeable senior notes, net of discount		1,294,126			450,000
Unsecured line of credit		—			—
Accounts payable and accrued expenses		145,692			102,934
Dividends and distributions payable		944,870			857,892
Accrued interest payable		54,487			47,441
Other liabilities		232,705			239,084

Total liabilities		6,869,920			5,848,288

Commitments and contingencies		—			—

Minority interests		653,892			623,508

Stockholders’ equity:
Excess stock, $.01 par value, 150,000,000 shares authorized, none issued or outstanding		—			—
Preferred stock, $.01 par value, 50,000,000 shares authorized, none issued or outstanding		—			—
Common stock, $.01 par value, 250,000,000 shares authorized, 119,581,385 and 117,582,442 shares issued and 119,502,485 and 117,503,542 shares outstanding in 2007 and 2006, respectively		1,195			1,175
Additional paid-in capital		3,305,219			3,119,941
Earnings in excess of dividends		394,324			108,155
Treasury common stock, at cost		(2,722	)		(2,722	)
Accumulated other comprehensive loss		(29,191	)		(3,323	)

Total stockholders’ equity		3,668,825			3,223,226

Total liabilities and stockholders’ equity	$	11,192,637		$	9,695,022

BOSTON PROPERTIES, INC.

FUNDS FROM OPERATIONS (1)


	Three months ended December 31,						Year ended December 31,
	2007			2006			2007			2006
	(in thousands, except for per share amounts)
	(unaudited)
Net income available to common shareholders	$	123,790		$	71,655		$	1,324,690		$	873,635
Add:
Minority interest in Operating Partnership		23,181			25,789			64,916			69,999
Minority interests in property partnerships		84			—			84			(2,013	)
Less:
Income from unconsolidated joint ventures		805			1,340			20,428			24,507
Gains on sales of real estate, net of minority interest		—			1,183			789,238			606,394
Income from discontinued operations, net of minority interest		862			5,040			6,206			16,104
Gains on sales of real estate from discontinued operations, net of minority interest		46,426			—			220,350			—

Income before minority interest in property partnership, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and discontinued operations		98,962			89,881			353,468			294,616
Add:
Real estate depreciation and amortization (2)		73,306			71,495			295,635			283,350
Income from discontinued operations		1,009			5,942			7,274			19,081
Income from unconsolidated joint ventures (3)		805			1,340			4,975			6,590
Less:
Minority interest in property partnership’s share of funds from operations		437			—			437			479
Preferred distributions (4)		926			1,431			4,266			9,418

Funds from operations (FFO)		172,719			167,227			656,649			593,740
Add:
Losses from early extinguishments of debt associated with the sales of real estate		—			—			2,675			31,444

Funds from operations after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		172,719			167,227			659,324			625,184
Less:
Minority interest in the Operating Partnership’s share of funds from operations after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		25,185			25,377			96,808			97,519

Funds from operations available to common shareholders after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate	$	147,534		$	141,850		$	562,516		$	527,665

Our percentage share of funds from operations—basic		85.42	%		84.82	%		85.32	%		84.40	%

Weighted average shares outstanding—basic		119,249			116,895			118,839			114,721

FFO per share basic after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate	$	1.24		$	1.21		$	4.73		$	4.60

FFO per share basic	$	1.24		$	1.21		$	4.71		$	4.37

Weighted average shares outstanding—diluted		122,338			121,456			122,454			120,707

FFO per share diluted after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate	$	1.22		$	1.18		$	4.64		$	4.47

FFO per share diluted	$	1.22		$	1.18		$	4.62		$	4.25

(1)

(2)

Real estate depreciation and amortization consists of depreciation and amortization from the Consolidated Statements of Operations of $71,421, $68,924, $286,030 and $270,562, our share of unconsolidated joint venture real estate depreciation and amortization of $2,074, $2,250, $8,247 and $9,087 and depreciation and amortization from discontinued operations of $234, $1,528, $2,948 and $6,197, less corporate-related depreciation and amortization of $423, $295, $1,590 and $1,584 and adjustment of asset retirement obligations of $0, $912, $0 and $912 for the three months and year ended December 31, 2007 and 2006, respectively.

(3)

Excludes approximately $15.5 million related to our share of the gain on sale and related loss from early extinguishment of debt associated with the sale of Worldgate Plaza for the year ended December 31, 2007. Excludes approximately $17.9 million related to our share of the gain on sale and related loss from early extinguishment of debt associated with the sale 265 Franklin Street for the year ended December 31, 2006.

(4)

Excludes approximately $8.7 million and $5.6 million for the three months and year ended December 31, 2007, respectively, and approximately $12.2 million for the three months and year ended December 31, 2006 of income allocated to the holders of Series Two Preferred Units to account for their right to participate on an as-converted basis in the special dividend that followed previously completed sales of real estate.

BOSTON PROPERTIES, INC.

PORTFOLIO LEASING PERCENTAGES


	% Leased by Location
	December 31, 2007		December 31, 2006
Greater Boston	93.3	%	89.9	%
Greater Washington, D.C.	99.1	%	98.0	%
Midtown Manhattan	99.5	%	99.9	%
Princeton/East Brunswick, NJ	83.3	%	87.9	%
Greater San Francisco	91.1	%	90.2	%

Total Portfolio	94.9	%	94.2	%


	% Leased by Type
	December 31, 2007		December 31, 2006
Class A Office Portfolio	95.4	%	94.7	%
Office/Technical Portfolio	86.1	%	84.5	%

Total Portfolio	94.9	%	94.2	%