Boston Properties, Inc. Announces Second Quarter 2007 Results

July 24, 2007
Reports diluted FFO per share of $1.18 Reports diluted EPS of $0.84

BOSTON, July 24, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, reported results today for the second quarter ended June 30, 2007.

Funds from Operations (FFO) for the quarter ended June 30, 2007 were $142.9 million, or $1.20 per share basic and $1.18 per share diluted. This compares to FFO for the quarter ended June 30, 2006 of $129.4 million, or $1.14 per share basic and $1.10 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 $0.24 per share basic and $0.22 per share diluted for the quarter ended June 30, 2006. The weighted average number of basic and diluted shares outstanding totaled 118,961,276 and 122,660,356, respectively, for the quarter ended June 30, 2007 and 113,993,783 and 120,605,194, respectively, for the quarter ended June 30, 2006.

Net income available to common shareholders was $102.3 million for the three months ended June 30, 2007, compared to $625.7 million for the quarter ended June 30, 2006. Net income available to common shareholders per share (EPS) for the quarter ended June 30, 2007 was $0.86 basic and $0.84 on a diluted basis. This compares to EPS for the second quarter of 2006 of $5.33 basic and $5.23 on a diluted basis. EPS includes $0.10 and $4.88, on a diluted basis, related to gains on sales of real estate and discontinued operations resulting from sales of real estate for gross sales proceeds of approximately $37.0 million and $1.2 billion for the quarters ended June 30, 2007 and 2006, respectively.

The reported results are unaudited and there can be no assurance that the results will not vary from the final information for the quarter ended June 30, 2007. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

As of June 30, 2007, the Company's portfolio consisted of 134 properties comprising approximately 42.7 million square feet, including six properties under construction totaling 1.4 million square feet and one hotel. The overall percentage of leased space for the 127 properties in service as of June 30, 2007 was 94.0%.

As previously announced on May 14, 2007, Douglas T. Linde was elected President of the Company. He assumed the title of President from Edward H. Linde, who will remain as Chief Executive Officer and a Director. Mr. D. Linde will continue to serve as the Company's Chief Financial Officer and Treasurer until his successor is named.

Significant events of the second quarter include:

- On April 5, 2007, the Company sold Newport Office Park located in Quincy, Massachusetts, for approximately $37.0 million. Newport Office Park is a Class A office property consisting of approximately 172,000 net rentable square feet. Net cash proceeds totaled approximately $33.7 million.

- On April 11, 2007, the Company acquired a parcel of land located in Springfield, Virginia, for a purchase price of approximately $25.6 million.

- On April 12, 2007, the Company entered into an agreement for the sale of a parcel of land located in Washington, D.C. for approximately $33.7 million. In addition, the Company entered into a development management agreement with the buyer to develop on the parcel a Class A office property totaling approximately 165,000 net rentable square feet. The sale is subject to the satisfaction of customary closing conditions and there can be no assurance that the sale will be consummated on the terms currently contemplated or at all.

- On May 9, 2007, the Company used available cash to repay the mortgage loan collateralized by its 250 West 55th Street project located in New York City totaling approximately $160.0 million. There was no prepayment penalty associated with the repayment. The mortgage loan bore interest at a variable rate equal to LIBOR plus 0.40% per annum and was scheduled to mature in January 2009.

- On May 17, 2007, the Company obtained mortgage financing totaling $25.0 million collateralized by its Montvale Center property located in Gaithersburg, Maryland. Montvale Center is a Class A office property consisting of approximately 123,000 net rentable square feet. The mortgage financing bears interest at a fixed rate equal to 5.93% per annum and matures on June 6, 2012.

- On June 1, 2007, the Company's Value-Added Fund sold Worldgate Plaza located in Herndon, Virginia for approximately $109.0 million. Worldgate Plaza is an office complex consisting of approximately 322,000 net rentable square feet. Net cash proceeds totaled approximately $50.5 million, of which the Company's share was approximately $20.3 million, after the repayment of the mortgage indebtedness of $57.0 million. The mortgage loan bore interest at a variable rate equal to LIBOR plus 0.89% per annum and was scheduled to mature on December 1, 2007.

- On June 11, 2007, the Company entered into a lease agreement with The Trustees of Princeton University for a build-to-suit project with approximately 120,000 net rentable square feet of Class A office space located in Princeton, New Jersey. The Company expects that the building will be complete and available for occupancy during the fourth quarter of 2009.

- On June 22, 2007, a joint venture in which the Company has a 50% interest entered into agreements to complete the assemblage for its development site at Eighth Avenue and 46th Street consisting of an approximately 840,000 net rentable square foot Class A office property.

Transactions completed subsequent to June 30, 2007:

- On July 3, 2007, the Company executed a binding agreement for the sale of Democracy Center in Bethesda, Maryland, for approximately $280.5 million. Democracy Center is a Class A office complex that contains an aggregate of approximately 685,000 net rentable square feet. The sale is subject to the satisfaction of customary closing conditions and, although there can be no assurance that the sale will be consummated on the terms currently contemplated or at all, it is expected to close by the end of August 2007.

- On July 12, 2007, the Company executed a lease with Ropes & Gray to relocate its Boston office to the Prudential Tower. The firm will occupy more than 400,000 square feet of office space in the top floors of the 52-story, 1.2 million square foot office building beginning in the fall of 2010.

- On July 13, 2007, the Company entered into a joint venture with an unrelated third party to develop a Class A office complex aggregating approximately 425,000 net rentable square feet located in Anne Arundel County, Maryland. The joint venture partner contributed the land for a 50% interest. The Company will contribute cash of approximately $14.9 million for its 50% interest in the joint venture.

- The Company also announced that, together with Boston Properties Limited Partnership ("BPLP"), it intends to file a combined so-called "universal shelf" registration statement with the Securities and Exchange Commission to update and replace a series of existing registration statements covering the possible issuance by either the Company or BPLP of various equity and debt securities. Once declared effective by the SEC, this registration statement will give the Company and/or BPLP flexibility to offer and sell from time to time, in one or more offerings, up to $2.0 billion of senior and subordinated debt securities (including BPLP notes exchangeable for Company common stock and Company convertible notes), as well as Company common stock, preferred stock and warrants. Neither the Company nor BPLP has any current intention to issue any of the securities being registered for sale.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of such securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Offers to sell any security will be made only by means of a prospectus.

EPS and FFO per Share Guidance:

The Company's guidance for the third quarter and full year 2007 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below.


                                Third Quarter 2007         Full Year 2007
                               Low     -       High      Low     -      High
    Projected EPS (diluted)  $2.03     -      $2.04   $10.54     -    $10.59
    Add:
      Projected Company Share
       of Real Estate
       Depreciation and
       Amortization           0.51     -       0.51     2.06     -      2.06
    Less:
     Projected Company Share
      of Gains on Sales
      of Real Estate          1.41     -       1.41     8.00     -      8.00

    Projected FFO per Share
    (diluted)                $1.13     -      $1.14    $4.60     -     $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 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.

Boston Properties will host a conference call tomorrow, July 25, 2007 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter 2007 results, the 2007 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) 240-6709 (Domestic) or (303) 262-2175 (International); no passcode required. A replay of the conference call will be available through August 1, 2007, by dialing (800) 405-2236 (Domestic) or (303) 590-3000 (International) and entering the passcode 11092834. 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' second 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 whether as a result of new information, future events or otherwise, including its guidance for the third quarter and full fiscal year 2007.



                             BOSTON PROPERTIES, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                       Three months ended   Six months ended
                                            June 30,            June 30,
                                        2007      2006      2007      2006

                                        (in thousands, except for per share
                                                      amounts)
                                                    (unaudited)
      Revenue
        Rental:
          Base rent                    $270,508  $276,298  $543,416  $551,838
          Recoveries from tenants        47,462    45,322    94,504    92,328
          Parking and other              16,488    14,146    31,809    27,902
            Total rental revenue        334,458   335,766   669,729   672,068
        Hotel revenue                     9,335     8,364    16,044    13,279
        Development and management
         services                         5,130     5,227     9,857     9,601
        Interest and other               26,205     8,554    43,193    10,513
            Total revenue               375,128   357,911   738,823   705,461

      Expenses
        Operating:
          Rental                        113,624   109,733   227,199   221,840
          Hotel                           6,417     5,513    12,431    10,521
        General and administrative       16,291    15,796    33,099    30,438
        Interest                         73,743    78,449   147,669   153,266
        Depreciation and amortization    74,621    67,077   145,099   133,082
        Losses from early
         extinguishments of debt            -      31,457       722    31,924
            Total expenses              284,696   308,025   566,219   581,071
      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                      90,432    49,886   172,604   124,390
      Minority interest in property
       partnership                          -         777       -       2,013
      Income from unconsolidated joint
       ventures                          17,268     1,677    18,233     2,967
      Income before minority interest
       in Operating Partnership, gains
       on sales
        of real estate and
         discontinued operations        107,700    52,340   190,837   129,370
      Minority interest in Operating
       Partnership                      (17,072)  (11,155)  (28,266)  (26,468)
      Income before gains on sales of
       real estate and discontinued
       operations                        90,628    41,185   162,571   102,902
      Gains on sales of real estate,
       net of minority interest             -     581,302   620,262   585,844
      Income before discontinued
       operations                        90,628   622,487   782,833   688,746
      Discontinued operations:
        Income from discontinued
         operations, net of minority
         interest                           -       3,244     1,282     3,858
        Gains on sales of real estate
         from discontinued operations,
         net of minority interest        11,716       -     173,815       -
      Net income available to common
       shareholders                    $102,344  $625,731  $957,930  $692,604

      Basic earnings per common share:
        Income available to common
         shareholders before
         discontinued
          operations                      $0.76     $5.30     $6.51     $5.92
        Discontinued operations, net
         of minority interest              0.10      0.03      1.48      0.03
        Net income available to common
         shareholders                     $0.86     $5.33     $7.99     $5.95

        Weighted average number of
         common shares outstanding      118,961   113,994   118,565   113,255

      Diluted earnings per common
       share:
        Income available to common
         shareholders before
         discontinued operations          $0.74     $5.20     $6.39     $5.80
        Discontinued operations, net
         of minority interest              0.10      0.03      1.45      0.03
        Net income available to common
         shareholders                     $0.84     $5.23     $7.84     $5.83

        Weighted average number of
         common and common equivalent
          shares outstanding            120,984   116,176   120,811   115,669



                           BOSTON PROPERTIES, INC.
                         CONSOLIDATED BALANCE SHEETS

                                              June 30,         December 31,
                                                2007              2006

                                            (in thousands, except for share
                                                       amounts)
                                                      (unaudited)
                   ASSETS

    Real estate                                  $9,037,468        $8,819,934
    Real estate held for sale, net                      -             433,492
    Construction in progress                        584,620           115,629
    Land held for future development                189,698           183,403
      Less: accumulated depreciation             (1,474,771)       (1,392,055)
             Total real estate                    8,337,015         8,160,403

    Cash and cash equivalents                     1,885,318           725,788
    Cash held in escrows                             22,665            25,784
    Tenant and other receivables, net of
     allowance for doubtful accounts of
     $2,957 and $2,682, respectively                 48,398            57,052
    Accrued rental income, net of
     allowance of $530 and $783,
     respectively                                   296,424           327,337
    Deferred charges, net                           264,664           274,079
    Prepaid expenses and other assets                47,174            40,868
    Investments in unconsolidated joint
     ventures                                        92,944            83,711
        Total assets                            $10,994,602        $9,695,022

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Liabilities:
      Mortgage notes payable                     $2,855,889        $2,679,462
      Unsecured senior notes, net of discount     1,471,691         1,471,475
      Unsecured exchangeable senior
       notes, net of discount                     1,292,022           450,000
      Unsecured line of credit                          -                 -
      Accounts payable and accrued expenses         123,910           102,934
      Dividends and distributions payable            96,192           857,892
      Accrued interest payable                       59,105            47,441
      Other liabilities                             201,406           239,084
        Total liabilities                         6,100,215         5,848,288

    Commitments and contingencies                       -                 -
    Minority interests                              731,043           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,
       119,106,981 and
        117,582,442 shares issued and
         119,028,081 and 117,503,542
         shares outstanding in
        2007 and 2006, respectively                   1,190             1,175
      Additional paid-in capital                  3,263,797         3,119,941
      Earnings in excess of dividends               904,417           108,155
      Treasury common stock, at cost                 (2,722)           (2,722)
      Accumulated other comprehensive
       loss                                          (3,338)           (3,323)
        Total stockholders' equity                4,163,344         3,223,226
                Total liabilities and
                 stockholders' equity           $10,994,602        $9,695,022



                             BOSTON PROPERTIES, INC.
                           FUNDS FROM OPERATIONS (1)


                                   Three months ended    Six months ended
                                        June 30,             June 30,
                                     2007      2006      2007         2006

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

    Net income available to common
     shareholders                  $102,344  $625,731  $957,930     $692,604

    Add:
      Minority interest in
       Operating Partnership         17,072    11,155    28,266       26,468
    Less:
      Minority interest in
       property partnership             -         777       -          2,013
      Income from unconsolidated
       joint ventures                17,268     1,677    18,233        2,967
      Gains on sales of real
       estate, net of minority
       interest                         -     581,302   620,262      585,844
      Income from discontinued
       operations, net of minority
       interest                         -       3,244     1,282        3,858
      Gains on sales of real
       estate from discontinued
       operations, net of minority
       interest                      11,716       -     173,815          -

    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       90,432    49,886   172,604      124,390

    Add:
      Real estate depreciation and
       amortization (2)              76,264    69,773   149,134      138,447
      Income from discontinued
       operations                       -       3,847     1,504        4,583
      Income from unconsolidated
       joint ventures (3)             1,815     1,677     2,780        2,967
    Less:
      Minority interest in
       property partnership's
       share of funds from
       operations                       -         211       -            479
      Preferred distributions         1,084     2,965     2,286 (4)    6,075

    Funds from operations (FFO)     167,427   122,007   323,736      263,833

    Add:
      Losses from early
       extinguishments of debt
       associated with the sales
       of real estate                   -      31,444       -         31,444

    Funds from operations after a
     supplemental adjustment to
     exclude losses from early
      extinguishments of debt
       associated with the sales
       of real estate               167,427   153,451   323,736      295,277
    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    24,483    24,061    47,795       46,688

    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     $142,944  $129,390  $275,941     $248,589

    Our percentage share of funds
     from operations - basic         85.38%    84.32%    85.24%       84.19%

    Weighted average shares
     outstanding - basic            118,961   113,994   118,565      113,255

      FFO per share basic after a
       supplemental adjustment to
       exclude losses from
        early extinguishments of
         debt associated with the
         sales of real estate         $1.20     $1.14     $2.33        $2.19

      FFO per share basic             $1.20     $0.90     $2.33        $1.96

    Weighted average shares
     outstanding - diluted          122,660   120,605   122,609      120,312

      FFO per share diluted after
       a supplemental adjustment
       to exclude losses from
        early extinguishments of
         debt associated with the
         sales of real estate         $1.18     $1.10     $2.28        $2.13

      FFO per share diluted           $1.18     $0.88     $2.28        $1.91


     (1) 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.

     (2) Real estate depreciation and amortization consists of depreciation
         and amortization from the Consolidated Statements of Operations of
         $74,621, $67,077, $145,099 and $133,082, our share of unconsolidated
         joint venture real estate depreciation and amortization of $2,085,
         $2,280, $4,184 and $4,584 and depreciation and amortization from
         discontinued operations of $0, $835, $608 and $1,677, less corporate-
         related depreciation and amortization of $442, $419, $757 and $896
         for the three months and six months ended June 30, 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 three months and six months
         ended June 30, 2007.

     (4) Excludes an adjustment of approximately $3.1 million for the six
         months ended June 30, 2007 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.




                             BOSTON PROPERTIES, INC.
                          PORTFOLIO LEASING PERCENTAGES



                                                  % Leased by Location
                                            June 30, 2007   December 31, 2006
    Greater Boston                                    90.9%             89.9%
    Greater Washington, D.C.                          97.6%             98.0%
    Midtown Manhattan                                 99.5%             99.9%
    Princeton/East Brunswick, NJ                      86.7%             87.9%
    Greater San Francisco                             89.7%             90.2%
            Total Portfolio                           94.0%             94.2%






                                                    % Leased by Type
                                            June 30, 2007   December 31, 2006
    Class A Office Portfolio                          94.5%             94.7%
    Office/Technical Portfolio                        84.7%             84.5%
            Total Portfolio                           94.0%             94.2%


Michael Walsh
Senior Vice President, Finance
+1-617-236-3410

Kathleen DiChiara
Investor Relations Manager
+1-617-236-3343

Financial Relations Board:
Marilynn Meek
+1-212-827-3773