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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
October 21, 2003

Boston Properties, Inc.
(Exact name of Registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)		1-13087 (Commission File Number)		04-2473675 (I.R.S. employer Identification No.)
111 Huntington Avenue Boston, Massachusetts 02199 (Address of principal executive offices and zip code)

Registrant's telephone number, including area code:
(617) 236-3300

ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(c): Exhibits. The following exhibits are being furnished herewith:

Exhibit No.
99.1		Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended September 30, 2003.
99.2		Press release dated October 21, 2003.

ITEM 12. Results of Operations and Financial Condition.

The information in this Current Report on Form 8-K is furnished under Item 12 - "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 October 21, 2003, Boston Properties, Inc. (the "Company") issued a press release announcing its financial results for the third quarter of 2003. 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 and are incorporated by reference herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 21, 2003	BOSTON PROPERTIES, INC.
	/s/ DOUGLAS T. LINDE
	By:	Douglas T. Linde Chief Financial Officer

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ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.

ITEM 12. Results of Operations and Financial Condition.

SIGNATURES

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Exhibit 99.1

Supplemental Operating and Financial Data
for the Quarter Ended September 30, 2003

Boston Properties, Inc.
Third Quarter 2003

INDEX

		Page
Company Background		3
Investor Information		4-5
Financial Highlights		6
Consolidated Balance Sheets		7
Consolidated Income Statements		8
Funds From Operations		9
Funds Available for Distribution and Ratios		10
Capital Structure		11
Debt Analysis		12-15
Unconsolidated Joint Ventures		16-17
Portfolio Overview—Square Footage		18
Property Listing		19-22
Top 20 Tenants		23
Portfolio Overview		24
Occupancy Analysis		25
Office Properties—Lease Expiration Roll Out		26
Office/Technical Properties—Lease Expiration Roll Out		27
Industrial Properties—Lease Expiration Roll Out		28
Retail Properties—Lease Expiration Roll Out		29
Grand Total—Office, Office/Technical, Industrial and Retail Properties		30
Boston Area Lease Expiration Roll Out		31-32
Washington DC Area Lease Expiration Roll Out		33-34
San Francisco Area Lease Expiration Roll Out		35-36
New York Area Lease Expiration Roll Out		37-38
Princeton Area Lease Expiration Roll Out		39-40
Other Area Lease Expiration Roll Out		41-42
CBD/Suburban Lease Expiration Roll Out		43-44
Hotel Performance		45
Same Property Performance		46
Reconciliation to Same Property Performance		47
In-Service Property Performance		48
Capital Expenditures, Tenant Improvements and Leasing Commissions		49
Value Creation Pipeline—Acquisitions/Dispositions		50
Value Creation Pipeline—Development		51
Value Creation Pipeline—Land Parcels and Purchase Options		52
Definitions		53

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 "expects," "plans," "estimates," "projects," "intends," "believes" 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 and acquisition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effects of local economic and market conditions, the impact of newly adopted accounting principles 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. The Company does not undertake a duty to update forward-looking statements, including its expected operating results for the fourth quarter of 2003 and the full year of 2004.

COMPANY BACKGROUND

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 four core markets: Boston, Washington, D.C., Midtown Manhattan and San Francisco. Boston Properties was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde in Boston, where it maintains its headquarters. The Company acquires, develops and manages its properties through full-service regional offices in Boston, New York City, Washington, D.C., San Francisco and Princeton, New Jersey. Its property portfolio primarily comprises first-class office space and also includes hotels and industrial buildings. Boston Properties is well known for its in-house building management expertise and responsiveness to tenants' needs.

The Boston Properties Management Team is among the most distinguished in the REIT industry. This deep and talented team of twenty-eight individuals average twenty-four years of real estate experience and fifteen years with Boston Properties. Chairman Mortimer Zuckerman is nationally known, serving as Chairman and Editor-in-Chief of U.S. News and World Report and Chairman and Publisher of the New York Daily News. He holds an undergraduate degree from McGill University, a law degree from Harvard University and an MBA from the Wharton School, University of Pennsylvania. President and CEO Edward Linde serves on a number of corporate and philanthropic boards, including John Hancock Financial Services, Inc. the Boston Symphony Orchestra, National Association of Real Estate Investment Trusts (NAREIT) and The Real Estate Roundtable. He holds a B.S. Civil Engineering degree from MIT and an MBA with high distinction as a Baker Scholar from Harvard Graduate School of Business Administration.

Boston Properties' primary business objective is to maximize return on investment in an effort to provide its stockholders with the greatest possible total return. The Company's targeted markets are 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. Boston Properties' business strategy includes selectively acquiring assets which increase its penetration in the markets in which it has chosen to concentrate while exploring the sale of properties to take advantage of its value creation and the demand for its premier properties, which often results in high sale prices. The Company continues to enhance its balanced capital structure through its access to a variety of sources of capital. Additionally, Boston Properties is an investment grade rated company maintaining current senior unsecured debt ratings of BBB from Standard & Poor's, Baa2 from Moody's Investor Services and BBB from Fitch Ratings.

INVESTOR INFORMATION

Corporate Headquarters
111 Huntington Avenue
Boston, MA 02199-7610
(617) 236-3300
(617) 236-3311 (fax)
www.bostonproperties.com

Stock Exchange Listing
New York Stock Exchange
Trading Symbol
BXP

Information Requests
To request a standard Investor package or to be added to our quarterly distribution list:
617-236-3322
Investor_relations@bostonproperties.com

Key Management:
Mortimer B. Zuckerman		Chairman of the Board
Edward H. Linde		President, CEO and Director
Robert E. Burke		Executive Vice President, Operations
Douglas T. Linde		Senior Vice President, CFO and Treasurer
Raymond A. Ritchey		Executive Vice President, National Director of Acquisitions and Development

RESEARCH COVERAGE
EQUITY			DEBT
A.G. Edwards & Sons, Inc.	David AuBuchon	(314) 955-5452	Rating Agencies:
Banc of America Securities LLC	Lee Schalop	(212) 847-5677	Fitch Ratings	William Travers	(212) 908-0304
Bear Stearns & Company, Inc.	Ross Smotrich	(212) 272-8046	Moody's Investor Services	Lesia Bates Moss	(212) 553-4705
Credit Suisse First Boston, Inc.	Jay Habermann	(212) 538-5250	Standard & Poor's	James Fielding	(212) 438-2452
Deutsche Bank	Louis Taylor	(212) 250-4912
Friedman, Billings, Ramsey	David Loeb	(703) 469-1289	Analysts:
Goldman Sachs & Company	Carey Callaghan	(212) 902-4351	Banc of America Securities LLC	Chris Brown	(704) 386-2524
Green Street Advisors, Inc.	Jim Sullivan	(949) 640-8780	Bear, Stearns & Co., Inc.	Susan Berliner	(212) 272-2000
J.P. Morgan Securities, Inc.	Anthony Paolone	(212) 622-6682	BNP Paribas	Erich Marriott	(212) 841-3186
Lehman Brothers	David Shulman	(212) 526-3413	Credit Suisse First Boston, Inc.	Thierry Perrein	(212) 538-8618
McDonald Investments, Inc.	Anatole Pevnev	(216) 263-4783	Deutsche Bank Securities, Inc.	Scott O'Shea	(212) 250-7190
Merrill Lynch & Company, Inc.	Steve Sakwa	(212) 449-0335	J.P. Morgan Securities, Inc.	Mark Streeter	(212) 834-5086
Morgan Stanley & Co., Inc.	Greg Whyte	(212) 761-6331	Merrill Lynch & Company, Inc.	John Forrey	(212) 449-1812
Prudential Equity Group, Inc.	James Sullivan	(212) 778-2515	Smith Barney Citigroup	Thomas Cook	(212) 816-6000
RBC Capital Markets (US)	Jay Leupp	(415) 633-8588	U.S. Bancorp Piper Jaffray	Andrew Rosivach	(212) 284-9304
Smith Barney Citigroup	Jonathan Litt	(212) 816-0231
UBS Securities, LLC	Keith Mills	(212) 713-3098

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 or 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.

TIMING

Results for the fourth quarter 2003 will be announced in late January 2004.

Boston Properties, Inc.
Third Quarter 2003

COMMON STOCK DATA (NYSE:BXP)

Boston Properties' common stock is traded primarily on the New York Stock Exchange under the symbol "BXP." BXP's common stock has had the following characteristics (based on information reported by the New York Stock Exchange):

	3rd Quarter 2003			2nd Quarter 2003			1st Quarter 2003			4th Quarter 2002			3rd Quarter 2002
High Price	$	45.50		$	44.51		$	39.29		$	37.43		$	39.87
Low Price	$	41.55		$	38.65		$	34.99		$	33.93		$	34.56
Average Price	$	43.35		$	41.36		$	36.58		$	36.50		$	37.64
Closing Price, at the end of the quarter	$	43.47		$	43.80		$	37.90		$	36.86		$	37.20
Dividends per share—annualized (1)	$	2.52		$	2.52		$	2.44		$	2.44		$	2.44
Closing dividend yield—annualized		5.80	%		5.75	%		6.44	%		6.62	%		6.56	%
Closing common shares outstanding, plus common units and preferred units on an as-converted basis (thousands)		127,037			126,605			125,597			125,038			125,031
Closing market value of shares and units outstanding (thousands)	$	5,522,298		$	5,545,299		$	4,760,126		$	4,608,901		$	4,651,153

(1): Reflects dividend increase from $0.61 per share to $0.63 per share effective Q2 2003.

BPLP UNSECURED SENIOR NOTES

		5/22/2003			3/18/2003			1/17/2003			12/13/2002
Settlement Date			5/22/03			3/18/03			1/17/03			12/13/02
Principal Amount		$	250,000,000		$	300,000,000		$	175,000,000		$	750,000,000
Yield (on issue date)			5.075	%		5.636	%		6.280	%		6.296	%
Coupon			5.000	%		5.625	%		6.250	%		6.250	%
Discount			99.329	%		99.898	%		99.763	%		99.650	%
Ratings:
	Moody's		Baa2 (stable	)		Baa2 (stable	)		Baa2 (stable	)		Baa2 (stable	)
	S&P		BBB (stable	)		BBB (stable	)		BBB (stable	)		BBB (stable	)
	Fitch		BBB (stable	)		BBB (stable	)		BBB (stable	)		BBB (stable	)
Maturity Date			6/1/2015			4/15/2015			1/15/2013			1/15/2013

Boston Properties, Inc.
Third Quarter 2003

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 and 10. 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 53.

		Three Months Ended
		September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002			September 30, 2002
Income Items:
	Revenue	$	331,169(1	)	$	323,370(1	)	$	319,680	(1)	$	333,597	(1)	$	301,193	(1)
	Straight line rent (SFAS 13)	$	12,144		$	10,687		$	10,866		$	11,938		$	12,244
	Fair value lease revenue (SFAS 141)(2)	$	(577	)	$	(167	)	$	—		$	—		$	—
	Lease termination fees (included in revenues)	$	1,735		$	1,419		$	1,761		$	3,724		$	1,858
	Capitalized interest	$	4,954		$	4,601		$	4,453		$	4,719		$	4,684
	Capitalized wages	$	1,288		$	1,325		$	1,172		$	1,057		$	1,562
	Operating Margins [(rental revenue—rental expenses)/rental revenue] (3)		67.1	%		70.1	%		68.3	%		69.0	%		67.0	%
	Net income available to common shareholders	$	47,124		$	63,236		$	185,045		$	260,146		$	71,541
	Funds from operations (FFO) available to common shareholders before net derivative gains/losses and after cash basis early surrender lease income (4)	$	99,057		$	103,360		$	102,735		$	113,464		$	98,980
	FFO per share before net derivative gains/losses and after cash basis early surrender lease income—diluted (4)	$	0.98		$	1.03		$	1.03		$	1.14		$	1.00
	Net income available to common shareholders per share—basic	$	0.48		$	0.66		$	1.93		$	2.73		$	0.75
	Net income available to common shareholders per share—diluted	$	0.48		$	0.64		$	1.91		$	2.70		$	0.74
	Dividends per share	$	0.63		$	0.63		$	0.61		$	0.61		$	0.61
	Funds available for distribution (FAD) (5)	$	100,645		$	103,611		$	107,962		$	112,377		$	95,901
Ratios:
	Interest Coverage Ratio (excluding capitalized interest)—cash basis (6)		2.55			2.64			2.65			2.87			2.70
	Interest Coverage Ratio (including capitalized interest)—cash basis (6)		2.39			2.48			2.50			2.69			2.52
	FFO Payout Ratio (7)		64.29	%		61.17	%		59.22	%		53.51	%		61.00	%
	FAD Payout Ratio (8)		74.48	%		71.39	%		65.77	%		62.88	%		73.44	%

		September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002			September 30, 2002
Capitalization:
	Total Debt	$	4,920,343		$	4,819,282		$	4,980,113		$	5,147,220		$	5,466,692
	Price @ Quarter End	$	43.4700		$	43.8000		$	37.9000		$	36.8600		$	37.2000
	Equity Value @ Quarter End	$	5,522,298		$	5,545,299		$	4,760,126		$	4,608,901		$	4,651,153
	Total Market Capitalization (9)	$	10,442,641		$	10,364,581		$	9,740,239		$	9,756,121		$	10,117,845
	Debt/Total Market Capitalization (9)		47.12	%		46.50	%		51.13	%		52.76	%		54.03	%

(1): Includes gross revenues from hotels of $17,542, $17,213, $13,246, $24,779 and $20,007 for the three months ended September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002, and September 30, 2002, respectively.
(2): 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.
(3): Rental Expenses include operating expenses and real estate taxes. Amounts are exclusive of the gross up of reimbursable electricity amounts totaling $8,742, $6,459, $5,391, $6,476 and $6,329 for the three months ended September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002 and September 30, 2002, respectively.
(4): For a quantitative reconciliation of the differences between FFO and net income available to common shareholders, see page 9.

(5): For a quantitative reconciliation of the differences between FAD and FFO before net derivative gains/losses and after cash basis early surrender lease income, see page 10.
(6): For additional detail, see page 10.
(7): Gross dividends to common shareholders plus distributions to common Operating Partnership unitholders (other than the Company) divided by FFO per share before net derivative gains/losses and after cash basis early surrender lease income—diluted.
(8): Gross dividends to common shareholders plus distributions to common Operating Partnership unitholders (other than the Company) divided by FAD.
(9): For additional detail, see page 53.

6

Boston Properties, Inc.
Third Quarter 2003

CONSOLIDATED BALANCE SHEETS
(in thousands)

				September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002			September 30, 2002
				(unaudited)			(unaudited)			(unaudited)						(unaudited)
ASSETS
Real estate				$	8,060,525		$	7,863,035		$	7,745,475		$	7,781,684		$	8,139,450
Development in progress					481,571			445,003			418,798			448,576			412,981
Land held for future development					232,361			218,045			216,537			215,866			213,769
Real estate held for sale					—			—			—			224,585			—
	Less accumulated depreciation				(952,754	)		(893,246	)		(846,002	)		(822,933	)		(836,418	)

	Total real estate				7,821,703			7,632,837			7,534,808			7,847,778			7,929,782
Cash and cash equivalents					37,621			158,587			384,418			55,275			28,793
Escrows					27,992			18,187			20,804			41,906			28,200
Tenant and other receivables, net					21,813			21,185			23,193			20,458			48,716
Accrued rental income, net					175,063			160,586			148,034			165,321			156,818
Deferred charges, net					178,819			168,833			165,559			176,545			148,435
Prepaid expenses and other assets					57,012			22,090			30,144			18,015			38,752
Investments in unconsolidated joint ventures					88,632			93,904			101,794			101,905			101,819

		Total assets		$	8,408,655		$	8,276,209		$	8,408,754		$	8,427,203		$	8,481,315

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
	Mortgage notes payable			$	3,450,112		$	3,349,134		$	3,758,406		$	4,267,119		$	4,422,692
	Unsecured senior notes, net of discount				1,470,231			1,470,148			1,221,707			747,375			—
	Unsecured bridge loan				—			—			—			105,683			1,000,000
	Unsecured line of credit				—			—			—			27,043			44,000
	Accounts payable and accrued expenses				69,940			49,299			63,319			73,846			69,097
	Dividends and distributions payable				83,972			84,030			81,128			81,226			81,329
	Interest rate contracts				9,875			12,677			13,663			14,514			15,115
	Accrued interest payable				44,010			56,088			37,534			25,141			18,265
	Minority interest in property partnership at fair value				12,019			—			—			—			—
	Other liabilities				69,242			63,771			63,992			81,085			70,292

		Total liabilities			5,209,401			5,085,147			5,239,749			5,423,032			5,720,790

Commitments and contingencies					—			—			—			—			—

Minority interests					827,537			857,058			860,182			844,581			804,229

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, 97,577,665, 97,028,911, 95,928,738, 95,362,990, and 95,273,202 outstanding, respectively					976			970			959			954			953
	Additional paid-in capital				2,084,375			2,032,952			2,010,764			1,982,689			1,977,560
	Earnings in excess of dividends/(dividends in excess of earnings)				312,868			327,222			325,114			198,586			(2,532	)
	Treasury common stock, at cost				(2,722	)		(2,722	)		(2,722	)		(2,722	)		(2,722	)
	Unearned compensation				(7,271	)		(7,734	)		(8,448	)		(2,899	)		(3,355	)
	Accumulated other comprehensive loss				(16,509	)		(16,684	)		(16,844	)		(17,018	)		(13,608	)

		Total stockholders' equity			2,371,717			2,334,004			2,308,823			2,159,590			1,956,296

			Total liabilities and stockholders' equity	$	8,408,655		$	8,276,209		$	8,408,754		$	8,427,203		$	8,481,315

Boston Properties, Inc.
Third Quarter 2003

CONSOLIDATED INCOME STATEMENTS
(in thousands, except for per share amounts)
(unaudited)

				Three Months Ended
				30-Sep-03			30-Jun-03			31-Mar-03			31-Dec-02			30-Sep-02
Revenue:
	Rental
		Base Rent		$	253,594		$	248,848		$	247,353		$	253,948		$	229,453
		Recoveries from tenants			42,079			37,262			39,881			38,184			34,884
		Parking and other			13,249			13,955			14,195			13,217			13,056

			Total rental revenue		308,922			300,065			301,429			305,349			277,393
	Hotel revenues				17,542			17,213			13,246			24,779			20,007
	Development and management services				3,616			5,429			4,590			2,769			2,571
	Interest and other				1,089			663			415			700			1,222

			Total revenue		331,169			323,370			319,680			333,597			301,193

Expenses:
	Operating				66,526			57,909			61,188			59,328			61,553
	Real estate taxes				40,878			37,780			37,914			38,969			33,565
	Hotel operating				12,829			12,258			11,171			17,562			13,524
	General and administrative				11,183			11,028			11,399			12,703			9,956
	Interest (1)				75,343			75,447			73,645			71,337			65,476
	Depreciation and amortization				53,455			50,742			49,824			52,188			43,933
	Net derivative (gains)/losses				(885	)		991			932			1,461			5,284
	Loss from early extinguishment of debt				—			—			1,474			2,386			—

			Total expenses		259,329			246,155			247,547			255,934			233,291

Income before minority interests and income from unconsolidated joint ventures					71,840			77,215			72,133			77,663			67,902
Minority interest in property partnerships					563			245			397			162			720
Income from unconsolidated joint ventures					1,343			1,353			2,658			2,083			2,530

Income before minority interest in Operating Partnership					73,746			78,813			75,188			79,908			71,152
Minority interest in Operating Partnership (2)					(18,117	)		(19,123	)		(18,523	)		(19,498	)		(18,071	)

Income before gains on sales of real estate and other assets					55,629			59,690			56,665			60,410			53,081
Gains on sales of real estate and other assets, net of minority interest					1,341			3,546			52,912			187,562			—

Income before gain on sales of land held for development					56,970			63,236			109,577			247,972			53,081
Gain on sales of land held for development, net of minority interest					—			—			—			—			3,644

Income before discontinued operations					56,970			63,236			109,577			247,972			56,725
Income from discontinued operations, net of minority interest					—			—			1,940			4,529			3,032
Gains on sales of real estate from discontinued operations, net of minority interest					—			—			73,528			7,645			11,910

Income before cumulative effect of a change in accounting principle					56,970			63,236			185,045			260,146			71,667
Cumulative effect of a change in accounting principle, net of minority interest (3)					(9,846	)		—			—			—			—

Income before preferred dividend					47,124			63,236			185,045			260,146			71,667
Preferred dividend					—			—			—			—			(126	)

Net income available to common shareholders				$	47,124		$	63,236		$	185,045		$	260,146		$	71,541

INCOME PER SHARE OF COMMON STOCK (EPS)
	Net income available to common shareholders per share—basic			$	0.48		$	0.66		$	1.93		$	2.73		$	0.75

	Net income available to common shareholders per share—diluted			$	0.48		$	0.64		$	1.91		$	2.70		$	0.74

(1): Interest expense is reported net of capitalized interest of $4,954, $4,601, $4,453, $4,719 and $4,684 for the three months ended September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002 and September 30, 2002, respectively.
(2): Equals minority interest share of 18.08%, 17.45%, 17.62%, 17.69%, and 17.76% of income before minority interest in Operating Partnership after deduction for preferred dividends and distributions for the three months ended September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002 and September 30, 2002, respectively.
(3): Represents the cumulative impact of the Company's adoption of SFAS No. 150, which required the Company to reflect the minority interest of a consolidated joint venture at its fair value.

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

Boston Properties, Inc.
Third Quarter 2003

FUNDS FROM OPERATIONS
(in thousands, except for per share amounts)
(unaudited)

			Three Months Ended
			30-Sep-03			30-Jun-03		31-Mar-03		31-Dec-02		30-Sep-02
Net income available to common shareholders			$	47,124		$	63,236	$	185,045	$	260,146	$	71,541
	Add:
		Preferred dividend		—			—		—		—		126
		Minority interest in Operating Partnership		18,117			19,123		18,523		19,498		18,071
		Cumulative effect of a change in accounting principle, net of minority interest		9,846			—		—		—		—
	Less:
		Minority interest in property partnerships		563			245		397		162		720
		Income from unconsolidated joint ventures		1,343			1,353		2,658		2,083		2,530
		Gain on sales of real estate and other assets, net of minority interest		1,341			3,546		52,912		187,562		—
		Gain on sales of land held for development, net of minority interest		—			—		—		—		3,644
		Income from discontinued operations, net of minority interest		—			—		1,940		4,529		3,032
		Gain on sales of real estate from discontinued operations, net of minority interest		—			—		73,528		7,645		11,910

Income before minority interests and income from unconsolidated joint ventures				71,840			77,215		72,133		77,663		67,902
Add:
	Real estate depreciation and amortization (1)			54,606			52,338		51,791		56,072		46,971
		Income from discontinued operations		—			—		2,355		5,503		3,687
		Income from unconsolidated joint ventures		1,343			1,353		2,658		2,083		2,530
		Loss from early extinguishment of debt associated with the sale of properties		—			—		1,474		2,386		—
	Less:
		Minority property partnership's share of funds from operations		805			842		866		1,390		521
		Preferred dividends and distributions		5,183			5,852		5,771		5,926		6,162

Funds from operations (FFO)				121,801			124,212		123,774		136,391		114,407
	Add (subtract):
		Net derivative losses		(885	)		991		932		1,461		5,284
		Early surrender lease payments received — contractual basis		—			—		—		—		667

FFO before net derivative gains/losses and after early surrender lease payments received			$	120,916		$	125,203	$	124,706	$	137,852	$	120,358

FFO available to common shareholders before net derivative gains/losses and after early surrender lease payments received (2)			$	99,057		$	103,360	$	102,735	$	113,464	$	98,980

FFO per share before net derivative gains/losses and after cash basis early surrender lease income — basic			$	1.02		$	1.07	$	1.07	$	1.19	$	1.04

Weighted average shares outstanding — basic				97,360			96,531		95,733		95,313		94,904

FFO per share before net derivative gains/losses and after early surrender lease payments received — diluted			$	0.98		$	1.03	$	1.03	$	1.14	$	1.00

FFO per share after net derivative gains/losses and before early surrender lease payments received — diluted			$	0.99		$	1.02	$	1.02	$	1.13	$	0.95

Weighted average shares outstanding — diluted				107,231			107,408		105,955		105,631		105,725

RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS
(in thousands, except for per share amounts)
(unaudited)

	September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002			September 30, 2002
	Income (Numerator)		Shares (Denominator)	Income (Numerator)		Shares (Denominator)	Income (Numerator)		Shares (Denominator)	Income (Numerator)		Shares (Denominator)	Income (Numerator)		Shares (Denominator)
Basic FFO before net derivative gains/losses and after early surrender
lease income	$	120,916	118,846	$	125,203	116,931	$	124,706	116,207	$	137,852	115,800	$	120,358	115,402
Effect of Dilutive Securities
Convertible Preferred Units		5,183	8,047		5,852	9,195		5,771	9,199		5,926	9,236		6,036	9,344
Convertible Preferred Stock		—	—		—	—		—	—		—	—		126	200
Stock Options and other		—	1,823		—	1,682		—	1,022		—	1,082		—	1,276

Diluted FFO before net derivative gains/losses and after early surrender lease payments received	$	126,099	128,716	$	131,055	127,808	$	130,477	126,428	$	143,778	126,118	$	126,520	126,222

Company's share of diluted FFO before net derivative gains/losses and after early surrender lease payments received (3)	$	105,051	107,231	$	110,137	107,408	$	109,348	105,955	$	120,422	105,631	$	105,974	105,725

FFO per share before net derivative gains/losses and after early surrender lease payments received — basic	$	1.02		$	1.07		$	1.07		$	1.19		$	1.04

FFO per share before net derivative gains/losses and after early surrender lease payments received — diluted	$	0.98		$	1.03		$	1.03		$	1.14		$	1.00

(1): Real estate depreciation includes the Company's share of joint venture real estate depreciation of $1,821, $2,266, $2,514, $2,848 and $2,170 less corporate related depreciation of $670, $670, $674, $733 and $733 for the three months ended September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002 and September 30, 2002, respectively.
(2): Based on weighted average shares for the quarter. Company's share for the quarter ended September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002 and September 30, 2002 was 81.92%, 82.55%, 82.38%, 82.31%, and 82.24%, respectively.
(3): Based on weighted average diluted shares for the quarter. Company's share for the quarter ended September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002 and September 30, 2002 was 83.31%, 84.04%, 83.81%, 83.76% and 83.76%, respectively.

9

Boston Properties, Inc.
Third Quarter 2003

Funds Available for Distribution (FAD)
(in thousands)

		Three Months Ended
		September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002			September 30, 2002
Funds from operations (FFO) before net derivative gains/losses and after cash basis early surrender lease income (see page 9)		$	120,916		$	125,203		$	124,706		$	137,852		$	120,358
Add: Non real estate depreciation			670			670			674			733			733
	Fair value lease revenue (SFAS 141)		577			167			—			—			—
	Less: Straight-line rent		(12,144	)		(10,687	)		(10,866	)		(11,938	)		(12,244	)
	Recurring capital expenditures		(3,415	)		(4,726	)		(1,960	)		(5,909	)		(4,266	)
	Hotel improvements, equipment upgrades and replacements		(353	)		(911	)		(405	)		(188	)		(394	)
	2nd generation tenant improvements and leasing commissions		(5,606	)		(6,105	)		(4,187	)		(8,173	)		(8,286	)

Funds available for distribution (FAD)		$	100,645		$	103,611		$	107,962		$	112,377		$	95,901

Interest Coverage Ratios
(in thousands, except for ratio amounts)

			Three Months Ended
			September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002			September 30, 2002
Excluding Capitalized Interest
Income before minority interests and income from unconsolidated joint ventures			$	71,840		$	77,215		$	72,133		$	77,663		$	67,902
Add:
	Discontinued operations			—			—			2,355			5,503			3,687
	Interest expense			75,343			75,447			73,645			71,337			65,476
	Depreciation			53,455			50,742			49,824			52,188			43,933
	Net derivative (gains)/losses			(885	)		991			932			1,461			5,284
	Prepayment penalty			—			—			1,474			2,386			—
	Income from unconsolidated joint ventures			1,343			1,353			2,658			2,083			2,530
	Discontinued Operations — depreciation			—			—			127			1,781			1,601
	Discontinued Operations — interest expense			—			—			296			809			2,949
	Fair value lease revenue (SFAS 141)			577			167			—			—			—
Less:
	Straight-line rent			(12,144	)		(10,687	)		(10,866	)		(11,938	)		(12,244	)

Subtotal				189,529			195,228			192,578			203,273			181,118
Divided by:
	Interest expense (1)			74,214			74,077			72,352			69,901			64,202
	Interest expense — discontinued operations			—			—			296			809			2,949

Total interest expense				74,214			74,077			72,648			70,710			67,151
Interest Coverage Ratio				2.55			2.64			2.65			2.87			2.70

Including Capitalized Interest
Income before minority interests and income from unconsolidated joint ventures			$	71,840		$	77,215		$	72,133		$	77,663		$	67,902
Add:
	Discontinued operations			—			—			2,355			5,503			3,687
	Interest expense			75,343			75,447			73,645			71,337			65,476
	Depreciation			53,455			50,742			49,824			52,188			43,933
	Net derivative (gains)/losses			(885	)		991			932			1,461			5,284
	Prepayment penantly			—			—			1,474			2,386			—
	Income from unconsolidated joint ventures			1,343			1,353			2,658			2,083			2,530
	Discontinued Operations — depreciation			—			—			127			1,781			1,601
	Discontinued Operations — interest expense			—			—			296			809			2,949
	Fair value lease revenue (SFAS 141)			577			167			—			—			—
Less:
Straight-line rent				(12,144	)		(10,687	)		(10,866	)		(11,938	)		(12,244	)

Subtotal				189,529			195,228			192,578			203,273			181,118
Divided by:
	Interest expense (1) (2)			79,168			78,678			76,805			74,763			68,867
	Interest expense — discontinued operations			—			—			296			809			2,949

		Total interest expense		79,168			78,678			77,101			75,572			71,816

Interest Coverage Ratio				2.39			2.48			2.50			2.69			2.52

(1): Excludes amortization of financing costs of $1,129, $1,370, $1,293, $1,436 and $1,274 for the quarters ended September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002 and September 30, 2002, respectively.
(2): Includes capitalized interest of $4,954, $4,601, $4,453, $4,719 and $4,684 for the quarters ended September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002 and September 31, 2002, respectively.

10

Boston Properties, Inc.
Third Quarter 2003

CAPITAL STRUCTURE

Debt
(in thousands)

	Aggregate Principal September 30, 2003
Mortgage Notes Payable	$	3,450,112
Unsecured Senior Notes, net of discount		1,470,231
Unsecured Line of Credit		—

Total Debt	$	4,920,343

Equity
(in thousands)

	Shares & Units Outstanding	Common Stock Equivalents	Equivalent (1)
Common Stock	97,578	97,578	$	4,241,716
Operating Partnership Units	22,372	22,372		972,511
Preferred Operating Partnership Units
Series Two	5,401	7,087		308,071

Total Equity		127,037	$	5,522,298

Total Market Capitalization			$	10,442,641

(1): Value based on September 30, 2003 closing price of $43.47 per share of common stock.

11

Boston Properties, Inc.
Third Quarter 2003

DEBT ANALYSIS

Debt Maturities and Principal Payments
(in thousands)

		2003 (1)			2004			2005			2006			2007			Thereafter			Total
Amount		$	11,589		$	424,116		$	308,384		$	306,983		$	185,171		$	3,684,100		$	4,920,343
Weighted Average Rate			7.07	%		4.20	%		6.56	%		6.27	%		6.59	%		6.66	%		6.41	%

(1): Consists of remaining portion of 2003.

Unsecured Debt
Unsecured Line of Credit — Matures January 17, 2006
(in thousands)

Facility			Outstanding @9/30/03			Letters of Credit			Remaining Capacity @9/30/03
$	605,000		$	—		$	6,670		$	598,330

Unsecured Senior Notes
(in thousands)

Face Amount @9/30/03			Amount net of discount @9/30/03
$	1,475,000		$	1,470,231

Unsecured and Secured Debt Analysis

	% of Total Debt		Weighted Average Rate		Weighted Average Maturity
Unsecured Debt	29.88	%	5.95	%	10.2 years
Secured Debt	70.12	%	6.61	%	5.2 years

Total Debt	100.00	%	6.41	%	6.7 years

Floating and Fixed Rate Debt Analysis

	% of Total Debt		Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	6.95	%	3.02	%	1.3 years
Fixed Rate Debt	93.05	%	6.67	%	7.1 years

Total Debt	100.00	%	6.41	%	6.7 years

Boston Properties, Inc.
Third Quarter 2003

Senior Unsecured Debt Covenant Compliance Ratios
(in thousands)

In the fourth quarter of 2002 the Company's operating 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 September 30, 2003 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. 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.

		September 30, 2003
Total Assets:
	Capitalized Property Value	$	10,134,625
	Cash and Cash Equivalents		37,621
	Undeveloped Land, at Cost		232,361
	Development in Process, at Cost (including Joint Venture %)		501,530

Total Assets		$	10,906,137

Unencumbered Assets		$	4,332,181

	Secured Debt (Fixed and Variable) (1)	$	3,438,204
	Joint Venture Debt		158,682
	Contingent Liabilities & Letters of Credit		19,740
	Unsecured Debt (2)		1,475,000

Total Outstanding Debt		$	5,091,626

Consolidated EBITDA:
Income before minority interests and income from unconsolidated joint ventures (per Consolidated Income Statement)		$	71,840
	Add: Interest Expense (per Consolidated Income Statement)		75,343
	Add: Depreciation and Amortization (per Consolidated Income Statement)		53,455
	Less: Net derivative gains/losses (SFAS No. 133) (per Consolidated Income Statement)		(885	)

EBITDA			199,753
	Add: Company share of unconsolidated joint venture EBITDA		7,510

	Consolidated EBITDA	$	207,263
Adjusted Interest Expense:
	Interest Expense (per Consolidated Income Statement)	$	75,343
	Add: Company share of unconsolidated joint venture interest expense		3,552
	Less: amortization of financing costs		(1,129	)

Adjusted Interest Expense		$	77,766

Covenant Ratios	Test	Actual
Total Outstanding Debt/Total Assets	Less than 60%		46.7	%
Secured Debt/Total Assets	Less than 50%		33.0	%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	Greater than 1.50x		2.67
Unencumbered Assets/ Unsecured Debt	Greater than 150%		293.7	%

Unencumbered Consolidated EBITDA		$	83,504

Unencumbered Interest Coverage (Unencumbered Consolidated EBITDA to Unsecured Interest Expense)			3.76

% of unencumbered Consolidated EBITDA to Consolidated EBITDA			40.3	%

# of unencumbered properties			71

(1): Excludes Fair Value Adjustment of $11.9 million.
(2): Excludes Debt Discount of $4.8 million.

13

Boston Properties, Inc.
Third Quarter 2003

DEBT MATURITIES AND PRINCIPAL PAYMENTS
(in thousands)

Property	2003		2004		2005		2006		2007		Thereafter		Total
Citigroup Center	$	1,480	$	6,191	$	6,651	$	7,145	$	7,676	$	483,253	$	512,396
Times Square Tower		—		310,362		—		—		—		—		310,362
Embarcadero Center One, Two and Federal Reserve		1,152		4,809		5,141		5,496		5,877		278,913		301,388
Prudential Center		1,115		4,591		4,919		5,256		5,619		259,705		281,205
280 Park Avenue		720		3,022		3,261		3,519		3,798		248,794		263,114
599 Lexington Avenue		—		—		225,000		—		—		—		225,000
Embarcadero Center Four		856		3,544		3,797		4,061		4,346		129,711		146,315
Embarcadero Center Three		565		2,351		2,506		2,671		132,726		—		140,819
Riverfront Plaza		697		2,905		3,104		3,314		3,540		95,327		108,887
Democracy Center		470		1,961		2,103		2,257		2,421		93,728		102,940
Embarcadero Center West Tower		372		1,546		1,649		90,415		—		—		93,982
100 East Pratt Street		462		1,964		2,100		2,246		2,401		78,105		87,278
One Freedom Square		432		1,792		1,896		2,005		2,122		75,886		84,133
601 and 651 Gateway Boulevard		—		—		—		82,163		—		—		82,163
One & Two Reston Overlook		210		65,908		—		—		—		—		66,118
202, 206 & 214 Carnegie Center		156		663		719		780		845		58,217		61,380
New Dominion Technology Park, Building One		—		91		654		1,282		1,378		54,042		57,447
Reservoir Place		385		1,321		1,400		1,484		1,572		50,258		56,420
Capital Gallery		333		1,404		1,524		50,651		—		—		53,912
504, 506 & 508 Carnegie Center		257		1,052		1,136		1,221		1,314		40,915		45,895

Boston Properties, Inc.
Third Quarter 2003

DEBT MATURITIES AND PRINCIPAL PAYMENTS
(in thousands)

Property	2003		2004		2005		2006		2007		Thereafter		Total
10 & 20 Burlington Mall Rd & 91 Hartwell		110		688		741		795		855		35,589		38,778
10 Cambridge Center		144		607		659		715		777		31,436		34,338
New Dominion Technology Park, Bldg. 2		—		—		31,515		—		—		—		31,515
1301 New York Avenue		313		1,315		1,417		1,531		1,651		23,409		29,636
Sumner Square		124		518		557		599		645		26,936		29,379
Eight Cambridge Center		133		557		601		649		702		24,486		27,128
510 Carnegie Center		142		588		635		683		735		23,519		26,302
Lockheed Martin Building		155		641		685		732		782		21,799		24,794
University Place		168		702		752		806		864		20,338		23,630
Reston Corporate Center		149		612		654		698		745		20,523		23,381
NIMA Building		128		530		566		604		644		17,785		20,257
Bedford Business Park		163		690		751		818		890		16,859		20,171
191 Spring Street		34		443		482		18,773		—		—		19,732
101 Carnegie Center		90		375		406		6,622		—		—		7,493
Montvale Center		42		173		189		6,762		—		—		7,166
Hilltop Business Center		32		200		214		230		246		4,336		5,258

		11,589		424,116		308,384		306,983		185,171		2,213,869		3,450,112

Unsecured Senior Notes		—		—		—		—		—		1,470,231		1,470,231
Unsecured Line of Credit		—		—		—		—		—		—		—

	$	11,589	$	424,116	$	308,384	$	306,983	$	185,171	$	3,684,100	$	4,920,343

Boston Properties, Inc.
Third Quarter 2003

UNCONSOLIDATED JOINT VENTURES
Miscellaneous Balance Sheet Information
(unaudited and in thousands)
as of September 30, 2003

	Market Square North			Metropolitan Square			140 Kendrick Street			265 Franklin Street			901 New York Avenue (1)			801 New Jersey Avenue (1)			Combined
Total Equity (2)	$	10,818		$	32,085		$	5,446		$	23,113		$	14,170		$	3,000		$	88,632

Mortgage/Construction loans payable (2)	$	48,046		$	69,305		$	13,953		$	18,897		$	8,481		$	—		$	158,682

BXP's nominal ownership percentage		50.00	%		51.00	%		25.00	%		35.00	%		25.00	%		50.00	%

Results of Operations
(unaudited and in thousands)
for the three months ended September 30, 2003

	One Freedom Square (3)		Market Square North		Metropolitan Square		140 Kendrick Street			265 Franklin Street		Two Freedom Square (3)		901 New York Avenue (1)		801 New Jersey Avenue (1)		Combined
REVENUE
Total revenue	$	1,393	$	5,133	$	6,287	$	2,805		$	3,540	$	1,477	$	—	$	—	$	20,635	(4)

EXPENSES
Operating		236		1,519		2,142		474			1,850		219		—		—		6,440

SUBTOTAL		1,157		3,614		4,145		2,331			1,690		1,258		—		—		14,195
Interest		551		1,861		2,824		1,054			348		245		—		—		6,883
Depreciation and amortization		281		1,348		1,162		350			693		206		—		—		4,040

NET INCOME	$	325	$	405	$	159	$	927		$	649	$	807	$	—	$	—	$	3,272

BXP's share of net income	$	81	$	203	$	81	$	347	(5)	$	227	$	404	$	—	$	—	$	1,343
BXP's share of depreciation & amortization		70		674		593		138			243		103		—		—		1,821

BXP's share of Funds from Operations (FFO)	$	151	$	877	$	674	$	485	(5)	$	470	$	507	$	—	$	—	$	3,164

(1): Property is currently not in operation (i.e., under construction or undeveloped land).
(2): Represents the Company's share.
(3): The Company acquired the remaining outside interests in these joint ventures on August 5, 2003.
(4): The impact of the straight-line rent adjustment increased revenue by $1,140 for the three months ended September 30, 2003.
(5): Reflects the changes in the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement.

16

Boston Properties, Inc.
Third Quarter 2003

UNCONSOLIDATED JOINT VENTURE DEBT ANALYSIS (*)

Debt Maturities and Principal Payments
(in thousands)

		2003			2004			2005			2006			2007			Thereafter			Total
Amount		$	423		$	20,678		$	10,406		$	2,085		$	2,255		$	122,835		$	158,682
Weighted Average Rate			7.91	%		2.89	%		3.73	%		7.91	%		7.91	%		7.96	%		7.02	%

Floating and Fixed Rate Debt Analysis

	% of Total Debt		Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	17.25	%	2.53	%	1.4	years
Fixed Rate Debt	82.75	%	7.96	%	7.2	years

Total Debt	100.00	%	7.02	%	6.2	years

Debt Maturities and Principal Payments by Property
(in thousands)

Property	2003		2004		2005		2006		2007		Thereafter		Total
Metropolitan Square (51%)*	$	182	$	764	$	830	$	901	$	978	$	65,650	$	69,305
Market Square North (50%)*		204		860		926		1,001		1,080		43,975		48,046
265 Franklin Street (35%)*		—		18,897		—		—		—		—		18,897
140 Kendrick Street (25%)*		37		157		169		183		197		13,210		13,953
901 New York Avenue (25%)*		—		—		8,481		—		—		—		8,481

	$	423	$	20,678	$	10,406	$	2,085	$	2,255	$	122,835	$	158,682

(*): All amounts represent the Company's share.

17

Boston Properties, Inc.
Third Quarter 2003

PORTFOLIO OVERVIEW — SQUARE FOOTAGE
Rentable Square Footage of In-Service Properties by Location and Type of Property

Geographic Area	Office (1)		Office/Technical		Industrial		Total		% of Total
Greater Boston	7,804,587	(2)	545,206		169,273		8,519,066		27.29	%
Greater Washington	6,249,534	(3)	970,865		—		7,220,399		23.13	%
Greater San Francisco	4,715,032		144,366		60,000		4,919,398		15.76	%
Midtown Manhattan	6,546,093		—		—		6,546,093		20.97	%
Princeton/East Brunswick, NJ	2,316,023		—		—		2,316,023		7.42	%
Baltimore, MD	635,223		—		—		635,223		2.03	%
Richmond, VA	900,137		—		—		900,137		2.88	%
Bucks County, PA	—		—		161,000		161,000		0.52	%

	29,166,629		1,660,437		390,273		31,217,339		100.00	%

% of Total	93.43	%	5.32	%	1.25	%	100.00	%

Hotel Properties

Hotel Properties		Number of Rooms	Square Feet
	Long Wharf Marriott, Boston, MA	402	420,000
	Cambridge Center Marriott, Cambridge, MA	431	330,400
	Residence Inn by Marriott, Cambridge, MA	221	187,474

Total Hotel Properties		1,054	937,874

Structured Parking

		Number of Spaces		Square Feet
Total Structured Parking		30,812		9,318,846

(1): Includes approximately 1,300,000 square feet of retail space.
(2): Includes 344,126 square feet at 265 Franklin Street which is 35% owned by Boston Properties and 380,987 square feet at 140 Kendrick Street which is 25% owned by Boston Properties.
(3): Includes 585,220 square feet at Metropolitan Square which is 51% owned by Boston Properties and 401,279 square feet at Market Square North which is 50% owned by Boston Properties.

18

Boston Properties, Inc.
Third Quarter 2003

In-Service Property Listing
as of September 30, 2003

Greater Boston		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)
Office
	800 Boylston Street—The Prudential Center	CBD Boston MA	1	1,175,739	90.8	%	$	38.07	Y	CBD
	111 Huntington Avenue—The Prudential Center	CBD Boston MA	1	853,672	99.0	%		49.12	N	CBD
	101 Huntington Avenue—The Prudential Center	CBD Boston MA	1	504,488	80.1	%		39.69	Y	CBD
(1)	The Shops at the Prudential Center	CBD Boston MA	1	535,755	95.7	%		50.47	Y	CBD
(2)	Shaws Supermarket at the Prudential Center	CBD Boston MA	1	57,235	100.0	%		44.79	N	CBD
	265 Franklin Street (35% ownership)	CBD Boston MA	1	344,126	74.6	%		54.88	Y	CBD
	One Cambridge Center	East Cambridge MA	1	215,385	93.5	%		44.20	N	CBD
	Three Cambridge Center	East Cambridge MA	1	107,484	100.0	%		31.56	N	CBD
	Eight Cambridge Center	East Cambridge MA	1	177,226	100.0	%		31.87	Y	CBD
	Ten Cambridge Center	East Cambridge MA	1	152,664	100.0	%		32.39	Y	CBD
	Eleven Cambridge Center	East Cambridge MA	1	79,616	100.0	%		43.49	N	CBD
	University Place	Mid-Cambridge MA	1	195,282	100.0	%		36.76	Y	CBD
	Reservoir Place	Route 128 Mass Turnpike MA	1	526,165	80.0	%		32.48	Y	S
	204 Second Avenue	Route 128 Mass Turnpike MA	1	40,974	52.7	%		36.56	N	S
	140 Kendrick Street (25% ownership)	Route 128 Mass Turnpike MA	3	380,987	100.0	%		27.53	Y	S
	170 Tracer Lane	Route 128 Mass Turnpike MA	1	75,073	56.0	%		25.50	N	S
	Waltham Office Center	Route 128 Mass Turnpike MA	3	129,041	85.1	%		29.98	N	S
	195 West Street	Route 128 Mass Turnpike MA	1	63,500	100.0	%		47.17	N	S
	200 West Street	Route 128 Mass Turnpike MA	1	248,048	100.0	%		35.15	N	S
(2)	Waltham Weston Corporate Center	Route 128 Mass Turnpike MA	1	306,354	56.3	%		28.40	N	S
	10 & 20 Burlington Mall Road	Route 128 Northwest MA	2	152,960	89.3	%		28.94	Y	S
	Bedford Business Park	Route 128 Northwest MA	1	90,000	100.0	%		20.70	Y	S
	32 Hartwell Avenue	Route 128 Northwest MA	1	69,154	100.0	%		29.38	N	S
	91 Hartwell Avenue	Route 128 Northwest MA	1	121,486	79.6	%		34.43	Y	S
	92 Hayden Avenue	Route 128 Northwest MA	1	31,100	100.0	%		51.99	N	S
	100 Hayden Avenue	Route 128 Northwest MA	1	55,924	100.0	%		8.92	N	S
	33 Hayden Avenue	Route 128 Northwest MA	1	80,872	43.3	%		30.46	N	S
	Lexington Office Park	Route 128 Northwest MA	2	166,735	83.0	%		29.62	N	S
	191 Spring Street	Route 128 Northwest MA	1	162,700	100.0	%		30.04	Y	S
	181 Spring Street	Route 128 Northwest MA	1	53,595	41.2	%		35.95	N	S
	201 Spring Street	Route 128 Northwest MA	1	102,500	100.0	%		32.91	N	S
	40 Shattuck Road	Route 128 Northwest MA	1	120,000	95.6	%		27.45	N	S
	Quorum Office Park	Route 128 Northwest MA	2	259,918	100.0	%		19.33	N	S
	Newport Office Park	Route 128 South MA	1	168,829	44.6	%		25.38	N	S

			41	7,804,587	88.5	%	$	37.32

Office/Technical
	Fourteen Cambridge Center	East Cambridge MA	1	67,362	100.0	%		22.00	N	CBD
	Bedford Business Park	Route 128 Northwest MA	2	383,704	100.0	%		15.95	Y	S
	17 Hartwell Avenue	Route 128 Northwest MA	1	30,000	100.0	%		12.00	N	S
	164 Lexington Road	Route 128 Northwest MA	1	64,140	100.0	%		10.55	N	S

			5	545,206	100.0	%	$	15.84

Industrial
	40-46 Harvard Street	Route 128 Southwest MA	1	169,273	0.0	%		—	N	S

		Total Greater Boston:	47	8,519,066	87.5	%

(1): 93,856 square feet of space is unencumbered.
(2): Not included in same property analysis

19

Boston Properties, Inc.
Third Quarter 2003

In-Service Property Listing
as of September 30, 2003

Greater Washington, DC		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)
Office
	Capital Gallery	Southwest Washington DC	1	396,894	100.0	%	$	37.68	Y	CBD
	500 E Street, N.W.	Southwest Washington DC	1	242,769	100.0	%		33.65	N	CBD
	Metropolitan Square (51% ownership)	East End Washington DC	1	585,220	98.2	%		40.01	Y	CBD
	1301 New York Avenue	East End Washington DC	1	188,358	100.0	%		30.49	Y	CBD
	Market Square North (50% ownership)	East End Washington DC	1	401,279	100.0	%		45.07	Y	CBD
	Sumner Square	CBD Washington DC	1	207,620	100.0	%		35.15	Y	CBD
	Decoverly Two	Montgomery County MD	1	77,747	100.0	%		24.79	N	S
	Decoverly Three	Montgomery County MD	1	77,040	93.1	%		25.92	N	S
	Democracy Center	Montgomery County MD	3	680,644	87.0	%		30.45	Y	S
	Montvale Center	Montgomery County MD	1	120,823	85.8	%		24.45	Y	S
	2600 Tower Oaks Boulevard	Montgomery County MD	1	178,887	100.0	%		33.10	N	S
	Orbital Sciences 1&3	Loudoun County	2	176,726	100.0	%		23.67	N	S
	Orbital Sciences 2	Loudoun County	1	160,502	100.0	%		24.01	N	S
	The Arboretum	Fairfax County VA	1	95,584	100.0	%		26.34	N	S
(1)	One Freedom Square	Fairfax County VA	1	410,308	100.0	%		34.34	Y	S
(1)	Two Freedom Square	Fairfax County VA	1	422,504	99.6	%		34.13	N	S
	One Reston Overlook	Fairfax County VA	1	312,685	100.0	%		24.46	Y	S
	Two Reston Overlook	Fairfax County VA	1	131,594	82.2	%		32.91	Y	S
(1)	One Discovery Square	Fairfax County VA	1	181,019	100.0	%		36.68	N	S
(1)	Two Discovery Square	Fairfax County VA	1	185,970	92.8	%		32.21	N	S
	New Dominion Technology Park	Fairfax County VA	1	235,201	100.0	%		26.86	Y	S
	Reston Corporate Center	Fairfax County VA	2	261,046	100.0	%		32.56	Y	S
	Lockheed Martin Building	Fairfax County VA	1	255,244	100.0	%		30.59	Y	S
	NIMA Building	Fairfax County VA	1	263,870	100.0	%		29.44	Y	S

			28	6,249,534	97.4	%	$	32.90

Office/Technical
(1)	Broad Run Business Park	Loudoun County	1	127,226	54.7	%		22.18	N	S
	Sugarland Business Park, Building One	Fairfax County VA	1	52,797	22.8	%		22.67	N	S
	Sugarland Business Park, Building Two	Fairfax County VA	1	59,215	65.9	%		20.69	N	S
	7435 Boston Boulevard	Fairfax County VA	1	103,557	82.3	%		15.59	N	S
	7451 Boston Boulevard	Fairfax County VA	1	47,001	100.0	%		20.97	N	S
	7450 Boston Boulevard	Fairfax County VA	1	62,402	100.0	%		20.43	N	S
	7374 Boston Boulevard	Fairfax County VA	1	57,321	100.0	%		13.88	N	S
	8000 Grainger Court	Fairfax County VA	1	90,465	36.9	%		16.20	N	S
	7500 Boston Boulevard	Fairfax County VA	1	79,971	100.0	%		14.63	N	S
	7501 Boston Boulevard	Fairfax County VA	1	75,756	100.0	%		23.52	N	S
	7601 Boston Boulevard	Fairfax County VA	1	103,750	100.0	%		14.17	N	S
	7375 Boston Boulevard	Fairfax County VA	1	26,865	100.0	%		17.82	N	S
	8000 Corporate Court	Fairfax County VA	1	52,539	100.0	%		10.51	N	S
	7300 Boston Boulevard	Fairfax County VA	1	32,000	100.0	%		20.86	N	S

			14	970,865	80.0	%	$	17.60

		Total Greater Washington:	42	7,220,399	95.1	%

(1): Not included in same property analysis

20

Boston Properties, Inc.
Third Quarter 2003

In-Service Property Listing
as of September 30, 2003

Midtown Manhattan		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)
Office
	599 Lexington Avenue	Park Avenue NY	1	1,019,341	95.4	%	$	64.14	Y	CBD
	280 Park Avenue	Park Avenue NY	1	1,170,080	98.5	%		57.28	Y	CBD
	Citigroup Center	Park Avenue NY	1	1,576,803	99.9	%		60.62	Y	CBD
(1)	399 Park Avenue	Park Avenue NY	1	1,678,090	99.5	%		70.36	N	CBD
	5 Times Square	Times Square NY	1	1,101,779	100.0	%		53.22	N	CBD

		Total Midtown Manhattan:	5	6,546,093	98.9	%	$	61.81

Princeton/East Brunswick, NJ
Office
	101 Carnegie Center	Princeton NJ	1	123,659	100.0	%	$	28.19	Y	S
	104 Carnegie Center	Princeton NJ	1	102,830	85.2	%		33.07	N	S
	105 Carnegie Center	Princeton NJ	1	69,648	100.0	%		29.39	N	S
	201 Carnegie Center	Princeton NJ	—	6,500	100.0	%		27.42	N	S
	202 Carnegie Center	Princeton NJ	1	128,730	97.6	%		30.78	Y	S
	206 Carnegie Center	Princeton NJ	1	161,763	100.0	%		28.98	Y	S
	210 Carnegie Center	Princeton NJ	1	161,112	100.0	%		30.82	N	S
	211 Carnegie Center	Princeton NJ	1	47,025	100.0	%		25.51	N	S
	212 Carnegie Center	Princeton NJ	1	148,233	98.5	%		32.47	N	S
	214 Carnegie Center	Princeton NJ	1	150,416	95.4	%		29.38	Y	S
	302 Carnegie Center	Princeton NJ	1	65,135	95.5	%		31.65	N	S
	502 Carnegie Center	Princeton NJ	1	116,374	95.3	%		32.64	N	S
	504 Carnegie Center	Princeton NJ	1	121,990	100.0	%		27.67	Y	S
	506 Carnegie Center	Princeton NJ	1	136,213	88.3	%		29.82	Y	S
	508 Carnegie Center	Princeton NJ	1	131,085	100.0	%		27.73	Y	S
	510 Carnegie Center	Princeton NJ	1	234,160	100.0	%		27.30	Y	S
	One Tower Center	East Brunswick NJ	1	411,150	84.3	%		34.09	N	S

		Total Princeton/East Brunswick, NJ:	16	2,316,023	95.0	%	$	30.31

Greater San Francisco
Office
	Embarcadero Center One	CBD San Francisco CA	1	836,584	96.2	%	$	42.81	Y	CBD
	Embarcadero Center Two	CBD San Francisco CA	1	779,219	86.9	%		47.06	Y	CBD
	Embarcadero Center Three	CBD San Francisco CA	1	773,693	86.3	%		42.04	Y	CBD
	Embarcadero Center Four	CBD San Francisco CA	1	936,432	91.1	%		62.78	Y	CBD
	Federal Reserve	CBD San Francisco CA	1	149,592	99.8	%		49.19	Y	CBD
	West Tower	CBD San Francisco CA	1	473,774	98.6	%		44.22	Y	CBD
(1)	611 Gateway	South San Francisco CA	1	250,825	0.0	%		—	N	S
	601 and 651 Gateway	South San Francisco CA	2	514,913	81.8	%		34.76	Y	S

			9	4,715,032	85.7	%	$	47.17

Office/Technical

	Hilltop Office Center	South San Francisco CA	9	144,366	74.9	%	$	14.10	Y	S

Industrial
	560 Forbes Blvd	South San Francisco CA	1	40,000	100.0	%		10.62	N	S
	430 Rozzi Place	South San Francisco CA	1	20,000	100.0	%		12.09	N	S

			2	60,000	100.0	%	$	11.11

		Total Greater San Francisco:	20	4,919,398	85.5	%

(1): Not included in same property analysis

21

Boston Properties, Inc.
Third Quarter 2003

In-Service Property Listing
as of September 30, 2003

		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)
Baltimore, MD
Office

	100 East Pratt Street	Baltimore MD	1	635,223	98.5	%	$	30.70	Y	CBD

Richmond, VA
Office
	Riverfront Plaza	Richmond VA	1	900,137	88.9	%	$	24.84	Y	CBD

Bucks County, PA
Industrial
	38 Cabot Boulevard	Bucks County PA	1	161,000	100.0	%	$	4.81	N	S

		Total In-Service Properties:	133	31,217,339	92.2	%

Boston Properties, Inc.
Third Quarter 2003

TOP 20 TENANTS LISTING AND PORTFOLIO TENANT DIVERSIFICATION

TOP 20 TENANTS BY SQUARE FEET LEASED

	Tenant	Sq. Ft.		% of Portfolio
1	U.S. Government	1,397,980		4.48	%
2	Citibank, N.A.	1,231,068		3.94	%
3	Ernst and Young	1,064,939		3.41	%
4	Shearman & Sterling	585,808		1.88	%
5	Lockheed Martin Corporation	570,314		1.83	%
6	Gillette Company	485,932		1.56	%
7	Parametric Technology Corp.	470,987	(1)	1.51	%
8	Wachovia	456,533		1.46	%
9	Lehman Brothers	436,723		1.40	%
10	Washington Group International	365,245		1.17	%
11	Deutsche Bank Trust	346,617		1.11	%
12	Orbital Sciences Corporation	337,228		1.08	%
13	TRW, Inc.	309,689		0.99	%
14	T. Rowe Price Associates, Inc.	304,129		0.97	%
15	Hunton & Williams	296,671		0.95	%
16	Kirkland & Ellis	294,821		0.94	%
17	Digitas	279,182		0.89	%
18	Bingham McCutchen	267,905		0.86	%
19	Accenture	265,622		0.85	%
20	Tellabs Operations	259,918		0.83	%
	Total % of Portfolio Square Feet			32.12	%
	Total % of Portfolio Revenue			35.18	%

Major Signed Deals for Future Development

Tenant	Property	Sq. Ft.
U.S. Government	New Dominion Tech.	257,400
Finnegan Henderson Farabow Garrett & Dunner, LLP	901 New York Ave.	251,337
O'Melveny & Myers	Times Square Tower	220,887

(1): Includes 380,987 square feet of space in a property in which Boston Properties has a 25% interest.

TENANT DIVERSIFICATION (GROSS RENT) *

*: 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.

23

Boston Properties, Inc.
Third Quarter 2003

PORTFOLIO OVERVIEW

Percentage of Rental Revenues Less Operating Expenses and Real Estate Taxes for In-Service Properties by Location and Type of Property for the Quarter Ended September 30, 2003

Geographic Area		Office (1)		Office/ Technical		Industrial		Hotel		Total
Greater Boston		20.8	%	0.8	%	—		2.3	%	23.9	%
Greater Washington		16.0	%	1.1	%	—		—		17.0	%
Greater San Francisco		15.3	%	—		0.1	%	—		15.4	%
Midtown Manhattan		35.0	%	—		—		—		35.0	%
Princeton/East Brunswick, NJ		5.0	%	—		0.1	%	—		5.1	%
Baltimore, MD		1.8	%	—		—		—		1.8	%
Richmond, VA		1.8	%	—		—		—		1.8	%
Bucks County, PA		—		—		—		—		—

	Total	95.6	%	1.9	%	0.2	%	2.3	%	100.0	%

Geographic Area	CBD		Suburban		Total
Greater Boston	17.0	%	6.9	%	23.9	%
Greater Washington	5.0	%	12.0	%	17.0	%
Greater San Francisco	13.6	%	1.7	%	15.3	%
Midtown Manhattan	35.0	%	—		35.0	%
Princeton/East Brunswick, NJ	—		5.1	%	5.1	%
Baltimore, MD	1.8	%	—		1.8	%
Richmond, VA	1.8	%	—		1.8	%
Bucks County, PA	—		0.1	%	0.1	%

Total	74.2	%	25.8	%	100.0	%

(1) Includes retail space at Prudential Center and Embarcadero Center.

Boston Properties, Inc.
Third Quarter 2003

OCCUPANCY ANALYSIS

Same Property Occupancy—By Location
		CBD		Suburban		Total
Location		CBD		Suburban		Total
Location		30-Sep-03	30-Sep-02	30-Sep-03	30-Sep-02	30-Sep-03	30-Sep-02
Greater Boston		92.3%	93.1%	84.2%	95.1%	88.6%	94.0%
Greater Washington		99.5%	99.6%	92.9%	96.5%	95.2%	97.6%
Midtown Manhattan		98.6%	98.6%	—	—	98.6%	98.6%
Baltimore, MD		98.5%	98.2%	—	—	98.5%	98.2%
Princeton/East Brunswick, NJ		—	—	95.0%	93.0%	95.0%	93.0%
Richmond, VA		88.9%	92.0%	—	—	88.9%	92.0%
Greater San Francisco		91.6%	93.8%	60.7%	64.4%	85.5%	88.1%
Bucks County, PA		—	—	100.0%	100.0%	100.0%	100.0%

	Total Portfolio	94.9%	95.8%	87.7%	92.5%	92.0%	94.5%

Same Property—By Type of Property
	CBD		Suburban		Total
Location	CBD		Suburban		Total
Location	30-Sep-03	30-Sep-02	30-Sep-03	30-Sep-02	30-Sep-03	30-Sep-02
Total Office Portfolio	94.9%	95.8%	88.9%	91.9%	92.8%	94.4%
Total Office/Technical Portfolio	100.0%	100.0%	88.0%	94.7%	88.5%	95.0%
Total Industrial Portfolio	—	—	56.6%	100.0%	56.6%	100.0%

Total Portfolio	94.9%	95.8%	87.7%	92.5%	92.0%	94.5%

Boston Properties, Inc.
Third Quarter 2003

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
2003	460,096	$	15,611,328	$	33.93	$	15,611,328	$	33.93	1.65%
2004	1,863,303		75,138,566		40.33		75,269,801		40.40	6.69%
2005	2,271,106		84,369,599		37.15		85,730,089		37.75	8.15%
2006	2,910,482		120,169,346		41.29		123,415,280		42.40	10.44%
2007	2,035,274		79,252,003		38.94		82,675,081		40.62	7.30%
2008	1,448,094		62,313,825		43.03		64,790,712		44.74	5.20%
2009	2,758,876		104,958,044		38.04		112,754,890		40.87	9.90%
2010	1,631,917		71,394,248		43.75		78,967,016		48.39	5.86%
2011	2,673,009		109,370,521		40.92		125,287,261		46.87	9.59%
2012	2,093,045		97,010,634		46.35		105,087,278		50.21	7.51%
Thereafter	5,672,395		273,074,052		48.14		327,484,728		57.73	20.35%

Occupancy By Location*
		CBD		Suburban		Total
Location		CBD		Suburban		Total
Location		30-Sep-03	30-Sep-02	30-Sep-03	30-Sep-02	30-Sep-03	30-Sep-02
Greater Boston		92.2%	92.7%	83.7%	94.4%	88.5%	93.5%
Greater Washington		99.5%	99.6%	96.5%	97.9%	97.4%	98.7%
Midtown Manhattan		98.9%	98.2%	—	—	98.9%	98.2%
Baltimore, MD		98.5%	97.2%	—	—	98.5%	97.2%
Princeton/East Brunswick, NJ		—	—	95.0%	93.0%	95.0%	93.0%
Richmond, VA		88.9%	92.0%	—	—	88.9%	92.0%
Greater San Francisco		91.6%	93.8%	55.0%	57.2%	85.7%	87.9%
Bucks County, PA		n/a	n/a	n/a	n/a	n/a	n/a

	Total Portfolio	95.3%	96.2%	89.1%	92.5%	93.0%	95.0%

*: Includes approximately 1,300,000 square feet of retail space.

26

Boston Properties, Inc.
Third Quarter 2003

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
2003	14,100	$	239,599	$	16.99	$	239,599	$	16.99	0.85	%
2004	98,546		1,787,360		18.14		1,795,467		18.22	5.93	%
2005	156,284		2,235,477		14.30		2,294,794		14.68	9.41	%
2006	300,104		4,369,484		14.56		4,408,037		14.69	18.07	%
2007	317,912		5,566,352		17.51		5,915,503		18.61	19.15	%
2008	61,338		1,351,067		22.03		1,387,593		22.62	3.69	%
2009	—		—		—		—		—	—
2010	79,971		1,169,716		14.63		1,171,896		14.65	4.82	%
2011	137,321		2,378,584		17.32		2,578,584		18.78	8.27	%
2012	72,362		1,635,627		22.60		1,817,191		25.11	4.36	%
Thereafter	205,304		3,680,039		17.92		4,291,374		20.90	12.36	%

Occupancy By Location
		CBD				Suburban				Total
Location		CBD				Suburban				Total
Location		30-Sep-03		30-Sep-02		30-Sep-03		30-Sep-02		30-Sep-03		30-Sep-02
Greater Boston		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Greater Washington		—		—		80.0	%	93.1	%	80.0	%	93.1	%
Midtown Manhattan		n/a		n/a		n/a		n/a		n/a		n/a
Baltimore, MD		n/a		n/a		n/a		n/a		n/a		n/a
Princeton/East Brunswick, NJ		n/a		n/a		n/a		n/a		n/a		n/a
Richmond, VA		n/a		n/a		n/a		n/a		n/a		n/a
Greater San Francisco		—		—		74.9	%	87.5	%	74.9	%	87.5	%
Bucks County, PA		n/a		n/a		n/a		n/a		n/a		n/a

	Total Portfolio	100.0	%	100.0	%	85.5	%	94.8	%	86.1	%	95.0	%

Boston Properties, Inc.
Third Quarter 2003

IN-SERVICE INDUSTRIAL 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
2003	—	$	—	$	—	$	—	$	—	—
2004	201,000		1,199,258		5.97		1,208,858		6.01	51.50	%
2005	—		—		—		—		—	—
2006	—		—		—		—		—	—
2007	20,000		241,890		12.09		260,859		13.04	5.12	%
2008	—		—		—		—		—	—
2009	—		—		—		—		—	—
2010	—		—		—		—		—	—
2011	—		—		—		—		—	—
2012	—		—		—		—		—	—
Thereafter	—		—		—		—		—	—

Occupancy By Location
		CBD		Suburban				Total
Location		CBD		Suburban				Total
Location		30-Sep-03	30-Sep-02	30-Sep-03		30-Sep-02		30-Sep-03		30-Sep-02
Greater Boston		—	—	0.0	%	100.0	%	0.0	%	100.0	%
Greater Washington		n/a	n/a	n/a		n/a		n/a		n/a
Midtown Manhattan		n/a	n/a	n/a		n/a		n/a		n/a
Baltimore, MD		n/a	n/a	n/a		n/a		n/a		n/a
Princeton/East Brunswick, NJ		n/a	n/a	n/a		n/a		n/a		n/a
Richmond, VA		n/a	n/a	n/a		n/a		n/a		n/a
Greater San Francisco		—	—	100.0	%	100.0	%	100.0	%	100.0	%
Bucks County, PA		—	—	100.0	%	100.0	%	100.0	%	100.0	%

	Total Portfolio	—	—	56.6	%	100.0	%	56.6	%	100.0	%

Boston Properties, Inc.
Third Quarter 2003

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
2003	30,940	$	2,208,541	$	71.38	$	2,213,059	$	71.53	2.38	%
2004	76,004		5,920,231		77.89		5,809,735		76.44	5.85	%
2005	106,602		4,786,977		44.91		4,828,942		45.30	8.21	%
2006	58,475		3,031,003		51.83		3,053,572		52.22	4.50	%
2007	44,722		2,208,770		49.39		2,329,564		52.09	3.44	%
2008	80,995		3,927,609		48.49		4,079,165		50.36	6.24	%
2009	40,371		1,882,762		46.64		1,961,945		48.60	3.11	%
2010	83,166		3,400,687		40.89		3,827,111		46.02	6.40	%
2011	42,241		2,642,233		62.55		3,059,400		72.43	3.25	%
2012	103,652		4,936,019		47.62		5,577,803		53.81	7.98	%
Thereafter	631,547		32,323,002		51.18		39,959,231		63.27	48.63	%

Boston Properties, Inc.
Third Quarter 2003

GRAND TOTAL OF ALL IN-SERVICE PROPERTIES
Lease Expiration
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
2003	505,136	$	18,059,468	$	35.75	$	18,063,986	$	35.76	1.6	%
2004	2,238,853		84,045,414		37.54		84,083,861		37.56	7.2	%
2005	2,533,992		91,392,053		36.07		92,853,825		36.64	8.1	%
2006	3,269,061		127,569,833		39.02		130,876,889		40.04	10.5	%
2007	2,417,908		87,269,016		36.09		91,181,006		37.71	7.7	%
2008	1,590,427		67,592,500		42.50		70,257,471		44.18	5.1	%
2009	2,799,247		106,840,806		38.17		114,716,836		40.98	9.0	%
2010	1,795,054		75,964,652		42.32		83,966,023		46.78	5.8	%
2011	2,852,571		114,391,338		40.10		130,925,245		45.90	9.1	%
2012	2,269,059		103,582,279		45.65		112,482,271		49.57	7.3	%
Thereafter	6,439,692		307,534,238		47.76		369,810,584		57.43	20.6	%

Occupancy By Location
		CBD				Suburban				Total
Location		CBD				Suburban				Total
Location		30-Sep-03		30-Sep-02		30-Sep-03		30-Sep-02		30-Sep-03		30-Sep-02
Greater Boston		92.4	%	92.8	%	82.1	%	95.3	%	87.5	%	94.0	%
Greater Washington		99.5	%	99.6	%	93.4	%	97.0	%	95.1	%	98.1	%
Midtown Manhattan		98.9	%	98.2	%	—		—		98.9	%	98.2	%
Baltimore, MD		98.5	%	97.2	%	—		—		98.5	%	97.2	%
Princeton/East Brunswick, NJ		—		—		95.0	%	93.0	%	95.0	%	93.0	%
Richmond, VA		88.9	%	92.0	%	—		—		88.9	%	92.0	%
Greater San Francisco		91.6	%	93.8	%	60.7	%	71.0	%	85.5	%	88.6	%
Bucks County, PA		—		—		100.0	%	100.0	%	100.0	%	100.0	%

	Total Portfolio	95.3	%	96.2	%	87.7	%	93.2	%	92.2	%	95.1	%

Boston Properties, Inc.
Third Quarter 2003

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
	2003	24,416	$	1,022,730	$	41.89	$	1,022,731	$	41.89	—	$	—	$	—	$	—	$	—
	2004	359,728		12,537,257		34.85		12,568,411		34.94	—		—		—		—		—
	2005	808,839		32,148,679		39.75		32,505,102		40.19	—		—		—		—		—
	2006	526,783		18,583,562		35.28		18,683,040		35.47	253,704		3,631,745		14.31		3,631,745		14.31
	2007	464,403		17,829,480		38.39		19,124,694		41.18	144,140		1,940,579		13.46		2,233,859		15.50
	2008	472,742		15,036,715		31.81		16,041,522		33.93	—		—		—		—		—
	2009	1,017,325		37,142,146		36.51		40,100,431		39.42	—		—		—		—		—
	2010	197,403		6,814,517		34.52		7,629,593		38.65	—		—		—		—		—
	2011	788,262		28,926,068		36.70		34,249,680		43.45	80,000		1,582,874		19.79		1,782,874		22.29
	2012	608,127		22,200,272		36.51		24,567,759		40.40	72,362		1,635,627		22.60		1,817,191		25.11
Thereafter		882,608		36,104,692		40.91		42,246,129		47.87	—		—		—		—		—

		INDUSTRIAL									RETAIL
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
	2003	—	$	—	$	—	$	—	$	—	9,777	$	1,229,150	$	125.72	$	1,216,598	$	124.43
	2004	—		—		—		—		—	41,820		4,214,114		100.77		4,103,618		98.13
	2005	—		—		—		—		—	68,221		2,760,122		40.46		2,760,818		40.47
	2006	—		—		—		—		—	14,999		1,023,580		68.24		1,024,745		68.32
	2007	—		—		—		—		—	2,307		188,738		81.81		183,589		79.58
	2008	—		—		—		—		—	13,965		1,089,231		78.00		1,071,231		76.71
	2009	—		—		—		—		—	8,408		477,863		56.83		488,453		58.09
	2010	—		—		—		—		—	37,110		1,384,737		37.31		1,458,957		39.31
	2011	—		—		—		—		—	12,551		649,793		51.77		705,433		56.21
	2012	—		—		—		—		—	52,949		1,882,831		35.56		1,975,930		37.32
Thereafter		—		—		—		—		—	416,081		16,378,814		39.36		19,284,009		46.35

Boston Properties, Inc.
Third Quarter 2003

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 2003	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
	Q2 2003	—		—		—		—		—	—		—		—		—		—
	Q3 2003	—		—		—		—		—	—		—		—		—		—
	Q4 2003	24,416		1,022,731		41.89		1,022,731		41.89	—		—		—		—		—

Total 2003		24,416	$	1,022,731	$	41.89	$	1,022,731	$	41.89	—	$	—	$	—	$	—	$	—

	Q1 2004	14,495	$	718,726	$	49.58	$	718,726	$	49.58	—	$	—	$	—	$	—	$	—
	Q2 2004	85,089		2,814,542		33.08		2,814,542		33.08	—		—		—		—		—
	Q3 2004	154,311		5,414,278		35.09		5,418,187		35.11	—		—		—		—		—
	Q4 2004	105,833		3,589,711		33.92		3,616,956		34.18	—		—		—		—		—

Total 2004		359,728	$	12,537,257	$	34.85	$	12,568,411	$	34.94	—	$	—	$	—	$	—	$	—

		INDUSTRIAL									RETAIL
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 2003	—	$	—	$	—	$	—	$	—		—	$	—	$	—	$	—	$	—
	Q2 2003	—		—		—		—		—		—		—		—		—		—
	Q3 2003	—		—		—		—		—		—		—		—		—		—
	Q4 2003	—		—		—		—		—		9,777		1,229,150		125.72		1,216,598		124.43

Total 2003		—		—	$	—	$	—	$	—		9,777	$	1,229,150	$	125.72	$	1,216,598	$	124.43

	Q1 2004	—	$	—	$	—		—	$	—		21,339	$	1,748,559	$	81.94	$	1,693,059	$	79.34
	Q2 2004	—		—		—		—		—		10,579		1,279,419		120.94		1,222,419		115.55
	Q3 2004	—		—		—		—		—		3,347		526,920		157.43		502,920		150.26
	Q4 2004	—		—		—		—		—		6,555		659,216		100.57		685,220		104.53

Total 2004		—	$	—	$	—	$	—	$	—	$	41,820	$	4,214,114	$	100.77	$	4,103,618	$	98.13

Boston Properties, Inc.
Third Quarter 2003

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
2003	36,005	$	1,018,244	$	28.28	$	1,018,244	$	28.28	7,000	$	119,551	$	17.08	$	119,551	$	17.08
2004	203,124		7,824,752		38.52		7,870,542		38.75	81,199		1,500,596		18.48		1,507,083		18.56
2005	353,472		12,358,560		34.96		12,772,956		36.14	101,345		1,482,016		14.62		1,518,693		14.99
2006	420,928		12,258,118		29.12		12,885,408		30.61	33,400		541,107		16.20		569,160		17.04
2007	370,671		12,646,805		34.12		13,091,452		35.32	163,422		3,490,594		21.36		3,523,244		21.56
2008	199,439		6,228,669		31.23		6,971,891		34.96	57,730		1,298,372		22.49		1,336,615		23.15
2009	980,947		32,412,133		33.04		33,809,067		34.47	—		—		—		—		—
2010	773,484		28,201,626		36.46		31,610,890		40.87	79,971		1,169,716		14.63		1,171,896		14.65
2011	1,065,677		33,191,364		31.15		39,155,901		36.74	57,321		795,710		13.88		795,710		13.88
2012	435,506		15,678,599		36.00		19,553,783		44.90	—		—		—		—		—
Thereafter	1,131,096		34,790,156		30.76		43,160,957		38.16	205,304		3,680,039		17.92		4,291,374		20.90

	INDUSTRIAL									RETAIL
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
2003	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
2004	—		—		—		—		—	2,151		103,154		47.96		103,154		47.96
2005	—		—		—		—		—	4,274		141,964		33.22		143,882		33.66
2006	—		—		—		—		—	3,309		114,577		34.63		114,942		34.74
2007	—		—		—		—		—	16,548		425,319		25.70		448,025		27.07
2008	—		—		—		—		—	16,338		598,212		36.61		685,147		41.94
2009	—		—		—		—		—	875		41,744		47.71		42,211		48.24
2010	—		—		—		—		—	10,277		373,278		36.32		433,983		42.23
2011	—		—		—		—		—	11,221		475,957		42.42		535,392		47.71
2012	—		—		—		—		—	10,046		265,496		26.43		324,961		32.35
Thereafter	—		—		—		—		—	36,415		1,459,883		40.09		1,891,343		51.94

Boston Properties, Inc.
Third Quarter 2003

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 2003	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2003	—		—		—		—		—	—		—		—		—		—
Q3 2003	—		—		—		—		—	—		—		—		—		—
Q4 2003	36,005		1,018,244		28.28		1,018,244		28.28	7,000		119,551		17.08		119,551		17.08

Total 2003	36,005	$	1,018,244	$	28.28	$	1,018,244	$	28.28	7,000	$	119,551	$	17.08	$	119,551	$	17.08

Q1 2004	25,923	$	901,498	$	34.78		901,498	$	34.78	14,338	$	239,826	$	16.73		239,826	$	16.73
Q2 2004	40,483		1,309,243		32.34		1,311,547		32.40	43,101		811,781		18.83		811,781		18.83
Q3 2004	101,853		4,252,199		41.75		4,265,228		41.88	13,408		223,687		16.68		223,687		16.68
Q4 2004	34,865		1,361,812		39.06		1,392,269		39.93	10,352		225,301		21.76		231,788		22.39

Total 2004	203,124	$	7,824,752	$	38.52	$	7,870,542	$	38.75	81,199	$	1,500,596	$	18.48	$	1,507,083	$	18.56

	INDUSTRIAL										RETAIL
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 2003	$		$		$	—	$		$	—	—	$	—	$	—	$	—	$	—
Q2 2003		—		—		—		—		—	—		—		—		—		—
Q3 2003		—		—		—		—		—	—		—		—		—		—
Q4 2003		—		—		—		—		—	—		—		—		—		—

Total 2003		—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—

Q1 2004		—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2004		—		—		—		—		—	2,151		103,154		47.96		103,154		47.96
Q3 2004		—		—		—		—		—	—		—		—		—		—
Q4 2004		—		—		—		—		—	—		—		—		—		—

Total 2004		—	$	—	$	—	$	—	$	—	2,151	$	103,154	$	47.96	$	103,154	$	47.96

Boston Properties, Inc.
Third Quarter 2003

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
2003	265,910	$	9,716,308	$	36.54	$	9,716,308	$	36.54	7,100	$	120,048	$	16.91	$	120,048	$	16.91
2004	573,602		24,934,804		43.47		24,973,263		43.54	17,347		286,764		16.53		288,384		16.62
2005	346,740		14,444,829		41.66		14,502,756		41.83	54,939		753,461		13.71		776,101		14.13
2006	900,797		43,848,950		48.68		45,480,307		50.49	13,000		196,632		15.13		207,132		15.93
2007	427,561		20,640,869		48.28		21,135,718		49.43	10,350		135,180		13.06		158,400		15.30
2008	279,148		11,096,605		39.75		11,112,843		39.81	3,608		52,695		14.61		50,978		14.13
2009	260,477		11,378,537		43.68		12,048,578		46.26	—		—		—		—		—
2010	189,499		11,293,163		59.59		12,997,658		68.59	—		—		—		—		—
2011	192,689		17,992,769		93.38		18,485,363		95.93	—		—		—		—		—
2012	127,771		5,464,124		42.76		5,978,786		46.79	—		—		—		—		—
Thereafter	214,823		8,355,682		38.90		9,015,540		41.97	—		—		—		—		—

	Industrial									Retail
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
2003	—	$	—	$	—	$	—	$	—	20,363	$	714,163	$	35.07	$	731,233	$	35.91
2004	40,000		424,836		10.62		434,436		10.86	25,296		1,294,816		51.19		1,294,816		51.19
2005	—		—		—		—		—	27,297		1,337,997		49.02		1,359,013		49.79
2006	—		—		—		—		—	21,606		1,062,027		49.15		1,068,446		49.45
2007	20,000		241,890		12.09		260,859		13.04	18,341		1,146,998		62.54		1,234,003		67.28
2008	—		—		—		—		—	43,899		1,999,873		45.56		2,062,957		46.99
2009	—		—		—		—		—	31,088		1,363,155		43.85		1,431,281		46.04
2010	—		—		—		—		—	30,749		1,306,176		42.48		1,520,176		49.44
2011	—		—		—		—		—	3,474		192,311		55.36		234,550		67.52
2012	—		—		—		—		—	35,018		2,165,851		61.85		2,458,101		70.20
Thereafter	—		—		—		—		—	12,417		892,256		71.86		997,893		80.37

Boston Properties, Inc.
Third Quarter 2003

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 2003	—	$		$		$		$		—	$		$		$		$
Q2 2003	—		—		—		—		—	—		—		—		—		—
Q3 2003	—		—		—		—		—	—		—		—		—		—
Q4 2003	265,910		9,716,308		36.54		9,716,308		36.54	7,100		120,048		16.91		120,048		16.91

Total 2003	265,910	$	9,716,308	$	36.54	$	9,716,308	$	36.54	7,100	$	120,048	$	16.91	$	120,048	$	16.91

Q1 2004	35,049		1,871,822	$	53.41		1,885,947	$	53.81	—	$	—	$	—		—	$	—
Q2 2004	148,543		5,458,941		36.75		5,458,941		36.75	6,800		94,440		13.89		94,440		13.89
Q3 2004	235,794		10,970,400		46.53		10,971,531		46.53	6,547		135,576		20.71		135,576		20.71
Q4 2004	154,216		6,633,641		43.02		6,656,844		43.17	4,000		56,748		14.19		58,368		14.59

Total 2004	573,602	$	24,934,804	$	43.47	$	24,973,263	$	43.54	17,347	$	286,764	$	16.53	$	288,384	$	16.62

	Industrial									Retail
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 2003	—	$	—	$	—	$	—	$		—	$	—	$	—	$	—	$	—
Q2 2003	—		—		—		—		—	—		—		—		—		—
Q3 2003	—		—		—		—		—	—		—		—		—		—
Q4 2003	—		—		—		—		—	20,363		714,163		35.07		731,233		35.91

Total 2003	—	$	—	$	—	$	—	$	—	20,363	$	714,163	$	35.07	$	731,233	$	35.91

Q1 2004	—		—	$	—		—	$	—	13,096	$	629,169	$	48.04		629,169	$	48.04
Q2 2004	—		—		—		—		—	256		33,231		129.81		33,231		129.81
Q3 2004	—		—		—		—		—	4,239		206,577		48.73		206,577		48.73
Q4 2004	40,000		424,836		10.62		434,436		10.86	7,705		425,839		55.27		425,839		55.27

Total 2004	40,000	$	424,836	$	10.62	$	434,436	$	10.86	25,296	$	1,294,816	$	51.19	$	1,294,816	$	51.19

Boston Properties, Inc.
Third Quarter 2003

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
2003	3,173	$	172,038	$	54.22	$	172,038	$	54.22	—	$	—	$	—	$	—	$	—
2004	270,619		16,502,102		60.98		16,517,126		61.03	—		—		—		—		—
2005	103,076		7,151,148		69.38		7,190,072		69.76	—		—		—		—		—
2006	343,438		23,302,477		67.85		23,575,649		68.65	—		—		—		—		—
2007	170,306		10,369,510		60.89		10,476,376		61.52	—		—		—		—		—
2008	488,118		29,729,142		60.91		30,416,850		62.31	—		—		—		—		—
2009	291,535		17,454,402		59.87		19,450,436		66.72	—		—		—		—		—
2010	287,774		19,344,027		67.22		20,410,804		70.93	—		—		—		—		—
2011	363,724		21,211,117		58.32		24,535,846		67.46	—		—		—		—		—
2012	891,075		52,712,451		59.16		53,767,672		60.34	—		—		—		—		—
Thereafter	3,054,646		182,832,474		59.85		220,556,811		72.20	—		—		—		—		—

	INDUSTRIAL									RETAIL
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
2003	—	$	—	$	—	$	—	$	—	800	$	256,507	$	320.63	$	256,507	$	320.63
2004	—		—		—		—		—	1,650		187,524		113.65		187,524		113.65
2005	—		—		—		—		—	1,514		285,156		188.35		296,463		195.81
2006	—		—		—		—		—	15,225		668,437		43.90		683,058		44.86
2007	—		—		—		—		—	826		184,859		223.80		201,091		243.45
2008	—		—		—		—		—	3,232		161,884		50.09		169,126		52.33
2009	—		—		—		—		—	—		—		—		—		—
2010	—		—		—		—		—	5,030		336,496		66.90		413,996		82.31
2011	—		—		—		—		—	14,995		1,324,173		88.31		1,584,025		105.64
2012	—		—		—		—		—	5,639		621,841		110.28		818,811		145.20
Thereafter	—		—		—		—		—	152,056		13,304,994		87.50		17,394,565		114.40

Boston Properties, Inc.
Third Quarter 2003

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 Revenue Under Expiring Leases with future step-ups		Per Square Foot
Q1 2003	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2003	—		—		—		—		—	—		—		—		—		—
Q3 2003	—		—		—		—		—			—		—		—		—
Q4 2003	3,173		172,038		54.22		172,038		54.22	—		—		—		—		—

Total 2003	3,173	$	172,038	$	54.22	$	172,038	$	54.22	—	$	—	$	—	$	—	$	—

Q1 2004	107,924	$	6,751,363	$	62.56	$	6,751,363	$	62.56	—	$	—	$	—	$	—	$	—
Q2 2004	51,445		4,098,320		79.66		4,098,320		79.66	—		—		—		—		—
Q3 2004	—		—		—		—		—	—		—		—		—		—
Q4 2004	111,250		5,652,419		50.81		5,667,443		50.94	—		—		—		—		—

Total 2004	270,619	$	16,502,102	$	60.98	$	16,517,126	$	61.03	—	$	—	$	—	$	—	$	—

	INDUSTRIAL									RETAIL
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 Revenue Under Expiring Leases with future step-ups		Per Square Foot
Q1 2003		$		$	—	$		$	—		$		$
Q2 2003	—		—		—		—		—	—		—		—		—		—
Q3 2003
Q4 2003	—		—		—		—		—	800		256,507		320.63		256,507		320.63

Total 2003	—	$	—	$	—	$	—	$	—	800	$	256,507	$	320.63	$	256,507	$	320.63

Q1 2004	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2004	—		—		—		—		—	350		50,655		144.73		50,655		144.73
Q3 2004	—		—		—		—		—	—		—		—		—		—
Q4 2004	—		—		—		—		—	1,300		136,869		105.28		136,869		105.28

Total 2004	—	$	—	$	—	$	—	$	—	1,650	$	187,524	$	113.65	$	187,524	$	113.65

Boston Properties, Inc.
Third Quarter 2003

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
2003	80,586	$	2,243,192	$	27.84	$	2,243,192	$	27.84	—	$	—	$	—	$	—	$	—
2004	377,822		11,490,192		30.41		11,490,192		30.41	—		—		—		—		—
2005	228,388		7,228,354		31.65		7,245,104		31.72	—		—		—		—		—
2006	92,041		3,102,246		33.71		3,233,362		35.13	—		—		—		—		—
2007	513,240		14,888,862		29.01		15,923,580		31.03	—		—		—		—		—
2008	—		—		—		—		—	—		—		—		—		—
2009	177,428		5,803,810		32.71		6,478,870		36.52	—		—		—		—		—
2010	154,917		5,106,368		32.96		5,603,900		36.17	—		—		—		—		—
2011	258,039		7,925,105		30.71		8,720,857		33.80	—		—		—		—		—
2012	—		—		—		—		—	—		—		—		—		—
Thereafter	319,668		9,448,193		29.56		10,580,541		33.10	—		—		—		—		—

	INDUSTRIAL										RETAIL
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
2003	$		$		$	—	$		$	—	$		$		$
2004		—		—		—		—		—		2,904		48,000		16.53	48,000	16.53
2005		—		—		—		—		—		—		—		—	—	—
2006		—		—		—		—		—		—		—		—	—	—
2007		—		—		—		—		—		—		—		—	—	—
2008		—		—		—		—		—		—		—		—	—	—
2009		—		—		—		—		—		—		—		—	—	—
2010		—		—		—		—		—		—		—		—	—	—
2011		—		—		—		—		—		—		—		—	—	—
2012		—		—		—		—		—		—		—		—	—	—
Thereafter		—		—		—		—		—		—		—		—	—	—

Boston Properties, Inc.
Third Quarter 2003

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 2003	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2003	—		—		—		—		—	—		—		—		—		—
Q3 2003	—		—		—		—		—	—		—		—		—		—
Q4 2003	80,586		2,243,192		27.84		2,243,192		27.84	—		—		—		—		—

Total 2003	80,586	$	2,243,192	$	27.84	$	2,243,192	$	27.84	—	$	—	$	—	$	—	$	—

Q1 2004	3,022	$	110,910	$	36.70	$	110,910	$	36.70	—	$	—	$	—	$	—	$	—
Q2 2004	54,636		1,536,832		28.13		1,536,832		28.13	—		—		—		—		—
Q3 2004	121,054		3,715,691		30.69		3,715,691		30.69	—		—		—		—		—
Q4 2004	199,110		6,126,759		30.77		6,126,759		30.77	—		—		—		—		—

Total 2004	377,822	$	11,490,192	$	30.41	$	11,490,192	$	30.41	—	$	—	$	—	$	—	$	—

	INDUSTRIAL									RETAIL
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 2003	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2003	—		—		—		—		—	—		—		—		—		—
Q3 2003	—		—		—		—		—	—		—		—		—		—
Q4 2003	—		—		—		—		—	—		—		—		—		—

Total 2003	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—

Q1 2004	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2004	—		—		—		—		—	—		—		—		—		—
Q3 2004	—		—		—		—		—	—		—		—		—		—
Q4 2003	—		—		—		—		—	2,904	$	48,000	$	16.53	$	48,000	$	16.53

Total 2004	—	$	—	$	—	$	—	$	—	2,904	$	48,000	$	16.53	$	48,000	$	16.53

Boston Properties, Inc.
Third Quarter 2003

IN-SERVICE OTHER PROPERTIES
Lease Expirations
Other Properties (Richmond, VA; Baltimore, MD; Bucks County, PA)

	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
2003	50,006	$	1,438,815	$	28.77	$	1,438,815	$	28.77	—	$	—	$	—	$	—	$	—
2004	78,408		1,849,459		23.59		1,850,267		23.60	—		—		—		—		—
2005	430,591		11,038,029		25.63		11,514,099		26.74	—		—		—		—		—
2006	626,495		19,073,993		30.45		19,557,513		31.22	—		—		—		—		—
2007	89,093		2,876,476		32.29		2,923,262		32.81	—		—		—		—		—
2008	8,647		222,693		25.75		247,607		28.64	—		—		—		—		—
2009	31,164		767,015		24.61		867,509		27.84	—		—		—		—		—
2010	28,840		634,548		22.00		714,172		24.76	—		—		—		—		—
2011	4,618		124,098		26.87		139,614		30.23	—		—		—		—		—
2012	30,566		955,188		31.25		1,219,278		39.89	—		—		—		—		—
Thereafter	—		—		—		—		—	—		—		—		—		—

	INDUSTRIAL									RETAIL
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
2003	—	$	—	$	—	$	—	$	—	—	$	8,721	$	—	$	8,721	$	—
2004	161,000		774,422		4.81		774,422		4.81	2,183		72,623		33.27		72,623		33.27
2005	—		—		—		—		—	5,296		261,738		49.42		268,765		50.75
2006	—		—		—		—		—	3,336		162,382		48.68		162,382		48.68
2007	—		—		—		—		—	6,700		262,854		39.23		262,854		39.23
2008	—		—		—		—		—	3,561		78,410		22.02		90,705		25.47
2009	—		—		—		—		—	—		—		—		—		—
2010	—		—		—		—		—	—		—		—		—		—
2011	—		—		—		—		—	—		—		—		—		—
2012	—		—		—		—		—	—		—		—		—		—
Thereafter	—		—		—		—		—	14,578		287,054		19.69		391,422		26.85

IN-SERVICE OTHER PROPERTIES
Quarterly Lease Expirations
Other Properties (Richmond, VA; Baltimore, MD; Bucks County, PA)

	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 2003	$		$		$		$		$		$		$		$
Q2 2003		—		—		—		—		—		—		—		—		—		—
Q3 2003		—		—		—		—		—		—		—		—		—		—
Q4 2003		50,006		1,438,815		28.77		1,438,815		28.77		—		—		—		—		—

Total 2003		50,006	$	1,438,815	$	28.77	$	1,438,815	$	28.77		—	$	—	$	—	$	—	$	—

Q1 2004		—	$	—	$	—	$	—	$	—		—	$	—	$	—	$	—	$	—
Q2 2004		9,483		305,627		32.23		305,627		32.23		—		—		—		—		—
Q3 2004		66,935		1,480,564		22.12		1,479,528		22.10		—		—		—		—		—
Q4 2004		1,990		63,268		31.79		65,113		32.72		—		—		—		—		—

Total 2004		78,408	$	1,849,459	$	23.59	$	1,850,267	$	23.60		—	$	—	$	—	$	—	$	—

	INDUSTRIAL										RETAIL
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 2003	$		$		$	—	$		$	—	$		$		$
Q2 2003		—		—		—		—		—		—		—		—		—		—
Q3 2003		—		—		—		—		—		—		—		—		—		—
Q4 2003		—		—		—		—		—		—		8,721		—		8,721		—

Total 2003		—	$	—	$	—	$	—	$	—		—	$	8,721	$	—	$	8,721	$	—

Q1 2004		—	$	—	$	—	$	—	$	—		2,183	$	72,623	$	33.27	$	72,623	$	33.27
Q2 2004		161,000		774,422		4.81		774,422		4.81		—		—		—		—		—
Q3 2004		—		—		—		—		—		—		—		—		—		—
Q4 2004		—		—		—		—		—		—		—		—		—		—

Total 2004		161,000	$	774,422	$	4.81	$	774,422	$	4.81		2,183	$	72,623	$	33.27	$	72,623	$	33.27

Boston Properties, Inc.
Third Quarter 2003

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
2003 (1)	23,214	$	1,978,712	$	85.24	$	1,966,160	$	84.70	2,885	$	105,863	$	36.69	$	105,863	$	36.69
2004 (2)	116,282		7,709,730		66.30		7,621,437		65.54	153,431		6,445,412		42.01		6,487,857		42.29
2005	513,589		23,768,266		46.28		24,042,987		46.81	95,801		3,627,838		37.87		3,700,637		38.63
2006	146,969		7,039,265		47.90		7,117,542		48.43	42,208		1,596,549		37.83		1,695,773		40.18
2007	153,937		8,257,485		53.64		8,500,773		55.22	275,177		9,340,538		33.94		9,486,357		34.47
2008	176,705		7,208,085		40.79		7,230,597		40.92	33,613		1,251,375		37.23		1,418,638		42.21
2009	727,068		26,510,166		36.46		29,013,183		39.90	441,580		15,709,499		35.58		17,088,133		38.70
2010	150,555		6,275,624		41.68		7,021,609		46.64	213,929		7,732,575		36.15		9,137,485		42.71
2011	435,943		21,896,997		50.23		26,114,940		59.90	106,022		3,489,548		32.91		4,294,606		40.51
2012	309,025		13,972,204		45.21		14,907,822		48.24	77,318		2,876,971		37.21		2,952,986		38.19
Thereafter	1,101,614		45,379,117		41.19		52,915,984		48.03	169,053		7,209,689		42.65		8,448,051		49.97

	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
2003	3,973	$	428,545	$	107.86	$	428,545	$	107.86	109,899	$	4,424,209	$	40.26	$	4,441,279	$	40.41
2004	272,269		16,689,625		61.30		16,704,649		61.35	544,878		24,180,023		44.38		24,195,280		44.40
2005	104,590		7,436,304		71.10		7,486,536		71.58	323,458		14,158,550		43.77		14,198,100		43.89
2006	358,663		23,970,914		66.83		24,258,708		67.64	878,417		42,470,499		48.35		43,870,300		49.94
2007	171,132		10,554,369		61.67		10,677,467		62.39	432,627		21,278,765		49.19		21,846,654		50.50
2008	491,350		29,891,026		60.83		30,585,976		62.25	258,236		11,174,626		43.27		11,398,483		44.14
2009	291,535		17,454,402		59.87		19,450,436		66.72	286,309		12,556,649		43.86		13,265,172		46.33
2010	292,804		19,680,523		67.21		20,824,800		71.12	212,524		12,431,339		58.49		14,286,113		67.22
2011	378,719		22,535,290		59.50		26,119,872		68.97	196,163		18,185,080		92.70		18,719,913		95.43
2012	896,714		53,334,292		59.48		54,586,483		60.87	162,789		7,629,975		46.87		8,436,887		51.83
Thereafter	3,206,702		196,137,469		61.16		237,951,376		74.20	227,240		9,247,939		40.70		10,013,432		44.07

	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
2003	—	$	—	$	—	$	—	$	—	50,006	$	1,447,536	$	28.95	$	1,447,536	$	28.95
2004	—		—		—		—		—	80,591		1,922,082		23.85		1,922,890		23.86
2005	—		—		—		—		—	435,887		11,299,767		25.92		11,782,865		27.03
2006	—		—		—		—		—	629,831		19,236,374		30.54		19,719,895		31.31
2007	—		—		—		—		—	95,793		3,139,331		32.77		3,186,116		33.26
2008	—		—		—		—		—	12,208		301,103		24.66		338,312		27.71
2009	—		—		—		—		—	31,164		767,015		24.61		867,509		27.84
2010	—		—		—		—		—	28,840		634,548		22.00		714,172		24.76
2011	—		—		—		—		—	4,618		124,098		26.87		139,614		30.23
2012	—		—		—		—		—	30,566		955,188		31.25		1,219,278		39.89
Thereafter	—		—		—		—		—	14,578		287,054		19.69		391,422		26.85

(1): Includes 9,777 square feet of retail space and kiosks at an average current rent on expiring leases of $125.72 per square foot and an average rent on expiring leases with future step-ups of $124.43 per square foot.
(2): Includes 40,620 square feet of retail space and kiosks at an average current rent on expiring leases of $102.56 per square foot and an average rent on expiring leases with future step-ups of $99.84 per square foot.

43

Boston Properties, Inc.
Third Quarter 2003

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
2003	10,979	$	273,168	$	24.88	$	273,168	$	24.88	40,120	$	1,031,933	$	25.72	$	1,031,933	$	25.72
2004	285,266		9,041,641		31.70		9,050,592		31.73	133,043		2,983,090		22.42		2,992,922		22.50
2005	363,471		11,140,535		30.65		11,222,932		30.88	363,290		10,354,702		28.50		10,734,894		29.55
2006	648,517		16,199,623		24.98		16,221,989		25.01	415,429		11,317,253		27.24		11,873,736		28.58
2007	456,913		11,701,313		25.61		13,041,369		28.54	275,464		7,222,181		26.22		7,576,365		27.50
2008	310,002		8,917,861		28.77		9,882,156		31.88	239,894		6,873,877		28.65		7,575,015		31.58
2009	298,665		11,109,843		37.20		11,575,701		38.76	540,242		16,744,378		30.99		16,763,145		31.03
2010	83,958		1,923,629		22.91		2,066,940		24.62	649,803		22,012,046		33.87		24,079,283		37.06
2011	444,870		9,261,738		20.82		10,623,047		23.88	1,028,197		30,973,482		30.12		36,192,395		35.20
2012	424,413		11,746,526		27.68		13,453,057		31.70	368,234		13,067,124		35.49		16,925,759		45.96
Thereafter	197,075		7,104,389		36.05		8,614,154		43.71	1,203,762		32,720,389		27.18		40,895,623		33.97

	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
2003	—	$	—	$	—	$	—	$	—	183,474	$	6,126,310	$	33.39	$	6,126,310	$	33.39
2004	—		—		—		—		—	111,367		2,761,196		24.79		2,795,620		25.10
2005	—		—		—		—		—	105,518		2,377,737		22.53		2,439,770		23.12
2006	—		—		—		—		—	56,986		2,637,111		46.28		2,885,585		50.64
2007	—		—		—		—		—	43,625		886,172		20.31		942,326		21.60
2008	—		—		—		—		—	68,419		1,974,547		28.86		1,828,295		26.72
2009	—		—		—		—		—	5,256		185,043		35.21		214,687		40.85
2010	—		—		—		—		—	7,724		168,000		21.75		231,720		30.00
2011	—		—		—		—		—	—		—		—		—		—
2012	—		—		—		—		—	—		—		—		—		—
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
2003	80,586	$	2,243,192	$	27.84	$	2,243,192	$	27.84	—	$	—	$	—	$	—	$	—
2004	380,726		11,538,192		30.31		11,538,192		30.31	161,000		774,422		4.81		774,422		4.81
2005	228,388		7,228,354		31.65		7,245,104		31.72	—		—		—		—		—
2006	92,041		3,102,246		33.71		3,233,362		35.13	—		—		—		—		—
2007	513,240		14,888,862		29.01		15,923,580		31.03	—		—		—		—		—
2008	—		—		—		—		—	—		—		—		—		—
2009	177,428		5,803,810		32.71		6,478,870		36.52	—		—		—		—		—
2010	154,917		5,106,368		32.96		5,603,900		36.17	—		—		—		—		—
2011	258,039		7,925,105		30.71		8,720,857		33.80	—		—		—		—		—
2012	—		—		—		—		—	—		—		—		—		—
Thereafter	319,668		9,448,193		29.56		10,580,541		33.10	—		—		—		—		—

Boston Properties, Inc.
Third Quarter 2003

HOTEL PERFORMANCE
Long Wharf Marriott—Boston

	Third Quarter 2003			Third Quarter 2002			Percent Change		YTD 2003			YTD 2002			Percent Change
Occupancy		90.7	%		88.9	%	2.0	%		81.4	%		84.4	%	-3.6	%
Average Daily Rate	$	212.53		$	232.27		-8.5	%	$	195.05		$	211.03		-7.6	%
Revenue per available room	$	192.69		$	206.57		-6.7	%	$	158.84		$	178.13		-10.8	%
Hotel Revenues Less Hotel Operating Expenses (in thousands)	$	2,608		$	3,446		-24.3	%	$	6,005		$	7,403		-18.9	%

Cambridge Center Marriott

	Third Quarter 2003			Third Quarter 2002			Percent Change		YTD 2003			YTD 2002			Percent Change
Occupancy		81.1	%		86.0	%	-5.7	%		74.3	%		77.6	%	-4.3	%
Average Daily Rate	$	140.82		$	164.24		-14.3	%	$	151.62		$	170.68		-11.2	%
Revenue per available room	$	114.16		$	141.30		-19.2	%	$	112.64		$	132.37		-14.9	%
Hotel Revenues Less Hotel Operating Expenses (in thousands)	$	1,156		$	1,792		-35.5	%	$	3,613		$	5,388		-32.9	%

Residence Inn by Marriott

	Third Quarter 2003			Third Quarter 2002			Percent Change		YTD 2003			YTD 2002			Percent Change
Occupancy		91.3	%		90.8	%	0.6	%		80.3	%		86.2	%	-6.8	%
Average Daily Rate	$	129.20		$	148.20		-12.8	%	$	125.20		$	138.16		-9.4	%
Revenue per available room	$	117.96		$	134.52		-12.3	%	$	100.59		$	119.13		-15.6	%
Hotel Revenues Less Hotel Operating Expenses (in thousands)	$	949		$	1,245		-23.8	%	$	2,125		$	2,850		-25.4	%

Total Hotel Performance

	Third Quarter 2003			Third Quarter 2002			Percent Change		YTD 2003			YTD 2002			Percent Change
Occupancy		86.9	%		88.1	%	-1.4	%		78.3	%		82.0	%	-4.5	%
Average Daily Rate	$	165.73		$	186.82		-11.3	%	$	162.64		$	179.25		-9.3	%
Revenue per available room	$	144.91		$	164.77		-12.1	%	$	127.73		$	147.05		-13.1	%
Hotel Revenues Less Hotel Operating Expenses (in thousands)	$	4,713		$	6,483		-27.3	%	$	11,743		$	15,641		-24.9	%

Boston Properties, Inc.
Third Quarter 2003

SAME PROPERTY PERFORMANCE

		Office		Office/Technical		Industrial		Hotel (3)		Total
Number of Properties		94		26		4		3		127
Square feet		25,925,149		1,501,211		390,273		937,874		28,754,507
Percent of in-service properties		88.9	%	90.4	%	100.0	%	100.0	%	89.4	%
Occupancy @ 9/30/02		94.4	%	95.0	%	100.0	%	—		94.5	%
Occupancy @ 9/30/03		92.8	%	88.5	%	56.6	%	—		92.0	%
Percent change from 3rd quarter 2003
	over 3rd quarter 2002 (1):
	Rental revenue	0.8	%	-0.1	%	-34.3	%	-12.3	%	-0.2	%
	Operating expenses and real estate taxes	4.7	%	23.9	%	6.1	%	-5.1	%	3.6	%
	Rental revenue less operating expenses and real estate taxes	-1.2	%	-6.1	%	-43.1	%	-27.4	%	-2.3	%
	Rental revenue less operating expenses and real estate taxes—without hotels									-1.4	%
	Rental revenue—cash basis	1.5	%	1.0	%	-34.1	%	-12.3	%	0.4	%
	Rental revenue less operating expenses and real estate taxes—cash basis	-0.2	%	-4.9	%	-42.7	%	-27.4	%	-1.5	%
	Rental revenue less operating expenses and real estate taxes—cash basis—without hotels									-0.5	%

Same Property Lease Analysis—quarter ended September 30, 2003

	Office			Office/Technical			Industrial			Total
Vacant space available @ 7/01/03 (sf)		1,792,900			152,738			41,168			1,986,806
Square footage of leases expiring or terminated 07/01/03-09/30/03		915,057			65,136			128,105			1,108,298

Total space for lease (sf)		2,707,957			217,874			169,273			3,095,104

New tenants (sf)		171,014			26,811			—			197,825
Renewals (sf)		661,296			18,455			—			679,751

Total space leased (sf)		832,310			45,266			—			877,576

Space available @ 9/30/03 (sf)		1,875,647			172,608			169,273			2,217,528

Net (increase)/decrease in available space (sf)		(82,747	)		(19,870	)		(128,105	)		(230,722	)
Average lease term (months)		73			33			—			71
2nd generation TI/Comm PSF	$	6.43		$	8.20		$	—		$	6.52
Increase (decrease) in 2nd generation net rents (2)		-14.1	%		-1.7	%		0	%		-13.6	%

(1): See page 47 for a quantitative reconciliation.
(2): Represents increase in net rents on a "cash to cash" basis. (Actual net rent at time of expiration vs. initial net rent of new lease.)
(3): Includes revenue and expenses from retail tenants at the hotel properties.

46

Boston Properties, Inc.
Third Quarter 2003

Reconciliation to Same Property Performance
(in thousands)

	Office									Office/Technical										Industrial
	For the three months ended									For the three months ended										For the three months ended
	For the three months ended				$ Change			% Change		For the three months ended				$ Change			% Change			For the three months ended						$ Change			% Change
	30-Sep-03		30-Sep-02		$ Change			% Change		30-Sep-03		30-Sep-02		$ Change			% Change			30-Sep-03			30-Sep-02			$ Change			% Change
Rental Revenue	$	258,906	$	256,435						$	5,675	$	5,681							$	415		$	631
Less Termination Income		1,735		1,382							—		—								—			—

Rental revenue—subtotal		257,171		255,053		2,118		0.8	%		5,675		5,681		(6	)		-0.1	%		415			631			(216	)	-34.2	%
Operating expenses and real estate taxes		89,905		85,836		4,069		4.7	%		1,398		1,128		270			23.9	%		121			114			7		6.1	%

Rental revenue less operating expenses and real estate taxes	$	167,266	$	169,217	$	(1,951	)	-1.2	%	$	4,277	$	4,553	$	(276	)		-6.1	%	$	294		$	517		$	(223	)	-43.1	%

Rental revenue—subtotal	$	257,171	$	255,053						$	5,675	$	5,681				$			$	415		$	631
Less Straight Line Rent		8,264		9,905		(1,641	)				93		153		(60	)					(12	)		(17	)		5

Rental revenue—cash basis		248,907		245,148		3,759		1.5	%		5,582		5,528		54			1.0	%		427			648			(221	)	-34.1	%
Less:
Operating expenses and real estate taxes		89,905		85,836		4,069		4.7	%		1,398		1,128		270			23.9	%		121			114			7		6.1	%

Rental revenue less operating expenses and real estate taxes—cash basis	$	159,002	$	159,312	$	(310	)	-0.2	%	$	4,184	$	4,400	$	(216	)		-4.9	%	$	306		$	534		$	(228	)	-42.7	%

	Hotel									Total
	For the three months ended									For the three months ended
	For the three months ended				$ Change			% Change		For the three months ended				$ Change			% Change
	30-Sep-03		30-Sep-02		$ Change			% Change		30-Sep-03		30-Sep-02		$ Change			% Change
Rental Revenue	$	17,527	$	19,993						$	282,523	$	282,740
Less Termination Income		—		—							1,735		1,382

Rental revenue—subtotal		17,527		19,993	$	(2,466	)	-12.3	%		280,788		281,358		(570	)	-0.2	%
Operating expenses and real estate taxes		12,829		13,524		(695	)	-5.1	%		104,253		100,602		3,651		3.6	%

Rental revenue less operating expenses and real estate taxes	$	4,698	$	6,469	$	(1,771	)	-27.4	%	$	176,535	$	180,756	$	(4,221	)	-2.3	%

Rental revenue—subtotal	$	17,527	$	19,993						$	280,788	$	281,358
Less Straight Line Rent		3		—		3		100.0	%		8,348		10,041		(1,693	)

Rental revenue—cash basis		17,524		19,993		(2,469	)	-12.3	%		272,440		271,317		1,123		0.4	%
Less:
Operating expenses and real estate taxes		12,829		13,524		(695	)	-5.1	%		104,253		100,602		3,651		3.6	%

Rental revenue less operating expenses and real estate taxes—cash basis	$	4,695	$	6,469	$	(1,774	)	-27.4	%	$	168,187	$	170,715	$	(2,528	)	-1.5	%

Boston Properties, Inc.
Third Quarter 2003

PROPERTY PERFORMANCE

All In-Service Properties—quarter ended September 30, 2003

	Office			Office/Technical			Industrial			Total
Vacant space available @ 07/01/03 (sf)		2,051,783			152,738			41,168			2,245,689
Property dispositions		—			—			—			—
New development completed (sf)		—			—			—			—
Leases expiring or terminated 07/01/03—09/30/03 (sf)		918,737			65,136			128,105			1,111,978

Total space for lease (sf)		2,970,520			217,874			169,273			3,357,667

New tenants (sf)		217,758			26,811			—			244,569
Renewals (sf)		661,296			18,455			679,751

Total space leased (sf)		879,054			45,266			—			924,320

Space available @ 09/30/03 (sf)		2,091,466			172,608			169,273			2,433,347

Net (increase)/decrease in available space (sf)		(39,683	)		(19,870	)		(128,105	)		(187,658	)
Average lease term (months)		73			33			—			71
2nd generation TI/Comm PSF	$	6.43		$	8.20		$	—		$	6.52
Increase (decrease) in 2nd generation net rents (1)		-14.05	%		-1.68	%		0.00	%		-13.64	%

(1): Represents increase in net rents on a "cash to cash" basis (actual net rent at time of expiration vs. initial net rent of new lease).
(2): Details of 1st and 2nd generation space:

	1st Generation	2nd Generation	Total Leased
Boston	64,530	159,414	223,944
Washington	—	576,135	576,135
New York	—	19,744	19,744
San Francisco	—	72,905	72,905
Princeton	—	31,592	31,592

	64,530	859,790	924,320

Boston Properties, Inc.
Third Quarter 2003

HISTORICALLY GENERATED CAPITAL EXPENDITURES,
TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS

Historical Capital Expenditures
(in thousands)

	Q3 2003		Q2 2003		Q1 2003		2002		2001
Recurring capital expenditures	$	3,415	$	4,726	$	1,960	$	16,674	$	11,770
Planned non-recurring capital expenditures associated with acquisition properties (1)		446		596		2,324		31,908		45,052
Hotel improvements, equipment upgrades and replacements		353		911		405		3,218		9,230

	$	4,214	$	6,233	$	4,689	$	51,800	$	66,052

2nd Generation Tenant Improvements and Leasing Commissions(2)
(in thousands, except per share amounts)

		Q3 2003		Q2 2003		Q1 2003		2002		2001
Office
	Square feet		814,524		448,021		501,547		2,122,409		2,394,291

	Tenant improvement and lease commissions PSF	$	6.43	$	13.61	$	8.34	$	20.17	$	17.47

Office/Technical
	Square feet		45,266		47,147		4,700		347,321		348,178

	Tenant improvement and lease commissions PSF	$	8.20	$	0.12	$	0.86	$	1.42	$	3.13

Industrial
	Square feet		—		—		—		244,904		—

	Tenant improvement and lease commissions PSF	$	—	$	—	$	—	$	0.62	$	—

	Average tenant improvement and lease commission PSF	$	6.52	$	12.33	$	8.27	$	16.01	$	15.65

(1): Includes budgeted costs associated with previously disclosed acquisitions.
(2): Based on leases executed during the period.

49

Boston Properties, Inc.
Third Quarter 2003

VALUE CREATION PIPELINE—ACQUISITIONS/DISPOSITIONS
as of September 30, 2003

ACQUISITIONS
For the period from January 1, 2003 through September 30, 2003

Property		Date Acquired	Square Feet	Initial Investment		Anticipated Future Investment		Total Investment		Current Leased
Discovery Square (remaining 50% interest)		Apr-03	366,989	$	18,273,000	$	—	$	18,273,000	96	%
One Freedom Square (remaining 75% interest)		Aug-03	410,308		19,294,397		—		19,294,397	100	%
Two Freedom Square (remaining 50% interest)		Aug-03	422,504		16,705,603		18,868,034		35,573,637	100	%
South of Market—Reston, VA Land		Aug-03	N/A		13,522,000		—		13,522,000	N/A

	Total Value Creation Pipeline—Acquisitions		1,199,801	$	67,795,000	$	18,868,034	$	86,663,034	99	%

DISPOSITIONS
For the period from January 1, 2003 through September 30, 2003

Property and other assets	Date Disposed	Square Feet	Gross Sales Price			Book Gain(Loss)
The Candler Building	Jan-03	540,706	$	63,067,000		$	(292,564	)
875 Third Avenue	Feb-03	711,901		370,100,000	(1)		90,020,729
2300 N Street	Mar-03	289,243		122,000,000	(2)		64,310,972
Prudential Center garage spaces	May-03	N/A		1,935,000			153,000
Transfer of mortgage	Various	N/A		5,780,000			5,780,000

Total Dispositions		1,541,850	$	562,882,000		$	159,972,137

(1): Includes $8.8 million of future tenant improvement work credited to buyer at closing.
(2): Includes $8.0 million of future tenant improvement work credited to buyer at closing.

50

Boston Properties, Inc.
Third Quarter 2003

VALUE CREATION PIPELINE—CONSTRUCTION IN PROGRESS
as of September 30, 2003

Development Properties	Initial Occupancy	Estimated Stabilization Date	Location	# of Buildings	Square feet	Investment to Date		Estimated Total Investment(1)		Total Construction Loan		Amount Drawn at September 30, 2003		Estimated Future Equity Requirement		Percentage Leased
New Dominion Tech, Building Two	Q3 2004	Q3 2004	Herndon, VA	1	257,400	$	32,209,172	$	67,589,000	$	65,000,000	$	31,514,521	$	1,894,349	100	%
Times Square Tower	Q2 2004	Q2 2005	New York, NY	1	1,234,272		462,517,552		653,500,000		493,500,000		310,362,351		7,844,799	23	%
901 New York Avenue (25% ownership)	Q3 2004	Q3 2005	Washington, D.C.	1	538,463		21,744,648		44,777,000		30,000,000		8,481,095		1,513,447	80	%

Total Development Properties				3	2,030,135	$	516,471,372	$	765,866,000	$	588,500,000	$	350,357,967	$	11,252,395	48	%

DEVELOPMENTS PLACED-IN-SERVICE DURING 2003

Class A Office Building	Initial At Service Date	Estimated Stabilization Date	Location	# of Buildings	Square feet	Investment to Date		Estimated Total Investment(1)		Construction Loan		Drawn at September 30, 2003		Estimated Future Equity Requirement		Percentage Leased
Waltham Weston Corporate Center	Q1 2002	Q4 2003	Waltham, MA	1	306,354	$	70,826,568	$	85,000,000	$	—	$	—	$	14,173,432	65	%
Two Freedom Square (50% ownership)	Q3 2002	Q2 2003	Reston, VA	1	422,504		39,901,983		49,336,000		—		—		9,434,017	100	%
Shaws Supermarket	Q2 2003	Q2 2003	Boston, MA	1	57,235		23,390,659		24,034,000		—		—		643,341	100	%

Total Developments Placed in Service				3	786,093	$	134,119,210	$	158,370,000	$	—	$	—	$	24,250,790	86	%

(1): Includes net revenues during lease-up period and cash component of hedge contracts.

51

Boston Properties, Inc.
Third Quarter 2003

VALUE CREATION PIPELINE—OWNED LAND PARCELS
as of September 30, 2003

Location	No. of Parcels	Acreage	Developable Square Feet
Rockville, MD	3	72.2	1,037,000
Dulles, VA	2	76.6	945,000
Gaithersburg, MD	4	27.0	850,000
San Jose, CA	5	3.7	841,000
Reston, VA	4	42.6	1,602,000
Boston, MA	2	0.5	776,000
Marlborough, MA	1	50.0	400,000
Weston, MA	1	74.0	350,000
Waltham, MA	1	4.3	202,000
Andover, MA	1	10.0	110,000
Washington, D.C.	1	0.5	170,000

	25	361.4	7,283,000

VALUE CREATION PIPELINE—LAND PURCHASE OPTIONS
as of September 30, 2003

Location	No. of Parcels	Acreage	Developable Square Feet
Princeton, NJ (1)	14	149.9	1,900,000
Washington, D.C. (2)	1	3.7	1,132,000
Framingham, MA (2)	1	21.5	300,000
Cambridge, MA (3)	1	2.6	165,000

	17	177.7	3,497,000

(1): $20.00 per developable square foot plus an earnout calculation.
(2): Subject to ground lease.
(3): Prior to January 23, 2004, the cost will be $28.32/SF of land area. Land area is approximately 108,000 SF.

52

Boston Properties, Inc.
Third Quarter 2003

Definitions

This section contains a brief explanation of certain non-GAAP financial measures we provide in other sections of this document, and a statement of 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 accounting principles generally accepted in the United States of America ("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. The use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, 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 the comparative operating and financial performance of the Company 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 specific supplemental adjustments, including net derivative losses and early surrender lease adjustments. Although our FFO as adjusted clearly differs from NAREIT's definition of FFO, as well as that of other REITs and real estate companies, we believe it provides a meaningful supplemental measure of our operating performance. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not 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 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 as adjusted differs from that of other 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. Our computation of FAD may not be comparable to FAD reported by other REITs or real estate companies and FAD does not represent cash generated from operating activities determined in accordance with GAAP, and 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 stock 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) and (2) 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.

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

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Exhibit 99.2

[FRB LOGO]

Boston Properties, Inc.
111 Huntington Avenue
Boston, MA 02199
(NYSE: BXP)

AT THE COMPANY Kathleen DiChiara Investor Relations (617) 236-3300		AT FRB/WEBER SHANDWICK Marilynn Meek—General Info. (212) 445-8431 Suzie Pileggi—Media (212) 445-8170
FOR IMMEDIATE RELEASE: October 21, 2003

BOSTON PROPERTIES, INC. ANNOUNCES
THIRD QUARTER 2003 RESULTS

Reports diluted FFO per share of $0.98

Reports diluted EPS of $0.48

BOSTON, MA, October 21, 2003—Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, today reported results for the third quarter ended September 30, 2003.

Funds from Operations (FFO) for the quarter ended September 30, 2003 were $99.1 million, or $1.02 per share basic and $0.98 per share diluted before the application of SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended. This compares to FFO of $99.0 million, or $1.04 per share basic and $1.00 per share diluted for the quarter ended September 30, 2002. The weighted average number of basic and diluted shares outstanding totaled 97,360,498 and 107,231,333, respectively, for the quarter ended September 30, 2003 and 94,903,894 and 105,724,729, respectively, for the same quarter last year.

Net income available to common shareholders per share (EPS) for the quarter ended September 30, 2003 was $0.48 basic and $0.48 on a diluted basis. This compares to EPS for the third quarter of 2002 of $0.75 basic and $0.74 on a diluted basis. EPS for the third quarter of 2003 includes a charge of ($0.10) for the cumulative effect of a change in accounting principle related to the adoption of SFAS No. 150, "Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity" and $0.02 related to a gain on sale of real estate and other assets. EPS for the third quarter of 2002 included $0.19 related to gains on sales of real estate and discontinued operations. Excluding the impact of these items, diluted EPS was $0.56 for the quarter ended September 30, 2003 compared to $0.55 for the third quarter of 2002.

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 September 30, 2003. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

As of September 30, 2003, the Company's portfolio consisted of 139 properties comprising more than 43.5 million square feet, including three properties under construction totaling 2.0 million square feet. The overall percentage of leased space for the properties in service as of September 30, 2003 was 92.2%.

Significant events of the third quarter include:

•: On August 5, 2003, the Company acquired the remaining outside interests in its One Freedom Square and Two Freedom Square joint venture properties located in Reston, Virginia for an aggregate of $36.0 million of cash and the assumption of the outside partner's share of the mortgage debt on the properties of approximately $56.4 million and $35.4 million, respectively. Subsequent to the acquisition, the Company repaid in full the mortgage debt on the Two Freedom Square property totaling $70.7 million. For 2004, the Company projects these

properties' combined Unleveraged FFO Return to be 10.8% and Unleveraged Cash Return to be 9.8%. The calculation of these returns and related disclosures are presented on the accompanying table entitled "Projected 2004 Returns on Acquisitions." There can be no assurances that actual returns will not differ materially from these projections. Also on August 5, 2003, the Company acquired a 5.2-acre parcel of land in Reston, Virginia for $13.5 million of cash. The site will support approximately 507,000 square feet of commercial development.

•: On August 12, 2003, Boston Properties Limited Partnership, the Company's Operating Partnership, exercised its redemption right and caused all of the outstanding Series One Preferred Units to be converted into common Operating Partnership units.
•: On August 19, 2003, the Company recognized a gain on sale of $1.3 million (net of minority interest in Operating Partnership's share of $0.3 million) related to the transfer of the remaining mortgage on the Five Times Square property in New York City.
•: On September 4, 2003, the Company modified an $87.9 million mortgage loan that is secured by the 601 and 651 Gateway Boulevard properties in South San Francisco, California. The loan bore interest at 8.40% per annum and was scheduled to mature on October 1, 2010. In connection with the modification, the Company repaid $5.7 million of principal. The modified mortgage loan of $82.2 million requires monthly payments equal to the net cash flow from the property which will be allocated first to interest based on a rate of 3.50% per annum with the remainder applied to principal. The modified mortgage loan matures on September 1, 2006.
•: On September 9, 2003, the Company completed registered exchange offers for its 5.625% senior notes due 2015 and 5.00% senior notes due 2015, as required by agreements with the initial purchasers of the notes. The exchanges did not involve any changes in principal amount, interest rate or other terms of the notes.
•: On September 11, 2003, the Company entered into a joint venture with an unaffiliated third party to pursue the development of a Class A office property at 801 New Jersey Avenue in Washington, D.C. that would support approximately 1.1 million square feet of commercial development. The Company made an initial cash contribution of $3.0 million for a 50% interest in the joint venture.

Effective July 1, 2003, the Company adopted SFAS No. 150 "Accounting for Certain Instruments with Characteristics of Both Liabilities and Equity," which establishes a new standard for reclassifying certain financial instruments (e.g., minority interest in equity of consolidated joint ventures) from either equity or mezzanine presentation to liabilities. The liability is initially measured at fair value with subsequent changes in fair value of the instruments recognized through earnings. SFAS No. 150 requires the minority interest in equity of one of the Company's consolidated joint ventures to be reflected at fair value. Accordingly upon adoption of SFAS No. 150, the Company recognized a non-cash charge of $9.8 million (net of minority interest in Operating Partnership's share of $2.2 million) to account for the cumulative effect of adjusting the venture partner's outside minority interest to fair value. Under SFAS No. 150, the Company is not permitted to recognize its share of appreciation in the venture's net assets until later realized through sale or liquidation.

Transactions completed subsequent to September 30, 2003:

•: On October 8, 2003, the Company acquired 1333 New Hampshire Avenue, a 320,000 square foot Class A office property in Washington, D.C. at a purchase price of approximately $111.6 million. The acquisition was financed with borrowings under the Company's unsecured revolving credit facility and available cash. The property is 100% leased. For 2004, the Company projects this property's Unleveraged FFO Return to be 10.6% and Unleveraged Cash Return to be 8.2%. The calculation of these returns and related disclosures are presented on the accompanying table entitled "Projected 2004 Returns on Acquisitions." There can be no assurances that actual returns will not differ materially from these projections.

EPS and FFO Per Share Guidance:

The Company's guidance for the fourth quarter of 2003 and the full year of 2004 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. The reconciliation of Projected EPS to Projected FFO per share, as provided below, is consistent with the Company's historical computations.

	Fourth Quarter 2003					Full Year 2004
	Low		–	High		Low		–	High

Projected EPS (diluted)	$	0.59	–	$	0.61	$	2.23	–	$	2.41
Add:
Projected Company Share of Real Estate Depreciation and Amortization	$	0.45	–	$	0.44	$	1.85	–	$	1.85
Projected Company Share of Net Derivatives	$	0.00	–	$	0.00	$	0.00	–	$	0.00
Less:
Dilutive Impact of Preferred Securities	$	0.04	–	$	0.04	$	0.15	–	$	0.15

Projected FFO per Share (diluted) before net derivatives	$	1.00	–	$	1.01	$	3.93	–	$	4.11

The foregoing estimates reflect management's view of current and future market conditions, including certain assumptions with respect to rental rates, occupancy levels and earnings impact of the events referenced in this release. 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, October 22, 2003 at 11:00 AM (Eastern Time), open to the general public, to discuss the results of this year's third quarter. The number to call for this interactive teleconference is (800) 240-5318. A replay of the conference call will be available through October 29, 2003 by dialing (800) 405-2236 and entering the passcode 547315. An audio-webcast will also be archived and may be accessed at www.bostonproperties.com in the Investors section under the heading Audio Archive.

Additionally, a copy of Boston Properties' third quarter 2003 "Supplemental Operating and Financial Data" and this press release are available in the Investors 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.
111 Huntington Avenue, Suite 300
Boston, MA 02199-7610

Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office, industrial and hotel properties. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in four core markets—Boston, Midtown Manhattan, Washington, D.C. and San Francisco.

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 "expects," "plans," "estimates," "projects," "intends," "believes" 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 and acquisition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effects of local economic and market conditions, the impact of newly adopted accounting principles 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. The Company does not undertake a duty to update forward-looking statements, including its expected operating results for the fourth quarter of 2003 and the full year of 2004.

Financial tables follow.

BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

				Three months ended September 30,						Nine months ended September 30,
				2003			2002			2003			2002
				(in thousands, except for per share amounts) (unaudited)
Revenue
	Rental:
		Base rent		$	253,594		$	229,453		$	749,795		$	678,766
		Recoveries from tenants			42,079			34,884			119,222			103,409
		Parking and other			13,249			13,056			41,399			37,610

			Total rental revenue		308,922			277,393			910,416			819,785
	Hotel revenue				17,542			20,007			48,001			20,007
	Development and management services				3,616			2,571			13,635			7,979
	Interest and other				1,089			1,222			2,167			4,804

			Total revenue		331,169			301,193			974,219			852,575

Expenses
	Operating:
		Rental			107,404			95,118			302,195			269,940
		Hotel			12,829			13,524			36,258			13,524
	General and administrative				11,183			9,956			33,610			34,589
	Interest				75,343			65,476			224,435			190,657
	Depreciation and amortization				53,455			43,933			154,021			127,819
	Net derivative (gains)/losses				(885	)		5,284			1,038			10,413
	Loss from early extinguishment of debt				—			—			1,474			—
	Loss on investments in securities				—			—			—			4,297

			Total expenses		259,329			233,291			753,031			651,239

Income before minority interests in property partnerships, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend					71,840			67,902			221,188			201,336
Minority interests in property partnerships					563			720			1,205			1,903
Income from unconsolidated joint ventures					1,343			2,530			5,354			5,871

Income before minority interest in Operating Partnership, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend					73,746			71,152			227,747			209,110
Minority interest in Operating Partnership					(18,117	)		(18,071	)		(55,783	)		(54,761	)

Income before gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend					55,629			53,081			171,964			154,349
Gains on sales of real estate and other assets, net of minority interest					1,341			3,644			57,729			3,644

Income before discontinued operations, cumulative effect of a change in accounting principle and preferred dividend					56,970			56,725			229,693			157,993
Discontinued Operations:
	Income from discontinued operations, net of minority interest				—			3,032			1,938			9,350
	Gains on sales of real estate from discontinued operations, net of minority interest				—			11,910			73,436			17,750

Income before cumulative effect of a change in accounting principle and preferred dividend					56,970			71,667			305,067			185,093
Cumulative effect of a change in accounting principle, net of minority interest					(9,846	)		—			(9,889	)		—

Income before preferred dividend					47,124			71,667			295,178			185,093
Preferred dividend					—			(126	)		—			(3,412	)

Net income available to common shareholders				$	47,124		$	71,541		$	295,178		$	181,681

Basic earnings per share:
	Income available to common shareholders before discontinued operations and cumulative effect of a change in accounting principle			$	0.58		$	0.59		$	2.38		$	1.68
	Discontinued operations, net of minority interest				—			0.16			0.78			0.29
	Cumulative effect of a change in accounting principle, net of minority interest				(0.10	)		—			(0.10	)		—

	Net income available to common shareholders			$	0.48		$	0.75		$	3.06		$	1.97

	Weighted average number of common shares outstanding				97,360			94,904			96,547			92,413

Diluted earnings per share:
	Income available to common shareholders before discontinued operations and cumulative effect of a change in accounting principle			$	0.58		$	0.59		$	2.34		$	1.64
	Discontinued operations, net of minority interest				—			0.15			0.77			0.29
	Cumulative effect of a change in accounting principle, net of minority interest				(0.10	)		—			(0.10	)		—

	Net income available to common shareholders			$	0.48		$	0.74		$	3.01		$	1.93

	Weighted average number of common and common equivalent shares outstanding				99,183			96,181			98,029			94,026

BOSTON PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

				September 30, 2003			December 31, 2002
				(in thousands, except for share amounts) (unaudited)
ASSETS
Real estate				$	8,060,525		$	7,781,684
Development in progress					481,571			448,576
Land held for future development					232,361			215,866
Real estate held for sale, net					—			224,585
	Less: accumulated depreciation				(952,754	)		(822,933	)

		Total real estate			7,821,703			7,847,778
Cash and cash equivalents					37,621			55,275
Cash held in escrows					27,992			41,906
Tenant and other receivables, net					21,813			20,458
Accrued rental income, net					175,063			165,321
Deferred charges, net					178,819			176,545
Prepaid expenses and other assets					57,012			18,015
Investments in unconsolidated joint ventures					88,632			101,905

		Total assets		$	8,408,655		$	8,427,203

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
	Mortgage notes payable			$	3,450,112		$	4,267,119
	Unsecured senior notes, net of discount				1,470,231			747,375
	Unsecured bridge loan				—			105,683
	Unsecured line of credit				—			27,043
	Accounts payable and accrued expenses				69,940			73,846
	Dividends and distributions payable				83,972			81,226
	Interest rate contracts				9,875			14,514
	Accrued interest payable				44,010			25,141
	Minority interest in property partnership				12,019			—
	Other liabilities				69,242			81,085

		Total liabilities			5,209,401			5,423,032

Commitments and contingencies								—

Minority interests					827,537			844,581

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, 97,656,565 and 95,441,890 shares issued and 97,577,665 and 95,362,990 shares outstanding in 2003 and 2002, respectively				976			954
	Additional paid-in capital				2,084,375			1,982,689
	Earnings in excess of dividends				312,868			198,586
	Treasury common stock, at cost				(2,722	)		(2,722	)
	Unearned compensation				(7,271	)		(2,899	)
	Accumulated other comprehensive loss				(16,509	)		(17,018	)

		Total stockholders' equity			2,371,717			2,159,590

			Total liabilities and stockholders' equity	$	8,408,655		$	8,427,203

BOSTON PROPERTIES, INC.

FUNDS FROM OPERATIONS (1)

		Three months ended September 30,						Nine months ended September 30,
		2003			2002			2003			2002
		(in thousands, except for per share amounts) (unaudited)
Net income available to common shareholders		$	47,124		$	71,541		$	295,178		$	181,681
Add:
	Preferred dividend		—			126			—			3,412
	Minority interest in Operating Partnership		18,117			18,071			55,783			54,761
	Cumulative effect of a change in accounting principle, net of minority interest		9,846			—			9,889			—
Less:
	Minority interests in property partnerships		563			720			1,205			1,903
	Income from unconsolidated joint ventures		1,343			2,530			5,354			5,871
	Gains on sales of real estate and other assets, net of minority interest		1,341			3,644			57,729			3,644
	Income from discontinued operations, net of minority interest		—			3,032			1,938			9,350
	Gains on sales of real estate from discontinued operations, net of minority interest		—			11,910			73,436			17,750
Income before minority interests in property partnerships, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend		$	71,840		$	67,902		$	221,188		$	201,336
Add:
	Real estate depreciation and amortization		54,606			46,971			158,735			136,502
	Income from discontinued operations		—			3,687			2,355			11,417
	Income from unconsolidated joint ventures		1,343			2,530			5,354			5,871
	Loss from early extinguishment of debt associated with the sale of real estate		—			—			1,474			—
Less:
	Minority interests in property partnerships' share of funds from operations		(805	)		(521	)		(2,513	)		(1,833	)
	Preferred dividends and distributions		(5,183	)		(6,162	)		(16,806	)		(22,785	)

Funds from operations			121,801			114,407			369,787			330,508
Add (subtract):
	Net derivative (gains)/losses (SFAS No. 133)		(885	)		5,284			1,038			10,413
	Early surrender lease adjustment (2)		—			667			—			8,520

Funds from operations before net derivative losses (SFAS No. 133) and after early surrender lease adjustment		$	120,916		$	120,358		$	370,825		$	349,441

Funds from operations available to common shareholders before net derivative losses (SFAS No. 133) and after early surrender lease adjustment		$	99,057		$	98,980		$	305,122		$	286,080

Weighted average shares outstanding—basic			97,360			94,904			96,547			92,413

	FFO per share basic before net derivative losses (SFAS No. 133) and after early surrender adjustment	$	1.02		$	1.04		$	3.16		$	3.10

	FFO per share basic after net derivative losses (SFAS No. 133) and before early surrender lease adjustment	$	1.02		$	0.99		$	3.15		$	2.93

Weighted average shares outstanding—diluted			107,231			105,725			106,839			105,870

	FFO per share diluted before net derivative losses (SFAS No. 133) and after early surrender lease adjustment	$	0.98		$	1.00		$	3.04		$	2.95

	FFO per share diluted after net derivative losses (SFAS No. 133) and before early surrender lease adjustment	$	0.99		$	0.95		$	3.03		$	2.80

(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 accounting principles generally accepted in the United States of America ("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. The use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, 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 the comparative operating and financial performance of the Company 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 specific supplemental adjustments, including net derivative losses and early surrender lease adjustments. Although our FFO as adjusted clearly differs from NAREIT's definition of FFO, as well as that of other REITs and real estate companies, we believe it provides a meaningful supplemental measure of our operating performance. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not 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): Represents cash received under contractual obligations.

BOSTON PROPERTIES, INC.

PROJECTED 2004 RETURNS ON ACQUISITIONS

	1333 New Hampshire Avenue			One and Two Freedom Square
	(dollars in thousands)
Base rent and recoveries from tenants	$	12,600		$	27,663
Straight-line rent		800			3,467
Fair value lease revenue		2,000			(1,393	)

Total rental revenue		15,400			29,737
Operating Expenses		3,300			6,922

Revenue less Operating Expenses		12,100			22,815
Interest expense		—			(5,178	)
Depreciation and amortization		(3,100	)		(5,330	)

Net income	$	9,000		$	12,307
Add:
Interest expense		—			5,178
Depreciation and amortization		3,100			5,330

Unleveraged FFO	$	12,100		$	22,815
Less:
Straight-line rent		(800	)		(3,467	)
Fair value lease revenue		(2,000	)		1,393

Unleveraged Cash	$	9,300		$	20,741	(3)
Cash	$	113,800		$	36,000
Total debt		—			151,500
Existing equity		—			6,100
Costs to complete		—			18,300

Total Investment	$	113,800		$	211,900
Unleveraged FFO Return (1)		10.6	%		10.8	%
Unleveraged Cash Return (2)		8.2	%		9.8	%

(1): Unleveraged FFO Return is determined by dividing Unleveraged FFO by Total Investment. Other real estate companies may calculate this return differently. Management believes projected Unleveraged FFO Return is a useful measure in the real estate industry when determining the appropriate purchase price for a property or estimating a property's value. When evaluating acquisition opportunities, management considers, among other factors, projected Unleveraged FFO Return because it excludes, among other items, interest expense (which may vary depending on the level of corporate debt or proprety-specific debt), as well as depreciation and amortization expense (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates) In addition, management considers its cost of capital and available financing alternatives in making decisions concerning acquisitions.
(2): Unleveraged Cash Return is determined by dividing Unleveraged Cash by Total Investment. Other real estate companies may calculate this return differently. Management believes that projected Unleveraged Cash Return is also a useful measure of a property's value when used in addition to Unleveraged FFO Return because it eliminates the effect of straight-lining of rent and the FAS 141 treatment of in-place above and below market leases which over the forecasted period enables an investor to assess the cash on cash return from the property.
(3): Does not include approximately $1.3 million of free rent granted to a tenant for the first four months of 2004.

Management is presenting these projected returns and related calculations to assist investors in analyzing the Company's recent acquisitions. Management does not intend to present this data for any other purpose, for any other period or for its other properties, and is not intending for these measures to otherwise provide information to investors about the Company's financial condition or results of operations. The Company does not undertake a duty to update any of these projections.

BOSTON PROPERTIES, INC.

PORTFOLIO LEASING PERCENTAGES

		% Leased by Location
		September 30, 2003	December 31, 2002
Greater Boston		87.5%	91.8%
Greater Washington, D.C.		95.1%	95.9%
Midtown Manhattan		98.9%	98.4%
Baltimore, MD		98.5%	97.6%
Richmond, VA		88.9%	91.8%
Princeton/East Brunswick, NJ		95.0%	93.3%
Greater San Francisco		85.5%	87.4%
Bucks County, PA		100.0%	100.0%

	Total Portfolio	92.2%	93.9%

		% Leased by Type
		September 30, 2003	December 31, 2002
Class A Office Portfolio		93.0%	94.1%
Office/Technical Portfolio		86.1%	89.7%
Industrial Portfolio		56.6%	100.0%

	Total Portfolio	92.2%	93.9%

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Exhibit 99.2

BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS
BOSTON PROPERTIES, INC. FUNDS FROM OPERATIONS (1)
BOSTON PROPERTIES, INC. PROJECTED 2004 RETURNS ON ACQUISITIONS
BOSTON PROPERTIES, INC. PORTFOLIO LEASING PERCENTAGES