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Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 25, 2006

BOSTON PROPERTIES, INC.

(Exact name of registrant as specified in charter)

Delaware

1-13087

04-2473675

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

111 Huntington Avenue, Suite 300, Boston, Massachusetts 02199

(Address of Principal Executive Offices) (Zip Code)

(617) 236-3300

(Registrant’s telephone number, including area code)

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

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

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

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

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

Item 2.02. Results of Operations and Financial Condition.

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

On April 25, 2006, Boston Properties, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter of 2006. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits.


Exhibit No.		Description
*99.1		Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended March 31, 2006.

*99.2		Press release dated April 25, 2006.

*	Filed herewith.

SIGNATURES

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


	BOSTON PROPERTIES, INC.

Date: April 25, 2006	By:	/s/ Douglas T. Linde
		Douglas T. Linde
		Chief Financial Officer

EXHIBIT INDEX


Exhibit No.		Description
*99.1		Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended March 31, 2006.

*99.2		Press release dated April 25, 2006.

*	Filed herewith.

Boston Properties, Inc. Supplemental Operating and Financial Data

Exhibit 99.1

LOGO

Supplemental Operating and Financial Data

for the Quarter Ended March 31, 2006

Boston Properties, Inc.

First Quarter 2006

Table of Contents


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

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

Boston Properties, Inc.

First Quarter 2006

COMPANY PROFILE

The Company

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

Management

Boston Properties’ senior management team is among the most respected and accomplished in the REIT industry. Our deep and talented team of thirty-three individuals average twenty-five years of real estate experience and fifteen years with Boston Properties. We believe that our size, management depth, financial strength, reputation, and relationships of key personnel provide a competitive advantage to realize growth through property development and acquisitions. Boston Properties benefits from the reputation and relationships of key personnel, including Mortimer B. Zuckerman, Chairman of our Board of Directors, and Edward H. Linde, our President and Chief Executive Officer. Each has a national reputation, which attracts business and investment opportunities. In addition, our three Executive Vice Presidents and other senior officers that serve as Regional Managers have strong reputations that aid us in identifying and closing on new opportunities, having opportunities brought to us, and negotiating with tenants and build-to-suit prospects. Boston Properties’ Board of Directors consists of ten distinquished members, the majority of which serve as Independent Directors.

Strategy

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

Snapshot

(as of March 31, 2006)


Corporate Headquarters		Boston, Massachusetts
Markets		Boston, Midtown Manhattan, Washington, D.C., San Francisco, and Princeton, N.J.
Fiscal Year-End		December 31
Total Properties		123
Total Square Feet		42.7 million
Common Shares and Units Outstanding (as converted)		139.2 million
Dividend - Quarter/Annualized		$0.68/$2.72
Dividend Yield		2.92%
Total Market Capitalization		$17.7 billion
Senior Debt Ratings		Baa2 (Moody’s); BBB (S&P and Fitch)

Boston Properties, Inc.

First Quarter 2006

INVESTOR INFORMATION


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

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

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

Zoë Baird	Martin Turchin	Peter D. Johnston	Frank D. Burt
Director	Director	Senior Vice President and Regional Manager of Washington, D.C.	Senior Vice President and General Counsel

William M. Daley	David A. Twardock
Director, Chairman of Nominating & Corporate Governance Committee	Director	Bryan J. Koop Senior Vice President and Regional Manager of Boston	Arthur S. Flashman Vice President and Controller

Company Information

Corporate Headquarters 111 Huntington Avenue Suite 300 Boston, MA 02199 (t) 617.236.3300 (f) 617.236.3311	Trading Symbol BXP Stock Exchange Listing New York Stock Exchange	Investor Relations Boston Properties, Inc. 111 Huntington Avenue, Suite 300 Boston, MA 02199 (t) 617.236.3322 (f) 617.236.3311 www.bostonproperties.com	Inquires Financial inquiries should be directed to Michael Walsh, Senior Vice President - Finance, at 617.236.3410 or mwalsh@bostonproperties.com Investor or media inquires should be directed to Kathleen DiChiara, Investor Relations Manager, at 617.236.3343 or kdichiara@bostonproperties.com

Common Stock Data (NYSE: BXP)

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


	Q1 2006			Q4 2005			Q3 2005			Q2 2005			Q1 2005
High Price	$	96.87		$	76.05		$	76.25		$	70.00		$	63.65
Low Price	$	75.36		$	65.11		$	69.23		$	59.65		$	56.93
Average Closing Price	$	83.64		$	71.40		$	72.21		$	65.92		$	60.15
Closing Price, at the end of the quarter	$	93.25		$	74.13		$	70.90		$	70.00		$	60.23
Dividends per share - annualized (1)	$	2.72		$	2.72		$	2.72		$	2.72		$	2.60
Closing dividend yield - annualized		2.92	%		3.67	%		3.84	%		3.89	%		4.32	%
Closing common shares outstanding, plus common units and preferred units on an as-converted basis (thousands)		139,213			139,158			139,153			138,389			137,634
Closing market value of outstanding shares and units (thousands)	$	12,981,612		$	10,315,783		$	9,865,948		$	9,687,230		$	8,289,696

(1)

Reflects dividend increase from $0.65 per share to $0.68 per share - effective Q2 2005. Excludes special dividend of $2.50 per share paid on October 31, 2005.

Timing

Quarterly results for 2006 will be announced according to the following schedule:


Second Quarter		Late July 2006
Third Quarter		Late October 2006
Fourth Quarter		Late January 2007

Boston Properties, Inc.

First Quarter 2006

RESEARCH COVERAGE


Equity Research Coverage		Debt Research Coverage
David Aubuchon	Anthony Paolone / Michael Mueller	Chris Brown	Rating Agencies:
A.G. Edwards & Sons	J.P. Morgan Securities	Banc of America Securities
314.955.5452	212.622.6682 / 212.622.6689	704.386.2524	Jan Svec
			Fitch Ratings

Ross Nussbaum / John Kim	David Harris / David Toti	Sue Berliner / Elizabeth Carter	212.908.0304
Banc of America Securities	Lehman Brothers	Bear Stearns & Company
212.847.5668 / 212.847.5761	212.526.1790 / 212.526.2002	212.272.3824 / 212.272.0217	Karen Nickerson
			Moody’s Investors Service

Ross Smotrich / Jeffrey Langbaum	Steve Sakwa / Ian Weissman	Thomas Cook	212.553.4924
Bear Stearns & Company	Merill Lynch & Company	Citigroup Global Markets
212.272.8046 / 212.272.4201	212.449.0335 / 212.449.6255	212.723.1112	James Fielding
			Standard & Poor’s

Jonathan Litt / Jordan Sadler	David Cohen / Matthew Ostrower	Thierry Perrein	212.438.2452
Citigroup Global Markets	Morgan Stanley & Company	Credit Suisse First Boston
212.816.0231 / 212.816.0438	212.761.8564 / 212.761.6284	212.538.8618

Louis Taylor / Kristin Brown	Sri Nagarajan	Scott O’Shea
Deutsche Bank Securities	RBC Capital Markets	Deutsche Bank Securities
203.863.2381 / 212.250.6799	212.428.2360	212.250.7190

Wilkes Graham / Saad Hashemy	John Guinee / Eli Fleminger	Mark Streeter
Friedman, Billings, Ramsey	Stifel, Nicolaus & Company	J.P. Morgan Securities
703.312.9737 / 703.469.1218	410.454.5520 / 410.454.4830	212.834.5086

Jay Habermann / Sloan Bohlen		John Forrey / James Rank
Goldman Sachs & Company		Merrill Lynch & Company
917.343.4260 / 212.902.2796		212.449.1812 / 212.449.6533

Jim Sullivan / Michael Knott
Green Street Advisors
949.640.8780

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

Boston Properties, Inc.

First Quarter 2006

FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

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


	Three Months Ended
	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005
Income Items:
Revenue	$	356,104		$	366,333		$	359,094		$	357,935		$	354,273
Straight line rent (SFAS 13)	$	13,155		$	13,596		$	12,287		$	19,294		$	20,871
Fair value lease revenue (SFAS 141) (1)	$	417		$	293		$	294		$	295		$	292
Lease termination fees (included in revenue)	$	812		$	4,038		$	2,087		$	3,979		$	1,226
Capitalized interest	$	1,692		$	2,425		$	1,734		$	866		$	693
Capitalized wages	$	1,353		$	1,340		$	1,492		$	1,422		$	1,649
Operating Margins [(rental revenue - rental expense)/rental revenue] (2)		68.2	%		68.4	%		68.4	%		69.5	%		68.9	%
Net income available to common shareholders	$	67,737		$	154,063		$	57,551		$	165,490		$	61,242
Funds from operations (FFO) available to common shareholders after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (3) (4)	$	119,210		$	126,701		$	123,671		$	121,309		$	117,301
FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - diluted	$	1.03		$	1.09		$	1.07		$	1.06		$	1.03
Net income available to common shareholders per share - basic	$	0.60		$	1.35		$	0.51		$	1.46		$	0.56
Net income available to common shareholders per share - diluted	$	0.59		$	1.32		$	0.50		$	1.43		$	0.55
Dividends per common share (5)	$	0.68		$	0.68		$	3.18		$	0.68		$	0.65
Funds available for distribution to common shareholders and common unitholders (FAD) (4)	$	104,527		$	101,976		$	110,836		$	92,165		$	114,618

Ratios:

Interest Coverage Ratio (excluding capitalized interest) - cash basis (6)		2.81			2.93			2.88			2.54			2.59
Interest Coverage Ratio (including capitalized interest) - cash basis (6)		2.75			2.84			2.81			2.51			2.57
FFO Payout Ratio (7)		66.02	%		62.39	%		63.55	%		64.15	%		63.11	%
FAD Payout Ratio (8)		87.41	%		89.33	%		82.25	%		98.15	%		75.01	%

	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005
Capitalization:

Total Debt	$	4,696,713		$	4,826,254		$	4,921,867		$	4,898,757		$	5,011,016
Price @ Quarter End	$	93.25		$	74.13		$	70.90		$	70.00		$	60.23
Equity Value @ Quarter End	$	12,981,612		$	10,315,783		$	9,865,948		$	9,687,230		$	8,289,696
Total Market Capitalization (9)	$	17,678,325		$	15,142,037		$	14,787,815		$	14,585,987		$	13,300,712
Debt/Total Market Capitalization (9)		26.57	%		31.87	%		33.28	%		33.59	%		37.67	%

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

(2)

Rental Expense includes operating expenses and real estate taxes. Amounts are exclusive of the gross up of reimbursable electricity amounts totaling $7,983, $8,287, $9,057, $6,992 and $6,476 for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.

(3)

For a quantitative reconciliation of the differences between FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate and net income available to common shareholders see page 9. The supplemental adjustment is only applicable for the three months ended June 30, 2005.

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

(5)	For the three months ended September 30, 2005, dividends per share include the $2.50 per common share special dividend paid on October 31, 2005.

(6)	For additional detail, see page 11.

(7)	Dividends per common share divided by FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - diluted. For the three months ended September 30, 2005, excludes the $2.50 special dividend paid on October 31, 2005.

(8)	Gross dividends to common shareholders plus distributions to common Operating Partnership unitholders divided by FAD. For the three months ended September 30, 2005, excludes the $2.50 per share special dividend paid on October 31, 2005.

(9)	For additional detail, see page 13.

Boston Properties, Inc.

First Quarter 2006

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)


	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005
ASSETS
Real estate	$	8,864,907		$	8,724,954		$	8,792,127		$	8,736,776		$	9,024,693
Construction in progress		107,051			177,576			144,009			99,727			66,699
Land held for future development		189,024			248,645			244,783			239,314			234,010
Real estate held for sale		—			—			444			—			35,217
Less accumulated depreciation		(1,320,712	)		(1,265,073	)		(1,237,469	)		(1,190,465	)		(1,195,648	)

Total real estate		7,840,270			7,886,102			7,943,894			7,885,352			8,164,971
Cash and cash equivalents		32,214			261,496			450,577			507,182			209,307
Cash held in escrows		23,715			25,618			27,552			29,077			25,613
Investments in marketable securities		—			—			37,500			25,000			—
Tenant and other receivables, net		41,458			52,668			32,463			28,230			27,442
Accrued rental income, net		316,048			302,356			292,289			280,257			272,035
Deferred charges, net		246,214			242,660			239,443			243,674			255,695
Prepaid expenses and other assets		91,646			41,261			63,859			43,042			63,073
Investments in unconsolidated joint ventures		98,836			90,207			96,311			82,810			79,855

Total assets	$	8,690,401		$	8,902,368		$	9,183,888		$	9,124,624		$	9,097,991

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgage notes payable	$	3,185,550		$	3,297,192		$	3,450,904		$	3,427,892		$	3,540,242
Unsecured senior notes, net of discount		1,471,163			1,471,062			1,470,963			1,470,865			1,470,774
Unsecured line of credit		40,000	(1)		58,000	(1)		—	(1)		—			—
Accounts payable and accrued expenses		86,938			109,823			81,730			92,649			105,009
Dividends and distributions payable		95,344			107,643			443,437			95,597			91,259
Accrued interest payable		39,269			47,911			39,443			47,744			41,987
Other liabilities		98,296			154,123			137,526			132,427			134,716

Total liabilities		5,016,560			5,245,754			5,624,003			5,267,174			5,383,987

Commitments and contingencies		—			—			—			—			—

Minority interests		735,185			739,268			725,077			795,767			782,532

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, 112,813,657, 112,542,262, 112,500,887, 111,403,373 and 110,442,177 outstanding, respectively		1,128			1,125			1,125			1,114			1,104
Additional paid-in capital		2,759,580			2,745,719			2,749,432			2,679,447			2,639,806
Earnings in excess of dividends		173,129			182,105			104,559			404,635			314,907
Treasury common stock, at cost		(2,722	)		(2,722	)		(2,722	)		(2,722	)		(2,722	)
Unearned compensation		—			—			(5,564	)		(5,503	)		(6,160	)
Accumulated other comprehensive income (loss)		7,541			(8,881	)		(12,022	)		(15,288	)		(15,463	)

Total stockholders’ equity		2,938,656			2,917,346			2,834,808			3,061,683			2,931,472

Total liabilities and stockholders’ equity	$	8,690,401		$	8,902,368		$	9,183,888		$	9,124,624		$	9,097,991

(1)	On July 19, 2005, the Company refinanced its $225.0 million mortgage loan collateralized by 599 Lexington Avenue through a secured draw from the Unsecured Line of Credit. As a result, the $225.0 million that was drawn on the line of credit is reflected within Mortgage Notes Payable.

Boston Properties, Inc.

First Quarter 2006

CONSOLIDATED INCOME STATEMENTS

(in thousands, except for per share amounts)

(unaudited)


	Three Months Ended
	31-Mar-06			31-Dec-05			30-Sep-05			30-Jun-05			31-Mar-05
Revenue:
Rental
Base Rent	$	276,398		$	279,583		$	274,523		$	277,359		$	278,748
Recoveries from tenants		47,193			44,098			43,983			41,836			43,337
Parking and other		13,829			14,051			13,470			14,121			13,925

Total rental revenue		337,420			337,732			331,976			333,316			336,010
Hotel revenue		12,343			22,161			17,453			17,566			12,096
Development and management services		4,376			3,714			4,923			4,137			4,536
Interest and other		1,965			2,726			4,742			2,916			1,631

Total revenue		356,104			366,333			359,094			357,935			354,273

Expenses:
Operating		67,187			68,440			66,387			63,379			63,695
Real estate taxes		45,427			43,844			44,725			43,076			44,789
Hotel operating		11,477			16,125			12,260			12,495			10,809
General and administrative		14,642			13,136			13,270			14,252			14,813
Interest (1)		74,817			74,804			75,700			78,233			79,354
Depreciation and amortization		66,847			66,290			65,717			67,026			67,796
Losses from early extinguishments of debt		467			—			—			12,896	(2)		—

Total expenses		280,864			282,639			278,059			291,357			281,256

Income before minority interests and income from unconsolidated joint ventures		75,240			83,694			81,035			66,578			73,017
Minority interest in property partnerships		1,236			1,366			1,527			1,472			1,652
Income from unconsolidated joint ventures		1,290			1,530			1,117			847			1,335

Income before minority interest in Operating Partnership		77,766			86,590			83,679			68,897			76,004
Minority interest in Operating Partnership (3)		(15,470	)		(16,928	)		(26,874	)		(14,596	)		(15,677	)

Income before gains on sales of real estate and land held for development		62,296			69,662			56,805			54,301			60,327
Gains on sales of real estate, net of minority interest		5,441			48,542			—			102,073			1,208

Income before discontinued operations		67,737			118,204			56,805			156,374			61,535
Income (loss) from discontinued operations, net of minority interest		—			730			746			727			(293	)
Gains on sales of real estate from discontinued operations, net of minority interest		—			39,364			—			8,389			—

Income before cumulative effect of a change in accounting principle		67,737			158,298			57,551			165,490			61,242
Cumulative effect of a change in accounting principle		—			(4,235	)		—			—			—

Net income available to common shareholders	$	67,737		$	154,063		$	57,551		$	165,490		$	61,242

INCOME PER SHARE OF COMMON STOCK (EPS)
Net income available to common shareholders per share - basic	$	0.60		$	1.35		$	0.51		$	1.46		$	0.56

Net income available to common shareholders per share - diluted	$	0.59		$	1.32		$	0.50		$	1.43		$	0.55

(1)	Interest expense is reported net of capitalized interest of $1,692, $2,425, $1,734, $866 and $693 for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.

(2)	Includes $11.0 million of losses from early extinguishments of debt associated with the sales of real estate.

(3)

Equals minority interest share of 15.95%, 16.02 %, 16.20% 16.42% and 16.41% of income before minority interest in Operating Partnership after deduction for preferred distributions for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.

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

Boston Properties, Inc.

First Quarter 2006

FUNDS FROM OPERATIONS (FFO)

(in thousands, except for per share amounts)

(unaudited)


	Three months ended
	31-Mar-06		31-Dec-05		30-Sep-05			30-Jun-05		31-Mar-05
Net income available to common shareholders	$	67,737	$	154,063	$	57,551		$	165,490	$	61,242
Add:
Minority interest in Operating Partnership		15,470		16,928		26,874			14,596		15,677
Cumulative effect of a change in accounting principle, net of minority interest		—		4,235		—			—		—
Less:
Minority interest in property partnerships		1,236		1,366		1,527			1,472		1,652
Income from unconsolidated joint ventures		1,290		1,530		1,117			847		1,335
Gain on sales of real estate, net of minority interest		5,441		48,542		—			102,073		1,208
Income (loss) from discontinued operations, net of minority interest		—		730		746			727		(293	)
Gain on sales of real estate from discontinued operations, net of minority interest		—		39,364		—			8,389		—

Income before minority interests and income from unconsolidated joint ventures		75,240		83,694		81,035			66,578		73,017
Add:
Real estate depreciation and amortization (1)		68,674		67,987		67,702			69,247		69,540
Income (loss) from discontinued operations		—		869		890			871		(351	)
Income from unconsolidated joint ventures		1,290		1,530		1,117			847		1,335
Less:
Minority property partnerships’ share of funds from operations		268		114		(32	)		106		(75	)
Preferred dividends and distributions		3,110		3,098		3,200	(2)		3,340		3,280

Funds from operations (FFO)		141,826		150,868		147,576			134,097		140,336
Add:
Losses from early extinguishments of debt associated with the sales of real estate		—		—		—			11,041		—

FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		141,826		150,868		147,576			145,138		140,336
Less:
Minority interest in Operating Partnership’s share of funds from operations after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		22,616		24,167		23,905			23,829		23,035

FFO available to common shareholders after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (3)	$	119,210	$	126,701	$	123,671		$	121,309	$	117,301

FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - basic	$	1.06	$	1.13	$	1.11		$	1.10	$	1.06

FFO per share - basic	$	1.06	$	1.13	$	1.11		$	1.01	$	1.06

Weighted average shares outstanding - basic		112,509		112,340		111,776			110,764		110,187

FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - diluted	$	1.03	$	1.09	$	1.07		$	1.06	$	1.03

FFO per share - basic	$	1.03	$	1.09	$	1.07		$	0.98	$	1.03

Weighted average shares outstanding - diluted		120,013		119,497		119,177			118,460		117,721

(1)

Real estate depreciation and amortization consists of depreciation and amortization from the consolidated statements of operations of $66,847, $66,290, $65,717, $67,026 and $67,796, our share of unconsolidated joint venture real estate depreciation and amortization of $2,304, $2,174, $2,188, $2,394 and $1,798 and depreciation and amortization from discontinued operations of $0, $63, $190, $193 and $366 less corporate related depreciation of $477, $540, $393, $366 and $420 for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.

(2)	Excludes approximately $12.1 million of income allocated to the holders of Series Two Preferred Units to account for their right to participate on an as-converted basis in the special dividend that followed previously completed sales of real estate.

(3)	Based on weighted average shares for the quarter. Company’s share for the quarter ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005 was 84.05%, 83.98%, 83.80%, 83.58% and 83.59% 83.49%, respectively.

Boston Properties, Inc.

First Quarter 2006

RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS

(in thousands, except for per share amounts)

(unaudited)


	March 31, 2006			December 31, 2005			September 30, 2005				June 30, 2005			March 31, 2005
	Income (Numerator)		Shares (Denominator)	Income (Numerator)		Shares (Denominator)	Income (Numerator)			Shares (Denominator)	Income (Numerator)		Shares (Denominator)	Income (Numerator)		Shares (Denominator)
Basic FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate	$	141,826	133,853	$	150,868	133,768	$	147,576		133,381	$	145,138	132,522	$	140,336	131,825
Effect of Dilutive Securities
Convertible Preferred Units		3,110	4,857		3,098	4,857		3,200	(1)	5,087		3,340	5,357		3,280	5,357
Stock Options and other		—	2,648		—	2,300		—		2,314		—	2,339		—	2,177

Diluted FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate	$	144,936	141,358	$	153,966	140,925	$	150,776		140,782	$	148,478	140,218	$	143,616	139,359
Less:
Minority interest in Operating Partnership’s share of diluted funds from operations after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		21,885	21,345		23,411	21,428		23,139		21,605		23,039	21,758		22,299	21,638

Company’s share of diluted FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (2)	$	123,051	120,013	$	130,555	119,497	$	127,637		119,177	$	125,439	118,460	$	121,317	117,721

FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - basic	$	1.06		$	1.13		$	1.11			$	1.10		$	1.06

FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - diluted	$	1.03		$	1.09		$	1.07			$	1.06		$	1.03

(1)	Excludes approximately $12.1 million of income allocated to the holders of Series Two Preferred Units to account for their right to participate on an as-converted basis in the special dividend that followed previously completed sales of real estate.

(2)	Based on weighted average diluted shares for the quarter. Company’s share for the quarter ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005 was 84.90%, 84.79%, 84.65%, 84.48% and 84.47%, respectively.

Boston Properties, Inc.

First Quarter 2006

Funds Available for Distribution (FAD)

(in thousands)


	Three Months Ended
	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005
Basic FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (see page 9)	$	141,826		$	150,868		$	147,576		$	145,138		$	140,336
2nd generation tenant improvements and leasing commissions		(17,459	)		(26,663	)		(19,582	)		(29,012	)		(4,730	)
Straight-line rent		(13,155	)		(13,596	)		(12,287	)		(19,294	)		(20,871	)
Recurring capital expenditures		(4,206	)		(9,076	)		(5,637	)		(6,195	)		(1,461	)
Fair value interest adjustment		(824	)		(821	)		(818	)		(812	)		(798	)
Fair value lease revenue (SFAS 141)		(417	)		(293	)		(294	)		(295	)		(292	)
Hotel improvements, equipment upgrades and replacements		(4,263	)		(1,860	)		(1,539	)		(182	)		(516	)
Non real estate depreciation		477			540			393			366			420
Stock-based compensation		2,548			1,749			1,548			1,584			2,101
Partners’ share of joint venture 2nd generation tenant improvement and leasing commissions		—			1,128			1,476			867			429

Funds available for distribution to common shareholder and common unitholders (FAD)	$	104,527		$	101,976		$	110,836		$	92,165		$	114,618



*Interest Coverage Ratios*

*(in thousands, except for ratio amounts)*

	Three Months Ended
	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005
*Excluding Capitalized Interest*
Income before minority interests and income from unconsolidated joint ventures	$	75,240		$	83,694		$	81,035		$	66,578		$	73,017
Interest expense		74,817			74,804			75,700			78,233			79,354
Depreciation and amortization expense		66,847			66,290			65,717			67,026			67,796
Depreciation from joint ventures		2,304			2,174			2,188			2,394			1,798
Income from unconsolidated joint ventures		1,290			1,530			1,117			847			1,335
Discontinued operations - depreciation expense		—			63			190			193			366
Discontinued operations		—			869			890			871			(351	)
Straight-line rent		(13,155	)		(13,596	)		(12,287	)		(19,294	)		(20,871	)
Fair value lease revenue (SFAS 141)		(417	)		(293	)		(294	)		(295	)		(292	)

Subtotal		206,926			215,535			214,256			196,553			202,152

Divided by:
Interest expense (1)		73,644			73,540			74,514			77,410			77,988

Interest Coverage Ratio		2.81			2.93			2.88			2.54			2.59

*Including Capitalized Interest*
Income before minority interests and income from unconsolidated joint ventures	$	75,240		$	83,694		$	81,035		$	66,578		$	73,017
Interest expense		74,817			74,804			75,700			78,233			79,354
Depreciation and amortization expense		66,847			66,290			65,717			67,026			67,796
Depreciation from joint ventures		2,304			2,174			2,188			2,394			1,798
Income from unconsolidated joint ventures		1,290			1,530			1,117			847			1,335
Discontinued operations - depreciation expense		—			63			190			193			366
Discontinued operations		—			869			890			871			(351	)
Straight-line rent		(13,155	)		(13,596	)		(12,287	)		(19,294	)		(20,871	)
Fair value lease revenue (SFAS 141)		(417	)		(293	)		(294	)		(295	)		(292	)

Subtotal		206,926			215,535			214,256			196,553			202,152

Divided by:
Interest expense (1) (2)		75,336			75,965			76,248			78,276			78,681

Interest Coverage Ratio		2.75			2.84			2.81			2.51			2.57

(1)	Excludes amortization of financing costs of $1,173, $1,264, $1,186, $823 and $1,366 for the quarters ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.

(2)	Includes capitalized interest of $1,692, $2,425, $1,734, $866 and $693 for the quarters ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.

Boston Properties, Inc.

First Quarter 2006

DISCONTINUED OPERATIONS

(in thousands, unaudited)

Effective January 1, 2002, the Company adopted the provisions of SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets.” The Company’s application of SFAS No. 144 results in the presentation of the net operating results of these qualifying properties sold or held for sale during 2005 and 2004 as income from discontinued operations for all periods presented. The following table summarizes income from discontinued operations (net of minority interest) for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.


	Three Months Ended
	31-Mar-06		31-Dec-05		30-Sep-05		30-Jun-05		31-Mar-05
Total Revenue (1)	$	—	$	2,031	$	2,711	$	2,739	$	1,919
Expenses:
Operating		—		28		105		191		427
Hotel operating		—		1,071		1,526		1,484		1,477
Depreciation and amortization		—		63		190		193		366

Total Expenses		—		1,162		1,821		1,868		2,270
Income before minority interest in Operating Partnership		—		869		890		871		(351	)
Minority interest in Operating Partnership		—		139		144		144		(58	)

Income (loss) from discontinued operations (net of minority interest)	$	—	$	730	$	746	$	727	$	(293	)

Properties (2):				Residence Inn by Marriott^®		Residence Inn by Marriott^®		Residence Inn by Marriott^®		Residence Inn by Marriott^®
				40-46 Harvard Street		40-46 Harvard Street		40-46 Harvard Street		40-46 Harvard Street
								Old Federal Reserve		Old Federal Reserve

(1)	The impact of the straight-line rent adjustment increased (decreased) revenue by $0, $0, $(1), $(1) and $(1) for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.

(2)	Discontinued operations does not include the operations of Embarcadero Center West Tower, 100 East Pratt Street and Riverfront Plaza due to the Company’s continuing involvement in the management, for a fee, of these properties subsequent to the sales through agreements with the buyers.

Boston Properties, Inc.

First Quarter 2006

CAPITAL STRUCTURE

Debt

(in thousands)


	Aggregate Principal March 31, 2006
Mortgage Notes Payable	$	3,185,550
Unsecured Line of Credit		40,000
Unsecured Senior Notes, net of discount		1,471,163

Total Debt	$	4,696,713

Boston Properties Limited Partnership Unsecured Senior Notes


													Total/Average
Settlement Date		5/22/03			3/18/03			1/17/03			12/31/02
Principal Amount	$	250,000		$	300,000		$	175,000		$	750,000		$	1,475,000
Yield (on issue date)		5.075	%		5.636	%		6.280	%		6.296	%		5.95	%
Coupon		5.000	%		5.625	%		6.250	%		6.250	%		5.91	%
Discount		99.329	%		99.898	%		99.763	%		99.650	%		99.659	%
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
Discount	$	1,370		$	248		$	324		$	1,895		$	3,837

Unsecured Senior Notes, net of discount	$	248,630		$	299,752		$	174,676		$	748,105		$	1,471,163

Equity

(in thousands)


	Shares/Units Outstanding as of 3/31/06	Common Stock Equivalents		Equivalent (1)
Common Stock	112,814	112,814	(2)	$	10,519,906
Common Operating Partnership Units	21,542	21,542	(3)		2,008,792
Series Two Preferred Operating Partnership Units	3,701	4,857			452,915

Total Equity		139,213		$	12,981,612

Total Debt					4,696,713

Total Market Capitalization				$	17,678,325

(1)	Value based on March 31, 2006 closing price of $93.25 per share of common stock.

(2)	Includes 161 shares of restricted stock.

(3)	Includes 348 long-term incentive plan units.

Boston Properties, Inc.

First Quarter 2006

DEBT ANALYSIS

Debt Maturities and Principal Payments

(in thousands)


	2006			2007			2008			2009			2010			Thereafter			Total
Floating Rate Debt	$	23,875		$	265,000		$	475,000		$	—		$	—		$	—		$	763,875
Fixed Rate Debt		111,072			181,377			801,323			188,278			134,778			2,516,010			3,932,838

Total Debt	$	134,947		$	446,377		$	1,276,323		$	188,278		$	134,778		$	2,516,010		$	4,696,713

Weighted Average Floating Rate Debt		6.40	%		5.09	%		5.25	%		—			—			—			5.23	%
Weighted Average Fixed Rate Debt		7.95	%		6.61	%		6.84	%		7.11	%		7.96	%		6.51	%		6.70	%

Total Weighted Average Rate		7.67	%		5.71	%		6.25	%		7.11	%		7.96	%		6.51	%		6.46	%

Unsecured Debt

Unsecured Line of Credit - Matures October 30, 2007

(in thousands)

Facility

Outstanding

@ 3/31/2006

Letters of

Credit

Remaining

Capacity

@ 3/31/2006

605,000

40,000

(1)

8,536

331,464

(1)

(1)	$225 million drawn on the unsecured line of credit is secured by 599 Lexington Avenue and is included under Mortgage Notes Payable.

Unsecured and Secured Debt Analysis


	% of Total Debt		Weighted Average Rate		Weighted Average Maturity
Unsecured Debt	32.17	%	5.93	%	7.5 years
Secured Debt	67.83	%	6.71	%	3.7 years

Total Debt	100.00	%	6.46	%	4.9 years


*Floating and Fixed Rate Debt Analysis*

	% of Total Debt		Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	16.26	%	5.23	%	2.0 years
Fixed Rate Debt	83.74	%	6.70	%	5.5 years

Total Debt	100.00	%	6.46	%	4.9 years

Interest Rate Hedging Instruments (2)


	Notional Amount		Weighted Average Treasury Rate		Effective Date	Maturity Date
Forward-starting interest rate swaps	$	500,000	4.34	%	2/1/2007	2/1/2017

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

Boston Properties, Inc.

First Quarter 2006

DEBT MATURITIES AND PRINCIPAL PAYMENTS

(in thousands)


Property	2006			2007			2008			2009			2010			Thereafter			Total
Citigroup Center	$	5,407		$	7,676		$	8,246		$	8,858		$	9,516		$	456,632		$	496,335
Times Square Tower		—			—			475,000			—			—			—			475,000
Embarcadero Center One and Two		4,157			5,877			278,912			—			—			—			288,946
Prudential Center		3,914			5,619			259,706			—			—			—			269,239
280 Park Avenue		2,664			3,798			4,099			4,423			4,773			235,499			255,256
599 Lexington Avenue		—			225,000	(1)					—			—			—			225,000
Embarcadero Center Four		3,040			4,346			129,712			—			—			—			137,098
Embarcadero Center Three		2,019			132,726			—			—			—			—			134,745
Democracy Center		1,707			2,421			2,597			91,132			—			—			97,857
One Freedom Square		1,514			2,122			2,245			2,375			2,513			68,753			79,522
Capital Gallery		74,125	(2)		—			—			—			—			—			74,125
New Dominion Technology Park, Building Two		—			—			—			—			—			63,000			63,000
202, 206 & 214 Carnegie Center		591			845			916			994			56,306			—			59,652
140 Kendrick Street		1,047			1,466			1,549			1,637			1,730			52,119			59,548
1330 Connecticut Avenue		1,679			2,346			2,452			2,577			2,701			45,021			56,776
New Dominion Technology Park, Building One		654			1,379			1,481			1,594			1,715			49,249			56,072
Reservoir Place		1,202			1,572			1,666			48,592			—			—			53,032
504, 506 & 508 Carnegie Center		915			1,314			40,914			—			—			—			43,143
10 & 20 Burlington Mall Rd & 91 Hartwell		607			861			925			994			1,069			32,524			36,980
10 Cambridge Center		541			777			844			916			29,677			—			32,755
Sumner Square		454			645			694			747			804			24,691			28,035
1301 New York Avenue		1,159			1,651			1,781			21,628			—			—			26,219
Eight Cambridge Center		490			702			757			819			22,911			—			25,679
510 Carnegie Center		511			735			23,519			—			—			—			24,765
University Place		610			864			925			992			1,063			17,359			21,813
Reston Corporate Center		522			745			20,524			—			—			—			21,791
Bedford Business Park		620			890			16,859			—			—			—			18,369
191 Spring Street		18,086			—			—			—			—			—			18,086
Montvale Center		6,712			—			—			—			—			—			6,712

		134,947			406,377			1,276,323			188,278			134,778			1,044,847			3,185,550

Unsecured Senior Notes		—			—			—			—			—			1,471,163			1,471,163
Unsecured Line of Credit		—			40,000			—			—			—			—			40,000

	$	134,947		$	446,377		$	1,276,323		$	188,278		$	134,778		$	2,516,010		$	4,696,713

% of Total Debt		2.87	%		9.50	%		27.17	%		4.01	%		2.87	%		53.57	%		100.00	%
Balloon Payments	$	97,847		$	397,726		$	1,234,782		$	158,698		$	107,339		$	2,454,976		$	4,451,368
Scheduled Amortization	$	37,100		$	48,651		$	41,541		$	29,580		$	27,439		$	61,034		$	245,345

(1)	In July 2005, the Company refinanced the debt on the property through a secured draw on the Company’s revolving line of credit facility. The facility expires on October 30, 2007.

(2)

Amount includes construction financing for the expansion of the property of $23.9 million, which matures in February 2008, and existing mortgage financing of $50.3 million, which matures in August 2006. The Company has assumed it will repay both financings upon the maturity date of the existing financing in August 2006.

Boston Properties, Inc.

First Quarter 2006

Senior Unsecured Debt Covenant Compliance Ratios

(in thousands)

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

This section presents such ratios as of March 31, 2006 to show that the Company’s operating partnership was in compliance with the terms of the indenture, as amended, which has been filed with the SEC. This section also presents certain other indenture-related data which we believe assists investors in the Company’s unsecured debt securities. Management is not presenting these ratios and the related calculations for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the indenture.


	March 31, 2006
Total Assets:
Capitalized Property Value	$	11,259,298
Cash and Cash Equivalents		32,214
Undeveloped Land, at Cost		192,639
Development in Process, at Cost (including Joint Venture %)		150,622

Total Assets	$	11,634,773

Unencumbered Assets	$	5,117,518

Secured Debt (Fixed and Variable) (1)	$	3,165,524
Joint Venture Debt		212,698
Contingent Liabilities & Letters of Credit		14,331
Unsecured Debt (2)		1,515,000

Total Outstanding Debt	$	4,907,553

Consolidated EBITDA:
Income before minority interests and income from unconsolidated joint ventures (per Consolidated Income Statement)	$	75,240
Add: Interest Expense (per Consolidated Income Statement)		74,817
Add: Depreciation and Amortization (per Consolidated Income Statement)		66,847
Add: Loss from early extinguishment of debt		467

EBITDA		217,371
Add: Company share of unconsolidated joint venture EBITDA		6,427

Consolidated EBITDA	$	223,798

Adjusted Interest Expense:
Interest Expense (per Consolidated Income Statement)	$	74,817
Add: Company share of unconsolidated joint venture interest expense		3,383
Less: Amortization of financing costs		(1,173	)
Less: Interest expense funded by construction loan draws		(697	)

Adjusted Interest Expense	$	76,330


	Test	Actual
Covenant Ratios and Related Data
Total Outstanding Debt/Total Assets	Less than 60%		42.2	%
Secured Debt/Total Assets	Less than 50%		29.0	%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	Greater than 1.50x		2.93
Unencumbered Assets/ Unsecured Debt	Greater than 150%		337.8	%

Unencumbered Consolidated EBITDA		$	98,163

Unencumbered Interest Coverage (Unencumbered Consolidated EBITDA to Unsecured Interest Expense)			4.31

% of unencumbered Consoidated EBITDA to Consolidated EBITDA			43.9	%

# of unencumbered properties			71

(1)	Excludes Fair Value Adjustment of $20,025.

(2)	Excludes Debt Discount of $3,837.

Boston Properties, Inc.

First Quarter 2006

UNCONSOLIDATED JOINT VENTURES

Balance Sheet Information

(unaudited and in thousands)

as of March 31, 2006


	Market Square North			Metropolitan Square			265 Franklin Street			901 New York Avenue			Wisconsin Place (1)(2)			505 9th Street (1)			Value- Added Fund (3)			New York Land Venture (1)			Combined
Total Equity (4)	$	7,772		$	32,956		$	20,165		$	2,399		$	4,960		$	21,243		$	5,469		$	3,872		$	98,836

Mortgage/Construction loans payable (4)	$	45,814		$	67,310		$	21,194		$	42,500		$	13,398		$	6,357		$	16,125		$	—		$	212,698

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

Results of Operations

(unaudited and in thousands)

for the three months ended March 31, 2006


	Market Square North		Metropolitan Square		265 Franklin Street			901 New York Avenue			Wisconsin Place (1)(2)		505 9th Street (1)		Value- Added Fund (3)			New York Land Venture (1)			Combined
REVENUE
Total revenue	$	5,253	$	7,012	$	3,026		$	7,576		$	—	$	—	$	2,349		$	—		$	25,216	(5)

EXPENSES
Operating		1,773		2,364		1,230			2,507			—		—		662			3			8,539

SUBTOTAL		3,480		4,648		1,796			5,069			—		—		1,687			(3	)		16,677

Interest		1,777		2,718		905			2,232			—		—		936			—			8,568
Depreciation and amortization		1,254		1,372		1,165			1,439			—		—		836			—			6,066

NET INCOME/(LOSS)	$	449	$	558	$	(274	)	$	1,398		$	—	$	—	$	(85	)	$	(3	)	$	2,043

BXP’s share of net income/(loss)	$	225	$	284	$	(96	)	$	900	(6)	$	—	$	—	$	(22	)	$	(1	)	$	1,290
BXP’s share of depreciation & amortization		627		700		408			360			—		—		209			—			2,304

BXP’s share of Funds from Operations (FFO)	$	852	$	984	$	312		$	1,260		$	—	$	—	$	187		$	(1	)	$	3,594

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

(2)

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

(3)	For additional information on the Value-Added Fund, see page 19. Information presented includes costs which relate to the organization and operations of the Value-Added Fund.

(4)	Represents the Company’s share.

(5)	The net impact of the straight-line rent adjustment increased revenue by approximately $1.0 million for the three months ended March 31, 2006.

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

Boston Properties, Inc.

First Quarter 2006

UNCONSOLIDATED JOINT VENTURE DEBT ANALYSIS (*)

Debt Maturities and Principal Payments by Property

(in thousands)


Property	2006			2007			2008			2009			2010			Thereafter			Total
Metropolitan Square (51%)	$	682		$	978		$	1,061		$	1,152		$	63,437		$	—		$	67,310
Market Square North (50%)		758			1,081			1,167			1,260			41,548			—			45,814
901 New York Avenue (25%)		—			—			554			635			669			40,642			42,500
265 Franklin Street (35%)		—			21,194			—			—			—			—			21,194	(1)
Wisconsin Place (23.89%)		(116	)		1,828			1,785			9,901						—			13,398	(2)
505 9th Street (50%)		—			—			—			—			—			6,357			6,357	(3)

	$	1,324		$	25,081		$	4,567		$	12,948		$	105,654		$	46,999		$	196,573

Weighted Average Rate (2)		7.95	%		5.98	%		7.40	%		6.52	%		8.00	%		5.28	%		6.99	%

% of Total Debt		0.67	%		12.76	%		2.32	%		6.59	%		53.75	%		23.91	%		100.00	%

Floating and Fixed Rate Debt Analysis


	% of Total Debt		Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	18.77	%	5.94	%	2.2 years
Fixed Rate Debt	81.23	%	7.21	%	6.0 years

Total Debt	100.00	%	6.99	%	5.3 years

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

(1)	The loan facility allows the venture to borrow an additional $9.4 million (of which the Company’s share is $2.4 million).

(2)

Approximately $9.9 million represents construction loan financing which matures in 2009. The remaining amount represents a seller financed non-interest bearing purchase money mortgage and includes adjustments to reflect the fair value of the note. The weighted-average interest rates exclude the impact of this loan.

(3)

Amount represents construction financing comprised of a $60.0 million loan commitment (of which the Company’s share is $30.0 million) which bears interest at a fixed rate of 5.73% per annum and a $35.0 million loan commitment (of which the Company’s share is $17.5 million) which bears interest at a variable rate of LIBOR plus 1.25% per annum. The financing converts to a ten-year fixed rate loan in October 2007 at an interest rate of 5.73% per annum with a provision for an increase in the borrowing capacity by $35.0 million (of which the Company’s share would be $17.5 million). The conversion is subject to conditions which the Company expects to satisfy.

Boston Properties, Inc.

First Quarter 2006

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

On October 25, 2004, the Company formed Boston Properties Office Value-Added Fund, L.P. (the “Value-Added Fund”), a strategic partnership with third parties, to pursue the acquisition of value-added investments in non-core office assets within the Company’s existing markets. The Company intends to leverage its regional operating platform to source and acquire properties that will generate opportunity for value creation through repositioning, capital improvements and/or leasing strategies. The Value-Added Fund has total equity commitments of $140 million. Assuming an estimated 65% leverage ratio, the Value-Added Fund is anticipated to have up to $400 million of total investments. The Company will receive asset management, property management, leasing and redevelopment fees and, if certain return thresholds are achieved, will be entitled to an additional promoted interest.

The Company’s interest in the Value-Added Fund is 25%. The investment in the Value-Added Fund is not included in the Company’s portfolio information tables or any other portfolio level statistics.

Property Information


Property Name	Number of Buildings	Square Feet	Leased %		Annual Revenue per leased SF		Mortgage Notes Payable (1)
Worldgate Plaza, Herndon, VA	4	322,328	75.0	%	$	32.53	$	14,250	(2)
300 Billerica Road, Chelmsford, MA	1	110,882	100.0	%		6.67		1,875	(3)

Total	5	433,210	81.4	%	$	24.40	$	16,125

Results of Operations

(unaudited and in thousands)

for the three months ended March 31, 2006


	Value-Added Fund
REVENUE

Total revenue (4)	$	2,349

EXPENSES
Operating		662

SUBTOTAL		1,687

Interest		936
Depreciation and amortization		836

NET LOSS	$	(85	)

BXP’s share of net loss	$	(22	)
BXP’s share of depreciation & amortization		209

BXP’s share of Funds from Operations (FFO)	$	187

The Company’s Equity in the Value-Added Fund	$	5,469

(1)	Represents the Company’s share.

(2)	The mortgage bears interest at LIBOR plus 0.89% per annum and matures December 1, 2007 with two one-year extension options. As of March 31, 2006, the interest rate was 5.55% per annum.

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

(4)	The net impact of the straight-line rent adjustment and fair value lease revenue (SFAS 141) increased (decreased) revenue by approximately $87 and ($93), respectively for the three months ended March 31, 2006.

Boston Properties, Inc.

First Quarter 2006

PORTFOLIO OVERVIEW

Rentable Square Footage and Percentage of Net Operating Income of In-Service Properties by Location and Type of Property

for the Quarter Ended March 31, 2006 (1)(2)


Geographic Area	Square Feet Office (3)		% of NOI Office (4)		Square Feet Office/ Technical		% of NOI Office/ Technical (4)		Square Feet Total		Square Feet % of Total		% of NOI Hotel (4)		% of NOI Total (4)
Greater Boston	8,052,975	(5)	20.6	%	776,234		2.0	%	8,829,209		28.4	%	0.4	%	23.0	%
Greater Washington	7,282,710	(6)	17.2	%	858,583		1.4	%	8,141,293		26.1	%	—		18.6	%
Greater San Francisco	4,055,280		13.5	%	—		—		4,055,280		13.0	%	—		13.5	%
Midtown Manhattan	7,792,560		40.8	%	—		—		7,792,560		25.0	%	—		40.8	%
Princeton/East Brunswick, NJ	2,319,229		4.1	%	—		—		2,319,229		7.4	%	—		4.1	%

	29,502,754		96.2	%	1,634,817		3.4	%	31,137,571		100.0	%	0.4	%	100.0	%

% of Total	94.7	%			5.3	%			100.0	%

Percentage of Net Operating Income of In-Service Properties

by Location and Type of Property (2) (4)


Geographic Area	CBD		Suburban		Total
Greater Boston	15.5	%	7.5	%	23.0	%
Greater Washington	5.5	%	13.1	%	18.6	%
Greater San Francisco	11.8	%	1.7	%	13.5	%
Midtown Manhattan	40.8	%	—		40.8	%
Princeton/East Brunswick, NJ	—		4.1	%	4.1	%

Total	73.6	%	26.4	%	100.0	%

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

Total Hotel Properties	833	750,400

Structured Parking


	Number of Spaces	Square Feet
Total Structured Parking	32,925	9,612,974

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

(2)	For a quantitative reconciliation of consolidated net operating income (NOI) to net income in accordance with GAAP, see page 44. For disclosures relating to our use of NOI see page 51. NOI from unconsolidated joint ventures has been excluded from consolidated NOI.

(3)	Includes approximately 1,300,000 square feet of retail space.

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

(5)	Includes 347,381 square feet at 265 Franklin Street which is 35% owned by Boston Properties.

(6)	Includes 586,478 square feet at Metropolitan Square which is 51% owned by Boston Properties, 401,279 square feet at Market Square North which is 50% owned by Boston Properties and 539,229 square feet at 901 New York Avenue which is 25% owned by Boston Properties.

Boston Properties, Inc.

First Quarter 2006

In-Service Property Listing

as of March 31, 2006


	Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Greater Boston
Office
800 Boylston Street - The Prudential Center	CBD Boston MA	1	1,183,438	84.8	%	$	38.02	Y	CBD
111 Huntington Avenue - The Prudential Center	CBD Boston MA	1	857,386	100.0	%		52.04	N	CBD
101 Huntington Avenue - The Prudential Center	CBD Boston MA	1	505,939	94.1	%		35.32	Y	CBD
The Shops at the Prudential Center	CBD Boston MA	1	511,314	89.8	%		63.65	Y(1)	CBD
Shaws Supermarket at the Prudential Center	CBD Boston MA	1	57,235	100.0	%		44.96	N	CBD
265 Franklin Street (35% ownership)	CBD Boston MA	1	347,381	72.4	%		46.90	Y	CBD
One Cambridge Center	East Cambridge MA	1	215,385	73.7	%		39.53	N	CBD
Three Cambridge Center	East Cambridge MA	1	108,152	100.0	%		28.90	N	CBD
Eight Cambridge Center	East Cambridge MA	1	177,226	100.0	%		33.12	Y	CBD
Ten Cambridge Center	East Cambridge MA	1	152,664	100.0	%		36.80	Y	CBD
Eleven Cambridge Center	East Cambridge MA	1	79,616	100.0	%		49.91	N	CBD
University Place	Mid-Cambridge MA	1	196,007	99.6	%		38.46	Y	CBD
Reservoir Place	Route 128 Mass Turnpike MA	1	526,998	86.3	%		30.29	Y	S
Reservoir Place North	Route 128 Mass Turnpike MA	1	73,258	100.0	%		27.13	N	S
140 Kendrick Street	Route 128 Mass Turnpike MA	3	380,987	100.0	%		29.46	Y	S
(2) Prospect Place	Route 128 Mass Turnpike MA	1	296,399	66.4	%		26.47	N	S
Waltham Office Center	Route 128 Mass Turnpike MA	3	129,041	92.4	%		28.42	N	S
195 West Street	Route 128 Mass Turnpike MA	1	63,500	100.0	%		48.76	N	S
200 West Street	Route 128 Mass Turnpike MA	1	248,048	98.0	%		37.90	N	S
Waltham Weston Corporate Center	Route 128 Mass Turnpike MA	1	306,789	96.1	%		34.19	N	S
10 & 20 Burlington Mall Road	Route 128 Northwest MA	2	153,048	83.8	%		21.83	Y	S
Bedford Business Park	Route 128 Northwest MA	1	89,961	16.3	%		20.65	Y	S
32 Hartwell Avenue	Route 128 Northwest MA	1	69,154	100.0	%		30.03	N	S
91 Hartwell Avenue	Route 128 Northwest MA	1	121,425	90.9	%		24.21	Y	S
92 Hayden Avenue	Route 128 Northwest MA	1	31,100	100.0	%		53.25	N	S
100 Hayden Avenue	Route 128 Northwest MA	1	55,924	100.0	%		21.15	N	S
33 Hayden Avenue	Route 128 Northwest MA	1	80,128	100.0	%		30.20	N	S
Lexington Office Park	Route 128 Northwest MA	2	166,689	97.8	%		24.64	N	S
191 Spring Street	Route 128 Northwest MA	1	162,700	100.0	%		29.77	Y	S
181 Spring Street	Route 128 Northwest MA	1	53,652	89.4	%		30.93	N	S
201 Spring Street	Route 128 Northwest MA	1	102,500	100.0	%		37.12	N	S
40 Shattuck Road	Route 128 Northwest MA	1	120,000	95.6	%		29.86	N	S
Quorum Office Park	Route 128 Northwest MA	2	259,918	100.0	%		22.04	N	S
Newport Office Park	Route 128 South MA	1	170,013	100.0	%		23.36	N	S

		41	8,052,975	90.8	%	$	37.45

Office/Technical
(2) Seven Cambridge Center	East Cambridge MA	1	231,028	100.0	%		75.47	N	CBD
Fourteen Cambridge Center	East Cambridge MA	1	67,362	100.0	%		22.19	N	CBD
Bedford Business Park	Route 128 Northwest MA	2	383,704	100.0	%		16.10	Y	S
17 Hartwell Avenue	Route 128 Northwest MA	1	30,000	100.0	%		14.00	N	S
164 Lexington Road	Route 128 Northwest MA	1	64,140	100.0	%		12.40	N	S

		6	776,234	100.0	%	$	33.91

	Total Greater Boston:	47	8,829,209	91.6	%	$	37.11

Boston Properties, Inc.

First Quarter 2006

In-Service Property Listing (continued)

as of March 31, 2006


	Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Greater Washington, DC
Office
(2) Capital Gallery	Southwest Washington DC	1	301,996	99.7	%	$	40.19	Y	CBD
500 E Street, S. W.	Southwest Washington DC	1	246,057	100.0	%		34.83	N	CBD
Metropolitan Square (51% ownership)	East End Washington DC	1	586,478	99.9	%		43.85	Y	CBD
1301 New York Avenue	East End Washington DC	1	188,358	100.0	%		30.75	Y	CBD
Market Square North (50% ownership)	East End Washington DC	1	401,279	98.4	%		50.74	Y	CBD
(2) 901 New York Avenue (25% ownership)	CBD Washington DC	1	539,229	98.0	%		51.27	Y	CBD
1333 New Hampshire Avenue	CBD Washington DC	1	315,371	100.0	%		43.27	N	CBD
1330 Connecticut Avenue	CBD Washington DC	1	252,136	100.0	%		49.50	Y	CBD
Sumner Square	CBD Washington DC	1	207,620	87.8	%		40.22	Y	CBD
Democracy Center	Montgomery County MD	3	682,852	80.9	%		31.59	Y	S
Montvale Center	Montgomery County MD	1	122,687	89.1	%		24.48	Y	S
2600 Tower Oaks Boulevard	Montgomery County MD	1	178,887	100.0	%		37.27	N	S
Orbital Sciences 1,2&3	Loudoun County	3	337,228	100.0	%		25.29	N	S
One Freedom Square	Fairfax County VA	1	414,075	99.2	%		34.32	Y	S
Two Freedom Square	Fairfax County VA	1	421,676	100.0	%		37.34	N	S
One Reston Overlook	Fairfax County VA	1	312,685	100.0	%		26.11	N	S
Two Reston Overlook	Fairfax County VA	1	134,317	100.0	%		28.12	N	S
One and Two Discovery Square	Fairfax County VA	2	367,018	100.0	%		38.59	N	S
New Dominion Technology Park - Building One	Fairfax County VA	1	235,201	100.0	%		32.01	Y	S
New Dominion Technology Park - Building Two	Fairfax County VA	1	257,400	100.0	%		40.70	Y	S
Reston Corporate Center	Fairfax County VA	2	261,046	100.0	%		30.90	Y	S
12300 Sunrise Valley	Fairfax County VA	1	255,244	100.0	%		33.45	N	S
12310 Sunrise Valley	Fairfax County VA	1	263,870	100.0	%		32.24	N	S

		29	7,282,710	97.4	%	$	37.67

Office/Technical
Broad Run Business Park	Loudoun County	1	128,646	73.7	%		20.94	N	S
7435 Boston Boulevard	Fairfax County VA	1	103,557	100.0	%		18.70	N	S
7451 Boston Boulevard	Fairfax County VA	1	47,001	100.0	%		21.39	N	S
7450 Boston Boulevard	Fairfax County VA	1	62,402	100.0	%		20.69	N	S
7374 Boston Boulevard	Fairfax County VA	1	57,321	100.0	%		15.31	N	S
8000 Grainger Court	Fairfax County VA	1	88,775	100.0	%		16.79	N	S
7500 Boston Boulevard	Fairfax County VA	1	79,971	100.0	%		14.92	N	S
7501 Boston Boulevard	Fairfax County VA	1	75,756	100.0	%		23.90	N	S
7601 Boston Boulevard	Fairfax County VA	1	103,750	100.0	%		14.31	N	S
7375 Boston Boulevard	Fairfax County VA	1	26,865	100.0	%		19.62	N	S
8000 Corporate Court	Fairfax County VA	1	52,539	100.0	%		16.05	N	S
7300 Boston Boulevard	Fairfax County VA	1	32,000	100.0	%		24.66	N	S

		12	858,583	96.1	%	$	18.47

	Total Greater Washington:	41	8,141,293	97.2	%	$	35.67

Boston Properties, Inc.

First Quarter 2006

In-Service Property Listing (continued)

as of March 31, 2006


	Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Midtown Manhattan
Office
599 Lexington Avenue	Park Avenue NY	1	1,016,218	100.0	%	$	67.67	Y(3)	CBD
280 Park Avenue	Park Avenue NY	1	1,179,064	100.0	%		61.03	Y	CBD
Citigroup Center	Park Avenue NY	1	1,569,671	97.5	%		64.79	Y	CBD
399 Park Avenue	Park Avenue NY	1	1,686,495	100.0	%		73.20	N	CBD
Times Square Tower	Times Square NY	1	1,239,333	96.5	%		60.73	Y	CBD
5 Times Square	Times Square NY	1	1,101,779	100.0	%		54.97	N	CBD

	Total Midtown Manhattan:	6	7,792,560	98.9	%	$	64.40

Princeton/East Brunswick, NJ
Office
101 Carnegie Center	Princeton NJ	1	123,659	100.0	%	$	26.27	N	S
104 Carnegie Center	Princeton NJ	1	102,830	66.7	%		31.10	N	S
105 Carnegie Center	Princeton NJ	1	70,029	81.1	%		29.19	N	S
201 Carnegie Center	Princeton NJ	—	6,500	100.0	%		26.38	N	S
202 Carnegie Center	Princeton NJ	1	128,705	82.3	%		30.14	Y	S
206 Carnegie Center	Princeton NJ	1	161,763	100.0	%		30.81	Y	S
210 Carnegie Center	Princeton NJ	1	161,776	74.5	%		32.00	N	S
211 Carnegie Center	Princeton NJ	1	47,025	100.0	%		29.34	N	S
212 Carnegie Center	Princeton NJ	1	149,398	91.9	%		34.98	N	S
214 Carnegie Center	Princeton NJ	1	150,774	76.8	%		31.02	Y	S
302 Carnegie Center	Princeton NJ	1	64,726	100.0	%		34.89	N	S
502 Carnegie Center	Princeton NJ	1	116,374	89.4	%		33.74	N	S
504 Carnegie Center	Princeton NJ	1	121,990	100.0	%		30.85	Y	S
506 Carnegie Center	Princeton NJ	1	136,213	100.0	%		34.90	Y	S
508 Carnegie Center	Princeton NJ	1	131,085	100.0	%		29.49	Y	S
510 Carnegie Center	Princeton NJ	1	234,160	100.0	%		30.46	Y	S
One Tower Center	East Brunswick NJ	1	412,222	69.5	%		36.73	N	S

	Total Princeton/East Brunswick, NJ:	16	2,319,229	87.2	%	$	32.05

Greater San Francisco
Office
Embarcadero Center One	CBD San Francisco CA	1	824,709	85.0	%	$	42.76	Y	CBD
Embarcadero Center Two	CBD San Francisco CA	1	766,740	86.3	%		46.84	Y	CBD
Embarcadero Center Three	CBD San Francisco CA	1	766,021	89.7	%		40.61	Y	CBD
Embarcadero Center Four	CBD San Francisco CA	1	935,502	95.0	%		61.63	Y	CBD
611 Gateway	South San Francisco CA	1	256,302	100.0	%		30.56	N	S
601 and 651 Gateway	South San Francisco CA	2	506,006	83.9	%		28.60	N	S

	Total Greater San Francisco:	7	4,055,280	89.3	%	$	45.21

	Total In-Service Properties:	117	31,137,571	94.3	%	$	44.54

(1)	93,797 square feet of space is unencumbered.

(2)	Not included in same property analysis.

(3)	The mortgage loan secured by 599 Lexington Avenue was refinanced through a secured draw on the Company's revolving line of credit facility which facility expires on October 30, 2007.

Boston Properties, Inc.

First Quarter 2006

TOP 20 TENANTS LISTING AND PORTFOLIO TENANT DIVERSIFICATION

TOP 20 TENANTS BY SQUARE FEET LEASED


Tenant	Sq. Ft.		% of Portfolio
1 US Government	1,624,697	(1)	5.22	%
2 Citibank NA	1,116,094		3.59	%
3 Ernst & Young	1,064,939		3.42	%
4 Shearman & Sterling	585,808		1.88	%
5 Lockheed Martin	566,375		1.82	%
6 Genentech	528,218		1.70	%
7 Gillette	484,051		1.56	%
8 Lehman Brothers	436,723		1.40	%
9 Kirkland & Ellis	418,263	(2)	1.34	%
10 Parametric Technology	380,987		1.22	%
11 Washington Group International	365,245		1.17	%
12 Finnegan Henderson Farabow	349,146	(3)	1.12	%
13 Orbital Sciences	337,228		1.08	%
14 Deutsche Bank Trust	336,137		1.08	%
15 Northrop Grumman	327,677		1.05	%
16 Ann Taylor	318,567		1.02	%
17 Akin Gump Strauss Hauer & Feld	290,132		0.93	%
18 Bingham McCutchen	283,175		0.91	%
19 MIT	276,851		0.89	%
20 O’Melveny & Myers	268,733		0.86	%

Total % of Portfolio Square Feet			33.29	%
Total % of Portfolio Revenue			37.19	%

Major Future Signed Deals


Tenant	Property	Sq. Ft.
DLA Piper Rudnick Gray Cary US LLP	505 9th Street	231,748	(4)(5)
Smithsonian Institute	Capital Gallery Expansion	201,312	(4)
Lockheed Martin Corporation	12290 Sunrise Valley	182,000	(4)
HMS Host	Democracy Center	141,919

(1)	Includes 96,600 square feet of space in properties in which Boston Properties has a 51% and 50% interest.

(2)	Includes 154,612 square feet of space in a property in which Boston Properties has a 51% interest.

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

(4)	Property is currently in development.

(5)	Boston Properties has a 50% interest in this property.

TENANT DIVERSIFICATION (GROSS RENT) *

LOGO

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

Boston Properties, Inc.

First Quarter 2006

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
2006	963,322	$	43,750,423	$	45.42	$	43,755,174	$	45.42	3.42	%
2007	1,742,578		69,246,473		39.74		69,617,051		39.95	6.18	%
2008	1,689,160		72,166,840		42.72		73,402,782		43.46	5.99	%
2009	2,682,511		102,428,340		38.18		107,129,859		39.94	9.51	%
2010	2,063,080		90,613,825		43.92		94,315,049		45.72	7.32	%
2011	2,745,704		122,994,780		44.80		134,566,911		49.01	9.74	%
2012	2,659,800		124,801,700		46.92		133,961,769		50.37	9.43	%
2013	569,358		21,978,022		38.60		24,408,840		42.87	2.02	%
2014	2,027,416		74,897,742		36.94		82,689,793		40.79	7.19	%
2015	1,480,614		54,114,764		36.55		63,699,569		43.02	5.25	%
Thereafter	7,595,232		402,414,754		52.98		487,267,995		64.15	26.94	%

Occupancy By Location*


	CBD				Suburban				Total
Location	31-Mar-06		31-Mar-05		31-Mar-06		31-Mar-05		31-Mar-06		31-Mar-05
Midtown Manhattan	98.9	%	96.6	%	n/a		n/a		98.9	%	96.6	%
Greater Boston	90.6	%	93.2	%	91.1	%	89.8	%	90.8	%	91.7	%
Greater Washington	98.6	%	97.5	%	96.5	%	97.2	%	97.4	%	97.3	%
Greater San Francisco	89.2	%	81.1	%	89.3	%	65.7	%	89.3	%	78.6	%
Princeton/East Brunswick, NJ	n/a		n/a		87.2	%	90.4	%	87.2	%	90.4	%
Richmond, VA	n/a		91.5	%	n/a		n/a		n/a		91.5	%
Baltimore, MD	n/a		90.9	%	n/a		n/a		n/a		90.9	%

Total Portfolio	95.2	%	92.7	%	92.3	%	91.1	%	94.1	%	92.2	%

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

Boston Properties, Inc.

First Quarter 2006

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
2006	300,512	$	4,380,868	$	14.58	$	4,380,868	$	14.58	18.38	%
2007	321,900		6,032,594		18.74		6,105,445		18.97	19.69	%
2008	70,440		1,393,050		19.78		1,441,110		20.46	4.31	%
2009	45,508		989,913		21.75		1,031,115		22.66	2.78	%
2010	132,510		2,036,218		15.37		2,122,930		16.02	8.11	%
2011	57,321		877,397		15.31		877,397		15.31	3.51	%
2012	72,362		1,678,838		23.20		1,845,403		25.50	4.43	%
2013	80,000		1,665,316		20.82		1,569,316		19.62	4.89	%
2014	274,821		4,998,818		18.19		5,707,216		20.77	16.81	%
2015	—		—		—		—		—	—
Thereafter	225,532		17,292,139		76.67		17,592,097		78.00	13.80	%

Occupancy By Location

CBD

Suburban

Total

Location

31-Mar-06

31-Mar-05

31-Mar-06

31-Mar-05

31-Mar-06

31-Mar-05

Midtown Manhattan

n/a

Greater Boston

100.0

Greater Washington

n/a

96.1

Greater San Francisco

n/a

Princeton/East Brunswick, NJ

n/a

Richmond, VA

n/a

Baltimore, MD

n/a

Total Portfolio

100.0

97.5

97.9

97.6

Boston Properties, Inc.

First Quarter 2006

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
2006	10,263	$	1,745,272	$	170.05	(1)	$	2,005,792	$	195.44	(1)	0.83	%
2007	65,221	$	3,811,308		58.44		$	4,106,105		62.96		5.26	%
2008	66,442	$	3,895,394		58.63		$	4,006,649		60.30		5.36	%
2009	67,350	$	3,379,002		50.17		$	3,446,951		51.18		5.43	%
2010	102,640	$	3,788,334		36.91		$	3,940,730		38.39		8.28	%
2011	62,653	$	3,893,509		62.14		$	4,047,444		64.60		5.06	%
2012	97,490	$	4,946,465		50.74		$	5,409,205		55.48		7.87	%
2013	60,230	$	5,597,775		92.94		$	6,057,478		100.57		4.86	%
2014	61,963	$	4,676,584		75.47		$	5,316,477		85.80		5.00	%
2015	92,275	$	7,954,156		86.20		$	8,696,380		94.24		7.45	%
Thereafter	552,771	$	28,231,700		51.07		$	34,887,643		63.11		44.60	%

(1)	Excluding kiosks with one square foot at the Prudential Center, current and future expiring rents would be $53.64 and $53.64 in 2006.

Boston Properties, Inc.

First Quarter 2006

GRAND TOTAL OF ALL

IN-SERVICE PROPERTIES

Lease Expirations


Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.		Annualized Revenues Under Expiring Leases with future step-ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.		Percentage of Total Square Feet
2006	1,274,097	$	49,876,563	$	39.15	$	50,141,834	$	39.35	4.1	%
2007	2,129,699		79,090,375		37.14		79,828,601		37.48	6.8	%
2008	1,826,042		77,455,283		42.42		78,850,541		43.18	5.9	%
2009	2,795,369		106,797,255		38.21		111,607,925		39.93	9.0	%
2010	2,298,230		96,438,377		41.96		100,378,710		43.68	7.4	%
2011	2,865,678		127,765,686		44.58		139,491,751		48.68	9.2	%
2012	2,829,652		131,427,003		46.45		141,216,377		49.91	9.1	%
2013	709,588		29,241,112		41.21		32,035,634		45.15	2.3	%
2014	2,364,200		84,573,143		35.77		93,713,486		39.64	7.6	%
2015	1,572,889		62,068,920		39.46		72,395,949		46.03	5.1	%
Thereafter	8,373,535		447,938,593		53.49		539,747,735		64.46	26.9	%

Occupancy By Location


	CBD				Suburban				Total
Location	31-Mar-06		31-Mar-05		31-Mar-06		31-Mar-05		31-Mar-06		31-Mar-05
Midtown Manhattan	98.9	%	96.6	%	n/a		n/a		98.9	%	96.6	%
Greater Boston	91.2	%	93.3	%	92.2	%	87.6	%	91.6	%	90.6	%
Greater Washington	98.6	%	97.5	%	96.4	%	97.0	%	97.2	%	97.2	%
Greater San Francisco	89.2	%	81.1	%	89.3	%	65.7	%	89.3	%	78.6	%
Princeton/East Brunswick, NJ	n/a		n/a		87.2	%	90.4	%	87.2	%	90.4	%
Richmond, VA	n/a		91.5	%	n/a		n/a		n/a		91.5	%
Baltimore, MD	n/a		90.9	%	n/a		n/a		n/a		90.9	%

Total Portfolio	95.2	%	92.7	%	92.8	%	90.7	%	94.3	%	92.0	%

Boston Properties, Inc.

First Quarter 2006

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
2006	361,778	$	13,156,320	$	36.37	$	13,154,854	$	36.36		253,704	$	3,525,208	$	13.89	$	3,525,208	$	13.89
2007	643,762		22,966,476		35.68		23,137,358		35.94		144,140		2,201,377		15.27		2,263,447		15.70
2008	672,468		21,221,614		31.56		21,730,088		32.31		—		—		—		—		—
2009	1,296,561		46,608,908		35.95		50,092,098		38.63		—		—		—		—		—
2010	427,483		13,920,606		32.56		14,422,736		33.74		—		—		—		—		—
2011	1,016,716		41,100,763		40.43		45,119,431		44.38		—		—		—		—		—
2012	721,168		26,593,317		36.88		28,439,556		39.44		72,362		1,678,838		23.20		1,845,403		25.50
2013	276,618		12,277,109		44.38		13,407,094		48.47		80,000		1,665,316		20.82		1,569,316		19.62
2014	490,721		17,355,687		35.37		18,513,906		37.73		—		—		—		—		—
2015	201,917		7,818,533		38.72		8,447,079		41.83		—		—		—		—		—
Thereafter	446,450		15,403,587		34.50		20,441,672		45.79		225,532		17,292,139		76.67		17,592,097		78.00

	Retail										Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2006	1,073	$	1,310,411	$	1,221.26	$	1,570,931	$	1,464.05	(1)	616,555	$	17,991,939	$	29.18	$	18,250,993	$	29.60
2007	23,966		1,825,920		76.19		1,848,720		77.14		811,868		26,993,772		33.25		27,249,525		33.56
2008	7,084		1,032,874		145.80		1,080,202		152.48		679,552		22,254,488		32.75		22,810,290		33.57
2009	13,111		1,234,726		94.17		1,243,834		94.87		1,309,672		47,843,634		36.53		51,335,932		39.20
2010	41,532		787,101		18.95		787,101		18.95		469,015		14,707,707		31.36		15,209,836		32.43
2011	14,095		940,875		66.75		974,764		69.16		1,030,811		42,041,637		40.79		46,094,195		44.72
2012	52,949		2,118,859		40.02		2,163,063		40.85		846,479		30,391,014		35.90		32,448,021		38.33
2013	23,705		2,998,098		126.48		3,131,667		132.11		380,323		16,940,523		44.54		18,108,077		47.61
2014	19,902		2,182,558		109.67		2,342,102		117.68		510,623		19,538,245		38.26		20,856,008		40.84
2015	43,651		5,743,886		131.59		6,110,855		139.99		245,568		13,562,419		55.23		14,557,934		59.28
Thereafter	385,433		14,128,762		36.66		16,358,106		42.44		1,057,415		46,824,488		44.28		54,391,875		51.44

(1)	Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $109.07 and $109.07 in 2006.

Boston Properties, Inc.

First Quarter 2006

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 2006	—	$	—	$	—	$	—	$	—		—	$	—	$	—	$	—	$	—
Q2 2006	68,109		3,065,651		45.01		3,065,651		45.01		—		—		—		—		—
Q3 2006	200,278		6,877,684		34.34		6,877,684		34.34		253,704		3,525,208		13.89		3,525,208		13.89
Q4 2006	93,391		3,212,985		34.40		3,211,519		34.39		—		—		—		—		—

Total 2006	361,778	$	13,156,320	$	36.37	$	13,154,854	$	36.36		253,704		3,525,208		13.89		3,525,208		13.89

Q1 2007	119,914	$	3,910,352	$	32.61	$	3,913,598	$	32.64		—	$	—	$	—	$	—	$	—
Q2 2007	166,269		6,039,171		36.32		6,054,387		36.41		—		—		—		—		—
Q3 2007	81,744		3,645,036		44.59		3,633,207		44.45		144,140		2,201,377		15.27		2,263,447		15.70
Q4 2007	275,835		9,371,916		33.98		9,536,166		34.57		—		—		—		—		—

Total 2007	643,762	$	22,966,476	$	35.68	$	23,137,358	$	35.94		144,140		2,201,377		15.27		2,263,447		15.70


	Retail										Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2006	—	$	—	$	—	$	—	$	—		—	$	—	$	—	$	—	$	—
Q2 2006	889		619,203		696.52		673,803		757.93		68,998		3,684,854		53.41		3,739,454		54.20
Q3 2006	4		187,008		46,752.00		211,008		52,752.00		453,986		10,589,901		23.33		10,613,901		23.38
Q4 2006	180		504,200		2,801.11		686,120		3,811.78		93,571		3,717,185		39.73		3,897,639		41.65

Total 2006	1,073		1,310,411	$	1,221.26	$	1,570,931	$	1,464.05	(1)	616,555	$	17,991,939	$	29.18	$	18,250,993	$	29.60

Q1 2007	12,559	$	1,180,045.56	$	93.96		1,180,046	$	93.96		132,473	$	5,090,397	$	38.43	$	5,093,643	$	38.45
Q2 2007	7,181		496,677		69.17		519,477		72.34		173,450		6,535,848		37.68		6,573,864		37.90
Q3 2007	—		—		—		—		—		225,884		5,846,413		25.88		5,896,654		26.10
Q4 2007	4,226		149,197		35.30		149,197		35.30		280,061		9,521,114		34.00		9,685,364		34.58

Total 2007	23,966	$	1,825,919.64	$	76.19	$	1,848,719.64	$	77.14		811,868	$	26,993,772	$	33.25	$	27,249,525	$	33.56

(1)	Excluding kiosks with one square foot at the Prudential Center, current and future expiring rents would be $109.07 and $109.07 in 2006.

Boston Properties, Inc.

First Quarter 2006

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
2006	110,280	$	4,025,671	$	36.50	$	4,028,473	$	36.53	46,808	$	855,660	$	18.28	$	855,660	$	18.28
2007	374,689		13,185,780		35.19		13,291,111		35.47	177,760		3,831,217		21.55		3,841,998		21.61
2008	206,184		6,963,658		33.77		7,353,077		35.66	70,440		1,393,050		19.78		1,441,110		20.46
2009	858,543		30,347,999		35.35		31,576,698		36.78	45,508		989,913		21.75		1,031,115		22.66
2010	912,194		35,811,927		39.26		37,888,248		41.54	132,510		2,036,218		15.37		2,122,930		16.02
2011	737,119		25,603,684		34.73		28,615,083		38.82	57,321		877,397		15.31		877,397		15.31
2012	797,008		28,992,598		36.38		33,394,889		41.90	—		—		—		—		—
2013	63,026		1,847,058		29.31		2,170,511		34.44	—		—		—		—		—
2014	426,087		15,662,399		36.76		18,621,766		43.70	274,821		4,998,818		18.19		5,707,216		20.77
2015	710,870		26,764,859		37.65		32,225,757		45.33	—		—		—		—		—
Thereafter	1,687,358		70,377,880		41.71		85,688,047		50.78	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2006	1,092	$	54,799	$	50.18	$	54,799	$	50.18	158,180	$	4,936,130	$	31.21	$	4,938,932	$	31.22
2007	12,610		388,239		30.79		395,330		31.35	565,059		17,405,236		30.80		17,528,439		31.02
2008	18,152		772,376		42.55		793,255		43.70	294,776		9,129,084		30.97		9,587,441		32.52
2009	23,554		778,790		33.06		808,054		34.31	927,605		32,116,702		34.62		33,415,867		36.02
2010	18,410		712,823		38.72		772,247		41.95	1,063,114		38,560,967		36.27		40,783,425		38.36
2011	15,459		705,146		45.61		564,483		36.51	809,899		27,186,226		33.57		30,056,964		37.11
2012	7,519		172,270		22.91		195,877		26.05	804,527		29,164,868		36.25		33,590,767		41.75
2013	13,377		616,701		46.10		734,208		54.89	76,403		2,463,758		32.25		2,904,718		38.02
2014	20,753		581,896		28.04		687,425		33.12	721,661		21,243,113		29.44		25,016,407		34.67
2015	17,701		732,382		41.38		905,823		51.17	728,571		27,497,240		37.74		33,131,580		45.47
Thereafter	28,570		1,026,551		35.93		1,537,177		53.80	1,715,928		71,404,431		41.61		87,225,224		50.83

Boston Properties, Inc.

First Quarter 2006

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 2006	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2006	54,581		2,020,690		37.02		2,020,690		37.02	—		—		—		—		—
Q3 2006	36,627		1,506,551		41.13		1,509,353		41.21	33,400		589,628		17.65		589,628		17.65
Q4 2006	19,072		498,430		26.13		498,430		26.13	13,408		266,032		19.84		266,032		19.84

Total 2006	110,280	$	4,025,671	$	36.50	$	4,028,473	$	36.53	46,808	$	855,660	$	18.28	$	855,660	$	18.28

Q1 2007	48,233	$	1,678,467	$	34.80	$	1,686,102	$	34.96	—	$	—	$	—	$	—	$	—
Q2 2007	49,023		1,933,993		39.45		1,978,304		40.35	14,338		221,960		15.48		225,545		15.73
Q3 2007	255,454		8,807,697		34.48		8,839,113		34.60	52,050		1,073,679		20.63		1,073,679		20.63
Q4 2007	21,979		765,623		34.83		787,591		35.83	111,372		2,535,577		22.77		2,542,774		22.83

Total 2007	374,689	$	13,185,780	$	35.19	$	13,291,111	$	35.47	177,760	$	3,831,217	$	21.55	$	3,841,998	$	21.61


	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2006	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2006	1,084		54,759		50.52		54,759		50.52	55,665		2,075,450		37.28		2,075,450		37.28
Q3 2006	—		—		—		—		—	70,027		2,096,179		29.93		2,098,981		29.97
Q4 2006	8		40		5.00		40		5.00	32,488		764,502		23.53		764,502		23.53

Total 2006	1,092	$	54,799	$	50.18		54,799	$	50.18	158,180	$	4,936,130	$	31.21		4,938,932	$	31.22

Q1 2007	752	$	26,436	$	35.15	$	26,436	$	35.15	48,985	$	1,704,903	$	34.80	$	1,712,539	$	34.96
Q2 2007	7,393		128,719		17.41		131,613		17.80	70,754		2,284,672		32.29		2,335,463		33.01
Q3 2007	—		—		—		—		—	307,504		9,881,377		32.13		9,912,793		32.24
Q4 2007	4,465		233,084		52.20		237,280		53.14	137,816		3,534,284		25.64		3,567,645		25.89

Total 2007	12,610	$	388,239	$	30.79	$	395,330	$	31.35	565,059	$	17,405,236	$	30.80	$	17,528,439	$	31.02

Boston Properties, Inc.

First Quarter 2006

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
2006	284,500	$	15,011,838	$	52.77	$	15,015,253	$	52.78	—	$	—	$	—	$	—	$	—
2007	317,134		15,073,649		47.53		15,095,559		47.60	—		—		—		—		—
2008	301,530		11,447,632		37.97		11,562,099		38.34	—		—		—		—		—
2009	143,342		7,136,303		49.79		6,630,489		46.26	—		—		—		—		—
2010	189,672		10,783,049		56.85		11,455,399		60.40	—		—		—		—		—
2011	222,441		19,111,772		85.92		19,392,817		87.18	—		—		—		—		—
2012	147,478		6,685,905		45.33		7,602,971		51.55	—		—		—		—		—
2013	92,465		3,500,737		37.86		3,941,740		42.63	—		—		—		—		—
2014	392,787		13,517,446		34.41		15,458,772		39.36	—		—		—		—		—
2015	339,570		10,657,919		31.39		12,959,298		38.16	—		—		—		—		—
Thereafter	835,179		35,363,193		42.34		38,390,065		45.97	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2006	7,440	$	313,635	$	42.16	$	313,635	$	42.16	291,940	$	15,325,473	$	52.50	$	15,328,888	$	52.51
2007	16,259		1,119,224		68.84		1,149,226		70.68	333,393		16,192,873		48.57		16,244,784		48.73
2008	39,524		2,023,690		51.20		2,062,961		52.20	341,054		13,471,322		39.50		13,625,060		39.95
2009	30,685		1,365,486		44.50		1,395,063		45.46	174,027		8,501,789		48.85		8,025,552		46.12
2010	37,668		1,897,143		50.36		1,950,115		51.77	227,340		12,680,191		55.78		13,405,514		58.97
2011	16,624		726,788		43.72		749,770		45.10	239,065		19,838,560		82.98		20,142,587		84.26
2012	30,972		1,934,337		62.45		2,182,962		70.48	178,450		8,620,243		48.31		9,785,933		54.84
2013	8,408		589,853		70.15		632,191		75.19	100,873		4,090,590		40.55		4,573,931		45.34
2014	8,365		532,818		63.70		591,420		70.70	401,152		14,050,264		35.02		16,050,191		40.01
2015	30,923		1,477,889		47.79		1,679,701		54.32	370,493		12,135,808		32.76		14,638,999		39.51
Thereafter	7,222		256,819		35.56		298,093		41.28	842,401		35,620,012		42.28		38,688,158		45.93

Boston Properties, Inc.

First Quarter 2006

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 2006	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2006	40,748		2,597,300		63.74		2,597,300		63.74	—		—		—		—		—
Q3 2006	50,883		2,740,650		53.86		2,744,065		53.93	—		—		—		—		—
Q4 2006	192,869		9,673,888		50.16		9,673,888		50.16	—		—		—		—		—

Total 2006	284,500	$	15,011,838	$	52.77	$	15,015,253	$	52.78	—		—		—		—		—

Q1 2007	31,555	$	1,383,374	$	43.84	$	1,383,374	$	43.84	—	$	—	$	—	$	—	$	—
Q2 2007	119,622		6,355,770		53.13		6,360,758		53.17	—		—		—		—		—
Q3 2007	100,605		4,422,758		43.96		4,427,106		44.00	—		—		—		—		—
Q4 2007	65,352		2,911,747		44.55		2,924,320		44.75	—		—		—		—		—

Total 2007	317,134	$	15,073,649	$	47.53	$	15,095,559	$	47.60	—		—		—		—		—


	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2006	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2006	—		—		—		—		—	40,748		2,597,300		63.74		2,597,300		63.74
Q3 2006	1,314		128,249		97.60		128,249		97.60	52,197		2,868,899		54.96		2,872,314		55.03
Q4 2006	6,126		185,386		30.26		185,386		30.26	198,995		9,859,273		49.55		9,859,273		49.55

Total 2006	7,440	$	313,635	$	42.16	$	313,635	$	42.16	291,940	$	15,325,473	$	52.50	$	15,328,888	$	52.51

Q1 2007	2,929	$	182,740	$	62.39	$	184,360	$	62.94	34,484	$	1,566,114	$	45.42	$	1,567,734		45.46
Q2 2007	1,611		138,416		85.92		140,592		87.27	121,233		6,494,186		53.57		6,501,351		53.63
Q3 2007	9,783		661,153		67.58		687,358		70.26	110,388		5,083,911		46.05		5,114,464		46.33
Q4 2007	1,936		136,915		70.72		136,915		70.72	67,288		3,048,662		45.31		3,061,235		45.49

Total 2007	16,259		1,119,224		68.84		1,149,226		70.68	333,393	$	16,192,873	$	48.57	$	16,244,784	$	48.73

Boston Properties, Inc.

First Quarter 2006

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
2006	150,739	$	9,527,396	$	63.20	$	9,527,396	$	63.20	—	$	—	$	—	$	—	$	—
2007	128,209		8,715,152		67.98		8,721,314		68.02	—		—		—		—		—
2008	495,147		32,091,951		64.81		32,301,704		65.24	—		—		—		—		—
2009	143,817		10,188,001		70.84		10,276,190		71.45	—		—		—		—		—
2010	318,216		22,511,072		70.74		22,860,765		71.84	—		—		—		—		—
2011	431,031		26,430,562		61.32		29,831,156		69.21	—		—		—		—		—
2012	988,646		62,346,020		63.06		64,330,869		65.07	—		—		—		—		—
2013	—		—		—		—		—	—		—		—		—		—
2014	199,087		12,322,584		61.90		13,285,988		66.73	—		—		—		—		—
2015	74,105		4,787,398		64.60		5,193,973		70.09	—		—		—		—		—
Thereafter	4,556,894		279,046,840		61.24		340,201,715		74.66	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2006	658	$	66,427	$	100.95	$	66,427	$	100.95	151,397	$	9,593,823	$	63.37	$	9,593,823	$	63.37
2007	12,386		477,925		38.59		712,829		57.55	140,595		9,193,077		65.39		9,434,143		67.10
2008	1,682		66,453		39.51		70,230		41.75	496,829		32,158,404		64.73		32,371,934		65.16
2009	—		—		—		—		—	143,817		10,188,001		70.84		10,276,190		71.45
2010	5,030		391,268		77.79		431,268		85.74	323,246		22,902,340		70.85		23,292,033		72.06
2011	16,475		1,520,701		92.30		1,758,426		106.73	447,506		27,951,263		62.46		31,589,582		70.59
2012	6,050		720,999		119.17		867,303		143.36	994,696		63,067,019		63.40		65,198,172		65.55
2013	14,740		1,393,123		94.51		1,559,411		105.79	14,740		1,393,123		94.51		1,559,411		105.79
2014	12,943		1,379,312		106.57		1,695,530		131.00	212,030		13,701,895		64.62		14,981,518		70.66
2015	—		—		—		—		—	74,105		4,787,398		64.60		5,193,973		70.09
Thereafter	131,546		12,819,569		97.45		16,694,267		126.91	4,688,440		291,866,409		62.25		356,895,982		76.12

Boston Properties, Inc.

First Quarter 2006

IN-SERVICE MIDTOWN MANHATTAN PROPERTIES

Quarterly Lease Expirations - Midtown Manhattan


	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2006	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2006	43,721		2,390,882		54.68		2,390,882		54.68	—		—		—		—		—
Q3 2006	30,100		2,051,646		68.16		2,051,646		68.16	—		—		—		—		—
Q4 2006	76,918		5,084,868		66.11		5,084,868		66.11	—		—		—		—		—

Total 2006	150,739	$	9,527,396	$	63.20	$	9,527,396	$	63.20	—	$	—	$	—	$	—	$	—

Q1 2007	—	$	—	$	—	$	—	$	—	—	$	—	$	—		—	$	—
Q2 2007	26,681		1,550,120		58.10		1,550,120		58.10	—		—		—		—		—
Q3 2007	61,807		4,300,363		69.58		4,306,525		69.68	—		—		—		—		—
Q4 2007	39,721		2,864,669		72.12		2,864,669		72.12	—		—		—		—		—

Total 2007	128,209	$	8,715,152	$	67.98	$	8,721,314	$	68.02	—	$	—	$	—	$	—	$	—


	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2006	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2006	350		26,166		74.76		26,166		74.76	44,071		2,417,048		54.84		2,417,048		54.84
Q3 2006	—		—		—		—		—	30,100		2,051,646		68.16		2,051,646		68.16
Q4 2006	308		40,261		130.72		40,261		130.72	77,226		5,125,129		66.37		5,125,129		66.37

Total 2006	658	$	66,427	$	100.95	$	66,427	$	100.95	151,397	$	9,593,823	$	63.37	$	9,593,823	$	63.37

Q1 2007	12,386	$	477,924.96	$	38.59		712,829	$	57.55	12,386	$	477,924.96	$	38.59		712,829	$	57.55
Q2 2007	—		—		—		—		—	26,681		1,550,120		58.10		1,550,120		58.10
Q3 2007	—		—		—		—		—	61,807		4,300,363		69.58		4,306,525		69.68
Q4 2007	—		—		—		—		—	39,721		2,864,669		72.12		2,864,669		72.12

Total 2007	12,386	$	477,925	$	38.59	$	712,829	$	57.55	140,595	$	9,193,077	$	65.39	$	9,434,143	$	67.10

Boston Properties, Inc.

First Quarter 2006

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
2006	56,025	$	2,029,199	$	36.22	$	2,029,199	$	36.22	—	$	—	$	—	$	—	$	—
2007	278,784		9,305,417		33.38		9,371,710		33.62	—		—		—		—		—
2008	13,831		441,984		31.96		455,815		32.96	—		—		—		—		—
2009	240,248		8,147,129		33.91		8,554,385		35.61	—		—		—		—		—
2010	215,515		7,587,172		35.20		7,687,902		35.67	—		—		—		—		—
2011	338,397		10,748,000		31.76		11,608,424		34.30	—		—		—		—		—
2012	5,500		183,859		33.43		193,484		35.18	—		—		—		—		—
2013	137,249		4,353,118		31.72		4,889,497		35.63	—		—		—		—		—
2014	518,734		16,039,627		30.92		16,809,362		32.40	—		—		—		—		—
2015	154,152		4,086,055		26.51		4,873,463		31.61	—		—		—		—		—
Thereafter	69,351		2,223,253		32.06		2,546,496		36.72	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2006	—	$	—	$	—	$	—	$	—	56,025	$	2,029,199	$	36.22	$	2,029,199	$	36.22
2007	—		—		—		—		—	278,784		9,305,417		33.38		9,371,710		33.62
2008	—		—		—		—		—	13,831		441,984		31.96		455,815		32.96
2009	—		—		—		—		—	240,248		8,147,129		33.91		8,554,385		35.61
2010	—		—		—		—		—	215,515		7,587,172		35.20		7,687,902		35.67
2011	—		—		—		—		—	338,397		10,748,000		31.76		11,608,424		34.30
2012	—		—		—		—		—	5,500		183,859		33.43		193,484		35.18
2013	—		—		—		—		—	137,249		4,353,118		31.72		4,889,497		35.63
2014	—		—		—		—		—	518,734		16,039,627		30.92		16,809,362		32.40
2015	—		—		—		—		—	154,152		4,086,055		26.51		4,873,463		31.61
Thereafter	—		—		—		—		—	69,351		2,223,253		32.06		2,546,496		36.72

Boston Properties, Inc.

First Quarter 2006

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 2006	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2006	28,238		1,034,144		36.62		1,034,144		36.62	—		—		—		—		—
Q3 2006	4,251		170,491		40.11		170,491		40.11	—		—		—		—		—
Q4 2006	23,536		824,564		35.03		824,564		35.03	—		—		—		—		—

Total 2006	56,025	$	2,029,199	$	36.22	$	2,029,199	$	36.22	—	$	—	$	—	$	—	$	—

Q1 2007	14,590	$	557,890	$	38.24	$	557,890	$	38.24	—	$	—	$	—	$	—	$	—
Q2 2007	12,171		436,475		35.86		436,475		35.86	—		—		—		—		—
Q3 2007	174,663		5,426,935		31.07		5,493,227		31.45	—		—		—		—		—
Q4 2007	77,360		2,884,117		37.28		2,884,117		37.28	—		—		—		—		—

Total 2007	278,784	$	9,305,417	$	33.38	$	9,371,710	$	33.62	—	$	—	$	—	$	—	$	—


	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2006	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2006	—		—		—		—		—	28,238		1,034,144		36.62		1,034,144		36.62
Q3 2006	—		—		—		—		—	4,251		170,491		40.11		170,491		40.11
Q4 2006	—		—		—		—		—	23,536		824,564		35.03		824,564		35.03

Total 2006	—	$	—	$	—	$	—	$	—	56,025	$	2,029,199	$	36.22	$	2,029,199	$	36.22

Q1 2007	—	$	—	$	—	$	—	$	—	14,590	$	557,890	$	38.24	$	557,890	$	38.24
Q2 2007	—		—		—		—		—	12,171		436,475		35.86		436,475		35.86
Q3 2007	—		—		—		—		—	174,663		5,426,935		31.07		5,493,227		31.45
Q4 2007	—		—		—		—		—	77,360		2,884,117		37.28		2,884,117		37.28

Total 2007	—	$	—	$	—	$	—	$	—	278,784	$	9,305,417	$	33.38	$	9,371,710	$	33.62

Boston Properties, Inc.

First Quarter 2006

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
2006	109,326	$	6,677,576	(1)	$	61.08	$	6,920,517	(1)	$	63.30	49,218	$	2,083,454	$	42.33	$	2,086,256	$	42.39
2007	167,367	$	9,024,459	(2)		53.92	$	9,062,681	(2)		54.15	277,942		9,871,001		35.51		9,923,889		35.70
2008	197,431	$	8,136,938			41.21	$	8,220,436			41.64	35,494		1,480,550		41.71		1,588,009		44.74
2009	809,058	$	30,650,811			37.88	$	33,493,316			41.40	559,366		21,380,865		38.22		22,540,128		40.30
2010	192,418	$	7,035,217			36.56	$	7,118,697			37.00	430,917		19,295,621		44.78		20,331,311		47.18
2011	541,645	$	29,218,254			53.94	$	32,400,130			59.82	203,859		8,932,604		43.82		9,781,337		47.98
2012	321,986	$	15,042,410			46.72	$	15,914,466			49.43	87,057		3,549,194		40.77		3,613,437		41.51
2013	283,939	$	14,879,539			52.40	$	16,044,789			56.51	4,927		224,690		45.60		269,803		54.76
2014	431,430	$	17,530,050			40.63	$	18,550,519			43.00	63,796		3,197,447		50.12		3,885,715		60.91
2015	230,936	$	13,260,287			57.42	$	14,255,802			61.73	356,839		17,449,106		48.90		20,651,657		57.87
Thereafter	894,715	$	43,299,672			48.39	$	49,285,214			55.08	913,553		44,837,256		49.08		58,531,207		64.07

	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
2006	151,397	$	9,593,823		$	63.37	$	9,593,823		$	63.37	277,747	$	14,516,968	$	52.27	$	14,516,968	$	52.27
2007	140,595		9,193,077			65.39		9,434,143			67.10	303,422		15,433,772		50.87		15,479,739		51.02
2008	496,829		32,158,404			64.73		32,371,934			65.16	282,874		12,080,678		42.71		12,154,279		42.97
2009	143,817		10,188,001			70.84		10,276,190			71.45	149,230		7,255,969		48.62		7,405,659		49.63
2010	323,246		22,902,340			70.85		23,292,033			72.06	216,308		12,398,021		57.32		13,090,946		60.52
2011	447,506		27,951,263			62.46		31,589,582			70.59	239,065		19,838,560		82.98		20,142,587		84.26
2012	994,696		63,067,019			63.40		65,198,172			65.55	172,710		8,499,499		49.21		9,649,982		55.87
2013	14,740		1,393,123			94.51		1,559,411			105.79	100,873		4,090,590		40.55		4,573,931		45.34
2014	212,030		13,701,895			64.62		14,981,518			70.66	144,850		6,218,579		42.93		7,080,526		48.88
2015	74,105		4,787,398			64.60		5,193,973			70.09	144,489		6,027,160		41.71		6,727,197		46.56
Thereafter	4,688,440		291,866,409			62.25		356,895,982			76.12	790,847		34,223,530		43.27		36,864,809		46.61

	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
2006	—	$	—		$	—	$	—		$	—	—	$	—	$	—	$	—	$	—
2007	—		—			—		—			—	—		—		—		—		—
2008	—		—			—		—			—	—		—		—		—		—
2009	—		—			—		—			—	—		—		—		—		—
2010	—		—			—		—			—	—		—		—		—		—
2011	—		—			—		—			—	—		—		—		—		—
2012	—		—			—		—			—	—		—		—		—		—
2013	—		—			—		—			—	—		—		—		—		—
2014	—		—			—		—			—	—		—		—		—		—
2015	—		—			—		—			—	—		—		—		—		—
Thereafter	—		—			—		—			—	—		—		—		—		—

(1)	Includes 1,073 square feet of retail space and kiosks. Excluding this space, current rent on expiring leases is $49.58 and rent on expiring leases with future step-up is $49.42 per square foot in 2006.

(2)	Includes 23,166 square feet of retail space and kiosks. Excluding this space, current rent on expiring leases is $49.97 and rent on expiring leases with future step-up is $50.08 per square foot in 2007.

Boston Properties, Inc.

First Quarter 2006

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
2006	507,229	$	11,314,362	$	22.31	$	11,330,476	$	22.34	108,962	$	2,852,676	$	26.18	$	2,852,676	$	26.18
2007	644,501		17,969,313		27.88		18,186,844		28.22	287,117		7,534,235		26.24		7,604,551		26.49
2008	482,121		14,117,550		29.28		14,589,854		30.26	259,282		7,648,534		29.50		7,999,433		30.85
2009	500,614		17,192,823		34.34		17,842,616		35.64	368,239		10,735,838		29.15		10,875,738		29.53
2010	276,597		7,672,489		27.74		8,091,139		29.25	632,197		19,265,346		30.47		20,452,114		32.35
2011	489,166		12,823,384		26.21		13,694,065		27.99	606,040		18,253,622		30.12		20,275,627		33.46
2012	524,493		15,348,604		29.26		16,533,555		31.52	717,470		25,615,674		35.70		29,977,330		41.78
2013	96,384		2,060,984		21.38		2,063,288		21.41	71,476		2,239,069		31.33		2,634,915		36.86
2014	79,193		2,008,194		25.36		2,305,489		29.11	657,865		18,045,666		27.43		21,130,692		32.12
2015	14,632		302,132		20.65		302,132		20.65	371,732		10,048,134		27.03		12,479,923		33.57
Thereafter	162,700		3,524,816		21.66		5,106,661		31.39	802,375		26,567,175		33.11		28,694,016		35.76

	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
2006	—	$	—	$	—	$	—	$	—	14,193	$	808,504	$	56.97	$	811,919	$	57.21
2007	—		—		—		—		—	29,971		759,102		25.33		765,045		25.53
2008	—		—		—		—		—	58,180		1,390,644		23.90		1,470,781		25.28
2009	—		—		—		—		—	24,797		1,245,820		50.24		619,893		25.00
2010	—		—		—		—		—	11,032		282,170		25.58		314,568		28.51
2011	—		—		—		—		—	—		—		—		—		—
2012	—		—		—		—		—	5,740		120,744		21.04		135,952		23.68
2013	—		—		—		—		—	—		—		—		—		—
2014	—		—		—		—		—	256,302		7,831,685		30.56		8,969,665		35.00
2015	—		—		—		—		—	226,004		6,108,648		27.03		7,911,803		35.01
Thereafter	—		—		—		—		—	51,554		1,396,482		27.09		1,823,349		35.37

	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
2006	56,025	$	2,029,199	$	36.22	$	2,029,199	$	36.22	—	$	—	$	—	$	—	$	—
2007	278,784		9,305,417		33.38		9,371,710		33.62	—		—		—		—		—
2008	13,831		441,984		31.96		455,815		32.96	—		—		—		—		—
2009	240,248		8,147,129		33.91		8,554,385		35.61	—		—		—		—		—
2010	215,515		7,587,172		35.20		7,687,902		35.67	—		—		—		—		—
2011	338,397		10,748,000		31.76		11,608,424		34.30	—		—		—		—		—
2012	5,500		183,859		33.43		193,484		35.18	—		—		—		—		—
2013	137,249		4,353,118		31.72		4,889,497		35.63	—		—		—		—		—
2014	518,734		16,039,627		30.92		16,809,362		32.40	—		—		—		—		—
2015	154,152		4,086,055		26.51		4,873,463		31.61	—		—		—		—		—
Thereafter	69,351		2,223,253		32.06		2,546,496		36.72	—		—		—		—		—

Boston Properties, Inc.

First Quarter 2006

HOTEL PERFORMANCE

Long Wharf Marriott - Boston


	First Quarter 2006			First Quarter 2005			Percent Change
Occupancy		77.7	%		72.7	%	6.9	%
Average Daily Rate	$	187.52		$	176.34		6.3	%
Revenue per available room	$	145.64		$	128.20		13.6	%

Cambridge Center Marriott

	First Quarter 2006			First Quarter 2005			Percent Change
Occupancy		56.8	%(1)		65.5	%	-13.3	%
Average Daily Rate	$	158.38		$	147.99		7.0	%
Revenue per available room	$	89.96		$	96.98		-7.2	%

Total Hotel Performance

	First Quarter 2006			First Quarter 2005			Percent Change
Occupancy		67.0	%		69.0	%	-2.9	%
Average Daily Rate	$	172.44		$	161.67		6.7	%
Revenue per available room	$	116.83		$	112.05		4.3	%

(1)	In December 2005, the Company commenced a room renovation project.

Boston Properties, Inc.

First Quarter 2006

OCCUPANCY ANALYSIS

Same Property Occupancy⁽¹⁾ - By Location


	CBD				Suburban				Total
Location	31-Mar-06		31-Mar-05		31-Mar-06		31-Mar-05		31-Mar-06		31-Mar-05
Greater Boston	90.7	%	93.3	%	94.2	%	91.0	%	92.3	%	92.2	%
Greater Washington	98.5	%	100.0	%	96.4	%	97.0	%	97.1	%	97.9	%
Midtown Manhattan	98.9	%	96.6	%	n/a		n/a		98.9	%	96.6	%
Princeton/East Brunswick, NJ	n/a		n/a		87.2	%	90.4	%	87.2	%	90.4	%
Greater San Francisco	89.2	%	85.3	%	89.3	%	65.7	%	89.3	%	81.6	%

Total Portfolio	95.0	%	94.1	%	93.5	%	91.8	%	94.4	%	93.2	%


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

	CBD				Suburban				Total
	31-Mar-06		31-Mar-05		31-Mar-06		31-Mar-05		31-Mar-06		31-Mar-05
Total Office Portfolio	95.0	%	94.1	%	93.0	%	91.1	%	94.2	%	93.0	%
Total Office/Technical Portfolio	100.0	%	100.0	%	97.5	%	97.5	%	97.6	%	97.6	%

Total Portfolio	95.0	%	94.1	%	93.5	%	91.8	%	94.4	%	93.2	%

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

Boston Properties, Inc.

First Quarter 2006

SAME PROPERTY PERFORMANCE

Office, Office/Technical and Hotel Properties


	Office		Office/ Technical		Hotel (1)		Total
Number of Properties	96		17		2		115
Square feet	28,365,130		1,403,789		750,400		30,519,319
Percent of in-service properties	96.1	%	85.9	%	100.0	%	95.7	%
Occupancy @ 3/31/2005	93.0	%	97.6	%	—		93.2	%
Occupancy @ 3/31/2006	94.2	%	97.6	%	—		94.4	%
Percent change from 1st quarter 2006 over 1st quarter 2005 (2):
Rental revenue	3.6	%	2.1	%	2.0	%	3.6	%
Operating expenses and real estate taxes	7.5	%	-2.8	%	6.2	%	7.3	%
Net Operating Income (3)	1.8	%	3.5	%	-32.7	%	1.6	%
Net Operating Income (3) - without hotels							1.8	%

Rental revenue - cash basis	6.6	%	3.1	%	2.0	%	6.4	%
Net Operating Income (3) - cash basis (4)	6.2	%	4.8	%	-32.8	%	5.9	%
Net Operating Income (3) - cash basis(4) - without hotels							6.1	%


*Same Property Lease Analysis - quarter ended March 31, 2006*

	Office			Office/ Technical		Total
Vacant space available @ 1/1/2006 (sf)		1,751,251			33,799		1,785,050
Square footage of leases expiring or terminated 1/1/2006-3/31/2006		370,015			—		370,015

Total space for lease (sf)		2,121,266			33,799		2,155,065

New tenants (sf)		472,014					472,014
Renewals (sf)		16,429			—		16,429

Total space leased (sf)		488,443			—		488,443

Space available @ 3/31/2006 (sf)		1,632,823			33,799		1,666,622

Net (increase)/decrease in available space (sf)		118,428			—		118,428
Average lease term (months)		87			—		87
Average free rent (days)		12			—		12
2nd generation TI/Comm PSF	$	38.40		$	—	$	38.40
Increase (decrease) in 2nd generation gross rents (4)		-8.40	%		—		-8.40	%
Increase (decrease) in 2nd generation net rents (4)		-15.58	%		—		-15.58	%

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

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

(3)	For a quantitative reconciliation of NOI to net income in accordance with GAAP, see page 44. For disclosures relating to our use of NOI, see page 51.

(4)	Represents change in rents on a “cash to cash” basis (actual rent at time of expiration vs. initial rent of new lease) and for only 2nd generation space after eliminating any space vacant for more than 12 months. The total footage being weighted is 325,216 square feet.

Boston Properties, Inc.

First Quarter 2006

Reconciliation of Net Operating Income to Net Income


	For the three months ended
	3/31/2006			3/31/2005
	(in thousands)
Net income available to common shareholders	$	67,737		$	61,242
Gains on sales of real estate from discontinued operations, net of minority interest		—			—
Income from discontinued operations, net of minority interest		—			293
Gains on sales of real estate, net of minority interest		(5,441	)		(1,208	)
Minority interest in Operating Partnership		15,470			15,677
Income from unconsolidated joint ventures		(1,290	)		(1,335	)
Minority interest in property partnerships		(1,236	)		(1,652	)

Income before minority interests in property partnerships, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and discontinued operations		75,240			73,017

Add:
Loss from early entinguishment of debt		467
Depreciation and amortization		66,847			67,796
Interest expense		74,817			79,354
General and administrative expense		14,642			14,813

Subtract:
Interest and other income		(1,965	)		(1,631	)
Development and management services income		(4,376	)		(4,536	)

Consolidated Net Operating Income	$	225,672		$	228,813

Same Property Net Operating Income	$	218,285		$	214,861
Net operating income from non Same Properties (1)		6,575			12,726
Termination income		812			1,226

Consolidated Net Operating Income	$	225,672		$	228,813

Same Property Net Operating Income	$	218,285		$	214,861
Less straight-line rent and fair value lease revenue		12,794			20,748

Same Property Net Operating Income - cash basis	$	205,491		$	194,113

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

Boston Properties, Inc.

First Quarter 2006

Same Property Net Operating Income by Reportable Segment

(in thousands)


	Office									Office/Technical
	For the three months ended				$ Change			% Change		For the three months ended						$ Change			% Change
	31-Mar-06		31-Mar-05		$ Change			% Change		31-Mar-06			31-Mar-05			$ Change			% Change
Rental Revenue	$	322,120	$	311,234						$	5,975		$	5,851

Less Termination Income		812		1,226							—			—

Rental revenue - subtotal		321,308		310,008		11,300		3.6	%		5,975			5,851			124		2.1	%

Operating expenses and real estate taxes		108,598		100,983		7,615		7.5	%		1,266			1,302			(36	)	-2.8	%

Net Operating Income (1)	$	212,710	$	209,025	$	3,685		1.8	%	$	4,709		$	4,549		$	160		3.5	%

Rental revenue - subtotal	$	321,308	$	310,008						$	5,975		$	5,851

Less straight line rent and fair value lease revenue		12,857		20,751		(7,894	)	-38.0	%		(65	)		(5	)		(60	)	1200.0	%

Rental revenue - cash basis		308,451		289,257		19,194		6.6	%		6,040			5,856			184		3.1	%

Less:
Operating expenses and real estate taxes		108,598		100,983		7,615		7.5	%		1,266			1,302			(36	)	-2.8	%

Net Operating Income (2) - cash basis	$	199,853	$	188,274	$	11,579		6.2	%	$	4,774		$	4,554		$	220		4.8	%


	Hotel									Total
	For the three months ended				$ Change			% Change		For the three months ended						$ Change			% Change
	31-Mar-06		31-Mar-05		$ Change			% Change		31-Mar-06			31-Mar-05			$ Change			% Change
Rental Revenue	$	12,343	$	12,096						$	340,438		$	329,181

Less Termination Income		—		—							812			1,226

Rental revenue - subtotal		12,343		12,096	$	247		2.0	%		339,626			327,955			11,671		3.6	%

Operating expenses and real estate taxes		11,477		10,809		668		6.2	%		121,341			113,094			8,247		7.3	%

Net Operating Income (1)	$	866	$	1,287	$	(421	)	-32.7	%	$	218,285		$	214,861		$	3,424		1.6	%

Rental revenue - subtotal	$	12,343	$	12,096						$	339,626		$	327,955

Less straight line rent and fair value lease revenue		2		2		—		0.0	%		12,794			20,748			(7,954	)	-38.3	%

Rental revenue - cash basis		12,341		12,094		247		2.0	%		326,832			307,207			19,625		6.4	%

Less:
Operating expenses and real estate taxes		11,477		10,809		668		6.2	%		121,341			113,094			8,247		7.3	%

Net Operating Income (2) - cash basis	$	864	$	1,285	$	(421	)	-32.8	%	$	205,491		$	194,113		$	11,378		5.9	%

(1)	For a quantitative reconciliation of net operating income (NOI) to net income in accordance with GAAP, see page 44. For disclosures relating to our use of NOI see page 51.

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

Boston Properties, Inc.

First Quarter 2006

LEASING ACTIVITY

All In-Service Properties - quarter ended March 31, 2006


	Office			Office/Technical			Total
Vacant space available @ 12/31/2005 (sf)		1,871,592			33,799			1,905,391
Property dispositions/ assets taken out of service (sf)		—			—			—
Property acquisitions/ assets placed in-service (sf)		—			—			—
Leases expiring or terminated 1/1/2006-3/31/2006 (sf)		370,015			—			370,015

Total space for lease (sf)		2,241,607			33,799			2,275,406

New tenants (sf)		481,172			—			481,172
Renewals (sf)		16,429			—			16,429

Total space leased (sf)		497,601			—			497,601	(1)

Space available @ 3/31/2006 (sf)		1,744,006			33,799			1,777,805

Net (increase)/decrease in available space (sf)		127,586			—			127,586
Average lease term (months)		87			—			87
Average free rent (days)		12			—			12
2nd generation TI/Comm PSF	$	38.40		$	—		$	38.40
Increase (decrease) in 2nd generation gross rents (2)		-8.40	%		0.00	%		-8.40	%
Increase (decrease) in 2nd generation net rents (3)		-15.58	%		0.00	%		-15.58	%

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

(2)	Represents increase (decrease) in gross rent (total base rent and expense reimbursements), comparing the change in rent at lease expiration vs. initial rent of the new lease for 2nd generation space that has been vacant for less than twelve months. The total footage being weighted is 325,216.

(3)	Represents increase (decrease) in net rent (base rent less base year expense), comparing the rent at lease expiration vs. initial rent of the new lease for 2nd generation space that has been vacant for less than twelve months. The total footage being weighted is 325,216.


	All leases 1st Generation	All leases 2nd Generation	Incr (decr) in 2nd gen. gross rents (2)		Incr (decr) in 2nd gen. net rents (3)		Total Leased
Boston	—	161,392	-15.42	%	-26.37	%	161,392
Washington	9,158	78,557	-13.56	%	-19.97	%	87,715
New York	33,789	37,457	7.81	%	11.90	%	71,246
San Francisco	—	139,700	-7.26	%	-15.60	%	139,700
Princeton	—	37,548	-11.02	%	-22.24	%	37,548

	42,947	454,654	-8.40	%	-15.58	%	497,601

Boston Properties, Inc.

First Quarter 2006

HISTORICALLY GENERATED CAPITAL EXPENDITURES,

TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS

Historical Capital Expenditures

(in thousands)


	Q1 2006			2005		2004		2003
Recurring capital expenditures	$	4,206		$	22,369	$	25,101	$	18,514
Planned non-recurring capital expenditures associated with acquisition properties		220			2,957		4,889		4,464
Hotel improvements, equipment upgrades and replacements		4,263	(1)		4,097		1,001		2,345

	$	8,689		$	29,423	$	30,991	$	25,323


*2nd Generation Tenant Improvements and Leasing Commissions*

	Q1 2006			2005		2004		2003
Office
Square feet		454,654			2,749,079		3,356,267		2,635,914

Tenant improvement and lease commissions PSF	$	38.40		$	28.75	$	24.74	$	14.41

Office/Technical
Square feet		—			82,753		195,953		169,893

Tenant improvement and lease commissions PSF	$	—		$	2.89	$	14.35	$	6.43

Average tenant improvement and lease commissions PSF	$	38.40		$	28.00	$	24.17	$	13.93

(1)	Includes approximately $4.0 million of costs related to a room renovation project at Cambridge Center Marriott.

Boston Properties, Inc.

First Quarter 2006

ACQUISITIONS/DISPOSITIONS

as of March 31, 2006

ACQUISITIONS

For the period from January 1, 2006 through March 31, 2006

Property

Date Acquired

Square Feet

Initial
Investment

Anticipated
Future
Investment

Total
Investment

Percentage
Leased

No Activity

Total Acquisitions

—

DISPOSITIONS

For the period from January 1, 2006 through March 31, 2006


Property	Date Disposed		Square Feet	Gross Sales Price		Book Gain
Prudential Center - Land Parcel	Feb-05	(1)	N/A	$	51,100,000	$	5,705,000

Total Dispositions			—	$	51,100,000	$	5,705,000

(1)	During January 2006, this transaction qualified as a sale for financial reporting purposes as the continuing involvement provisions were satisfied.

Boston Properties, Inc.

First Quarter 2006

VALUE CREATION PIPELINE - DEVELOPMENT IN PROGRESS (1)

as of March 31, 2006


Development Properties	Initial Occupancy	Estimated Stabilization Date	Location	# of Buildings	Square feet	Investment to Date		Estimated Total Investment		Total Construction Loan		Amount Drawn at March 31, 2006		Estimated Future Equity Requirement		Percentage Leased (2)
Parcel E (12290 Sunrise Valley)	Q2 2006	Q2 2006	Reston, VA	1	182,000	$	37,695,671	$	45,754,416	$	—	$	—	$	8,058,745	100	%
Capital Gallery expansion	Q2 2006	Q3 2007	Washington, D.C.	—	318,557		49,385,454		69,100,000		47,225,000		23,874,862		—	94	%
Wisconsin Place- Infrastructure (23.89% ownership)	N/A	N/A	Chevy Chase, MD	—	—		18,428,033		31,625,638		26,756,800		13,603,714		44,519	N/A
505 9th Street (50% ownership)	Q4 2007	Q4 2008	Washington, D.C.	1	323,000		25,385,036		65,000,000		47,500,000		6,356,726		—	73	%
South of Market (Phase I)	Q1 2008	Q1 2009	Reston, VA	2	401,509		19,299,356		127,150,000		—		—		107,850,644	12	%

Total Development Properties				4	1,225,066	$	150,193,550	$	338,630,054	$	121,481,800	$	43,835,302	$	115,953,908	62	%


*DEVELOPMENTS PLACED-IN-SERVICE DURING 2006*

	Initial In Service Date	Estimated Stabilization Date	Location	# of Buildings	Square feet	Investment to Date		Estimated Total Investment		Debt		Drawn at March 31, 2006		Estimated Future Equity Requirement		Percentage Leased
Seven Cambridge Center Office	Q1 2006	Q1 2006	Cambridge, MA	1	231,028	$	103,368,280	$	106,156,057	$	—	$	—	$	—	100	%

Total Developments Placed in Service				1	231,028	$	103,368,280	$	106,156,057	$	—	$	—	$	—	100	%

(1)	In accordance with GAAP, a project is classified as a Development in Progress when construction or supply contracts have been signed and physical improvements have commenced.

(2)	Represents percentage leased as of April 25, 2006.

Boston Properties, Inc.

First Quarter 2006

VALUE CREATION PIPELINE - OWNED LAND PARCELS

as of March 31, 2006


Location	Acreage	Developable Square Feet
Rockville, MD	68.9	937,000
Dulles, VA	76.6	934,000
Gaithersburg, MD	27.0	850,000
San Jose, CA	3.7	841,000
Reston, VA	34.8	1,378,491
Boston, MA	0.2	304,500
Marlborough, MA	50.0	400,000
Weston, MA	74.0	350,000
Waltham, MA	4.3	202,000
Andover, MA	10.0	110,000
Washington, D.C.	0.5	170,000
Chevy Chase, MD	1.0	300,000

	350.9	6,776,991


*VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS* as of March 31, 2006

Location	Acreage	Developable Square Feet
Princeton, NJ (1)	149.9	1,900,000
Framingham, MA (2)	21.5	300,000
Cambridge, MA (3)	—	200,000

	171.4	2,400,000

(1)	$30.50 per square foot and $125,000 per annum non-refundable payment.

(2)	Subject to ground lease.

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

Boston Properties, Inc.

First Quarter 2006

Definitions

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

Funds from Operations

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

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

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

Neither FFO nor FFO as adjusted should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance. Neither FFO nor FFO as adjusted 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 as adjusted non-real estate depreciation, (2) eliminating the effect of straight-line rent, and (3) subtracting: recurring capital expenditures; hotel improvements, equipment upgrades and replacements; and second generation tenant improvement and leasing commissions. In addition, this calculation includes all non-cash compensation expense related to restricted securities. Although our FAD may not be comparable to that of other REITs and real estate companies, we believe it provides a meaningful indicator of our ability to fund cash needs and to make cash distributions to equity owners. In addition, we believe that to further understand our liquidity, FAD should be compared with our cash flows in accordance with GAAP, as presented in our consolidated financial statements. FAD does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of our liquidity.

Debt to Total Market Capitalization Ratio

Debt to total market capitalization ratio, defined as total consolidated debt as a percentage of the market value of our outstanding equity securities plus our total consolidated debt, is a measure of leverage commonly used by analysts in the REIT sector. Total market capitalization is the sum of our total indebtedness outstanding on a consolidated basis (excluding unconsolidated joint venture debt) and the market value of our outstanding equity securities calculated using the closing price per share of common stock of the Company multiplied by the sum of (1) the actual aggregate number of outstanding common partnership units of our operating partnership (including common partnership units held by the company) 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.

Net Operating Income (NOI)

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

In-Service Properties

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

Same Properties

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

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

Press Release

Exhibit 99.2

LOGO

111 Huntington Avenue

Boston, MA 02199


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

Kathleen DiChiara
Investor Relations Manager
(617) 236-3343

BOSTON PROPERTIES, INC. ANNOUNCES

FIRST QUARTER 2006 RESULTS AND AN AGREEMENT TO SELL 280 PARK AVENUE


Reports diluted FFO per share of $1.03		Reports diluted EPS of $0.59

BOSTON, MA, April 25, 2006 – Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, reported results today for the first quarter ended March 31, 2006.

Funds from Operations (FFO) for the quarter ended March 31, 2006 were $119.2 million, or $1.06 per share basic and $1.03 per share diluted. This compares to FFO for the quarter ended March 31, 2005 of $117.3 million, or $1.06 per share basic and $1.03 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 112,508,647 and 120,013,441, respectively, for the quarter ended March 31, 2006 and 110,187,333 and 117,721,288, respectively, for the quarter ended March 31, 2005.

Net income available to common shareholders was $67.7 million for the three months ended March 31, 2006, compared to $61.2 million for the quarter ended March 31, 2005. Net income available to common shareholders per share (EPS) for the quarter ended March 31, 2006 was $0.60 basic and $0.59 on a diluted basis. This compares to EPS for the first quarter of 2005 of $0.56 basic and $0.55 on a diluted basis. EPS includes $0.05 and $0.01, on a diluted basis, related to gains on sales of real estate and discontinued operations for the quarters ended March 31, 2006 and 2005, respectively.

The reported results are unaudited and there can be no assurance that the results will not vary from the final information for the quarter ended March 31, 2006. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

As of March 31, 2006, the Company’s portfolio consisted of 123 properties comprising approximately 42.7 million square feet, including four properties under construction and one expansion project totaling 1.2 million square feet. The overall percentage of leased space for the 117 properties in service as of March 31, 2006 was 94.3%.

Significant events of the first quarter include:

•	On January 3, 2006, the Company completed the previously disclosed sale of a parcel of land at the Prudential Center located in Boston, Massachusetts, which is being developed as the Mandarin Oriental, a hotel and condominium mixed-use complex.

•

On January 17, 2006, the Company placed-in-service its Seven Cambridge Center development project located in Cambridge, Massachusetts. Seven Cambridge Center is a fully-leased, build-to-suit project with approximately 231,000 square feet of office, research laboratory and retail space. The Company has leased 100% of the space to the Massachusetts Institute of Technology for occupancy by its affiliate, the Eli and Edythe L. Broad Institute. On October 1, 2005, the Company had placed-in-service the West Garage phase of the project consisting of parking for approximately 800 cars.

•

On January 31, 2006, the Company repaid the mortgage loan collateralized by its 101 Carnegie Center property located in Princeton, New Jersey totaling approximately $6.6 million using available cash. There was no prepayment penalty associated with the repayment. The mortgage loan bore interest at a fixed rate of 7.66% per annum and was scheduled to mature on April 1, 2006.

•

On February 24, 2006, the Company repaid the construction financing collateralized by its Seven Cambridge Center property located in Cambridge, Massachusetts totaling approximately $112.5 million using approximately $7.5 million of available cash and $105.0 million drawn under the Company’s Unsecured Line of Credit. The construction financing bore interest at a variable rate equal to LIBOR plus 1.25% per annum and was scheduled to mature in April 2007.

•	On March 13, 2006, a joint venture, in which the Company has a 50% interest, acquired a land parcel located in New York City for a purchase price of approximately $6.0 million.

•

On March 31, 2006, the Company commenced construction of South of Market, a Class A office project consisting of two buildings aggregating approximately 402,000 net rentable square feet located in Reston, Virginia. The Company expects that the project will be complete and initial occupancy is expected in the first quarter of 2008.

•	On March 31, 2006, the Company was added to the Standard & Poor’s 500 Index, a world renowned index which includes 500 leading companies in leading industries of the U.S. economy.

•	The Company was selected for the third year in a row as one of America’s Most Admired Companies in the Real Estate Industry according to FORTUNE^® magazine.

Transactions completed subsequent to March 31, 2006:

•

On April 6, 2006, the Company’s Operating Partnership closed on an offering of $400 million in aggregate principal amount of its 3.75% exchangeable senior notes due 2036. The notes will be exchangeable into the Company’s common stock at an initial exchange rate, subject to adjustment, of 8.9461 shares per $1,000 principal amount of notes (or an initial exchange price of approximately $111.78 per share of common stock) under the circumstances described in the prospectus supplement filed with the Securities and Exchange Commission on April 3, 2006. Noteholders may require the Operating Partnership to purchase the notes at par initially on May 18, 2013 and, after that date, the notes will be redeemable at par at the option of the Operating Partnership under the circumstances described in the prospectus.

•	On April 13, 2006, the Company acquired a parcel of land located in Waltham, Massachusetts for a purchase price of $16.0 million.

•

On April 25, 2006, the Company executed a binding agreement for the sale of 280 Park Avenue, a Class A office property of approximately 1,179,000 net rentable square feet located in midtown Manhattan, for approximately $1.2 billion. The sale is subject to the satisfaction of customary closing conditions and, although there can be no assurances that the sale will be consummated, it is expected to close during the second quarter of 2006.

EPS and FFO per Share Guidance:

The Company’s guidance for the second quarter and full year 2006 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. The guidance does not reflect the impact of the pending sale of 280 Park Avenue, including among other things, the estimated gain on sale, the use of proceeds and the loss of future earnings contribution from the property.


	Second Quarter 2006					Full Year 2006
	Low		-	High		Low		-	High
Projected EPS (diluted)	$	0.55	—	$	0.57	$	2.25	—	$	2.37
Add:
Projected Company Share of Real Estate Depreciation and Amortization		0.47	—		0.47		1.45	—		1.95
Less:
Projected Company Share of Gains on Sales of Real Estate		0.00	—		0.00		0.05	—		0.05

Projected FFO per Share (diluted)	$	1.02	—	$	1.04	$	4.15	—	$	4.27

Except as otherwise noted above, the foregoing estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and earnings impact of the events referenced in this release. The estimates do not include possible future gains or losses or the impact on operating results from possible future property acquisitions or dispositions. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense and any gains or losses associated with disposition activity. The Company is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization or gains or losses associated with disposition activities. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Boston Properties will host a conference call tomorrow, April 26, 2006 at 10:00 AM (Eastern Time), open to the general public, to discuss the first quarter 2006 results, the 2006 projections and related assumptions, and other related matters. The number to call for this interactive teleconference is (800) 240-4186. A replay of the conference call will be available through May 3, 2006 by dialing (800) 405-2236 and entering the passcode 11057503, or as a podcast on the Company’s website, www.bostonproperties.com, shortly after the call. An audio-webcast will also be archived and may be accessed in the Investor Relations section of the Company’s website under the heading Events & Webcasts.

Additionally, a copy of Boston Properties’ first quarter 2006 “Supplemental Operating and Financial Data” and this press release are available in the Investor Relations section of the Company’s website at www.bostonproperties.com. These materials are also available by contacting Investor Relations at (617) 236-3322 or by written request to:

Investor Relations

Boston Properties, Inc.

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

This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “guidance,” “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 (including the impact of interest rates on our hedging program), the effects of local economic and market conditions, the effects of acquisitions and dispositions, including possible impairment charges, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Boston Properties does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, including its guidance for the second quarter and full fiscal year 2006.

Financial tables follow.

BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS


	Three months ended March 31,
	2006			2005
	(in thousands, except for per share amounts)
	(unaudited)
Revenue
Rental:
Base rent	$	276,398		$	278,748
Recoveries from tenants		47,193			43,337
Parking and other		13,829			13,925

Total rental revenue		337,420			336,010
Hotel revenue		12,343			12,096
Development and management services		4,376			4,536
Interest and other		1,965			1,631

Total revenue		356,104			354,273

Expenses
Operating:
Rental		112,614			108,484
Hotel		11,477			10,809
General and administrative		14,642			14,813
Interest		74,817			79,354
Depreciation and amortization		66,847			67,796
Loss from early extinguishment of debt		467			—

Total expenses		280,864			281,256

Income before minority interest in property partnership, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and discontinued operations		75,240			73,017
Minority interest in property partnership		1,236			1,652
Income from unconsolidated joint ventures		1,290			1,335

Income before minority interest in Operating Partnership, gains on sales of real estate and discontinued operations		77,766			76,004
Minority interest in Operating Partnership		(15,470	)		(15,677	)

Income before gains on sales of real estate and discontinued operations		62,296			60,327
Gains on sales of real estate, net of minority interest		5,441			1,208

Income before discontinued operations		67,737			61,535
Discontinued operations:
Loss from discontinued operations, net of minority interest		—			(293	)

Net income available to common shareholders	$	67,737		$	61,242

Basic earnings per common share:
Income available to common shareholders before discontinued operations	$	0.60		$	0.56
Discontinued operations, net of minority interest		—			—

Net income available to common shareholders	$	0.60		$	0.56

Weighted average number of common shares outstanding		112,509			110,187

Diluted earnings per common share:
Income available to common shareholders before discontinued operations	$	0.59		$	0.55
Discontinued operations, net of minority interest		—			—

Net income available to common shareholders	$	0.59		$	0.55

Weighted average number of common and common equivalent shares outstanding		115,157			112,364

BOSTON PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS


	March 31, 2006			December 31, 2005
	(in thousands, except for share amounts)
	(unaudited)
ASSETS

Real estate	$	8,864,907		$	8,724,954
Construction in progress		107,051			177,576
Land held for future development		189,024			248,645
Less: accumulated depreciation		(1,320,712	)		(1,265,073	)

Total real estate		7,840,270			7,886,102

Cash and cash equivalents		32,214			261,496
Cash held in escrows		23,715			25,618
Tenant and other receivables, net of allowance for doubtful accounts of $2,301 and $2,519, respectively		41,458			52,668
Accrued rental income, net of allowance of $1,060 and $2,638, respectively		316,048			302,356
Deferred charges, net		246,214			242,660
Prepaid expenses and other assets		91,646			41,261
Investments in unconsolidated joint ventures		98,836			90,207

Total assets	$	8,690,401		$	8,902,368

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:
Mortgage notes payable	$	3,185,550		$	3,297,192
Unsecured senior notes, net of discount		1,471,163			1,471,062
Unsecured line of credit		40,000			58,000
Accounts payable and accrued expenses		86,938			109,823
Dividends and distributions payable		95,344			107,643
Accrued interest payable		39,269			47,911
Other liabilities		98,296			154,123

Total liabilities		5,016,560			5,245,754

Commitments and contingencies		—			—

Minority interests		735,185			739,268

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, 112,892,557 and 112,621,162 shares issued and 112,813,657 and 112,542,262 shares outstanding in 2006 and 2005, respectively		1,128			1,125
Additional paid-in capital		2,759,580			2,745,719
Earnings in excess of dividends		173,129			182,105
Treasury common stock, at cost		(2,722	)		(2,722	)
Accumulated other comprehensive income (loss)		7,541			(8,881	)

Total stockholders’ equity		2,938,656			2,917,346

Total liabilities and stockholders’ equity	$	8,690,401		$	8,902,368

BOSTON PROPERTIES, INC.

FUNDS FROM OPERATIONS (1)


	Three months ended March 31,
	2006			2005
	(in thousands, except for per share amounts)
	(unaudited)
Net income available to common shareholders	$	67,737		$	61,242

Add:
Minority interest in Operating Partnership		15,470			15,677
Loss from discontinued operations, net of minority interest		—			293
Less:
Minority interest in property partnership		1,236			1,652
Income from unconsolidated joint ventures		1,290			1,335
Gains on sales of real estate, net of minority interest		5,441			1,208

Income before minority interest in property partnership, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and discontinued operations		75,240			73,017

Add:
Real estate depreciation and amortization (2)		68,674			69,540
Income from unconsolidated joint ventures		1,290			1,335
Less:
Minority interest in property partnership’s share of funds from operations		268			(75	)
Preferred distributions		3,110			3,280
Loss from discontinued operations		—			351

Funds from operations (FFO)		141,826			140,336

Less:
Minority interest in Operating Partnership’s share of funds from operations		22,616			23,035

Funds from operations available to common shareholders	$	119,210		$	117,301

Our percentage share of funds from operations - basic		84.05	%		83.59	%

Weighted average shares outstanding - basic		112,509			110,187

FFO per share basic	$	1.06		$	1.06

Weighted average shares outstanding - diluted		120,013			117,721

FFO per share diluted	$	1.03		$	1.03

(1)

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 should be compared with our reported net income and considered in addition to cash flows in accordance with GAAP, as presented in our consolidated financial statements.

(2)

Real estate depreciation and amortization consists of depreciation and amortization from the Consolidated Statements of Operations of $66,847 and $67,796, our share of unconsolidated joint venture real estate depreciation and amortization of $2,304 and $1,798 and depreciation and amortization from discontinued operations of $0 and $366, less corporate related depreciation and amortization of $477 and $420 for the three months ended March 31, 2006 and 2005, respectively.

BOSTON PROPERTIES, INC.

PORTFOLIO LEASING PERCENTAGES


	% Leased by Location
	March 31, 2006		December 31, 2005
Greater Boston	91.6	%	89.9	%
Greater Washington, D.C.	97.2	%	97.2	%
Midtown Manhattan	98.9	%	98.3	%
Princeton/East Brunswick, NJ	87.2	%	86.9	%
Greater San Francisco	89.3	%	90.8	%

Total Portfolio	94.3	%	93.8	%


	% Leased by Type
	March 31, 2006		December 31, 2005
Class A Office Portfolio	94.1	%	93.7	%
Office/Technical Portfolio	97.9	%	97.6	%

Total Portfolio	94.3	%	93.8	%