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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 29, 2008

BOSTON PROPERTIES, INC.

(Exact name of registrant as specified in charter)

Delaware

1-13087

04-2473675

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

800 Boylston Street, Suite 1900, Boston, Massachusetts 02199

(Address of Principal Executive Offices) (Zip Code)

(617) 236-3300

(Registrant’s telephone number, including area code)

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

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

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

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

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

Item 2.02. Results of Operations and Financial Condition.

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

On April 29, 2008, Boston Properties, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter of 2008. 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, 2008.

*99.2		Press release dated April 29, 2008.

*	Filed herewith.

SIGNATURES

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


	BOSTON PROPERTIES, INC.

Date: April 29, 2008	By:	/s/ Michael E. LaBelle
		Michael E. LaBelle Senior Vice President, Chief Financial Officer

EXHIBIT INDEX


Exhibit No.		Description
*99.1		Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended March 31, 2008.

*99.2		Press release dated April 29, 2008.

*	Filed herewith.

SUPPLEMENTAL OPERATING & FINANCIAL DATA

Exhibit 99.1

LOGO

Supplemental Operating and Financial Data

for the Quarter Ended March 31, 2008

Boston Properties, Inc.

First Quarter 2008

Table of Contents


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

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

Boston Properties, Inc.

First Quarter 2008

COMPANY PROFILE

The Company

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

Management

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

Strategy

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

Snapshot

(as of March 31, 2008)


Corporate Headquarters		Boston, Massachusetts
Markets		Boston, Midtown Manhattan, Washington, D.C., San Francisco, and Princeton, N.J.
Fiscal Year-End		December 31
Total Properties		139
Total Square Feet		43.9 million
Common Shares and Units Outstanding (as converted, but excluding outperformance plan units)		142.2 million
Dividend - Quarter/Annualized		$0.68/$2.72
Dividend Yield		2.95%
Total Market Capitalization		$18.6 billion
Senior Debt Ratings		Baa2 (Moody’s); BBB (Fitch); A- (S&P)

Boston Properties, Inc.

First Quarter 2008

INVESTOR INFORMATION


Board of Directors		Management

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

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

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

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

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

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


Company Information

Corporate Headquarters	Trading Symbol	Investor Relations	Inquires
800 Boylston Street	BXP	Boston Properties, Inc.	Inquiries should be directed to
Suite 1900 Boston, MA 02199	Stock Exchange Listing	800 Boylston Street, Suite 1900 Boston, MA 02199	Michael Walsh, Senior Vice President, Finance at 617.236.3410 or
(t) 617.236.3300	New York Stock Exchange	(t) 617.236.3322	mwalsh@bostonproperties.com
(f) 617.236.3311		(f) 617.236.3311
		www.bostonproperties.com	Arista Joyner, Investor Relations Manager
			at 617.236.3343 or
			ajoyner@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 2008			Q4 2007			Q3 2007			Q2 2007			Q1 2007
High Closing Price	$	98.39		$	113.60		$	106.20		$	119.47		$	130.75
Low Closing Price	$	82.10		$	88.71		$	92.82		$	100.07		$	109.72
Average Closing Price	$	89.38		$	100.95		$	100.08		$	112.73		$	120.10
Closing Price, at the end of the quarter	$	92.07		$	91.81		$	103.90		$	102.13		$	117.40
Dividends per share - annualized (1)	$	2.72		$	2.72		$	2.72		$	2.72		$	2.72
Closing dividend yield - annualized (1)		2.95	%		2.96	%		2.62	%		2.66	%		2.32	%
Closing common shares outstanding, plus common units and preferred units on an as-converted basis (thousands) (2)		142,182			141,910			141,676			141,666			141,642
Closing market value of outstanding shares and units (thousands)	$	13,090,697		$	13,028,757		$	14,720,136		$	14,468,349		$	16,628,771

(1)

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

(2)

For additional detail, see page 13.


Timing

Quarterly results for 2008 will be announced according to the following schedule:
Second Quarter		Late July 2008
Third Quarter		Late October 2008
Fourth Quarter		Late January 2009

Boston Properties, Inc.

First Quarter 2008

RESEARCH COVERAGE


Equity Research Coverage		Debt Research Coverage
			Rating Agencies:

Mitchell Germain Banc of America Securities 212.847.5794	Anthony Paolone /Michael Mueller J.P. Morgan Securities 212.622.6682 / 212.622.6689	Chris Brown Banc of America Securities 704.386.2524	Janice Svec Fitch Ratings 212.908.0304

Ross Smotrich / Jeffrey Langbaum Bear Stearns & Company 212.272.8046 / 212.272.4201	Jordan Sadler / Craig Mailman KeyBanc Capital Markets 917.368.2280 / 917.368.2316	Sue Berliner /Elizabeth Carter Bear Stearns & Company 212.272.3824 / 212.272.0217	Karen Nickerson Moody’s Investors Service 212.553.4924

Michael Bilerman / Irwin Guzman Citigroup Global Markets 212.816.1383 / 212.816.1685	David Harris / David Toti Lehman Brothers 212.526.1790 / 212.526.2002	Thomas Cook Citigroup Global Markets 212.723.1112	James Fielding Standard & Poor’ s 212.438.2452

Steve Benyik Credit Suisse North America 212.538.0239	Steve Sakwa / Ian Weissman Merrill Lynch & Company 212.449.0335 / 212.449.6255	Matthew Lynch Credit Suisse Securities 212.325.6456

Lou Taylor / Kristin Brown Deutsche Bank Securities 203.863.2381 / 212.250.6799	David Cohen Morgan Stanley & Company 212.761.8564	Mark Streeter J.P. Morgan Securities 212.834.5086

Wilkes Graham Friedman, Billings, Ramsey 703.312.9737	David Rogers RBC Capital Markets 216.378.7626	John Forrey Merrill Lynch & Company 212.449.1812

Jay Habermann / Sloan Bohlen Goldman Sachs & Company 917.343.4260 / 212.902.2796	John Guinee Stifel, Nicolaus & Company 443.224.1307

Michael Knott Green Street Advisors 949.640.8780	James Feldman UBS Investment Research 212.713.4932

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 2008

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
	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Income Items:
Revenue	$	370,559		$	380,790		$	368,584		$	372,213		$	360,703
Straight line rent (SFAS 13)	$	12,918		$	9,226		$	8,186		$	8,492		$	12,872
Fair value lease revenue (SFAS 141) (1)	$	1,097		$	1,528		$	1,419		$	1,491		$	1,509
Lease termination fees (included in revenue) (2)	$	3,380		$	2,881		$	742		$	729		$	2,550
Capitalized interest	$	9,485		$	10,419		$	8,375		$	7,944		$	4,308
Capitalized wages	$	3,211		$	3,271		$	2,603		$	2,814		$	2,326
Operating Margins [(rental revenue - rental expense)/rental revenue] (3)		67.8	%		67.5	%		67.6	%		67.8	%		67.9	%
Net income available to common shareholders	$	88,461		$	123,790		$	242,370		$	102,344		$	854,307
Funds from operations (FFO) available to common shareholders after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (4)	$	134,723		$	147,534		$	139,054		$	142,944		$	133,011
FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - diluted	$	1.11		$	1.22		$	1.15		$	1.18		$	1.10
Net income available to common shareholders per share - basic	$	0.74		$	1.04		$	2.02		$	0.86		$	7.14
Net income available to common shareholders per share -diluted	$	0.73		$	1.02		$	1.99		$	0.84		$	6.99
Dividends per common share (5)	$	0.68		$	6.66		$	0.68		$	0.68		$	0.68
Funds available for distribution to common shareholders and common unitholders (FAD) (6)	$	120,261		$	119,836		$	123,429		$	134,345		$	129,162
Ratios:
Interest Coverage Ratio (excluding capitalized interest) - cash basis (7)		3.33			3.49			3.30			3.24			3.02
Interest Coverage Ratio (including capitalized interest) - cash basis (7)		2.92			3.02			2.94			2.92			2.85
FFO Payout Ratio (8)		61.26	%		55.74	%		59.13	%		57.63	%		61.82	%
FAD Payout Ratio (9)		79.63	%		79.70	%		77.15	%		70.86	%		73.56	%

	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Capitalization:
Total Debt	$	5,527,832		$	5,492,166		$	5,409,268		$	5,619,602		$	5,736,139
Common Stock Price @ Quarter End	$	92.07		$	91.81		$	103.90		$	102.13		$	117.40
Equity Value @ Quarter End	$	13,090,697		$	13,028,757		$	14,720,136		$	14,468,349		$	16,628,771
Total Market Capitalization (10)	$	18,618,529		$	18,520,923		$	20,129,404		$	20,087,951		$	22,364,910
Debt/Total Market Capitalization (10)		29.69	%		29.65	%		26.87	%		27.97	%		25.65	%

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

(2)	Does not include the Company’s share of net termination income earned from unconsolidated joint ventures totaling $625 for the three months ended March 31, 2008.

(3)

Rental Expense consists of operating expenses and real estate taxes. Amounts are exclusive of the gross up of reimbursable electricity and other amounts totaling $9,180, $8,403, $9,556, $8,755 and $8,833 for the three months ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

(4)

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

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

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

(7)	For additional detail, see page 11.

(8)

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

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

(10)	For additional detail, see page 13.

Boston Properties, Inc.

First Quarter 2008

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)


	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
ASSETS
Real estate	$	9,231,874		$	9,077,528		$	8,961,830		$	9,037,468		$	9,019,237
Development in progress		619,165			700,762			629,138			584,620			500,995
Land held for future development		266,555			249,999			212,801			189,698			185,093
Real estate held for sale		—			221,606	(1)		—			—			18,282
Less accumulated depreciation		(1,589,686	)		(1,531,707	)		(1,488,077	)		(1,474,771	)		(1,414,857	)

Total real estate		8,527,908			8,718,188			8,315,692			8,337,015			8,308,750
Cash and cash equivalents		794,643			1,506,921			1,894,198			1,885,318			2,016,336
Cash held in escrows		57,640			186,839			17,835			22,665			20,334
Marketable securities		23,404			22,584			—			—			—
Tenant and other receivables, net		34,580			58,074			43,199			48,398			50,799
Note receivable		100,000	(2)		—			—			—			—
Accrued rental income, net		313,011			300,594			299,082			296,424			288,824
Deferred charges, net		294,002			287,199			257,469			264,664			244,846
Prepaid expenses and other assets		51,357			30,566			55,658			47,174			63,896
Investments in unconsolidated joint ventures		152,942			81,672			102,488			92,944			91,955

Total assets	$	10,349,487		$	11,192,637		$	10,985,621		$	10,994,602		$	11,085,740

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgage notes payable	$	2,760,620		$	2,726,127		$	2,644,393		$	2,855,889		$	2,973,571
Unsecured senior notes, net of discount		1,472,027			1,471,913			1,471,801			1,471,691			1,471,583
Unsecured exchangeable senior notes, net of discount		1,295,185			1,294,126			1,293,074			1,292,022			1,290,985
Unsecured line of credit		—			—			—			—			—
Accounts payable and accrued expenses		128,769			145,692			133,714			123,910			101,188
Dividends and distributions payable		105,150			944,870			96,152			96,192			105,284
Accrued interest payable		47,355			54,487			46,671			59,105			48,917
Other liabilities (3)		221,432			232,705			198,314			201,406			229,666

Total liabilities		6,030,538			6,869,920			5,884,119			6,100,215			6,221,194

Commitments and contingencies		—			—			—			—			—

Minority interests		679,404			653,892			753,620			731,043			726,937

Stockholders’ Equity:
Excess stock, $.01 par value, 150,000,000 shares authorized, none issued or outstanding		—			—			—			—			—
Preferred stock, $.01 par value, 50,000,000 shares authorized, none issued or outstanding		—			—			—			—			—
Common stock, $.01 par value, 250,000,000 shares authorized, 119,669,070, 119,502,485, 119,253,212, 119,028,081 and 118,970,065 outstanding, respectively		1,197			1,195			1,193			1,190			1,190
Additional paid-in capital		3,292,751			3,305,219			3,289,760			3,263,797			3,260,647
Earnings in excess of dividends		401,410			394,324			1,065,993			904,417			881,733
Treasury common stock, at cost		(2,722	)		(2,722	)		(2,722	)		(2,722	)		(2,722	)
Accumulated other comprehensive loss		(53,091	)		(29,191	)		(6,342	)		(3,338	)		(3,239	)

Total stockholders’ equity		3,639,545			3,668,825			4,347,882			4,163,344			4,137,609

Total liabilities and stockholders’ equity	$	10,349,487		$	11,192,637		$	10,985,621		$	10,994,602		$	11,085,740

(1)	At December 31, 2007, Real Estate Held for Sale consisted of the Mountain View properties which were transferred into the Company’s Value-Added Fund on January 7, 2008.

(2)

Represents the balance of the promissory note due from the Value-Added Fund related to the transfer by the Company of the Mountain View properties to the Value-Added Fund in January 2008. The promissory note bears interest at a rate of 7% per annum and matures in October 2008, subject to extension at the option of the Value-Added Fund until April 2009. The Company expects the Value-Added Fund to obtain third-party financing secured by the Mountain View Research Park properties during the second quarter of 2008 and repay the remaining outstanding balance on the note.

(3)

At March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, Other Liabilities included approximately $2.3 million, $26.1 million, $26.5 million, $26.9 million and $27.4 million and approximately $4.6 million, $6.1 million, $8.4 million, $10.7 million and $13.0 million consisting of the master lease and revenue support obligations, respectively, related to the sale of 280 Park Avenue, approximately $24.8 million, $24.4 million, $24.0 million, $23.7 million and $48.0 million, respectively, related to the redemption of the outside members’ equity interests in the entity that owns Citigroup Center and the fair values of the Company’s interest rate hedging contracts of approximately $53.2 million, $25.7 million, $3.5 million, $0 and $0, respectively.

Boston Properties, Inc.

First Quarter 2008

CONSOLIDATED INCOME STATEMENTS

(in thousands, except for per share amounts)

(unaudited)


	Three months Ended
	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Revenue:
Rental
Base Rent	$	281,394		$	277,088		$	268,277		$	268,272		$	270,672
Recoveries from tenants		48,884			46,926			44,934			46,783			46,286
Parking and other		16,501			16,845			16,328			16,488			15,321

Total rental revenue		346,779			340,859			329,539			331,543			332,279
Hotel revenue		6,524			13,121			8,646			9,335			6,709
Development and management services		5,477			5,378			5,318			5,130			4,727
Interest and other (1)		11,779			21,432			25,081			26,205			16,988

Total revenue		370,559			380,790			368,584			372,213			360,703

Expenses:
Operating		70,369			68,610			68,647			68,797			68,658
Real estate taxes		47,364			47,855			44,859			44,201			44,213
Hotel operating		5,897			9,059			6,275			6,417			6,014
General and administrative (1) (2)		19,588			16,594			20,189			16,291			16,808
Interest (3)		67,839			68,289			69,929			73,743			73,926
Depreciation and amortization		74,671			71,421			70,916			73,921			69,772
Net derivative losses		3,788			—			—			—			—
Losses from early extinguishments of debt (4)		—			—			2,695			—			722

Total expenses		289,516			281,828			283,510			283,370			280,113

Income before income from unconsolidated joint ventures		81,043			98,962			85,074			88,843			80,590
Minority interests in property partnerships		(625	)		(84	)		—			—			—
Income from unconsolidated joint ventures (5)		1,042			805			1,390			17,268			965

Income before minority interest in Operating Partnership		81,460			99,683			86,464			106,111			81,555
Minority interest in Operating Partnership (6)		(13,024	)		(23,181	)		(13,946	)		(16,840	)		(10,928	)

Income before gains on sales of real estate		68,436			76,502			72,518			89,271			70,627
Gains on sales of real estate, net of minority interest		20,025			—			168,495			—			619,206

Income before discontinued operations		88,461			76,502			241,013			89,271			689,833
Income from discontinued operations, net of minority interest		—			862			1,357			1,357			2,626
Gains on sales of real estate from discontinued operations, net of minority interest		—			46,426			—			11,716			161,848

Net income available to common shareholders	$	88,461		$	123,790		$	242,370		$	102,344		$	854,307

INCOME PER SHARE OF COMMON STOCK (EPS)
Net income available to common shareholders per share - basic	$	0.74		$	1.04		$	2.02		$	0.86		$	7.14

Net income available to common shareholders per share - diluted	$	0.73		$	1.02		$	1.99		$	0.84		$	6.99

(1)

Interest and other includes $(597), $(294), $31, $471 and $67, and general and administrative expenses includes $(657), $(245), $43, $448 and $103 for the three months ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively, related to the Company’s deferred compensation plan.

(2)	General and administrative expenses includes a write-off of approximately $1.4 million and $4.5 million of costs related to abandoned development projects for the three months ended March 31, 2008 and September 30, 2007, respectively.

(3)	Interest expense is reported net of capitalized interest of $9,485, $10,419, $8,375, $7,944 and $4,308 for the three months ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

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

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

(6)

Equals minority interest share of 14.56%, 14.58%, 14.62%, 14.62% and 14.90% of income before minority interest in Operating Partnership after deduction for preferred distributions for the three months ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

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

Boston Properties, Inc.

First Quarter 2008

FUNDS FROM OPERATIONS (FFO)

(in thousands, except for per share amounts)

(unaudited)


	Three Months Ended
	31-Mar-08		31-Dec-07			30-Sep-07		30-Jun-07			31-Mar-07
Net income available to common shareholders	$	88,461	$	123,790		$	242,370	$	102,344		$	854,307
Add:
Minority interest in Operating Partnership		13,024		23,181			13,946		16,840			10,928
Minority interests in property partnerships		625		84			—		—			—
Less:
Income from unconsolidated joint ventures		1,042		805			1,390		17,268			965
Gains on sales of real estate, net of minority interest		20,025		—			168,495		—			619,206
Income from discontinued operations, net of minority interest		—		862			1,357		1,357			2,626
Gains on sales of real estate from discontinued operations, net of minority interest		—		46,426			—		11,716			161,848

Income before minority interests and income from unconsolidated joint ventures		81,043		98,962			85,074		88,843			80,590
Add:
Real estate depreciation and amortization (1)		77,619		73,306			73,195		76,264			72,870
Income from discontinued operations		—		1,009			1,589		1,589			3,086
Income from unconsolidated joint ventures		1,042		805			1,390		1,815	(2)		965
Less:
Minority property partnerships’ share of funds from operations		1,111		437			—		—			—
Preferred distributions		905		926	(3)		1,054		1,084			1,202	(4)

Funds from operations (FFO)		157,688		172,719			160,194		167,427			156,309
Add:
Losses from early extinguishments of debt associated with the sales of real estate		—		—			2,675		—			—

FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate		157,688		172,719			162,869		167,427			156,309
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		22,965		25,185			23,815		24,483			23,298

FFO available to common shareholders after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (5)	$	134,723	$	147,534		$	139,054	$	142,944		$	133,011

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

FFO per share - basic	$	1.13	$	1.24		$	1.15	$	1.20		$	1.13

Weighted average shares outstanding - basic		119,536		119,249			119,010		118,961			118,177

FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - diluted	$	1.11	$	1.22		$	1.15	$	1.18		$	1.10

FFO per share - basic	$	1.11	$	1.22		$	1.13	$	1.18		$	1.10

Weighted average shares outstanding - diluted		122,483		122,338			122,298		122,660			122,569

(1)

Real estate depreciation and amortization consists of depreciation and amortization from the consolidated statements of operations of $74,671, $71,421, $70,916, $73,921 and $69,772, our share of unconsolidated joint venture real estate depreciation and amortization of $3,263, $2,074, $1,989, $2,085 and $2,099 and depreciation and amortization from discontinued operations of $0, $234, $700, $700 and $1,314, less corporate related depreciation of $315, $423, $410, $442 and $315 for the three months ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

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

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

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

(5)	Based on weighted average shares for the quarter. Company’s share for the quarter ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007 was 85.44%, 85.42%, 85.38%, 85.38% and 85.10%, respectively.

Boston Properties, Inc.

First Quarter 2008

RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS

(in thousands, except for per share amounts)

(unaudited)


	March 31, 2008			December 31, 2007				September 30, 2007			June 30, 2007			March 31, 2007
	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	$	157,688	139,911	$	172,719		139,605	$	162,869	139,392	$	167,427	139,336	$	156,309		138,877
Effect of Dilutive Securities
Convertible Preferred Units		905	1,461		926	(1)	1,460		1,054	1,644		1,084	1,676		1,202	(2)	1,922
Stock Options and Exchangeable Notes		—	1,486		—		1,629		—	1,645		—	2,023		—		2,469

Diluted FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate	$	158,593	142,858	$	173,645		142,694	$	163,923	142,681	$	168,511	143,035	$	157,511		143,268
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		22,620	20,375		24,772		20,356		23,416	20,382		24,004	20,375		22,757		20,699

Company’s share of diluted FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (3)	$	135,973	122,483	$	148,873		122,338	$	140,507	122,299	$	144,507	122,660	$	134,754		122,569

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

FFO per share after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate - diluted	$	1.11		$	1.22			$	1.15		$	1.18		$	1.10

(1)	Excludes approximately $8.7 million for the three months ended December 31, 2007 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)	Excludes an adjustment of approximately ($3.1) million to the income allocated to the holders of Series Two Preferred Units to account for their right to participate on an as-converted basis in the special dividend that followed previously completed sales of real estate.

(3)	Based on weighted average diluted shares for the quarter. Company’s share for the quarter ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007 was 85.74%, 85.73%, 85.72%, 85.76% and 85.55%, respectively.

Boston Properties, Inc.

First Quarter 2008

Funds Available for Distribution (FAD)

(in thousands)


	Three Months Ended
	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Basic FFO after a supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate (see page 9)	$	157,688		$	172,719		$	162,869		$	167,427		$	156,309
2nd generation tenant improvements and leasing commissions		(26,600	)		(28,553	)		(22,192	)		(19,024	)		(12,732	)
Straight-line rent		(12,918	)		(9,226	)		(8,186	)		(8,492	)		(12,872	)
Recurring capital expenditures		(4,296	)		(16,217	)		(10,498	)		(6,676	)		(3,208	)
Fair value interest adjustment		(809	)		(789	)		(725	)		(451	)		(74	)
Fair value lease revenue (SFAS 141)		(1,097	)		(1,528	)		(1,419	)		(1,491	)		(1,509	)
Hotel improvements, equipment upgrades and replacements		(993	)		(67	)		(214	)		(565	)		(281	)
Non real estate depreciation		315			423			410			442			315
Stock-based compensation		5,183			3,040			3,047			3,058			3,214
Net derivative losses		3,788			—			—			—			—
Partners’ share of joint venture 2nd generation tenant improvement and leasing commissions		—			34			337			117			—

Funds available for distribution to common shareholder and common unitholders (FAD)	$	120,261		$	119,836		$	123,429		$	134,345		$	129,162

Interest Coverage Ratios

(in thousands, except for ratio amounts)


	Three Months Ended
	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
*Excluding Capitalized Interest*
Income before minority interests and income from unconsolidated joint ventures	$	81,043		$	98,962		$	85,074		$	88,843		$	80,590
Interest expense		67,839			68,289			69,929			73,743			73,926
Losses from early extinguishments of debt associated with the sales of real estate		—			—			2,675			—			—
Net derivative losses		3,788			—			—			—			—
Depreciation and amortization expense		74,671			71,421			70,916			73,921			69,772
Depreciation from joint ventures		3,263			2,074			1,989			2,085			2,099
Income from unconsolidated joint ventures		1,042			805			1,390			1,815			965
Stock-based compensation		5,183			3,040			3,047			3,058			3,214
Discontinued operations - depreciation expense		—			234			700			700			1,314
Discontinued operations		—			1,009			1,589			1,589			3,086
Straight-line rent		(12,918	)		(9,226	)		(8,186	)		(8,492	)		(12,872	)
Fair value lease revenue (SFAS 141)		(1,097	)		(1,528	)		(1,419	)		(1,491	)		(1,509	)

Subtotal		222,814			235,080			227,704			235,771			220,585

Divided by:
Interest expense (1)		66,833			67,294			69,012			72,829			73,091
Interest Coverage Ratio		3.33			3.49			3.30			3.24			3.02


*Including Capitalized Interest*
Income before minority interests and income from unconsolidated joint ventures	$	81,043		$	98,962		$	85,074		$	88,843		$	80,590
Interest expense		67,839			68,289			69,929			73,743			73,926
Losses from early extinguishments of debt associated with the sales of real estate		—			—			2,675			—			—
Net derivative losses		3,788			—			—			—			—
Depreciation and amortization expense		74,671			71,421			70,916			73,921			69,772
Depreciation from joint ventures		3,263			2,074			1,989			2,085			2,099
Income from unconsolidated joint ventures		1,042			805			1,390			1,815			965
Stock-based compensation		5,183			3,040			3,047			3,058			3,214
Discontinued operations - depreciation expense		—			234			700			700			1,314
Discontinued operations		—			1,009			1,589			1,589			3,086
Straight-line rent		(12,918	)		(9,226	)		(8,186	)		(8,492	)		(12,872	)
Fair value lease revenue (SFAS 141)		(1,097	)		(1,528	)		(1,419	)		(1,491	)		(1,509	)

Subtotal		222,814			235,080			227,704			235,771			220,585
Divided by:

Interest expense (1) (2)		76,318			77,713			77,387			80,773			77,399
Interest Coverage Ratio		2.92			3.02			2.94			2.92			2.85

(1)	Excludes amortization of financing costs of $1,006, $995, $917, $914 and $835 for the three months ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

(2)	Includes capitalized interest of $9,485, $10,419, $8,375, $7,944 and $4,308 for the three months ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

Boston Properties, Inc.

First Quarter 2008

DISCONTINUED OPERATIONS

(in thousands, unaudited)

Effective January 1, 2002, the Company adopted the provisions of SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets.” The Company’s application of SFAS No. 144 results in the presentation of the net operating results of qualifying properties sold or held for sale during the applicable period 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, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.


	Three Months Ended
	31-Mar-08		31-Dec-07		30-Sep-07		30-Jun-07		31-Mar-07
Total Revenue (1)	$	—	$	1,612	$	2,923	$	2,963	$	12,166
Expenses:
Operating		—		369		634		674		988
Hotel operating		—		—		—		—		6,778
Depreciation and amortization		—		234		700		700		1,314

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

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

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

(1)	The impact of the straight-line rent adjustment increased revenue by $0, $34, $68, $106 and $107 for the three months ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

(2)	Discontinued operations does not include the operations of Democracy Center due to the Company’s continuing involvement in the management, for a fee, of this property subsequent to the sale through an agreement with the buyer.

Boston Properties, Inc.

First Quarter 2008

CAPITAL STRUCTURE


*Debt*
*(in thousands)*

	Aggregate Principal March 31, 2008
Mortgage Notes Payable	$	2,760,620
Unsecured Line of Credit		—
Unsecured Senior Notes, net of discount		1,472,027
Unsecured Exchangeable Senior Notes		1,295,185

Total Debt	$	5,527,832


Boston Properties Limited Partnership Unsecured Senior Notes

Settlement Date		5/22/03			3/18/03			1/17/03			12/13/02			Total/Average
Principal Amount	$	250,000		$	300,000		$	175,000		$	750,000		$	1,475,000
Yield (on issue date)		5.075	%		5.636	%		6.280	%		6.296	%		5.95	%
Coupon		5.000	%		5.625	%		6.250	%		6.250	%		5.91	%
Discount		99.329	%		99.898	%		99.763	%		99.650	%		99.66	%
Ratings:
Moody’s		Baa2 (stable)			Baa2 (stable)			Baa2 (stable)			Baa2 (stable)
S&P		A- (stable)			A- (stable)			A- (stable)			A- (stable)
Fitch		BBB (stable)			BBB (stable)			BBB (stable)			BBB (stable)
Maturity Date		6/1/2015			4/15/2015			1/15/2013			1/15/2013
Discount	$	1,121		$	203		$	246		$	1,403			2,973

Unsecured Senior Notes, net of discount	$	248,879		$	299,797		$	174,754		$	748,597		$	1,472,027


Boston Properties Limited Partnership Unsecured Exchangeable Senior Notes

Settlement Date		2/6/2007			4/6/2006
Principal Amount	$	862,500		$	450,000								$	1,312,500
Yield (on issue date)		3.438	%		3.750	%								3.545	%
Coupon		2.875	%		3.750	%
Exchange Rate		7.0430	(1)		10.0066	(2)
First Optional Redemption Date		2/20/2012			5/18/2013
Maturity Date		2/15/2037			5/15/2036
Discount		17,315			—									17,315

Unsecured Senior Exchangable Notes	$	845,185		$	450,000								$	1,295,185

(1)

In connection with the special dividend of $5.98 per share of common stock declared on December 17, 2007, the exchange rate of 6.6090 was adjusted to 7.0430 shares per $1,000 principal amount of notes effective as of December 31, 2007, resulting in an exchange price of approximately $141.98 per share of Boston Properties, Inc.’s common stock.

(2)

In connection with the special dividend of $5.98 per share of common stock declared on December 17, 2007, the exchange rate was adjusted from 9.3900 to 10.0066 shares per $1,000 principal amount of notes effective as of December 31, 2007 (which was the record date for the dividend), resulting in an exchange price of approximately $99.93 per share of Boston Properties, Inc.’s common stock.


Equity
(in thousands)

	Shares/Units Outstanding as of 3/31/08	Common Stock Equivalents		Equivalent (3)
Common Stock	119,669	119,669	(4)	$	11,017,925
Common Operating Partnership Units	21,052	21,052	(5)		1,938,258
Series Two Preferred Operating Partnership Units	1,113	1,461			134,514

Total Equity		142,182		$	13,090,697

Total Debt				$	5,527,832

Total Market Capitalization				$	18,618,529

(3)	Value based on March 31, 2008 closing price of $92.07 per share of common stock.

(4)	Includes 35 shares of restricted stock.

(5)	Includes 959 long-term incentive plan units, but excludes 1,086 unearned outperformance plan units.

Boston Properties, Inc.

First Quarter 2008

DEBT ANALYSIS


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

	2008			2009			2010			2011			2012			Thereafter			Total
Floating Rate Debt	$	—		$	148,343			—		$	39,812		$	—		$	—		$	188,155
Fixed Rate Debt		572,563			95,442			132,870			545,153			944,856			3,048,793			5,339,677

Total Debt	$	572,563		$	243,785		$	132,870		$	584,965		$	944,856		$	3,048,793		$	5,527,832

GAAP Weighted Average Floating Rate Debt		—			5.60	%		—			4.68	%		—			—			5.41	%
GAAP Weighted Average Fixed Rate Debt		6.78	%		6.38	%		7.86	%		7.02	%		3.69	%		5.55	%		5.58	%

Total GAAP Weighted Average Rate		6.78	%		5.91	%		7.86	%		6.86	%		3.69	%		5.55	%		5.57	%

Unsecured Debt


*Unsecured Line of Credit - Matures August 3, 2010*
*(in thousands)*
Facility	Outstanding @ 3/31/2008		Letters of Credit		Remaining Capacity @ 3/31/2008
$ 605,000	$	—	$	21,637	$	583,363


*Unsecured and Secured Debt Analysis*
	% of Total Debt		Stated Weighted Average Rate (1)		GAAP Weighted Average Rate		Weighted Average Maturity
Unsecured Debt	50.06	%	4.83	%	4.88	%	5.0 years
Secured Debt	49.94	%	6.40	%	6.26	%	4.8 years

Total Debt	100.00	%	5.61	%	5.57	%	4.9 years


*Floating and Fixed Rate Debt Analysis*

	% of Total Debt		Stated Weighted Average Rate (1)		GAAP Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	3.40	%	5.18	%(2)	5.41	%(2)	1.6 years
Fixed Rate Debt	96.60	%	5.63	%	5.58	%	5.0 years

Total Debt	100.00	%	5.61	%	5.57	%	4.9 years

(1)	The stated weighted average rate is calculated using the yield payable on the loan excluding amortization of finance charges.

(2)	The Company has entered into an interest rate swap contract to fix the one-month LIBOR index rate at 4.57% per annum plus a credit spread of 125 bps on a notional amount of $96.7 million. The swap contract went into effect on October 22, 2007 and expires on October 29, 2008.


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

	Notional Amount		Weighted Average 10 Year Treasury Rate		Settlement Date
Treasury Locks	$	325,000	4.74	%	4/1/2008	(2)
Treasury Locks		50,000	4.28	%	7/31/2008
Forward-starting interest rate swaps		150,000	4.51	%	7/31/2008

Total	$	525,000	4.63	%

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

(2)	On April 1, 2008, the Company cash-settled these Treasury Locks and made cash payments to the counterparties totaling approximately $33.5 million.

Boston Properties, Inc.

First Quarter 2008


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

Property	2008			2009			2010			2011			2012			Thereafter			Total
599 Lexington Avenue	$	—		$	—		$	—		$	—		$	—		$	750,000		$	750,000
Citigroup Center		6,670			9,453			10,136			456,898			—			—			483,157
Embarcadero Center One and Two		277,381			—			—			—			—			—			277,381
Prudential Center		258,222			—			—			—			—			—			258,222	(1)
South of Market		—			148,343			—			—			—			—			148,343
505 9th Street		—			—			—			—			—			130,000			130,000
One Freedom Square		1,695			2,375			2,513			2,660			66,093			—			75,336
New Dominion Technology Park, Building Two		—			—			—			—			—			63,000			63,000
202, 206 & 214 Carnegie Center		694			994			56,306			—			—			—			57,994
140 Kendrick Street		1,170			1,637			1,730			1,828			1,932			48,359			56,656
New Dominion Technology Park, Building One		755			1,595			1,716			1,846			1,987			45,416			53,315
1330 Connecticut Avenue		1,846			2,577			2,701			45,021			—			—			52,145
Reservoir Place		1,351			48,592			—			—			—			—			49,943
Kingstowne Two and Retail		1,176			1,499			1,585			1,676			1,773			35,064			42,773
Wisconsin Place Office		—			—			—			39,812			—			—			39,812
10 & 20 Burlington Mall Rd & 91 Hartwell		702			994			1,069			32,524			—			—			35,289
10 Cambridge Center		639			916			29,677			—			—			—			31,232
Sumner Square		525			747			804			865			930			22,896			26,767
Montvale Center		—			—			—			—			25,000			—			25,000
Eight Cambridge Center		572			819			22,911			—			—			—			24,302
1301 New York Avenue		1,349			21,628			—			—			—			—			22,977
Kingstowne One		491			624			659			696			736			17,031			20,237
University Place		700			992			1,063			1,139			1,221			14,999			20,114
Bedford Business Park		16,625			—			—			—						—			16,625

		572,563			243,785			132,870			584,965			99,672			1,126,765			2,760,620

Unsecured Senior Notes(2)		—			—			—			—			845,184			1,922,028			2,767,212
Unsecured Line of Credit		—			—			—			—			—			—			—

	$	572,563		$	243,785		$	132,870		$	584,965		$	944,856		$	3,048,793		$	5,527,832

% of Total Debt		10.36	%		4.41	%		2.40	%		10.58	%		17.09	%		55.16	%		100.00	%
Balloon Payments	$	545,733		$	216,587		$	107,339		$	568,509		$	933,832		$	2,873,347		$	5,245,347
Scheduled Amortization	$	26,830		$	27,198		$	25,531		$	16,456		$	11,024		$	175,446		$	282,485

(1)	Debt retired on April 1, 2008.

(2)	Represents the optional redemption date for our unsecured exchangeable notes.

Boston Properties, Inc.

First Quarter 2008

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, 2008 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, 2008
Total Assets:
Capitalized Property Value (8.5% and 9.0% rates on CBD and Suburban properties, respectively)			$	11,416,937
Cash and Cash Equivalents				794,643
Investments in Marketable Securities				23,404
Undeveloped Land, at Cost				266,555
Development in Process, at Cost (including Joint Venture %)				726,751

Total Assets			$	13,228,290

Unencumbered Assets			$	8,388,874

Secured Debt (Fixed and Variable) (1)			$	2,704,312
Joint Venture Debt				236,648
Contingent Liabilities & Letters of Credit				27,883
Unsecured Debt (2)				2,787,500

Total Outstanding Debt			$	5,756,343

Consolidated EBITDA:
Income before minority interests and income from unconsolidated joint ventures (per Consolidated Income Statement)			$	81,043
Add: Interest Expense (per Consolidated Income Statement)				67,839
Add: Depreciation and Amortization (per Consolidated Income Statement)				74,671
Add: Loss from early extinguishment of debt				—

EBITDA				223,553
Add: Company share of unconsolidated joint venture EBITDA				7,855

Consolidated EBITDA			$	231,408

Adjusted Interest Expense:
Interest Expense (per Consolidated Income Statement)			$	67,839
Add: Company share of unconsolidated joint venture interest expense				3,866
Less: Amortization of financing costs				(1,006	)
Less: Interest expense funded by construction loan draws				(1,523	)

Adjusted Interest Expense			$	69,176


Covenant Ratios and Related Data	Test		Actual
Total Outstanding Debt/Total Assets	Less than 60	%		43.2	%
Secured Debt/Total Assets	Less than 50	%		22.3	%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	Greater than 1.50	x		3.35
Unencumbered Assets/ Unsecured Debt	Greater than 150	%		298.5	%

Unencumbered Consolidated EBITDA			$	136,599

Unencumbered Interest Coverage (Unencumbered Consolidated EBITDA to Unsecured

Interest Expense)				4.08

% of unencumbered Consolidated EBITDA to Consolidated EBITDA				59.0	%

# of unencumbered properties				89

(1)	Excludes Fair Value Adjustment of $16,496

(2)	Excludes Debt Discount of $20,288

Boston Properties, Inc.

First Quarter 2008

UNCONSOLIDATED JOINT VENTURE DEBT ANALYSIS (*)

Debt Maturities and Principal Payments by Property

(in thousands)


Property	2008			2009			2010			2011			2012			Thereafter			Total
Metropolitan Square (51%)	$	804		$	1,152		$	63,437		$	—		$	—		$	—		$	65,393
Market Square North (50%)		883			1,260			41,549			—			—			—			43,692
901 New York Avenue (25%)		456			635			669			704			742			39,195			42,401
Eighth Avenue and 46th Street (50%)		11,800			—			—			—			—			—			11,800
Annapolis Junction (50%)		—			—			10,128			—			—			—			10,128
Wisconsin Place Retail (5%)		—			—			1,855			—			—			—			1,855

	$	13,943		$	3,047		$	117,638		$	704		$	742		$	39,195		$	175,269

GAAP Weighted Average Rate (1)		8.20	%		7.41	%		7.71	%		5.27	%		5.27	%		5.27	%		7.18	%
% of Total Debt		7.96	%		1.74	%		67.12	%		0.40	%		0.42	%		22.36	%		100.00	%

Floating and Fixed Rate Debt Analysis


	% of Total Debt		Stated Weighted Average Rate (1)		GAAP Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	13.57	%	6.20	%	6.67	%	1.3 years
Fixed Rate Debt	86.43	%	7.23	%	7.26	%	3.6 years

Total Debt	100.00	%	7.09	%	7.18	%	3.3 years

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

(1)	The stated weighted average rate is calculated using the effective yield payable on the loan excluding amortization of financing charges.

Boston Properties, Inc.

First Quarter 2008

UNCONSOLIDATED JOINT VENTURES

Balance Sheet Information

(unaudited and in thousands)

as of March 31, 2008


	Market Square North			Metropolitan Square			901 New York Avenue			Wisconsin Place (1)(2)			Annapolis Junction (1)			Value- Added Fund (3)(4)			Eighth Avenue and 46th Street (1)			Combined
Total Equity (5)	$	5,896		$	35,956		$	(229	)	$	44,773		$	7,279		$	44,271		$	14,996		$	152,942

Mortgage/Construction loans payable (5)	$	43,692		$	65,393		$	42,401		$	1,855		$	10,128		$	61,379		$	11,800		$	236,648

BXP’s nominal ownership percentage		50.00	%		51.00	%		25.00	%		23.89	%		50.00	%		36.92	%		50.00	%

Results of Operations

(unaudited and in thousands)

for the three months ended March 31, 2008


	Market Square North		Metropolitan Square		901 New York Avenue			Wisconsin Place (1)(2)			Annapolis Junction (1)			Value- Added Fund (3)(4)			Eighth Avenue and 46th Street (1)		Combined
REVENUE
Total revenue	$	5,955	$	7,805	$	8,055		$	230		$	—		$	8,295		$	—	$	30,340	(6)

EXPENSES
Operating		2,248		3,038		2,883			404			6			2,006			—		10,585

SUBTOTAL		3,707		4,767		5,172			(174	)		(6	)		6,289			—		19,755
Interest		1,695		2,642		2,229			431			—			2,818			—		9,815
Depreciation and amortization		1,127		1,665		1,555			280			—			3,979			—		8,606

SUBTOTAL		2,822		4,307		3,784			711			—			6,797			—		18,421
Gains on sale of real estate		—		—		—			—			—			—			—		—
Losses from early extinguishment of debt		—		—		—			40			—			—					40

NET INCOME/(LOSS)	$	885	$	460	$	1,388		$	(925	)	$	(6	)	$	(508	)	$	—	$	1,294

BXP’s share of net income/(loss)	$	443	$	235	$	965	(7)	$	(250	)	$	(3	)	$	(348	)	$	—	$	1,042
BXP’s share of depreciation & amortization		563		849		389			93			—			1,369			—		3,263

BXP’s share of Funds from Operations (FFO)	$	1,006	$	1,084	$	1,354		$	(157	)	$	(3	)	$	1,021		$	—	$	4,305

(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 25% interest in 300 Billerica Road and Circle Star, as well as a 39.5% interest in Mountain View Research Park and Mountain View Technology Park.

(5)	Represents the Company’s share.

(6)	The net impact of the straight-line rent adjustment and fair value lease revenue (SFAS 141) increased (decreased) revenue by approximately $349 and ($3,046), respectively, for the three months ended March 31, 2008.

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

Boston Properties, Inc.

First Quarter 2008

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

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

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

Property Information

as of March 31, 2008


Property Name	Number of Buildings	Square Feet	Leased %		Annual Revenue per leased SF		Mortgage Notes Payable (1)
300 Billerica Road, Chelmsford, MA	1	110,882	100.0	%		7.51		1,875	(2)
Circle Star, San Carlos, CA	2	205,994	45.4	%		20.49		10,500	(3)
Mountain View Research Park, Mountain View, CA	16	600,989	66.4	%		27.32		39,519	(4)
Mountain View Technology Park, Mountain View, CA	7	135,279	76.6	%		22.77		9,485	(5)

Total	26	1,053,144	67.1	%	$	22.64	$	61,379

Results of Operations

(unaudited and in thousands)

for the three months ended March 31, 2008


	Value-Added Fund
REVENUE
Total revenue (6)	$	8,295

EXPENSES
Operating		2,006

SUBTOTAL		6,289
Interest		2,818
Depreciation and amortization		3,979

SUBTOTAL		6,797
Gains on sale of real estate		—
Loss from early extinguishment of debt		—

NET INCOME	$	(508	)

Company’s share of net income	$	(348	)
Company’s share of depreciation & amortization		1,369

Company’s share of Funds from Operations (FFO)	$	1,021

The Company’s Equity in the Value-Added Fund	$	44,271

(1)	Represents the Company’s share.

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

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

(4)

(5)	The mortgage bears interest at a variable rate of Libor + 1.50% and matures on March 26, 2011, with two – one year extension options.

(6)	The net impact of the straight-line rent adjustment and fair value lease revenue (SFAS 141) increased (decreased) revenue by approximately $55 and ($3,046), respectively for the three months ended March 31, 2008.

Boston Properties, Inc.

First Quarter 2008

PORTFOLIO OVERVIEW

Rentable Square Footage and Percentage of Consolidated Net Operating Income of In-Service Properties by Location and Type of Property for the Quarter Ended March 31, 2008 (1) (2)


Geographic Area	Square Feet Office (3)		% of NOI Office (4)		Square Feet Office/ Technical		% of NOI Office/ Technical (4)		Square Feet Total (3)		Square Feet % of Total		% of NOI Hotel (4)		% of NOI Total (4)
Greater Boston	7,979,661		23.0	%	834,062		2.2	%	8,813,723		29.4	%	0.3	%	25.5	%
Greater Washington	7,484,119	(5)	20.7	%	825,232		1.3	%	8,309,351	(5)	27.7	%	—		22.0	%
Greater San Francisco	4,963,768		15.5	%	—		—		4,963,768		16.6	%	—		15.5	%
Midtown Manhattan	5,555,008		33.2	%	—		—		5,555,008		18.5	%	—		33.2	%
Princeton/East Brunswick, NJ	2,323,636		3.8	%	—		—		2,323,636		7.8	%	—		3.8	%

	28,306,192		96.2	%	1,659,294		3.5	%	29,965,486		100.0	%	0.3	%	100.0	%

% of Total	94.5	%			5.5	%			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	18.6	%	6.9	%	25.5	%
Greater Washington	8.8	%	13.2	%	22.0	%
Greater San Francisco	12.5	%	3.0	%	15.5	%
Midtown Manhattan	33.2	%	—		33.2	%
Princeton/East Brunswick, NJ	—		3.8	%	3.8	%

Total	73.1	%	26.9	%	100.0	%

Hotel Properties


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

Total Hotel Properties	431	330,400

Structured Parking


	Number of Spaces	Square Feet
Total Structured Parking	32,278	10,032,866

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

(2)

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

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

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

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

Boston Properties, Inc.

First Quarter 2008

In-Service Property Listing

as of March 31, 2008


	Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)		Central Business District (CBD) or Suburban (S)
Greater Boston
Office
800 Boylston Street -The Prudential Center	CBD Boston MA	1	1,190,403	97.9	%	$	41.49	Y	(1)	CBD
111 Huntington Avenue - The Prudential Center	CBD Boston MA	1	859,642	99.6	%		61.31	N		CBD
101 Huntington Avenue - The Prudential Center	CBD Boston MA	1	505,939	100.0	%		39.21	Y	(2)	CBD
The Shops at the Prudential Center	CBD Boston MA	1	501,822	97.0	%		67.55	Y	(1)(2)	CBD
Shaws Supermarket at the Prudential Center	CBD Boston MA	1	57,235	100.0	%		52.67	N		CBD
One Cambridge Center	East Cambridge MA	1	215,385	80.0	%		37.40	N		CBD
Three Cambridge Center	East Cambridge MA	1	108,152	100.0	%		29.12	N		CBD
Four Cambridge Center	East Cambridge MA	1	198,295	94.3	%		40.50	N		CBD
Five Cambridge Center	East Cambridge MA	1	240,480	99.3	%		42.59	N		CBD
Eight Cambridge Center	East Cambridge MA	1	177,226	100.0	%		35.51	Y		CBD
Ten Cambridge Center	East Cambridge MA	1	152,664	100.0	%		39.91	Y		CBD
Eleven Cambridge Center	East Cambridge MA	1	79,616	100.0	%		44.60	N		CBD
University Place	Mid-Cambridge MA	1	195,282	100.0	%		38.14	Y		CBD
Reservoir Place	Route 128 Mass Turnpike MA	1	527,121	86.6	%		29.60	Y		S
Reservoir Place North	Route 128 Mass Turnpike MA	1	73,258	100.0	%		28.83	N		S
140 Kendrick Street	Route 128 Mass Turnpike MA	3	380,987	100.0	%		29.44	Y		S
230 CityPoint (formerly Prospect Place)	Route 128 Mass Turnpike MA	1	297,695	77.2	%		31.49	N		S
Waltham Office Center	Route 128 Mass Turnpike MA	3	129,041	73.8	%		23.20	N		S
195 West Street	Route 128 Mass Turnpike MA	1	63,500	100.0	%		53.21	N		S
200 West Street	Route 128 Mass Turnpike MA	1	248,311	100.0	%		34.19	N		S
Waltham Weston Corporate Center	Route 128 Mass Turnpike MA	1	306,789	98.1	%		35.78	N		S
10 & 20 Burlington Mall Road	Route 128 Northwest MA	2	153,280	92.9	%		23.41	Y		S
Bedford Business Park	Route 128 Northwest MA	1	92,207	98.4	%		21.97	Y		S
32 Hartwell Avenue	Route 128 Northwest MA	1	69,154	100.0	%		31.95	N		S
91 Hartwell Avenue	Route 128 Northwest MA	1	121,425	75.9	%		25.20	Y		S
92 Hayden Avenue	Route 128 Northwest MA	1	31,100	100.0	%		25.25	N		S
100 Hayden Avenue	Route 128 Northwest MA	1	55,924	0.0	%		—	N		S
33 Hayden Avenue	Route 128 Northwest MA	1	80,128	100.0	%		31.29	N		S
Lexington Office Park	Route 128 Northwest MA	2	166,689	97.6	%		24.96	N		S
191 Spring Street	Route 128 Northwest MA	1	158,900	100.0	%		31.63	N		S
181 Spring Street	Route 128 Northwest MA	1	55,793	100.0	%		33.97	N		S
201 Spring Street	Route 128 Northwest MA	1	106,300	100.0	%		29.83	N		S
40 Shattuck Road	Route 128 Northwest MA	1	120,000	95.6	%		26.51	N		S
Quorum Office Park	Route 128 Northwest MA	2	259,918	100.0	%		23.74	N		S

		41	7,979,661	95.2	%	$	39.84

Office/Technical
Seven Cambridge Center	East Cambridge MA	1	231,028	100.0	%		81.18	N		CBD
Fourteen Cambridge Center	East Cambridge MA	1	67,362	100.0	%		24.48	N		CBD
(3) 103 Fourth Avenue	Route 128 Mass Turnpike MA	1	62,476	58.5	%		20.93	N		S
Bedford Business Park	Route 128 Northwest MA	2	379,056	62.7	%		18.86	Y		S
17 Hartwell Avenue	Route 128 Northwest MA	1	30,000	100.0	%		15.25	N		S
164 Lexington Road	Route 128 Northwest MA	1	64,140	0.0	%		—	N		S

		7	834,062	72.3	%	$	43.32

	Total Greater Boston:	48	8,813,723	93.0	%	$	40.10

Boston Properties, Inc.

First Quarter 2008

In-Service Property Listing (continued)

as of March 31, 2008


	Sub Market	Number of Buildings	Square Feet	Leased %		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)
Greater Washington, DC
Office
Capital Gallery	Southwest Washington DC	1	619,614	94.4	%	$	45.27	N	CBD
500 E Street, S. W.	Southwest Washington DC	1	248,336	100.0	%		44.88	N	CBD
Metropolitan Square (51% ownership)	East End Washington DC	1	586,887	100.0	%		49.07	Y	CBD
1301 New York Avenue	East End Washington DC	1	188,358	100.0	%		31.04	Y	CBD
Market Square North (50% ownership)	East End Washington DC	1	401,279	100.0	%		56.01	Y	CBD
(3) 505 9th Street, N.W. (50% ownership)	CBD Washington DC	1	321,756	99.0	%		47.09	Y	CBD
901 New York Avenue (25% ownership)	CBD Washington DC	1	539,229	99.4	%		56.08	Y	CBD
1333 New Hampshire Avenue	CBD Washington DC	1	315,371	100.0	%		48.73	N	CBD
1330 Connecticut Avenue	CBD Washington DC	1	252,136	100.0	%		56.37	Y	CBD
Sumner Square	CBD Washington DC	1	208,665	99.8	%		44.52	Y	CBD
Montvale Center	Montgomery County MD	1	122,866	82.3	%		26.81	Y	S
2600 Tower Oaks Boulevard	Montgomery County MD	1	178,887	100.0	%		40.76	N	S
(3) Kingstowne One	Fairfax County VA	1	150,838	100.0	%		33.22	Y	S
(3) Kingstowne Two	Fairfax County VA	1	156,251	98.2	%		32.92	Y	S
(3) Kingstowne Retail	Fairfax County VA	1	88,288	94.3	%		29.59	Y	S
One Freedom Square	Fairfax County VA	1	414,207	99.0	%		39.91	Y	S
Two Freedom Square	Fairfax County VA	1	421,676	100.0	%		42.58	N	S
One Reston Overlook	Fairfax County VA	1	312,685	100.0	%		28.75	N	S
Two Reston Overlook	Fairfax County VA	1	134,615	93.8	%		30.18	N	S
One and Two Discovery Square	Fairfax County VA	2	366,990	100.0	%		43.94	N	S
New Dominion Technology Park - Building One	Fairfax County VA	1	235,201	100.0	%		32.95	Y	S
New Dominion Technology Park - Building Two	Fairfax County VA	1	257,400	100.0	%		41.64	Y	S
Reston Corporate Center	Fairfax County VA	2	261,046	100.0	%		33.71	N	S
12290 Sunrise Valley	Fairfax County VA	1	182,424	100.0	%		36.28	N	S
12300 Sunrise Valley	Fairfax County VA	1	255,244	100.0	%		34.33	N	S
12310 Sunrise Valley	Fairfax County VA	1	263,870	100.0	%		34.68	N	S

		28	7,484,119	98.9	%	$	42.73

Office/Technical
(3) 6601 Springfield Center Drive	Fairfax County VA	1	26,388	100.0	%		13.31	N	S
(3) 6605 Springfield Center Drive	Fairfax County VA	1	68,907	0.0	%		—	N	S
7435 Boston Boulevard	Fairfax County VA	1	103,557	100.0	%		19.45	N	S
7451 Boston Boulevard	Fairfax County VA	1	47,001	100.0	%		22.53	N	S
7450 Boston Boulevard	Fairfax County VA	1	62,402	100.0	%		19.50	N	S
7374 Boston Boulevard	Fairfax County VA	1	57,321	100.0	%		16.37	N	S
8000 Grainger Court	Fairfax County VA	1	88,775	100.0	%		18.06	N	S
7500 Boston Boulevard	Fairfax County VA	1	79,971	100.0	%		15.02	N	S
7501 Boston Boulevard	Fairfax County VA	1	75,756	100.0	%		28.89	N	S
7601 Boston Boulevard	Fairfax County VA	1	103,750	100.0	%		14.35	N	S
7375 Boston Boulevard	Fairfax County VA	1	26,865	100.0	%		19.99	N	S
8000 Corporate Court	Fairfax County VA	1	52,539	100.0	%		17.35	N	S
7300 Boston Boulevard	Fairfax County VA	1	32,000	100.0	%		26.05	N	S

		13	825,232	91.6	%	$	18.96

	Total Greater Washington:	41	8,309,351	98.2	%	$	40.53

Boston Properties, Inc.

First Quarter 2008

In-Service Property Listing (continued)

as of March 31, 2008


	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	1,027,468	99.6	%	$	72.59	Y	CBD
Citigroup Center	Park Avenue NY	1	1,589,500	99.6	%		73.88	Y	CBD
399 Park Avenue	Park Avenue NY	1	1,699,253	100.0	%		86.09	N	CBD
Times Square Tower	Times Square NY	1	1,238,787	100.0	%		65.03	N	CBD

	Total Midtown Manhattan:	4	5,555,008	99.8	%	$	75.42

Princeton/East Brunswick, NJ
Office
101 Carnegie Center	Princeton NJ	1	123,659	100.0	%	$	28.25	N	S
104 Carnegie Center	Princeton NJ	1	102,827	91.0	%		34.16	N	S
105 Carnegie Center	Princeton NJ	1	70,029	46.9	%		23.74	N	S
201 Carnegie Center	Princeton NJ	—	6,500	100.0	%		28.39	N	S
202 Carnegie Center	Princeton NJ	1	130,582	89.4	%		32.92	Y	S
206 Carnegie Center	Princeton NJ	1	161,763	100.0	%		31.51	Y	S
210 Carnegie Center	Princeton NJ	1	161,776	89.4	%		34.83	N	S
211 Carnegie Center	Princeton NJ	1	47,025	100.0	%		30.73	N	S
212 Carnegie Center	Princeton NJ	1	149,398	97.3	%		36.34	N	S
214 Carnegie Center	Princeton NJ	1	150,774	78.0	%		32.10	Y	S
302 Carnegie Center	Princeton NJ	1	64,726	85.4	%		35.77	N	S
502 Carnegie Center	Princeton NJ	1	116,855	94.7	%		35.84	N	S
504 Carnegie Center	Princeton NJ	1	121,990	100.0	%		33.48	N	S
506 Carnegie Center	Princeton NJ	1	136,213	100.0	%		34.49	N	S
508 Carnegie Center	Princeton NJ	1	132,653	81.5	%		40.42	N	S
510 Carnegie Center	Princeton NJ	1	234,160	100.0	%		27.23	N	S
One Tower Center	East Brunswick NJ	1	412,706	43.1	%		36.11	N	S

	Total Princeton/East Brunswick, NJ:	16	2,323,636	83.2	%	$	33.11

Greater San Francisco
Office
Embarcadero Center One	CBD San Francisco CA	1	826,901	87.4	%	$	48.50	Y	CBD
Embarcadero Center Two	CBD San Francisco CA	1	778,737	97.5	%		51.77	Y	CBD
Embarcadero Center Three	CBD San Francisco CA	1	768,177	96.8	%		41.78	N	CBD
Embarcadero Center Four	CBD San Francisco CA	1	936,228	95.5	%		60.57	N	CBD
611 Gateway	South San Francisco CA	1	256,302	100.0	%		33.08	N	S
601 and 651 Gateway	South San Francisco CA	2	506,028	98.3	%		29.79	N	S
(3) North First Business Park	San Jose, CA	5	190,636	77.8	%		21.07	N	S
303 Almaden	San Jose, CA	1	156,859	94.1	%	$	32.25	N	CBD
3200 Zanker Road	San Jose, CA	4	543,900	100.0	%	$	14.34	N	S

	Total Greater San Francisco:	17	4,963,768	94.9	%	$	42.06

	Total In-Service Properties:	126	29,965,486	95.3	%	$	46.93

(1)	Debt retired on April 1, 2008.

(2)	93,181 square feet of space was unencumbered.

(3)	Not included in Same Property analysis.

Boston Properties, Inc.

First Quarter 2008

TOP 20 TENANTS LISTING AND PORTFOLIO TENANT DIVERSIFICATION


*TOP 20 TENANTS BY SQUARE FEET LEASED*

Tenant	Sq. Ft.		% of Portfolio
1 US Government	1,657,173	(1)	5.53	%
2 Lockheed Martin	1,292,429		4.31	%
3 Citibank NA	1,075,489		3.59	%
4 Genentech	553,799		1.85	%
5 Gillette	484,051		1.62	%
6 Kirkland & Ellis	473,161	(2)	1.58	%
7 Shearman & Sterling	472,808		1.58	%
8 O’Melveny & Myers	445,999		1.49	%
9 Lehman Brothers	436,723		1.46	%
10 Parametric Technology	380,987		1.27	%
11 Accenture	378,867		1.26	%
12 Finnegan Henderson Farabow	349,146	(3)	1.17	%
13 Ann Taylor	338,942		1.13	%
14 Northrop Grumman	327,677		1.09	%
15 Biogen Idec	317,341		1.06	%
16 MIT	308,274		1.03	%
17 Bingham McCutchen	291,415		0.97	%
18 Akin Gump Strauss Hauer & Feld	290,132		0.97	%
19 Bain Capital	282,217		0.94	%
20 Washington Group International	266,867		0.89	%
Total % of Portfolio Square Feet			34.94	%
Total % of Portfolio Revenue			37.73	%


*Notable Signed Deals (4)*

Tenant	Property	Sq. Ft.
Ropes & Gray LLP	Prudential Tower (5)	413,000
Wellington Management	280 Congress Street (Russia Wharf)	450,000
Akamai Technology	Four & Eight Cambridge Center	230,678
Gibson, Dunn & Crutcher LLP	250 W 55th Street	221,510

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

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

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

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

(5)	The space is currently occupied by Gillette.

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 2008

IN-SERVICE OFFICE PROPERTIES

Lease Expirations


Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.		Annualized Revenues Under Expiring Leases with future step-ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.		Percentage of Total Square Feet
2008	818,713	$	35,018,190	$	42.77	$	36,259,206	$	44.29	3.04	%
2009	2,183,693		85,162,154		39.00		86,147,484		39.45	8.11	%
2010	2,496,952		93,941,573		37.62		96,619,230		38.69	9.27	%
2011	2,854,059		127,409,274		44.64		132,593,339		46.46	10.60	%
2012	2,431,964		107,045,534		44.02		111,884,796		46.01	9.03	%
2013	827,316		33,292,651		40.24		39,255,140		47.45	3.07	%
2014	2,172,078		81,028,240		37.30		86,979,642		40.04	8.07	%
2015	1,414,185		55,560,679		39.29		63,159,840		44.66	5.25	%
2016	2,350,413		134,772,625		57.34		146,558,308		62.35	8.73	%
2017	2,464,622		156,426,556		63.47		175,033,181		71.02	9.15	%
Thereafter	5,386,663		283,027,025		52.54		364,774,579		67.72	20.00	%

Occupancy By Location*


Location	CBD				Suburban				Total
Location	31-Mar-08		31-Mar-07		31-Mar-08		31-Mar-07		31-Mar-08		31-Mar-07
Midtown Manhattan	99.8	%	99.5	%	n/a		n/a		99.8	%	99.5	%
Greater Boston	97.8	%	93.5	%	91.9	%	90.6	%	95.2	%	92.2	%
Greater Washington	98.9	%	98.1	%	98.9	%	96.9	%	98.9	%	97.4	%
Greater San Francisco	94.2	%	88.2	%	96.6	%	97.0	%	94.9	%	90.6	%
Princeton/East Brunswick, NJ	n/a		n/a		83.2	%	87.1	%	83.2	%	87.1	%

Total Portfolio	98.0	%	95.3	%	93.1	%	93.1	%	96.0	%	94.4	%

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

Boston Properties, Inc.

First Quarter 2008

IN-SERVICE OFFICE/TECHNICAL PROPERTIES

Lease Expirations


Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.		Annualized Revenues Under Expiring Leases with future step-ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.		Percentage of Total Square Feet
2008	115,228	$	2,268,517	$	19.69	$	2,268,517	$	19.69	6.94	%
2009	69,581		1,498,010		21.53		1,523,624		21.90	4.19	%
2010	183,376		3,124,023		17.04		3,308,733		18.04	11.05	%
2011	57,321		938,172		16.37		938,172		16.37	3.45	%
2012	132,820		2,897,697		21.82		2,914,985		21.95	8.00	%
2013	—		—		—		—		—	0.00	%
2014	247,668		4,203,459		16.97		4,553,631		18.39	14.93	%
2015	—		—		—		—		—	0.00	%
2016	225,532		18,394,229		81.56		18,694,187		82.89	13.59	%
2017	75,756		2,188,701		28.89		2,188,701		28.89	4.57	%
Thereafter	237,776		3,534,349		14.86		3,853,237		16.21	14.33	%

Occupancy By Location


	CBD				Suburban				Total
Location	31-Mar-08		31-Mar-07		31-Mar-08		31-Mar-07		31-Mar-08		31-Mar-07
Midtown Manhattan	n/a		n/a		n/a		n/a		n/a		n/a
Greater Boston	100.0	%	100.0	%	56.8	%	48.2	%	72.3	%	66.7	%
Greater Washington	n/a		n/a		91.6	%	100.0	%	91.6	%	100.0	%
Greater San Francisco	n/a		n/a		n/a		n/a		n/a		n/a
Princeton/East Brunswick, NJ	n/a		n/a		n/a		n/a		n/a		n/a

Total Portfolio	100.0	%	100.0	%	77.9	%	81.3	%	81.9	%	84.4	%

Boston Properties, Inc.

First Quarter 2008

IN-SERVICE RETAIL PROPERTIES

Lease Expirations


Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.			Annualized Revenues Under Expiring Leases with future step-ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.			Percentage of Total Square Feet
2008	42,146	$	3,159,402	$	74.96	(1)	$	3,366,912	$	79.89	(1)	3.06	%
2009	62,225		3,480,084		55.93	(2)		3,497,452		56.21	(2)	4.51	%
2010	92,192		3,623,859		39.31			3,678,234		39.90		6.69	%
2011	69,940		4,742,011		67.80			4,945,945		70.72		5.07	%
2012	117,504		6,552,525		55.76			6,806,950		57.93		8.52	%
2013	70,512		5,588,781		79.26			5,904,384		83.74		5.11	%
2014	49,237		4,523,382		91.87			4,957,188		100.68		3.57	%
2015	96,151		8,226,357		85.56			8,673,787		90.21		6.97	%
2016	91,571		6,986,317		76.29			7,680,823		83.88		6.64	%
2017	117,817		7,721,862		65.54			8,347,606		70.85		8.54	%
Thereafter	569,611		28,601,507		50.21			34,839,097		61.16		41.31	%

(1)	Excluding kiosks with one square foot at the Prudential Center, current and future expiring rents would be $52.96 and $52.96 in 2008.

(2)	Excluding kiosks with one square foot at the Prudential Center, current and future expiring rents would be $50.39 and $50.46 in 2009.

Boston Properties, Inc.

First Quarter 2008

GRAND TOTAL OF ALL

IN-SERVICE PROPERTIES

Lease Expirations


Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Current Annualized Revenues Under Expiring Leases p.s.f.		Annualized Revenues Under Expiring Leases with future step-ups		Annualized Revenues Under Expiring Leases with future step-ups - p.s.f.		Percentage of Total Square Feet
2008	976,087	$	40,446,109	$	41.44	$	41,894,635	$	42.92	3.3	%
2009	2,315,499		90,140,248		38.93		91,168,560		39.37	7.7	%
2010	2,772,520		100,689,456		36.32		103,606,197		37.37	9.3	%
2011	2,981,320		133,089,457		44.64		138,477,456		46.45	9.9	%
2012	2,682,288		116,495,755		43.43		121,606,730		45.34	9.0	%
2013	897,828		38,881,432		43.31		45,159,524		50.30	3.0	%
2014	2,468,983		89,755,081		36.35		96,490,462		39.08	8.2	%
2015	1,510,336		63,787,036		42.23		71,833,627		47.56	5.0	%
2016	2,667,516		160,153,171		60.04		172,933,318		64.83	8.9	%
2017	2,658,195		166,337,120		62.58		185,569,489		69.81	8.9	%
Thereafter	6,194,050		315,162,880		50.88		403,466,913		65.14	20.7	%

Occupancy By Location


	CBD				Suburban				Total
Location	31-Mar-08		31-Mar-07		31-Mar-08		31-Mar-07		31-Mar-08		31-Mar-07
Midtown Manhattan	99.8	%	99.5	%	n/a		n/a		99.8	%	99.5	%
Greater Boston	97.9	%	93.9	%	87.2	%	85.1	%	93.0	%	89.8	%
Greater Washington	98.9	%	98.1	%	97.6	%	97.4	%	98.2	%	97.7	%
Greater San Francisco	94.2	%	88.2	%	96.6	%	97.0	%	94.9	%	90.6	%
Princeton/East Brunswick, NJ	n/a				83.2	%	87.1	%	83.2	%	87.1	%

Total Portfolio	98.0	%	95.4	%	91.4	%	91.8	%	95.3	%	93.8	%

Boston Properties, Inc.

First Quarter 2008

IN-SERVICE GREATER BOSTON PROPERTIES

Lease Expirations - Greater Boston


	OFFICE										OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	382,614	$	12,939,126	$	33.82	$	13,669,512	$	35.73		—	$	—	$	—	$	—	$	—
2009	884,002		30,653,518		34.68		31,229,700		35.33		—		—		—		—		—
2010	585,071		18,772,140		32.09		19,596,862		33.49		36,528		764,518		20.93		892,366		24.43
2011	1,264,992		55,450,412		43.83		57,379,464		45.36		—		—		—		—		—
2012	1,102,309		42,364,641		38.43		44,038,165		39.95		67,362		1,649,088		24.48		1,649,088		24.48
2013	315,587		12,247,701		38.81		13,690,188		43.38		—		—		—		—		—
2014	604,652		24,928,156		41.23		25,179,770		41.64		30,000		457,500		15.25		457,500		15.25
2015	313,514		10,878,556		34.70		12,164,670		38.80		—		—		—		—		—
2016	215,172		6,587,573		30.62		7,135,101		33.16		225,532		18,394,229		81.56		18,694,187		82.89
2017	194,775		6,224,648		31.96		7,442,034		38.21		—		—		—		—		—
Thereafter	913,326		38,116,123		41.73		60,979,819		66.77		237,776		3,534,349		14.86		3,853,237		16.21

	Retail										Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step- ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step- ups		Per Square Foot
2008	4,626	$	1,430,368	$	309.20	$	1,637,878	$	354.06	(1)	387,240	$	14,369,494	$	37.11	$	15,307,390	$	39.53
2009	9,548		1,292,177		135.33		1,304,981		136.68	(2)	893,550		31,945,695		35.75		32,534,681		36.41
2010	43,556		1,237,411		28.41		1,246,984		28.63		665,155		20,774,069		31.23		21,736,212		32.68
2011	12,048		1,268,068		105.25		1,368,518		113.59		1,277,040		56,718,480		44.41		58,747,982		46.00
2012	63,717		2,708,764		42.51		2,724,099		42.75		1,233,388		46,722,493		37.88		48,411,352		39.25
2013	28,459		3,247,883		114.12		3,351,100		117.75		344,046		15,495,584		45.04		17,041,288		49.53
2014	19,902		2,220,126		111.55		2,352,040		118.18		654,554		27,605,782		42.17		27,989,310		42.76
2015	40,524		5,554,654		137.07		5,740,795		141.66		354,038		16,433,210		46.42		17,905,465		50.57
2016	14,617		1,991,269		136.23		2,128,006		145.58		455,321		26,973,071		59.24		27,957,295		61.40
2017	54,667		3,740,555		68.42		4,023,710		73.60		249,442		9,965,203		39.95		11,465,744		45.97
Thereafter	357,932		13,388,852		37.41		14,959,207		41.79		1,509,034		55,039,325		36.47		79,792,263		52.88

(1)	Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $112.65 and $112.65 in 2008.

(2)	Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $99.24 and $99.24 in 2009.

Boston Properties, Inc.

First Quarter 2008

IN-SERVICE GREATER BOSTON PROPERTIES

Quarterly Lease Expirations - Greater Boston


	OFFICE										OFFICE/TECHNICAL
Lease Expiration by Quarter	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—		—	$	—	$	—	$	—	$	—
Q2 2008	169,033		5,629,307		33.30		5,629,307		33.30		—		—		—		—		—
Q3 2008	117,191		3,502,754		29.89		4,233,140		36.12		—		—		—		—		—
Q4 2008	96,390		3,807,066		39.50		3,807,066		39.50		—		—		—		—		—

Total 2008	382,614	$	12,939,126	$	33.82	$	13,669,512	$	35.73		—		—		—		—		—

Q1 2009	65,438	$	2,071,679	$	31.66	$	2,074,701	$	31.70		—	$	—	$	—	$	—	$	—
Q2 2009	220,691		7,015,784		31.79		7,443,318		33.73		—		—		—		—		—
Q3 2009	208,975		6,395,990		30.61		6,502,180		31.11		—		—		—		—		—
Q4 2009	388,898		15,170,066		39.01		15,209,501		39.11		—		—		—		—		—

Total 2009	884,002	$	30,653,518	$	34.68	$	31,229,700	$	35.33		—		—		—		—		—


	Retail										Total Property Types
Lease Expiration by Quarter	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—		—	$	—	$	—	$	—	$	—
Q2 2008	4,391		934,601		212.84		969,551		220.80		173,424		6,563,908		37.85		6,598,858		38.05
Q3 2008	6		311,992		51,998.66		389,992		64,998.66		117,197		3,814,746		32.55		4,623,132		39.45
Q4 2008	229		183,775		802.51		278,335		1,215.44		96,619		3,990,841		41.30		4,085,401		42.28

Total 2008	4,626		1,430,368	$	309.20	$	1,637,878	$	354.06	(1)	387,240	$	14,369,494	$	37.11	$	15,307,390	$	39.53

Q1 2009	6,354	$	730,286.64	$	114.93		724,287	$	113.99		71,792	$	2,801,966	$	39.03	$	2,798,988	$	38.99
Q2 2009	2		73,404		36,702.00		73,404		36,702.00		220,693		7,089,188		32.12		7,516,722		34.06
Q3 2009	2,969		374,486		126.13		391,286		131.79		211,944		6,770,476		31.94		6,893,466		32.52
Q4 2009	223		114,000		511.21		116,004		520.20		389,121		15,284,066		39.28		15,325,505		39.38

Total 2009	9,548	$	1,292,177	$	135.33	$	1,304,981	$	136.68	(2)	893,550	$	31,945,695	$	35.75	$	32,534,681	$	36.41

(1)	Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $112.65 and $112.65 in 2008.

(2)	Excluding kiosks with one square feet at the Prudential Center, current and future expiring rents would be $99.24 and $99.24 in 2009.

Boston Properties, Inc.

First Quarter 2008

IN-SERVICE GREATER WASHINGTON PROPERTIES

Lease Expirations - Greater Washington


	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	86,329	$	3,464,046	$	40.13	$	3,611,153	$	41.83	115,228	$	2,268,517	$	19.69	$	2,268,517	$	19.69
2009	742,568		27,888,818		37.56		28,162,850		37.93	69,581		1,498,010		21.53		1,523,624		21.90
2010	775,218		33,414,812		43.10		34,380,590		44.35	146,848		2,359,506		16.07		2,416,368		16.45
2011	742,900		28,064,233		37.78		29,831,503		40.16	57,321		938,172		16.37		938,172		16.37
2012	866,288		35,441,282		40.91		37,541,807		43.34	65,458		1,248,609		19.07		1,265,896		19.34
2013	98,941		3,242,958		32.78		3,503,626		35.41	—		—		—		—		—
2014	447,657		16,957,849		37.88		19,214,272		42.92	217,668		3,745,959		17.21		4,096,131		18.82
2015	549,711		24,606,730		44.76		28,362,722		51.60	—		—		—		—		—
2016	187,575		6,623,375		35.31		8,229,333		43.87	—		—		—		—		—
2017	805,191		42,358,175		52.61		47,122,142		58.52	75,756		2,188,701		28.89		2,188,701		28.89
Thereafter	1,813,823		82,900,382		45.70		105,871,611		58.37	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	18,152	$	849,740	$	46.81	$	849,740	$	46.81	219,709	$	6,582,303	$	29.96	$	6,729,411	$	30.63
2009	22,687		849,832		37.46		853,419		37.62	834,836		30,236,660		36.22		30,539,892		36.58
2010	13,587		645,788		47.53		663,755		48.85	935,653		36,420,106		38.92		37,460,712		40.04
2011	18,533		890,571		48.05		907,911		48.99	818,754		29,892,977		36.51		31,677,586		38.69
2012	12,736		529,144		41.55		559,571		43.94	944,482		37,219,034		39.41		39,367,274		41.68
2013	13,377		683,985		51.13		770,839		57.62	112,318		3,926,943		34.96		4,274,465		38.06
2014	9,602		469,568		48.90		523,465		54.52	674,927		21,173,376		31.37		23,833,869		35.31
2015	24,704		1,126,570		45.60		1,229,651		49.78	574,415		25,733,300		44.80		29,592,374		51.52
2016	17,696		864,695		48.86		975,702		55.14	205,271		7,488,070		36.48		9,205,035		44.84
2017	24,412		1,070,538		43.85		1,190,204		48.75	905,359		45,617,415		50.39		50,501,047		55.78
Thereafter	101,784		2,940,244		28.89		3,691,655		36.27	1,915,607		85,840,626		44.81		109,563,266		57.20

Boston Properties, Inc.

First Quarter 2008

IN-SERVICE GREATER WASHINGTON PROPERTIES

Quarterly Lease Expirations - Greater Washington


	OFFICE									OFFICE/TECHNICAL
Lease Expiration by Quarter	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	56,094		2,252,097		40.15		2,399,205		42.77	41,839		858,432		20.52		858,432		20.52
Q3 2008	11,908		557,776		46.84		557,776		46.84	26,388		351,247		13.31		351,247		13.31
Q4 2008	18,327		654,173		35.69		654,173		35.69	47,001		1,058,837		22.53		1,058,837		22.53

Total 2008	86,329	$	3,464,046	$	40.13	$	3,611,153	$	41.83	115,228	$	2,268,517	$	19.69	$	2,268,517	$	19.69

Q1 2009	220,462	$	7,087,122	$	32.15	$	7,108,989	$	32.25	25,829	$	636,626	$	24.65	$	639,899	$	24.77
Q2 2009	58,592		2,406,119		41.07		2,469,677		42.15	—		—		—		—		—
Q3 2009	45,329		1,861,820		41.07		1,916,057		42.27	33,400		635,146		19.02		650,699		19.48
Q4 2009	418,185		16,533,757		39.54		16,668,127		39.86	10,352		226,238		21.85		233,025		22.51

Total 2009	742,568	$	27,888,818	$	37.56	$	28,162,850	$	37.93	69,581	$	1,498,010	$	21.53	$	1,523,624	$	21.90


	Retail									Total Property Types
Lease Expiration by Quarter	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	—		—		—		—		—	97,933		3,110,529		31.76		3,257,637		33.26
Q3 2008	18,152		849,740		46.81		849,740		46.81	56,448		1,758,763		31.16		1,758,763		31.16
Q4 2008	—		—		—		—		—	65,328		1,713,011		26.22		1,713,011		26.22

Total 2008	18,152	$	849,740	$	46.81		849,740	$	46.81	219,709	$	6,582,303	$	29.96		6,729,411	$	30.63

Q1 2009	—	$	—	$	—	$	—	$	—	246,291	$	7,723,748	$	31.36	$	7,748,889	$	31.46
Q2 2009	—		—		—		—		—	58,592		2,406,119		41.07		2,469,677		42.15
Q3 2009	22,679		849,792		37.47		853,379		37.63	101,408		3,346,757		33.00		3,420,134		33.73
Q4 2009	8		40		5.00		40		5.00	428,545		16,760,035		39.11		16,901,192		39.44

Total 2009	22,687	$	849,832	$	37.46	$	853,419	$	37.62	834,836	$	30,236,660	$	36.22	$	30,539,892	$	36.58

Boston Properties, Inc.

First Quarter 2008

IN-SERVICE GREATER SAN FRANCISCO PROPERTIES

Lease Expirations - Greater San Francisco


	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	207,286	$	8,285,436	$	39.97	$	8,302,854	$	40.06	—	$	—	$	—	$	—	$	—
2009	198,046		8,661,374		43.73		8,723,433		44.05	—		—		—		—		—
2010	745,114		18,242,863		24.48		19,060,420		25.58	—		—		—		—		—
2011	369,076		23,918,470		64.81		24,917,906		67.51	—		—		—		—		—
2012	240,526		11,892,596		49.44		12,225,787		50.83	—		—		—		—		—
2013	190,841		8,569,275		44.90		9,077,827		47.57	—		—		—		—		—
2014	471,350		18,155,818		38.52		19,674,944		41.74	—		—		—		—		—
2015	330,946		11,256,729		34.01		12,920,548		39.04	—		—		—		—		—
2016	931,129		36,494,959		39.19		39,454,872		42.37	—		—		—		—		—
2017	171,279		7,864,922		45.92		8,521,521		49.75	—		—		—		—		—
Thereafter	496,866		26,303,428		52.94		29,521,844		59.42	—		—		—		—		—
	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step- ups		Per Square Foot
2008	18,710	$	810,392	$	43.31	$	810,392	$	43.31	225,996	$	9,095,828	$	40.25	$	9,113,246	$	40.32
2009	29,990		1,338,075		44.62		1,339,053		44.65	228,036		9,999,449		43.85		10,062,486		44.13
2010	35,049		1,740,660		49.66		1,767,496		50.43	780,163		19,983,523		25.61		20,827,916		26.70
2011	24,809		1,100,335		44.35		1,124,200		45.31	393,885		25,018,804		63.52		26,042,106		66.12
2012	35,001		2,520,183		72.00		2,646,395		75.61	275,527		14,412,779		52.31		14,872,182		53.98
2013	26,994		1,579,651		58.52		1,590,012		58.90	217,835		10,148,925		46.59		10,667,838		48.97
2014	8,365		567,038		67.79		607,288		72.60	479,715		18,722,856		39.03		20,282,232		42.28
2015	30,923		1,545,133		49.97		1,703,340		55.08	361,869		12,801,862		35.38		14,623,888		40.41
2016	7,887		444,176		56.32		492,530		62.45	939,016		36,939,135		39.34		39,947,402		42.54
2017	12,053		673,537		55.88		732,038		60.73	183,332		8,538,459		46.57		9,253,559		50.47
Thereafter	16,366		776,098		47.42		883,793		54.00	513,232		27,079,526		52.76		30,405,637		59.24

Boston Properties, Inc.

First Quarter 2008

IN-SERVICE GREATER SAN FRANCISCO PROPERTIES

Quarterly Lease Expirations - Greater San Francisco


	OFFICE									OFFICE/TECHNICAL
Lease Expiration by Quarter	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	118,076		5,101,492		43.21		5,118,910		43.35	—		—		—		—		—
Q3 2008	50,721		1,812,675		35.74		1,812,675		35.74	—		—		—		—		—
Q4 2008	38,489		1,371,269		35.63		1,371,269		35.63	—		—		—		—		—

Total 2008	207,286	$	8,285,436	$	39.97	$	8,302,854	$	40.06	—		—		—		—		—

Q1 2009	16,177	$	528,104	$	32.65	$	534,489	$	33.04	—	$	—	$	—	$	—	$	—
Q2 2009	15,268		446,433		29.24		455,064		29.81	—		—		—		—		—
Q3 2009	70,246		2,683,810		38.21		2,729,335		38.85	—		—		—		—		—
Q4 2009	96,355		5,003,027		51.92		5,004,545		51.94	—		—		—		—		—

Total 2009	198,046	$	8,661,374	$	43.73	$	8,723,433	$	44.05	—		—		—		—		—


	Retail									Total Property Types
Lease Expiration by Quarter	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step- ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	1,242		130,829		105.34		130,829		105.34	119,318		5,232,320		43.85		5,249,739		44.00
Q3 2008	1,312		103,274		78.71		103,274		78.71	52,033		1,915,949		36.82		1,915,949		36.82
Q4 2008	16,156		576,289		35.67		576,289		35.67	54,645		1,947,558		35.64		1,947,558		35.64

Total 2008	18,710	$	810,392	$	43.31	$	810,392	$	43.31	225,996	$	9,095,828	$	40.25	$	9,113,246	$	40.32

Q1 2009	20,994	$	735,799	$	35.05	$	735,799	$	35.05	37,171	$	1,263,903	$	34.00	$	1,270,287		34.17
Q2 2009	1,022		102,875		100.66		103,852		101.62	16,290		549,308		33.72		558,916		34.31
Q3 2009	—		—		—		—		—	70,246		2,683,810		38.21		2,729,335		38.85
Q4 2009	7,974		499,402		62.63		499,402		62.63	104,329		5,502,428		52.74		5,503,947		52.76

Total 2009	29,990		1,338,075		44.62		1,339,053		44.65	228,036	$	9,999,449	$	43.85	$	10,062,486	$	44.13

Boston Properties, Inc.

First Quarter 2008

IN-SERVICE MIDTOWN MANHATTAN PROPERTIES

Lease Expirations - Midtown Manhattan


	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	122,148	$	9,672,534	$	79.19	$	10,018,638	$	82.02	—	$	—	$	—	$	—	$	—
2009	138,519		9,874,339		71.29		9,927,269		71.67	—		—		—		—		—
2010	256,544		18,618,082		72.57		18,650,054		72.70	—		—		—		—		—
2011	92,271		6,609,682		71.63		6,889,362		74.66	—		—		—		—		—
2012	173,593		15,697,129		90.42		16,380,204		94.36	—		—		—		—		—
2013	56,636		4,096,944		72.34		7,287,468		128.67	—		—		—		—		—
2014	18,148		1,479,216		81.51		1,836,334		101.19	—		—		—		—		—
2015	65,862		4,316,753		65.54		4,634,557		70.37	—		—		—		—		—
2016	1,016,537		85,066,718		83.68		91,739,002		90.25	—		—		—		—		—
2017	1,212,531		97,294,823		80.24		108,961,915		89.86	—		—		—		—		—
Thereafter	2,162,648		135,707,091		62.75		168,401,304		77.87	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	658	$	68,901	$	104.71	$	68,901	$	104.71	122,806	$	9,741,435	$	79.32	$	10,087,539	$	82.14
2009	—		—		—		—		—	138,519		9,874,339		71.29		9,927,269		71.67
2010	—		—		—		—		—	256,544		18,618,082		72.57		18,650,054		72.70
2011	14,550		1,483,037		101.93		1,545,315		106.21	106,821		8,092,719		75.76		8,434,677		78.96
2012	6,050		794,434		131.31		876,885		144.94	179,643		16,491,564		91.80		17,257,090		96.06
2013	1,682		77,263		45.94		192,434		114.41	58,318		4,174,207		71.58		7,479,902		128.26
2014	11,368		1,266,652		111.42		1,474,396		129.70	29,516		2,745,868		93.03		3,310,729		112.17
2015	—		—		—		—		—	65,862		4,316,753		65.54		4,634,557		70.37
2016	51,371		3,686,177		71.76		4,084,585		79.51	1,067,908		88,752,895		83.11		95,823,587		89.73
2017	26,685		2,237,231		83.84		2,401,654		90.00	1,239,216		99,532,054		80.32		111,363,569		89.87
Thereafter	93,529		11,496,313		122.92		15,304,443		163.63	2,256,177		147,203,404		65.24		183,705,747		81.42

Boston Properties, Inc.

First Quarter 2008

IN-SERVICE MIDTOWN MANHATTAN PROPERTIES

Quarterly Lease Expirations - Midtown Manhattan


	OFFICE									OFFICE/TECHNICAL
Lease Expiration by Quarter	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	—		—		—		—		—	—		—		—		—		—
Q3 2008	60,590		4,482,661		73.98		4,482,661		73.98	—		—		—		—		—
Q4 2008	61,558		5,189,872		84.31		5,535,976		89.93	—		—		—		—		—

Total 2008	122,148	$	9,672,534	$	79.19	$	10,018,638	$	82.02	—	$	—	$	—	$	—	$	—

Q1 2009	2,109	$	121,870	$	57.79	$	121,870	$	57.79	—	$	—	$	—		—	$	—
Q2 2009	58,543		4,474,163		76.43		4,516,734		77.15	—		—		—		—		—
Q3 2009	65,827		4,509,455		68.50		4,514,751		68.59	—		—		—		—		—
Q4 2009	12,040		768,850		63.86		773,913		64.28	—		—		—		—		—

Total 2009	138,519	$	9,874,339	$	71.29	$	9,927,269	$	71.67	—	$	—	$	—	$	—	$	—


	Retail									Total Property Types
Lease Expiration by Quarter	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	350		26,070		74.49		26,070		74.49	350		26,070		74.49		26,070		74.49
Q3 2008	—		—		—		—		—	60,590		4,482,661		73.98		4,482,661		73.98
Q4 2008	308		42,831		139.06		42,831		139.06	61,866		5,232,704		84.58		5,578,808		90.18

Total 2008	658	$	68,901	$	104.71	$	68,901	$	104.71	122,806	$	9,741,435	$	79.32	$	10,087,539	$	82.14

Q1 2009	—	$	—	$	—		—	$	—	2,109	$	121,870	$	57.79		121,870	$	57.79
Q2 2009	—		—		—		—		—	58,543		4,474,163		76.43		4,516,734		77.15
Q3 2009	—		—		—		—		—	65,827		4,509,455		68.50		4,514,751		68.59
Q4 2009	—		—		—		—		—	12,040		768,850		63.86		773,913		64.28

Total 2009	—	$	—	$	—	$	—	$	—	138,519	$	9,874,339	$	71.29	$	9,927,269	$	71.67

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES

Lease Expirations - Princeton/East Brunswick


	OFFICE									OFFICE/TECHNICAL
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	20,336	$	657,049	$	32.31	$	657,049	$	32.31	—	$	—	$	—	$	—	$	—
2009	220,558		8,084,105		36.65		8,104,232		36.74	—		—		—		—		—
2010	135,005		4,893,676		36.25		4,931,304		36.53	—		—		—		—		—
2011	384,820		13,366,477		34.73		13,575,104		35.28	—		—		—		—		—
2012	49,248		1,649,885		33.50		1,698,833		34.50	—		—		—		—		—
2013	165,311		5,135,773		31.07		5,696,031		34.46	—		—		—		—		—
2014	630,271		19,507,199		30.95		21,074,322		33.44	—		—		—		—		—
2015	154,152		4,501,911		29.20		5,077,343		32.94	—		—		—		—		—
2016	—		—		—		—		—	—		—		—		—		—
2017	80,846		2,683,989		33.20		2,985,569		36.93	—		—		—		—		—
Thereafter	—		—		—		—		—	—		—		—		—		—

	Retail									Total Property Types
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	—	$	—	$	—	$	—	$	—	20,336	$	657,049	$	32.31	$	657,049	$	32.31
2009	—		—		—		—		—	220,558		8,084,105		36.65		8,104,232		36.74
2010	—		—		—		—		—	135,005		4,893,676		36.25		4,931,304		36.53
2011	—		—		—		—		—	384,820		13,366,477		34.73		13,575,104		35.28
2012	—		—		—		—		—	49,248		1,649,885		33.50		1,698,833		34.50
2013	—		—		—		—		—	165,311		5,135,773		31.07		5,696,031		34.46
2014	—		—		—		—		—	630,271		19,507,199		30.95		21,074,322		33.44
2015	—		—		—		—		—	154,152		4,501,911		29.20		5,077,343		32.94
2016	—		—		—		—		—	—		—		—		—		—
2017	—		—		—		—		—	80,846		2,683,989		33.20		2,985,569		36.93
Thereafter	—		—		—		—		—	—		—		—		—		—

Boston Properties, Inc.

Fourth Quarter 2007

IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES

Quarterly Lease Expirations - Princeton/East Brunswick


	OFFICE									OFFICE/TECHNICAL
Lease Expiration by Quarter	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	4,092		118,873		29.05		118,873		29.05	—		—		—		—		—
Q3 2008	—		—		—		—		—	—		—		—		—		—
Q4 2008	16,244		538,176		33.13		538,176		33.13	—		—		—		—		—

Total 2008	20,336	$	657,049	$	32.31	$	657,049	$	32.31	—	$	—	$	—	$	—	$	—

Q1 2009	79,649	$	3,109,973	$	39.05	$	3,109,973	$	39.05	—	$	—	$	—	$	—	$	—
Q2 2009	11,085		346,400		31.25		346,400		31.25	—		—		—		—		—
Q3 2009	24,797		890,548		35.91		891,425		35.95	—		—		—		—		—
Q4 2009	105,027		3,737,184		35.58		3,756,434		35.77	—		—		—		—		—

Total 2009	220,558	$	8,084,105	$	36.65	$	8,104,232	$	36.74	—	$	—	$	—	$	—	$	—


	Retail									Total Property Types
Lease Expiration by Quarter	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step- ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step- ups		Per Square Foot
Q1 2008	—	$	—	$	—	$	—	$	—	—	$	—	$	—	$	—	$	—
Q2 2008	—		—		—		—		—	4,092		118,873		29.05		118,873		29.05
Q3 2008	—		—		—		—		—	—		—		—		—		—
Q4 2008	—		—		—		—		—	16,244		538,176		33.13		538,176		33.13

Total 2008	—	$	—	$	—	$	—	$	—	20,336	$	657,049	$	32.31	$	657,049	$	32.31

Q1 2009	—	$	—	$	—	$	—	$	—	79,649	$	3,109,973	$	39.05	$	3,109,973	$	39.05
Q2 2009	—		—		—		—		—	11,085		346,400		31.25		346,400		31.25
Q3 2009	—		—		—		—		—	24,797		890,548		35.91		891,425		35.95
Q4 2009	—		—		—		—		—	105,027		3,737,184		35.58		3,756,434		35.77

Total 2009	—	$	—	$	—	$	—	$	—	220,558	$	8,084,105	$	36.65	$	8,104,232	$	36.74

Boston Properties, Inc.

First Quarter 2008

CBD PROPERTIES

Lease Expirations


	Greater Boston										Greater Washington
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	158,121	$	7,331,226	$	46.36	$	8,269,122	$	52.30	(1)	39,423	$	1,875,162	$	47.57	$	1,875,162	$	47.57
2009	315,328		13,745,227		43.59		13,766,835		43.66		405,246		16,173,627	$	39.91		16,365,754		40.38
2010	175,894		6,764,538		38.46		6,826,256		38.81		350,116		17,636,804	$	50.37		18,267,661		52.18
2011	805,023		44,104,187		54.79		45,886,921		57.00		117,757		6,673,926	$	56.68		6,978,089		59.26
2012	504,375		24,561,860		48.70		24,788,780		49.15		162,359		6,983,599	$	43.01		7,086,003		43.64
2013	218,257		12,035,493		55.14		13,152,957		60.26		7,265		354,056	$	48.73		399,833		55.04
2014	508,386		23,838,927		46.89		23,757,639		46.73		54,268		2,589,212	$	47.71		2,908,388		53.59
2015	272,346		14,597,165		53.60		15,653,632		57.48		337,833		18,344,715	$	54.30		20,822,887		61.64
2016	296,421		21,946,900		74.04		22,636,123		76.36		57,782		2,661,376	$	46.06		3,170,793		54.88
2017	103,886		5,817,099		56.00		6,346,666		61.09		753,559		40,104,395	$	53.22		44,120,941		58.55
Thereafter	1,207,758		48,126,141		39.85		73,163,442		60.58		1,348,770		65,258,680	$	48.38		88,526,984		65.64

	New York										San Francisco
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot			Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step- ups		Per Square Foot
2008	122,806	$	9,741,435	$	79.32	$	10,087,539	$	82.14		173,739	$	7,696,508	$	44.30	$	7,696,508	$	44.30
2009	138,519		9,874,339		71.29		9,927,269		71.67		159,130		7,906,281		49.68		7,909,946		49.71
2010	256,544		18,618,082		72.57		18,650,054		72.70		206,866		11,481,788		55.50		11,856,510		57.31
2011	106,821		8,092,719		75.76		8,434,677		78.96		310,492		23,703,366		76.34		24,261,255		78.14
2012	179,643		16,491,564		91.80		17,257,090		96.06		253,520		13,719,389		54.12		14,107,087		55.64
2013	58,318		4,174,207		71.58		7,479,902		128.26		207,824		9,846,445		47.38		10,321,015		49.66
2014	29,516		2,745,868		93.03		3,310,729		112.17		223,413		10,244,513		45.85		10,942,714		48.98
2015	65,862		4,316,753		65.54		4,634,557		70.37		139,907		5,998,346		42.87		6,461,887		46.19
2016	1,067,908		88,752,895		83.11		95,823,587		89.73		810,628		33,932,862		41.86		36,289,690		44.77
2017	1,239,216		99,532,054		80.32		111,363,569		89.87		183,332		8,538,459		46.57		9,253,559		50.47
Thereafter	2,256,177		147,203,404		65.24		183,705,747		81.42		513,232		27,079,526		52.76		30,405,637		59.24

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

(1)	Includes 4,626 square feet of retail space and kiosks. Excluding this space, current rent on expiring leases is $38.44 and rent on expiring leases with future step-up is $43.20 per square foot in 2008.

Boston Properties, Inc.

First Quarter 2008

SUBURBAN PROPERTIES

Lease Expirations


	Greater Boston									Greater Washington
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	229,119	$	7,038,268	$	30.72	$	7,038,268	$	30.72	180,286	$	4,707,141	$	26.11	$	4,854,249	$	26.93
2009	578,222		18,200,468		31.48		18,767,847		32.46	429,590		14,063,032		32.74		14,174,138		32.99
2010	489,261		14,009,531		28.63		14,909,956		30.47	585,537		18,783,302		32.08		19,193,051		32.78
2011	472,017		12,614,292		26.72		12,861,061		27.25	700,997		23,219,051		33.12		24,699,498		35.23
2012	729,013		22,160,633		30.40		23,622,572		32.40	782,123		30,235,435		38.66		32,281,271		41.27
2013	125,789		3,460,091		27.51		3,888,331		30.91	105,053		3,572,887		34.01		3,874,632		36.88
2014	146,168		3,766,855		25.77		4,231,671		28.95	620,659		18,584,164		29.94		20,925,480		33.71
2015	81,692		1,836,045		22.48		2,251,833		27.56	236,582		7,388,585		31.23		8,769,487		37.07
2016	158,900		5,026,171		31.63		5,321,171		33.49	147,489		4,826,694		32.73		6,034,242		40.91
2017	145,556		4,148,104		28.50		5,119,079		35.17	151,800		5,513,019		36.32		6,380,106		42.03
Thereafter	301,276		6,913,183		22.95		6,628,821		22.00	566,837		20,581,946		36.31		21,036,282		37.11

	New York									San Francisco
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	—	$	—	$	—	$	—	$	—	52,257	$	1,399,320	$	26.78	$	1,416,738	$	27.11
2009	—		—		—		—		—	68,906		2,093,168		30.38		2,152,540		31.24
2010	—		—		—		—		—	573,297		8,501,734		14.83		8,971,406		15.65
2011	—		—		—		—		—	83,393		1,315,438		15.77		1,780,851		21.35
2012	—		—		—		—		—	22,007		693,390		31.51		765,095		34.77
2013	—		—		—		—		—	10,011		302,480		30.21		346,823		34.64
2014	—		—		—		—		—	256,302		8,478,343		33.08		9,339,517		36.44
2015	—		—		—		—		—	221,962		6,803,516		30.65		8,162,001		36.77
2016	—		—		—		—		—	128,388		3,006,274		23.42		3,657,712		28.49
2017	—		—		—		—		—	—		—		—		—		—
Thereafter	—		—		—		—		—	—		—		—		—		—

	Princeton/East Brunswick									Other
Year of Lease Expiration	Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot		Rentable Square Footage Subject to Expiring Leases	Current Annualized Revenues Under Expiring Leases		Per Square Foot		Annualized Revenues Under Expiring Leases with future step-ups		Per Square Foot
2008	20,336	$	657,049	$	32.31	$	657,049	$	32.31	—	$	—	$	—	$	—	$	—
2009	220,558		8,084,105		36.65		8,104,232		36.74	—		—		—		—		—
2010	135,005		4,893,676		36.25		4,931,304		36.53	—		—		—		—		—
2011	384,820		13,366,477		34.73		13,575,104		35.28	—		—		—		—		—
2012	49,248		1,649,885		33.50		1,698,833		34.50	—		—		—		—		—
2013	165,311		5,135,773		31.07		5,696,031		34.46	—		—		—		—		—
2014	630,271		19,507,199		30.95		21,074,322		33.44	—		—		—		—		—
2015	154,152		4,501,911		29.20		5,077,343		32.94	—		—		—		—		—
2016	—		—		—		—		—	—		—		—		—		—
2017	80,846		2,683,989		33.20		2,985,569		36.93	—		—		—		—		—
Thereafter	—		—		—		—		—	—		—		—		—		—

Boston Properties, Inc.

First Quarter 2008


*HOTEL PERFORMANCE* Cambridge Center Marriott
	First Quarter 2008			First Quarter 2007			Percent Change
Occupancy		68.6	%		73.8	%	-7.0	%
Average Daily Rate	$	180.59		$	175.70		2.8	%
Revenue per available room	$	123.94		$	129.66		-4.4	%

Boston Properties, Inc.

First Quarter 2008

OCCUPANCY ANALYSIS

Same Property Occupancy⁽¹⁾ - By Location


	CBD				Suburban				Total
Location	31-Mar-08		31-Mar-07		31-Mar-08		31-Mar-07		31-Mar-08		31-Mar-07
Greater Boston	97.9	%	93.9	%	87.7	%	85.0	%	93.3	%	89.9	%
Greater Washington	98.9	%	98.1	%	99.2	%	99.6	%	99.0	%	98.9	%
Midtown Manhattan	99.8	%	99.5	%	n/a		n/a		99.8	%	99.5	%
Princeton/East Brunswick, NJ	n/a		n/a		83.2	%	87.1	%	83.2	%	87.1	%
Greater San Francisco	94.2	%	88.2	%	99.4	%	97.0	%	95.6	%	90.6	%

Total Portfolio	98.0	%	95.4	%	92.1	%	91.9	%	95.6	%	94.0	%


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

	CBD				Suburban				Total
	31-Mar-08		31-Mar-07		31-Mar-08		31-Mar-07		31-Mar-08		31-Mar-07
Total Office Portfolio	97.9	%	95.3	%	93.2	%	93.4	%	96.1	%	94.6	%
Total Office/Technical Portfolio	100.0	%	100.0	%	82.9	%	79.0	%	86.3	%	83.2	%

Total Portfolio	98.0	%	95.4	%	92.1	%	91.9	%	95.6	%	94.0	%

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

Boston Properties, Inc.

First Quarter 2008


*SAME PROPERTY PERFORMANCE*
*Office, Office/Technical and Hotel Properties*
	Office		Office/Technical			Hotel (1)			Total
Number of Properties	97			17			1			115
Square feet	27,398,423			1,501,523			330,400			29,230,346
Percent of in-service properties	96.8	%		90.5	%		100.0	%		96.5	%
Occupancy @ 3/31/2007	94.6	%		83.2	%		—			94.0	%
Occupancy @ 3/31/2008	96.1	%		86.3	%		—			95.6	%
Percent change from 1st quarter 2008 over 1st quarter 2007 (2):
Rental revenue	5.1	%		7.2	%		-2.8	%		5.0	%
Operating expenses and real estate taxes	4.7	%		6.3	%		-1.9	%		4.4	%
Net Operating Income (3)	5.4	%		7.6	%		-9.8	%(2)		5.4	%
Net Operating Income (3) - without hotels										5.5	%
Rental revenue - cash basis	6.5	%		0.9	%		-2.8	%		6.1	%
Net Operating Income (3) - cash basis (4)	7.5	%		-1.4	%		-9.8	%(2)		7.1	%
Net Operating Income (3) - cash basis(4) - without hotels										7.2	%

*Same Property Lease Analysis - quarter ended March 31, 2008*
			Office			Office/Technical			Total
Vacant space available @ 1/1/2008 (sf)				1,277,975			141,280			1,419,255
Square footage of leases expiring or terminated 1/1/2008-3/31/2008				578,595			—			578,595

Total space for lease (sf)				1,856,570			141,280			1,997,850

New tenants (sf)				570,937			—			570,937
Renewals (sf)				155,262			—			155,262

Total space leased (sf)				726,199			—			726,199

Space available @ 3/31/2008 (sf)				1,130,371			141,280			1,271,651

Net (increase)/decrease in available space (sf)				147,604			—			147,604
2nd generation Average lease term (months)				85			—			85
2nd generation Average free rent (days)				82			—			82
2nd generation TI/Comm PSF			$	36.69		$	—		$	36.69
Increase (decrease) in 2nd generation gross rents (4)				48.21	%		0.00	%		48.21	%
Increase (decrease) in 2nd generation net rents (4)				74.23	%		0.00	%		74.23	%

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

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

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

(4)	Represents change in rents on a “cash to cash” basis (actual rent at time of expiration vs. initial rent of new lease) and for only 2nd generation space after eliminating any space vacant for more than 12 months. The total footage being weighted is 549,148 square feet.

Boston Properties, Inc.

First Quarter 2008

Reconciliation of Net Operating Income to Net Income


	For the three months ended
	3/31/2008			3/31/2007
	*(in thousands)*
Net income available to common shareholders	$	88,461		$	854,307
Gains on sales of real estate from discontinued operations, net of minority interest		—			(161,848	)
Income from discontinued operations, net of minority interest		—			(2,626	)
Gains on sales of real estate, net of minority interest		(20,025	)		(619,206	)
Minority interest in Operating Partnership		13,024			10,928
Income from unconsolidated joint ventures		(1,042	)		(965	)
Minority interest in property partnership		625			—

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		81,043			80,590
Add:
Losses from early entinguishments of debt		—			722
Net derivative losses		3,788			—
Depreciation and amortization		74,671			69,772
Interest expense		67,839			73,926
General and administrative expense		19,588			16,808
Subtract:
Interest and other income		(11,779	)		(16,988	)
Development and management services income		(5,477	)		(4,727	)

Consolidated Net Operating Income	$	229,673		$	220,103

Same Property Net Operating Income	$	217,280		$	206,072
Net operating income from non Same Properties (1)		9,013			11,481
Termination income		3,380			2,550

Consolidated Net Operating Income	$	229,673		$	220,103

Same Property Net Operating Income	$	217,280		$	206,072
Less straight-line rent and fair value lease revenue		9,790			12,356

Same Property Net Operating Income - cash basis	$	207,490		$	193,716

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

Boston Properties, Inc.

First Quarter 2008

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-08		31-Mar-07		$ Change			% Change		31-Mar-08		31-Mar-07		$ Change			% Change
Rental Revenue	$	323,334	$	306,837						$	10,997	$	10,257
Less Termination Income		3,380		2,550							—		—

Rental revenue - subtotal		319,954		304,287		15,667		5.1	%		10,997		10,257		740		7.2	%
Operating expenses and real estate taxes		111,108		106,166		4,942		4.7	%		3,190		3,001		189		6.3	%

Net Operating Income (1)	$	208,846	$	198,121	$	10,725		5.4	%	$	7,807	$	7,256	$	551		7.6	%

Rental revenue - subtotal	$	319,954	$	304,287						$	10,997	$	10,257
Less straight line rent and fair value lease revenue		9,126		12,344		(3,218	)	-26.1	%		665		13		652		5015.4	%

Rental revenue - cash basis		310,828		291,943		18,885		6.5	%		10,332		10,244		88		0.9	%
Less:
Operating expenses and real estate taxes		111,108		106,166		4,942		4.7	%		3,190		3,001		189		6.3	%

Net Operating Income (2) - cash basis	$	199,720	$	185,777	$	13,943		7.5	%	$	7,142	$	7,243	$	(101	)	-1.4	%


	Hotel											Total
	For the three months ended						$ Change			% Change		For the three months ended				$ Change			% Change
	31-Mar-08			31-Mar-07			$ Change			% Change		31-Mar-08		31-Mar-07		$ Change			% Change
Rental Revenue	$	6,524		$	6,709							$	340,855	$	323,803
Less Termination Income		—			—								3,380		2,550

Rental revenue - subtotal		6,524			6,709		$	(185	)	-2.8	%		337,475		321,253		16,222		5.0	%
Operating expenses and real estate taxes		5,897			6,014			(117	)	-1.9	%		120,195		115,181		5,014		4.4	%

Net Operating Income (1)	$	627		$	695		$	(68	)	-9.8	%	$	217,280	$	206,072	$	11,208		5.4	%

Rental revenue - subtotal	$	6,524		$	6,709							$	337,475	$	321,253
Less straight line rent and fair value lease revenue		(1	)		(1	)		—		0.0	%		9,790		12,356		(2,566	)	-20.8	%

Rental revenue - cash basis		6,525			6,710			(185	)	-2.8	%		327,685		308,897		18,788		6.1	%
Less:
Operating expenses and real estate taxes		5,897			6,014			(117	)	-1.9	%		120,195		115,181		5,014		4.4	%

Net Operating Income (2) - cash basis	$	628		$	696		$	(68	)	-9.8	%	$	207,490	$	193,716	$	13,774		7.1	%

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

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

Boston Properties, Inc.

First Quarter 2008

LEASING ACTIVITY

All In-Service Properties - quarter ended March 31, 2008


	Office			Office/Technical			Total
Vacant space available @ 1/1/2008 (sf)		1,350,004			167,229			1,517,233
Property dispositions/ assets taken out of service (sf)		—			—			—
Property acquisitions/ assets placed in-service (sf)		75,566			—			75,566
Leases expiring or terminated 1/1/2008-3/31/2008 (sf)		578,595			68,906			647,501

Total space for lease (sf)		2,004,165			236,135			2,240,300

New tenants (sf)		664,902			—			664,902
Renewals (sf)		155,262			—			155,262

Total space leased (sf)		820,164			—			820,164	(1)

Space available @ 3/31/2008 (sf)		1,184,001			236,135			1,420,136

Net (increase)/decrease in available space (sf)		166,003			(68,906	)		97,097
2nd generation Average lease term (months)		87			—			87
2nd generation Average free rent (days)		88			—			88
2nd generation TI/Comm PSF	$	35.72		$	—		$	35.72
Increase (decrease) in 2nd generation gross rents (2)		48.21	%		0.00	%		48.21%
Increase (decrease) in 2nd generation net rents (3)		74.23	%		0.00	%		74.23%


	All leases 1st Generation	All leases 2nd Generation	Incr (decr) in 2nd gen. gross cash rents (2)		Incr (decr) in 2nd gen. net cash rents(3)		Total Leased (4)	Total square feet of leases executed in the quarter (5)
Boston	—	325,125	18.00	%	27.71	%	325,125	368,055
Washington	75,477	5,547	-0.13	%	-0.20	%	81,024	132,049
New York	—	141,290	73.02	%	123.04	%	141,290	20,118
San Francisco	—	246,588	73.70	%	107.46	%	246,588	101,952
Princeton	—	26,137	-19.49	%	-29.72	%	26,137	80,366

	75,477	744,687	48.21	%	74.23	%	820,164	702,540

(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 549,148.

(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 549,148.

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

(5)	Represents leases executed in the quarter for which the GAAP impact may be recognized in the current or future quarter, including properties currently under development.

Boston Properties, Inc.

First Quarter 2008

HISTORICALLY GENERATED CAPITAL EXPENDITURES,

TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS

Historical Capital Expenditures

(in thousands)


	Q1 2008			2007		2006			2005
Recurring capital expenditures	$	4,296		$	36,599	$	25,718		$	22,369
Planned non-recurring capital expenditures associated with acquisition properties		15			1,490		3,869			2,957
Hotel improvements, equipment upgrades and replacements		993	(1)		1,127		7,969	(2)		4,097

	$	5,304		$	39,216	$	37,556		$	29,423

2nd Generation Tenant Improvements and Leasing Commissions


	Q1 2008		2007		2006		2005
Office
Square feet		744,687		3,201,812		2,972,996		2,749,079

Tenant improvement and lease commissions PSF	$	35.72	$	23.88	$	29.14	$	28.75

Office/Technical
Square feet		—		226,692		33,400		82,753

Tenant improvement and lease commissions PSF	$	—	$	26.62	$	—	$	2.89

Average tenant improvement and lease commissions PSF	$	35.72	$	24.06	$	28.82	$	28.00

(1)	Includes approximately $723,000 of costs related to suites renovation at Cambridge Center Marriott.

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

Boston Properties, Inc.

First Quarter 2008

ACQUISITIONS/DISPOSITIONS

as of March 31, 2008

ACQUISITIONS

For the period from January 1, 2008 through March 31, 2008


Property	Date Acquired	Square Feet	Initial Investment		Anticipated Future Investment		Total Investment		Percentage Leased
None

Total Acquisitions		—	$	—	$	—	$	—		—


*DISPOSITIONS*
For the period from January 1, 2008 through March 31, 2008

Property			Date Disposed		Square Feet		Gross Sales Price		Book Gain
280 Park Avenue (1)				Jun-06		—	$	—	$	23,438,000
Mountain View Research/Technology Parks (2)				Jan-08		736,268		221,600,000		—

Total Dispositions						736,268	$	221,600,000	$	23,438,000

(1)

280 Park Avenue was sold in June 2006. The Company entered into a 74,340 net rentable square foot master lease obligation with the buyer resulting in the deferral of approximately $67.3 million of the book gain. Subsequent to the sale during 2006, the Company signed qualifying leases for 26,281 net rentable square feet and recognized approximately $21.0 million of additional book gain. During the year ended December 31, 2007, the Company signed an additional qualifying lease for 22,250 net rentable square feet resulting in the recognition of approximately $18.0 million of additional book gain. During the three months ended March 31, 2008, the Company signed an additional qualifying lease for 17,454 net rentable square feet resulting in the recognition of approximately $23.4 million of additional book gain. As of March 31, 2008, the master lease obligation totaled approximately $2.3 million.

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

Boston Properties, Inc.

First Quarter 2008

VALUE CREATION PIPELINE - CONSTRUCTION IN PROGRESS (1)

as of March 31, 2008


Construction Properties	Initial Occupancy	Estimated Stabilization Date	Location	# of Buildings	Square feet	Investment to Date (2)		Estimated Total Investment (2)		Total Construction Loan (2)		Amount Drawn at 3/31/2008(2)		Estimated Future Equity Requirement (2)		Percentage Leased (3)
77 CityPoint (formerly 77 Fourth Avenue)	Q1 2008	Q4 2008	Waltham, MA	1	210,000		66,449,203		79,707,173		—		—		13,257,970	100	%
South of Market (Phase I)	Q1 2008	Q3 2009	Reston, VA	3	652,000		170,584,612		213,800,000		200,000,000		148,342,595		—	72	%
One Preserve Parkway	Q2 2008	Q4 2009	Rockville, MD	1	183,000		41,703,693		60,536,931		—		—		18,833,238	20	%
Annapolis Junction (50% ownership)	Q3 2008	Q4 2009	Annapolis, MD	1	117,600		17,670,301		32,600,000		22,750,000		10,128,035		2,307,734	0	%
Wisconsin Place (66.67% ownership) (4)	Q2 2009	Q4 2010	Chevy Chase, MD	1	290,000		49,325,948		93,500,000		79,970,501		28,398,249		—	55	%
South of Market (Phase II)	Q3 2009	Q3 2010	Reston, VA	1	225,000		24,891,910		87,200,000		—		—		62,308,090	77	%
701 Carnegie Center	Q4 2009	Q4 2009	Princeton, NJ	1	120,000		6,644,171		34,000,000		—		—		27,355,829	100	%
250 West 55th	Q1 2010	Q4 2010	New York, NY	1	1,000,000		315,729,695		910,000,000		—		—		594,270,305	22	%
280 Congress Street (Russia Wharf) (5)	Q1 2011	Q1 2012	Boston, MA	2	815,000		143,719,293		550,000,000		—		—		406,280,707	78	% (6)

Total Properties under Construction				12	3,612,600	$	836,718,826	$	2,061,344,104	$	302,720,501	$	186,868,879	$	1,124,613,872	55	% (6)

PROJECTS PLACED-IN-SERVICE DURING 2008


	Initial In Service Date	Estimated Stabilization Date	Location	# of Buildings	Square feet	Investment to Date		Estimated Total Investment		Debt		Drawn at March 31, 2008		Estimated Future Equity Requirement		Percentage Leased
505 9th Street (50% ownership) (7)	Q4 2007	Q1 2008	Washington, D.C.	1	323,000	$	66,848,198	$	65,000,000	$	65,000,000	$	65,000,000		—	100	%

Total Projects Placed in Service				1	323,000	$	66,848,198	$	65,000,000	$	65,000,000	$	65,000,000	$	—	100	%

IN-SERVICE PROPERTIES HELD FOR RE-DEVELOPMENT


	Sub Market	Number of Buildings	Square Feet	Leased%		Annualized Revenue Per Leased SF		Encumbered with secured debt (Y/N)	Central Business District (CBD) or Suburban (S)	Estimated Future SF (8)
103 Fourth Avenue	Route 128 Mass Turnpike MA	1	62,476	58.5	%	$	20.93	N	S	265,000
Waltham Office Center	Route 128 Mass Turnpike MA	3	129,041	73.8	%		23.20	N	S	414,000
6601 Springfield Center Drive	Fairfax County VA	1	26,388	100.0	%		13.31	N	S	86,000
6605 Springfield Center Drive	Fairfax County VA	1	68,907	0.0	%		—	N	S	300,000
North First Business Park	San Jose, CA	5	190,636	77.8	%		21.07	N	S	683,000


Total Properties held for Re-Development		11	477,448	64.2	%	$	21.05			1,748,000

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

(2)	Represents the Company’s share.

(3)	Represents percentage leased as of April 25, 2008.

(4)	Includes approximately $34.5 million of land and infrastructure costs invested to date.

(5)	Includes 235,000 square feet of residential space for rent or for sale and 28,000 square feet of retail space.

(6)	Percentage Leased excludes 235,000 square feet of residential space and includes 28,000 square feet of retail space.

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

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

Boston Properties, Inc.

First Quarter 2008

VALUE CREATION PIPELINE - OWNED LAND PARCELS

as of March 31, 2008


Location	Acreage	Developable Square Feet
San Jose, CA (1) (2)	44.0	2,600,000
Waltham, MA (1)	25.4	1,163,604
Dulles, VA	76.6	934,000
Reston, VA	33.8	910,000
Gaithersburg, MD	27.0	850,000
Washington, DC (3)	2.7	825,000
Springfield, VA (1)	17.8	800,000
Rockville, MD	58.1	759,000
Boston, MA (4)	1.2	546,000
Marlborough, MA	50.0	400,000
Weston, MA	74.0	350,000
Annapolis, MD (50% ownership)	20.0	300,000
Andover, MA	10.0	110,000

	440.6	10,547,604

*VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS* as of March 31, 2008
Location	Acreage	Developable Square Feet
Princeton, NJ (5)	143.1	1,780,000
New York, NY (50% ownership)	1.0	850,000
Framingham, MA (6)	21.5	300,000
Cambridge, MA (7)	—	200,000

	165.6	3,130,000

(1)	Properties on-site are held for future re-development and referenced on page 49.

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

(3)	Ground lease option exercised in Q1 2008.

(4)	Includes approximately 250,000 square feet of Residential development.

(5)	$30.50 per square foot and $125,000 per annum non-refundable payment.

(6)	Subject to ground lease.

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

Boston Properties, Inc.

First Quarter 2008

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 excludiperformance 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

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

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

Funds Available for Distribution (FAD)

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

Debt to Total Market Capitalization Ratio

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

Net Operating Income (NOI)

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

In-Service Properties

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

Same Properties

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

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

PRESS RELEASE

Exhibit 99.2

LOGO

800 Boylston Street

Boston, MA 02199


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

Arista Joyner

Investor Relations Manager

(617) 236-3343

BOSTON PROPERTIES, INC. ANNOUNCES

FIRST QUARTER 2008 RESULTS

Reports diluted FFO per share of $1.11 Reports diluted EPS of $0.73

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

Funds from Operations (FFO) for the quarter ended March 31, 2008 were $134.7 million, or $1.13 per share basic and $1.11 per share diluted. This compares to FFO for the quarter ended March 31, 2007 of $133.0 million, or $1.13 per share basic and $1.10 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 119,535,586 and 122,482,731, respectively, for the quarter ended March 31, 2008 and 118,177,465 and 122,568,712, respectively, for the quarter ended March 31, 2007.

Net income available to common shareholders was $88.5 million for the quarter ended March 31, 2008, compared to $854.3 million for the quarter ended March 31, 2007. For the quarters ended March 31, 2008 and 2007, net income available to common shareholders includes $20.0 million and $781.1 million, respectively, of gains on sales of real estate. Net income available to common shareholders per share (EPS) for the quarter ended March 31, 2008 was $0.74 basic and $0.73 on a diluted basis. This compares to EPS for the first quarter of 2007 of $7.14 basic and $6.99 on a diluted basis. EPS includes $0.17 and $6.40, on a diluted basis, related to gains on sales of real estate and discontinued operations for the quarters ended March 31, 2008 and 2007, respectively. The gains on sales of real estate for the quarter ended March 31, 2007 primarily resulted from the sales of 5 Times Square and the Long Wharf Marriott hotel for gross sales prices of $1,280.0 million and $231.0 million, 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, 2008. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

As of March 31, 2008, the Company’s portfolio consisted of 139 properties comprising approximately 43.9 million square feet, including 12 properties under construction totaling 3.6 million square feet and one hotel. The overall percentage of leased space for the 126 properties in service as of March 31, 2008 was 95.3%.

Significant events of the first quarter include:

•

On January 7, 2008, the Company transferred at cost Mountain View Research Park and Mountain View Technology Park to its Value-Added Fund for an aggregate of approximately $221.6 million. The Research Park properties are comprised of sixteen Class A office and office/technical properties aggregating approximately 601,000 net rentable square feet located in Mountain View, California. The Technology Park properties are comprised of seven office/technical properties aggregating approximately 135,000 net rentable square feet located in Mountain View, California. In consideration for the transfer, the Company received approximately $98.6 million of cash and a promissory note having a principal amount of $123.0 million. The note bears interest at a rate of 7% per annum and matures in October 2008, subject to extension at the option of the Value-Added Fund until April 2009. On March 27, 2008, the Value-Added Fund obtained third-party mortgage financing totaling $26.0 million collateralized by Mountain View Technology Park. The third-party mortgage financing bears interest at a variable rate equal to LIBOR plus 1.50% per annum and matures on March 27, 2011 with two, one-year extension options. The proceeds of the third-party mortgage financing were used to repay $23.0 million of the financing provided by the Company. The Company expects the Value-Added Fund to obtain third-party financing secured by the Research Park properties during the second quarter of 2008 and repay the remaining outstanding indebtedness on the Company’s loan to the Value-Added Fund.

•

On January 24, 2008, the Company’s Compensation Committee approved outperformance awards under the Second Amendment and Restatement of the Boston Properties, Inc. 1997 Stock Option and Incentive Plan to officers and employees of the Company. These awards utilize total return to shareholders (“TRS”) over a three-year measurement period as the performance metric and include two years of time-based vesting after the end of the performance measurement period (subject to acceleration in certain events) as a retention tool. Recipients of 2008 OPP Awards will share in an outperformance pool if the Company’s TRS, including both share appreciation and dividends, exceeds absolute and relative hurdles over a three-year measurement period from February 5, 2008 to February 5, 2011, based on the average closing price of a share of the Company’s common stock of $92.8240 for the five trading days prior to and including February 5, 2008. The aggregate reward that recipients of all 2008 outperformance awards can earn, as measured by the outperformance pool, is subject to a maximum cap of $110 million, although only awards for an aggregate of up to approximately $104.8 million have been granted to date and the balance remains available for future grants, with awards exceeding a potential reward of $1 million requiring the Compensation Committee’s approval. For purposes of Statement of Financial Accounting Standards (“SFAS”) No. 123(R) “Share-Based Payment,” the 2008 OPP Awards were valued at an aggregate of approximately $19.7 million, which amount will generally be amortized into earnings over the five-year plan period (although awards for retirement-eligible employees will be amortized over a three-year period) and has been reflected in the results for the first quarter of 2008 and the guidance provided below.

•

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

•

On February 1, 2008, a joint venture in which the Company has a 50% interest placed in-service 505 9th Street, a 323,000 net rentable square foot Class A office property located in Washington, D.C. The property is 100% leased.

•

On February 1, 2008, the Company used available cash to repay the mortgage loan collateralized by its Reston Corporate Center property located in Reston, Virginia totaling approximately $20.5 million. There was no prepayment penalty associated with the repayment. The mortgage loan bore interest at a fixed rate of 6.56% per annum and was scheduled to mature on May 1, 2008.

•

On February 5, 2008, the Company executed a 60-year ground lease with The George Washington University for the redevelopment of a site at Pennsylvania Avenue and Washington Circle in the District of Columbia as a mixed-use project comprised of approximately 440,000 square feet of office, 84,000 square feet of retail and 328,000 square feet of residential space.

•

During the quarter ended March 31, 2008, the Company recognized lease termination income of approximately $4.0 million.

•

During the quarter ended March 31, 2008, the Company modified the estimated dates with respect to its anticipated financings under its interest rate hedging program. As a result, under SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities,” as amended and interpreted, the Company recognized a net derivative loss of approximately $3.8 million representing the partial ineffectiveness of its interest rate contracts. At March 31, 2008, the fair value of the interest rate contracts related to the effective portion totaling approximately $52.0 million is included in other liabilities and accumulated other comprehensive loss within the Company’s consolidated balance sheet. In addition, on April 1, 2008, the Company cash-settled at maturity nine of its treasury lock contracts with notional amounts aggregating $325.0 million and made cash payments to the counterparties totaling approximately $33.5 million.

•

During the quarter ended March 31, 2008, the Company recognized an expense related to the write-off of abandoned development project costs totaling approximately $1.4 million.

Transactions completed subsequent to March 31, 2008:

•

On April 1, 2008, the Company used available cash to repay the mortgage loan collateralized by its Prudential Center property located in Boston, Massachusetts totaling approximately $258.2 million. There was no prepayment penalty associated with the repayment. The mortgage loan bore interest at a fixed rate of 6.72% per annum and was scheduled to mature on July 1, 2008.

•

On April 14, 2008, the Company sold a parcel of land located in Washington, D.C. for approximately $33.7 million. The Company had previously entered into a development management agreement with the buyer to develop a Class A office property on the parcel totaling approximately 165,000 net rentable square feet.

•

On April 22, 2008, the Company executed a 15-year lease with Wellington Management Company, LLP for its development project located at 280 Congress Street (Russia Wharf) in Boston, Massachusetts. Wellington Management will occupy approximately 450,000 square feet out of the approximately 552,000 square feet of office space (82%) in this approximately 815,000 net rentable square foot mixed-use project. The lease is scheduled to commence in the spring of 2011.

EPS and FFO per Share Guidance:

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


	Second Quarter 2008					Full Year 2008
	Low		-	High		Low		-	High
Projected EPS (diluted)	$	0.65	-	$	0.66	$	2.67	-	$	2.75
Add:
Projected Company Share of Real Estate Depreciation and Amortization		0.53	-		0.53		2.12	-		2.12
Less:
Projected Company Share of Gains on Sales of Real Estate		0.04	-		0.04		0.22	-		0.22

Projected FFO per Share (diluted)	$	1.14	-	$	1.15	$	4.57	-	$	4.65

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

On August 31, 2007, the Financial Accounting Standards Board (the “FASB”) issued proposed FASB Staff Position No. APB 14-a “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)” (the “proposed FSP”) that

would require the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The proposed FSP would require that the initial debt proceeds from the sale of Boston Properties Limited Partnership’s (“BPLP”) $862.5 million of 2.875% exchangeable senior notes due 2037 and $450.0 million of 3.75% exchangeable senior notes due 2036 be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt. The resulting debt discount would be amortized over the period during which the debt is expected to be outstanding (i.e., through the first optional redemption dates) as additional non-cash interest expense. Based on the Company’s understanding of the application of the proposed FSP, this would result in an aggregate of approximately $0.13 - $0.14 per share (net of incremental capitalized interest) of additional non-cash interest expense for fiscal 2008. Excluding the impact of capitalized interest, the additional non-cash interest expense would be approximately $0.15 - $0.16 per share, and this amount (before netting) would increase in subsequent reporting periods through the first optional redemption dates as the debt accretes to its par value over the same period. At its March 26, 2008 meeting, the FASB reaffirmed the guidance in the proposed FSP and directed the staff to begin the balloting process for a final FSP, which is expected to be issued in its final form in May 2008. The guidance set forth in the table above does not include the potential impact of the proposed FSP.

Boston Properties will host a conference call on Wednesday, April 30, 2008 at 10:00 AM Eastern Time, open to the general public, to discuss the first quarter 2008 results, the 2008 projections and related assumptions, and other related matters that may be of interest to investors. The number to call for this interactive teleconference is (800) 218-8862 (Domestic) or (303) 262-2004 (International); no passcode required. A replay of the conference call will be available through May 7, 2008, by dialing (800) 405-2236 (Domestic) or (303) 590-3000 (International) and entering the passcode 11112060. There will also be a live audio webcast of the call which may be accessed on the Company’s website at www.bostonproperties.com in the Investor Relations section. Shortly after the call a replay of the webcast and a podcast will be available on the Company’s website, www.bostonproperties.com, in the Investor Relations section, and archived for up to twelve months following the call.

Additionally, a copy of Boston Properties’ first quarter 2008 “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.

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

This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real

estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effectiveness of our interest rate hedging program, the effects of local economic and market conditions, the effects of acquisitions and dispositions (including possible impairment charges) on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Boston Properties does not undertake a duty to update or revise any forward-looking statement, including its guidance for the second quarter and full fiscal year 2008, whether as a result of new information, future events or otherwise.

Financial tables follow.

BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS


	Three months ended March 31,
	2008			2007
	(in thousands, except for per share amounts) (unaudited)
Revenue
Rental:
Base rent	$	281,394		$	270,672
Recoveries from tenants		48,884			46,286
Parking and other		16,501			15,321

Total rental revenue		346,779			332,279
Hotel revenue		6,524			6,709
Development and management services		5,477			4,727
Interest and other		11,779			16,988

Total revenue		370,559			360,703

Expenses
Operating:
Rental		117,733			112,871
Hotel		5,897			6,014
General and administrative		19,588			16,808
Interest		67,839			73,926
Depreciation and amortization		74,671			69,772
Net derivative losses		3,788			—
Losses from early extinguishments of debt		—			722

Total expenses		289,516			280,113

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		81,043			80,590
Minority interests in property partnerships		(625	)		—
Income from unconsolidated joint ventures		1,042			965

Income before minority interest in Operating Partnership, gains on sales of real estate and discontinued operations		81,460			81,555
Minority interest in Operating Partnership		(13,024	)		(10,928	)

Income before gains on sales of real estate and discontinued operations		68,436			70,627
Gains on sales of real estate, net of minority interest		20,025			619,206

Income before discontinued operations		88,461			689,833
Discontinued operations:
Income from discontinued operations, net of minority interest		—			2,626
Gains on sales of real estate from discontinued operations, net of minority interest		—			161,848

Net income available to common shareholders	$	88,461		$	854,307

Basic earnings per common share:
Income available to common shareholders before discontinued operations	$	0.74		$	5.75
Discontinued operations, net of minority interest		—			1.39

Net income available to common shareholders	$	0.74		$	7.14

Weighted average number of common shares outstanding		119,536			118,177

Diluted earnings per common share:
Income available to common shareholders before discontinued operations	$	0.73		$	5.63
Discontinued operations, net of minority interest		—			1.36

Net income available to common shareholders	$	0.73		$	6.99

Weighted average number of common and common equivalent shares outstanding		121,022			120,647

BOSTON PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS


	March 31, 2008			December 31, 2007
	(in thousands, except for share amounts) (unaudited)
ASSETS
Real estate	$	9,231,874		$	9,077,528
Real estate held for sale, net		—			221,606
Construction in progress		619,165			700,762
Land held for future development		266,555			249,999
Less: accumulated depreciation		(1,589,686	)		(1,531,707	)

Total real estate		8,527,908			8,718,188
Cash and cash equivalents		794,643			1,506,921
Cash held in escrows		57,640			186,839
Marketable securities		23,404			22,584
Tenant and other receivables, net of allowance for doubtful accounts of $1,804 and $1,901, respectively		34,580			58,074
Note receivable		100,000			—
Accrued rental income, net of allowance of $1,426 and $829, respectively		313,011			300,594
Deferred charges, net		294,002			287,199
Prepaid expenses and other assets		51,357			30,566
Investments in unconsolidated joint ventures		152,942			81,672

Total assets	$	10,349,487		$	11,192,637

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgage notes payable	$	2,760,620		$	2,726,127
Unsecured senior notes, net of discount		1,472,027			1,471,913
Unsecured exchangeable senior notes, net of discount		1,295,185			1,294,126
Unsecured line of credit		—			—
Accounts payable and accrued expenses		128,769			145,692
Dividends and distributions payable		105,150			944,870
Accrued interest payable		47,355			54,487
Other liabilities		221,432			232,705

Total liabilities		6,030,538			6,869,920

Commitments and contingencies		—			—

Minority interests		679,404			653,892

Stockholders’ equity:
Excess stock, $.01 par value, 150,000,000 shares authorized, none issued or outstanding		—			—
Preferred stock, $.01 par value, 50,000,000 shares authorized, none issued or outstanding		—			—
Common stock, $.01 par value, 250,000,000 shares authorized, 119,747,970 and 119,581,385 shares issued and 119,669,070 and 119,502,485 shares outstanding in 2008 and 2007, respectively		1,197			1,195
Additional paid-in capital		3,292,751			3,305,219
Earnings in excess of dividends		401,410			394,324
Treasury common stock, at cost		(2,722	)		(2,722	)
Accumulated other comprehensive loss		(53,091	)		(29,191	)

Total stockholders’ equity		3,639,545			3,668,825

Total liabilities and stockholders’ equity	$	10,349,487		$	11,192,637

BOSTON PROPERTIES, INC.

FUNDS FROM OPERATIONS (1)


	Three months ended March 31,
	2008			2007
	(in thousands, except for per share amounts) (unaudited)
Net income available to common shareholders	$	88,461		$	854,307
Add:
Minority interest in Operating Partnership		13,024			10,928
Minority interests in property partnerships		625			—
Less:
Income from unconsolidated joint ventures		1,042			965
Gains on sales of real estate, net of minority interest		20,025			619,206
Income from discontinued operations, net of minority interest		—			2,626
Gains on sales of real estate from discontinued operations, net of minority interest		—			161,848

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		81,043			80,590
Add:
Real estate depreciation and amortization (2)		77,619			72,870
Income from discontinued operations		—			3,086
Income from unconsolidated joint ventures		1,042			965
Less:
Minority interests in property partnerships’ share of funds from operations		1,111			—
Preferred distributions (3)		905			1,202

Funds from operations (FFO)		157,688			156,309
Less:
Minority interest in the Operating Partnership’s share of funds from operations		22,965			23,298

Funds from operations available to common shareholders	$	134,723		$	133,011

Our percentage share of funds from operations - basic		85.44	%		85.10	%

Weighted average shares outstanding - basic		119,536			118,177

FFO per share basic	$	1.13		$	1.13

Weighted average shares outstanding - diluted		122,483			122,569

FFO per share diluted	$	1.11		$	1.10

(1)

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

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 $74,671 and $69,772, our share of unconsolidated joint venture real estate depreciation and amortization of $3,263 and $2,099 and depreciation and amortization from discontinued operations of $0 and $1,314, less corporate-related depreciation and amortization of $315 and $315 for the three months ended March 31, 2008 and 2007, respectively.

(3)

Excludes an adjustment of approximately $3.1 million for the three months ended March 31, 2007 to the income allocated to the holders of Series Two Preferred Units to account for their right to participate on an as-converted basis in the special dividend that followed previously completed sales of real estate.

BOSTON PROPERTIES, INC.

PORTFOLIO LEASING PERCENTAGES


	% Leased by Location
	March 31, 2008		December 31, 2007
Greater Boston	93.0	%	93.3	%
Greater Washington, D.C.	98.2	%	99.1	%
Midtown Manhattan	99.8	%	99.5	%
Princeton/East Brunswick, NJ	83.2	%	83.3	%
Greater San Francisco	94.9	%	91.1	%

Total Portfolio	95.3	%	94.9	%


	% Leased by Type
	March 31, 2008		December 31, 2007
Class A Office Portfolio	96.0	%	95.4	%
Office/Technical Portfolio	81.9	%	86.1	%

Total Portfolio	95.3	%	94.9	%